Paper Money - Vol. XXXV, No. 2 - Whole No. 182 - March - April 1996

MAR/APR 1996VOL. XXXV No. 2 WHOLE No. 182 . . • . .00, .0° We Buy, Sell & Auction The Very Best In Paper Money, Stocks & Bonds, Coins & Autographs SAAMOK1N -frp • liAMO '1(Th 31 3 SILT. CERVIP1 TO is ( 1 1,12 .1 .11,11,4 •nuvr -- T11511 ti,posurno IS THE (7; I G. 9A v:n B28580466 **4-********************************* CIINVA'4;1 Accepting Consignments Now for Major Public and Mail Bid Auctions in 1994 & 1995. Call or write for further information. *************************************** Send for our latest fixed price list of stocks and bonds. 26 Broadway Suite 271 New York, NY 10004-1701 IS Oil WARM BIKE 113 114,4SX0 tlyiNkbit MEMBER TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 K=M po•Yemies. CS) SOCIETY OF PAPER MONEY COLLECTORS INC. Paper Money Whole No. 182 Page 41 PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. c) Society of Paper Money Collectors, Inc., 1996. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited Individual copies of this issue of PAPER MONEY are available from the Secretary for $2.75 each plus $1 postage. five or more copies are sent postage free. ADVERTISING RATES SPACE 1 TIME 3 TIMES 6 TIMES Outside Back Cover $152 $420 $825 Inside Front & Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above sched- ule. In exceptional cases where special artwork or extra typing are required, the advertiser will be notified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With advance notice, camera-ready copy will be ac- cepted up to three weeks later. Mechanical Requirements: Full page 42-57 pi- cas; half-page may be either vertical or horizon- tal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon prompt notification of such error. Al ladvertising copy and correspondence should be sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXV N o. 2 Whole No. 182 MAR/APR 1996 ISSN 0031-1162 GENE HESSLER, Editor, P.O. Box 8147, St. Louis, MO 63156 Manuscripts (mss), not under consideration elsewhere, and publications for review should be sent to the Editor. Accepted ntss will be published as soon as possible; however, publication in a specific issue cannot be guaranteed. Opinions expressed by authors do not necessarily reflect those of the SPMC. Mss are to be typed on one side only, double-spaced with at least one-inch margins. A copy should be retained by the author. The author's name, address and telephone number should appear on the first page. In addition, although it is not required, you are encouraged to submit a copy on a 3 1/2 or 51/2 inch MS DOS disk, identified with the name and version of software used: Microsoft Word, Word Perfect or text (ASCII), etc. If disk is submitted, double- spaced printout must accompany disk. IN THIS ISSUE CIVIL ENGINEERING WORKS ON WORLD PAPER MONEY Mohammad H. 1-lussein 43 NEW LITERATURE 48 DISTRIBUTION OF NATIONAL CURRENCY IN THE 1870s Forrest W. Daniel 49 THE PAPER COLUMN WYOMING SERIES OF 1929 NATIONAL BANK NOTES Peter Huntoon 51 SPMC ANNUAL AWARDS DESCRIPTIONS 64 THE BANKS OF SING SING Ronald J. Benice 65 A FIVE DOLLAR SPECIMEN NOTE Raphael Ellenbogen 72 BALTIMORE'S SHINPLASTER BANKERS Denwood N. Kelly 73 NEW LITERATURE 76 TI-IE BUCK STARTS HERE Gene Hessler 76 SOCIETY FEATURES THE PRESIDENTS COLUMN 77 A NOTE FROM TIIE SECRETARY 77 EDITOR'S CORNER 77 NEW MEMBERS 78 MONEY MART 78 ON THE COVER. The portrait of Robert Fulton, American inventor, engineer and painter, appeared on the back of the $2 educational note issued 100 years ago. The portrait was engraved by Charles Burt. For change of address, inquiries concerning non-delivery of PAPER MONEY and for additional copies of this issue contact the Secretary; the address is on the next page. For earlier issues contact Classic Coins, P.O. Box 95, Allen, MI 49227. Page 42 Paper Money Whole No. 182 p SOCIETY OF PAPER MONEY COLLECTORS BOARD OF GOVERNORS OFFICERS PRESIDENT DEAN OAKES, Drawer 1456, Iowa City, IA 52240 VICE-PRESIDENT FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 SECRETARY ROBERT COCI-IRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER TIM KYZIVAT, P.O. Box 803, LaGrange, IL 60525 APPOINTEES EDITOR GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 MEMBERSHIP DIRECTOR JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 WISMER BOOK PROJECT STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 66062 LEGAL COUNSEL ROBERT J. GALIETTE, 10 Wilcox Lane, Avon, CT 06001 LIBRARIAN ROGER H. DURAND, P.O. Box 186, Rehoboth, MA 02769 PAST-PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 RAPHAEL ELLENBOGEN, 1840 Harwitch Rd., Upper Arlington, 01-1 43221 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 RON HORSTMAN, 5010 Timber Lane, Gerald, MO 63037 JOHN JACKSON, P.O. Box 4629, Warren, NJ 07059 STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 WENDELL W. WOLKA, P.O. Box 569, Dublin, OH 43017 STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 66062 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit or- ganization under the laws of the District of Columbia. It is affiliated with the American Numismatic Associa- tion. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. They will be preceded by the letter "j". This letter will be removed upon notifica- tion to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold %ffice or vote. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $24. Members in Canada and Mexico should add $5 to cover additional postage; members throughout the rest of the world add $10. Life membership, payable in installments within one year, is $300. Members who join the Society prior to Oct. 1st receive the magazines already issued in the year in which they join. Members who join after Oct. 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. .1 ■1111■1 BUYING and SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $3.00, Refundable With Order ANA-LM SCNA PCDA HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX 803-432-9958 SPMC-LM BRNA FUN ON WORLD PAPER MONEY ENGREERINGciVIL WORKS Paper Money Whole No. 182 Page 43 By MOHAtvilv1AD H. HUSSEIN, P.E. NGINEERING can be described as the practical appli- cation of pure scientific knowledge. Technology is the result of engineering. The practice of engineering has accompanied all stages of human development and in many cases defined periods in our ancient and recent history (e.g., The Bronze Age, The Age of Industrialization, The Informa- tion Age, etc.). As a human endeavor, however, it wasn't until the middle of the 18th century that engineering was recog- nized as a "learned profession." In the last century, engineer- ing was transformed from an activity guided by knowledge gained by experience to one that is based on the systematic application of scientific principles. As to the origin of the term "Engineer," the following was offered by Hunter McDonald, then president of the American Society of Civil Engineers (ASCE), during his address at the 1914 Annual Convention in Baltimore, Maryland: "Engineer, formerly Enginer, or some- times Ingener, Middle English Engyneour, from the Old French Engignier, or Engigneour, or shorter Engineur. This from Middle Latin Ingeniarius, one who makes or uses an engine. Engine is from Latin Ingenium, an invention". No trace of the word "engineer" or any of the words from which it is derived can be found in ancient records. Old Egyptian records contain symbols which translate as "Superintendent of Works." The Greeks called their master builders of public works "Archi- tekton." It is generally accepted that John Smeaton was the first to use the title "Civil Engineer" in England in the late 18th century (ASCE 1970). The field of Civil Engineering, origi- nally encompassed the whole of non-military engineering, is now limited to those parts that are neither mechanical nor electrical. Civil engineers plan, design, construct, operate and manage works concerned with environmental control, natu- ral resources development, transportation facilities, and other structures and systems for the need of people. The American Society of Civil Engineers includes the fol- lowing technical divisions: Aerospace, Air Transport, Architec- tural Engineering, Codes and Standards, Cold Regions Engineering, Computer Practices, Construction, Energy, Engi- neering Mechanics, Environmental Engineering, Forensic En- gineering, Geotechnical Engineering, Highway, Lifeline Earthquake Engineering, Materials Engineering, Pipeline, Struc- tural, Surveying Engineering, Urban Planning and Develop- ment, Urban Transportation, Water Resources Engineering, Water Resources Planning and Management, and Water, Port, Coastal and Ocean Engineering. Working through these 23 divisions are hundreds of specialized technical committees. This large number of work groups illustrates the vast field of civil engineering. The latest edition of the Civil Engineering Reference Book (Blake 1980) contains 42 chapters covering subjects on: math- ematics and statistics, strength of materials and structural be- havior, hydraulics and hydraulic structures, surveying and photogrammetry, geology, site investigations, soil and rock mechanics and foundations, design and construction using concrete, steel, aluminum, masonry and timber, buildings, bridges, highways, airports, railways, harbors and docks, wa- ter supplies, land drainage and river maintenance, sewerage and sewer disposal, coastal and maritime engineering, tunnel- ing, construction equipment, dredging, underwater works, and demolition. This impressive list demonstrates the wide range of knowledge required by the practicing civil engineer. The field is so wide that it is practically impossible for an indi- vidual to specialize in more than one or two areas. Most con- temporary engineering colleges offer the following fields of specialization through graduate studies programs: structures, soil mechanics and foundations, water resources, environmen- tal, transportation, and urban planning. In addition to creat- ing physical structures, civil engineers are also creators of concepts and processes such as city planning, waste dis- posal, environmental protec- tion, recycling, and many other systems. The history of civil engi- neering in America stemmed from the need early on to build fortifications, canals, railways, roads, bridges, and to survey territories. In 1775, Dominican Republic P54 E ""' uetw w. ,a ,T1 r'r:ft-IP A:A.13 5s A 0 7 8 5 6 .7../A DER co,. !WARD or DIRECTOR NATI 0 OF 'Att,'"APPIP'‘Wt" , 441 41,4 All `SANK D A 0 7 8 5 6 8 N. STERLING AT THE HUD ORRICE REAL Page 44 Paper Money Whole No. 182 the Continental Congress passed an Act that provided for the appoint- ment of engineers attached to the various armies. Those engineers formed the nucleus that later became the U.S. Army Corps of Engineers. The appointment of "Geographer and Surveyor of the Roads" in 1777 originated the Corps of Topographi- cal Engineers, a group that was sub- sequently attached to the Corps of Engineers. The civil history of the Corps of Engineers begins in 1824 when it was directed by the President to survey Kenya P25 Macao P67 all canals and roads of national impor- tance. Shortly after that, the practice of civil engineering enjoyed rapid develop- ment and many professional societies were formed (e.g., National Society of Civil Engineers (1836), The American Institute of Engineers (1841), the Boston Society of Civil Engineers (1848), the American Society of Civil Engineers (1852), etc.). As of September 1994, membership in the American Society of Civil Engineers was 116,310 men and women. Scotland P329 The following is a select list of important American civil engineering works: • The Eads Bridge over the Mississippi River at St. Louis (1874). The spans of this first major steel structure were the longest arches in the world; • Brooklyn Bridge (1883) across the East River in New York City. For many years the longest span bridge in the world; • Royal Gorge Bridge in Colorado (1929). The highest bridge in the world at 1053 feet above water level; • Chesapeake Bay Bridge and Tunnel (1964) across and un- der the Chesapeake Bay on U.S. Route 13 in Virginia. The project stretches 17.5 miles and consists of concrete trestles and steel trusses, two tunnels, four man-made islands and an earth causeway; CENTRAL BANK OF SYRIA ONE SYRIAN POUND Paper Money Whole No. 182 Page 45 • Lake Pontchartrain Causeway (1969) joining Lewisburg and Metairie in Louisiana. With a length of 24 miles it is the longest bridging in the world; • Empire State Building (1932). The tallest and most famous building in the world for many years; • The Sears Tower (1974) in Chicago. With its 110 stories is the highest building in the world; • Hoover Dam (1935) across the Colorado River on the Nevada-Arizona border; • St. Lawrence Seaway (1959), 189 miles along the NY State- Ontario border. Is the world's longest artificial seaway; • West-Southwest Treatment Plant (1940) in Chicago, oc- cupying more than 500 acres and treating close to a mil- lion gallons of waste per day. The largest sewage works in the world at the time of its opening; and • The Louisiana Superdome in New Orleans (1975). The largest indoor stadium in the world with a seating capac- ity close to 100,000 people and covering an area of 13 acres. • The Strahov Stadium in Prague. Is the largest in the world with a capacity of 240,000 spectators; • Main building of the M.V. Lomonosov University in Mos- cow. Containing 40,000 rooms is the largest of its kind in the world, • Yacyreta-Apipe Dam across the Parana on the Paraguay- Argentina border. Is one of the largest in the world with a height of 134 ft and a length of 43 miles; and • Daewoo Okpo No. 1 Dry Dock in Korea. The largest of its kind in the world. More than mere utilitarian objects intended for the facilita- tion of commerce, paper money is often used to express peoples' national artistic sense, display their pride and tri- umphs, and depict accomplishments emphasizing their com- mitment to progress and well-being. Science, technology and engineering are themes that are often represented on paper money. Many notes of the late 19th century depict steam ships and locomotives, symbols of state-of-the-art tech- nology of the time. Civil engineering works that appear on bank notes are usually con- sidered prestigious symbols of national achievements. These works include dams, bridges, tunnels, highways, skyscrapers, power stations, stadiums, airports, seaports, oil installations, lighthouses, universities, factories and many other structures and fa- cilities. In many instances, civil engineering struc- tures are presented on paper money as insti- tutional symbols such as national bank Syria P86 The "engineer" held a position of power and influence in all an- cient societies. As evidenced by Great Wall of China, King Khufu's Great Pyramid, Roman aqueducts, Greek temples, and many other wonders of the an- cient world, civil engineers cre- ated works that helped shape civilizations. Construction of the 1,100 mile long Grand Canal of China from Beijing to Hangzhou lasted from 540 B.C. to 1327 A.D. Turkey P136 The following is a short list of more recent civil engineering projects from around the world: • The Suez Canal in Egypt. With a length of more than 100 miles it is the world's longest big-ship canal; • The King Khalid International Airport in Riyadh. A $3.6 billion facility covering 86 square miles is the largest air- port in the world; • The Rotterdam-Europoort. Is the largest seaport in the world with 76 miles of wharfs handling more than 300 million tons of seagoing cargo annually; buildings, museums, buildings seating governments or social symbols such as places of worship, work, or play. Still in many other cases, civil engineering works are depicted not only for their functional value, but also for their purely intrinsic value to symbolize strength, beauty and commitment to progress and excellence. Images of great civil engineering works are used as symbols of permanence to advertise the credit worthiness of new and developing countries. The list shown here includes paper money depicting civil engineering works from 78 countries. All notes are listed in Page 46 Paper Money Whole No. 182 COUNTRY DENOMINATION DATE DESCRIPTION, PICK NO. Afghanistan 10 Afghanis (1979) Mountain road on back, P. 55 Albania 1000 Leke 1949 Oil well and derricks on front, P. 27A Algeria 50 Francs 100 Dinars 1938 1.1.1964 Ancient amphitheater on back, P. 16 Buildings complex on back, P. 54 Angola 1000 Escudos 500 Kwanzas 15.8.1956 11.11.1987 Dam on front, P. 91 Offshore oil rig on back, P. 120 Austria 500 Shilling 1.7.1965 Bridge on back, P. 142 Bahamas 10 Dollars (1984) Lighthouse on back, P. 46 Bahrain 1/2 Dinar ND Manufacturing facility on back, P. 12 Bangladesh 10 Taka ND (1983) Hydroelectric dam on back, P. 26 Barbados 50 Dollars ND (1989) Bridge on back, P. 39 Belize 50 Dollars 1.5.1990 Bridges of Belize on back, P. 40 Bermuda 5 Dollars 6.2.1970 Lighthouse on back, P. 19 Bhutan 100 Ngultrum ND (1981) Palace complex on back, P. 11 Brazil 100,000 Cruzeiros ND (1985) Modern tall buildings on back, P .205 Bulgaria 25 Leva 1951 Railroad construction on back, P. 84 Cambodia 50 Riels 1992 Ships dock on back, P. 35 Canada 4 Dollars 2.7.1900 Ship Locks on front, P. 25 Cape Verde 200 Escudos 500 Escudos 20.1.1989 23.4.1992 Airport collage on back, P. 58 Shipyard on back, P. 64 Chile 10 Pesos 15.1.1901 Bridge on front, P. 20 China 100 Yuan 10 Yuan 10 Yuan 1941 1940 1942 Bridge on front, P. 162 Irrigation system on front, P. 464 Great Wall on front, P. 245 Cuba 1 Peso 1975 Ships dock on back, P. 106 Cyprus 500 Mils 1.6.1982 Dam on back, P. 38 Czechoslovakia 50 Korun 1987 Bridge and interchange, P. 97 Djibouti 10,000 Francs ND (1984) Harbor scene on back, P. 39 Dominican Republic 5 Pesos 1988 Hydroelectric dam, P. 54 Egypt 5 Pounds 5 Piastres 10.1.1899 ND Pyramids on front, P. 14 Aswan dam on back, P. 63 El Salvador 25 Colones 25 Colones 29.12.1958 15.10.1974 Reservoir on front, P. 104 Acajulta port scene on back, P. 108 Ethiopia 5 Dollars ND (1966) Airport on front, P. 26 Finland 50 Markkaa 1986 Modern buildings on back, P. 119 France 5000 Francs 1957 Bridge on front, P. 66 Hong Kong 10 Dollars 1912 Bridge on front, P. 236 Hungary 500 Forint 31.7.1990 Bridge on back, P. 175 Iceland 10 Kronur ND Dock scene on back, P. 38 India 100 Rupees 1 Rupee ND 1981 Dam on back, P. 62 Offshore oil platform on back, P. 78 Indonesia 100 Rupiah 50,000 Rupiah 1984 1993 Asahan dam on back, P. 122 Airport on back, P. 133 Iran 20 Rials 10 Rials (1937) (1961) Bridges across river in valley, P. 34 Amir Kabir dam on back, P. 71 Iraq 10 Dinars ND (1973) Coffer dam on front, P. 65 Israel 5000 Sheqalim 1984 Water pipe on back, P. 50 Jordan 500 Fils ND Irrigation system on front, P. 1 Kenya 20 Shillings 1988 Stadium on back, P. 25 North Korea 10 Won 1992 Flood gates on back, P. 41 Paper Money Whole No. 182 Page 47 South Korea 5 Cents ND Construction beams on back, P. M25 Kuwait 1/4 Dinar ND Port on back, P. 1 Laos 500 Kip 1988 Irrigation system on front, P. 31 Latvia 5 Lati 1940 Bridge on front, P. 34 Lebanon 100 Livres 1.1.1952 View of city and port on front, P. 60 Lithuania 20 Litu 1991 Museum building on back, P. 48 Luxembourg 10 Franks 20.3.1967 Bridge on back, P. 54 Macao 100 Patacas 13.7.1992 Buildings and bridge on back, P. 67 Macedonia 20 Denari 1993 Skopje tower on back, P. 10 Malawi 20 Kwacha 1986 Kamuzu airport on back, P. 22 Malta 10 Liri (1979) Drydocks on back, P. 36 Mauritius 10 Rupees ND (1985) Bridge on back, P. 35 Mozambique 10,000 Meticais 16.6.1991 Electrical towers on front, P. 137 Netherlands 20 Gulden 250 Gulden 7.5.1945 25.7.1985 Bridge on back, P. 76 Lighthouse on back, P. 98 Nicaragua 1000 Cordobas 1953 Stadium on back, P. 106 Oman 100 Biasa 1987 Port of Qaboos on back, P. 22 Pakistan 5 Rupees ND (1975) Railroad tunnel on back, P. 25 Paraguay 10 Guaranies ND International bridge on back, P. 196 Poland 100 Zlotych 1.7.1948 Factory complex on back, P. 139 Portugal 1000 Escudos 17.9.1929 Bridge on front, P. 103 Qatar 50 Riyals ND (1976) Offshore oil platform, P. 4 Romania 5 Lei 1952 Dam construction on back, P. 72 Saudi Arabia 5 Riyals 10 Riyals (1966) (1977) Airport on front, P. 12 Oil drilling platform, P. 18 Scotland 1 Pound 19.3.1969 Two bridges on front, P. 329 Seychelles 100 Rupees ND (1977) Dock area on back, P. 22 Shri Lanka 1000 Rupees 1.1.1987 Dam on front, P. 82 Singapore 1 Dollar 20 Dollars 1000 Dollars ND (1967) ND (1979) ND (1984) Apartment buildings on back, P. 1 Airport and Concorde on back, P. 12 Docks on back, P. 25 South Africa 2 Rand ND (1973) Dam and electric towers, P. 117 Spain 500 Pesetas 21.11.1936 Viaduct on back, P. 102 Sudan 10 Pounds 1.1.1981 Factory complex on back, P. 20 Surinam 2 1/2 Gulden 1973 Dam and reservoir on back, P. 24A Syria 1 Pound 50 Pounds 1958 1977 Water wheel and aqueduct, P. 86 Dam on front, P. 103 Tunisia 10 Dinars 20.3.1986 Offshore oil complex, P. 84 Turkey 10 Livres 5000 Lira (1926) ND Bridge on back, P. 62 Thermal power plant on back, P. 136 Uganda 50 Shillings ND (1973) Hydroelectric dam on back, P. 8 Vietnam 5000 Dong 1987 Offshore oil rigs on back, P. 92 Yemen 10 Rials ND (1991) Dam on back, P. 23 Yugoslavia 5000 Dinara 1991 Bridge on back, P. 111 Zaire 50 Makuta 5 Zaires 500 Zaires 2.1.1967 24.11.1971 14.10.1984 Stadium on front, P. 11 Hydroelectric dam on back, P. 14 Suspension bridge on back, P. 30 EREFACTELIE. PIJNI DE SEA, I'ODE PENAIE BANQUE DU ZATIRIE Page 48 Paper Money Whole No. 182 Tunisia P84 Zaire P30 the Standard Catalog of World Paper Money (Pick 1994). This list is meant to show samples and is by no means intended to be complete A comprehensive list would be extremely exten- sive. The notes illustrated show various civil engineering works from different countries. Intentionally not included in the list are notes depicting bank buildings, churches, mosques, temples, governmental buildings, and common structures, al- though all represent works of civil engineering. On the backs of nearly all of the Federal Reserve notes of the United States of America are depicted civil engineering works. The structures are, however, portrayed as institutional symbols rather than to illustrate engineering work. Literature Cited: American Society of Civil Engineers Historical Publication No. 1. (1970). The Civil Engineer and His Origins, New York, NY. Blake, L.S. (1980). Civil Engineers Reference Book, 3rd Edition. London: Butterworth & Company (Publishers) Ltd. Pick, A. (1994). Standard Catalog of World Paper Money, Seventh Edi- tion, Volume 2. Iola, WI: Krause Publications, Inc. New Literature Money, Money, Money Nancy Parker, 82 pp., hardcover, illus., index (intended for grades 2-7). HarperCollins, 10 E. 53rd St., New York, NY 10022, $15. There's a short course in American history in your wallet, and Parker brings it to life by explaining what's on the face and the back of U.S. paper money, from $1 to $100,000. Parker provides original art on almost every page, along with a tiny photo reproduction of the currency under discussion. She greatly simplifies the facial features of the various presidents pictured but leaves their hair quite distinctive. Interesting facts about familiar individuals (Washington, Lincoln) as well as lesser known ones (Salmon P. Chase, Woodrow Wilson) abound and costumes, culture, and architecture all become Parker's subjects. She also seems well-attuned to curious class- room questioners, including, for instance, a section on coun- terfeiters. Not as narrow in focus as the title implies, this is an expansive review that will be great for history classes as well as useful in math and art. (Mary Harris Veeder, Booklist.) Paper Money Whole No. 182 Page 49 Distribution of N ational Currencyotes 1870s by FORREST W. DANIEL The distribution of national currency notes to newly-estab- lished national banks followed a standard routine: when all of the organizational forms were completed and filed, the nec- essary capital paid in, and the required amount of United States bonds (at least one third of the capital stock) deposited with the treasurer of the United States, the notes were engraved, printed and sent to the bank. That is how it should have worked; and it did work at the beginning. But after a few years the system was snarled by the legal limit placed on the total issue of currency by all banks. New banks had to scrounge notes of broken banks or obtain rights from banks with sur- plus allocations; and there was competition between banks to secure whatever circulation was available. Congress called for an explanation. HE original National Currency Act of February 25, 1863 placed a cap of $300,000,000 on the issue of national currency notes. To assure that all parts of the country received their share of the currency, one half of the total was apportioned to associations in the several states ac- cording to their population and one half with "due regard to the existing banking capital, resources, and business, of such States, Districts, and Territories." Larger and wealthier states, therefore, would receive a greater share—which they would have anyhow—and it placed restrictive limits on the amount banks in developing areas could receive. The distribution for- mula was eliminated in the revised Act of June 3, 1864, but restored on March 3, 1865. The limit of $300,000,000 was maintained throughout. Western states saw the largest organization of national banks during the first year: Ohio 38, Indiana 20, Illinois 7; Pennsyl- vania led the Eastern states with 20, New York 16; other states from one to four. The Comptroller complained that newly- chartered banks in the wealthy Eastern states were unneces- sary because the state banks already provided sufficient circulation to fill the needs of commerce. Few of the earliest chartered banks were conversions from state banks since there was no provision in law, state or national, for that process. Most banks that did convert organized a separate new national bank and then transferred their funds to the new bank. In the year or so following, several states enacted laws to facilitate the conversion without all the paperwork, and by the middle of 1865 there were almost four times as many national banks as state banks, mostly conversions; and the number was in- creasing. National bank notes in circulation reached more than $295,000,000 in April 1868, and the number of national banks hit a peak of 1,640. The expansion of national-chartered bank- ing appeared to have reached its limit and the number of banks fell by twenty-eight over the next two years. At the beginning of 1870 it came to the attention of Con- gress that some newly-organized banks received bank notes while others, previously chartered, had not received the amount to which they were eligible by law. Congress called for an ac- counting from the Comptroller of the Currency of the notes issued to six banks chartered in 1869, a year which saw a drop in the number of national banks from 1,619 to 1,612. Comptroller of the Currency Hiland R. Hurlburd replied that since he had no other means at his disposal, those banks had received circulation only to amount they were able to furnish notes of broken [national] banks or by surrender or transfer of circulation for that purpose. The list: The First National Bank of Austin, Minnesota, returned $27,000 in circulating notes of broken banks. The Union Square National Bank of New York City procured the surrender and transfer of $50,000 of circulation by the First National Bank of New York City. The National Bank of Commerce of Chicago, Illinois returned notes of broken banks: $20,000. Procured from the First National Bank of New York City a surrender and transfer of $16,000. Re- deemed and returned the notes of the First National Bank of Danville, Virginia (in liquidation): $5,800. Redeemed and returned the notes of the National Bank of Commerce, of Georgetown, DC (in liquidation): $12,700. Making in all $54,500. The National Bank of Lebanon, Kentucky returned broken bank notes: $30,000. The First National Bank of Utah, at Salt Lake City was a reorga- nization of the old Miners' National Bank of Salt Lake City, and obtained circulation by the return of the notes of the last men- tioned bank to the amount of $26,100. The First National Bank of Leon, Iowa returned the notes of broken banks to the amount of $2,000, and procured a transfer of $20,000 from the Metropolitan National Bank of New York City. Other banks organized by the surrender of the circulating notes of existing national banks were: The First National Bank, Port Henry, New York; The Howard National Bank, Burlington, Vermont; and The Baxter National Bank, Rutland, Vermont. The upshot of that report was the Act of July 12, 1870, which provided for an additional issue of $54,000,000 to be "fur- nished to banking associations organized or to be organized in those States and Territories having less than their propor- tion" under the prevailing law. The fiscal condition in the Southern states seriously limited the number of banks orga- nized there; while approval was given to most applications made by Western banks. The Comptroller said he felt the needs of Western and Northwestern states could be fully supplied; with a remainder of from $20,000,000 to $25,000,000 left for banks in the South when they became sound enough to sub- T Page 50 Paper Money Whole No. 182 WO 0.:ENZI,kitftitattlogittigmakajagietautivi., . ,4 fa Lta r___ :F o' --- . ,..., • ■■ --,--- 4,4 ---Z „ 11A141)(1100,3 1.1„17„ ----- ,.) r..21■Vjajja" .' &(/7 77/7 7Y, //'/Wf '///////' / ( ' Tly 1 ONE 1 s,::,: 1 t■graar10.11.1•11:',“,, • V , The Merchants and Mechanics National Bank of Troy, New York, Charter 904, July 1, 1865, D. Thomas Vail, president, Francis Sims, cashier, was one of the closed banks whose notes were recalled from circulation. The bank closed December 31, 1868; in October $183,338 was outstanding. scribe for it. There were other stipulations, including provi- sions that no bank organized after this time could receive more than $500,000 of circulation (a handicap in New Or- leans, where several banks were able to handle a greater amount); that earlier-chartered banks should be limited to $1,000,000 and that up to $25,000,000 could be withdrawn on a pro rata basis from banks in states that had more than their quota and distributed to states with deficiencies. The census of 1870 figured into the new distribution quota. Northeastern states had the concentration of excess circu- lation, according to an 1873 tabulation of the new formula. Six Eastern states, $70,690,046; five Middle states, $9,416,503; of the fifteen Southern and Southwestern states, only the District of Columbia had a surplus—$182,131, while the others had a deficiency of $51,271,034; nine West- ern states (Ohio to Nebraska) had a defi ciency of $21,423,811; and of the twelve Pacific states and territories, only two had surpluses, Colorado $232,102 and Montana $68,960. The others were deficient by $7,926,648. Of the $354,000,000 of national currency permitted, $353,968,249 was already outstanding or authorized. The Comptroller of the Currency had very little leeway. To effect the redistribution, in 1873 the Comptroller req- uisitioned $5,018,000 from four banks in the city of New York; $13,320,000 from thirty-seven banks in the city of Boston; $2,659,000 from twenty-one in Massachusetts; $2,818,000 from seventeen in the city of Providence, and $1,185,000 from fifteen banks in Connecticut. The recall reduced to $1,000,000 the circulation of all New York City banks having excess of that amount; and a circulation limit of $300,000 was placed on all banks in Massachusetts and Rhode Island. Each bank had one year in which to return the currency called for. If it was not returned within that time the Comp- troller was required to sell the bonds held to secure the cir- culation and use the proceeds to redeem the notes as they returned to the treasury. Since the notes were scattered all over the country it would entail a major expense to retrieve them from circulation, so the banks were permitted, instead, to provide a fund of legal tender notes to the Comptroller of the currency to redeem the notes. It was obvious that the return of excess issue would be slow and any redistribution to deficient states seriously delayed, so the Comptroller asked that the distribution formula be repealed and $25,000,000 of additional circulation be authorized for distribution to the states—it didn't happen. The Act of June 20, 1874, instead, had some interesting pro- visions and interpretations. The Secretary of the Treasury is- sued circulars to assistant treasurers, depositories and national banks naming all national banks that had failed or gone into voluntary liquidation, directing them to assort and return for redemption the notes of those associations—a total of $6,492,285.30. An Attorney General's opinion said that the Comptroller of the Currency should issue currency to new banks to their authorized limit by using a fictional retirement of those notes of closed banks, although they were not yet withdrawn, and requisition whatever more was needed from banks with excess issue. This requisition could run as high as $50,000,000. One hundred sixty-seven banks in ten states were eligible for up to $31,046,000 of requisitions, while unissued and to-be-withdrawn circulation was said to be $16,279,589. Under these guidelines, the total amount outstanding might exceed the statutory limit, temporarily, without overstepping the law, according to the Attorney General. All that disaster preparation was unnecessary, according to the 1875 Comptroller's report, because the 1874 Act also pro- vided that any national bank could reduce its circulation by the deposit of at least $9,000 of lawful money, for the purpose of retiring its notes, and withdraw the bonds held as security. So many banks chose voluntarily to reduce their circulation liability (perhaps in response to the Panic of 1873, although it was not so stated) that any forced withdrawal of circulation was unnecessary. The greatest amount of national bank notes outstanding reached $352,394,346, on December 1, 1874, that was $1,605,654 less than the statutory limit. The Comptroller juggled the distribution of bank notes un- der those constraints until passage of the Act of January 14, 1875. That legislation repealed the aggregate limit of circula- tion allowed and its distribution formula; existing banks were permitted to issue notes to the limit provided by law. But when- ever newly-chartered banks and banks increasing their capital or circulation received their new notes, the Secretary of the Treasury was required to retire legal tender notes to the amount of eighty percent of the national bank notes issued. It was part Continued on page 64 0000088A !TT 81. ,l 0VONENOP Itti St 2 THE SHOSHONE NATIONAL BANK OF 0 CODY CNI WYOMING WILL PAY TOTHE DEARER ON DEMAND CO TWENTY DOLLARS 0000088A MILMEICIUMTEILL C171.11tEMIIIIE SEDDIMINTIONVEDSTATENDONDSODDOSFEEDWITIITTIETADSSEDENDE 11610g 04., TNT tq Paper Money Whole No. 182 Page 51 WYOMING SERIES OF 1 929 NATIONAL BANK NOTES INTRODUCTION There were $1,355,000 in Wyoming national bank notes in circulation on December 31, 1934, most being Series of 1929 small-size notes. Twenty-three modest to small-size Wyoming national banks is- sued a total of 406,335 small-size notes having a face value of $4,480,470. Only 15.6 percent of them were type 2s. Several of Wyoming's small- size nationals have proven to be flaming rarities. Several tables accompany this article which are self-explanatory. A careful reading of them reveals why some issuances have proven to be so scarce. This piece totally revises and updates informa- tion that first appeared in Huntoon (1978). Dur- ing the intervening years, a few hundred more Wyoming 1929 notes have been reported, and that new data gives us a much improved vision on rar- ity and on varieties. I t THE PAPER COLUMN by Peter Huntoon ISSUING TOWNS HERE were eighteen towns which contained Series of 1929 issuing banks. Many of these were built along the Union Pacific railroad as the tracks were laid through Wyoming between 1867 and 1869, including from east to west, Cheyenne, Laramie, Rawlins, Rock Springs, Green River and Evanston. Indian lore is captured in the names of several towns which hosted Series of 1929 issuing banks. Cheyenne owes its name to the Cheyenne Indians, and Greybull to an albino buffalo discovered by Indians along the river which flows through town. Rock Springs was named for a spring discovered by a Pony Express rider in 1861 as he detoured to avoid some Indi- ans. Cody is named after William F. "Buffalo Bill" Cody, a principal in the slaughter of buffalo herds in the campaign to exterminate the Indians and later of wild west road show fame. Probably Meeteetse is the most unusual name on the list, a Shoshone Indian word meaning meeting place or place of rest. Explorers, pioneers and entrepreneurs left their names. Powell was named for Colorado River explorer John Wesley Powell; Green River after the tributary upon which Powell started his first voyage down the Colo- rado River system in 1869. The date is significant because 1869 was the year when the Union Pacific Railroad reached Green River, and Powell took immedi- ate advantage of that fact to ship his boats there from the east. Evanston owes its name to James A. Evans, a Union Pacific surveyor. Henry T. Lovell, a rancher who settled in the northeastern part of the Bighorn Basin in 1880, gave his name to that town. Kemmerer stands for M. S. Kemmerer, president of the Kemmerer Coal Company which dominated the economy of his town. Incidentally, J. C. Penney opened his first store in Kemmerer. Military generals were honored by people looking for town names. Included was F. W. Lander, surveyor and improver of the Oregon trail in 1857. John A. Rawlins served as protector of the Union Pacific railroad sur- veyors in 1868. Philip Sheridan was responsible for killing a lot of Indians, but was remembered fondly by one of his Civil War troopers who platted the town of Sheridan. A good way to get a place named after you was to be mur- dered. Laramie was named after the Laramie River which flows through that place. The river, in turn, was named after Jacques LaRamie, a French-Canadian trapper killed in 1818 or 1819 T Cody is named after Buffalo Bill Cody. The Shoshones comprise an important Indian nation in Wyoming. WILL PAY TO THE BEARER ON DEMAND TEN DOLLARS; C000116A 02,-er,z, 4;tg•-,. '60.010:011W-"Tril no9— C 0 00116ATHE FIRST NATIONAL BANK OF POM ELL WYOMING OF STATES SASE cv O NATIONAL HANK OF 0 MEETEETSE WYOMING 0.4 WILL PAY TOTHE BEARER ON DEMAND TWEN'1T DOLIMIS B000033A 4.141 I sccriom nvrxrdopcurvsnosos ozposminnsommtr..... or THE FIRST 417.1:q. B 000033A Page 52 Paper Money Whole No. 182 The town of Powell was named after John Wesley Powell who organized expeditions to explore the Colorado River system. by some Arapahos who shoved him under its ice. Casper was named after Lt. Casper Collins, killed by Indians in 1865 when he went to the aid of some travelers near the town site. Politicos got their due. Douglas honors Stephen A. Dou- glas, U. S. Senator from Illinois, an Abraham Lincoln oppo- nent. Thermopolis is a tourist mecca that is the site of world fa- mous hot springs. Certainly as a town name, Buffalo conjures up images of the old wild west, but unfortunately that mystique is a mirage. The reality is that the place was named after Buffalo, New York! Don't tell anyone you read that here, blame it on Urbanek (1974)! ISSUANCES Of the more than 400,000 Series of 1929 notes issued, Table 1 reveals that 15.8 percent were type 2s. The most widely used Series of 1929 denomination was the $10, accounting for 68 percent of the notes pressed into circulation. Token quantities of $50s and $100s were issued by only one bank, The First National Bank of Lovell (10844), and these in the type 1 vari- ety only. Believe it or not, these were ordered by the bank in an effort to make a few bucks off a strange paper money col- lector looking for number 1 sheets. The smallest issuing bank was The First National Bank of Meeteetse (6340), which served a town with a population of 296 people in 1930. The bank required only the minimum circulation allowed at the time, $6,250. Series of 1929 notes from this bank are correspondingly rare, and eagerly sought Table 1. Wyoming Series of 1929 national bank notes is- sued by type and denomination. Den. Type 1 Type 2 Total 5 46,764 13,226 59,990 10 233,496 41,610 275,106 20 60,186 10,957 71,143 50 60 60 100 36 36 Totals 340,542 65,793 406,335 Percent 84 16 by Wyoming collectors. One each of its three denominations have been reported to date. OVERPRINTING PLATE VARIETIES The bank information printed in black on the faces of Series of 1929 notes was overprinted on the sheets from typographi- cal overprinting plates. The same plate was used to print all the different denominations for a given bank. Two situations resulted in the manufacture of new plates for a bank: (1) signature changes and (2) replacement plates that have the same signatures but different title layouts. Table 6 lists the new plates that were made for the Wyoming na- tional banks. The Bureau of Engraving and Printing charged $18 to $21 for the signature change plates, but no charges were levied for the replacement plates. Meeteetse is the key to a Series of 1929 Wyoming bank set. I TH 14 N 5 SU .11E-1.71171411111M ClEritinkraMMICIIE Id 14 sTrilia;itv-irx FIRST NATIONAL BANK IN co THERMOPOLIS WYOMING WO WILL PAY TO THE BEARER ON DEMAND C■1 TKIVIIINTINIMLIKARS D000120A FIRST NATIONAL BANK IN 0,1 THERMOPOLIS WYOMING ipki WILL PAY TOTHE HEARER ON DEMAND " TWENTY 13f)LIMIS A000059 12638 PPCHAVISTIATINITTATESNOTOP,DEPOSITATIRITUTOTTTIMATTIEROF '11110414VIMAWLILIMSOYIVIER441A, 12638 A000059 TWENTYDOLLIA*1,,AreA, Paper Money Whole No. 182 Page 53 Table 2. Wyoming Series of 1929 national bank notes issued by bank. Town Charter Number Denominations Issued Type 1 Type 2 Notes Issued Meeteetse 6340 5, 10, 20 none 2,670 Cody 7319 10, 20 10, 20 4,554 Cody 8020 10, 20 10, 20 5,777 Powell 10265 10, 20 10, 20 7,305 Greybul I 10810 10 10 8,663 Lovell 10844 5, 10, 20 5, 10, 20 50, 100 8,935 Lander 4720 10, 20 10, 20 11,004 Thermopolis 12638 10, 20 5, 10, 20 11,030 Douglas 8087 10, 20 10, 20 11,460 Buffalo 3299 10, 20 5, 10, 20 11,930 Evanston 8612 10, 20 10, 20 12,340 Evanston 8534 10, 20 5, 10, 20 12,446 Green River 10698 10, 20 10, 20 19,069 Laramie 3615 10, 20 10, 20 21,482 Kemmerer 5480 10, 20 10, 20 21,652 Sheridan 4604 10, 20 10, 20 22,280 Laramie 4989 10, 20 10, 20 22,725 Casper 6850 10, 20 10, 20 23,424 Rock Springs 4755 10, 20 10, 20 24,130 Casper 10533 10, 20 10, 20 25,470 Rawlins 5413 10, 20 10, 20 29,868 Cheyenne 11380 5, 10, 20 5, 10, 20 43,076 Rawlins 4320 5, 10, 20 5, 10, 20 45,045 Total 406,335 Original plate (type 1) and replacement plate (type 2) showing different type fonts. Notice that the signatures on the earlier plate were somewhat oversized. The replacement plates with the same signatures generally if not always have charter numbers that fall in the 9500 to 13000 range. The bank title layouts on the earlier plates for the Wyoming banks are characterized by tall, narrow, closely spaced letters. The town appears in bold, full letters, and the signatures are somewhat oversize. Compare, for example, the pair of notes shown with the Ireland-Bivin signatures from The First National Bank of Thermopolis (12638). There was something wrong with the earlier plates because the Bureau of Engraving and Printing systematically replaced them by the end of 1929 or very early in 1930. Only the first Series of 1929 printing was made from them for the Wyoming banks. $50 AND $100 LOVELL TYPE 1 ISSUES Lovell is a small community in the northern part of the Big- horn Basin in north central Wyoming. The First National Bank (10844) there had a small circulation of $30,000 between 1932 and 1935, yet the bank has the distinction of being the only bank in Wyoming to issue $50 and $100 notes. These joined $5, $10 and $20 issues. With a circulation of only $30,000 to THE FIRST NATIONAL BANK OF LOVELL WYOMING CO WILL PAY TO THE BEARER ON DEMAND FIPIY DOLLARS E000008A 21hrallAW-KEEINGILIG IIMEMR.1101.1MME 0N ED SITEDSTATB NUNN A POSITEDWITOTHE NURDR011r .115 %.M NM 0‘'.4-1— ■ E000008A SECTRUEUREDNEEBOSTEATININONDS posIrEmvan IIADAYINIENDE ,4/ Ill E37 THE FIRST E000001A TIEZSMIXISBINTALMI NATIONAL BANK OF jj C) KEMMERER CO WYOMING In WILL PAY TOTME BEARER ON DEMAND LO TWENTY DOLLARS E000001A —.. ---- xamcorvw EUINIGITEi 11101LAWIlisfiliDAORMAIIVA\ woo-- FIRST NATIONAL BANK OF ODs GREEN RIVERQom! WYOMING WILL PAY TO THE BEARER ON DEMAND 1,0 TEN DOLLARS' 10698 A000012 69 8 OOEV OF LD STATES OE ISSUE wanprobrAmcriewavirrir SECIIKDBYWIIMISTATESSONOSDEPOSITEDWITHMITREASUREROF N view " FIRST \ 12638 A000124 NATIONAL BANK IN CO THERMOPOLIS co WYOMINGcy WIELPAYTOTHE BEARER ON DEMAND FIVE DOLLARS A000124 12638 IDSTATES F ISSUE Page 54 Paper Money Whole No. 182 $50 and $100 Lovell notes owe their origin to early currency collector E. H. R. Green. Number 1 Series of 1929 notes are surprisingly scarce from Wyoming. The town of Green River was established along the banks of Green River and was the site from which Powell launched his first expedition down the Colorado River system in 1869. $5 Wyoming notes are scarce, and type 2 $5s are particularly revered by Wyoming small note collectors. Paper Money Whole No. 182 Page 55 Table 3. Periods during which the various sheet combinations were sent to the Wyoming national banks by the Comptroller of the Currency. Town Series of 1929 type 1 Charter Number $5-5-5-5-5-5 No. of Sheets First and Last Shipments Meeteetse 6340 266 Oct 28, 1929 - Jan 11, 1935 Lovell 10844 622 Mar 24, 1932 - Sep 27, 1933 Cheyenne 11380 3394 Oct 4, 1929 - Dec 27, 1933 Rawlins 4320 3512 Sep 11, 1929 - Dec 16, 1933 7794 Series of 1929 type 1 $10-10-10-10-10-10 Meeteetse 6340 138 Dec 5, 1929 - Apr 10, 1935 Lovell 10844 210 Mar 24, 1932 - Aug 3, 1933 Cody 7319 532 Oct 21, 1929 - Jul 25, 1934 Cody 8020 630 Nov 1, 1929 - Apr 27, 1934 Powell 10265 744 Oct 12, 1929 - Oct 18, 1933 Greybull 10810 1084 Oct 18, 1929 - Sep 11, 1933 Douglas 8087 1142 Oct 29, 1929 - Oct 18, 1933 Thermopolis 12638 1146 Sep 26, 1929 - Jan 16, 1934 Lander 4720 1148 Sep 14, 1929 - Jan 22, 1934 Buffalo 3299 1178 Sep 4, 1929 - Sep 18, 1933 Evanston 8534 1338 Nov 2, 1929 - Mar 6, 1934 Evanston 8612 1366 Nov 5, 1929 - Mar 20, 1934 Rawlins 4320 1982 Sep 19, 1929 - Dec 8, 1933 Cheyenne 11380 2034 Oct 16, 1929 - Dec 27, 1933 Green River 10698 2360 Oct 5, 1929 - Nov 21, 1933 Laramie 4989 2536 Nov 5, 1929 - Mar 19, 1934 Casper 6850 2540 Oct 17, 1929 - Feb 23, 1934 Kemmerer 5480 2556 Oct 4, 1929 - Nov 17, 1933 Sheridan 4604 2562 Sep 17, 1929 Jun 7, 1934 Rock Springs 4755 2602 Sep 25, 1929 Oct 13, 1933 Casper 10533 2734 Oct 5, 1929 - Sep 7, 1933 Laramie 3615 2786 Aug 31, 1929 - Apr 5, 1934 Rawlins 5413 3568 Oct 4, 1929 - Jan 3, 1934 38916 Series of 1929 type 1 $20-20-20-20-20-20 Meeteetse 6340 41 Dec 12, 1929 - May 1, 1935 Lovell 10844 64 Mar 24, 1932 - Jun 15, 1933 Cody 7319 136 Nov 19, 1929 - Jul 10, 1934 Cody 8020 182 Dec 7 , 1929 - Apr 2, 1934 Powell 10265 246 Oct 21, 1929 - Oct 3, 1933 Lander 4720 328 Oct 3 , 1929 - Dec 27, 1933 Buffalo 3299 338 Sep 11, 1929 - Sep 18, 1933 Thermopolis 12638 342 Oct 14, 1929 - Dec 27, 1933 Douglas 8087 358 Dec 7, 1929 - Sep 29, 1933 Evanston 8534 360 Dec 10, 1929 - Feb 2, 1934 Evanston 8612 370 Nov 19, 1929 - Mar 20, 1934 Cheyenne 11380 458 Oct 30, 1929 - Sep 18, 1933 Rawlins 4320 528 Sep 26, 1929 - Dec 8 , 1933 Casper 10533 596 Oct 18, 1929 - Aug 26, 1933 Rock Springs 4755 602 Oct 3 , 1929 - Sep 12, 1933 Green River 10698 604 Oct 12, 1929 - Nov 13, 1933 Casper 6850 674 Nov 26, 1929 - Feb 6, 1934 Kemmerer 5480 680 Dec 4 , 1929 - Nov 6 , 1933 Sheridan 4604 684 Oct 7, 1929 - Apr 30, 1934 Laramie 3615 698 Sep 19, 1929 - Mar 27, 1934 Laramie 4989 788 Nov 13, 1929 - Mar 9 , 1934 Rawlins 5413 954 Oct 12, 1929 - Dec 8, 1933 10031 Paper Money Whole No. 182 Series of 1929 type 1 $50-50-50-50-50-50 Lovell 10844 10 May 2, 1932 - Feb 17, 1933 10 Series of 1929 type 1 $100-100-100-100-100-100 Lovell 10844 6 May 14, 1932 - Feb 2, 1933 6 Charter No. of Town Number Notes First and Last Shipments Series of 1929 type 2 $5 Evanston 8534 312 Apr 2, 1934 - Aug 12, 1934 Thermopolis 12638 312 Jul 30, 1934 - Jan 29, 1935 Buffalo 3299 324 Mar 30, 1934 - Sep 20, 1934 Lovell 10844 2298 Sep 27, 1933 - Mar 18, 1935 Cheyenne 11380 4686 Dec 27, 1933 - Mar 5, 1935 Rawlins 4320 5294 Dec 16, 1933 - May 23, 1935 13226 Series of 1929 type 2 $10 Cody 7319 416 Jul 25, 1934 - Mar 23, 1935 Laramie 3615 489 Apr 5, 1934 - May 24, 1934 Cody 8020 735 Apr 27, 1934 - May 38, 1935 Lovell 10844 1030 Oct 18, 1933 - Apr 16, 1935 Green River 10698 1095 Nov 21, 1933 - Apr 30, 1935 Powell 10265 1152 Oct 18, 1933 - Jan 15, 1935 Thermopolis 12638 1431 Jan 16, 1934 - May 29, 1935 Evanston 8534 1511 Mar 6, 1934 - Apr 20, 1935 Evanston 8612 1520 Mar 20, 1934 - May 20, 1935 Lander 4720 1613 Jan 22, 1934 - May 29, 1935 Kemmerer 5480 1913 Nov 17, 1933 - Jun 19, 1934 Douglas 8087 1932 Oct 18, 1933 - May 15, 1935 Laramie 4989 2016 Mar 27, 1934 - Mar 27, 1935 Rawlins 5413 2056 Jan 3, 1934 - May 13, 1935 Buffalo 3299 2112 Sep 25, 1933 - Mar 27, 1935 Greybull 10810 2159 Sep 27, 1933 - May 29, 1935 Sheridan 4604 2189 Jun 7, 1934 - May 24, 1935 Cheyenne 11380 2340 Jan 14, 1934 - Apr 9, 1935 Rawlins 4320 2847 Dec 22, 1933 - May 3, 1935 Casper 6850 3241 Feb 23, 1934 - May 14, 1935 Rock Springs 4755 3634 Oct 13, 1933 - May 29, 1935 Casper 10533 4179 Sep 7, 1933 - May 27, 1935 41610 Series of 1929 type 2 $20 Laramie 3615 89 Apr 13, 1934 - May 4, 1934 Cody 7319 130 Aug 11, 1934 - Mar 9, 1935 Lovell 10844 135 Dec 4, 1933 - Mar 26, 1935 Cody 8020 170 Jun 4, 1934 - Apr 30, 1935 Green River 10698 190 Dec 1, 1933 - Apr 16, 1935 Powell 10265 213 Nov 15, 1933 - Dec 13, 1934 Kemmerer 5480 323 Nov 25, 1933 - Jun 8, 1934 Thermopolis 12638 359 Feb 14, 1934 - May 15, 1935 Buffalo 3299 398 Oct 9, 1933 - Apr 4, 1935 Evanston 8612 404 Apr 3, 1934 - May 31, 1935 Evanston 8534 435 Mar 20, 1934 - May 31, 1935 Douglas 8087 528 Nov 3, 1933 - May 15, 1935 Lander 4720 535 Feb 26, 1934 - May 17, 1935 Sheridan 4604 615 Jun 15, 1934 - May 15, 1935 Rawlins 5413 680 Jan 13, 1934 - May 24, 1935 Cheyenne 11380 734 Feb 12, 1934 - Apr 22, 1935 Laramie 4989 765 Apr 5, 1934 - Mar 18, 1935 Rawlins 4320 772 Jan 3, 1934 - May 17, 1935 Casper 6850 899 Mar 6, 1934 - May 27, 1935 Rock Springs 4755 1272 Oct 25, 1933 - May 17, 1935 Casper 10533 1311 Sep 14, 1933 - May 14, 1935 10957 Page 56 Paper Money Whole No. 182 Page 57 support, not many $50 and $100 were needed, respectively 60 and 36 notes. In 1982 I visited the bank to see if anyone there had knowl- edge of these issues. This was a long shot but it paid off. I met with owner Jack Pearson. He recalled cutting sheets and also the reason for the high denominations. Some eastern fellow—Pearson thought the man was from Pennsylvania—offered to buy the number 1 sheets from the bank. Why not cash in and order all five denominations for the gentlemen! This sounded suspiciously like the work of George H. Blake who purchased number 1 Series of 1929 sheets for immediate resale to the famous collector, Col. E. H. R. Green. The stories of both Blake and Green are best told by one of their contem- poraries, the legendary William A. Philpott of Texas (Philpott, 1970). George H. Blake, 12 Highland Avenue, Jersey City, N.J. was a true "dean" of paper money fanciers. He called himself a "collec- tor of paper money," and he authored the first listing of U.S. cur- rency in a 1908 booklet titled, United States Paper Money. Mr. Blake was gracious toward young collectors. I credit him with inciting my early enthusiasm for U. S. paper currency. Besides being a sea- soned collector and an authority, he was thoroughly versed in sell- ing the specimens he accumulated. The comparative proximity of his home to Washington, D.C. and his friendships in the Treasury Department (particularly in the redemption bureau and the comptroller's offices) gave Blake the "inside track" for many years—with accent on his government activities in the years 1927-36. During this period the small size notes were replacing the old large ones. Hardly a pleasant week would the venerable numismatist miss from his usual rounds at the redemption department, or in the offices of the comptroller of the currency. During these years the notorious Col. E. H. R. Green (Hetty Green's son) was buying everything, numismatically speaking, that was offered. Anybody could sell him an item he did not already own. But he did not purchase duplicates, no matter what. George Blake, widely known as he was in our hobby (more than twenty-five years treasurer of the A.N.A.), found Green a "soft sell" on the small size National Currency, series 1929, soon to be is- sued by the 14,000 national banks. Avoiding duplicates, Blake sug- gested that the No. 1, uncut, six-subject sheets could be made a fascinating project. Green agreed. Accordingly, Blake, through his Treasury Department connec- tions, was notified promptly when any and all banks ordered a circulation of the new size currency. By the time a bank had its currency application approved, the particular bank's officials had a letter from George H. Blake, in far away Jersey City. True, it was a form letter, with the bank's title town or city filled in, but signed personally by Blake. The letter was addressed, "Gentlemen," and went on to say: "From this letterhead you will note I am a collector of United States paper currency for historical, numismatic, and educational purposes. I am desirous of purchasing the No. 1 uncut sheets of your new, small-size National Bank notes, when and as issued. For such I will pay the following premium prices: Sheets of $5, No. 1, containing 6 notes $37.50, Sheets of $10, No. 1, containing 6 notes $66.00, Sheets of $20, No. 1, containing 6 notes $125.00. TOTAL $228.50. Payment for these will be made always in advance. Please advise if you will oblige me in this matter." While this "premium" only amounted to $18.50 on the face value of the eighteen notes, many a bank cashier (and president) sold Blake their No. 1 uncut sheets. It was in the depression years; the new notes (shabby, compared to the beautiful, old large ones) would never amount to much, so national banks by the scores sent Blake their No. 1, uncut sheets. What did Blake do with these uncut sheets? As fast as he re- ceived them he delivered them to Green. Cost to the latter (Blake told me, himself): the $5's—$50; the $10's—$80; and the $20's- $145, per sheet. Blake bought both types of this series for Green. However, Blake did not offer to purchase the $50 and $100 sheets. Comparatively few banks in the depression years ordered the higher denomina- tions, and the new size currency looked cheap, compared with the large size notes of the yesteryears. After Green died and his estate was administered, there was little interest among collectors in these sheets. A few of us borrowed money and bought (at 15% above face) as many sheets as we could afford. A few months later the large remainder of this sheet-hoard was turned in to the Federal Reserve Bank, New York, at face value by the administrators. The New York bank segregated the sheets, according to the twelve districts. Each of the other eleven banks received a list of sheets from banks in the respective districts, of- fering the sheets at face for the eleven banks to distribute, "as a public relation act," sheets to the national banks of issue who sold them to Blake. When the Dallas bank received a list of the 11th District sheets available, and the New York bank's suggestions of a "good will" gesture, this letter was referred to me, saying I could have any or all of the Texas No. 1 sheets at face value. If I did not want them, the Dallas bank would write New York to dispose of the notes elsewhere, as there was no interest in Texas. Again, I heaved a sigh, signed another large note or two at my bank and rescued another score or so of uncut Texas sheets, all number 1. I learned later that the remainder of sheets from the 11th District were eventually sent to the Treasury for redemption. Without question, the Blake-Green connection bears on the Lovell $50 and $100 issues. The $5 type 1 Lovell number 1 sheet did get saved, first appearing publicly as lot 5427 in the Grinnell sales of 1946. It represented one of only two Wyo- ming sheets in that landmark sale. William P. Donlon pur- chased it for $76 and sold it as part of his number 1 state sheet set to Johnny 0. Bass in the late 1960s. Bass resold the set to Dave Levitt a couple of years later. The big question is, of course, were the $50 and $100 num- ber 1 sheets saved? I very much doubt it. Philpott offers the strongest evidence: Blake did not buy high denomination sheets. In fact, it appears that the number one $10 and $20 Lovell sheets did not survive the liquidation of Green's estate if he had those sheets at all. At least these sheets, or notes from them, have never been reported. We have definite proof that the $50 and $100 Lovell notes entered circulation. Two $50s survived, D000004A in vg and E000008A in f-vf. The last to surface was D000004A, report- edly found in circulation a few years ago in a Pennsylvania bank and offered to the Lovell bank at face if they wanted it. The redemption records show that the Lovell high denomi- nations began to dribble in one or two at a time before such record keeping ceased in 1935. By June 28, 1935, twelve $50s and five $100s already had been redeemed. THE SCARCE TYPE 2 NOTES FROM LARAMIE (3615) There were two national banks in Laramie during the Series of 1929 era, The Albany National Bank (3615) and The First National Bank (4989), both with circulations of $100,000. The number of $20 type 2 notes sent to The Albany National Bank totalled a mere 89 notes. Here is that story. 111141101114101014GILIG icintraunartacx- HMILDNYITarKIMATINNONONDEPOSITVIWITIMIEIVEARtil.01 . THEVATITHPfillillESJOPAMMUM THE ALBANY NAPONAL BANK LAI:0MM WYOMING WILL PAY TO THE BEACI -ER ON DEMAND TWENTY MAXIS 5615 0000025 Surviving type 2 $20 from the short run of only 89 notes sent to the bank during a three-week period in April and May, 1934. Page 58 Paper Money Whole No. 182 Currency circulations were backed by bonds purchased by the banks and deposited with the U. S. Treasurer. Notes equal to the face value of the bonds were issued to the banks by the Comptroller of the Currency. Periodic shipments of new notes were sent as worn notes were redeemed. In cases where bonds were sold, no new shipments could take place until after the outstanding circulation was reduced to the value of bonds still held on deposit. A $50,000 bond sale by The Albany National Bank on May 28, 1934, followed by another $50,000 sale on January 3, 1935, created the $20 type 2 rarity. The Albany National Bank had maintained a $100,000 cir- culation of $10 and $20 notes since the teens. Periodic ship- ments of new notes were sent by the Comptroller as worn notes were redeemed. We collectors commonly underestimate the importance of such redemptions, but a significant percentage of a bank's notes were redeemed each year. In the case of The Albany National Bank, redemptions averaged $4,500 per month, or about 54 percent of the circulation each year. There was a complete dollar turnover every 22 months! The bank had just begun to receive its type 2 issues when the first half of its bonds were sold in May 1934. Specifically, there had been seven shipments of type 2 $10s between April 5 and May 24, totaling 489 notes, and two shipments of $20s. The first of the $20s was sent on April 13 (serials 1 through 30) and the second on May 4 (31 through 89). The $20 ship- ments spanned only three weeks. Redemptions never exceeded the value of the remaining bonds. The last bonds were sold in January 1935. Conse- quently, no additional shipments were sent to the bank after May 24, 1934. The result was creation of a great rarity, the type 2 $20 issue of only 89 notes. One of the $20s miraculously turned up in a Joe Flynn (Kan- sas City) ad in 1973, while I was living in Nebraska. I knew its significance but I missed it, and always wondered where it dis- appeared to. I really got interested in its whereabouts when I moved to Laramie in 1974. Shortly thereafter, I looked up vet- eran Wyoming collector Tom Mason (Frontier Mint) of Chey- enne. In what would be our first heart-stopping meeting, we showed each other our accumulations. I was thrilled to find Flynn's type 2 $20 among Tom's notes. It bore serial number A000025 and graded vg -f. Of course it would be there, Tom was the Wyoming vacuum in those days and made all the shows. There the note stayed no matter what deal I proposed to pry it loose. I bought Tom's holdings after he died in 1979, and sadly brought A000025 home. Almost as impressive, two of the Albany National $10s have turned up in circulated grades, A000137 and A000255. SHEETS Wyoming Series of 1929 sheets are quite rare. So far I can prove only the existence of the $5 type 1 Lovell sheet. A second Wyoming sheet, a $10 type 1 American National Bank of Cheyenne (11380), serial 842, was offered as lot 5838 in the Grinnell sales (Bluestone, 1944-6), and sold for $125. In 1965, I saw an ad placed by Haas Coin Company of New York in PAPER MONEY, volume 4, number 3, offering a CU $10 type 1 from Cheyenne for $45. I responded quickly and bought a note which bore serial A000842A! I have al- ways wondered if they were cutting notes off the sheet as orders came in! The big question is, would I have pur- chased the whole thing for $270 at the time! Probably not. Sheets were saved by the Kemmerer bankers because the CU $20 type number 1 notes have appeared, as have notes from the second and third $20 type 2 sheets. In fact, at last report, one uncut pair remains from the third $20 type 2 sheet, A000014 and A000015. I suspect that some sheets still survive from that bank. NUMBER 1 NOTES Serial number 1 Wyoming Series of 1929 small-size notes are decidedly scarce considering the number of issuing banks and the fact that several bankers liked to save their notes. So far the only reported examples are the six type 1 $20s from Kemmerer Toni Mason was the pioneer Wyoming national bank note collector. N • CODY • GREYBULL I • BUFFALO 1.,o • MEETEETSE 1 i:Q 1--, 1 1 K 2 .-- • THERMOPOL IS o MONTANA i 1 POWELL •• LOVELL • sHERIDAN• 1\ 1 I R 0 1- ,:t 0, 1c, \f\1 /- C) R4 r Nr G ,ki lz E E = • LANDER GASPER • • DOUGLAS II„_, 1 I c4 1 I Z •:, ,....,, i (f)■-.;'1..) ILo 1 cj...g - 1 .4...CO • RAWLINS 1 16..1 1I 1I [•VANSTON KEMMERER • ROCK SPRINGS •• GREEN RIVER •■• ••=0 LARAMIE • CHEYENNE 1,,I UTAH COLORADO Page 60 Paper Money Whole No. 182 Table 4. Circulations for Wyoming national banks that issued Series of 1929 notes. Town Charter 1929 1930 1931 1932 1933 1934 Buffalo 3299 49,995 49,995 49,995 49,995 49,995 50,000 Casper 6850 100,000 100,000 100,000 100,000 100,000 100,000 Casper 10533 100,000 100,000 100,000 100,000 100,000 100,000 Cheyenne 11380 100,000 100,000 100,000 100,000 100,000 100,000 Cody 7319 12,500 12,500 12,500 25,000 25,000 25,000 Cody 8020 25,000 25,000 25,000 25,000 25,000 25,000 Douglas 8087 50,000 50,000 50,000 50,000 50,000 50,000 Evanston 8534 50,000 50,000 50,000 50,000 50,000 50,000 Evanston 8612 50,000 50,000 50,000 50,000 50,000 50,000 Green River 10698 80,000 80,000 80,000 80,000 80,000 40,000 Greybull 10810 25,000 25,000 25,000 24,460 25,000 25,000 Kemmerer 5480 100,000 100,000 100,000 100,000 100,000 30,000 Lander 4720 50,000 50,000 50,000 50,000 50,000 50,000 Laramie 3615 100,000 100,000 100,000 100,000 100,000 50,000 Laramie 4989 100,000 100,000 97,900 100,000 100,000 99,450 Lovell 10844 --- --- --- 30,000 30,000 30,000 Meeteetse 6340 6,250 6,250 6,250 6,250 6,250 6,250 Powell 10265 35,000 35,000 35,000 35,000 35,000 34,600 Rawlins 4320 100,000 100,000 100,000 100,000 100,000 100,000 Rawlins 5413 111,400 114,460 116,200 148,200 148,200 100,000 Rock Springs 4755 89,998 90,000 90,000 90,000 88,650 90,000 Sheridan 4604 100,000 100,000 100,000 100,000 99,340 100,000 Thermopolis 12638 50,000 50,000 50,000 50,000 50,000 50,000 (5480) and the six in the type 1 $5 sheet from Lovell (10844). It is certain that more are out there, but they are taking their good time in revealing themselves. RARITY The rarity of Wyoming's 1929 issues are ranked in Table 7 using the Hickman and Oakes (1982) classification scheme and census information collected by this writer and Hickman over the past couple of decades. Rarity is a function of several important factors, among them: (1) the total number of notes issued by a bank, (2) the duration of the issuances, (3) the denominations issued, (4) an untimely end of a bank through failure or liquidation, and (5) the specific hoarding traits of certain individuals. Paramount in importance was the number of notes issued, a direct function of the circulation of each bank. The rarity of notes from Meeteetse (6340) epitomizes this. In fact, the num- ber of notes required to keep the $6,250 circulation going for this bank was so small no type 2 notes were needed by the bank. Short duration issues were not a major factor in the Wyo- ming Series of 1929 issues, although the late start by Lovell (10844) contributes slightly to the scarcity of notes from there. Scarcity in the Series of 1929 issues was greatly enhanced if a bank failed or was liquidated. However, none of the Wyo- ming note-issuing banks failed or liquidated during the small- size note era. All the weak Wyoming national banks got wiped out in the agricultural depression of the early 1920s. The rarity equation can be dramatically upset by a hoard. It turns out that several Wyoming bankers saved their notes. The biggest bank hoard was stashed away in The First National Bank of Sheridan (4604) and involved mostly high grade $20 type 1 and uncirculated $20 type 2 notes. The total number of notes reported in Table 7 for this bank appears only to scratch the surface of what may be out there. Other bankers who saved unusual numbers of notes included those in Kemmerer (5480) and Rawlins (5413). One significant hoard found in Rock River, Wyoming, in 1978, contained at least $6700 in small-size nationals includ- ing about 60 Wyoming notes from 12 banks. The prize was one of the three reported Meeteetse (6340) notes, $5 F000112A in vg. The hoard contained a lode of Laramie notes number- ing 37 or so, with the split between the two banks weighted toward The Albany National Bank, and with more $10s than $20s. This hoard alone propelled the two Laramie banks into the common category by Wyoming standards. Another hoard containing both large- and small-size Wyo- ming notes emerged in Green River or Rock Springs in the late 1970s which contained a number of Rock Springs, Green River and Rawlins small-size notes. It was scattered to the four winds before I learned of it. Tom Mason recorded the few serials that we have from the hoard as the notes went by. Type 2 notes from Wyoming are eagerly sought by Wyo- ming specialists because they represent just under 16 percent of the Series of 1929 total and about 20 percent of the re- ported specimens. See Table 7. SURVIVAL RATES The overall survival rate for Series of 1929 Wyoming na- tionals based on reportings through December, 1995, is one Paper Money Whole No. 182 Page 61 Table 5. Signature combinations on the Series of 1929 national bank notes from Wyoming. Town Charter Number President Cashier Years Used Buffalo 3299 H. P. Rothwell W. R. Holt 1929-1935 Casper 6850 P. C. Nicolaysen C. H. McFarland 1929-1934 J. W. Ouderkirk R. E. Barton 1934-1935 10533 B. B. Brooks C. F. Shumaker 1929-1935 Cheyenne 11380 J. W. Hay D.H. Wageman 1929-1935 Cody 7319 P. E. Markham C. E. Parks 1929-1931 P. E. Markham R. H. Smith 1931-1935 8020 S. C. Parks Jr. R. W. Allen 1929-1935 Douglas 8087 M. R. Collins R. L. Swan 1929-1935 Evanston 8534 G. E. Pexton 0. E. Bradbury 1929-1935 8612 T. Painter A. Coutts 1929-1934 J. W. R. Rennie A. Coutts 1934-1935 Green River 10698 T. S. Teliaferro Jr. J. A. Chrisman 1929-1935 Greybull 10810 C. J. Williams G.A. Hinman 1929-1935 Kemmerer 5480 P. J. Qealy J. W. Biggane 1929-1931 J. L. Kemmerer J. W. Biggane 1931-1932 J. A. Reed J. W. Biggane 1932-1935 Lander 4720 S. C. Parks E. W. Frankenfeld 1929-1935 Laramie 3615 C. D. Spalding R. G. Fitch 1929-1935 4989 J. A. Guthrie H. R. Butler 1929-1935 Lovell 10844 H. Hansen W. E. Pearson 1932-1935 Meeteetse 6340 A. A. Linton A. E. Linton 1929-1935 Powell 10265 S. A. Nelson H. Barrows 1929-1933 S. A. Nelson R. A. Nelson 1933-1935 Rawlins 4320 J. E. Cosgriff G. A. Bible 1929-1935 5413 N. R. Greenfield H. A. France 1929-1935 Rock Springs 4755 J. W. Hay C. Elias 1929-1935 Sheridan 4604 R. H. Walsh W. C. Henderson 1929-1931 R. H. Walsh D.C. Meyer 1931-1935 Thermopolis 12638 R. J. Ireland W. T. Bivin 1929-1934 H. L. Davis W. T. Bivin 1934-1935 note per 605 issued. As expected the survival of $5s is consid- erably lower than the $10s and $20s. The current survival sta- tistics by denomination are: $5s—one per 1,395 issued, $10s—one per 804 issued, and $20s—one per 250 issued. The current breakdown by type is one per 632 issued for type is and one per 495 for type 2s. Wyoming collectors have found $5s to be difficult to come by for two reasons. First, not a lot were made in contrast to $10s and $20s, a total of 59,990 notes to be exact. Second, they had a lower survival rate owing to a shorter life in circula- tion than the higher denominations. Type 2 Wyoming $5s are particularly prized because so few have been discovered: ten type 2s versus 27 type ls as of last count. At least eight type 1 $5s owe their survival to the Rock River Hoard, five from Rawlins (4320), two from Cheyenne (11380), and the one from Meeteetse (6340). DISCUSSION Wyoming small-size notes are scarce in comparison to most other states, but on a bank-by-bank basis the survival rate here seems to be above the national average. This may reflect either better record keeping or an unusually higher survival rate at- tributed to a few small hoards. The best thing about Wyoming small-size notes is the group of collectors who compete for them. There are a lot of Wyo- ming collectors; each avidly seeks small-size notes, and each has given freely to this author of his data. We are competitors but we get along well. Of course we do everything we can to beat the other guy to a new note or beat it out of him once he gets there first! So far no one has been killed. One thing that characterizes Wyoming collectors is that they appreciate scarcity as only a westerner can. Consequently, they value even the most worn notes from here, and none have found it necessary to doctor their notes so they look better. This is a great achievement in today's market. Tom Mason was the pioneer in collecting Wyoming nation- als and he always appreciated small-size notes. He got to tap some virgin sources through his years as owner of the Wyo- ming Mint Coin Shop in Cheyenne. One of the greatest losses to me was his death in 1979. James Hoskovec is another great Page 62 Paper Money Whole No. 182 Table 6. Signature change or modified-layout replacement overprinting plates for the Series of 1929 Wyoming na- tional bank note issues. Event Date of First Shipment from New Plate to Comptroller Changeover from BEP Type Den Serials Date Changeovers Shipped to Bank 4604 Sheridan First National Bank R. H. Walsh-W. C. Henderson to Jun 16, 1931 1 10 1400-1401 Jul 16, 1931 R. H. Walsh-D. C. Meyer Jun 18, 1931 1 20 472-473 Jan 7, 1932 5480 Kemmerer First National Bank P. J. Quealy-J. W. Biggane to Jul 10, 1931 1 10 1580-1581 Sep 23, 1931 J. L. Kemmerer-J. W. Biggane Jul 13, 1931 1 20 450-451 Oct 23, 1931 J. L. Kemmerer-J. W. Biggane to Nov 22, 1932 1 10 2178-2179 Dec 22, 1932 J. A. Reed-J. W. Biggane Nov 22, 1932 1 20 606-607 Apr 24, 1933 6850 Casper Casper National Bank P. C. Nicolaysen-C. H. McFarland to Jul 31, 1934 2 10 1764-1765 Sep 18, 1934 J. W. Outerkirk-R. E. Barton Jul 31, 1934 2 20 504-505 Jan 11, 1935 7319 Cody First National Bank P. E. Markham-C. E. Parker to Dec 19, 1931 1 10 230, 315 Dec 2, 1931, ran 6, 1932 P. E. Markham-R. H. Smith Dec 19, 1931 1 20 42, 105 Dec 16, 1931, Feb 29, 1932 ($10 sheets 231-314 and $20 sheets 43-104 cancelled) 8612 Evanston Evanston National Bank T. Painter-A. Coutts to Sep 5, 1934 2 10 888-889 Nov 15, 1934 J. W. R. Rennie-A. Coutts Sep 5, 1934 2 20 252-253 Jan 22, 1935 10265 Powell First National Bank Replacement Plate May 19, 1932 1 10 618-619 Jul 29, 1932 May 19, 1932 1 20 204-205 Jan 16, 1933 (use of a replacement plate has not been verified with an observed note) S. A. Nelson-H. Barrows to Jul 18, 1933 1,2 10 744-1 Oct 18, 1933 S. A. Nelson-R. A. Nelson Jul 18, 1933 1,2 20 246-1 Oct 3, 1933, Nov 15, 1933 10533 Casper Wyoming National Bank Replacement Plate Nov 7, 1930 1 10 1220-1221 Nov 1, 1930, Nov 11, 1930 Aug 7, 1931 1 20 416-417 Mar 17, 1932, Apr 4, 1932 10698 Green River First National Bank Replacement Plate Feb 14, 1930 1 10 622-623 Feb 28, 1930 Feb 14, 1930 1 20 212-213 Nov 28, 1930 10810 Greybull First National Bank Replacement Plate Dec 2, 1930 1 10 492-493 Jan 31, 1931 11380 Cheyenne American National Bank Replacement Plate Nov 13, 1930 1 5 1530-1531 Jan 15, 1931 Nov 13, 1930 1 10 774-775 Nov 29, 1930 Nov 13, 1930 1 20 258-259 May 29, 1931 12638 Thermopolis First National Bank Replacement Plate Feb 28, 1930 1 10 616-617 Apr 14, 1931 Feb 28, 1930 1 20 202-203 Jul 30, 1931 R. J. Ireland-W. T. Bivins to Jul 17, 1934 2 5 1 Jul 30, 1934 H. L. Davis-W. T. Bivins Jul 17, 1934 2 10 768-769 Nov 14, 1934 Jul 17, 1934 2 20 324-325 May 15, 1935 Paper Money Whole No. 182 Page 63 Table 7. Numbers of reported Series of 1929 Wyoming national bank notes as of December, 1995. Town Charter Number Bank Type 1 Type 2 Total Rarity Meeteetse 6340 First National Bank 3 -- 3 R5 Cody 7319 First National Bank 10 0 10 R4 Greybull 10810 First National Bank 7 3 10 R4 Cody 8020 Shoeshone National Bank 9 2 11 R4 Powell 10265 First National Bank 11 4 15 R3 Buffalo 3299 First National Bank 16 1 17 R3 Evanston 8534 First National Bank 13 4 17 R3 Lander 4720 First National Bank 10 7 17 R3 Douglas 8087 Douglas National Bank 14 4 18 R3 Lovell 10844 First National Bank 14 4 18 R3 Thermopolis 12638 First National Bank 13 7 20 R3 Evanston 8612 Evanston National Bank 21 2 23 R3 Casper 6850 Casper National Bank 27 5 32 R2 Cheyenne 11380 American National Bank 32 5 37 R2 Green River 10698 First National Bank 34 3 37 R2 Casper 10533 Wyoming National Bank 24 15 39 R2 Rawlins 4320 First National Bank 35 6 41 R2 Kemmerer 5480 First National Bank 31 12 43 R2 Rock Springs 4755 Rock Springs National Bank 30 15 45 R2 Rawlins 5413 Rawlins National Bank 46 3 49 R2 Laramie 4989 First National Bank 44 9 53 R1 Laramie 3615 Albany National Bank 54 3 57 R1 Sheridan 4604 First National Bank 41 19 60 R1 Totals 539 133 672 R1 = more than 50 known R2 = 26-50 known R3 = 12-25 known R4 = 6-11 known R5 = 3-5 known R6 = 0-2 known Table 8. Populations of Wyoming towns which contained banks that issued Series of 1929 notes. Buffalo 1,749 Lander 1,826 Casper 16,619 Laramie 8,609 Cheyenne 17,361 Lovell 1,857 Cody 1,800 Meeteetse 296 Douglas 1,917 Powell 1,156 Evanston 3,075 Rawlins 4,868 Green River 2,589 Rock Springs 8,440 Greybull 1,806 Sheridan 8,536 Kemmerer 1,884 Thermopolis 2,129 Wyoming collector and he loves small-size notes. I can't pry a couple of them from his tight fists no matter what I offer. Threats don't work on that guy either! George Warner is the consummate Wyoming small-size note specialist. Seriously addicted, he will trade good blankets for small-size Wyoming notes. In him you see serious commitment! A number of new collectors have entered the chase within the past couple of years and the market for our notes is better than ever. Of course, we still have to compete with easterners who want a little piece of the wild west in the form of a note or two from Wyoming. A lot of Laramie notes have satisfied that need, after all, Jesse James spent a night in our jail before es- caping! WYOMING CENSUS If you have a Wyoming note that may not be in the census of reported notes, please send a copy to: Peter Huntoon, P. 0. Box 3681, Laramie, WY 82071 or call 307-742-2217. REFERENCES CITED AND SOURCES OF DATA Bluestone, B., Nov 25, 1944-Nov 30, 1946, The Albert A. Grinnell collec- tion of United States Paper Money: Barney Bluestone, Syracuse, NY, 651 pp. (1971, Reprint of the seven sale catalogs by Anton, W. T., and M. Perlmutter). Continued on page 64 Page 64 Paper Money Whole No. 182 SPMC Annual Awards The 1995 SPMC Awards will be presented at the Interna- tional Paper Money Show in Memphis, Tennessee, in June 1996, as follows: 1. Nathan Gold Memorial Award. Established and formerly (1961-1970) presented by Numismatic News, now by the Bank Note Reporter. Presented to a person who has made a concrete contribution toward the advancement of paper money collecting. Recipients, who need not be members of the SPMC, are chosen by the Awards Com- mittee. 2. Award of Merit. For SPMC member (or members) who, during the previous year, rendered significant contribu- tions to the Society which bring credit to the Society. May be awarded to the same person in different years for different contributions. Recipients to be chosen by the Awards Committee. 3. Literary Awards. first, second and third places. Awarded to SPMC members for articles published originally in Paper Money during the calendar year preceding the an- nual meeting of the Society. A. An Awards Committee member is not eligible for these awards if voted on while he is on the com- mittee. B. Serial articles are to be considered in the year of conclusion, except in case the article is a continua- tion of a related series on different subjects; these to be considered as separate articles. C. Suggested operating procedures: The Awards Com- mittee chairman will supply each committee mem- ber with a copy of the guidelines for making awards. Using the grading factors and scoring points which follow, each member will make his selection of the five best articles published in the preceding year, listing them in order of preference. The lists will be tabulated by the chairman and the winners chosen. A second ballot will be used to break any ties. D. Grading factors and scoring points: a. Readability and interest—Is the article interest- ingly written? (20 points) Is it understandable to someone who is not a specialist in the field? (10 points) Would you study the article rather than just scan through it? (10 points) b. Numismatic information covered—In your opinion, will the article be used by future stu- dents as a reference source? (20 points) Has the author documented and cross referenced his source material? Give credit for original research and depth of study. (20 points) Is the subject a new one, not previously researched, or a rehash? If it presents a new slant on an old subject, give proper credit. (20 points) The Dr. Glenn Jackson Memorial Award will be presented, if someone qualifies. This award, open to any author in any numismatic publications, is for an outstanding article about bank note essais, proofs, specimens and the engravers who created them. This award, when presented, consists of a certificate, which includes an engraving by American Bank Note Co. The Julian Blanchard Memorial Exhibit Award will be awarded for the outstanding exhibit of bank note essais, proofs and specimens, including the possible relationship to stamps. The SPMC Best of Show Award is given for an outstanding exhibit in Memphis on any paper money-related subject. DANIEL (Continued from page 50) of the Act to reduce the sum of outstanding legal tender notes preparatory to the resumption of specie payment on January 1, 1879. SOURCES: Huntington, A.T. and R.J. Mawhinny. (1910). Laws of the United States Concerning Money, Banking, and Loans, 1778-1909. 61st Congress, 2d Session, Doc. 580, Senate. Washington: GPO. Robertson, R.M. (1968). The Comptroller and Bank Supervision, A His- torical Appraisal. Washington, DC: The Office of the Comptroller of the Currency. Annual Reports of the Comptroller of the Currency, 1863-1875. HUNTOON (Continued from page 63) Bureau of Engraving and Printing, 1929-1935, Ledger listing Series of 1929 overprinting plates that were manufactured: U. S. National Archives, Washington, D.C. Comptroller of the Currency, 1928-1935, Annual reports of the Comp- troller of the Currency: U. S. Government Printing Office. Comptroller of the Currency, various dates, National currency and bond ledgers: U. S. National Archives, Washington, DC. Hickman, I., and D. Oakes. 1982, Standard catalog of national bank notes: Krause Publications (Iola, Wisconsin), 1216 pp. Huntoon, P. W., 1978, Wyoming national bank notes issues of 1929- 1935: PAPER MONEY v. 17, pp. 69-75. Philpott, W. A., Nov. 10, 1970, Why No. 1 sheets, Series 1929, are not too rare: Numismatic News, pp. 14,27. Urbanek, M., 1974, Wyoming place names: Johnson Publishing Com- pany, Boulder, Colorado, 236 pp. Paper Money Whole No. 182 Page 65 THE BANKS OF by RONALD J. BENICE INTRODUCTION An in-depth examination of the various banking insti- tutions in Sing Sing, New York before the turn of the century provides an instructive survey of the types of banks—state chartered, private merchant and federal chartered—and the different forms of paper money they issued. It also traces the evolution of banking and banknotes as banks failed, financial panics occurred and laws changed. Sing Sing started as a cluster of three houses separated from Philipse Manor in 1785. It incorporated as a vil- lage in 1813. The name was derived from the Sint Sink Indians, an Algonkian tribe that had previously lived there. Over time, to the dismay of Sing Sing's citizens, the name became associated with the famous prison which opened in 1828. To remedy this discomfort, the villagers changed the name to Ossining, a fabricated al- most-anagram. (Ironically, New York state later renamed the prison the Ossining Correctional Facility.) SING SING'S FIRST BANK HE first banking institution in Sing Sing was The Bank of Sing Sing, organized on December 4, 1852. The founders were led by Dr. Benjamin Brandreth, a wealthy local businessman whose factories produced Bran- dreth's Pills, a widely distributed cure for everything. Dr. Benjamin Brandreth, founder of The Bank of Sing Sing and the Sing Sing Savings Bank. He was born in England in 1809 and came to Sing Sing in 1837. He became a multi-millionaire selling two million boxes a year of Brandreth's pills and five million of Allcock's Porous Plasters which were manufactured in Sing Sing. He served as President of the Village of Sing Sing from 1843 to 1846. He died on February 19, 1880. The formal certificate of organization for "an office of dis- count and deposit, issuing and circulating bills and notes as permitted by law" was filed on July 6, 1853 with the West- chester County Clerk and business started on August 1, 1853. The bank started with nine founding shareholders who each invested between $10,000 and $20,000 for a total capitaliza- tion of $125,000. In July 1854 one of the founders, F.L. Nichols, contributed an additional $25,000 raising his stake to $35,000 and the bank's capital to $150,000. The bank issued notes in $1, 2, 3, 5, 10, 20, 50 and 100 denominations. The notes, originally engraved by Baldwin, Adams & Co., were issued in sheets of $1-1-1-2, $5-5-5-10, $3-5-5-10 and $5-20-50-100. The first issue had no overprints; the second issue had red denominational overprints. Haxby indicates that the same plates were reused by Baldwin, Bald and Cousland (late 1854-1857 according to Rice) and by Bald, Cousland and Company (1858). Some of the latter also had American Bank Note Company (ABNCo) monograms (1858- 60). All examples, issued and proof, including those from the ABNCo archives, bear the Baldwin Adams imprint. These in- clude a complete denominational set without overprints, most of which Haxby omitted. The bank failed in 1860 after disastrous investments. There was an interesting early clue that things were amiss at the bank when, on October 10, 1859, the Examining Committee of the Sing Sing Savings Bank (see illustration), which was also founded by Dr. Brandreth and which deposited its cash assets with the Bank of Sing Sing, found that the books didn't bal- ance and recommended "that the Book Keeper of the Bank of Sing Sing be requested to make a copy of the sums deposited and the sums drawn since the commencement of the Bank." On August 15, 1860 the Committee reported that they had not yet received the full information they needed. On Septem- ber 10 they reported some progress. Finally, on November 1, 1860 the Secretary of the Savings Bank, on his own initiative, withdrew all of his bank's funds from the Bank of Sing Sing and deposited them in the Shoe and Leather Bank in New York. Dr. Brandreth requested they be redeposited in his bank but his motion was defeated at the November 14, 1860 Board meeting. On November 19, 1860 Justice William W. Schrugham of the Supreme Court of the State of New York held a hearing in White Plains. The Bank was declared insolvent, its officers were enjoined from dispensing or transferring funds of the bank and from receiving payments due. Henry Willets, a creditor, was named Receiver of the Bank of Sing Sing. On November 30, 1860, at a meeting with the State Superintendent of the Banking Department in Albany, it was disclosed that the Bank of Sing Sing had an outstanding circulation of $57,527 in notes on which it had suspended payment and that the State Bank- ing Department held $60,000 in interest-bearing New York State bonds that had been deposited by the Bank of Sing Sing as security when the notes were issued. Mr. Willets transferred ownership of the bonds to the Superintendent of the Banking Department who agreed to use the funds to redeem the out- T $2 Bank of Sing Sing note with lazy deuce overprint. Clement Moore, who wrote "A Visit from St. Nicholas," was a frequent visitor to Sing Sing and local tradition was that the poem was written there. This accounts for the Santa Claus vignette. 11 C COUNT, ------. h' annt r1C,UVe--- Cash!' 11n14 $20 note without overprint. Although unlisted in Haxby, the six highest denominations exist without overprints. The portrait is Francis Larkin, a President of the Village of Sing Sing and Supervisor of the township. NM)) s*Iir CR COUNTY Mrs aufftawiti - /v Cltslt" Tres' fra/r4,>. was $100 note without overprint. The vignette shows the Croton Dam, completed in 1842. The dam is still intact, but is submerged in the Croton Reservoir which stores water for New York City. Paper Money Whole No. 182 Page 66 Paper Money Whole No. 182 Page 67 standing circulation and to publish notices that the notes would be redeemed for a period of six years. Once it was clear that the notes were good, local merchants began accepting them again at full value. * The Bank of Sing Sing in 1859. It was located at the intersection of High- land and Croton Avenues. SING SING BANK AND J. W. Rumsey & Co. BILLS OAKEN Am. PAR, AT TLIF CLOTHING STORE, 0 F SING SING SAVINGS BANK The Sing Sing Savings Bank was organized on May 18, 1854 by a group headed by Dr. Benjamin Brandreth, who controlled the Bank of Sing Sing. The organizational meeting was held in the Bank of Sing Sing and was chaired by Charles F. Maurice. Brandreth was elected president and served in this capacity until 1856. The initial funds were deposited in the Bank of Sing Sing. In 1860, after the Bank of Sing Sing failed, the Examination Committee of the Savings Bank, chaired by Mr. Maurice, re- ported they "regret that from the manner in which the books have been kept it is impossible to present a clear exhibit of the various accounts as would be shown by a correct balance sheet. (However,) it is with much gratification that in the present condition of things the committee is able to state that with the exception of interest due from the Bank of Sing Sing the prop- erty of the bank has been preserved. The Secretary is entitled to the hearty approbation of this board and the thanks of the depositors for his scrupulous integrity in saving by his own act the large amount on deposit with the bank of Sing Sing when that institution was faced with disaster." It is worth re- calling that in November 1860, when the Secretary reported the withdrawal, Dr. Brandreth introduced a resolution that the funds be redeposited, but was outvoted. The failure of the Bank of Sing Sing left the Savings bank without a place of business. Initially, Charles Maurice allowed the Savings Bank to store their books and papers in his vault, but not to conduct business in his Banking Office. Eventually, in October 1862, the Savings Bank agreed to rent space in the Banking Office from Mr. Maurice for $150 a year and to hire Isaac Noxon as Secretary. Subsequently the Savings Bank shared space with the First National Bank of Sing Sing with C.F. Maurice continuing as a trustee. Isaac Noxon continued as sec- retary until 1896 when the Savings Bank finally moved into a building of its own. JAMES E. AYIIES, TARRYTOWN. J. BARLOW 84. SONS will take Sing Sing Bank Bills at PAR In These advertisements appeared in local newspapers after it was disclosed there was sufficient security with the state to redeem the notes. THE BANKING OFFICE OF C.F. MAURICE A private banking house was opened by Charles F. Maurice in February 1860. Isaac Noxon was hired as cashier-bookkeeper. Although not conclusive, there is evidence the business oper- ated out of Maurice's house at the corner of Highland Avenue and James Street, opposite the foot of Maurice Avenue. Charles Frazier Maurice was born on Pearl Street in New York City on September 24, 1812. His father, Benjamin Maurice, migrated to the United States from Somersetshire, England in 1789. Benjamin operated an importing business in Savannah before moving to New York. Charles graduated from Princeton College, married Cornelia Joline of Princeton, New Jersey in 1838 and moved to the village of Sing Sing in 1845 where he opened a school for boys. Later that year, his school merged into the prestigious Mount Pleasant Academy with Charles Maurice becoming principal. Page 68 Paper Money Whole No. 182 Charles F. Maurice, founder of a private banking house and The First National Bank of Sing Sing. Charles Maurice resigned on March 1, 1860 to devote more time to his banking business. He was succeeded at Mount Pleas- ant Academy by Major W.W. Benjamin. In addition to his bank- ing ventures, Charles Maurice was Secretary of the Sing Sing Gas Manufacturing Company, a founding officer of the Pres- byterian Church and a trustee of the Mount Pleasant Acad- emy. He died of a stroke on December 24, 1888 and was buried in Perth Amboy, New Jersey. The reminiscences at his funeral described him as a highly respected man of very quiet taste. The centennial catalog of Mount Pleasant Academy described him as a rare man who gave the school its distinctive atmo- sphere. Maurice Avenue in the village of Sing Sing was named after him. THE FINANCIAL PANIC The year 1861 saw two significant events relating to paper money circulating in the United States: the outbreak of the Civil War and the issuance of the first nationally circulating federal paper money. People feared devaluation of the paper currency and began hoarding silver coins. Businesses worried about having enough coins to function and started hoarding too. Silver coins were exported to Canada where they could still be exchanged for gold. By mid-1862 the shortage became severe—copper cents were the only coins still circulating and businesses like railroads and restaurants were severely im- pacted. The United States Government had nothing circulat- ing between pennies and $5 bills! The press tried to solve the problem editorially. On July 17, 1862, the Sing Sing Republican stated that, "This last specie panic need not frighten the people ... it has originated in disloyalty and a spirit of speculation ... instead of laying it at the door of the Administration, these traitors should be ferreted out and punished. The same quantity of specie still remains in the coun- try, There are thirty-two millions in the vaults of the New York banks alone. This specie panic must soon come to an end." Two weeks later, the same newspaper said, "The postage stamp currency law takes effect on the first of August. It makes postage stamps legal tender under five dollars ... Now bring out your small change, there is no use hoarding it any longer." (Unfortunately, the ensuing run on post offices depleted the supply of stamps and the Postmaster General tried to restrict sales. Also, tiny glued squares of paper were impractical to use as money.) The next week, the newspaper editorialized at length: "There are three classes in the community which croaked on the cur- rency question so long and so loud that they have created a wide spread specie panic ... secession sympathizers, specula- tors and the banks. The sympathizers are doing all in their power to throw distrust on the national issues and embarrass the Government in the means to prosecute the war. The specu- lators who are taking advantage of the present condition of things to fill their own coffers ... deserve the execration of ev- ery one and ought to be hooted out of the community. "The banks are a more formidable body and they have op- posed Secretary Chase's plans for relieving the government tooth and nail. The thousands of banks throughout the coun- try have been superseded by the issues of the Treasury Depart- ment and the people like the change. The Treasury Notes are National—good in every portion of the Republic ... and not subject to a heavy discount ... or the banks constantly failing. And though in the vaults of the city of New York alone there are over thirty millions of dollars in specie, not a dollar of it is paid out to redeem their own notes. They ought to be pre- sented at once, as they may be, by every bill-holder. "Every loyal man should give ... these war measures hearty support; for in this the Government is supported; while if they are opposed the rebels are aided and comforted. Croakers, avaunt!" C.F. MAURICE SCRIP It was in this financial panic that the Banking Office of C.F. Maurice started issuing scrip signed by prominent local mer- chants in July 1862. There were three types and four denomi- nations. The first two types were issued in July 1862. The first type was payable to bearer and bore the engraved date of July 17, 1862; the second type had handwritten dates and the hand- written name of a payee. f;,-- < ' 41130-*OAQua( (-.):.t. ,-,-.i;, ,:v. , '' ---<-__%,--"---__7.- ----- -r-r---- - - _ i ' -'- 71 -7- • ,..‘ vtvw virwl:A. ,,ii..),/(//7/7./h/54y,,7 e=•1-1-4-. „/?<-2-7ei.,,,,, .. ....4... A five cent note with engraved date, payable to bearer and signed Barlow Brothers. William H. Barlow was born in Danbury, Connecticut on July 16, 1827 and moved to Sing Sing in 1832. In 1843 he started working in a hardware busi- ness in which his father was a partner. He died in New York HARDWARE, STOVES) PLUMBING, BELL-HANCINC, and CAS-FITTING. BARLOW BROTHERS, Main Street, SING KING, N_ -cz. • Would' respectfully call attention to 'their Stock tq l KEROSENE LAMPS, , KEROSENE OIL Aldo to their FURNACE'S RANGtS! of which they have a large lot, and a great varid ty, among which are the celebrated Littlefield COAL BURNER! which requires but one fire the whole season, and to be replenished hot once in TWENTY-FOUR hours, together with a large lot of COOKING AND PARLOR Sigh ! PLUMING AND BELL-HANGING, Done at the lowest price. and at shortest notice. (live us a call, and we will satisfy you in regard to price. BARLOW BROTHERS. SING SING, Oct. 14, 1862. 81n121)16. Paper Money Whole No. 182 Page 69 City on January 13, 1901. His brother George J. was born in Danbury in 1832 and died in Pomona, Florida on November 28, 1886. Upon their father's retirement in January 1861, they formed a hardware and plumbing business on Main Street that included tinsmithing and bell hanging service. Advertisement for Barlow Brothers. A ten cent note with handwritten date, a named payee (or bearer), and signed by John A. Aitchison. Notice the United States dime illustration. John Aitchison was born in England in 1812 and came to the United States in 1821. A custom tai- lor by profession, he operated an upscale clothing store on Main Street. When he died on April 23, 1908, he held the vil- lage record for the longest continuously operating business. A 25 cent note with handwritten date and named payee signed by Leander Fisher. Notice the U.S. quarter illustration. Leander Fisher was born in Sing Sing in 1838. He operated a discount clothing store on Main Street. He died on February 2, 1888. A 50 cent note signed by William E. Ryder. William Ryder was born in 1836 at the family farm on Chappaqua Road in Westchester County. His mother was a van Cortlandt. At age 18 he went into the dry goods business on Main Street in Sing Sing. He died on April 7, 1903. Frederick Burrhus was born in Putnam County, New York in 1826. He established the first telegraph office in Sing Sing and operated a news stand. He also served as a town supervi- sor. He committed suicide by stove gas in Everett's Hotel on Barclay Street in New York on October 25, 1883. Besides signing notes issued by C.F. Maurice, F.C. Burrhus issued his own cardboard scrip in 1 cent and 3 cent denomi- nations. Page 70 Paper Money Whole No. 182 $6.0 0 NOT bUY A flint Cloth 1'i-tickCoat at the Store of JOHN A. AITCHISON. of tife latest gtyle, Aftlid Stor4 of Advertisement for Aitchison. st4tV400 - , , wow 25 cent note with engraved date payable to bearer. A 50 cent note signed by F.C. Burritus. 'SJIJSJ 11; Ts) if'v }4M TRICE C. s • Co • *N./. I '917 s FIVE CEXTS 17/ 7,•:/ ; ),\ .A.1 ri iI) ui c tt =^;A1T ]Et. ICE 'CO // • 4//1/ /IL / rwEvrr tivr CENTS /// 7// ; /i,c,/,/ /_. _--z The three denominations of small-size scrip issued by C.F. Maurice. SING SING. At' THE CDIATi AND ESTABLISHED CLOTHING INPORItilf ! 2,50 Will NOT buy a rod Cat at theStore of JOHN A. AITCIIISON. JO 3 a ,- n Will NOT bu • good Pair of Pants .t../ V at the Store of JOHN A: AITCHISON. $1.25 Will NOT bay good Vat, at the Stork of JOHN A. AITCHISON. sid 60 \e',;T N,o(lk5:t nt the Store of JOHN A. AITCIIISON. Tlfe tih'ie prices may du foi DEAD STOCK, each as will accumulate in a Ckfhing Store; or otherwiso OUT OF FASHION, and rinssibly WORM EATEN; This to NOT THE STOCK WE OFFER to customers that may favor us with a call. Our Motto is GOOD GOODS and a . . . FAIR PRICE for thh SUMO. You can know the prier of a Glit'menI if you will favor us with a call. OUR STOCK of Goods is a' THE FIRST CLASS, ,find n-e have also a good Clock of Doniesties of all deseriptioni. CLOTHS, CASSIMER, VESTINGS, HATS, CAPS, and Gentlemen's FURNISHING GOODS, John A, Aitohison, Maln Stieci, Sing Sing, N. Y. IS9tf ( Nofi; rs tirrail.1.7.4;fix- - or, 71: for,postrEl, iil3Ifrer,,he 17prom,: r 11 as "Irc'70 S 11 j, 11 AwfSeux*TZia`licuxtuxa , - 44114a 44titittC'S..*" . 47,14,9,.1 TO a /1"?Po 7 7' '77°% Paper Money Whole No. 182 Page 71 Maurice's bank and its notes were widely accepted and, in September 1862, a third issue of smaller notes was issued, signed by the bank's bookkeeper, Isaac Noxon. They were is- sued in 5, 10 and 25 cent denominations, each with three dis- tinctive vignettes. All had the engraved date September 30, 1862. FIRST NATIONAL BANK OF SING SING Maurice's bank prospered and in April 1864 application was made to the federal government to transfer its assets and staff into a newly formed bank to be called The First National Bank of Sing Sing. Its charter, number 471, was issued on July 5, 1864. C.F. Maurice was president and Isaac Noxon was cash- ier of the new bank. The bank opened for business in the build- ing that had previously been occupied by the Bank of Sing Sing. After Maurice's resignation in 1880, he was succeeded by William Benjamin, who had been his successor at the military academy twenty years earlier. Major William Wallace Benjamin was born in Bridgeport, Vermont on September 8, 1830 and died on July 19, 1882 at the Mount Pleasant Academy in Sing Sing where he was principal. He had been hired as an instruc- tor in 1854 by Charles Maurice. He served as president of the First National Bank of Sing Sing from late in 1880 until his death. His signature appears on the only known surviving note from this bank. On January 14, 1903 it changed its name to the First Na- tional Bank of Ossining bringing to an end the era of banks bearing the Sing Sing name. ISAAC B. NOXON Isaac Noxon was the only person associated with all four bank- ing institutions in Sing Sing in the 19th century. He joined the Bank of Sing Sing as a bookkeeper. After it failed, he worked for four years for the Banking Office of C.F. Maurice. When it became the First National Bank of Sing Sing, he became its Cashier. He was also secretary of the Sing Sing Savings Bank. Isaac Noxon was born on June 24, 1837 in La Grange, Dutchess County, New York. His father, a farmer of Dutch descent, subsequently moved the family farm further upstate. Isaac attended Cortlandville Academy, taught public school and was responsible for the primary department at the Cortlandville Academy. In 1858 he moved to Sing Sing. Be- sides his banking activities, he served as Trustee, Treasurer, and President of the Village of Sing Sing from 1868 to 1872, Trea- Isaac Noxon. He worked for all four Sing Sing banks and signed notes for two of them. Major W.W. Benjamin, second president of the First National Bank of Sing Sing and signer of only known note. The only surviving National bank note bearing the Sing Sing name. It is signed by Isaac Noxon and William Benjamin. Continued on page 76 MICA111111 1M.V *00000000* SPECIMEN—NOT NEGOTIABLE—SPECIMEN—NOT NEGOTIABLE z z0 z O 0 Page 72 Paper Money Whole No. 182 A FIVE DOLLAR SPECIMEN NOTE By RAPHAEL ELLENBOGEN 0 ACH time a new treasurer of the United States or anew secretary of the treasury is appointed, a changeis made in the facsimile signatures on the face of our currency. On our five dollar U.S. legal tender notes, series 1928, there have been six changes: Series Treasurer of the U.S. Secretary of the Treasury Term of Office 1928 Walter 0. Woods Andrew W. 1/8/29-2/12/32 Mellon 1928-A Walter 0. Woods Ogden L. Mills 2/13/32-3/3/33 1928-B W.A. Julian Henry 1/1/34-7/22/45 Morgenthau, Jr. 1928-C W.A. Julian Henry 1/1/34-7/22/45 Morgenthau, Jr. 1928-D W.A. Julian Fred M. Vinson 7/23/45-7/23/45 1928-E W.A. Julian John W. Snyder 7/25/46-5/29/49 1928-F Georgia Neese John W. Snyder 6/21/49-1/20/53 Clark New face plates had to be engraved and, when finished, "speci- men notes" were prepared for approval by the authorities. The history of our current "small-size" currency begins in May 1927, when Secretary Andrew W. Mellon accepted the recommendations of a special committee and directed the Bureau of Engraving and Printing (BEP) to implement the new plans. From 1861 to that time, our currency measures 7 5/8 " x 3 1 /8 ". By changing the size to6 3/ 16 " x2 5 / 8 " a savings in paper, ink and plates was estimated to be $612,603 a year (in 1925). The mea- surements were based on the size of Philippine currency (printed by the U.S. BEP). The new designs selected for the five dollar note were: Abraham Lincoln (on the face), an 1869 engraving by Charles Burt, based on a photo by Anthony Berger (a partner of Mat- thew Brady). The Lincoln Memorial (on the back), engraved by J.C. Benzing. The Memorial's architect was Henry Bacon. The 36 columns represented the 36 states of the union in 1865, and the 19-foot statue of Lincoln was carved by Daniel C. French. The first of the reduced size notes appeared on January 10, 1929. The United States note is the longest-lived designation of U.S. currency, first authorized by Congress on May 3, 1878. The last $5 note was issued April 1, 1969. The 1928 series was printed by the wet intaglio method, 12 notes to a sheet. The "specimen" note illustrated, is printed uniface, on two separate sheets, in the same colors as the circulating notes. The large seal and numbers on the face are overprinted in bright red. It is the 1928-F series, with face plate check number C- 683. The note position letter is C (the third note from the top left of the sheet). The letter "F" ( in the series of 1928-F) above the seal is partially obscured by the rays. The serial numbers are 8 digit zeros, with the prefix and suffix letters replaced by a star. The plate was prepared to accommodate the new signa- 3111V1.LO0RNI ,LON—N3III33,1S-11IIVI100aN ,LON—N3B1ID3cIS The opposite side of each uniface face and back. tures of Clark and Snyder. The back of this "specimen" is blank, with the words "SPECIMEN—NOT NEGOTIABLE" overprinted in black all around the perimeter. The back design bears check number 2006 and is the wide margin variety (which goes up to check number 2007). The back of this note is also blank, with the same "specimen-not negotiable" overprint. This "specimen" example is in gem un- circulated condition and was printed in June 1949. It is quite rare. BIBLIOGRAPHY Hessler, G. The comprehensive catalog of U.S. paper money, fifth edi- tion. Oakes, D., and J. Schwartz. Standard guide to small size U.S. paper money, 1928 to date, first edition. O'Donnell, C. Standard handbook of modern United States paper money, seventh edition. Shafer, N. A guide book of modern United States currency, fifth edi- tion. Paper Money Whole No. 182 Page 73 BALTIMORE'S SHINPLASTER BANKERS The Beginning of the Find September 9, 1840 By DENWOOD N. KELLY HE Panic and Depression of 1837 1841 were among the most severe in the history of the United States, rivaling even the Great Depression in the 1930s in the amount of misery caused for the general population of the entire country. Following the collapse of a number of English banking houses in the spring of 1837, panic spread across the United States and banks in Baltimore, Philadelphia and New York began suspending the payment of specie in exchange for bank notes in mid-May. Coins just about disappeared from general circulation and the transaction of day-to-day business became extremely difficult without a ready availability of small change. To fill the void, forms of scrip came into use through- out Maryland, issued by municipalities, financial institutions, transportation companies, merchants, manufacturers, hotels, tavernkeepers, small shopkeepers, and many others, includ- ing some whose motives were, to put it politely, considerably less than ethical. Following the failure of the Pennsylvania State-chartered Bank of the United States in Philadelphia in October 1839 there was a noticeable increase in the issuance of small-change scrip. Much of it was issued by so-called "sav- ings institutions" or "savings funds" whose primary purpose was to fill the void in small-change by issuing their own unse- cured scrip in exchange for specie or bank notes. Typically, the redemption statement on such small-change scrip provided for redemption only when notes were presented in increments of five dollars. The proprietors of these institutions were quickly dubbed "shinplaster bankers" by the local press and the general public, as the notes themselves had been called "shinplasters" for years. The term "shinplaster" derived from the small paper plasters saturated with tar, vinegar and other (hopefully) healing com- pounds that were commonly applied to sore shins. The slang term had come into use as early as the latter part of the War of 1812 period to describe any unsecured or inadequately secured paper money, especially notes greatly depreciated from their face value. Its use was quickly applied to notes of small face value as well. All of the Baltimore newspapers, as well as those in the other cities and towns in Maryland, consistently editorialized against the banks' refusal to redeem their notes in specie and decried the proliferation of privately-issued scrip. Some of their criti- cism was downright vitriolic in tone and few opportunities to criticize those under scrutiny were lost. By midsummer of 1840 more and more was being reported in the papers about the difficulties encountered by people who were unable to satisfactorily redeem notes they held or even to have them accepted by other citizens. The newspapers urged their readers not to accept them whenever proferred. The Sun for Saturday, July 4, 1840, published a lengthy ar- ticle headed "A FREE BANK IN TROUBLE," in which it reported that early the previous afternoon a crowd had gathered in front of the office of the Foreign Domestic Exchange Institution at 37 Lombard Street, indicating some sort of trouble. The presi- dent of the Institution, one S.K. Head, was reported to have departed, bag and baggage, that morning, leaving about $69 in the office, which was quickly seized by some persons who had claims against the Institution. The treasurer, R. Whiting, apparently tried to continue the operation for a short while, as he advertised for a week beginning July 11th that notes of the Institution would be promptly redeemed in Baltimore bank notes. Finally, Whiting advertised for three days at the end of July that all remaining notes would be redeemed at the "ex- change office of M. Doyle on Pratt Street, near Charles." Michael Doyle conducted a lottery and exchange office at 26 Pratt Street between 1837 and 1842 and issued his own scrip in late Sep- tember 1840. He apparently redeemed his own issues without difficulty. Finally, in early September of 1840, it all began to unravel for the shinplaster bankers in Baltimore. On September 7th or 8th runs began on The Patapsco Savings Fund, The Baltimore Savings Institution, The Central Savings Institution, The Chesa- peake Savings Fund, The City Trust Savings Institution, John Clark's Lottery & Exchange Office, and The Mechanics Savings Fund. The Patapsco Savings Fund, located at 10 Lombard Street, just west of South Street, apparently enjoyed the dubious dis- tinction of being the first of the Baltimore shinplaster banks to go under in September 1840. The Baltimore Patriot & Com- mercial Gazette for Wednesday, September 9th, reported that "The shinplaster manufactory, yclept The Patapsco Savings Fund of which Mr. Thomas Pennington figured as principal financier, was this morning blown 'sky high' by his permitting his notes for $200 to be protested." Large crowds gathered and would have acted violently if the Fund's officers, Pennington and Eber F. Cooke, had not escaped. Mayor Sheppard C. Leakin quickly came to the scene to help preserve peace and order. A long article was published in The Sun the following day which stated that Pennington had asked the gathering crowd to wait a moment and then slipped away to return no more. Eber Cooke also escaped in the excitement, but was apprehended two days later at a public house in Stemmers Run, from where he intended to board the next train to New York. Cooke was jailed briefly, but was released on $1,000 bail. Presumably he was ultimately released on some technicality. Pennington was seen in New Orleans by a Baltimore traveler, reportedly con- sidering speculation in cotton. Apparently he shied away from this endeavor, as he was seen in Cincinnati in March 1841, where he was "successfully operating a banking business." The Sun, in September 1840, reported that the amount of outstand- ing notes at the time of the Institution's demise was variously estimated at $25,000 to $50,000. A fitting memorial to the Patapsco's activities would seem to be effectively (if not deli- cately) expressed in a scrawled statement on the back of a Patapsco 12 1/2 cent note. As Good as old Thomas Full of. ... Pennington T Page 74 Paper Money Whole No. 182 The note also bears an endorsement of the firm that swal- lowed it: Ch'd. on Petty Expense acc't, page 38, Oct. 31, 1840 The Baltimore Clipper also published on September 10th a bit of doggerel it had seen written on the back of a "filthy 12 1/2 cent bill" of the same institution: I hope you'll take me for a "leve," For such in fact I am; Tis true the men who sign their names Were never worth a d--n: But what of that?—whoever thinks Of such a trifling evil, Just try me for a "cobbler" now— and send them to the devil. Levithian The next shinplaster bank to fall was the Baltimore Savings Institution, whose president was F.H. Knapp, aided and abet- ted by W.A. Benson, Secretary, and H.A. Murray, Asst. Sec. This Institution had opened for business in the late spring of 1840, immediately becoming very active in its field. It temporarily survived the heavy run on September 9th created by the "ex- plosion" of the Patapsco Savings Fund, although many out- raged citizens apparently threatened Knapp physically. At closing time Knapp said he would reopen the next morning with ample funds for redemption. He must have had a very busy night, for when opening time came on September 10th the crowd which had congregated found the shop closed and a printed handbill posted on the door to the effect that "fearing for his life and the funds for meeting further redemption," he had assigned the assets of the Institution to the Mayor and two prominent attorneys, Charles H. Pitts and William E. Coale, in order to protect the interests of the note holders. He further said that there was every probability that all liabilities would soon be cancelled and the Institution would again resume its regular transactions. The Sun and The Baltimore Clipper printed the "assignment" and Knapp's handbill, along with detailed denial statements by Mayor Leakin and Messrs. Pitts and Coale, none of whom had any previous inkling of Knapp's plans. Knapp was reported as having been seen in New York City, and then in Albany, where he was arrested and returned to Baltimore, quickly being freed on $1,000 bail. No record of his ultimate fate has as yet been found. The "endorsement" on the back of a Baltimore Savings In- stitution 25 cent note in the collection of The Maryland His- torical Society succinctly sums up the final activity at Baltimore Savings on that fateful day of September 9, 1840: Stopt pay Sept. 9th 1840 Presdt. ran away The Baltimore Real Estate Savings Institution at 6 Lombard St. weathered the storm for several weeks. On September 15th it moved back to the Belair Market area, its original location. Runs continued and were met with some difficulty. Finally, in an advertisement in the local papers on October 28th, the trea- surer of the Institution, H. Baker, stated that the previous morn- ing "a party of violent and disorderly persons beat and drove back the attending clerk out of the office and acted in such a manner as to place the affairs of the Institution in utter confu- sion. In consequence of this interruption, the business is for the present suspended." It never reopened and its officers were the defendants in a number of lawsuits for small amounts filed by disgruntled holders of unredeemed scrip. John W. Clark, the president, was committed to jail on January 16, 1841, but the length of time he served has not been discovered. By September 10th the media were in full cry, The Sun, The Baltimore Clipper, and The Baltimore Patriot & Commercial Ga- zette all giving substantial columnar space to the subject. The Baltimore Clipper's publishers, Edmund Bull and William Tuttle, book and job printers, cast their reporting in a semi-jocular vein, quickly dubbing as "ghosts lingering round charnel houses" the numerous scrip-holders trying to have their notes redeemed, because they "haunted" the vicinities of the vari- ous shinplaster shops. After reporting at some length on the Patapsco, Baltimore Savings and Baltimore Real Estate Savings Institutions, The Clipper published an "editorial tour" of the principal shinplaster shops in the downtown area. It started with "Vincente's Ma- rine Exchange at 421/2 Gay Street where "specie was glisten- ing on the counter, and no demand for it." Next was The Western Savings Fund on Gay Street near Bal- timore, where only one ghost was standing in front of the door, having just "received change for a lonely fip and blesses his stars that it was not worse." John Clark's Lottery & Exchange Office in the basement of the Museum Buildings at Baltimore and Calvert Streets was the scene of considerably more action, where a number of ghosts had gathered and a "peevish Mr. Clark was busily re- deeming fips and levies and ordering out those ghosts whose holdings were not sufficient to merit redemption." The edi- tors commented that Clark's "time is precious—he has to sign a new issue." Clark continued in operation at least until Janu- ary 13, 1841, when a news item in The Sun stated that the office had sustained a day-long run the previous day, appar- ently as a result of a rumor having circulated that Clark had failed or suddenly left town. Apparently he either did not re- open or closed down his shinplaster operation shortly there- after. A badly tattered 25 cent note of Clark's bears on its reverse one disgruntled citizen's solution to the whole dismal situa- tion; on this limp rag in the collection of The Maryland His- torical Society is penned: "The way to make the Baltimore Bankers pay specie—just erect a Gallows in front of every Banking house in the City and show their officers a Hempen Rope—then they will fork it up" The Central Savings Institution was visited next and had plenty of ghosts around it, many attempting to club together to merge their holdings so as to total exactly five dollars. If successful, they would probably receive a $5 bank bill and no doubt would then wonder how to break it down into smaller units so that each participant could receive his share! The Chesapeake Savings Fund on Lombard Street had a dozen or so ghosts lingering around this young establishment and were successfully meeting demands in sums of one dol- lar. Their circulation was very limited as they had not descended to the employment of "Money Chaunters" or "Outdoor Bro- kers" to solicit customers. Editorially, the proprietors were advised to "close down and save their credit." Paper Money Whole No. 182 Page 75 LIST OF SMALL NOTES CIRCULATING IN BALTIMORE. The folloveing is a complete list of the paper currency at present in circulation in this city. FOUR of the "Institutions" have failed: viz: "PATAPSCO SAVINGS FUND," "BALTIMORE SAVINGS INSTITUTION," "MECHANICS SAVINGS FUND," and "CITY TRUST." The others have thus far stood the shock, and of course, have a circulation, as specie still remains under cover: SAVINGS INSTITUTIONS AN!) BANKS. PLACES OF BUSINEss. Westminster, Maryland. Ellicott's Mills, Maryland. Wilmington, Delaware. Union Bank of Delaware, James Price, Wilmington, Delaware. Bank of Smyrna, Isaac Davis, Smyrna, Delaware, Bank of the Valley, Va., R. W. Henderson, Winchester, Va. Frederick Town Savings Institut., Win. S. McPherson, Frederick, Md. Corporation of Frederick, Do. do. Bank of Delaware, Jos. Bailey, Wilmington, Del. Corp'n of Alexandria, (old issue,) Alexandria, D. C. Tide Water Canal, J. R. Welsh, 5 years after date—Baltimore. Baltimore & Ohio R. R. Co., Louis McLane, Reed at the Banks in small animists. Fells Point Savings Institution, Jay. Frazier, Fells Point, Baltimore. Tide Water Canal old issue,) V. R. Palmer, Farmers & Planters Bank. Chesapeake & Ohio Co., eanal Co., Francis Thomas, Frederick, Md. Baltimore Savings Institution, F. II. Knapp, No. 1 North Charles st. Western Mechanics do. do., M. Perine, West Baltimore, near Cove st. Western Franklin do. do., John Rothroek, Corner of Paca and Baltimore st. Savage Manufacturing Co., C. D. Williams, Pairo & Co., Halt. st. east of Calvert. Mechanics Savings Fund, Win. Howard, South st. opposite Farm. & Plant. Bk. Patapsco do. do. T. Pennington, Next door S. W. cor. Gay & Balt. sts. Marine Exchange Office, M. Vincent,' & Co., Ojmosite Odd Fellows' Hall, Gay st. City Trust Savings Institution, W. P. Raytield, No. 1 N. Howard st. Chesapeake Savings Fund, T. F. Lennox, Lombard, near South st. Western Savings Fund, J. W. McCormick, No. 10 N. Gay st. Central do. do. Chris. Cook, Hanover st., opposite the market, Balt. Real Estate do. do. . dos, W. Stewart, Bel-Air market, Gay-at. Baltimore Savings Institution, H.K.Murray, for Knapp, No. 1 N. Charles st. INDIVIDUAL NOTES. NAMES. PRESIDENTS. Westminster Savings Institution, Jacob L. Reese, Patapsco Bank of Maryland, B. C. Campbell, Farmers Bank, State of Del., J. H. Bayard, NAMES. J. 1. Cohen Jr. & Brothers, John Clark, E. W. Robinson, T. T. Tucker, S. L. Fowler & Brodie Brunswick & Florida Line es Good Intent Stage Co., George & A. McNeal, N. U. Chaffee, James Hodges, F. R. Gillmeyer, P. Fillinger, George H. C. Bush, Thomas C. Ford, limper & Lucas, L. Mahan, F. II. Gibbons, Wm. Risigaway, B. W. Hall, G. S. Grammer, McNeal & Co., J. K. Swain, J. L. Stoner, J. R. Jackson, L. Lawrick, John Davis, J. R. Crandall, A. E. Kendall, W. E. Coale, Thos. M. Groves & Co. W. A. Danskin, C. Hinkle, C. H. Creamer, Morgan, Lee & Co. t James Robinson. I Thom are E. T. Roberson. John Brown, R. N. Mitchell, BUSINESS. Lott. & Exch. Office, Do. do. Do. do. Do. do. J. B. & C. Krantz, thaitinson St Ws-art, Commis. Merchants, Distiller, Bar- keeper, Grocer. Tavern- keeper, Huckster, Store- keeper, Colonnade Baths, Theatre Hotel, Store-keeper, Do. Do, Iron-workers, Store-keeper, Lottery & Exchange, Grocer, Store-keeper, Do, Tavern-keeper, Baker, Broker, Musician, Storekeeper, Restaurateur, Fraudulent, PLACES OF BUSINESS. N. E. corner Balt. & Calvert streets, Museum Building, Baltimore st. Between Holliday & South iu Balt. at. Head of Centre market. Balt. st. bet. St. Paul's lane& Chs, st. Baltimore. Opposite R. R. Depot, Pratt st., Balt 5. W. corner of Pratt and Fred'k at. Pennsylvania Avenue. Davis' Howl, Pratt, near South St. No. 15 Penna. Avenue. No. 20 do. do. No, 162 Hanover st. Maryland Arcade. Saratoga street. Holliday st., next door to the theatre. Baltimore street, above Charles. Annapolis, Md. Do. do. Havre-de-Grace, Md. Ellicott's Mills, Md. East Baltimore at., near the bridge. No. '22 Light st. Caroline and Gough st. Franklin st., near Penna.,A venue. Camden at. near R. R. Depot. Payable at his wagon. South Charles, near Baltimore street. Corner of Fayette and St. Paul-sts. Baltimore st.—store closed. S. E. corner of Baltimore & Charles. He is now in jail awaiting trial. Lion, with stunlry spurious trash, signed John Smith, End no local place or habitation for them. A visit to The Mechanics Savings Fund revealed that at its office, at 12 South Street, "one door from Lovely Lane," not a shadow of a ghost was to be seen in its vicinity and upon its closed doors were written the words, "Not dead—but gone to Texas." The final stop on the "tour" was at the City Trust Savings Institution at No. 1 North Howard Street, described as "an institution which the city did not appear to trust in any shape whatsoever. It died almost before it lived." At the conclusion of the "tour," the editors published a list- ing of "all the Banks, Savings Institutions, et cetera issuing Notes under $5" that were circulating in Baltimore, so that readers would know where to go without a guide. The following day, Sept. 12th, an updated version was published. Incidentally, this tabulation has been of considerable use in the identification of a few notes that had long been a mystery, as well as the confirmation of the exact status of several others. Amusingly, The Baltimore Clipper, despite its editorial opposi- tion to small notes, continued to advertise its availability to print notes of good quality quickly and inexpensively "for Corporations, Private individuals, Country Merchants, Tavern Keepers, Institutions, etc., etc." In summary, the "editorial tour" and the listing of small note issuers confirmed that four issuers had closed down dur- Page 76 Paper Money Whole No. 182 ing the first day or two of the concerted runs on the shinplaster banks, i.e., The Patapsco Savings Fund, The Baltimore Savings Institution, The Mechanics Savings Fund, and The City Trust Savings Institution. The remaining few stayed open for vary- ing lengths of time, but all had ceased issuing scrip by the spring of 1842 when the banks resumed payment of specie in the redemption of their notes, thus ending the need for small change scrip. The resumption of specie payments by the banks was the result of the enactment by the General Assembly of Maryland of a law, effective May 1, 1842, requiring Maryland banks to redeem their issues in gold or silver under penalty of forfeiture of charter for failure to do so. ■ BENICE (Continued from page 71) surer of the Public Schools, Foreman of the Fire Company and an officer in the Masons and the SPCA. He died on August 10, 1913. CONCLUSION This survey of Sing Sing illustrates the various types of bank- ing institutions and paper money that flourished in the 19th century as well as the types of people and business establish- ments involved in issuing paper money. ACKNOWLEDGMENTS The author would like to thank Russell Kaye, Frank Levitan and Doug Walcutt for providing notes for illustrations supplementing those in my collection. I would also like to acknowledge the assistance pro- vided by Bruce Hagen, the Ossining Historical Society, the Westchester County Historical Society and the New York State Archives. REFERENCES The Bank for Savings of Ossining, N.Y. celebrating 100 years of service to this community. (1954). Biographical history of Westchester County New York. (1899). Chicago:Lewis Publishing Company. Carothers, N. (1930). Fractional money, New York. Catalogue of Mount Pleasant Academy. (1914). Ossining. Certificate of organization of the Bank of Sing Sing. (July 6, 1853). Haxby, J.A. (1988). Standard catalog of United States obsolete bank notes. Iola, WI:Krause Publications. New York Times. (August 12, 1913). Ossining Democratic Register. (April 11, 1903, April 25, 1908, August 16, 1913). Reynolds, F.L. (1922). Reminiscences of Ossining. Ossining, NY. Rice, F.W. (1961). Antecedents of the American Bank Note Company of 1858. Essay-Proof Journal Nos. 71 & 72. Scharf, J.T. (1866). History of Westchester County New York. Philadel- phia, PA:L.E. Preston & Co. Secretary's minutes, Sing Sing Savings Bank. (May 18, 1854-February 9, 1874). Sing Sing Citizen Register. (December 29, 1888). Sing Sing Democratic Register. (July 26, 1882, January 19, 1901). Sing Sing Republican. (December 13, 1860, January 10, 1861, July 17 and 31, 1862, August 7, 1862, October 27, 1883, February 9, 1884, December 9 and 12, 1886, December 27, 1888). Westchester Herald. (April 1 and 8, 1851). New Literature The Currency of Africa: a book of postcards. Thirty postcards, soft-cover, The Newark Museum, P.O. Box 540, 49 Washing- ton St., Newark, NJ 07101. $8.95 plus $2.50. For five or more, write for terms. Thirty bank notes from Africa have been reproduced on 30 oversize postcards in a booklet; each may be removed for mail- ing. This small sampling from the Museum's collection reflects the diversity of African countries. In the introduction, William L. Bischoff, Curator of Numis- matics at the Newark Museum, states that "The scholarly study of African paper money is still in its infancy ... it begs for inter- pretation in historical, technological, economic and artistic terms." There is mention that the Ghana unit of cedis is de- rived from the indigenous word for cowries, shells once used as currency in Africa and elsewhere. The Belgian Congo 100 francs (face), P(ick) 17, Cameroon Republic 1000 francs (back), P1 and the Mali 1000 francs (back), P4 are just three of the 30 postcards. These attractive postcards will surprise and please the recipient. However, I think those who purchase the booklet will be tempted to re- tain it as they receive it. (Ed.) The Starts Here A Primer for Collectors by GENE HESSLER EOPLE, subjects and events portrayed on United States obsolete paper money will often help to tell stories. There are so many different types of locomotives— including one of the earliest types—and ships of all types, that one could present a history of both with obsolete bank notes. A few inexpensive canceled stock certificates, especially those issued to finance railroad and shipping companies, would make your story even more interesting. To tell the story of the United States, look no further than U.S. obsolete bank notes. There are Revolutionary and Civil War military heroes, monuments, Presidents, and what is most important—people of all types at work in the country and in the city. These notes accurately reflect how people in the United states lived and worked. To tell an abbreviated story of the founding of America you will need only two notes: one that includes the Battle of Lexing- ton and another that shows the signing of The Declaration of Independence. For a visual reminder of the events that took place on April 19, 1775 in Concord and Lexington, which were recaptured in Emerson's Hymn that ended with the "shot heard 'round O -71 Paper Money Whole No. 182 Page 77 the world," there are notes the have an engraving of the Battle of Lexington; the most inexpensive one is probably the $5 note from the North Western Bank of Georgia, in Ringold. It was this event that forced the Continental Congress to authorize the loan of June 3, 1775 for £6,000,000 to purchase gun powder. The first Continental currency was issued one month earlier; it had the date of May 10, 1775. One year later on July 4, 1776, after months of painful de- liberation by representatives in the Continental Congress, the Declaration of Independence was signed. The effect of pen on paper, silent as it may have been, was also heard 'round the world. The least expensive obsolete bank note that includes John Trumbull's Declaration of Independence in the design is the $10 note from the Bank of Michigan in Marshall. This and the pre- viously mentioned note, in average circulated condition, should cost no more than $50 or $60 dollars. If you want to save half of the $50 or $60, visit your local bank and ask for a $2 Federal Reserve note. The back of the current $2 bill has an engraving of Trumbull's Declaration of Independence. Most people refuse to use these notes. However, most banks have them, and if they don't they can order them. Over 500 million with the 1976 date were printed; therefore you have access to as many as you want. The original engraving by Frederick Girsch was first used on the back of the $100 first charter national bank note. The ver- sion on the back of the $2 note deletes the following signers: George Wythe (VA), William Whipple and Josiah Bartlet (NH), Thomas Lynch (SC), Thomas McKean (DE), and Philip Livingston (NY). These images were cropped from the extreme left and right. If you have visited the U.S. Capitol Building in Washington, DC you probably remember seeing John Trumbull's gigantic painting of the Declaration of Independence, one of seven his- torical paintings that relate to the history of our country. The bank notes identified here, serving as historical book ends, capture two of the most important events in the early days of our country. They would look nice framed together. (Copyright story reprinted by permission from Coin World, Aug. 22, 1994.) The President's Column DeanOakes Our librarian Roger Durand, is in the midst of getting some of our loose issues bound. We decided to do this to extend the life of materials and for easier use. PAPER MONEY is one of the main periodicals to be bound. It occurred to me that some of our members might want to do the same, and if you do, please contact Roger and he can let you know the costs. I am happy to report that Peter Huntoon's new book, pub- lished by your Society, is nearly done and it will be in some of your hands before you read this. If you ever said "I wonder" about some aspect of a NATIONAL BANK NOTE, you will want a copy of this book. John Hickman would be proud of all the help that is com- ing forth in sharing of known notes. This will keep the pres- sure on to bring out the third edition of the Standard Catalog of National Bank Notes that he wanted to see done. Memphis is just around the corner. I hope that you will be able to be there. It is always a great show and a gathering time for SPMC members. It looks like 1996 will be a banner year for paper money collectors. Dean Oakes, Pres. A letter to the editor in the January 1996 American Philatelist grabbed my attention; I thought it worth bringing to your at- tention. A collector of seventy years transferred his most valuable stamps to a small fire-proof safe in his home. After an un- 's Corner identified period he openedEditor the safe to retrieve some se- 8 curities, and to his horror thebooks containing his "stamps were almost dripping with moisture even though the se- curities and box" in which they were kept were dry. "Some of the single stamps were an unrecognizable pulp. The Showguard mounts were stuck to the plastic sleeves and also to the front of the stamps, even though they were not stuck to the gum side." The manager of a large safe sales firm told him "the so-called fire-proof safes had some sort of chemical material impreg- nated in the insulation which gave off moisture when heated. He said that this was apparently a proprietary secret, as he had not been able to learn what it was in his thirty years in the business." A Note From the Secretary ANNUAL MEMBERSHIP CARDS Each active member of the Society was recently sent a mem- bership card along with their 1996 dues statement. I have received approximately 1100 dues payments so far, and nearly 1/4 of the members returned their membership cards. This has been the trend for several years. The SPMC By-Laws require that each member be furnished with a membership card. These cards are sent out "blank," and each member is asked to fill out their own card and keep it. I have been a member of the SPMC since 1978, and I proudly carry my SPMC membership card. However, I have never had occasion to show my membership card at an SPMC function, or any other event. QUESTIONS: Has the annual membership card outlived its purpose? Should the By-Laws be amended to delete the re- quirement that each member be furnished with a member- ship card? Should we request that any member who desires a membership card be instructed to send the Secretary a SASE for one? Or? NEW MEMBERSHIP COORDINATOR NE Judith MurphyW P.O. Box 24056Winston Salem NC 27114 :MEMBERS Paper Money Whole No. 182Page 78 8950 Rich Califano, 2108 S. Bouvier St., Philadelphia, PA 19145; C. 8951 Clayton Boutchyard, 102 Camden Dr., Fredericksburg, VA 22405; C. 8952 Clayton Bryant, P.O. Box 4373, Corpus Christi, TX 78469; C. 8953 Curtiss Sibley, 5750 Sunset Drive, South Miami, FL 33143; C. 8954 Gad I. Carmon, 29 Gdaliahu Street, Haifa 32587, Israel; Po- land, Baltic states, concentration camp notes. 8955 Barry Johnson, 201 3rd Avenue West, Hendersonville, NC 28739; C, Series 1934 $500 & $1000 notes. 8956 Jack B. Welch, 11811 Linbar Drive, Hagerstown, MD 21742; C, Col., frac. & MD obsoletes. 8957 William D. Quarles, 1 East Chase Street, Apt. 505, Baltimore, MD 21202-2557; C, U.S. sil. cert. 8958 Walter Hunt, 906 Eastside Street, SE, Olympia, WA 98501; C, World currency. 8959 Jim Graney, 722 24th Square, Vero Beach, FL 32962; C&D, U.S. paper money. 8960 Mike DeWine, 190 Longview Heights, Athens, 01-I 45701-3340; C, Large-size U.S., esp. $2 OH NBN. 8961 William R. Hurshman, 31 Hope Street, New London, CT 06320; C, Obsoletes & NBN. 8962 Lawrence Cutler, 52 East 72nd Street, #11, New York, NY 10021; C. 8963 Charles E. Doyle, 417 Coast Boulevard, La Jolla, CA 92037; C, Type notes. 8964 Mark A. Cam nker, 5752 N. Paseo Otono, Tucson, AZ 85750; C. 8965 Antonio Fernandez, 2965 NW Flagler Terrace, Miami, FL 33125- 5039; C, World paper money. 8966 Mark R. Browder, 3760 Tinkle Star Drive, Las Vegas, NV 89115;C, Lg. & sm. size U.S. notes. 8967 Ferdinand M. Gentile, 1 Rambling Meadow Court, Tinton Falls, NJ 07724; C, Col. & C.S.A. 8968 Alan J. Nathanson, 39 Chimney Hill, Middletown, CT 06457; C, Lg. size U.S. & C.S.A. 8969 Richard L. Horst, 570 Big Valley Drive, Colorado Springs, CO 80919, C/D. 8970-I Jason G. Werner, 1230 Thomas Avenue, Apt. B, Pacific Beach, CA 92109. 8156 Jimmy Lowe, 4695 Pine Avenue, Saraland, AL 36571; REIN- STATEMENT, 1929 AL NBN. 98 Laurence A. Miller, M.D., 518 West Oak, North English, IA 52316; REINSTATEMENT, IA NBN. N% Imart Paper Money will accept classified advertising from members only on a basis of 151 per word, with a minimum charge of $3.75. The primary purpose of the ads is to assist members in exchanging, buying, selling, or locating specialized ma- terial and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made pay- able to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 by the first of the month preceding the month of issue (i.e. Dec. 1 for Jan./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combina- tions and initials count as separate. No check copies. 10 0/a discount for four or more insertions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates $4.95. Also buy! Ken Prag, Box 14817PM, San Francisco, CA 94114. Phone (415) 566-6400. (182) OHIO NATIONALS WANTED. Send list of any you have. Also want Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, P.O.B. 444, Hol- land, 01-1 43528, 419-865-5115. (185) NEW JERSEY—MONMOUTH COUNTY obsolete bank notes and scrip wanted by serious collector for research and exhibition. Seeking is- sues from Freehold, Monmouth Bank, Middletown Point, Howell Works, Keyport, Long Branch, and S.W. & W.A. Torrey-Manchester. Also Ocean Grove National Bank and Jersey Shore memorabilia. N.B. Buckman, P.O. Box 608, Ocean Grove, NJ 07756. 1-800-533-616 (185) WANTED: NEW YORK FOR PERSONAL COLLECTION. TARRY- TOWN 364 & 2626, MOUNT VERNON 8516 & 5271, MAMARONECK 541 1 & 13592, Rye, Mt. Kisco, Hastings, Croton on I ludson, Sommers, Harrison, Sing Sing, Ossining, White Plains, Irvington, Bronxville, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Portchester, Tuckahoe, Mt. Vernon, Peekskill, Pelham, Hartsdale, Chappaqua. Send photocopy, price: Frank Levitan, 4 Crest Ave., Larchmont, N.Y. 10538-1311, 914-834-6249. (187) LEBANON WANTED. Private collector pays top prices for paper money from Lebanon in any condition. Also buying worldwide paper money. Please contact: MH1-1, 6295 River Run Place, Orlando, FL 32807 USA. (182) STOCK CERTIFICATE LIST SASE. Specials: 50 different $19. five lots $75. 15 different railroad stocks, most picturing trains, $20. five lots $80. Satisfaction guaranteed. Always buying. Clinton Hollins, Box 112- P, Springfield, VA 22150-0112. (190) NYC WANTED: Issued NYC, Brooklyn obsoletes; issued/unissued ob- soletes from locations within present-day Manhattan, Brooklyn, Bronx, Queens, Staten Island. Steve Goldberg, Box 402, Laurel, MD 20725- 0402. (185) BACK ISSUES OF BANK NOTE REPORTER mostly complete since 5/79 to current (missing 4 issues). Also have some 1974, 1977. $1 per issue, $10 per year, $100 for set; postage extra. Roger Moulton, 3707 Waltham Ct., Yardley, PA 19067. (182) WANTED: PARK BANK, NEW YORK, any denomination. Clark Nixon, P.O. Box 965, La Crosse, WI 54602-0965. WW II MILITARY CURRENCY MY SPECIALTY! Periodic price lists for 55S SASE; MPC, Philippine Guerilla, Japanese invasion, world coins-paper-stamps, U.S. coins-paper-stamps, Confederate, obsoletes, FRN, stocks-bonds. 702-753-2435. Edward B. Hoffman, P.O. Box 6039- S, Elko, NV 89802-6039. (186) SELLING NATIONALS: Guntersville, Pine Bluff, Weed, Trinidad Winsted, Fernandina, Milledgeville, Salmon, Hegewisch, Wadesville, Winterset, Hiawatha, Hodgenville, Arcadia, Calais, Rising Sun, Braintree, Ypsilanti, Biloxi, Sedalia, Ord, Reno, Somersworth, Cranbury, Raton, Ballston Spa, Mebane, Devils Lake, Mingo Junction, Sapulpa, The Dalles, Wilkinsburg, Pawtucket, Spartanburg, Wilmot, Schwertner, Bluefield. 48 states, free list (specify state). Joe Apelman, Box 283, Covington, LA 70434. (184) DAMAGED Southern States and Confederate wanted. Jim Sobery, 6617 Sienna, Norcross, GA 30092. (183) Rare Kirtland, Ohio $100 Important Historical Mormon Issue 533 Kirtland, Ohio, The Kirtland Safety So- ciety Bank, OH-245. $100. Haxby. G-18. EF. Dated July 4, 1837. Serial: 113. Made payable to Joseph Smith. Signed by War- ren Parrish as cashier and Frederick G. Williams as President. The central vi- gnette features the signing of the Decla- ration of Independence. The writer Alvin E. Rust described the issues of this bank as "the first Mormon currency endeav- our." Very rare denomination. ny E82:77E Tit 1^2ltSV "glAtitt.(1 Sititet4, alaiDaCiaalirez Mira vu III II LUCK' Iti:Ift:EHAIPM IN GOLD .1.14.14.4 r1,111e0.1,,Ilmovar 11111.1,11mon ■-■ 41/11%Nli (^Co ■••■:11:•■ 9(11.1at It S Paper Money Whole No. 182 Page 79 BOWERS AND MERENA for the Best Prices on your Paper Money! Actual currency lot from a recent Bowers and Merena auction sale. Paper money has always been a specialty at Bowers and Merena. We offer: • Unsurpassed descriptions • Profuse illustrations • Extensive publicity • Wide-ranging expertise We would be delighted to offer single important notes and entire collections. Please call Dr Richard A. Ragg, our Director of Auctions, at the toll-free number below. There is no obligationjust the opportunity to sell your paper money for the very best market price. Auctions by Bowers and Merena Inc. BOX 1224 • WOLFEBORO, NH 03894 • TOLL-FREE 1-800-458-4646 • IN NH 569-5095 • FAX 603-569-5319 RAktrtrillYATI TiteMSWilikt.1). zraTipx 4r D70990' -GOLD VE IRTI FICATE WilatOCKil'airdsk _ '/Ina .71+1411.13 ,3111•41 ›ZWAlifileaillik§FA7 3/,%;?/ 4// Xre d!ir( /)1 N929443 xr,1*vision, iix p_xxitkii„, t* -11 1)1 - - N929443t? Page 80 Paper Money Whole No. 182 SUPERB UNITED STATES CURRENCY FOR SALE SEND FOR FREE PRICE LIST BOOKS FOR SALE PAPER MONEY OF THE U.S. by Friedberg. 14th Edition. Hard Bound. $18.50 plus $2.50 postage. Total price $21.00. COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 5th Edition. Hard Cover. $29.50 plus $2.50 postage. Total Price $32.00. NATIONAL BANK NOTES by Don Kelly. 2nd Edition. Hard Cover. List all national bank notes by state and charter number. Gives amounts issued and what is still outstanding. 435 pages. $31.50 plus $2.50 postage. Total Price $34.00. THE ENGRAVER'S LINE by Gene Hessler. Hard Cover. A complete history of the artists and engravers who designed U.S. Paper Money. $75.50 plus $3.50 postage. Total Price $79.00. U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard Cover. Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total Price $16.00. Stanley Moryez P.O. BOX 355, DEPT. M • ENGLEWOOD, OH 45322 513-898-0114 Paper Money Whole No. 182 Page 81 Pay over "bid" for many Pay over "ask" for some Pay over Hickman-Oakes for many nationals Pay cash - no deal too large. All grades wanted, Good to Unc. at 75, I can't wait. Currency dealer over 50 years. A.N.A. Life #103 (56 years) P.N.G. President 1963-1964 .M. liAGIN 910 Insurance Exchange Bldg. Des Moines, IA 50309 (515) 243-7363 Buy: Uncut Sheets — Errors — Star Notes — Checks Confederate — Obsolete — Hawaiiana — Alaskiana Early Western — Stocks — Bonds, Etc. Page 82 Paper Money Whole No. 182 NATIONAL BANK NOTES A COLLECTOR'S SCHOLARLY APPRAISAL OF THE REVISED NEW RARITY SCALE 28 November, 1995 Dear Ken: I have recently received your kind letter which further detailed your effort to introduce a new rarity scale for National Bank Notes. Congratulations on convincing Mr. Don Kelly to list uncut sheets separately. Compromises of this nature are important to gaining full acceptance of your scale by a wider range of collectors. I have also read, with interest, your advertisements in "Bank Note Reporter" and the SPMC maga- zine "Paper Money." Your effort to bring your proposal to as many collectors as possible, at what must be a notable personal expense, is a clear evidence of your conviction. My efforts to introduce the New Scale to other Bank Note collectors has been a lesson in the difference between trying to teach a new trick to old dogs, and teaching the same trick to young pups. I have discussed your scale with several of my acquaintances, and it seems that I am able to break them into categories. A. New or relatively inexperienced collectors: These collectors seem to like the structure of your scale and seem willing to use it. I think that they would use it without exception but for one reason; your scale is not yet employed in the major catalogs. Thus, when they are determining rarity, they continue to refer to "Hickman-Oakes," "Hessler," "Krause/Lemke," "Friedberg" or "Wolka" rarity scales, unless they are well acquainted with each other and know the "McDannel" scale through discussions with me or another Bank Note collector familiar with, and supporting, your campaign. B. Experienced collectors, who collect both separate notes and full sheets: These collectors seem willing to use the "McDannel" scale, especially when referring to uncut sheets. I have worked with a few of these and assisted them in determining where, on the "McDannel" scale, their collected sheets would fall. This is not a simple task, as I am sure you are aware, because not a lot of information is readily available on the number of uncut sheets known to exist for many nationals. C. Experienced collectors who do not collect uncut sheets: Unfortunately, I have had little success with these collectors. Not that I have had no success, I have just not had a lot of success. Your scale is nearly opposite, in number sequence designation, to many of the scales currently used. I believe this to be primarily a psychological barrier. I cannot speak poorly of these collectors. Many of them are nearly half again as old as I am (in their 60's and 70's), and are set in their ways. None of them speak poorly of your proposal though, and all are quick to understand and grasp the standardiza- tion that could be realized by using the "McDannel" scale. My conclusions, from the few months I have been able to test the climate for acceptance of the "McDannel" scale, lead me to these observations: A. Most new collectors would readily accept your scale, and would immediately begin using your scale in conjunction with the "Hickman-Oakes," "Hessler," "Krause/Lemke," "Friedberg," and "Wolka" scales, should your scale be employed in a major standard catalog. B. Most experienced collectors that dabble in both the separate notes and uncut sheets would willingly adapt to the "McDannel" scale should the scale be employed in a major standard catalog. Further, I feel that the "McDannel" scale would be used exclusively for uncut sheets (within a few years). Paper Money Whole No. 182 Page 83 WHY NOT? FEEDBACK C. Many of the highly experienced single note collectors will have to be coaxed into using the "McDannel" scale. I do not believe force is needed or called for, in time they will adapt. What comes to mind here is Galileo attempting to influence "Flat Earth" and "The Earth is the Center of the Universe" schools in the early 1600s. The Vatican has only recently issued a formal pardon to Galileo for his heretical thoughts. My conclusion is, should your scale be published alongside other, more commonly known, scales, you would be well accepted and used in reference (within a few years). Perhaps getting advertisers to use your scale in "Paper Money" and "BNR" would be a good start point (followed by a later catalog). I hope that I have provided you with adequate feedback on your effort. As I have said before, do not be discouraged by the initial resistance. Every successful endeavor takes time. You have my support. LARRY D. McNABB (SPMC, ANA, INS) 3220 N Street, N.W., Suite #245 Washington, D.C. 20007 1/1/96 Dear Ken: Happy New Year! Sorry I haven't written sooner. Thank You for your Rarity Scale. I am very impressed. You have put a lot of thought into evolving your scale. As with anything new, it takes time for people to change. Once your scale is used by more and more collectors and dealers, more people will catch on. Keep up the GOOD WORK and keep getting the WORD OUT. Best Wishes in '96. Sincerely, JAMES DALE, P.O. BOX 454, Syracuse, NY 13206 WHY NOT A NEW RARITY SCALE THAT MORE ACCURATELY DENOTES TRUE RARITY? RARITY * UNKNOWN 0 notes 10 1,2 9 3,4 KEN McDANNEL SPMC 1836 8 5, 6 7 7, 8, 9 NATIONAL BANK NOTE 6 10, 11, 12 5 13, 14, 15 RARITY SCALE 4 16 to 20 3 21 to 35 FEB. 28, 1995 2 36 to 50 1 over 50 FREE NATIONAL BANK NOTE SCALE SEND LARGE SASE FOR YOUR FREE PLASTICIZED WALLET SIZE WE WELCOME YOUR COMMENTS, CRITICISMS, OR OPINIONS 1405 WEAVER ST. S.W. CANTON, OH 44706 We maintain the LARGEST EARLY AMERICAN NUMISMATICS *619-273-3566 ACTIVE INVENTORY IN THE WORLD! COLONIAL & CONTINENTAL CURRENCY Life Member ANA 639 Buying & Selling National Bank Notes, Uncut Sheets, Proofs, No. 1 Notes, Gold Certificates, Large-Size Type Error Notes, Star Notes. Commercial Coin Co. P.O. Box 607 Camp Hill, PA 17001 Phone 717-737-8981 RE CAMP HILL • — • • NATIONAL BANK SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q Colonial Currency Development q Rare & Choice Type q Major Show El EARLY AMERICAN NUMISMATICS El Coins Coverage c/o Dana Linett q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS 0 CO PENNSYLVANIA C■1 Rt, TO 711F BC,SER 0 N 17140112MK DOLLARS 0000126A 111•11.1111E 1114111111 CAMP HILL SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. BUYING Obsolete—Confederate Continental—Colonial 19th Century Stocks-Bonds Small or Large Collections Send List or Ship AND STOCKS & BONDS Large Price List Over 200 Different Mostly 19th Century Railroads, Mining, etc.(305) 853-0105 SPMC Richard T. Hoober, Jr. P.O. Box 3116, Key Largo, FL 33037 SELLING Page 84 Paper Money Whole No. 182 MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANKNOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43 /4 x 23 /4 $16.50 $30.00 $137.00 $238.00 Colonial 5 1 /2 x 3 1 /16 17.50 32.50 148.00 275.00 Small Currency 65/8 x 27 /8 17.75 34.00 152.00 285.00 Large Currency 77 /8 x 3 1 /2 21.50 39.50 182.00 340.00 Auction 9 x 33/4 25.00 46.50 227.00 410.00 Foreign Currency 8 x 5 28.00 52.00 239.00 430.00 Checks 95/8x 4 1 /4 26.50 49.00 224.00 415.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 x 14 1 /2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 81/2x 17 1 /2 25.00 100.00 180.00 425.00 Stock Certificate End Open 91/2 x 12 1 /2 12.50 57.50 95.00 212.50 Map and Bond Size End Open 18 x 24 48.00 225.00 370.00 850.00 You may assort noteholders for best price (min. 50 pcs. one size). You may assort sheetholders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to un- coated archival quality MylarC Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY'S OF BOSTON P.O. Box 1010 617-482-8477 Boston, MA 02205 ORDERS ONLY: 800-HI-DENLY FAX 617-357-8163 WANTED ALL STATES ESPECIALLY THE FOLLOWING: TENN-DOYLE & TRACY CITY: AL, AR, CT, GA, SC, NC, MS, MN. LARGE & SMALL TYPE ALSO OBSOLETE AND CONFEDERATE WRITE WITH GRADE & PRICE SEND FOR LARGE PRICE LIST OF NATIONALS SPECIFY STATE SEND WANT LIST DECKER'S COINS & CURRENCY PO. BOX 69 SEYMOUR, TN 37865 (615) 428-3309 LM-120 ANA 640 FUN LM90 HARRY IS BUYING NATIONALS - LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 216.884-0701 BUYING and SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List ... or ... Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47906 SPMC #2907 ANA LM #1503 Paper Money Whole No. 182 Page 85 OBSOLETE CURRENCY NATIONALS, U.S. TYPE, UNCUT SHEETS, PROOFS, SCRIP. Periodic Price Lists available: Obsoletes ($3 applicable to order), Nationals, & U.S. Large & Small Size Type. BUYING / SELLING: SHOP EST. 1960 INC .10 CD - 74141T LIC•1 ■}_tLife Member .8". •—• SEND FOR OUR COMPLETE PRICE LIST FREE BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 • AL_U INC. P.O. BOX 84 • NANUET, N.Y 10954 BOOKS ON PAPER MONEY & RELATED SUBJECTS Civil War Encased Stamps, Reed College Currency: Money for Business Training, Schingoethe Confederate & Southern States Currency, Criswell Florida, The Illustrated History of Paper Money, Cassidy (Nationals & obsolete) Jewelers Trade Cards 1800-1900, Green. Softbound Michigan, Obsolete Banknotes & Early Scrip, Bowen $60 Mormom & Utah Coin & Currency, With Hoffman Addendum, Rust 95 New Jersey's Money, Wait 40 Stocks & Bonds of North American Railroads, Cox. Softbound Sutler Paper Money, Keller (Civil War). Softbound Texas Obsolete Notes & Scrip, Medlar World War II Remembered, Schwan & Boling. (Numismatic Literary Guild Book of the Year) 49 20 45 10% off five or more books / SHIPPING: $3 for one book, $4 for two books, $5 for three or more books. All books are in new condition & hardbound unless otherwise stated. CLASSIC COINS — P.O. BOX 95 — Allen, MI 49227 35 30 27 50 95 65 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Fractional Obsolete Foreign Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio -111V71111111,1111rprrn-TATirinnTrr.C97,0312,26100113111-11.11 .1113.1.;.. g s 14. t y t : .,: • 17.‘ ,A;A• ,a,/•;ilz- VI; ;7481 C, CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 5233P WALNUT CREEK, CA 94596-5233 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 Page 86 Paper Money Whole No. 182 United States Large Size Currency Send For Our Free Price List of Choice Quality Large Size Type And National Bank Notes. STEINBERG'S P.O. Box 1565-PM, Boca Raton, FL 33429-1565 Telephone: 954-781-3455 • Fax: 954-781-5865 Morit,•-T•i-. .:. • ..:2-&••• 027120146:> PHILLIP B. LAMB, LTD. CONFEDERATE STATES OF AMERICA, HISTORICAL CONNOISSEUR Avidly Buying and Selling.. CONFEDERATE AUTOGRAPHS, PHOTOGRAPHS, DOCUMENTS, TREASURY NOTES AND BONDS, SLAVE PAPERS, U.C.V., OBSOLETE BANK NOTES, AND GENERAL MEMORABILIA. Superb. Friendly Service. Displaying at many major trade shows. PHILLIP B. LAMB P.O. Box 15850 NEW ORLEANS, LA 70175-5850 504-899-4710 QUARTERLY PRICE LISTS: $8 ANNUALLY WANT LISTS INVITED APPRAISALS BY FEE. I 4(7/e///4 9-* • M. • 1144i:114./t0i'.0!11 ft t! #11$0111100“: I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC LM114 — PCDA — LM ANA Since 1976 DON'T RISK YOUR COLLECTION STORE IT IN MYLARTml Oregon Pioneer Albums & Sleeves SafeKeeper Albums Safe Deposit Box Size Post Binder Format 50 MYLARTm Pages Black Leatherette Cover 6 Sizes in Stock: For Currency of all Types including Checks, Large US, Small US, World, Postcards, Fractionals, etc. Flexible Albums Inexpensive 25 MYLARTm Pages Durable Flexible Cover Plastic Spiral Binding Compact & Lightweight 4 Sizes in Stock: For Checks, Stock Certificates, Postcards, Fractionals, etc. Custom Albums Available Many Sizes of MYLARTN Sleeves Also In Stock Cal!, Write or Fax Now for Information Your Complete Satisfaction Guaranteed OREGON PAPER MONEY EXCHANGE 88 02 SW 33rd Place Portland, OR 97219 (503) 245-3659 Fax (503) 244-2977 Paper Money Whole No. 182 Page 87 V205926EPIMISTATESOFAMERICA Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals .44t, P Nallt0"11-1481k014' 6579 0 -4M2=3Zarv. AsioalearAlatalsulaitiMILIAS1444.11.v4 Imotr ILIAVasati" 944-4.44u. 11184 .4".4„,tow Peter Huntoon P.O. Box 3681 Laramie, WY 82071 (307) 742-2217 OBSOLETE NOTES LARGE CATALOG ALSO INCLUDED CSA, STOCKS & BONDS, CONTINENTAL & COLONIAL $2.00 REFUNDABLE Always Buying at Top Prices RICHARD T. HOOBER, JR. P.O. BOX 3116 KEY LARGO, FL 33037 PHONE (305) 853-0105 CONTINENTAL— COLONIAL CURRENCY AND RELATED ITEMS Priced for the Collector Send for Free Price List Always Buying RICHARD T. HOOBER, JR. P.O. Box 3116, Key Largo, FL 33037 Phone (305) 853-0105 SPMC /NW Page 88 Paper Money Whole No. 182 More Cash for your Cash WISCONSIN NATIONAL BANK NOTES WANTED C. Keith Edison PO. Box 26 Mondovi, Wisconsin 54755-0026 (715) 926-5001 FAX (715) 926-5043 WORLD PAPER MONEY specialized in Poland, Russia Eltrope uy Sell Free Price Lnsf Tom Sluszkiewicz P.O.Box 54521, 7398 Edmonds St. BURNABY B.C. CANADA V3N 1A8 BUYING! CONFEDERATE AND OBSOLETE NOTES SHIP FOR FAIR OFFER Peter Johnson P.O. Box 25666, Tamarac, FL 33320 Phone (305) 741-4743 Fax (305) 572-0677 Member: ANA — FUN — SPMC [ WANTED rel0t) Original signatures of famous historical People on currency • letters • photos • documents • checks RAY ANTHONY BOX 490, ELKTON, OR 97436 TOLL FREE 800-626-3393 ANA LIFE MEMBER • MEMBER MANUSCRIPT SOCIETY MEMBER AMERICAN BOARD OF FORENSIC EXAMINERS WE ARE ALWAYS BUYING 1 - ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: Or-4.--41111.--41-41 II an I CURE KIE MC. LEN and JEAN GLAZER (718) 268-3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 !l a,. — _ ■ I. , • ....... -,,Sl Xll-ITS• ■ MN-A( )!■107CF:1 - $:,(01.1.ECIORSev I NC. .11eiaiVi CIZT \ Charter Member Please print clearly ) Check or money order enclosed (payable to Krause Publications) Name ▪ Address I City Card No State/Zip Exp. Date Mo. I Phone Signature Total $32.95 $2.00 each additional. Outside U.S. add $10.00 for Please add $3.25 postage for the first book and Shipping & Handling Subtotalfirst book and $5.00 each additional book ordered for postage and handling. Total Enclosed Credit Card orders save time by calling toll-free Mail to: 800-258-0929 Dept. P6N5 ▪ Mon. - Fri. 6:30 a.m. to 8:00 p.m. • Sat. 8:00 a.m. to 2:00 p.m., CST. 700 E. State Street, Dept P6NS, Iola, WI 54990 -0001 L im I I I I I I I I Qty. WP02 Code Title Standard Catalog of World Paper Money, Volume III, Modern Issues, 2nd Edition ) MasterCard ( ) VISA ( ) Discover ( ) Am Ex I Yr I I I I I I I I WI residents add 5.5% sales tax krause publications Price The World At Your Fingertips The Work:10f Paper Money, That Is Available 4/96 81/2"x11" • 800 pages • 5,000 b/w photos • Softcover • $32.95 STANDARD CATALOG OF WORLD PAPER MONEY, Volume III, MODERN ISSUES, 2nd Edition Colin R. Bruce II and George Cuhaj, Editors Find the latest valuations for world paper money issues of the modern period 1961-1996 in this one handy reference. The newly-updated 2nd edition features over 230 note-issuing authorities and nearly 9,000 listings, including current issues and expanded signature, date and varieties. Alphabetical listings by country utilize the internationally-accepted number system for easy attribution of notes.