OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS
VOL. XLVIII, No. 2, WHOLE No. 260 WWW.SPMC.ORG MARCH/APRIL 2009
Printing your own cash .
Photo by Jason Houston
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MAKE HISTORY IN
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Spink Smythe is proud to announce that we are the Official
Auctioneer of the 33rd Annual International Paper Money
Show. For over 30 years Memphis has attracted hundreds
of dealers and collectors from the U.S. and abroad, and
has become America's premier auction venue for the very
best in paper money. Spink Smythe has been honored to
host Memphis for over three decades, and we are committed
to making our 2009 auction a memorable one.
SPACE IS LIMITED, CONSIGN TODAY!
Contact Caleb Esterline, Matthew Orsini, or Mark
Anderson at email@example.com or 800.622.1880.
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TERMS AND CONDITIONS
PAPER MONEY (USPS 00-3162) is published every
other month beginning in January by the Society of
Paper Money Collectors (SPMC). 92 Andover Road,
Jackson, NJ 08527. Periodical postage is paid at
Dover, DE 19901. Postmaster send address changes
to Secretary Jamie Yakes, P.O. Box 1203. Jackson, NJ
Society of Paper Money Collectors, Inc.. 2009. All
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tion of an ad in which a typographical error occurs upon
Paper Money • March/April • Whole No. 260 81
Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.
Vol. XLVIII. No. 2 Whole No. 260 March/April 2009
FRED L. REED III. Editor, P.O. Box 793941, Dallas, TX 75379
Visit the SPMC web site: www.spmc.org
BerkShares Experiment Now in Third Year 83
By Fred Reed / Photography by Jason Houston
Cora B. Clark, National Bank President 98
By Karl Sanford Kabelac
The Paper Column: Origin of Large Size FRBNs 100
By Peter Huntoon
Issued New-Brunswick 2d of 1796 a rarity 106
By David D. Gladfelter
Notes from Up North: Many helpers on a lifelong hunt 107
By Harold Don Allen
In the Old Days: the Banks of Chester County 114
By Nelson Page Aspen
The Buck Starts Here: Small notes bring back memories 118
By Gene Hessler
On This Date in Paper Money History 127. 129
By Fred Reed
The Professor and a Paper Panacea: Irving Fisher 125
By Loren Gatch
Mrs. J.A. Henry; Anna M. Stenz, National Bank Presidents 120, 122
By Karl Sanford Kabelac
Henrietta R. Temple & Jennie M. Temple, National Bank Presidents 123
By Karl Sanford Kabelac
The BEST currency designs? Here's my choices 144
By John Gavel
John Law and the coming of paper money to France 152
By Hal Hopson
Information and Officers 82
Krause releases fifth edition of Newman's magnum opus 109
$1/55 in Brooklyn at year's end sport wheresgeorge? tags 111
SPMC's limited edition Peter Maverick souvenir card 112
Whitman releases 2d edition of Doty's America's Money 113
President's Column 137
By Benny Bolin
Money Mart 137
Do You Want to Serve on the SPMC Board of Directors? 143
Researcher compiles narratives on female National Bank Presidents 124
What's on Steve's Mind Today? 158
By Steve Whitfield
The Editor's Notebook 158
82 March/April • Whole No. 260 • Paper Money
Society of Paper Money Collectors
SOLI LT Y
The Society of Paper Money
R \ ).\ I
Collectors was organized in 1961 and
incorporated in 1964 as a non-profit
organization under the laws of the
District of Columbia. It is affiliated
with the ANA. The annual SPMC
meeting is held in June at the Memphis International Paper Money Show.
Up-to-date information about the SPMC, including its bylaws and activities
can be found on its web site www.spmc.org . SPMC does not endorse any
company, dealer, or auction house.
MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of
age and of good moral character. Members of the ANA or other recognized
numismatic societies are eligible for membership; other applicants should be
sponsored by an SPMC member or provide suitable references.
MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12
to 18 years of age and of good moral character. Their application must be
signed by a parent or guardian. Junior membership numbers will be preced-
ed 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 eligi-
ble to hold office or vote.
DUES—Annual dues are $30. 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 $600, $700 for
Canada and Mexico, and $800 elsewhere. The Society has dispensed with
issuing annual membership cards, but paid up members may obtain one
from the Secretary for an SASE (self-addressed, stamped envelope).
Members who join the Society prior to October 1 receive the magazines
already issued in the year in which they join as available. 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 a fall
issue of Paper Money. Checks should be sent to the Society Secretary.
PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002
VICE-PRESIDENT Mark Anderson, 115 Congress St.. Brooklyn, NY
SECRETARY Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527
TREASURER Bob Moon, 104 Chipping Court, Greenwood, SC
BOARD OF GOVERNORS:
Mark Anderson, 115 Congress St., Brooklyn, NY 11201
Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002
Bob Cochran, P.O. Box 1085, Florissant, MO 63031
Pierre Fricke, Box 52514, Atlanta, GA 30355
Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467
Robert J. Kravitz, P.O. Box 6099, Chesterfield, MO 63006
Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114
Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941
Neil Shafer, Box 17138, Milwaukee, WI 53217
Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505
Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142
Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527
PUBLISHER-EDITOR Fred L. Reed III, P.O. Box 793941, Dallas,
CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144,
Cincinnati, OH 45231
ADVERTISING MANAGER Wendell A. Wolka, P.O. Box 1211,
Greenwood, IN 46142
LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex,
LIBRARIAN Jeff Brueggeman, 711 Signal Mountain Rd. # 197,
Chattanooga, TN 37405
MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060,
Carrollton, TX 75011-7060
PAST PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO
WISMER BOOK PROJECT COORDINATOR Bob Cochran, P.O.
Box 1085. Florissant. MO 63031
REGIONAL MEETING COORDINATOR Judith Murphy, P.O. Box
24056, Winston-Salem, NC 27114
BUYING AND SELLING
CSA and Obsolete Notes
CSA Bonds, Stocks &
60-Page Catalog for $5.00
Refundable with Order
SPMC LM 6
P.O. Box 2522, Lexington, SC 29071
PCDA CHARTER MBR
PH: (803) 996-3660 FAX: (803) 996-4885
Paper Money • March/April • Whole No. 260
Local Currencies typically sprout in hard times
now in third year
by Fred Reed
Photography by Jason Houston
EADERS OF PAPER MONEY ARE IN THE
proverbial "catbird's seat" watching a tide of locally-
issued currencies spreading across the recession-ray-
ged U.S. economy.
According to the news magazines, local note issues have
sprung up in response to an economic malaise once again.
As collectors know, previous economic downturns also
brought forth emergency currencies, including: (1) the Hard
Times Era of the late 1830s; (2) the Civil War inflationary period
beginning in 1862; (3) the financial panics of the early 1870s and
1890s; and of course (4) the Great Depression of the 1930s. In
Above: Illustrator and etcher Michael
McCurdy, Great Barrington, designed
the BerkShare logo above. McCurdy
attended the Museum of Fine Arts in
Boston and is renowned for his works
in black and white. His illustrations,
engravings and etchings have appeared
in more than 200 books. He has
taught at the Museum of Fine Arts in
Boston. His scratchboard drawing
"Great Barrington" was produced in
1999. Below: a happy recipient of one
of the first BerkShares and a lollipop.
March/April • Whole No. 260 • Paper Money
Hundreds of local merchants have
signed up to accept the local cur-
rency BerkShares. In two years
more than $2 million has been put
into circulation, equivalent to a per
capita of about $15/person in
Berkshire County, MA.
each of these eras, private, corporate and municipal paper money
issues supplanted bank notes and federal currency issues to some
The impetus this time mirrors those earlier periods. Local
communities are circulating home-grown cash to boost local markets
and commerce. According to the publication Newsweek, these cur-
rencies can keep an "area economy humming whatever the health of
the country at large." "We can create our own value," explains a
community organizer for one of these new local currencies.
Merchants agree to accept these currencies in exchange, thus
keeping local money circulating in the community. Notes typically
depict local landmarks or personalities, and employ many of the
same security features as Uncle Sam's greenbacks.
One of the most robust of the new breed of notes are the
BerkShares launched in 2006 in Berkshire County, MA. An artist-
designed currency, the notes are convertible to U.S. currency.
Reportedly more than $2 million has been exchanged for Federal
Reserve Notes in the past two years. Notes are converted at the
area's five local banks. About one-tenth that amount is in current
circulation in the area.
"You can get a divorce, plan a funeral and go to just about any
restaurant in town," reports Susan Witt, the co-founder of the non-
profit organization, the E.F. Schumacher Society, behind the cur-
rency issue. The society was named after the author of S1 is
Beautifid: Economics as if People Mattered.
According to the New York Times, BerkShares are a "great
85Paper Money • March/April • Whole No. 260
economic experiment." The educa-
tional E.F. Schumacher Society was
founded in 1980 to promote human-
scale communities and respect for the
natural environment. "Building on a
rich tradition often known as decen-
tralism, the Society initiates practical
measures that lead to community revi-
talization and further the transition
toward an economically and ecologi-
cally sustainable society," according to
the society's website.
In June 2004, the group hosted
a conference on "Local Currencies in
the 21st Century." Keynote speaker
was Margrit Kennedy. "Money can
be made to serve rather than to rule, to be use-oriented -- rather
than profit-oriented--and to create abundance, stability, and sus-
tainabihty," she said. While "money is one of the most ingenious
inventions of mankind," it has "the potential to be the most
destructive or most creative," she added.
"The BerkShares program seeks to foster collaboration
among producers, retail businesses,
non-profit organizations, service
providers and consumers," according
to organizers. "Tt is an attempt to
strengthen the local economy . . .
[and] increase public awareness of the
importance . . . of gaining local eco-
It is not known how many sim-
ilar local currencies exist, but advo-
cates claim the number approaches
one hundred communities. Other
issues have sprung up in Ithaca, NY,
which utilized a labor-hours denomi-
nated barter exchange system since
1991, and other cities from Berkeley,
CA to Atlanta, GA, to Brooklyn, NY,
to Kettle Falls, WA and parts in
between. Typically both currencies
circulate concurrently in their local-
BerkShares were launched
September 29, 2006. BerkShares designer was John Isaacs.
Individual notes were the work of local artists. The notes are
printed by Excelsior Printing Co. on security paper supplied by
BerkShares advocate Susan Witt.
BerkShares designer John Isaacs.
March/April • Whole No. 260 • Paper Money
Above and opposite top: color press
check at Excelsior Printing Co., which
printed the BerkShares on security
paper supplied by Crane & Co.
Crane & Co. Thus far more than 350 local businesses have agreed
to accept BerkShares.
The program is entirely voluntary. Residents put the notes
into circulation by buying quantities at a 10 percent discount, and
spending them at face value with merchants signing up for the pro-
gram. Merchants then pay out the notes in change, purchase sup-
plies from willing venders, pay salaries, or may redeem notes at the
local banks for 90-cents on the dollar. Thus, the ten percent dis-
count is part of the exchange rate to get notes into circulation, not
a profit to any organization.
"The project seeks to assure that a high percentage of each
dollar spent will remain circulating in the community . . . [and]
that new businesses sprouting from the resulting local generation
of wealth will replace imported goods with locally produced
items," organizers contend. A providential byproduct, organizers
contend, is a lessened reliance on carbon-producing vehicles to
ship outside goods into the community.
Paper Money • March/April • Whole No. 260 87
Banks participating include BerkShire
Bank (five branches in Great Barrington,
Stockbridge, and West Stockbridge), Lee Bank
(three branches at Great Barrington, Lee, and
Stockbridge), Lenox National Bank in Lenox,
Pittsfield Coop Bank in Great Barrington, and
Salisbury Bank (Egremont and Sheffield
This was a first for designer John Isaacs.
"I've never designed money before," he noted.
"Basically I design art books and catalogues for
a living, which is one of the most interesting
and rewarding niches in the graphics profes-
"However, I think my experience in that
field stood me in good stead for this particular
project, because, like designing an art book, it
was essentially an exercise in building reso-
nance and elegance from furnished images and
text, typography and color."
BerkShares promoters are demonstrably proud of their new "baby,"
a press sheet of new BerkShares notes.
March/April • Whole No. 260 • Paper Money88
Fresh out of the box. The first shipment of the new
notes arrive, are examined, sorted, and counted.
Paper Money • March/April • Whole No. 260
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March/April • Whole No. 260 • Paper Money
New BerkShares currency is stored in
safe deposit boxes awaiting call for cir-
Paper Money • March/April • Whole No. 260 91
Advertise in PAPER MONEY
ONE BERK SHARE
Bart Elsbach's painting "Reflected
Connections" appears on the hack of
the 1 BerkShare note. The face com-
memorates the local Mohican tribe.
92 March/April • Whole No. 260 • Paper Money
BerkShares Inc. chose the artist's images. Isaacs called each
one beautiful. "The selection was sufficiently variegated to ensure
a distinct look for each denomination, and yet had a consistency of
tone and character that provide the opportunity for design conti-
nuity throughout the series," he added.
His parameters included: (1) notes to be sized differently
from federal currency; (2) resistant to counterfeiting; (3) that notes
be printed on Crane & Co. security paper by Excelsior Printing
Co.; and (4) "that they have the feel of real currency yet at the
same time be fun and appealing to use."
The graphic designer welcomed his task, calling U.S. paper
money "among the most conservative and least imaginative in the
world." His research included the Euro and its clear modern
typography. Eschewing European fonts such as Helvetica, Univers
and Frutiger, he selected the Gotham family of fonts. "While I
was determined to avoid the aesthetics of federal currency, I didn't
want to make BerkShares feel to foreign either," Isaacs said. "So
the BerkShares concept does to a considerable extent bring togeth-
er many of the basic elements found on dollar bills.
Isaacs described his process: "So the BerkShares concept
does to a considerable extent bring together many of the basic ele-
SUSTA I NABILIT
Morgan Bulkeley's painting "Bash
Bish Gap" appears on the back of
the 5 BerkShares note. It's face
depicts historian and social reformer
Paper Money • March/April • Whole No. 260 93
ments found on dollar bills. I first laid these out in the 'five
BerkShares' denomination: on the front, blocks of graded color
behind the portrait and around the background image, simple diag-
onal hatching with complex color shades, a mix of reversed and col-
ored type, and a variety of emblems and messages; and on the back a
broad landscape, on which I superimposed a feint inverse of the
front portrait. Finally, I embellished the design with lines of minia-
ture motifs that resonated with each portrait."
The lowest denomination depicts a Mohican Native
American. The Mohicans were an Algonquian tribe of the Hudson
River valley that hunted game in the Berkshires. Designer Isaacs
called the single BerkShares bill a "challenge, because the portrait
wasn't a photographic reproduction like the other denominations.
Thus it is the only one of the series printed in color. He calls the
back design a work of "great atmosphere."
Sheffield landscape artist Bart Elsbach's painting is on the
back of the 1 BerkShare note. Born in 1961, Elsbach attended the
Arts Students' League in New York City, and was graduated from
Hamilton College and New York University. He has taught private-
ly and at several academies. Elsbach's work typically is softly tex-
tured and delicately detailed. He finds the Berkshires a constant
10 * *TEN 8ERKSHARES
Janet Rickus painting "Turnips on
Table" appears on the back of the 10
BerkShares note. Its face portrays
Robyn Van En.
94 March/April • Whole No. 260 • Paper Money
source of inspiration. "Only when we realize we are a part of
Nature can Nature teach us," he affirms. His design for the back of
the 1 BerkShare note is based on his 1999 oil canvas "Reflected
Connections," a dramatic interplay of light and dark.
On the 5 BerkShares, Dr. William Edward Burghardt
DuBois is depicted. The historian and social reformer was born in
Great Barrington in 1868. For the five denomination, Isaacs chose
"an antique graphic of a beehive, which I felt was relevant to
DuBois's social achievements," he said.
Mount Washington sculptor and painter Morgan Bulkeley's
work is depicted on the 5 BerkShares note. Born in 1944, he grew
up in the area and received a literature degree from Yale University.
Bulkeley's work frequently portrays the collision of culture with
nature. For years he chaired the Mount Washington Arts Council.
His 5 BerkShares back design presents his large oil painting "Bash
Bish Gap," 1976. The painting illustrates humans intruding on the
The tenspot portrays local celebrity Robyn Van En, founder
of Indian Life Farm in South Egremont. A proponent of small-
scale economically and environmentally sustainable agriculture, Van
En was in the forefront of the "community supported agriculture"
20 TWENTY BERKSHARES
Warner Friedman's painting "June"
graces the back of the 20 BerkShares
note, which depicts novelist Herman
Melville on face.
Paper Money • March/April • Whole No. 260 95
movement in the United States prior to her death in 1997. "The
ten was a no-brainer," Isaacs reports, "Robin Van En, turnips, and a
wheat sheaf motif"
West Springfield still life artist Janet Rickus' painting graces
the 10 BerkShares note back. Born in 1949, she graduated from
Central Connecticut State University. She is attracted to the shape
and stability of her subject matter, the artist said. Selection and
arrangement belie the elegantly simplicity of her work. Her 10
BerkShares reverse design depicts her oil painting "Turnips on
Table," painted in 1996.
The twenty note shows novelist Herman Melville, who
wrote his masterpiece Moby Dick in Pittsfield. Melville could view
Mount Greylock from his study window, and the mountain is said
to have been inspiration for the white whale of the novel. Isaacs
calls the double sawbuck his favorite. "To me, Melville's the perfect
subject, and the image on the reverse has excellent graphic dynam-
ics. Here the motif is a well . . . of knowledge, we assume."
Geometric artist Warner Friedman, of Great Barrington,
designed the 20 BerkShares note. Born in 1935, he received an
engineering degree at Clarkson College and then an art education
at Cooper Union. Friedman's work combines his fascination with
MOM PAMPATK 111.80415ti n111211ERNI.Int
96 March/April • Whole No. 260 • Paper Money
Joan Griswold's painting "Green
Shopfront" appears on the back of
the 50 BerkShares note. It's face
shows illustrator Norman Rockwell.
mathematic precision and an unconventional depiction of natural
landscape. The design of the 20 BerkShares note back is based on
Friedman's large acrylic painting "June," undertaken in 1999.
Norman Rockwell appears on the largest denomination, the
50 BerkShares. Rockwell was one of the most popular American
illustrators of the last century, creating more than 4,000 works,
including 321 covers for Saturday Evening Post. He spent his last
quarter century in Stockbridge, where his museum is now located.
Great Barrington painter Joan Griswold's work is depicted on
the back of the 50 BerkShares note. Born in 1954, Ms. Griswold
studied at Beloit College and Paris, France. Her work typically fea-
tures richly colored domestic scenes, what she calls "portraits with-
out people." She conducts weekly art classes in her community, and
serves on various art-oriented boards. Griswold's 50 Berkshares back
shows her large oil work "Green Shopfront," which she painted in
Opposite top: A consumer purchases BerkShares at his local bank for 90-cents on the dollar.
Opposite bottom: A coffee shop purchase utilizing BerkShares.
Paper Money • March/April • Whole No. 260
WOMAN BANKER ASKS
AID FOR WORKING MEN
Co. IL (la., Sautowsi
,Ite so Lb. Rosikcis• Cenrcntl,, to 'TVA, 41.•
March/April • Whole No. 260 • Paper Money
Cora B. Clark, National Bank President
By Karl Sanford Kabelac
C ORA BELL CLARK WAS BORN IN UTICA, OHIO, ONAugust 18, 1866. Her parents ran a hotel in Utica, which is in centralOhio, about 35 miles east of Columbus. It had a population of 826 in1900.
Cora's older sister, Mary, married Abel J. Wilson, a local banker. When
still a teenager, Cora began to work in Wilson's Bank, and by the time she was in
- - — her twenties was the cashier of the bank.
Early in 1905 the bank became a national bank,
the First National Bank of Utica (charter #7596). Abel
was the president and Cora, his sister-in-law, the cashier.
With Abel's death in December 1910, Cora became the
bank's president early the next year. The local paper
noted "Miss Clark has the distinction of being the only
woman president of a national bank in Ohio, and she
bears the honors gracefully."
This is probably the only instance where a
woman cashier of a national bank during the national
bank note-issuing period (1863-1935) acceded to the
She was an active bank president, at the bank
every workday making business decisions and guiding its
operation. To this day she is fondly recalled in Utica. A
tall woman, she dressed in dark clothes. In public it is
said that she always wore a hat. Although she first lived
with her parents, and then with her sister, she owned a
little cottage, with some land to grow fruits and vegeta-
bles, where she would spend free days. She had a group
MIDDLE CLASS MEN of friends with whom she entertained and played cards.
ARE BACKBONE OF NATION She drove Franklin automobiles. Franklins,
By MISS Ofe IL CT,Ilai which were air-cooled, were made in Syracuse, NY,L' A _
, „:'iT, , r*, , , „ , „T,I It' ,I 7, , ,b,L,' ' n' 2 ." 7, gl,t,13,2^:,-2,47,:„,, from 1902 to 1934. The purchase of her first Franklin
made the news in the Syracuse journal of April 17, 1911,
when it noted "Miss Cora B. Clark president of the First National Bank of Utica,
Ohio within a few weeks ... will be driving a new 1911 Franklin five-passenger
Miss Clark in 1911, the year she
became president of the bank.
NATIONAL BANK OF
T.E.TARt. O1 OCMAKO
Paper Money • March/April • Whole No. 260 99
A Series 1929 note with C. B. Clark's dis-
tinctive facsimile signature as bank presi-
dent. (Courtesy Heritage Auctions)
touring car." The article went on to say that she had previously driven three other
water-cooled makes of cars.
She continued as president of the bank, through the Roaring Twenties
and the Depression years of the thirties, until her death in Utica on July 13, 1939.
Her banking career had spanned 56 years.
Her nephew, Wilbur J. Wilson, then
became president of the bank and continued so
until his retirement in 1969. With his retirement,
the bank was merged into The First National
Bank of Newark, Ohio. Several later mergers have
occurred; today, the resulting bank in Utica is the
Park National Bank, headquartered in Newark.
As she was the founding cashier of the
bank, and then its president until past the national
bank note period, it is possible that every national
bank note issued by the bank during its history
contained her signature.
Albeit, as the bank only issued $50 and
$100 notes, its total number of notes was relative-
ly small. It consisted of 1088 Series 1902 fifties
and 676 Series 1902 one hundreds. It then issued
756 Series 1929 fifties and 216 Series 1929 one
hundreds. Of this total of $181,400 (representing
a mere 2,736 notes), $50,000 (including $1,700
large notes) was out in 1935.
Sources and acknowledgements
An article on her election as president of
the bank is found in The Utica Herald of February
9, 1911, and a series of articles on her appeared in
same paper in October and November 1976. An
obituary is in The Newark Advocate and American
Tribune for July 14, 1939. A page long entry for
her is found in the book, Profiles of Ohio W071107,
1803 - 2003 (2003). I am grateful to Wanda
Higgins of the Utica Historical Society for her
assistance with this article.
The Utica newspaper's
account of her election as
president of the bank.
Miss Clark Bank President
At a recent meeting of the directors
of the First 'National Bank, ahem
wore choSen as follows:
President—O. B, Clark.
Vine Presidents-10 • C. Wright and
M. E. Wilson.
Cashier —E. L Mantonvn
Assistant Cashier —O. W. French.
A K. Alsdorf wan ohosen ns individ•
The late president, A. 3. Wilson, left
by will his entire property, real and
personal, to Mrs. Wilson, and as repre-
sentative of those interests She was oho"•
son a vice prosident.
The bank was changed from a private
to a National one in order that - there
might hello disarrangement of its af•
fairs in the event of a death, and the
managetneut now is practically the
same as for several years.
The capital stock was increased from
$40,000 to $50,000 about two months
ago, and with the double liability and
the surplus, there stands tupoo that
would have to be sacrificed before there
could be any loss to a depositor. This
guarantee of stabi'ity is a matter of sat-
isfaction to the people of the vicinity.
Miss Clark has the distinction of be- -
ing the only woman president of a
National bank in Ohio, and she bears
the honors gracefully.
The Paper Column
By Peter Huntoon
March/April • Whole No. 260 • Paper Money
Origin of Large Size
Federal Reserve Bank Notes
& Misdated San Francisco $5s
ECTION 18 OF THE FEDERAL RESERVE ACT OF DECEMBER
23, 1913, gave officers of national banks the opportunity to get out of the
note issuing business. Part of that section read as follows:
After two years from the passage of this act, and at any time during a
period of twenty years thereafter, any member bank desiring to retire the
whole or any part of its circulating notes, may file with the Treasurer of the
United States an application to sell for its account, at par and accrued interest,
United States bonds securing circulation to be retired.
The Federal Reserve Board could at its discretion require the Federal
Reserve Banks to purchase those bonds as well as other U. S. bonds bearing the
circulation privilege as long as the total amount purchased did not exceed
$25,000,000 per year. The
bonds thus purchased were to
be apportioned between the
twelve Federal Reserve Banks
based on their relative capitals
The circulation privi-
,' lege was a designation by
Congress that certain Federal
bonds could be used by
national banks to secure their note issues.
The important thing from the perspective of this discussion about
Federal Reserve Bank Notes is the following in Section 18:
The Federal reserve banks purchasing such bonds shall be permitted
to take out an amount of circulating notes equal to the par value of such
Upon the deposit with the Treasurer of the United States of bonds
so purchased ... any Federal reserve bank ... shall be entitled to receive from
the Comptroller of the Currency circulating notes ... equal in amount to the
par value of the bonds so deposited. Such notes shall be the obligations of the
Federal reserve bank procuring the same, and shall be in form prescribed by
the Secretary of the Treasury, and to the same tenor and effect as national
bank notes now provided by law. They shall be issued and redeemed under
the same terms and conditions as national bank notes, except that they shall
not be limited to the amount of the capital stock of the Federal reserve bank
Paper Money • March/April • Whole No. 260 101
OVEIrSoliVMVA8.1010rItiltIN AMLVARTIMP, ITIIETrEIVIFAXXIMIIMPArs,
tar— Ar_i'LL TAILESABIWISVCISIRSINWIMIL -t aragiriblrEg . initrirrED:STÁIrEs,
$EXCE DETIES'irIMPORIK1M111400.40"rint -AnG slYSItiEWAISID alierERVIEEITS 274"_
torantt■ owiNGISrpttE S110minintAiuMittinPONA:1103".5WAVg"-
sonwriONWrammurr " TATEs,IPACCEPT 01V PITH Lit
18.104.22.168F111111.1. .... 141...M.111.13111MH
T IN VIIMIEMS111011 AT AllitiMAYAL 31AUMNICIFTWEEIVITSIMAISIMMISMV WYLIMENTOVALLIAMIXES .11-11211
MIESTOMalli TIMEIMIUMIIIMEES 310101DEVIVIIIIIPTIES ON INVOIRIC156113011,Illts6iO VDU
AIM SaWILIES waviumunintrie nitialeswinumitsaimais mum Tits usirrinomimsmeismauslinums COOL
4011.11* $$ $$$ 11411MMOW ....... NIUMM•14114.1 ....... M11011.0.11"11•1141.0 ..... . .uu...rn.wumns., urumuurwue
Notice that the obligations on the national bank notes (top) and Federal Reserve Notes (bottom) are identical.
SECURED BY UNITED STATES BONDS DEPOSITED WITH THE TREASURER OF
THE UNITED STATES OF AMERICA
SERIES OF 1815
1) 6 es...093CA
PIVR.411,14,44, TITO VII,/ rityttrerofthe Wortn1
SECURED BY UNITED STATES BONDS OR UNITED STATES CERTIFICATES OF INDEBTEDNESS
OR UNITED STATES ON E-YEAR GOLD NOTES : DEPOSITED WITH THE TREASURER OF
TIE UNITE D STATE S OF AM E R ICA
SERIES OF I918
Pqrsirreithe firesitry. Wrermorr oft& Niterl
The security clauses on Series of 1915 (top) and Series of 1918 (bottom) FRBNs differ because additional classes of government securities
could be used to secure the Series of 1918 notes. The security clause on the Series of 1915 notes was identical to that on national bank
notes during the time period when both circulated side-by-side.
Thus were born Federal Reserve Bank Notes. The potential impact on
the national bank note system was that if the bankers complied, half a billion dol-
lars worth of national hank notes could be done away with over 20 years by grad-
ually converting them into Federal Reserve Bank Notes on a one-to-one dollar
What these provisions did was to set in motion a process that would
begin phasing out national bank notes, but preserve the total amount of that type
of money in circulation. The incentive for doing this was that Federal Reserve
Bank Notes were considered to be more desirable than national bank notes.
The issue was this. The minimum and maximum values of national bank
notes that a national bank could issue previous to passage of the Federal Reserve
Act were a fixed percentage of the capitalization of the bank. The actual mini-
mums and maximums were changed from time to time by amendments to the
National Bank Act, but the net result was that the stock of national bank notes in
circulation was a function of banking capital, not the fluctuating volume of busi-
ness in the country.
Consequently national bank note circulation was inelastic. Elasticity
refers to the ability of the currency supply to expand or contract as the business
needs of the country change either seasonally or within business cycles.
In contrast, once the bonds were in the hands of a Federal Reserve Bank,
the maximum amount of currency that could be issued against them was not lim-
ited by the capitalization of the Federal Reserve Bank. Instead, provisions were
built in that allowed for elasticity. It was the elasticity of the Federal Reserve
Bank Notes that Congress sought.
Federal Reserve Bank Notes should have come into existence in volume
after December 23, 1915, two years after passage of the Federal Reserve Act. It
was then that the bankers could start selling their bonds to the Federal Reserve
Banks. However, not much happened!
One shortcoming of the Federal Reserve Act of 1913 was that the
framers failed to repeal the provisions in the National Bank Act that required an
initial minimum deposit of bonds to secure a circulation before a national bank
IS INDEBTED TO THE BEARER IN THE SUM OF
, '11*4‘f •
I I I) Ili' ) !•to v 44.44...1) vy o■ vamtv.) E.') 1 JIA)
102 March/April • Whole No. 260 • Paper Money
The certificates of indebtedness that were used to secure a significant fraction of the Series of 1918 FRBN issues had gorgeous backs print-
ed in various vibrant colors, many with vignettes recycled from the Original/1875 series national bank notes. The $500 million face
shown here certainly was not used to secure FRBN circulation because the face amount is more than double the peak circulation of the
FRBN notes in 1921! It is more likely that smaller denomination certificates were used, possibly some with the $100,000 back, Baptism
of Pocahontas, shown here. Certificates of indebtedness have been made in denominations ranging from $50 to $500,000,000 over the
years. Notice that these are bearer instruments; you possess them, you own them.
could he chartered. So, even though the Federal Reserve Act allowed the national
bankers to sell their bonds to the Federal Reserve Banks, they couldn't!
The result was that about the only bonds that the Federal Reserve Banks
could acquire to secure their FRBNs were those bearing the circulation privilege
that were available on the open market. Consequently, the Series of 1915 Federal
Reserve Bank Note issues were small, issued only by a few districts, and only in a
limited number of denominations. Somewhat less than $13 million worth of them
were in circulation by October 1917.
Clearly the National Bank Act had to be amended to do away with the
required minimum bond deposit. This action was finally taken via an amendment
to the Federal Reserve Act enacted June 21, 1917.
Then the concept of Federal Reserve Bank Notes finally became viable.
We notice in the National Currency and Bond Ledgers that some national
bankers began to sell their bonds to the Federal Reserve Banks beginning in mid-
Even more significantly, the Pittman Act of April 23, 1918, contained a
provision that allowed FRBNs to be secured by Certificates of Indebtedness and
one-year gold notes. The use of Certificates of Indebtedness and one-year gold
notes to back the FRBN notes would greatly inflate their numbers.
The Pittman Act is better known for its phenomenal sop to western silver
interests. Its primary purpose was to call for the melting of as many as 350 mil-
lion old silver dollars taking up space in the Treasury. This would require the
redemption of an equal value in silver certificates that were secured by them. The
bullion was to be sold, and it was, most to England. However, equal numbers of
new silver dollars were to be made from domestically produced silver!
Key Pittman, a Democrat, was a U. S. Senator from Nevada from 1913 to
1940. He was educated as a lawyer, but joined the Klondike gold rush and worked
as a miner until 1901. He moved to the mining district of Tonopah, Nevada, in
1902, where he practiced law. His brother was governor of Nevada. Pittman was
a man who looked out for the best interests of western miners, and there were
Paper Money • March/April • Whole No. 260 103
plenty of them in Nevada!
Congress was concerned about a potential shortage of small denomina-
tion silver certificates, so the Pittman Act looked toward Federal Reserve Bank
Notes as an interim substitute. Consequently $1 and $2 denominations FRBNs
A new Series of 1918 FRBNs came about with a revised security clause
acknowledging the additional backing by Certificates of Indebtedness and one-
year gold notes. The difference between the Series of 1915 and 1918 is the word-
ing in the security clause on the faces located just under the upper border.
Large numbers of Series of 1918 FRBNs came into existence thanks to
the new bonds that were allowed to secure them, plus a surge in bonds freed up
from the national banks as per the terms of the 1917 act. FRBN circulation
peaked at $236 million in January 1921. However, bond sales by national banks
to the Federal Reserve Banks never developed into the desired flood.
Simultaneously coinage of new silver dollars from silver mined in the
west quickly offset the melting of the old silver dollars in the treasury, so stocks of
silver certificates surged. The public preferred to carry silver certificates and let
the new silver dollars reside in the treasury!
It is apparent that Treasury officials deemed that the Federal Reserve
Bank Notes were becoming a redundant currency, so they were discontinued
October 17, 1923. Only $16,282,000 worth of them in circulation at that time
were obligations of the Federal Reserve Banks, the rest were being retired. After
that date, all became obligations of the treasury retirement account.
The Federal Reserve Banks sold the bonds and certificates of indebted-
ness that were used to back the FRBNs, deposited the proceeds in the treasury
redemption account, and the treasury began retiring the last large size FRBNs.
One primary goal of the Federal Reserve Bank Notes was to replace a
half billion dollars worth of inelastic national bank notes at the rate of $25 million
per year, but this didn't happen. There still was money to be made by national
bankers in issuing their own notes.
Other more draconian methods would have to be employed to get rid of
national bank notes. The bonds securing them would either lose the circulation
privilege or be called in for redemption by the treasury in 1935.
Congress once again turned to Federal Reserve Bank Notes as the newly
inaugurated Roosevelt administration grappled with the banking crisis of 1933.
Series of 1929 FRBN notes were authorized by the Emergency Banking Act of
March 9, 1933, with terms similar to those governing the earlier large size issues,
except some of the securities that were allowed for backing were softer. The
notes were pumped into the economy to alleviate the severe shortage of currency
caused by hoarding.
Federal Reserve Bank Notes were again resorted to by the treasury dur-
ing 1942-3 to inject much needed currency into the booming World War II
The FRBNs were a bond-secured currency, the same as national bank
notes. They looked like national bank notes, and they stated on their faces and
backs that they were national currency. Even the obligation on their backs was
identical to that on national bank notes.
The two classes of currency were virtually identical.
One feature that was shared on the faces of large size NBNs and FRBNs
was a plate date. The plate date on the FRBNs is located above the Governor's
That date is the date of organization of the issuing Federal Reserve Bank.
Use of the date of organization on FRBNs was consistent with the then current
practice of placing the date of organization on the first plates for newly chartered
The 12 Federal Reserve Banks were organized at the same time, and all
THE UNITED STA77:6; AMt.:1t143i
,111. TTIV, 13E7.1".VNT)
MAN' Ill 11114
ittLa n Aic
104 March/April • Whole No. 260 • Paper Money
This $5 San Francisco Series of 1918 Federal Reserve Bank Note carries the wrong organization date of May 18, 1914. All the other dis-
tricts had this organization date, but not San Francisco. The note is from plate 1. Plate 2 also had the error. (Photo courtesy of Heritage
Auction Archives, Tom Flynn Collection.)
but San Francisco had organization dates of May 18, 1914. The organization
date for the San Francisco bank was May 20, 1914.
Early collector William Philpott wrote to the director of the Bureau of
Engraving and Printing in 1932 asking why this date was different. His letter
was referred to an Assistant Secretary of the Treasury named Seymour
Lowman, who responded on July 25th as follows.
The organization certificates of all Federal Reserve Banks, except
the one located in San Francisco, were executed on May 18, 1914, while the
organization certificate of the Federal Reserve Bank of San Francisco was
executed on May 20, 1914. Accordingly, the date May 20, 1914 should
properly have been imprinted on all Federal reserve bank notes printed for
the Federal Reserve Bank of San Francisco. Through some inadvertence,
on a few of the plates prepared for that bank, the date May 18, 1914, com-
mon to all other Federal Reserve Banks, was imprinted. I understand the
erroneous date appeared on only two plates prepared for $5 notes, Series of
1918, and that all other plates, including those for all other denominations,
bear the correct date.
It was official; collectors now had a very interesting error to seek. All
the other San Francisco denominations carried the correct date, so the error
was confined to the $5s.
This information was provided to Robert Friedberg who listed the vari-
ety in his catalog, Paper Money of - the United States.
The first Friedberg catalog that I owned was the 4th edition published
in 1962. The $5 May 18, 1914 San Francisco error was given number Fr. 809A,
and the note was listed as rare.
Time has altered that perspective. The current Gengerke census of
large size type notes reveals that the error notes with the May 18th date are
somewhat more plentiful than those with the correct May 20th date! Perhaps
this is an artifact in reporting, wherein people lucky enough to have found a
May 18th note reported it, whereas the tendency was not to get as excited over a
May 20th find.
Modern editions of Friedberg's catalog still show an highly inflated
value for the May 18th variety, but market results for the May 18 and May 20
varieties are more in line with the census data, with but modest premiums paid
for the error.
I sought out the proofs for the $5 FRBN Series of 1918 San Francisco
production plates in the National Numismatic Collections at the Smithsonian,
and found that seven were made. Here are their certification dates.
L-12 - ,7` tI, Grif. 9,, E., .91.0 •001. GG. w,r, etirGO.D. Gn• G•IRGO GI. GIGG GC% .• .•••■ • G_GCrmaG GI ‘.
MITE UNMET) RTATRIS OF AMERICA
r- - L426308A
WILT. 1 1-1■A" T(1,1111, 111,111-1,411.1
IMIN1311.1.16 ELTEVE ia.s,sseacivrri:
NE Vs- 0 , I
SERIES OF 1916
Paper Money • March/April • Whole No. 260 105
This $5 San Francisco Series of 1918 Federal Reserve Bank Note carries the correct organization date of May 20, 1914. The note is from
plate 3. $5 San Francisco plates 3 through 7 had the correct date. (Photo courtesy of Heritage Auction Archives, Tom Flynn Collection.)
MAY. L B , 11114 ,
MAY 0, 1014
(A/Zeela 4414 41/ill.
SERIES OF 1916
All the other Federal Reserve Banks had organization dates of May 18, 1914, so that date was incorrectly placed on the first two $5 FRBN
plates for San Francisco (top). San Francisco plates 3 through 7 carry the correct May 20 date of organization (bottom).
Plate Plate Date Date Certified
1 May 18, 1914 Aug. 29, 1918
2 May 18, 1914 Aug. 30, 1918
3 May 20, 1914 Dec. 20, 1918
4 May 20, 1914 Feb. 4, 1919
5 May 20, 1914 May 1, 1919
6 May 20, 1914 Nov. 5, 1919
7 May 20, 1914 Nov. 6, 1919
All of these plates have Teehee-Burke treasury signatures and Clerk-Lynch
According to Derek Moffitt's web site, serials L1A through L300000A all
bear the error May 18 date. Series L300001A through L500000A are mixed, and
L500001A through L1196000A are exclusively May 20.
Derek states that these serial number ranges were deduced from reported
notes. In addition, stars Ll* through L12000* were printed, but there is no break-
down by variety.
I have found no information indicating when government people became
aware of the misdated plates. It didn't matter because the erroneous dates on plates
1 and 2 were not repaired.
Identical plate date errors on national bank note plates weren't fixed either
once those plates went into service, so the fact that the FRBN plates weren't is no
Regardless, collectors have an opportunity to collect a most interesting
Issued New-Brunswick 2d of 1796 a rarity
SHOWN HERE IS THE DISCOVERY SPECIMEN of a signed and issued example of the March 10, 1796,
small change notes authorized by ordinance of the
Common Council of the City of New-Brunswick, NJ. Of
the 2d denomination, it bears the signature of the City
Treasurer William Van Deursen, who served in that office
from 1796 to 1816.
The 1796 notes were issued in denomination of ld, 2d,
3d and 4d and show the imprint of Abraham Blauvelt, a
local printer who shared in the printing of legislative pro-
ceedings with official State Printer Isaac Collins toward the
end of Collins's career:
In the George W. Wait reference, New Jersey's Money,
they are designated as nos. 1655, 1657, 1659 and 1660
respectively, all R6s. They followed a 1791-dated issue of
1d, 2d and 3d city obligations, also printed by Blauvelt
(Wait nos. 1654, 1656 and 1658, all R7s), which had
become due two months earlier.
Although most of the 1791 notes were redeemed, a few
signed and issued examples do survive. Until discovery of
the signed 2c1 note of the 1796 issue, all examples of this lat-
ter issue were remainder-only.
The discovery specimen was lot 561 in Stack's May 13,
2003 sale and its face is plated in the catalog.
Thanks to Hsien-min Tang of the New Brunswick
Free Public Library for research assistance.
-- David D. Glad/rater (Reprinted from the Colonial Newsletter with permission
2 d. TVVO P,ENCE. 2 d.
THIS Bill 'by an Otdinance of the Corn-
mon Council of the city of New-Brunf-
wick,patiVecl Wite lotliday of March, 1796,
Cnall '*iltitle the p'offelfo't to receive on de- c
.iisa:ock.yom of the Corpo -
ciay of 'Vial-chi_
'E. Dated the otn
• --.t.,F— ...tr•scazififil
2 di .
‘11.._ 4'. + + + •'i• •I• ■. .r• 1. 7. .1.'1';t + •*i• + l• i• 7t• •I• + ''''' '4+1,
Ct • 4.
+ .P.rinted by rrt: 13r...A_u vrix.
106 March/April • Whole No. 260 • Paper Money
variety, and to pay a price that is not much greater than for the non-error.
Astute ferrets have the opportunity to cherry pick the errors.
All in all this adds up to a good time for those willing to understand
Sources of Data
Bureau of Engraving and Printing, various, Certified proofs of Federal Reserve
Bank Notes. National Numismatic Collections, National Museum of
American History, Smithsonian Institution, Washington, DC.
Bureau of Public Debt, Correspondence files, Correspondence from William A.
Philpott (Aug. 2, 1933) and reply from Thomas Hewes (Nov. 22,
1933). Entry UD, Series K Currency, Record Group 53 450:54:01:05
box 213, U. S. National Archives, College Park, MD.
Friedberg, Robert. Paper Money of the United States, 4th edition. New York:
Coin and Currency Institute, 1962, 303 p.
Gengerke, Martin, current, A CCHSIIS of U. S. large size type notes. Privately pub-
lished. (Gengerke@aol.com ).
Moffitt, Derek, current, http://www.uspapermoney.info/serials/large.html .
Philpott Jr., William A., "Federal Reserve Bank Notes, Series 1915-1918,"
Paper Money (v. 2, no. 4), 1963, pp. 5-12.
United States Statutes. The Federal Reserve and National Bank acts and
amendments. Government Printing Office, Washington, DC., various
Paper Money • March/April • Whole No. 260 107
Many helpers .. •
on a lifelong hunt
on the ice floe edges
of our paper hobby
B ACK WHEN I WAS TEACHING TEACHERS IN CANADA'S EASTERNand Central Arctic--was it only five or ten years ago!--paper money collecting hadbeen primarily on hold, though I do treasure a generous handful of low-value notesfrom circulation, some of the most worn and tattered that I've encountered any-
where on Earth. Even towns with banking facilities offered little incentive for a bank to fly in
"new notes for old." General stores had been well stocked, however, backed by air shipments
(milk, produce, other perishables) and an annual "sea lift" (clothing, furnishings, bulk com-
modities). Credit cards, debit cards, and personal checks tended to be well received in a
remote community where everyone knew everyone else.
Northern Stores, successors to Hudson's Bay Company arctic retail operations, and
community cooperatives, made matters all but straightforward for the traditional resident
seeking to "bring home the bacon"--so to speak. Arctic food gathering, however, looks less to
the general store than to the perilous floe edge. A "harvest" of seal meat would be highly val-
ued, vet freely shared, I understand.
For Canada's Inuit--they disdain the term Eskimo--there has been, and is, great
pride in the hunt.
You know, numismatically and otherwise, I can readily identify with that.
Collecting, for me, always has had as its dominant theme the hunting of worthwhile if elusive
items in their natural environment--as opposed to, say, bidding or purchasing at auction, or
acquiring on the bourse or from dealer stock. Now, I have come to recognize, as have my
Inuit friends, that hunting, for unusual notes or whatever, rarely is at its most effective as a
solitary pursuit. I, therefore, record indebtedness--and gratitude--to two generations of ami-
cable helpers and supporters, men and women within the banking and money changing fra-
ternities, with whom a "please" and a heartfelt "thank you" always would suffice.
These good people I now identify with three categories:
(1) Bankers, at the teller level.
• Say, the head cashier at the Barclays Bank (Canada), Montreal operation, who
each month let me leaf through "small Barclays" notes destined for destruction,
and to "upgrade" to the best examples on hand.
A trophy note courtesy of the
head cashier at Barclays Bank
asurxenir cimeama.. MGT? F3-
II' ILL PAY TO ICF-A N 1)E ALAND
3C()N1M1,•;.11at , 3•
108 March/April • Whole No. 260 • Paper Money
A prize note chosen from
an intact crisp bundle of
Royal Bank of Canada
• Or the Royal Bank of Canada teller who showed delight when she recog-
nized me, and let me view an intact bundle of crisp, 1913-dated $5s, from
which I had been invited to choose.
• Or the elderly male teller at Banque Provinciale main office who, While he
then had nothing to add to my collection, took time to show me an
improbable, 1929-dated Provinciale $5, crisp, folded in his wallet, a splen-
did piece of made-in-Canada, engraved paper which he personally had
turned into money by penning his signature on his first day "on cash." (His
bank had been the last in Canada to hand-sign notes, right through 1934, I
▪ Or the Canadian Bank of Commerce branch teller who, on seeing me, would
reach to the back of the drawer for her own bank's, and its competitors'
(2) Foreign exchange--dollars for pounds, pesos, pesetas and such, and vice
versa--was the sole preoccupation of my second group of wonderful helpers, those who
extended my "paper" horizons from Canada to, essentially, the world.
• "Bill," for a pre-1950 example, had worked for a high-profile trust company,
regularly journeying up-river to the Quebec City dockside to "meet the
boats," Back at his wicket in Montreal's financial district, Bill would leaf
through folders of purchased currency, permitting me to select uncommon
low-value notes and to "improve" notes that I already had. Mexican pesos
(at 11.5 cents, as 1 recall), Brazilian cruzeiros, British Honduras dollars ...
later Hungarian forints.
• Also 50 or so years ago--this collector's formative years--at Thomas Cook a
more senior foreign exchange officer had extended the same courtesy, and
even had lent his downtown window for a pioneering National Coin Week.
"paper" display. The gracious tradition has continued..
• Twenty years ago, in a Spanish quarter of downtown Miami, an exchange
employee had sold me a handsome mix of then-current Latin American
items, to the improbable total of $1.61 U.S.
• And, last summer, in London, an upscale exchange outlet across from the
British Museum had cheerfully sold me 10,000,000 pounds—Turkish, of
course, and very likely the firm's smallest each transaction of the day.
(3) More senior banking officials, those with access to as-yet-unpublished
information and, on occasion, improbable material, you might think of as haying been
less than approachable, but in two of Canada's biggest banks, such had been anything
but the case. These were my third group of "supporters; and even for the research
aspect, 1—and the hobby—owe them a profound vote of thanks.
• At the venerable Bank of Montreal, J. Fraser Cliff of the chief accountant's
department enabled me to study, sketch, and describe in print nine decades
of the bank's distinctive currency—which I did back in 1957.
• At Royal Bank of Canada, Frank Wright and Walter Campbell extended
similar courtesies—Numismatic Scrapbook magazine featured the story—and
THE EAR LY
PAPER M ONEY
OF AMER ICA
Ever Acct on Lot .Niotv Available torOlt ne Viol v.,
Consign our Important Material • hone Tana Lineti Today
Paper Money • March/April • Whole No. 260 109
Krause releases fifth edition of Newman's magnum opus
F RIC NE TMAN IS A WORLD-CLASS NUMISMA-, W MAN and his life's work The Early Paper MOM:) , of America is
a world-class numismatic reference book (www.krausebooks.com ).
From its first edition in 1967 through subsequent itera-
tions in 1976, 1990 and 1997 and now a princely 500-page
2008 imprint, Newman has explored the history and context of
America's first paper currencies in an exemplary manner.
Even the title of Newman's opus is a wor-
thy tribute to Sylvester Sage Crosby's pio-
neering The Early Coins of America.
With the advent of the internet, the
cataloging and public dispersal of the close-
ly held/secretive Boyd-Ford holdings, and
improved color capability for reproducing
illustrations, the new reference brings a half
century or more of Newman's scholarship
to the fore in a most pleasing manner.
Most readers are well familiar with the
format by now. The author provides
exhaustive historical information on the
Continental Currency and early federal
issues, and then a colony/state catalog of
the note-issuing authorities of the early American experience,
the colonies of England, Spain, and France. Private emissions
and bank issues are also included. Appendices provide sheet
structure, identify known counterfeits, provide exchange val-
ues, information on paper watermarks, mottoes and emblems,
and printers, engravers and note designers. The new edition
includes up-to-date pricing compiled by Stuart Levine.
"From the first page to the last, this book is a tapestry of
details helpful for the collector with an interest in history, and
the historian with an interest in collecting," publicist Toni
Rahn avers. The work is perfect for identifying notes, assess-
ing history and value, and should served as a "cornerstone of
any collecting library," she adds.
This reviewer applauds the improvements in the new edi-
tion. The extended color imagery and refreshed B&W pho-
tography is a plus. The improvements in
design, new larger type face, and even whiter,
brighter paper stock of the imprint all make
the book more reader friendly. Especially
appreciated are new more sensible price tables,
which don't price notes in conditions which are
unattainable in the collector marketplace, but
for plentiful issues extend the range of pricing
to Choice Unc. examples.
Most collectors are interested in market
valuations for the notes in their collections and
especially for notes they seek to acquire. If the
notes in my collection from these series are any
indicator, price appreciations for "book values"
over the last decade are on the order of nearly
400% for Continentals and 300% for some state issues.
You buy the book, and price out your notes, but the plain
facts are if you are even thinking of collecting early U.S. cur-
rency, you need this book. Even if you don't collect these
series, but seek a thorough understanding of these issues, no
better guide exists. Priced at $95 hard bound, the book is
available from dealers, on the internet or from the publisher.
-- Fred Reed
EARLY CAN HISTORY AUCTIONS
Sign Lip to Receive Our Fully illustrated Catalogs Free Online or
Only $72 for a Full Year Subscription of Six Bimonthly Printed Catalogs
AUTOGRAPHS • COINS • CURRENCY • AMERICANA • MAPS
EARLY AMERICAN • P.O. Box 3507 • RANCHO SANTA FE, CA 92067
(858) 759.3290 OR FAX (858) 7594439 • Auctions@EarlyAmerican.com
BEINGTHE EQUIVALENT OF
SIXTEEN SHILLINGS AND EIGHT PENCE
ss,t04 ABLE 04,41,
BRITISH GUIANA —
110 March/April • Whole No. 260 • Paper Money
A "southern" branch
Royal Bank of Canada
$100 for British Guiana
courtesy of senior bank
"New ringgits for old" brought forth
this $10 Bank Negara Malaysia beauty.
introduced me to Royal's special notes for "southern" branches (British
Guiana and British West Indies). Over years that followed, these relatively
senior men took interest in assisting with my modest, but to me important,
• Mr. Cliff allowed me to salvage several turn-of-century Bank of Montreal
classics (1895 to 1904), notes whose rusted edging suggested long tin-can
storage or burial, "good" notes which otherwise had been en route from a
Newfoundland branch to head office destruction. A wonderous British
Guiana $100 Mr. Campbell had said I could have ... if I could pay for it "in
kind." Books had to balance--though not as to colony or denomination. A
year's correspondence, and twenty tattered "southern" $5s permitted me
that accomplishment, to carry a note well worth preserving, from the bank's
vault space to my own.
Those had been the days when Canada's ten "chartered banks" could and did
circulate their own quite distinctive notes. The right to such circulation--in effect, an
interest-free loan--was taken from them during World War II. You sense that in mid-
to-late adolescence, I'd picked the ideal time for, my numismatic hunt.
On the world scene, such commercial banks of issue have become few in num-
ber, ten or twelve if my reckoning is correct, restricted to but three locations in the early
21 century, Scotland, Northern Ireland, Hongkong, and Macau.
(4) Central banks, reserve banks, currency boards, and other such govern-
ment-related institutions are near-universal, however, and several of these, on informal
visits, have treated me distinctly well.
• At Belgium's rational bank, in Brussels, the head cashier cheerfully sold me the
country's last set of franc-denominated notes, through the lofty 10,000; and
imposing supporting literature was readily acquired.
• At Bank Negara Malaysia, in Kuala Lumpur, his counterpart had done all that he
could for me, and most graciously, when an elderly
Malaysian woman had approached him with a
great handful of somewhat aged, well circulated
low values. He was reaching for necessary forms
when I impetuously suggested that I might give
her new ringgits for old. The paperwork was set
aside, and he beamed approval. A win-win situa-
tion, I immediately knew.
My delight in the hunt continues unabat-
ed, having extended to three continents and to
quite diverse nations. I know instinctively when I
need dealer help, and seek it and welcome it. But
my most cherished "harvest" has been a decidedly
traditional one--on remote and challenging ice
floes of our "paper numismatic" world.
Paper Money • March/April • Whole No. 260 111
Brooklyn, NY over Christmas time 2008, and was reentered at
Dallas, TX on Jan. 11th 2009. This was the 985th "hit" for
"Tyler." It is also back stamped.
The $5, FC231X=CA, is the first fivespot wheresge-
orge? bill I've personally seen. It was first entered by "Iron
Runner" at Cedar City, UT on July 8, 2008. It was received in
Brooklyn, NY on Dec. 28th, and entered in Dallas TX Jan.
1 1 th 2009.
INCt --"Iron Runner" JECAril.‘■ r 1): OFIANIM I CN is a bigtime1'r A '
:y \ hI #
1/ 5in Brooklyn at year's end
sport wheresgeorge? tags
SPMC Treasurer Mark Anderson received a couple well
traveled wheresgeorge? bills in change over the holidays.
The $1, A1691VOCXXB, with the fancy sur-
prints, was entered on June 23, 2008 at Towson,
MD, by "Tyler", who has entered about 8,000
bills. It was recorded 52 miles up the road on Oct.
17th at Chesapeake Beach, MD. It showed up in
He has entered
2,633 total hits
to date, from
as far away as
is also back-
Currency Conservation & Attribution LLc
email us at infoOcsacca.com
• or mail us at 321 Seventh Street, Mead, CO 80542
To learn more about this holder:
. go to www.csacca.com
United States Paper Money
special selections for discriminating collectors
Buying and Selling
the finest in U.S. paper money
Individual Rarities: Large, Small National
Serial Number One Notes
Large Size Type
Small Size Type
Star or Replacement Notes
Specimens, Proofs, Experimentals
Frederick J. Bart
PO Box 2 • Roseville, MI 48066
e - mail: Bart@executivecurrency.com
BUYING AND SELLING
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
Fax: (765) 583-4584
112 March/April • Whole No. 260 • Paper Money
SPMC's limited edition Peter Maverick bank note souvenir card
APER MONEY IS NOT A COMMODITY OF THIS
1 generation alone. It was in use in our country a century
before the state bank era. The art of copperplate engraving
goes back even before that. One of its earliest practitioners
here was Peter Maverick. Of course I did not personally know
Maverick, although I know his varied work by means of the
currency I have collected.
and hand-printed the notes
issued by some of our earliest
banks. From his shops in
New York and Newark came
more than 100 varieties of
banknotes bearing his
imprint. These notes circulat-
ed in the states of Georgia,
Michigan, Missouri, New
Jersey, New York and Rhode
Island, and in the Republic of
Colombia. Of New Jersey's
first 16 chartered
banks, Maverick pro-
duced notes for 12 of
abound today, and
thus can be widely
appreciated for the
designs that they are.
They include some
delightful scenes, such
as the riverfront farm
scene illustrated here. When Maverick
came to Newark in 1809 he purchased 20
acres on the Passaic River. This scene may
well be the view he saw from the window of
The simplicity of Maverick's designs is
at once both charming and ingenuous. As
they were prone to counterfeiting, more
intricate mechanical designs soon replaced them. His former
apprentice and partner, Asher B. Durand, left to join his
brother Cyrus in a competing firm using Cyrus's newly devel-
oped geometric lathe. Thereafter, Maverick turned to printing
as a more profitable line of work, as the technology of bank
note engraving passed him by. He and his daughters Emily,
Maria Ann, Octavia and Catharine continued to engrave por-
traits, maps and book illustrations, and began using the new
process of lithography as well.
In 1826 Maverick was host to the portrait painter John
Neagle, who painted the only surviving likeness of him. It is
reproduced here by courtesy of the Rutgers University Press.
At least one copper bank note plate engraved and signed
by Peter Maverick survives today (shown), although none of
the notes originally printed from it do. In 2002, this plate was
returned to service by BEP plate printer Mike Bean to make a
limited edition collectible for SPMC (also shown).
-- David D. Gladfelter •
"I think the thing we need to concentrate on
is to provide our members with new articles
and a new 'look' to our journal."
-- Bob Cochran
We've always had a problem getting members to CON-
SISTENTLY participate by sending in articles. I'd like to
think that there is a real chance that our members will respond
to our pleas for new articles, but it is possible.
"I've always thought that if we could get each member to
submit a one-page article about his or her "most favorite note,
and why" we could have a nice prize for everyone who partici-
pates. We've done this in the past, and if I remember correct-
ly, we got a "decent" response.
With respect to this campaign, offer some nice prizes. If
we have a few bucks in the treasury, how about offering some
monetary prizes. If we do have some people who do partipate,
get them to send in photos so we can put their mugs on the
cover of Paper
In the mean-
time, I'd contact
all of the mem-
bers who have
and ask them to send a photo of themselves.
Then print those photos and keep pounding on our mem-
bers to send in SHORT articles. -- Bob Cochran
Dear Bob and ALL members of SPMC,
Bob's note raises some great ideas. Bob knows whereof
he speaks. He has served our Society tirelessly for decades,
including writing more than 100 articles for Paper Money.
We've sponsored article contests in the past, including one
with a $500 prize. We've also sponsored contests where win-
ners received one of our Peter Maverick souvenir cards for
their contributions to numismatic education. His idea about
running author photos in the magazine is a great idea. After I
got Bob's note, I solicited Karl Kabelac's photo/bio shown in
this issue. I'll put the ball in members' courts. I've asked for
SHORT articles nearly every issue for 10 years. Inundate me
with submissions, your pictures and bios, and our board will
surely recompense your efforts justly. -- Ye Olde Editor •
United States Currency
II.11 ./■44 P.O. Box 524
mt.:1U New York, N.Y. 10116-052 4 itteartil
Phone 212 989-9108
Paper Money • March/April • Whole No. 260 113
Whitman releases 2nd edition of Doty's America's Money
I CONFESS I'M A SUCKER FOR BEAUTIFULLYidesigned and illustrated books written in a colorful and
picaresque manner. Dick Doty's wonderful, hard back second
edition of his classic America's Money, America's Story fills the
bill on both counts.
Dr. Richard Doty, as professionally known as senior
numismatic curator at the
Smithsonian Institution's Museum of
American History, is a wonderful
story teller and his book is a great way
to spend long wintry evenings before a
fire. And yet this 216-page book is so
comprehensively researched and orga-
nized that it could be a college text for
history/economics majors interested
in broadening the scope of their stud-
ies, or for highschool enrichment.
Published originally a decade ago,
the work is one of Whitman's
rebirthing of treasured numismatic
classics -- repackaging and updating
material for a broader-based collector audience. Cornelius
Vermeule's book on numismatic aesthetics, and George
Tremmel's work on CSA counterfeits also spring to mind.
While the original version of Doty's book had an out-
standing array of illustrations, the new work presents a visual
delight of maps, charts, and impressive numismatic specimens
EP PL H:
1507 Sanborn Ave. • Box 258
Okoboji, IA 51355
. A). ... • (712) 332-5859
Open: Tuesday-Sunday 11 to 5
Open from mid-May thru mid-September
History of National Banking & Bank Notes
Turn of the Century Iowa Postcards
EIP LP Litlf E
in full and appealing color.
The author's narrative is colorful as well. For example,
Spanish colonial fractions "traveled in odd directions and
found strange resting places," in Doty's view. Tell me another
numismatic author who found use for the adjective "fusty" to
describe a stagnant economy?
Doty breaks out America's story in chronologi-
cal historical periods, including the eras of coloniza-
tion and revolution, the great gold rush periods, the
watershed epoch of our Civil War, the Guilded Age,
Roaring Twenties, World War II up to the present.
More than 600 exceptional full color images accom-
pany the text. A helpful index is provided.
The book "illustrates the ingenious ways that
we've tackled tough economic times with surprising
and innovative forms of legal and sometimes illegal
tender," publisher Dennis Tucker writes.
This reviewer's favorite section on the Civil
War includes this remarkable observation: "The
greatest lesson taught by four years of conflict was
that Americans would have to pay for the fine words
enshrined in the Declaration of Independence with lives lived
in a new way. They would have to actually take seriously the
stirring phrase about the equality of all men."
Comingling of history and numismatics make this a trea-
sure and bargain at $26.95 at www.whitmanhooks.com and
dealers elsewhere. -- Fred Reed
You are invited to visit our web page
For the past 8 years we have offered a good
selection of conservatively graded, reasonably
priced currency for the collector
All notes are imaged for your review
National Bank NoteS
LARGE SIZE TYPE NOTES
SMALL SIZE TYPE NOTES
SMALL SIZE STAR NOTES
P.O. Box 451 Western Sprints. IL 60558
114 March/April • Whole No. 260 • Paper Money
B ACK IN 1972 THE GREAT GLENN B. SMEDLEY WROTE ANarticle for Paper Money (Vol. 11, no. 3) entitled "Banking from an ironchest." It is the story of the Bank of Delaware County, which became theNational Bank of Delaware County, charter #355.
This article encouraged me to wrote about our local bank with a similar his-
tory. My article on the Bank of Chester County was published tw issues later in
In 1789 the County of Chester was divided to allow for the formation of
Delaware County. Chester was the county seat and remained so for Delaware
County until removed to Media in 1851. West Chester became the county seat for
Chester County in 1786. (This was even before the division because people wanted
a more central location, causing considerable Chester-aggravation!)
In 1791 Congress granted a 20-year charter to the first Bank of the United
States. When the charter expired
in 1811 and Congress refused toIn the Olde Days recharter it, the field was open forstates to seize the opportunity to
increase their state banks.
The Banks of Chester County
At this time, Philadelphia
had seven banks. Only five were
outside the city. The Pennsylvaniaby Nelson Page Aspen legislature passed an Act in 1813
authorizing 25 new banks, but it
was vetoed by Governor Snyder. In 1814 they again passed an Act authorizing 41
banks this time, which they passed over the governor's veto.
This banking law divided the state into districts, one bank or more for each
district. The capital stock was fixed at 9000 shares of $50 each.
Chester county was allotted one bank and with some hesitation a group was
formed and began taking subscriptions. A group in Media did the same, accomplish-
ing the necessary subscriptions in four months, while the Chester County group had
The Bank of Delaware was authorized on July 26th, 1814, and opened
December 5th. The Bank of Chester County was authorized on August 2nd, and
opened on the 11th of November 1814. A common friendship developed between
the banks from the beginning.
There was a bit of rivalry as the Bank of Delaware built an attractive bank
building, completed in 1816. The Federalist, printed in West Chester, applauded the
brick building and hoped the directors of the Bank of Chester County would "go
and do likewise."
They did, but it was not until 1836. It was a magnificent building by
Thomas Utrecht Walter, one of the leading architects of the country. He was the
architect for the Senate and Representative wings and the dome of the U.S. Capitol.
One must remember that these were difficult times. Napoleon was confied
to the Island of Elba. Wellington's veterans had finished with France and were
invading the United States. Shortly after these banks opened, the British were busy
burning Washngton. Soon after Jackson defeated the British in New Orleans.
Napoleon would leave Elba and once inure drench Europe with blood.
In spite of this, an era of prosperity soon developed in the United States.
The Midwest was filling with settlers. Public land sales rose and manufacturing was
developing. It was a time of building railroads, and Pennsylvania was building an
extensive system of canals. Business was growing (some of it speculative). All of this
led to a rapid bank expansion which both banks enjoyed.
The Bank of Delaware County ordered 500 sheets of paper in January 1815,
and in May 10,000 sheets from John Willcox of the famous Ivy Mills. They were
then sent to Philadelphia for engraving.
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Paper Money • March/April • Whole No. 260
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116 March/April • Whole No. 260 • Paper Money
The Bank of Chester County ordered $90,000 in banknotes to be printed
by Murray, Draper & Co. Two plates were engraved comprising a plate for two $5s
and a plate for a $10 and a $20. In October, plates for $64,000 worth of small bills
($1 notes) were ordered. This was followed by a sheet of $5, $10, $20 and $100
notes to be dated November 15, 1814.
In the late 1820s the Bank of Delaware County issued new bank notes and
burned the old ones, some $135,000 in value.
These were not all good times, as specie payment was frequently suspended
and scrip became the answer. There were cyclic depressions. The Panic of 1837
caused serious financial straits for the state of Pennsylvania. This was mainly due to
the canal building bills and an empty treasury with nothing to pay these bills.
Loans were made by the banks, but an Act of the Assembly of May 4th
1841 provided that the bnks make five-year loans of $3,400,000 at 5% interest.
They were to issue for payment new bank notes, called Relief Notes, in denomina-
tions of $1, $2 and $5. A holder could use $100 increments of these notes to buy
state bonds. The state paid the bank 1% for outstanding notes. Both the Bank of
Chester County and the Bank of Delaware County took advantage of this Act.
The Bank of Chester County subscribed to $72,000 and ordered new
plates. A second request was "respectfully declined." These are indeed most beau-
tiful notes notes, and desired by most collectors.
The Bank of Delaware County suffered a serios loss in 1840, when a theft
of treasury notes in New Orleans were put into circulation in their area. They
redeemed them, but the government refused to honor payment. The Bank of
Chester County suffered a similar loss when traveling to the sorting house in
Philadelphia in 1847, and $51,000 was stolen. This brought forth a new emission of
notes with red printing. The thieves were eventually captured and more than
$40,000 was recovered.
In 1858, Jacob Shooster, alias Tom Hand, began counterfeiting a $10 note
of the Bank of Delaware County, and circulating them in Philadelphia. The bank
had a new note engraved and ordered $50,000 worth of them. Shooster was appre-
hended and sentenced in December 1858 to five years and five days at hard labor
and solitary confinement.
The Bank of Chester County had suffered similar problems in the 1840s.
In May 1846 two New York police officers arrested two men. One had a counter-
feit plate for the Bank of Chester County notes.
Each bank issued several different designs throughout the years, all of
which are among the most attractive of the obsolete notes. The Bank of Chester
County had issued $1 notes early on, but the Bank of Delaware County did not
issue small notes of under $5 until 1862. Small wonder they were so effected by the
As I have mentioned the suspension of specie payments caused banks no
end of trouble. The Bank of Chester County resolved the problem in 1816 by issu-
ing its own scrip. These included notes of 5-, 6/1-, 10-, 12V2-, 25- and 50-cent
denominations. Banking rules did not allow them to do the same during later sus-
pensions, but merchants continued the practice.
On March 8, 1862, the Bank of Delaware County issued a new series of all
denominations, including small notes. The Civil War made support of the Union
paramount and both banks made loans to the Federal Government. Then came the
National Banking Act on February 25th 1863, and concern over losing their state
banking charters should they not be accepted as national banks.
The Bank of Delaware County offered the name "First National Bank of
Delaware County," but the name approved by the Comptroller of the Currency was
"Delaware County National Bank." This was acceptable, and the bank was char-
tered on April 25, 1864, as charter #355. It continued to redeem notes of the Bank
of Delaware County until February 21, 1866. The National Bank of Chester
County was chartered on October 25, 1864, as charter #552. Neither bank seemed
Cf.'.1 Tsfiu. .
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Paper Money • March/April • Whole No. 260
to suffer during the
Panic of 1873.
issued First Charter
Series notes, includ-
ing $5, $10, $50 and
$100 bills. The
National Bank of
issued Series of 1875
notes in the same
National Bank issued
only $50 and $10
Series of 1875 notes.
Both banks issued
Brown Backs of $10,
$20, $50 and $100.
The National Bank
of Chester County
issued Red Seals of
$5, $10, $20, $50 and
$100. While the
National Bank only
issued $5s, $10s and
$20s. They both
issued Date Backs in
$5, $10, and $20
National Bank of Chester County issued Plain Backs of $5, $10, $20, $50 and $100.
But the Delaware County National Bank issued them only in the $5, $10 land $20
The small size notes were issued in Series of 1929 and 1933, although both
carried the designation Series of 1929. The first issue used the title "The National
Bank of Chester County." The second order of Type I changed the title to "The
National Bank of Chester County and Trusy Company." Both Type Is included the
$5, $10, $20, $50, and $100 denominations. The Type Its were of the $5, $10, and
The Delaware County National Bank issued only the $5, $10, and $20
denominations of both Type I and Type II notes.
In 1933 the Type Its appeared with no change other than the bank officers'
signatures. Finally the Federal Reserve Notes appeared with the demise of not only
the Nationals, but the Legal Tender Notes (United States Notes), and the Silver
In 1970 the two national banks merged to become the Southeast National
Bank, and the charter numbers were soon forgotten.
It was then decided to merge with the Bank of Pennsylvania in Reading, and
the bank was to be known by an old familiar name from the state banking days --
The Bank of Pennsylvania. This did not happen, but by the mid-1980s, the bank
became the Fidelity Bank. Time marched on an danother merger saw the bank
become First Union.
Two centuries later, the "Pioneer on the Delaware" and the Bank of Chester
County (the only bank in the county for 45 years) are but a memory. The buildings
and the bank histories are all that remain to tell of that "eventful year" of 1814. v
A Primer for Collectors
BY GENE HESSLER
ECANCA tK IF SOMAIA
C.06LEGIO DEI REVACIat -
On a State Department-sponsored tour of African countries, author/musician Gene
Hessler purchased a set of antelope horns for about 50(. The 5-scellini note, Pick-1, he
acquired on the trip has an antelope image.
Somali 5s note brings back
memories of quick departure
The following relates to the trip mentioned
in the previous column (see Paper Money, Jan/Feb 2009).
BOUT SIX MONTHS BEFORE WE ARRIVED IN
ar-es-Salaam, the capital in Tanzania, formerly
Tanganyika, there was a revolution in Zanzibar, a former
British Protectorate. In October 1964 Zanzibar, an island
26 miles away, became part of Tanzania. Political circum-
stances had not settled completely, and we did not know
for certain until the evening before if we would be permit-
ted to play a scheduled afternoon concert in Zanzibar City.
The following day we arrival to a cool reception on the
tropical island: for the first time throughout our journey,
the notes and
coins I didn't
find. After our
cert, I roamed
nants that cir-
1933; at that
time Zanzibar adopted the use of East African currency.
We flew back to Dar-es-Salaam that same evening. We
were scheduled to fly to the north, however that was
There were anti-colonial demonstrations against
France, Belgium, and, America who had sympathized with
the intervention. France and Belgium had come to the aid
of the Congolese government during an extremely trou-
bled period. There were other anti-American demonstra-
March/April • Whole No. 260 • Paper Money
Lions in North Africa. Consequently our schedule was
changed, and performances in Egypt and Sudan were can-
celed. This was a disappointment because I wanted to be
near the place where General Charles "Chinese" Gordon
fought a losing battle with the Mandi during the siege of
Khartoum in 1884. To pay his troops, Gordon issued his
own scrip, crude but historical; some notes were signed by
This change in our itinerary came toward the end of
our tour. We returned to Nairobi for a few extra concerts
then the State Department sent us to Morocco for final
A few weeks earlier we were in Somalia for concerts
there. The first notes issued by the Somali Republic were
circulating; they were dated 1962. I put aside the 5-, 10-
and 20 -scellini notes, P1-3. I could have and should have
returned with a 100-scellini, P4. This note that had a face
value of less than $10 as I remember, now sells for $600.
After two clays of concerts and sight-seeing, including
a walk to the camel market just blocks from our hotel,
there were rumors of an anti-American demonstration.
Confined to our hotel we were told to have our bags
packed and wait. After a few hours, by the telephone in
our rooms, the call came to meet in the lobby immediately.
Buses to take us to the airport were on their way; we were
told to move rapidly when they arrived.
As I remember it was early afternoon when the buses
arrived, and with military precision we boarded. With an
escort we headed for the airport; the buses drove on the
airfield and stopped by the plane, which had already been
loaded with concert equipment. We had skipped the cus-
toms procedure and
were airborne within
minutes. A few
years ago during the
U.N. presence in
Somalia I was
reminded of our
departure, and rec-
ognized a few land-
marks in the evening
When I look at
my Somali notes I'm
reminded of an
enjoyable time in
Mogadishu, the cap-
ital, where most of
the people were
receptive to our visit. From a boy on the street I purchased
a set of antelope horns for about fifty-cents; the 5-scellini
has the image of an antelope. As I remember we had some
interesting food with an Italian influence; there had been
an Italian presence there during the first half of the 20th
century. But I also remember our rapid exit from a country
that today remains in crisis. •
(Reprinted with permission from Coin World
January 25, 1999)
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Paper Money • March/April • Whole No. 260
Letter to the Editor
Dear Peter and Fred,
Last night I read every word in Peter Huntoon's
SUPERB article about Col. E.H.R. Green in the
Tan/Feb issue of .Paper Money. I think this is one of
the best done and most interesting articles I have
ever read in ANY numismatic publication.
Eric P. Newman, while a student at MIT, used
the Green radio station to help a surgeon communi-
cate with the Adm. Byrd expedition in Antarctica, to
guide someone down there through the procedures
of an appendectomy. It turned out okay. Col. Green
put many of his single notes (not sheets) into cellu-
lose nitrate holders. These leached the moisture/oil
out of the notes, causing them to become brittle and
in some instances fall apart into chips and pieces--a
Best to all, and, again, Peter, this is a tour de
-- Dave Bowers
MAMMAL BAN1 G
TV .14 IMO.. O.. 174111...,
2124 Altus - $10.00 Ty. 1 The First NB Ch. # 6113
An extremely rare note, with no offerings from this bank
since an appearance on a 1968 price list, but especially
desirable because Mrs. J.A. Henry signs as President, a
most unusual signature on a small size national. Very
120 March/April • Whole No. 260 • Paper Money
Mrs. J. A. Henry, National Bank President
By Karl Sanford Kabelac
A Series 1929 note from a 1992 CAA
auction with Mrs. J. A. Henry's fac-
simile signatures as president of the
bank. It is one of only 2, 298 Series
1929 notes issued by the bank.
(Courtesy Heritage Auctions)
KLAHOMA WAS NOT YET A STATE WHEN THE FIRST
National Bank of Leger (charter #6113) was founded in 1902. The
founding president was John Armstrong Henry. Two years later the
name of the community was changed to Altus, and thus the bank
became The First National Bank of Altus.
Altus is the county seat of Jackson County. It is in the southern part of
the state, just north of the border with Texas. Its post office was established in
1890. The community perhaps drew its name from the fact that it is on higher
ground than nearby land, and from the fact that an early settler was from Altus,
Arkansas. From 1901 to 1904 it was named Leger after a railroad official, but
then the name was changed back to Altus.
Mary (Elda) E. Cobb was born in Bonham, Texas, on February 22,
1879. She married John Armstrong Henry on May 10, 1899.
Shortly after his death on March 7, 1925, she was elected president of
the bank. In an article in the Altus newspaper headlined, "Wife Succeeds Henry
in Bank" it was noted that although she would be president, she would not be
the active head of the bank. That
role would be in the hands of the
active vice president and the
Unfortunately, five and
half years later, local economic
conditions forced the closing of
the bank on September 22, 1930.
Early hopes to reopen it did not
come to be.
Mrs. Henry died in
Norman, Oklahoma, at the age of
91 on August 19, 1970. She was
survived by a son and a daughter,
grandchildren and great grand-
Sources and acknowledgments
Past issues of The Altus
Times-Democrat have been most
helpful. The March 13, 1925,
issue carried two articles relating
to the bank following the death
of J. A. Henry. The September 22 and 23, 1930, issues carried articles about the
closing of the bank, and the August 23, 1970, issued carried Mrs. Henry's obitu-
ary. Cecil Chesser, Across the Lonely Years; the Story ofjackson County (1971), p.
280-281, has information about the Henry family. The help of Tammy L. Davis
of the Southern Prairie Library System in Altus is gratefully acknowledged. v
EE, PER ON De..
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An Independent Member of the Certified Collectibles Group
Paper Money • March/April • Whole No. 260 121
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122 March/April • Whole No. 260 • Paper Money
Anna M. Stenz, National Bank President
By Karl Sanford Kabelac
nna M. Newcomer, a native of Ohio, was born in September 1843.
Her first marriage was to Oren (or Orrin) W. Head, a widower, who
died in 1882. Nearly two decades later she married Henry P. Stenz, a
Monroeville, Ohio, banker and landowner.
He had been the cashier of the Exchange Bank in Monroeville, which
became the First National Bank of Monroeville in 1879 (charter #2438). He
served as cashier and then president of the national bank until his death on June
9, 1903. A week later, on June 16, Anna was elected president of the bank to
She served a little over a year, when at the bank's annual meeting of
July 11, 1904, she became the first vice president of the bank, and Pitt Curtiss of
Norwalk became the president. The Norwalk [Ohio] Daily Reflector of that day
reported that she had been a very efficient president "but her other large finan-
cial interests require so much of her time, that she finds it impossible to give the
bank affairs the attention their great importance requires." However, she
retained all her interests in the bank and stood ready to "give the officials the
benefit of her knowledge and good judgment."
Curtiss apparently served for up to two years. She then resumed the
presidency until the national bank was voluntarily liquidated shortly thereafter,
on October 23, 1906. It reopened the next day as the Monroeville Branch of the
Euclid Avenue Trust Company, a Cleveland bank. She was a stockholder in the
To this day, she is remembered in Monroeville as the donor of a monu-
ment to the soldiers and sailors of Monroeville and Ridgefield Township. The
dedication events and ceremonies on September 29, 1904, brought thousands to
the community. In her remarks that day she expressed her pleasure in present-
ing the memorial to the heroes who defended our country. She expressed the
hope that it would teach "lessons of patriotism to the youth of this vicinity — an
influence for good forever."
She died in Monroeville on May 16, 1914. An obituary noted that she
"was a thorough-going business woman for a number of years, at one time pres-
ident of a bank in Monroeville, and later associated with the S. N. & M. electric
railway as a member of the board of directors."
Her will distributed an estate estimated at $250,000, which was left to
relatives of each of her two late husbands, her own relatives and friends, and
various public institutions. In total there were over 65 bequests in the will.
Various dates are given for Anna M. Stentz's birth. I have used that in
the 1900 federal census. Unfortunately, few issues of the Monroeville newspa-
per are available, at least on microfilm. Fortunately the Norwalk (the county
seat) newspapers carried some Monroeville news. The Evening Herakl carried
Henry P. Stentz's obituary on June 10, 1903; Anna's election to the bank presi-
dency on June 17, 1903, and again mentioned on June 26; her becoming first
vice president of the bank on July 12, 1904, and the dedication of the monu-
ment in Monroeville on September 28 and 29, 1904. Her obituary is found in
the Norwalk Reflector-Herald for May 16, 1914, and the probate of her will in the
issue for May 21, 1914. The Norwalk Reflector also covered these events, with
longer articles on her relinquishing the bank presidency on July 11, 1904, and
the leg-al change in the bank's operation on October 24, 1906.
Paper Money • March/April • Whole No. 260 123
Henrietta R. Temple and Jennie M. Temple,
National Bank Presidents
By Karl Sanford Kabelac
ENRIETTA R. TEMPLE AND LATER HER DAUGHTER-
in-law, Jennie M. Temple, served as presidents of what was origi-
nally The First National Bank of Plum Creek, Nebraska, and then
became The First National Bank of Lexington, Nebraska when the
community's name was changed from Plum Creek to Lexington in 1889.
Henrietta Rice was born on April 25, 1826, in Bedford, PA. She mar-
ried Nathaniel Temple, also a native of Pennsylvania, in 1846. They settled in
that part of Virginia that became West Virginia during the Civil War and were
the parents of four sons and a daughter. Nathaniel died in 1869.
In 1874, the family moved to Osceola, IA. The eldest son became a
lawyer and lived his life in that community, but the rest of the family moved to
Plum Creek, NE in the early 1880s. Harry Vane Temple and his brother Edgar
Clarence founded the Dawson County Bank in Plum Creek in 1882. Later that
year, Edgar Clarence died, and the youngest brother,
Frederick Lee Temple, became associated with his older
brother in the bank.
The bank received a national charter as The First
National Bank of Plum Creek in 1885 (charter #3292).
Harry's obituary notes that "his deep affection for his moth-
er led him to insist on giving her the position of president of
the bank." Although not the first woman president of a
national bank, she was the first woman founding president
of a national bank. Harry served as the cashier of the bank.
Lexington is the county seat of Dawson County. It
is on the Platte River in south central Nebraska and was
incorporated in 1874. Historically, and continuing to this
day, it is a regional trade center.
The bank's handsome three-story building was
completed in 1891 in the growing community that then had
a population of 1,300 people. This building, red sandstone
on the first floor and brick on the second and third, stands
72 feet from the ground level to the top of its turret.
An 1893 bank directory lists Henrietta as the presi-
dent, daughter Emma as the vice president, son Harry as the
cashier and son Fred as the assistant cashier. The next year,
The Washington Post in its "People in General" column
noted, "The First National Bank of Lexington, Neb., has
for its president Mrs. H. R. Temple and for vice president Miss E. A. Temple."
Henrietta died at the family residence in Lexington on July 29, 1899.
Her obituary noted she "was a woman of strong character and sterling quali-
ties." It also noted she was the president of the bank at the time of her death.
With his mother's death, Harry became president of the bank and his
brother, Frederick, the cashier. Harry died in 1912. His widow, the former
Jennie May Reynolds whom he had married in 1881, succeeded him as presi-
dent. Frederick continued as cashier.
The bank was voluntarily liquidated on July 10, 1919, being absorbed
by the Dawson County State Bank. That bank, in turn, merged with the
Lexington State Bank in 1934. Jennie died in 1930 at the age of 65 and was sur-
vived by their five children.
The handsome building built by the
First National Bank has stood in down-
town Lexington for nearly a century
and a quarter. Its exterior has changed
little during that time. It housed suc-
cessive banking facilities until 1968
and today houses The Pinnacle
Agency, an insurance and real estate
company. (Courtesy Terry Delp and
Bill Linn, Lexington NE)
124 March/April • Whole No. 260 • Paper Money
During the 34-year history as a national bank, the bank issued a unique
mix of national bank notes, none of which are known to survive. Early on they
issued 4,452 Series 1882 brown back five-dollar bills under their first name, and
another 8,200 under their second name. But the only other notes they issued
were 478 Series 1882 and Series 1902 fifty-dollar notes and a like number of
one hundred-dollar notes. The total value of notes issued was $134,960 of
which $12,500 was in circulation when they closed.
Sources and acknowledgments
I am grateful to the Dawson County Historical Society in Lexington
which supplied typescripts of the obituaries of Harry Vane Temple and Jennie
M. Temple as well as an article from the TRIBscope of January 30, 1979, on the
Temple family, and a copy of the obituary of Henrietta Rice Temple from the
Dawson County Pioneer of August 5, 1899. Terry Delp and Bill Linn of The
Pinnacle Agency, the current owners of the bank building, provided pho-
tographs of the building as well as several articles about the building. Also useful
was Gerome Walton, A History of Nebraska Banking and Paper Money, 1978. v
Researcher compiles narratives on female national bank presidents
KARL SANFORD KABELAC IS A RETIRED SPECIALollections librarian in Rochester, New York. He was
born in Ithaca, NY and grew up in the village of Aurora, which
is about 25 miles north of Ithaca on the eastern shore of
Cayuga Lake in the Finger Lakes region of central New York.
His mother's father's family (the Lyon family) had lived in the
area since the early 1800s.
As a child he would visit his widowed Grandmother Lyon
who then lived in Ithaca. A special treat would be when she
would go downtown to access her safe deposit box. She would
show him various items, including the deed to the farm her
father had homesteaded in Oklahoma, and several old large-
size United States ten dollar bills with the name of the Aurora
bank. They had his grandfather's signature, S. G. Lyon, on
them. She would explain that he had signed
them because he was president of the bank.
She would also mention how hard it had
been not to spend them during the depres-
sion. Thus, early on Karl learned about
national bank notes. (He has written an
article on the bank, which was published in
Paper Money, May/June 2004.)
Fast-forward 45 years to the late 1990s
and Karl, now retired, is a research assis-
tant to Jan Gleason, who is researching and
writing a biography of her husband's great
aunt, Kate Gleason (1865-1933). Kate was
a pioneering woman engineer, the first
woman engineering student at Cornell
University, and the first woman elected to
membership in the American Society of
Mechanical Engineers. She was also the
president of the First National Bank of East Rochester
1918 to 1920. She thought, and publicly stated, that she was
the first woman president of a national bank in the United
Karl set about to see if that was true. He contacted the
Society of Paper Money Collectors and Bob Cochran quickly
responded that he had a note signed much earlier by a woman
vice-president, and that Frank Clark had created a list of
woman signers of national bank notes: presidents, vice-presi-
dents, cashiers, and assistant cashiers. Karl was soon in contact
with Frank, who gladly provided him with the list.
Obviously, Kate was wrong. There were a number of ear-
lier woman presidents. But who were these women? How did
they happen to become presidents of their banks? Intrigued,
Karl set about to find out, researching and writing short bio-
graphical articles on each woman president whose signature
has appeared on a national bank note through the national
bank note period which ended in 1935.
Kate Gleason became the subject of this first article, pub-
lished in Paper Money, May/June 1999. In the succeeding
decade he has published two dozen articles on this topic, and is
in various stages of researching and writ-
ing the rest, perhaps another 20.
Frank Clark's list was a wonderful
start. And in various ways (skimming
Comptroller of the Currency annual
reports, doing key word searches in vari-
ous newspaper databases, doing Google
searches, reading auction catalogs, etc). he
has added to the list.
Early on he hoped to be 'di* to
trate each article with a national bank
note signed by the subject. But he has
come to realize that none probably exist
for some of the women presidents.
He hopes, when finished with the
individual biographical articles, to then
write an article drawing conclusions in
answer to his initial questions as to who
these women were and how they happened to become presi-
dents of their banks.
And although he has found that Kate Gleason was not the
first by almost forty years, she still holds one important dis-
tinction -- she is the only woman national bank president who
did not have family ties to the bank before assuming the presi-
Paper Money • March/April • Whole No. 260 125
The Professor and a Paper Panacea:
and the Stamp Scrip Movement of 1932-1934
By Loren Gatch
HE GREAT DEPRESSION PROVOKED NUMEROUS ISSUES
of scrip and other local currencies in the United States. Of these many
issues, the most exotic examples were the so-called "stamp scrip" issues
between 1932 and 1934, when hundreds of communities across America
issued forms of scrip that required the placing of some type of stamp to keep it cir-
While the actual beginnings of the American stamp scrip movement are
uncertain, its inspiration clearly lay in the ideas of Silvio Gesell, a German monetary
theorist of the early 20th century who proposed a reform of money that would make
it lose value at a predetermined rate. In earlier experiments in Europe, this money
took the form of a paper currency designed to keep its face value only so long as its
users placed stamps on the back of the note. Otherwise, the longer it circulated the
greater the discount at which the note traded.
In America, the stamp scrip movement took a different turn, borrowing
Gesell's innovation, but for different reasons. Thanks to the publicity efforts of
Professor Irving Fisher of Yale University, stamp scrip briefly appeared on the
national scene as a promising antidote to economic hard times. This article describes
briefly Gesell's ideas about money, and then turns to how the stamp scrip movement
promoted by Irving Fisher played out in the United States.
Silvio Gesell's Monetary Ideas
Like many other unorthodox or radical monetary thinkers, Silvio Gesell
(1862-1930) proposed reforms of the monetary system as a solution to many other
social problems such as crime, poverty, and war. Two features of modern money, in
Gesell's view, accounted for its central role in human misery. First, unlike the goods
and services that money buys, money itself does not rust or spoil; this gave money
and its users an unfair market advantage over the producers of useful but perishable
things. Secondly, Gesell observed, most monetary media came into being only
through the existence of some interest-bearing debt (such as a bank loan giving rise
to a deposit credit). To Gesell, this basic feature of modern banking imposed a
scarcity tax upon the money supply, requiring the users of money to pay continual
tribute to the creators of deposit credits, namely the bankers.
Taken together, Gesell's ideas about money and credit were an indictment
of the modern financial economy. The payment of interest, in his view, did not
reward saving, but merely served to encourage the holders of money to part with
126 March/April • Whole No. 260 • Paper Money
their hoards. Bankers were nothing more than financial parasites whose control
over the creation and supply of money allowed them to feed on the vitality of
the producers of real goods and services. For Gesell, the solution to this was
both fundamental and simple: change the nature of money, and the power of
money over man would dissolve. In particular, Gesell advocated a government-
issued money supply designed to lose incrementally in value over time. Gesell
named this money Freigeld ("free money")—meaning that it was a medium of
exchange that served its users, rather than imposed a burden upon them.
Followers of Gesell's ideas on money and ground rent in turn promoted the
ideal of the Freiwirtschaji, or the "Free Economy"—an economy in which nei-
ther the monetary system nor the laws of property allowed one group of people
to take unfair advantage of the other. In Gesell's view, a tax on money leveled
the playing field between holders of money and producers of goods. It would
also stimulate holders of money to spend, knowing that the longer they held
money, the less it would purchase. Over the long run, Gesell believed, this
reform would lead to the abolition of interest on money, thus breaking the
power of the bankers over economic life. 2
While Gesell's ideas had a following in Europe, elements of his think-
ing also resonated in Depression-era America. In the 1930s, desperation was the
mother of monetary invention. Stamp scrip's popularity really took off with the
success of Charles J. Zylstra's plan in Hawarden, Iowa. The Havvarden experi-
ence was subsequently given publicity by Prof. Irving Fisher, the prominent
monetary economist, as an example to be promoted to other American cities. 3
Irving Fisher and Stamp Scrip
Irving Fisher (1867-1947) was perhaps the greatest American econo-
mist of the 20th century. His interests spanned both economics and other social
reforms. In particular, he is known as a pioneer in the development of index
numbers—those numerical artifacts we use to describe just about every aspect of
our modern economy. Since 1911, his academic career had focused upon the
changing purchasing power of the dollar. Now, twenty years later, he analyzed
the causes of economic collapse in his 1932 book Booms and Depressions.
There, Fisher diagnosed the depression as a vicious circle of falling
prices and debt liquidation. As prices fell, Fisher reasoned, people owing money
cut back on borrowing and spending to pay their debts, the value of which were
increasing in real terms. Yet debtors' cutting back had the perverse effect of
shrinking the volume of deposit credits, which in turn pushed prices even lower,
and the value of remaining debts higher. In effect, the higher the value of
money (as measured by the lower price level), the less people were willing to
spend their dollars, preferring to hoard them.
To break this absurd spiral, Fisher looked for ways to make people
spend (in technical terms, to increase the "velocity" of circulation). When prices
fell during a depression, the value of money in peoples' pockets rose just by it
sitting there. They had no incentive to use it, so velocity slowed and prices fell
further. If the value of money in people's pockets could be made to fall, then
people might be more willing to get rid of it. Gesell's stamp scrip designed to
lose value over time was one possible way. Fisher suggested among other things
a national issue of stamp scrip, which, he boldly claimed, "offers the most effi-
cient method of controlling hoarding and probably the speediest way out of a
The Hawarden Experiment
While not the first example of American stamp scrip, the experience of
Hawarden, Iowa, gained so much national publicity that its details foreshad-
the innovator of stamp scrip.
Professor Irving Fisher
of Yale University.
Paper Money • March/April • Whole No. 260
On This Date in Paper Money History -- Mare 2009
By Fred. Reed
1760, New Hampshire Colonial Currency (FR103-1041 bears this date; 1781, ratifica-
tion of Articles of Confederation pledges U.S. to honor prior bills of credit and debts
incurred by Congress;
1867, Senate confirms appointment of Jeremiah Fenno to be collector of internal rev-
enue for the 4th district of Maine, which eventually sets up the Supreme Court case of
Veazie v. Fenno which upheld the lfr/i, tax on state chartered hank notes; 1886,
encased stamp issuer Boston merchant Joseph L. Bates dies;
1817, Congress charters Franklin Bank of Alexandria, D.C.; 1863, Congress authorizes
Gold Certificates; 1923, Lincoln signs Act setting up Freedman's Savings & Trust Co.;
1619, Anne of Denmark, who appears in vignette "Presentation of Pocahontas at
Court," dies; 1921, Andrew W. Mellon takes office as Treasury Secretary;
1861, CSA Treasurer Memminger orders all U.S. funds held on account be paid into
the Confederate Treasury; 1927, Liberty magazine reports on the "unlucky $2 bill";
1867, Gettysburg Asylum for Invalid Soldiers issues scrip; 1933, FDR's "Bank
1853, James Guthrie takes ottice as Treasury Secretary; 1871, first National Bank char-
tered in Wyoming IFNB Cheyenne, "1800);
1817, 27 stock brokers adopt constitution for New York Stock and Exchange Board;
1894, BEP hires G.F.C. Smillie as engraver;
1865, Hugh McCulloch takes office as Treasury Secretary for first time; 1933;
Emergency Banking Act provides stabilization for distressed banks;
1863, Third Issue of Legal Tender Notes bears this date; 1958, REP establishes assis-
tant chief for Office of Currency and Stamp Manufacturing;
1774, New Jersey okays £100,000 in bills of credit; 1905, BEP engraver and U.S. Mint
Chief Engraver Gilroy Roberts born; 1933, first delivery of Series 1929 $5 FRBN;
1829, paper money collector and benefactor Byron Reed born; 1869, George S.
Boutwell takes office as Treasury Secretary; 1893, U.S. Treasurer James W. Hyatt dies;
1832, Senate select committee favors renewing BUS charter for 15 years; 1867,
Missouri appoints committee to count and destroy Union Military Bonds;
1900, Congress authorizes national bank circulation to 100 per cent of deposits with
government; 1932, banknote engraver Charles Skinner dies;
1811, Austria declares bankruptcy; 1857, Mexican president decrees decimal mone-
tary system; 1862, Abraham Lincoln makes his first purchase of government bonds,
514,200 of 7-30 Treasury Notes;
Historically since 1933,
the largest purchaser
of rare American paper
currency ... CALL
1739, Continental Treasurer George Clymer born; 1832, encased stamp issuer John
W. Bussing born; 1919, silent film Money Talks debuts;
1842, banks in Philadelphia resume specie payments briefly; 1865, deperate loan act
of CSA Congress to OK S80 million to pay arrearages to army fails for lack ot quorum;
1817, Bank ot St. Louis $10 note vignette provides earliest view of the river city; 1827,
banknote engraver Gideon Fairman dies; 1869, George McCartee becomes BEP chief:
1870, Boston Numismatic Society incorporated; 1975, U.S. Treasurer reports U.S. sav-
ings bonds hit record $6.9 billion in calendar year 1974;
1727, Sir Isaac Newton, who appears on Bank of England notes, dies; 1877, dealer
John Haseltine elected corresponding member of American Numismatic Society;
1617, Matoaka, a.k.a. Pocahontas, who appears on U.S. currency dies; 1865,
Freeman Clarke begins tenure as Comptroller of the Currency;
1813, engraver Jacob Perkins patents "vault lock for banks"; 1948, Series 472 MPCs
issue; 2004, American Banknote stock symbol changes from ABNT to ABNTE;
1775, Maryland female currency printer Anne Catherine Hoof Green dies; 1861, CSA
appoints Gazaway Bugg Lamar its agent in NYC; 1875, City of Chattanooga, TN pur-
chases addition scrip from Calvert Lithographic Co., Detroit;
1855, Treasury Secretary Andrew Mellon born; 1875, Tennessee legislature passes Act
to issue state Treasury Notes to redeem Bank of Tennessee circulation; 1962, John
O'Hara's short story "Money" published in The New Yorker;
1776, New Jersey Provincial Congress authorizes £125,000 in bills of credit; 1831,
Louisiana charters West Feliciana Railroad Co, with banknote issuing privileges; 1892;
bank note portrait engraver Charles Burt dies;
1807, Spencer Perceval becomes British Chancellor of the Exchequer; 1874, ANS arti-
cles of incorporation and constitution adopted; 2004, ANA offers phone cards depict-
ing Series 1929 S5 NBN of First National Bank of Portland, OR note;
1781, New York Colonial Currency (FR NY213-220) bears this date; 1694,
Massachusetts General Court sets exchange rates for produce passing as currency;
1896, counterfeiter Emanuel "Jim the Penman" Ninger arrested; 1961, first delivery of
Series 1953B S5 Silver Certificates;
1830, Senate Finance Committee reports favorably on uniform national currency for
the U.S.; 1870, Brooklyn Daily Eagle reports 504 Lincoln Fractional Currency will be
replaced; 1993, "Paper Money" a song parody by Carl J. Kiang copyrighted;
1833, tire that destroys Treasury Building at Pennsylvania Avenue and 15th St. breaks
out; 1868, former Treasury Secretary Salmon P. Chase presides over impeachment trial
of President Andrew Johnson;
1848, Toppan, Carpenter & Co. receive contract for U.S. Treasury notes issued under
this acts; 1850, John C. Calhoun, who appears on CSA and southern notes dies; 1869,
BEP contracts with J.M. Willcox & Co. to supply localized fiber paper;
:;gfe,,,t4114,r1 ., • .4”, >te-N9 184
4,, Z..," reffetotrial deMpe;•Rd./,,,,gyief:teklq..., aor*,lierel .; c, r16 ,1;ePee, erwi 4..."4 I 4- Kire,fe/
lliATVAIRTDIEN, 1[0 „ /4 ."Li e ty; '
di el de: ail:7011Pri, /go e7;efx liff,:ParY 14, (3Cea
• /4"..ya, ;.
128 March/April • Whole No. 260 • Paper Money
owed many scrip experiments to follow. In October 1932, a Hawarden business-
man named Charles J. Zylstra proposed that his city issue one-dollar scrip to
pay the unemployed to work on various community projects. Instead of backing
the scrip with existing funds, Zylstra proposed that stamps be sold at three cents
apiece; each time a scrip note circulated, the spender would place a stamp on
the back of the note. When the note accumulated thirty-six stamps, it would be
redeemed at its face value of one dollar. In the meantime, sales of stamps would
create the redemption fund that extinguished the scrip (including eight cents for
overhead-3 cents x 36 = $1.08).
Hawarden scrip from October 1932
with stamps on back.
Zylstra knew of Gesell's ideas, but contended with a very different
mindset: the suspicions and doubts of the good people of Hawarden. Carefully
marshalling the support of fellow businessmen, Zvlstra convinced the Hawarden
City Council to issue an initial $300 in scrip, paid to the unemployed at $1 a day
for road work. Despite the skeptics, the plan worked, and attracted intense
attention from outside the small community. Irving Fisher visited Hawarden in
late October 1932, shortly after the experiment began, and his endorsement
gave the small Iowa town national visibility. "Stamp scrip," he pronounced,
"offers the most promising method of a quick way of snapping us out of the
depression." As Zylstra later wrote to Fisher, "somehow people will to be able
to buy the things they need to live, or the pressure can not be retained and revo-
lution will result." Stamp scrip in Hawarden, he later explained, served to
"increase buying power, relieve suffering and provide a credit to the community
Paper Money • March/April • Whole No. 260
On This Date in Paper Money History -- Apr. 2009
By Fred Reed *
1778, the dollar sign "S" is created by Oliver Pollock (Pollack), a New Orleans busi-
nessman, according to one tradition; 1865, first shipment of $1 and $2 NBNs sent to
First National Bank of Akron, OH; 1879, Refunding Certificates bear this date;
1861, CSA $100 and $500 note sheets arrive in Montgomery, AL from NBNCo, NYC;
1914, Federal Reserve announces plans to establish 12 districts;
1729, Benjamin Franklin publishes pamphlet A Modes( Inquiry into the Nature and
Necessity of a Paper Currency; 1832, Stephen Girard incorporates Stephen Girard's
Banking House; 1869, beginning of Allison-Spinner combined tenure;
1862, Manchester, VA postmaster E. Matthews begins issuing fractional scrip; 1883,
Peter Cooper, first Presidential candidate of Greenback party, dies;
1829, British Parliament deadline for redemption of all notes less than five pounds;
1861, President Lincoln deposits his first salary warrant at Riggs & Co., Washington;
1818, robbery of $104,000 forces Farmers and Mechanics Bank of Pittsburgh to liqui-
date; 1863, CSA currency sixth issue; 1909, first credit union formed in U.S.;
1862, CSA Senate considers issuing notes in denominations of $1.50, $2.50, $3.50
and 54.50; 1898, CSA currency dealer George W. Massamore dies;
1814, first banknotes delivered to Netherlands Bank; 1833, first meeting of directors of
Citizens Bank of Louisiana, issuer of the famous dix notes;
1626, British essayist Francis Bacon, who wrote "money is like muck, not good except
it he spread," dies; 1863, First National Banking Assoc. of Portsmouth, NH forwards
collateral securities attempting to become first nationally chartered bank but its pro-
posed name rejected by Comptroller of Currency, and was eventually charted as ENI3
of Portsmouth with charter #19;
1816, Congress authorizes loan to fund its subscription to Second Bank of the United
States; 1880, Louisiana authorizes issue of state "Baby Bonds";
1863, first national bank organized in New York, FNB of Syracuse, charter #6; 1930,
Treasury Secretary Nicholas Brady born;
1862, CSA authorizes 550 million in treasury notes without reserve, and $10 as
reserve fund; 1866, Congress limits Greenback redemption in currency contraction;
1902, ,Act of Congress creates Third Charter Period;
1743, Thomas Jefferson (FR 42-60) born; 1864, southern newspapers report CSA issue
of a million 20-cent green Washington postage stamps for use as small change;
1862, Richmond, VA issues municipal scrip for fractions of dollar; 1867, New York
Times reports confession of notorious counterfeiter Charles Ulrich, who faked almost
perfectly $100 Compound Interest Treasury Notes;
Historically since 1933,
the largest purchaser of
rare American paper
currency ... CALL
1865, on news of Lincoln's assassination, greenback dollar fell from 684 to 604; 1872,
Lincoln, Nebraska officials receive bill from Continental Bank Note Co. for printing Si
and $2 municipal scrip depicting deceased President Abraham Lincoln;
1833, spurious Bank of Pennsylvania notes payable to "Henry Clay" circulate; 1869,
Third Issue of Fractional Currency ceases, according to U.S. Treasurer Jas. Gilfillan;
1790, Pennsylvania Colonial Currency printer Benjamin Franklin dies; 1862, CSA
authorizes $165 million interest-hearing treasury notes $100 and higher;
1863, W.E. Hilton advertises 5500 in facsimile Confederate notes for S5 in Harper's
Weekly; 1900, banknote engraver Alfred Jones dies;
1764, English Parliament bans American colonists from issuing paper money; 1933,
U.S. officially abandons gold standard;
1864, Anthony Berger takes photo of Lincoln destined to be model for engraving on
504 Fractional Currency; 1890, encased stamp issuer George W. McAlpin dies;
1939, BEP produces first Food Stamps;
1671, infamous financier and paper money issuer John Law born; 1879, Treasury
Secretary John A. Dix dies; 1960 first numbered issue of Coin World features Florida
paper money dealer Grover Criswell on front page;
1729, Continental Treasurer/Treasurer of U.S. Michael Hillegas (FR 1167-11731 born;
1899, Lincoln currency, engraved and other portraits exhibited at New York's Grolier
Club; 1985, Christies sale of Norweb family collection of Canadian paper money;
1564, traditional date of birth of William Shakespeare, honored on Bank of England
and New York obsolete notes; 1860, National Bank Note Co. patents geometric
cycloidal configurations as counterfeit deterrent;
1872, John Jay Knox beings tenure as Comptroller of the Currency; 1959, BEP
Director James Wilmette dies; 1964, Treasury Secretary Dillon rescinds restriction on
owning Gold Certificates issued prior to Jan. 30, 1934;
1891, beginning of Rosecrans-Nebeker combined tenure; 1985, A Financial History of
Western Europe by Charles P. Kindleherger copyrighted;
1910, A. Piatt Andrew publishes "National Monetary Commission Financial
Diagrams," documenting national and state banks; 1965, a Fractional Currency article
by highschooler Fred Reed is featured in Lion's Weekly Stamp News;
1863, CSA authorizes notes less than 51; 1913, Thomas P. Kane begins tenure as act-
ing Comptroller of the Currency;
1758, James Monroe (FR 336-342) born; 1952, BEP program to convert to 18-subject
currency plates initiated; 1969, Series 651 MPCs issued;
1858, articles of agreement by seven competing bank note companies creates
American Bank Note Co.; 1977, first NASCA mail bid sale;
1853, Louisiana Free Banking Act; 1955, Imperial Bank of India nationalized; 1975,
U.S. embassay burns 55 million in currency before bailing out of South Vietnam;
130 March/April • Whole No. 260 • Paper Money
without having them pay interest." 5 Thanks to the national attention generated
by Fisher, scores of stamp scrip experiments sprouted across the country. A sec-
ond issue of $1,000 Hawarden scrip followed in March 1933, and in Iowa alone
over a dozen small towns followed suit.
Stamp scrip experiments like Hawarden's had occurred before Fisher
took up the cause, notably in Anaheim, California. But Fisher's syndicated
newspaper articles in support of the Hawarden idea ignited national interest,
eliciting hundreds of letters from community leaders across the America wish-
ing to establish their own scrip plans, letters that are now archived at the New
York Public Library. In mid-1932, the elder Fisher befriended Hans R. L.
Cohrssen, a young German follower of Gesell living in New York City, who
had published a noteworthy article in the New Republic about the use of a stamp
scrip known as "Wara" in the German town of Schwanenkirchen. With
Cohrssen as his assistant, Fisher endeavored to respond to the flood of letters by
producing a small manual entitled Stamp Scrip for would-be issuers of the new
medium. 6 (For those interested, this book is posted on the web at
Fisher himself was no fan of Gesell's ideas about money and interest.
But he did like the idea that stamp scrip might stimulate spending, and thus
increase the velocity of money. The big concern of Fisher and Cohrssen was
that Hawarden's example put forth 'transaction', rather than 'time', stamp scrip
as a model for the rest of the country. That is, Hawarden's scrip required a
stamp for each instance it was used, rather than a stamp for every set period (a
week, say). Unlike earlier European experiences with stamp scrip, most experi-
ments in the United States operated on the transaction basis, with stamps placed
only when a transaction took place. In their book Stamp Scrip, as well as in cor-
respondence with numerous scrip activists, Fisher and Cohrssen tirelessly
argued that stamp scrip best circulated when it lost value over time unless the
proper stamps were placed on it.
Moreover, whereas stamp scrip notes in Europe were designed to stim-
ulate spending by losing only a certain percentage of value each year, the stamp-
ing features of American scrip made it "self-liquidating," meaning that a note
circulated until it acquired enough stamps to match the its face value. This
could require a note to eventually bear as many as 50 stamps, depending upon
the denomination. The American versions of stamp scrip were inconvenient to
say the least, and encouraged users of scrip to avoid the stamping requirement.
Why would such an unusual form of scrip suddenly become so popular
after mid-1932? The use of stamps to validate a financial instrument did have
precedents. Liberty Bond subscriptions during World War I were funded in
part by the purchase of stamps, which accumulated to the denomination of the
bond. Similarly, thrift schemes among the poor involved affixing stamps to sav-
ings cards, which would be deposited with savings banks when the cards reached
a round dollar number. In short, the device of stamping was familiar to
Moreover, by the third year of the grinding economic downturn, it was
clear to many Americans that those older remedies of thrift and charity no
longer sufficed. While most were ignorant of Silvio Gesell's economic theories,
stamp scrip itself was appealing for a number of reasons. Municipalities saw it as
a way to support the unemployed, by paying for public works using a medium of
exchange designed to fund itself. On a larger scale, stamp scrip promised to plug
the gap in public revenues: paid in wages to public employees, such scrip would
enable citizens to fund government services by purchasing stamps, rather than
paying taxes. Chambers of commerce and other local business organizations
promoted stamp scrip as a stimulus to trade, and to keep dollars in their com-
munities. in particular, local business groups wielded stamp scrip as a weapon
against the hated chain stores, whose financial obligations to outside jobbers
Paper Money • March/April • Whole No. 260 131
SPMC St. Louis 2008 Board Meeting
St. Louis, MO
Meeting date October 17, 2008
Present: Mark Anderson, Benny Bolin, Rob Kravitz, Fred
Reed, Robert Vandevender, Neil Shafer, Pierre Fricke, Matt
Appointed non-Board members: Frank Clark, Bob Moon,
Board not present: Judith Murphy, Jamie Yakes, Wendell
Wolka; Bob Cochran
Guest: Larry Schuffman
Call to Order: The meeting was presided over by President
Benny Bolin and began at 4:06 p.m. CST.
Minutes of Last Meeting: The minutes from the 2008
Memphis meeting were approved.
Treasurer's Report: Bob Moon gave the September 30,
2008, financials which showed a negative activity, but Mr.
Moon reminded the group that two editions of PM had been
paid out of this quarter. No objections were voiced and the
financials were accepted.
Treasurer Moon gave an update on the suspension by the
IRS of our 501c(3) state and non-profit organization status
due to no forms being filed or payments since 2002. He found
out that all correspondence with the IRS had been going to a
twice removed officer who had not forwarded those to the cur-
rent officers. The Treasurer has now filed all forms and both
of our statuses will be reinstated within 30 days.
It was brought up that in order to ensure that this not
happen again, that all officers and appointees with duties write
them down in a step-by-step format to be incorporated into an
The board unanimously gave its accolades and thanks to
Mr. Moon for all his hard work in getting this done.
By-laws update: Mark Anderson passed out copies of the
newly revised by-laws as discussed in the August conference
call for discussion and approval. All changes proposed during
the conference call were added. Neil Shafer made a motion to
approve and Robert Vandevender seconded. The motion
Membership: Frank Clark provided an update on the mem-
bership status. Jason Bradford leads the way with new mem-
A discussion was held related to retention of new mem-
bers. It was proposed that the secretary send second notices
via postcard to any members who have not paid clues for the
next year, each December 1st. It was also proposed that a sec-
ond postcard be sent along with an email list of non-renewals
be provided to the board each January 15th. It was further
proposed that non-renewals for 2008 be sent one reminder
postcard ASAP. (This was undertaken by the Editor.)
Fred Reed proposed that we do a trial run of inserting our
membership applications into a future issue of Paper Along
Values. He has investigated this and to do a run (11,000
copies) would cost us approximately $3,200. A motion by
Fred and seconded by Rob Kravitz was unanimously passed.
Fred was appointed by the President to design the ad and
coordinate the effort. A discussion as to the metric used to
measure success was held, and it was felt that while 200 new
members would be desired, 100 would be considered a success.
Memphis Breakfast: A discussion was held related to the
IPMS breakfast and Tom Bain Raffle. The Memphis Crown
Plaza is willing to host the event at a much reduced rate with
better accommodations, venue and food. We will authorize
Judith to negotiate a contract with them for 75, but with addi-
tional capabilities if advance ticket sales show a need. The
tickets will need to be sold in advance this first year, preferably
at CPMX. Mark Anderson urged all to figure out ways to
make this transition fun and one that will attract members to
walk the short distance to the new location. Ticket prices will
be discussed and decided on during the Jan/Feb conference
Liana Grant: President Bolin gave an update from Gene
I lessler that he was able to send copies of The Engraver's Line
and The International Engraver's Line to 100 libraries.
Congratulations and thanks Gene.
Educational project: A discussion was held about next steps
in paper money grading. Neil Shafer has had discussion with
the IBNS, and it is felt that the two societies will never come
to agreement on standards. The board decided that the best
way to approach this is to support an educational process
instead of developing standards. it was felt that printed plus
video links on our web page would be the best way to proceed.
Frank Clark will talk to David Lisot abut developing videos for
the society and report back at IPMS.
President Bolin adjourned the meeting at about 5:30 p.m.
Letter to the Editor
For those who attempted to log onto our web site
of Tennessee scrip, as described in the Nov/Dec issue
of Paper Money:
Sorry for the problems logging into the website.
We had a security problem at the website and have
added a username as well as the password. After you
select Tennessee Merchant Scrip on the left of the
main page at http://www.schafluetzel.org you will be
asked for the username and password:
Username is SPMC
Password is SPMC6000
(Be sure to capitalize SPMC in both)
-- Dennis Schafluetzel •
$1 TR.ADE 'WARRANT
US1' RE; REM:E.
tt VOW.; SVot 15, 1T3
,e; Indi.idval . Firm nr Corporathm 1 Ainhorired tit his ot optio:‘, to accept
($1.00) 1)( 11A.A.R in Menitandi ,v,
and Cverr holder must endorse this ..n-laffIN a Iwo
dr +entrant will he redeemed out ot: teceive4 throuet, safe
..'hen 50 Malay, IrtV,CtIt 14111k i+.,;" olc,uption at
. .or bearer
e 47-.:11-.1 in exchange
de ,.cprrorti jfau.p ec tier
V. on hack.
. . .............. .
132 March/April • Whole No. 260 • Paper Money
Outside of folded One Dollar Trade
Warrant of Santa Cruz, CA.
(Courtesy Depressionscrip.com )
and suppliers made them averse to accepting a purely local scrip.
In short, the stamp scrip idea spread because it meant different things
to different people. Yet given the inherent difficulties of circulating such scrip,
most experiments took place in small towns across America—close-knit com-
munities where stamping could he policed—and involved issues of only a few
hundred or thousand dollars at the most. The larger issues, the more difficulties
they encountered. Monetary theory—whether Gesell, or anybody else's—was
not the chief concern of stamp scrip experiments in the United States. 7
For his part, Charles Zylstra harbored ambitions for his idea. Not only
did he copyright his version of stamp scrip and franchise it to other Iowa cities,
but parleyed its success in Hawarden into his election to the Iowa legislature in
the fall of 1932. There, Zylstra pushed successfully for a bill that authorized
Iowa counties to issue stamp scrip on a larger scale to fund unemployment
As the idea spread around the country, variations emerged in how the
scrip operated. Many towns followed Zylstra's three-cent stamp per transaction
arrangement, since that number of stamps comfortably filled the back of a dol-
lar-sized note. Others used two cents or one cent, especially for fractional
denominations. Rock Island, Washington's "Dam Scrip" required 21/4 cent
stamps for its 25-cent note, while in New Philadelphia, Ohio, a 50-cent scrip
required a 21/4 cent stamp, and the 25-cent scrip a 11/4 cent stamp, per transaction.
Given the small size of the typical stamp scrip issue, its design and printing was
often done locally, though the Goes Lithographic company was a source of a
number of stamp scrip formats, including one featuring a portrait of Franklin D.
To protect against "cheating" (spending scrip without affixing a new
stamp), many schemes required each stamp to be initialed, and thus cancelled,
by its user. In other examples, such as the "Trade Warrants" of Monterey-
.!.•••■[. Cr es77:-?/ fr.. .. ......
ExnoRsEmExp (Iv FIRST tIor.DER x
1■SEgt r.s NI■nit ••17.MT.XT..—It .1: ONE
............. ... ....
Nt■ •t,■}IP IC YtIt' 1111CD Y04 Tu1M Sit:NATTKE
t:a.for.rearnt do... 5:4 vora•t111.1., st gown...to.
NTRAL ONE $TC
IlIgnatato 4 C. • t
t tint. Crest
• 2, C. et C.
.7147.. L ,5
Moro: C. of
A. D. SEAR
a "\" .... .... . 61rn
wt./ Za ,••
Ailgoaturt • - !!!
t". of 0,
............ . Ric art.“, Cti of C.,
; Newt* C••••
PA DE1 !FASI;C,„,1,5„.„.
Paper Money • March/April • Whole No. 260 133
Pacific Grove and Santa Crux, California, stamps were accompanied by com-
plete endorsements. The resulting space requirements caused such scrip to take
the form of folded documents. In this way they resembled "prosperity checks,"
another popular depression-era device that created a circulating medium
through the simple expedient of checks issued in round denominations that
accumulated multiple endorsements as they passed from hand to hand.
Stamp scrip experiments also differed in who issued the scrip, and how.
Sometimes the scrip was a liability of the municipality; other times it was spon-
sored by chambers of commerce and merchants' associations. In Michigan, the
"Trade Dollars" of South Haven, Cadillac, and Howell were circulated like
bonus coupons to promote consumer spending. in Oklahoma City, the stamp
scrip of a group of retailers named the "Oklahoma Independents" sought to
channel spending away from chain stores. More commonly, scrip issued by local
public authorities funded work relief on local construction projects like the road
work in Mason City, Iowa. Municipal stamp scrip had the advantage of being
receivable for certain taxes and other public fees, and had a ready outlet in the
form of wages paid to public employees. Scrip sponsored by businessmen
worked better when the local retailers, utilities, and even hanks agreed to accept
The stamp scrip of Evanston, Illinois, nicely illustrates an amalgam of
motives. There, the Evanston Independent Retail Merchants Association (or
EIRMA) began issuing "EIRMA money" in the summer of 1932 as a trade pro-
motion that could only be spent at member stores. As EIRMA's executive secre-
tary complained to Fisher, "the fact that chain stores take the money out of
Evanston twice daily in steel trucks and do not bank in Evanston leaves us with
a shortage in circulating U.S. money." 8 By early 1933, EIRMA introduced a
second scheme, now backed by a $5,000 escrow deposit, whereby member mer-
Inside of One Dollar Trade Warrant of
Santa Cruz required both a stamp and
endorsement for each transaction.
(Courtesy Depressionscrip.com )
BUY AND BANK IN EVANSTON A1 _ 33
.'L LL BE ACCEPTED FAY ALL FIRMA MEMBERS FOR
PURCHASE OP MERCHAHO;SE OR SERVICE,
134 March/April • Whole No. 260 • Paper Money
Evanston, Illinois' "EIRMA Money." chants paid out to their employees and to each other scrip requiring a two-cent
stamp per transaction. Proceeds from the stamp sales were to be invested in the
City of Evanston's tax anticipation warrants at no interest; when the warrants
were thereby redeemed, the resulting fund would be redistributed back to
EIRMA members in proportion to the number of stamps they purchased. For
its part, the city of Evanston cooperated by paying out this private scrip to its
own employees. In this way, stamp scrip served the interests of business and
local government together. 9
Most other arrangements nationwide were not this ingenious. Whether
issued by municipalities or private groups, the overwhelming problem was how
to keep the scrip in circulation when it could only be used locally, and when the
licking and sticking stamps was a bother. In their book Stamp Scrip, Fisher and
Cohrssen put forth a set of best practices to encourage scrip use. These encour-
aged communities to mobilize the support of businesses that would accept the
scrip, to educate the public as to its validity, and to stimulate demand for it by
having taxes and other public fees payable in scrip. Above all, too much scrip
was had if it clogged the channels of trade.
Despite the promise of the Hawarden experiment, Fisher found himself
in the awkward position of promoting its example but counseling against its use
of "transaction" stamp scrip. Though Fisher and Cohrssen had advocated for
stamping based on time, rather than per transaction, barely a handful of scrip
plans nationally incorporated the time feature. The issues of Mason City, and
Rock Rapids, Iowa combined both time and transaction features. 10 Caslow's
Recovery Certificates in Chicago (see below) switched from a transaction to a
time feature in their later issues. Two other, more obscure, examples-
Friday June 26, 2009
7:30 am New food
Watch the SPMC Website
www-spr o r
For details To)
and Tarn Bain
Raff I I.
Paper Money • March/April • Whole No. 260
Itk.hts.,ptIn ts.VAILvak 1191410A44_
19N9 321 Rock Rapids, Iowa
This Coupon is good for FIFTY CENTS 30c
in merchandise or services, provided bearer will affix one 1 cent city
stamp to the hack thereof.
The city of ROCK RAPIDS, IOWA, will redeem this coupon
when 54 stamps are so attached,
V3 WV (NV
O oNisn Ag
LNIL1AL, AND DA7s 57 a Atp PLACED HER ON
1 1 cti t : ..• iNt; ltI 11.
4 ■ -1 a . ,fril ."=* .ek.,_.! i V '.., .... •-•
Rock Rapids, Iowa scrip combined both
time and transaction features.
March/April • Whole No. 260 • Paper Money
Lakewood, Ohio's "Depreciating Negotiable Notes" and Salt Lake City, Utah's
"Trade Stimulus Certificates" advertised on their faces schedules of deprecia-
tion, rather than bother with stamping. Scrip issues in Bergenfield, New Jersey
and the Washington state towns of Brewster and Chelan represented tentative
examples of Townsend Plan-style notes. 11
It was not a good sign that Fisher's correspondents reported some early
typical difficulties with stamp scrip. As the chamber of commerce of Merced,
The End is '\ ear
Paper Money • March/April • Whole No. 260
$$ money mart
Paper Money will accept classified advertising on a basis of '154 per word
(minimum charge of $3.75). Commercial word ads are now allowed. Word
count: Name and address count as five words. All other words and abbrevia-
tions, figure combinations and initials count as separate words. No checking
copies. 10% discount for four or more insertions of the same copy. Authors
are also offered a free three-line classified ad in recognition of their contribu-
tion to the Society. These ads are denoted by (A) and are run on a space
available basis. Special: Three line ad for six issues = only $20.50!
HERE'S YOUR OPPORTUNITY!!!
YOUR WORD AD could appear right here in each issue of Paper Money.
You could advertise your duplicates inexpensively, or advertise your Want
List for only $20.50 for three lines for an entire year. Don't wait. (PM)
STANDARD CATALOG U.S. PAPER MONEY (Cuhaj) 23rd Edition, 1300
photos, large, small, fractional, errors, etc., 432 pages/hardcover $16.95
Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
SMYTHE AUCTION CATALOGS INVENTORY, 50 isues 2003-2008, most
Schingoethe Obsolete Sales, others, prices realized, list (including many
titles), SASE, Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
NEW JERSEY'S MONEY (George Wait), out/print, 440 pages, hundreds
Obsoletes Illustrated/Described, Rarity Guide, hardcover, scarce $49.95,
others, Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
THE PRICE OF LIBERTY (William Anderson), out/print, heavily illustrated,
Public Debt-American Revolution, 180 pages. hardcover $34.95, others,
Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
EARLY NORTH AMERICAN ADVERTISING NOTES (Robert Vlack), Money
"Lookalike" advertisements, 900 illustrations, 357 oversize pages, values,
out/print, $29.95, others, Sanford Durst, 106 Woodcleft Ave., Freeport, NY
FIFTY PAPER MONEY TITLES including many SPMC out/print "obsoletes"
titles, also coins, medals, stocks/bonds, bootlist, SASE, Sanford Durst, 106
Woodcleft Ave., Freeport, NY 11520 (264)
STANDARD CATALOG OF World Paper Money (Specialized Issues). Ninth
Edition, 17,500 Notes, 10,000 photos, values. Was $65 now $27.95, others,
Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
WORLD NOTGELD 1914-1947 (Courtney Coifing), 60 countries, 400 pages,
illustrated, color plates, 13,000 listings, values. Was $35, now $21.95, oth-
ers, Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
100 GREATEST AMERICAN Currency Notes (Bowers/Sundman) lull color
throughout, valuations, 140 oversized pages. Amazing, was 530 now
$21.95, Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
REGISTER OF THE CONFEDERATE Debt (Raphael Thian) 190 pages, classic
reference, long out/print, Douglas Ball introduction, harcicovered, scarce
$34.95, Sanford Durst, 106 Woodcleft Ave., Freeport, NY 11520 (264)
INTERESTED IN BUYING MISMATCHED serial number notes--with 2 or
more numbers mismatched. Also, any information about mismatched serial
numbers of this type is appreciated. Kevin Lonergan, Box 4234, Hamden, CT
Wanted: Pre-1900 Notes from Liberia, Africa. Please email to
email@example.com or write Michael S. Jones, PO Box 380129, Murdock, FL
WANT TO BUY Small Size Type I $5.00 National Currency from the first
National Bank of Hoopeston, III. Charter no. 2808. Large Size $10.00
(1902-1908) Date Back from the Hoopeston National Bank of bloopeston, III
Charter no. 9425 and small size notes from The First National Bank of
Milford, Ill Charter no. 5149. Write to Mike Fink, P.O. Box 177, Hoopeston,
ILL 60942 (261)
S INCE I JUST RETURNED FROM FUN, LETme say that that headline has nothing to do with the
state of the hobby. At the show, it seemed to me that while
the economic downturn has caused the hobby to fall off
some, it has not had the death-knell that many feared. The
dealers I spoke with stated that while the show was quieter
than last year, it was not as bad as they expected or had
experienced at other shows.
It seems that the higher desirable material is still
strong, but the more common material has fallen off. I
heard that the coin end of FUN was weaker than the cur-
rency market and it did seem that the dealers with a lot of
currency were busier than those with just coins. It will be
interesting to see what has happened when this is read as it
will be almost three months into the new year.
So, what does the headline mean? Well, just one more
column and then my tenure as your President is over. It is
hard to believe that four years has already come and gone.
The next issue, my last as President, will prove to be a
sappy, nearly tear-jerking remembrance and thanks for you
and the hobby.
With that as bait, how about helping us out? Our
elections are in June and four governor seats are up for sale
(sorry re-election, and I am fairly sure two will not
have incumbents. If you have a desire to see the hobby
through what will surely be the upcoming difficult and
uncertain times, consider running for a board seat.
Remember this is your hobby and it needs you now. Also,
if you are going to Memphis, the awards breakfast and
Tom Bain raffle will be different this year—much
improved, cheaper and in a new location. Watch for more
NJ TURNPIKE TOLL SCRIP from the 1950s-80s. Looking for any into on, and
also looking to buy same. Send info or contact: PO Box 1203, Jackson, NJ
08527 or firstname.lastname@example.org Jamie Yakes, LM338 (PM)
LINCOLN PORTRAIT ITEMS. Collector desires bank notes, scrip, checks,
CDVs, engraved/lithographed ephemera, etc. with images of Abraham
Lincoln for book on same. Contact Fred Reed at P.O. Box 118162,
Carrollton, TX 75051-8162 or email@example.com (264)
HUNDREDS OF PAPER MONEY MAGAZINES FOR SALE from betore I
became Editor back to 1960s & 1970s. I bought these filling sets. Fill your
needs now. E-mail me firstname.lastname@example.org & I'll sell you what I got! (264)
WANTED: Notes from the State Bank of Indiana, Bank of the State of
Indiana, and related documents, reports, and other items. Write with descrip-
tion (include photocopy if possible) first. Wendell Wolka, PO Box 1211,
Greenwood, IN 46142 (264)
NI V 2995;,,,_ - SALT LAKE CITY, UTAH, APRIL I, 1933This Certificate for ONE DOLLAR (41.00i will be honored for that amount in merchandise or services from date, up
. to and including April 14, 1933, by any of it. firm: listed on the rip,rse side, or anyone willing to accept the tome.
On the respective dates hereinafter speeifid, it will be honored for the amount not forth in the following schedule:
April 15 to April 21 ......... . 98c May 6 to May 12 92c Juno 3 to June 9 . ...... . 84c
' April 22 to April 28 . 96a ivlay 13 to May 119 . 90c Juno 10 to Juno 16 . . 82c
April 29 to May 5 94c May 20 la May 26 . . 88cJune 17 to June 23 80c
May 27 to Juno 2 . 86c.- Juno 24 to June 30 . . 78c
On and after July 1, 1933, the value will be St.estur-Zee Cents (75c) until redeentsti Redemption will be made upon presentation
at 414 Felt Building, but the beld4r shall have no right to ',Mteens this Certificate at any
.1 pric unle,s the same is prcr.erted on or btforr ply 15, 1933.
is backed by Onc Dollar (BI M.) in U. S. Ct.4rency, tvhi .th .
r-1 .7/).. 4, , . , 4, 17/:lield"InTrustby the undersigned, CO 1OSI1LL the red meption tittriol. ....> t A, 4LAL„3
,(lopyrill rt liv S. R. Itreu.ter Cl 0).33
. " Trti,tee. Rj.,44. IM
4 " ; - '454.'4'll-ks237.lsk1kB11.45tiiinslItiartL";:a55..,4su i'-, 4."--,C404,451.1■44iiiiiNst&t,-.tI'',.ia.l....4...:a" '" ' `
138 March/April • Whole No. 260 • Paper Money
Salt Lake City, UT
Certificate with sched-
ule of depreciation on
face and listing of mer-
chants accepting the
scrip on the back.
,fie..4.449"Zg',..D;!..#.8:€7i .C-NC-..,1,.L..4-4,1,--.) •
California, noted "merchants were careless" in stamping, and scrip tended to
collect in the till of the local newspaper, "which received loads of scrip in pay-
ment for advertising." Various Iowa towns that had followed the Hawarden
example experienced similar problems. The chamber in Pella, Iowa, complained
that after scrip "hos been put into circulation the merchant generally hears all
the burden, unless the general public will accept the scrip in change when shop-
ping at the merchant's store." The town of Eldora reported its scrip circulating
"very slowly." Merchants in Rock Rapids undermined their city's scrip plan by
paying their scrip right back to the city for utility bills, instead of circulating it
in the community. According to the mayor of Nevada, Iowa, the city clerk's
office served as a clearing house to redistribute accumulations of scrip.
Lexington, Nebraska's scrip was hobbled by the unwillingness of the town to
buy stamps. In Russell, Kansas, businesses shifted the burden of stamping scrip
to their employees by paying it out in wages, a practice that, according to the
correspondent, "is a little hard to stop without making hard feelings." 12
Stamp scrip experiments were successful as long as they remained on a
small scale. Larger cities like St. Paul, Milwaukee, and Philadelphia looked into
stamp scrip but, despite Fisher's entreaties, never put plans into effect. 13
National legislation for stamp scrip, also pushed by Fisher, did appear briefly in
Congress (the Bankhead-Pettengill Bill), but did not receive serious considera-
don. Some county governments and even state legislatures did authorize large
issues of stamp scrip. Issues above a few hundred dollars per town were difficult
to keep in general circulation, as the stamping requirement tended to channel
scrip into the (relatively few) hands that would still receive it. Enid, Oklahoma,
Paper Money • March/April • Whole No. 260
Russell, KS paid out its
scrip to employees as
ONLY FIFTY CENTS ,—
DATE CF ISSUE-
K-4 1,n •—.31
pAY TO THEORDER OF (FIFTY CENTS)
En • CLERK
Thin rhookis,)Con With .4tritiliderstanding that it will pass. by' endor4amint, then the hands of Id ,ty holders
sod that ac - beldet• wAtiptaeo on the hack hereof an endorsement stamp purchased from the'CitY of
1:,,selli" Satins for one cent. This check is redeemable for its face value at the I
50c office pt-the City Clerk of Russell. Kftr.Sas as soon as it bears fifty endorsement 1 gac
5 0 c
140 March/April • Whole No. 260 • Paper Money
4,-.441,41,004,04,011M141.4,0 - 000.114.4..14,.."041WAPAP.....
Original disbursement hereof is limited to Relief,
Employment on Public Works, Public Purposes.
and administration thereof. When completely
fitted on reverse side with 54 Redemption Stamps
as shown below, this certificate will be redeemed
by Distributor in cash.
Anyone receiving this certificate must when
pawing in a tronsaction. attach on reverse side
hereof one Redemption Stamp as shown below,
making cancellation of same in presence of seller
by inscribing his initials or those of his firm,
Stamps procurable from Distributor or contracted
it MOWN M./
U Put. N
I 15 16 17 18
19 20 21 1
22 23 I 24
CERITI FICATiE IS OUT
WORTH OF BUSINESS
31 32 ' 33 I
35 3628 29 30 1
3937 38 40 41 42 43 44 45
46 I 47
48 I49 50 51 1 52
53 1 54
Caslow's Recovery Certificate plan
failed due to an overissue.
managed to circulate and retire more than $3,000 in stamp scrip, while Mason
City, Iowa successfully redeemed a $10,000 issue. As stamp scrip issues grew
larger—Caslow's Recovery Certificates in Chicago, the county scrip of Iowa,
and the Multnomah County scrip of Oregon—the problems of maintaining cir-
culation mounted. These three experiences underscored the problems stamp
Winfield 14. Caslow's Recovery Certificates began as an attempt to
tight chain stores. As it succeeded, the energetic Caslow recruited large num-
bers of "scrippers" to push the use of scrip, in part so as to spend their own scrip
salaries! While at its peak Caslow's scheme had put out nearly half a million
dollars' worth of scrip, it foundered when Caslow found other things to spend
his stamp revenues on besides the redemption of his notes.
Iowa's county stamp scrip came into being thanks to Charles Zylstra's
legislative efforts. Polk County alone put out some $125,000 in scrip notes. Yet
merchants balked at this large amount. Under the law, the county treasurer had
to accept all scrip, whatever the number of stamps. In turn, the county would
disburse the scrip for salaries and relief work. The scrip would return to the
county, and the cycle would continue. Since stamping was rendered ineffective,
a bond issue was later floated to retired the scrip.
In Multnomah County, Oregon, stamp scrip was a resounding failure.
Business resistance prevented all but $52,000 of an authorized $1 million issue
from circulating. The county was enjoined by a state court from retiring the
‘ 1). )
ROOD FOR ONE 0 • U. - IN MERCHANDISE
GOOD FOR ONE DOLLAR I seayscts
hereof. The County of
note when fifty redemption stamps,4
purpose. are so attached. for one dot h taes ).
1,1 COr ..0-r Tt•FACC ..0 AVI r. R UATIC 1180t0
This note is good for on e
provided bearer win affix Ofl ,
P 0 L K , IlUAdeem
G.,unty Tr navoir
.1 9 3
51.00k in merchandise or services
redemption stamp on the bnic\\
'THE TREASURER OF
11.1 1-[ T CTIOMM14
oc, .."40,07.4e7•rr."7 1
":13)",if)13N E DOLLAR1 S33fi
.11tipw . nt111: 11-
r /ay t.,1•
7R5 =TM TE 1S REDEOUBIS TtT5FASEYAt8E ONLY WHIN 52 IWO CERt 11011.115511 STAIUMITrACIU:D
Paper Money • March/April • Whole No. 260 141
scrip with a bond, and later redeemed it at pennies on the dollar. 14
The single largest North American issue of stamp scrip occurred in
Alberta, Canada, with predictable difficulties. As in Iowa, the fact that the gov-
ernment of Alberta made it easy to convert scrip into standard Canadian funds
prevented the stamps from accumulating. In a twist on Gresham's Law, one
observer noted "bad money [scrip] obviously does not drive out good money
when the government is willing to redeem the had money in good money." 15
When it did work, American stamp scrip succeeded almost in spite of
itself. Most of the time the experiences were disappointing, and further issues
were avoided. Too many people had different ideas about what it could do to
make a truly national scrip movement succeed. Financial and monetary events
in the United States—the bank holiday of 1933, the abandonment of the gold
standard shortly thereafter overshadowed local currency experiments.
Thereafter, federal funding of unemployment relief undercut the chief reason
why people liked stamp scrip to begin with. Irving Fisher's fancy for stamp scrip
received a brief hearing in Congress, but never caught on with the new
Roosevelt Administration. His colleagues in the economic profession treated
Polk County, Iowa Stamp Scrip
(Courtesy Depressionscrip.com )
and Multnomah County, OR "Self-
(Courtesy Depressionscrip.com )
142 March/April • Whole No. 260 • Paper Money
stamp scrip as Fisher's eccentricity. The idea lived on, without Fisher's support, in
California's "Ham and Eggs" initiatives of the late 1930s, which sought to link
self-liquidating scrip to the provision of old-age pensions. 16
After 1933, Fisher stopped promoting stamp scrip. While there was much
that he liked about Roosevelt's monetary policies, Fisher did not support the New
Deal, and his influence upon government policy was minor. After leaving the Iowa
legislature, Charles Zylstra abandoned monetary experimentation and moved to
Chicago, where he became a tax collector of the government's money instead of
creator of his own; he died in 1946. Hans Cohrssen lived until 1997, continuing to
advocate the ideas of Gesell, which still remain alive in German monetary experi-
ments in the present day.
1. The standard numismatic reference for Depression-era scrip generally remains Ralph A.
Mitchell and Neil Shafer's Standard Catalog of Depression Scrip in the United States
(Iola, WI: Krause Publications, 1984). Two earlier surveys of stamp scrip can be found
in Vernon L. Brown's "Scrip and Other Forms of Emergency Currency Issued in the
United States During the Depression Years of 1931-1934 (M.A. thesis, New York
University 1941), and Joel William Canady Harper's "Scrip and Other Forms of Local
Money" (Ph.D. dissertation, University of Chicago, 1948).
2. Silvio Gesell, The Natural Economic Order (London: Peter Owen, Ltd., 1958), esp. 265-
3. Sarah Elvins, "Scrip Money and Slump Cures: Iowa's Experiments with Alternative
Currency during the Great Depression," Annals of Iowa 64 (Summer 2005), 221-245.
4. Irving Fisher, Booms and Depressions (New York: Adelphi Co., 1932), 142.
5. The Hawarden Independent, October 20, 1932; Zylstra to Fisher, October 28, 1932; Zylstra
to Fisher, December 31, 1932, Fisher Papers, New York Public Library.
6. Hans R.L. Cohrssen, "Wara," The New Republic, August 10, 1932; Fisher and Cohrssen,
Stamp Scrip (New York: Adelphia Co., 1933); Cohrssen, "Working With Irving
Fisher," Catojournal 10 (Winter 1991), 825-833.
7. Harper, "Scrip and Other Forms of Local Money," 96-98.
8. Peter Jans (Evanston, IL) to Irving Fisher, January 7, 1933, Fisher Papers, New York
9. Frederick Dribler (Evanston, IL) to Irving Fisher, January 25, 1933, Fisher Papers, New
York Public Library; Harper, "Scrip and Other Forms of Local Money," 63-67.
10. Jonathan Warner, "Comm unity, Money andthe Coherence of Community the
Stamp Scrip Scheme of Charles Zylstra" in The C077777111 Hitt/17.1M Vision: Proceedings of the
Eighth International Communal Studies Conferrence, June 2004, 64 - 75.
11. Mitchell and Shafer, Standard Catalog of Depression Scrip, 153, 199, 255, 260-1.
12. T.W. Fowler (Merced, CA) to Cohrssen, November 8, 1932; Hugo W. Kuyper (Pella,
IA) to Fisher, February 14, 1933; James L. Cameron (Eldora, IA) to Cohrssen,
February 13, 1933; W.F. Gingrich (Rock Rapids, IA) to Cohrssen, February 13, 1933;
C.F. Wilson (Nevada, IA) to Fisher, February 14, 1933; J.L. Olsson (Lexington, NB)
to Cohrssen, Feburary 15, 1933; E.B. Danielson (Russell, KS) to Fisher, undated,
Fisher Papers, New York Public Library.
13. R.H. Jefferson (St. Paul, MN) to Cohrssen, December 19, 1932; Sherman Brown
(Milwaukee, WI) to Cohrssen, February 16, 1933; Ewan Claque (Philadelphia, PA) to
Fisher, January 14, 1932; Fisher Papers, New York Public Library.
14. Harper, "Scrip and Other Forms of Local Money," 45-47, 67-77; Elvins, "Scrip Money
and Slump Cures," 241-2.
15. See V.F. Coe, "Dated Stamp Scrip in Alberta," Canadian journal of Economics and
Political Science 4 (Feburary 1938), 88.
16. William J. Barber, "Irving Fisher as a Policy Advocate," in Malcolm Rutherford (ed.),
The Economic Mind in America: Essays in the History of American Economic - (London and
New York: Routledge 1998), 31-42; Daniel Hanne, "'Ham and Eggs' Left and Right:
The California Scrip Pension Initiatives of 1938 and 1939," Southern California quar-
terly 80 (1998), 183-230.
Paper Money • March/April • Whole No. 260
Do you want to serve on the
SPMC Board of Directors?
THE FOLLOWING CURRENT BOARD MEM-
hers' terms expire this year at Memphis:
(1) Mark Anderson (3) Judith Murphy
(2) Benny Bolin (4) Wendell Wolka
If any of these board members or any other
member of SPMC in good standing desires to run
for one of these four board positions, he/she should
contact President Benny Bolin immediately at
email@example.com or by mail at 5510 Bolin Rd.,
Allen, TX 75002.
Biographies of the nominees and ballots (if nec-
essary) for the election will be included in the
May/June 2008 issue of Paper Money. The ballots
will be counted at Memphis and announced at the
SPMC general meeting held during the International
Paper Money Show.
Any nominee, but especially first-time nominees,
should send a portrait and brief biography to the
Editor for publication in Paper Money. v
P.O. Box 117060
Carrollton, TX 75011
SPMC NEW MEMBERS - 12/5/2008
These memberships expire 12/31/2009
12796 Minor W. Anderson (C), Website
12797 Donald J. Dobert (C), Tom Denly
12798 Charles Aronowitz (C), Website
12799 Robert Tormaschy (C), Jamie Yakes
12800 Steve Rush (C), Website
SPMC NEW MEMBERS - 01/03/2009
These memberships expire 12/31/2009.
12801 Curtis D. Mealer, 2439 West Grantville Rd, Newnan,
GA 30263 (C, Nationals, Obsoletes, Uncut Sheets),
12802 Patrick Ian Perez, 12562-B Central Ave, Chino, CA
91710 (C & D, All Specialized Private Bank Issues
Especially Latin America), Website
12803 Jon Radel (C), Website
12804 Erick A. Packer, PO Box 673, Freeport, ME 04032-
0673 (C, US Large & Small, Nationals), Tom Denly •
7 WANT ADS WORK FOR YOU
We could all use a few extra bucks. Money Mart ads can help you sell duplicates,
advertise wants, increase your collection, and have more fun with your hobby.
Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! *
* Additional charges apply for longer ads; see rates on page opposite -- Send payment with ad
Take it from those who have found the key to "Money Mart success"
Put out your want list in "Money Mart"
and see what great notes become part of your collecting future, too.
ONLY $20.50 / YEAR ! ! (wow)
144 March/April • Whole No. 260 • Paper Money
The BEST currency designs?
Here are my choices
By John Gavel
F YOU HAVE TRAVELED TO FOREIGN COUNTRIES YOU MAY APPRECIATE THAT "BEST"
can mean the most recognizable as the currency of a certain country. Trying to buy an ice cream cone in
Finland with Swedish money is a non-starter based on my personal experience. Then too, you run the risk of
getting taken by mixing up the exchange rate in Puffins with that of Wampum. Considering that even the
numerals may be in other than English, you want something to be in your favor.
This is just as true if you are at a currency show and going through a shoebox full of foreign notes. "Best"
naturally would mean some eye catching vignette or portrait that would jump off the paper and say that this is
Reuthanian currency. Unfortunately, this seems to be the exception rather than the rule based on my currency col-
lection, standard catalogs and some real world experience. I would however, offer the following as best candidates
in terms of recognition:
Can you identify what countries' currency these cut outs were taken from? If you can, then surely that
country's designs are among the best. If you can't or misidentify one, well, in every race someone has to finish last.
I tried to stick with faces rather than backs of bills, but may not have been totally successful...not from lack of desire
but it is not always clear -- to me -- what is face and what is back on some foreign notes.
I gave only cut outs to level the playing field. After all, if the name of the country is given in English at the
top of the note you might be unduly influenced by it! Before giving the answers, allow me to mention that I real-
ized that some portraits do not help identify a note. Queen Elizabeth II appears on many notes of the British
Commonwealth of Nations. Other persons are also popular such as Christopher Columbus and Simon Bolivar.
While others are little known outside of their own country and their portrait is of little assistance.
.uupiofjo upssnH 2urn alui alp Si 4sui atp puu itapv upToD Vats'
Jo JolstuIw autIad awl alp Si puoaas arp ‘uutuo Jo umins 'p!,t3s uiq soogEO ‘/Casoluw s!H st lsag
Paper Money • March/April • Whole No. 260 145
To illustrate this, can you name the head of government shown on the following notes?
How about the following on the next page?
146 March/April • Whole No. 260 • Paper Money
bEZ1 3o zipau.uoj `ulassnH
Louppus Si my alp pm jo .111Iatuotim quiloIcAy si puoaas 1:!c[usy Trves Jo lEs7,1 21.11 -N si Jug au
The first is the late King Faisal of Saudi Arabia. You saw his picture more during the fuels crisis of the
1970s. His successor, the late King Khaled, apparently did not appear on any notes. The next King Faud does,
looking a lot like King Faisal in dress and appearance. Next is the late ruler of Iran, Ruhollah ibn Mustafa Musawi
Khomeini Hindi (meaning the Indian). Ibn means "son of and Musawi would be his tribe. The name Khomeini
was taken from the town where he was born. Two titles have been used for him, "Ayatollah," which is the title of a
religious leader, but not the highest in Shi'i Islam. This was Khomeini's title at the time of the Iranian revolution,
but he soon took the title "Imam," which is definitely the highest position in Shi'i Islam. We continued to know
him as the Ayatollah however. He overthrew the Shah, Mohammed Reza Palavi who had succeeded his father the
founder of the dynasty. Amongst other things the Shah had been accused of failing to enforce the laws of the Koran
which prohibits the use of graven images. The last is, of course, the former president of Iraq, Saddam Hussein.
Now, to reveal the whole notes from which the excerpts at the top of the article where taken and name the
country if the note does not do so itself in English on the side shown please turn page:
,41.V.111 ,t 41.4.4404,4,04
THE W I NCH ESTER BANK
efIrsArints , (WIT 1'.
/ One -0 On ar - ,
ra6nrir al ill ,
"14,„„, „-; Fs F7
MI TEN 1)011
An Invitation from
The NEW HAMPSHIRE CURRENCY STUDY Project
Q. DAVID BOWERS and
DAVID M. SUNDMAN
are involved in a long-term
project to describe the history
of all currency issued in the
State of New Hampshire, as
well as to compile a detailed
registry of all known notes
(whether for sale or not). Our
area of interest ranges from
early colonial times through
the Revolutionary era, the
state-chartered bank years
(1792-1866), and the era of
National Banks (1863-1935).
This will result in a book
under the imprimatur of the
Society of Paper Money
Collectors, with help from the
New Hampshire Historical
Society, the Smithsonian
Institution, and others.
Apart from the above,
David M. Sandman is president of
Littleton Coin Company and
Q. David Bowers is a principal of
American Numismatic Rarities, LLC,
and both advertisers in the present
book. For other commercial
transactions and business, refer
to those advertisements.
The authors rf the preseru inch, iltadilIN a Safe
Series of 1902 SIO National Bank Note front
West Derry, Nett I lan,fnhire.
I typical NI I Obsolete
Note, this from the
A Series of 15B.2
$10 Brown Back born the
11..'inhester National Bane
"this same building was used Jot the Winchester Bank
and its successor the Winchester National Bank.
"teller window clic,' 1911), Winchester rational Bank
I f you have New Hampshire currency orold records or correspondence relating
to the same, or other items of historical
interest, please contact us. In addition,
Bowers and Sundman are avid collectors
of these bills and welcome contact from
anyone having items for sale. We will pay
strong prices for any items we need!
Visit the Nil Currency Study Project website: www.nheurrencycom. Find a listing
of New Ilampshire banks that issuol ClaTenCy, read temple chapters, and more.
We look forward to hearing from you!
The NEW HAMPSHIRE CURRENCY STUDY Project
Box 539, Wolfeboro Falls, NH 03896
E-mail: infoonhcurrency.com himr e-mail hill be lOrmudcd la Nth inahors.1
Paper Money • March/April • Whole No. 260
148 March/April • Whole No. 260 • Paper Money
Arab Republic of Egypt
Commercial Bank of China
Government of Gibraltar
NOTES ARE LEGAL TENDER Is 1,11otATTAO
MR IOC 1•a. NT. NT or ♦r., snot-NT_
Republic of Greece
El 11.1. Pi% TOR TTAIJNItElt IP Philippine National Bank
411• -ruin 1'11 meg, maw, Ep4.j.A40,4
United States of Mexico
releitilr..0 . -
,4 1 n7,61
.44, 41.111.10.010.01111.er. r..1■ non ■,-14:r41..71}.■
I t t ,1 . 11, 1
CTIVITY IN THE PAPER MONEY MARKET is stron-
ger than ever! We have been cherrypicking certified notes for
their eye appeal, brightness of colors, excellent margins, and
overall appearance, with an emphasis on popular designs and
types, many of which are featured in 100 Greatest American
Currency Notes by Q. David Bowers and David Sundman.
WE ARE CONSTANTLY ADDING TO INVENTORY but most items
are one-of-a-kind in our stock; therefore we suggest you
visit our website and call immediately to make a purchase.
RECEIVE OUR PAPER MONEY MAGAZINE, THE Paper Money
Review. This full color publication highlights paper money
in our inventory, as well as articles and features about this
fascinating collecting specialty. To receive your copy send
us an invoice of a previous paper money purchase. Or, if
you place an order for any paper money totaling $1,000 or
more you will receive the Paper Money Review AND a per-
sonally autographed copy of 100 Greatest American Currency
Notes with our compliments.
CHECK OUT OUR OFFERING TODAY.
WANT LISTS ACCEVITD!
trer..ire reJ /cc m the C / 064.1
C' ?bmenryzn Oa a LC1 7;4 (12-7'16 mAr7
We are pleased to announce the ongoing sales of
the greatest hoard of bank-note printing plates, dies,
and other material ever assembled. The American
Bank Note Company (ABNCo) was formed in 1858
by combining seven of the most important bank
note engraving firms then in business. Hundreds of
priming plates and other artifitcts were brought into the
merger, and survive today. To these are added many
other items made by ABNCo from 1858 onward, a
museum quality selection. In sales in 2007 Stack's will
continue to bring to market hundreds of bank note
print ing plates, vignette dies, cylinder dies, and other
art ilact s, each unique. These items are so ntre that most
numismatic. museums and advanced collectors do not
have even a single vignette die, cylinder die, or plate!
It you would like to have more information, contact
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absolutely unique opportunity!
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U.S. COINS • ANCIENT AND WORLD COINS • MEDALS • PAPER MONEY
Stack's York City 123 West 57th Street • New York, NY 10019-2280 • Toll free: 800/566/2580 • Telephone 212/582-2580 • Fax 212/ 215 50
Stack's \ iolfeboro, NH: P.O. Box 1804 • Wolfeboro, NH 03894 • Toll-free 866/811-1804 • 603/569-0823 • Fax 603/569-3875 • www. st ticks con
Paper Money • March/April • Whole No. 260
PIERRE I- It1( K I
March/April • Whole No. 260 • Paper Money
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Paper Money • March/April • Whole No. 260
Online Paper Mon ly at Its Finest
152 March/April • Whole No. 260 • Paper Money
and the coming of paper money to France
By Hal Hopson
John Law (illustration courtesy of
The Historic New Orleans
HE YEAR WAS 1715, AND LOUIS )(Iv, KING OF FRANCE,
had just died leaving behind a legacy of war, court grandeur, a huge
national debt and a five-year-old grandson heir to the Bourbon
throne of France. On an early autumn day of that year at the Palais
Royale in the fashionable Paris neighborhood of Faubourg du St. H01101T, a ser-
vant announced the arrival of John Law. The principal occupant of
the palace complex was the Duke of Orleans. The duke had
been appointed regent to the former king's heir. As regent
the duke was in effect the king of France until the child
One of the more dissolute men of France,
the duke saw in the smooth talking John Law a
possible solution to France's looming bankruptcy.
John Law and the duke had probably first met at
a gaming establishment. There, the duke had
been impressed with Law's adroitness at calcu-
lating odds. In subsequent conversations the
duke had become intrigued with Law's views
on finance and had invited him to the palace
for further discussion. He now awaited
Law's entrance with anticipation.
The son of a well to do Scottish
banker, John Law had left London under a
cloud when as a young man he killed anoth-
er man in a duel. Law, convicted of murder,
was able to flee to the continent. Law had
gone on to dabble in economics and finance,
publishing several articles and books on the
subject. Although making his living as a gam-
bler, Law used years he spent in Venice and
Holland to arrive at some interesting financial
theories. In an age when economists tied a coun-
try's fiscal well being to a favorable balance of trade
and a favorable supply of gold and silver (specie) John
Law had arrived at somewhat different conclusions.
Law postulated that the scarcity (or abundance) of
goods was the chief determining factor in a country's economic
Paper Money • March/April • Whole No. 260 153
well being. Law looked on trade and the available supply of specie as sec-
ondary tools at best in creating more goods. What was needed was a better
means of creating goods. Law felt paper money was the dominant factor in
any solution to increase goods. In addressing the problem Law paraphrased
an earlier Italian writer, Bernardo Davazanti. Using diamonds and water to
illustrate, Law stated the former has great exchange value but no practical use,
while the latter has no exchange value but has great practical use. In Law's
illustration, diamonds were the goods and large amounts of water (paper
money) were what was needed to produce more of them.
Paper money was not new to Europe. Seven European countries
were making cautious use of paper money before Law arrived in France.
France had no paper money. Law saw the introduction of paper money to
France as the key to solving its financial dilemma. Reasoned Law: the more
paper money France had in circulation, the more credit; the more credit, the
more trade; the more trade, the more goods. It was Law's opinion these fac-
tors would ripple out from each other and lead to a prosperous economy.
Central to Law's thesis was his belief an increase in the money supply would
stimulate both the production of more goods and more tax revenues.
Law further believed that forming a publicly traded colonial develop-
ment stock company would further stimulate the economy. To accomplish
"For Law, his 'System,' as he termed
his plan, would allow him to prove
once and for all time that his ideas
on finance were sound."
anything, however, the country's money supply must be controlled by a cen-
tral bank. If managed properly the end result of these joint entities would be
a boom economy and the elimination of France's huge national debt.
Unfortunately John Law had never been in a position to test his the-
ories. A still handsome forty-four year old, possessing a razor sharp intellect
and at the peak of his powers of persuasion, Law brought his plan with him
this day. The plan, if it worked, would enable the duke to go back to his
spoiled and corrupt life style without the constant worry of administering to a
bankrupt France and the nagging problem of incipient revolution. For Law,
his "System," as he termed his plan, would allow him to prove once and for all
time that his ideas on finance were sound.
After what must have been an interesting conversation the duke
agreed to Law's proposal to form a large private bank as a first phase of the
"System." The bank was chartered as the Banque General with Law as the
hands-on director. Law's bank began on a sound enough basis issuing the
new paper currency as redeemable in specie on demand. The bank was capi-
talized at six million livres (the silver livre tournois was the basic unit of mon-
etary exchange in France at the time) through the sale of 1,200 shares valued
at 5000 livres each. Law required the bank to maintain specie on hand in the
amount of the paper currency it issued.
Despite an attempt to cause the bank to fail by supporters of the
crown's jealous minister of finance, the bank proved an immediate success
especially when coupled with reforms to the tax collecting system instigated
by Law. Tax collectors were known as tax farmers and received a percentage
154 March/April • Whole No. 260 • Paper Money
A surreal scene from a Paris news-
paper of the time illustrating a
gathering of Europeans and
Indians in Louisiana (illustration
courtesy of The Historic New
of all the revenues they could squeeze from hapless tax payers! France speedily
underwent a major improvement in its economy. Within the first year of the
bank's founding, Law's paper money had gained not only the confidence of the
duke but, more importantly, of the public.
By 1718 the start up Banque General had proved so successful that Law
was able to convince his benefactor to allow the formation of a national bank,
the Banque Royale. Law was again made director. The crown guaranteed the
new bank's notes. No doubt reinforced by his success with the Banque General,
and in accordance with his theories, Law dispensed with the requirement to
maintain specie in the amount of the paper notes the new bank placed in circu-
lation. Initially the bank was a big success and the introduction of the crown-
backed notes stimulated the public confidence as trade rose and interest rates
Due to his banking successes Law was able to implement phase two of
his "System." With the malleable duke's blessing, Law created a colonial devel-
opment company that would become popularly known as the Mississippi
Company because its holdings included most of the lands in North America
drained by the Mississippi River (all or part of thirteen present day American
states and two Canadian provinces). The new company was charged with reviv-
ing France's moribund Louisiana colony which had languished for years under
private ownership. It helped that public interest had recently been revived
because of widespread rumors of great riches to be found there. This new com-
pany was chartered as the Compagnic de la Louisiane ou trOccident, and its shares
traded publicly. Law was appointed director.
Law next expanded his trade designs by combining the Mississippi pro-
ject with France's foreign trade in Africa, China and the East Indies. Law was
granted a new charter with the combining name Compagnie des hides. To the
public, however, the new company remained the Mississippi Company because
its efforts remained largely focused on the development of its holdings in North
America. Around this time Law was made the controller for the crown and
given carte blanche by the duke in almost all financial matters. Thus by 1720,
■\'• - • //
Deal with the
Conipany in United
•cilibbrsK . ]
Wacgt14,6131,14 , AuntJA.
Fr. 379a $1,000 1890 T.N.
Fr. 183c $500 1863 L.T.
Fr. 328 $50 1880 S.C.
Paper Money • March/April • Whole No. 260 155
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156 March/April • Whole No. 260 • Paper Money
N.° ,) I Cent lines Tournois:
payer au Porteur a vile Cent livres Tournois
revile. A Paris le premier Janvicr mil
LA BANQUE promet
en Efpcecs d'Argent,
fept ccns vingt.
le J.' Finellom #34n1 AI; l)S.r Bi
Controllê r.rys Duren
1720 100 Livre note issued by the Banque Royale
John Law, the foreigner, not only controlled France's money supply but all of
its colonial development and foreign trade! Law's enemies in the government,
and he had many, had been muzzled to this point by his successes.
To make the Mississippi Company go Law pulled out all the stops. He
created a public stock offering of the company's shares for 500 livres per share.
The stock guaranteed a fantastic 40% annual return. At the same time Law
flooded Europe with promotional material offering free transportation to
Louisiana where vast opportunities to get rich awaited intrepid colonists. Some
newspapers of the time poured oil on the fire by claiming that "....gold lies for
"John Law has often been cast as a
villain, with personal gain his
motive for the ruinous financial
`System' he implemented in France."
the taking on the beaches of Louisiana, pearls practically jump from the oysters
into one's pocket and the indigenous native American Indians are so grateful to
their European benefactors that they work for free!" As such fanciful rumors
intensified about Louisiana's wealth so did interest in the Mississippi Company's
The mob scenes that ensued played out before the company's office on
Rue QUilla1711pOiX in the heart of Paris's financial district. They defy adequate
description. The street itself had to be guarded by soldiers to maintain order
among the huge crowds that gathered both by day and into the night. To pre-
vent riots the street often had to be closed. Trading was so fast and furious on
THE AI.ISS1SSII'1,_f „BUBBLE.
JOPIX LAW'S ORIGINAL sun-TrtuAsurly
NEW-OB_LLÁNS, March 1.—Several of the states-
men in Congress are olaiming to be the origina-
tors of the so-oalled "Sub-Treasury bill." While
there is no credit in being the author of such
a scheme, it may be as well to give its origin and
its evil effects when first pet into operation.
This wild scheme originated with that great
green-goods financier John Law. He had en-
deavored, as history states, to establish his
bankin" sohemes in several European cap-
itals, and failed, and finally established a
faro bank in Paris. When the Minister
of Police expelled him from Franco with
the curt statement, " That Scot is too
expert at faro, the game he has intro-
duced here," Law headed for Louisiana—
the New-France. He had received a concession
of twenty square miles of land on the Missis-
sippi River, about fifty miles above New-Orleans,
and brought over two hundred families to
colonize It. However, at this juncture the
imbecile Luke of Orleans succeeded Louis
XIV. as Regent or France, and over him
Law bad gained such Influence as to
establish the " Mississippi Company," popu-
larly known as the " Mississippi Bubble."
This was in 1717. The Province of Louisiana,
or New .France, was flooded with notes of Law's
National Bank of 'France, which were issued
without regard to any basis of redetnntion, as
were Confederate notes during the -late re-
bellion. Interest at the rate of 25 and 30 per
cent. was promised, and the shares in his MI6-
sissippi*Corapany advanced from par to away
out of sight.
This Sub-Treasury scheme of the " Mississippi
Bubble" was: "To issue notes, either in the
way of loan at ordinary interest upon landed
security, provided the debt should not exceed
half, or at most tvo-thirds, of the value of the
lands, or upon land pledges, redeemable within
a certain period, to the full value of the land;
or, lastly, upon irredeemable sales to the
amount of the price agreed upon." Law ingen-
iously argued " that paper money thus issued
would be equal in value to gold and silver coin
of the same denorninatiOn, and might be even
preferred to those metals, as not being, like
them, liable to fall in value."
But these notes did fall in value, and fell
heavily , and the great financier, narrowly es-
caping hanging by the legislative mob, Bed to
Venioe and died in poverty.
The bursting of this bubble financially
wrecked the colonists and temporarily stopped
the further colonization of Louisiana. Notwith-
standing this severe lesson it was again
tried in Louisiana a little more than one
hundred years after, and with consid-
erable success—for the engineers of the
scheme. In 1827 and in 1833 Law's identical
plan was revived in the organization of "The
Citizen's Bank," and the Consolidated Associ-
ation of the Planters of Louisiana." Money
was loaned by the bank to the farmers to the
value of tee lands. As " boom" prices wore
put upon the lands, when the day of redemp-
tion came there wee a financial cyclone,
Paper Money • March/April • Whole No. 260 157
jam packed Rite Quincampoix that a hunchback was reputed to have made a living
renting out his back for speculators to use as a portable desk to sign documents!
Continued wild rumors of Louisiana riches further fueled the frenzied
buying and selling of the company's stock. The original shares were trading for
upwards of 10,000 livres in a very short time. Incredibly, within the first year of
issue, the Mississippi Company's per share trading price racheted up even fur-
ther to an astronomical 18,000 livres. At the height of the buying and selling
frenzy, servants dispatched to Rue Quincampoix to buy their employers' shares in
the company seized the opportunity to resell them the same clay for huge profits.
It was not uncommon to learn that servants who had been dispatched on foot by New York Times March 2, 1891
their employers for Rue Quincampoix returned to
their employer by carriage. There they announced
their resignation as they embarked on their new
found wealthy life style! During this period the
word millionaire entered the world's lexicon.
Unfortunately for John Law, the rise in
stock prices outpaced the company's capitalization.
When investors began large scale profit taking by
selling off their shares the company was thrown
into bankruptcy. The whole scheme became
known as the Mississippi Bubble. With public con-
fidence waning in John Law there followed a run on
the Banque Royale with depositor and creditor alike
demanding specie for their paper livres. Hyper
inflation caused Law to roll the presses to issue
more unbacked paper money which only produced
more inflation. The Banque Royale's paper livres
became virtually worthless.
A desperate attempt to head off the run by
outlawing private ownership of specie failed as well.
The national bank failed. France was nearly ruined.
Thousands of investors were ruined. The duke was
barely able to get Law out of the country alive.
That the duke was able to keep his own head and
stave off the financial crisis his actions had brought
about through his endorsement of Law's "System" is
another story. Because of Law's financial flop the
word "banque" fell from usage in France for nearly
eighty years. It would be nearly a century before
paper money would reappear in France. And,
although it was miraculously delayed for sixty-nine
years, the table had been set for France's revolu-
John Law has often been cast as a villain,
with personal gain his motive for the ruinous finan-
cial "System" he implemented in France. One must
consider, however, that at no time did L aw avail
himself of numerous opportunities to convert his
paper earnings into specie and spirit them out of
the country as some government officials did. It
can also be safely stated that Law's attempts to
manage the country's money supply through his
central bank presaged the United States Federal
Reserve System by two hundred years. John Law
eventually settled in Venice where he died in 1729 a
forgotten man of modest means. •
158 March/April • Whole No. 260 • Paper Money
Will last type notes surface?
EN I BECAME INTERESTED IN PAPER
money, about fifty years ago, there wasn't a lot of pub-
lished reference material available. The Friedberg catalog was
about all we had to inform us of federal issue types. Many of
the notes that arc included and illustrated in today's catalogs
were unknown at the time. Over the intervening years nearly
all of them have surfaced as discovery notes.
I recall when the Alaska territorial national surfaced and
was shopped around at one of the early Memphis shows. I
think the asking price was $10,000, a great bargain price in
retrospect. I also remember when the $100 Value Back on the
Canal Commercial Bank of New Orleans, a unique type note
at the time, came on the market via John Hickman. Other
great nationals surfaced slowly over the years, such as the
Hawaiian large size nationals from other than the Honolulu
bank, all of the missing territorials and many unique national
bank notes. They will continue to show up so I do not include
them on the list of "no shows" to
date. We do know what they looked
like and have illustrations from
proofs at least. However, no actual
note has been seen.
Besides nationals, a number of
very rare type notes were finally discovered, such as early Civil
War era interest bearing notes of the higher denominations.
Several 1863 $20 gold certificates were found, and Gene
Hessler introduced us to many pattern notes that were never
adopted for use in his great book on essays. Small type notes
for various signature or year varieties have been eagerly
reported by collectors to the point where I consider those note
lists complete. And various authors have done thorough treat-
ments of Confederate and southern states material.
In other categories of paper money, missing A/IPC
replacement notes, fractional rarities and outstanding obsolete
bank notes have surfaced as great collections were broken up
and sold. These included the Western Reserve HIstorical
Collection, John Ford's holdings, the American Bank Note
Co. sales and the Schingoethe hoard currently under way.
Many of the states also have thorough note coverage in the
SPMC Wismer series and various other publications.
So, after fifty years of watching development of the hobby
and its reference materials, I conclude that everything has
been reported, or shown up in various collections, except for
two notes. The first is the $1,000 First Charter National Bank
note. The second is the $100,000 1934 series Gold
Certificate. I did hear rumors a while back that a foreign gov-
ernment was going to release its copy of the $100,000 note but
nothing since. And as far as that elusive $1,000 First Charter
National, I'm still waiting- for one to show up. There has to
be at least one survivor. So, look in those abandoned safe
deposit boxes as they:are auctioned off. I'm convinced there's
one in there somewhere. PS; if anyone has one of these,
please let us know.
Privatized money issues
SOME READERS MAY HAVE NOTICED A THEME resonating in several of the articles in this issue of Paper
Money. Authors Peter Huntoon, Loren Gatch, Hal Hopson,
and yours truly each write about the money of hard times.
Generally, when we collectors think about money issues in
times of economic stress, we instinctively turn to the Hard
Times period and the Civil War era. Both produced an out-
pouring of money issues as the public and private institutions
attempted to keep the economic balls in the air, so to speak.
I've been particularly interested in the Civil War financial
turmoil, and have spent a good deal of my life investigating-,
mulling over and writing about its permutations. BUT ... as
these articles prove, MOWta in extremis is more repetitive than
the 1830s and 1860s. The FRBNs, Depression stamp scrip,
Mississippi Bubble inflation, and today's homegrown local
bills all are methods of 'pumping - money into commerce.
The tug of public and private money is of much interest
to collectors. We amass colonial tokens, merchant scrip, Hard
Times tokens, depression notes, and even territorial gold if
our purses admit -- all private money issues. Both obsolete
bank notes AND Federal Reserve Notes are created, priva-
tized money. From where I sit, our country's history is tied to
the working out of the power of the purse. It still is 24/7.
To me, the central contest of the mid-19th century was
the centralization of power and the money prerogative. The
feels grabbed the money prerogative. I have written about this
repeatedly in my Bank Note Reporter column. Then Congress
gave away the money power to private interests and declared
their notes a legal tender. Both money issue and monetary
policy are directed by the Federal Reserve. Bankers pull
strings and tax payers jump. What comes after trillion
"Permit me to issue and control the money of a nation,
and I care not who makes its laws," banking dynasty founder
Mayer Amschel Rothschild believed. Presidents from
Madison to Jackson to Lincoln to Garfield to Wilson agreed.
My brain is not facile enough to comprehend our current
economic plight. It freezes up like when I've eaten ice cream
too quickly. But one thing my collection of paper money
teaches me is that when debt outstrips productive resources
currency fails. My Federal Reserve Notes are worth a nickel
compared to those first FRNs that my grandfather spent, ... a
dime compared to those in my dad's pockets. The essential
difference between FRNs and BerkShares is that accepting
one is compulsory, the other voluntary. Maybe the U.S. is too
sophisticated to string zeroes on its bills like other foundering
currencies, but when my children's future dollar purchases as
little as my cent today, something - will give I fear.
LARGE AND SMALL
UNUSUAL SERIAL NUMBERS
HARRY E. JONES
7379 Pearl Rd. #1
Cleveland, Ohio 44130-4808
Paper Money • March/April • Whole No. 260
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Terry Coyle — Secretary
P.O. Box 246 • Lima, PA 19037
Or Visit Our Web Site At: www.pcdaonline.com
Whatever your degree of expertise or experience i n collecting currency,
you can benefit from the very best advice in the business. To be the most
informed buyer or seller, you should be in touch with Len Glazer and
Allen Mincho, the deans of the currency profession. Trusting their advice can
enhance your collecting experience, and help you avoid costly mistakes.
Additional facts that you need to be the most intorme
consumer can he found at our website, HA.com . With your free
membership conies free access to all the information on 300,000
currency lots that we have auctioned over the last decade: catalog
descriptions, full-color enlargeable images, and prices realized.
We show you all of our auction results (not just highlights),
including our many world records! In addition to our record-
setting auctions, we also have sold numerous important notes
via private treaty, several for more than $2 million each.
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Len and Allen direct the best cataloging team and the best
photographers in the auction industry — a formidable team for
encouraging our bidders to spend top dollar for the quality that
they know they will receive. Heritage is the Internet marketing
leader, with far more currency collectors participating in our
auctions than with any other firm. More qualified bidders
means higher prices realized, and our marketing brings them
and great currency collections to HA.com. Whatever your
needs and desires, Heritage stands ready to serve you.
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For more information, visit HA.com or call us today !
800-872-6467 Ext. 1001
.con Currency... \ out favorite l cbsite
Receive a free copy of a catalog from any
lerilage category. Register online at
or call 866-835-3243 and mention
reference SPMC I6356.
The World's #1 Numismatic Auctioneer
NV NV H A . co
Annual Stiles Exceeding $700 Million • 425,000+ Online Registered Bidder-Members
3500 Maple Avenue, 17th Floor • Dallas, Texas 75219-3941 • or visit HA.com
214-528,3500 • FAX: 214-409-1425 • e-mail: Consign@HA.com
ihis au,. tion -ubje,- t to a 15%1- p:,■..