Paper Money - Vol. IV, No. 3 - Whole No. 15 - Summer 1965

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.YXXllXIIXIXX'XXx:OcXXi4'? Ei i.3 i.3 3 Eli DEVOTED TO THE STUDY OF CURRENCY ii3 Ei Ei ii3 Ei il'3 Ei l Er Ei New World Ei Ei ii3 Ei l Ei '3 Ei Ei VOL. 4 SUMMER 1965 No. 3 Ei Whole No. 15 113 Ei OFFICIAL PUBLICATION il Ei OF Eii Cociety ii Papep litone9 Collect'p41 ii3 it Eli 0 1965 by The Society of Paper Money Collectors ii S,1i i'.3 ec.X.,.X.,cLcXxix.T..x.X.xl,c.1.)z,LcnzixixXxXxXxX.xX.,c.TxXxXxXxXxXxM5 Paper )itene A GUIDE BOOK OF MODERN UNITED STATES CURRENCY by Neil Shafer Now, to help collectors meet the challenges in knowing and ac- quiring modern U. S. currency— Whitman brings you a new com- prehensive valuation catalog of all modern-size paper money from 1929 to the present. Written by paper money specialist Neil Shafer with assistance from U.S. currency authority William P. Donlon, this profusely illustrated book provides historical informa- tion and up-to-date official Bureau of Engraving totals and delivery dates for each issue. Also includes currency term guide, Donlon Sim- plified Numbering System plus currency design and printing data. Available soon $1 75 WHITMAN PUBLISHING COMPANY, RACINE, WISCONSiN WORLD'S LEADING NUMISMATIC PUBLISHERS at your hobby dealer Paper hone VOL. 4, NO. 3 SUMMER 1965 WHOLE NO. 15 PUBLISHED QUARTERLY BY THE SOCIETY OF PAPER MONEY COLLECTORS Editor Barbara R. Mueller, 523 E. Linden Dr.. Jefferson. Wis. Assistant Editor Fred R. Marekhoff, 552 Park St., Elain, Ill. Direct only manuscripts and advertising matter to Editor. Direct all other correspondence about membership affairs, address changes, back numbers and sample copies of Paper Money to the Secretary, J. Roy Pennell, Jr., P. 0. Drawer 858, Anderson, S. C. Membership in the Society of Paper Money Collectors, including a subscription to Paper Money, is available to all interested and responsible collectors upon proper application to the Secretary and payment of a $4 fee. Paper Money is not otherwise available. ADVERTISING RATES One Time Yearly Outside Rear Cover $35.00 5130.00 Inside Front & Rear Cover 32.50 120.00 Full Page 27.50 100.00 Half Page 17.50 60.00 Quarter Page 10.00 35.00 The right to edit copy, to require payment in advance, and to decline any advertise- ment is specifically reserved. All copy must be typed. Photographs, mats or 120-screen engravings should be furnished where required. CONTENTS Is a Rare $100 Confederate Note a Myth?, by Philip H. Chase 63 Front and Rear Plate Numbers on Current Currency, by George W. Killian 67 Spy Money, by Dwight L. Musser 69 Foreign Paper Money—New Catalogs 70 "Counterfeit" Republic of Texas Money Turns Out To Be "Forgeries," by W. A. Philpott, Jr. 71 The Ephemeral Notes of the State of Houston, by Forrest W. Daniel 73 For the New Collector—The Rewards of Collecting U. S. Paper Money, by T. Homer Brooks 75 Inflation!, by George Wait 76 Portraits on Obsolete Bank Notes II, by Fred R. Marckhofj 77 Confederate Inflation Chart, by Everett K. Cooper 78 The Allan Forbes Collection of Emergency Paper Money of the World, by Maurice M. Gould 79 Review of Numismatic Literature 80 It's in the Books, by Earl Hughes 80 The Society of Paper Money Collectors, Inc. The Trading Post 66 New Library Additions 74 Secretary's Report 81 Cociet9 of Paper money Collectors OFFICERS — 1964-65 President Thomas C. Bain, 3717 Marquette Dr., Dallas 25, Tex . Vice President Dr. Julian Blanchard, 1 Sheridan Sq., New York 14, N. Y. Secretary J. Roy Pennell, Jr., P. 0. Drawer 858, Anderson, S. C. Treasurer Glenn B. Smedley, 1127 Washington Blvd., Oak Park, Ill. APPOINTEES — 1964-65 Historian-Curator Earl Hughes Attorney Ellis Edlow BOARD OF GOVERNORS — 1964-65 Thomas C. Bain, Julian Blanchard, William P. Donlon, Ben Douglas, Nathan Goldstein II, George D. Hatie, Morris H. Loewenstein, Fred R. Marckhoff, Paul S. Seitz, Arlie Slabaugh, Glenn Smedley, George W. Wait al1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111HE _ . E == == =Important Notice =,-== E === = = Paper Money Is A Copyrighted Publication = = === = No article originally appearing in this publication, or part thereof or condensa- • tion of same, can be reprinted elsewhere without the express permission of the Editor. ==E == Although your Officers recognize the publicity value to the Society of occasional re- = 1- prints. they cannot allow indiscriminate use of the material from PAPER MONEY in == other publications even when condoned by the author. Therefore, authors should =_= E contact the Editor for permission to reprint their work elsewhere and to make ar- ▪ rangements for copyrighting their work in their own names, if desired. Only in this === way can we maintain the integrity of PAPER MONEY and our contributors. E= a _ . E M111111111111111111111111111111111111111111i11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111Th Recelvabit , ur tvmrol orall 4tues mcrept expfort tit.es it Fundable i olt161erztfe States - `,J ,yek... bearing Eight ps, oat terest illfht/lf1/0 //1/ /11 // -5i/116) /71/ *EOM TER / / VOTERS rprONIO RIESTERSETs WHOLE NO.15 Paper Money PAGE 63 Is a Rare $100 Confederate Note a Myth? By Philip H. Chase Copyright 1965 by Philip H. Chase Fig. t $100 Ceres and Proserpina note, Letter It, July 25, 1861 issue Over many years I have hoped to see or hear of a specimen of the $100 "Ceres and Proserpina" Confed- erate note of the July 25, 1861 issue with "for Treas'r" printed twice. This variety with serial letter "B" has had a respected place at least for 50 years, listed as No. 8 in Bradbeer's book, published in 1915. Specific note numbers, 3726 to 4026, were given. Such detail natu- rally added convincingly to the "status" of a $100 double "for Treas'r" note. I confess to being one of those who had accepted it as a legitimate variety. $100 notes with letters "B" and "C" and a single "for Treas'r" in the lower right corner are well-known, although the variety with letter "B" is scarce. Note (Fig. 1) the restricted space for "for Treas'r" and the almost obliterated "for" in a typical letter "B" note. These facts and the occurrence of some notes where a handwritten "for" had been added by the signer contributed creditability to the existence of a variety with a second, fully legible "for Treas'r." But years have passed without word or a glimpse of a $100 note with a second "for Treas'r." My inquiry in PAPER MONEY, (Vol. I, No. 3), brought only one re- sponse. It was from an experienced collector in this field. He was in agreement with my growing suspicion that this is nonexistent as a genuine variety. Study of various notes of the July 25, 1861 issue that were lithographed by Hoyer & Ludwig and also reference to a number of original sources have confirmed my doubts of the existence of the $100 note with "for Treas'r" twice. Reports during August 1861, from Thompson Allan, designated by C. G. Memminger, Secretary of the Trea- sury, to supervise the production of Treasury notes in the establishment of Hoyer & Ludwig, make clear that the $100 notes were in a 12-subject, letter "B" sheet. The sheet make-up was five 5's, five 10's, but only one each of the $50 and $100 values. Fig. 2 shows the lower portion of such $5, $10 and $50 notes. Various entries in the Confederate Register, Vol. 99, from late July to early September, 1861, show that the number issued of $100 letter "B" notes totalled 4.695. of the $50 totalled 4,287 and the $5 totalled 23,455 (5 x 4.691). This evidence clearly indicates that all the $100 letter "B" notes issued came from these 12-subject sheets, of which only about 4,695 were printed. Various $100 notes, letter "B," have been examined, some low-numbered, some high-numbered. All were identical and showed only one "for Trea'r." But why no $100 notes with numbers in the 3727-4026 block? Letter "B" $100 notes are truly scarce. If Brad- beer's listing is correct, only 330-4695ths (6.4 per cent of the total) would have "for Treas'r" printed twice. Therefore, on the average, the chances against finding a note in the specified number block are fifteen-to-one. Has anyone seen a note with number in the 3727-4026 block? A Report of the Confederate Treasury Department in April 1864, stated that over fifty per cent of the July 25. 1861 notes had been redeemed. Considering also loss and destruction of these frail, early Treasury notes dur- Paper MoneyPAGE 64 WHOLE NO. 15 t'11111611M1 — Mork beartm;011 47 per Vent tnl jresi ///, ,//f/ // //i1) /.1((/// ///d/ili(l/f//7> 1111 MIIIIIiMeSS It . S t n i t`S Stoc k per Cent ittleres. t ///////7// 4 -TEN DOLLARS iffelim/ m//// 4/;,;(//ibi /V-ei.REGISTER NOMA IasH. RICIMOS 1 01111Merit It` Alai es /1 'bey/ per 11 e It I MI 11•1 t•S-I - St", k hearing r.iitnt Il ,/// //a/ /( _47//4/ _ n FIVE DOLLARS /b. 4m, m//// !!.;''//ki/ , - B Fig. 2. $50, $10 and $5 notes, Letter B, July 25, 1861 issue (lower positions) ing the War and the subsequent century, any notes with numbers in such a small range which have survived must be extremely scarce. For the foregoing reasons it would not be surprising if none in the 3727-4026 block has yet been discovered or recognized. Such numbered notes could give conclusive evidence of the existence or non- existence of the alleged double-printed "for Treas'r." Let us turn to other considerations that support the nonexistence of the $100 note with "for Treas'r" printed twice. Based on notes examined and the firm evidence that all the $100 letter "B" notes originated from a single sheet position, the printing of double "for Treas'r" notes would require, after an initial press run of 3,725 sheets, the entry of a second "for Treas'r" in the $100 design on the lithographic stone, a run of 300 sheets, then erasure of the same "for Treas'r" followed by the final run of some 670 sheets. No evidence of such an unlikely entry and its later erasure has been detected in examining several notes numbered higher than 4026. Should we accept the conclusion that a $100 variety with "for Treas'r" printed twice is only a myth? Surely, legitimate existence can be established only if such a note appears which shows no evidence of alteration or forgery when subjected to close. expert scrutiny. Several of the entries on page 14, Vol. 99 of the Con- federate Register add valuable evidence and may offer a plausible explanation for a supposed $100 letter "B" note with "for Treas'r" printed twice. Figure 3 is a photo- graphic reproduction of the top and bottom portions of the Register, page 14. The intermediate entries have no bearing on our inquiry. At the bottom are entered the 300 notes numbered 3727 to 4026 of the $100 value, letter "B". These are the same numbers, except for a discrepancy of one, that are given by Bradbeer under his Variety No. 8—"for Treas'r" printed twice. Four lines above the $100 note entry is entered a block of 800 of $20 notes, Nos. 8781 to 9580, letter "B". On this same line, to the left in the column headed "In Whose Favor," appear the significant words: "For Trea- surer—For Treasurer." Twenty dollar notes with "for Treas'r" printed twice, with numbers in this block, are known, as is also the case for the 9581-9980 block on the following line. One such $20 note is illustrated in Fig. 4. The notation "For Treasurer—For Treasurer" applies definitely to both these lines. But does "For Treasurer—For Treasurer" apply to any of the Register lines below, particularly the bottom It Eli I ST E OF TREASURY WITS, ISSUED UN DER AM' I /I,' ..,:_.//,‘Kry 4 4.440400 . 0#10.44 Fig. 3. Page 14, Vol. 99, Confederate "Register," top and bottom portions tOCCIViii,le (It p,stIsI•111 °•ail 4#1.0$1 , 10., 1#1 fi•cl,rt i. otli.clern le Sla les .117 per rent mteresi Stock ivaritts- ridtif //7/////./// TWENTY DOLLARS 1//(//iNi N( /(/ ///// ?,; / ./"(k) /-A47/1 t I 1 1.N II. Rlt 11,14,1/ K 011,11,11 " .../arar.se,0 7 • lJ • it ar • ...4Z7e fe 4,144.• s. e aterd.4e (14- 151te' /14 , .• Av. 0 ..."0 +4, .4 4- V 4 A 1.111r OR,79, • .4.4 4 'J.* 4, a74.7 iilko sr V ow; ...44 Fig. 4. $20 Square Rigged Ship note, Letter B, July 25, 1861 issue, variety with "for Treas'r" twice 0..4' Arlo o.v.led,resi116NOXIICATIO11. All#WWT aggs...4 /61•44, NCR A It I. N91 %MAL FAVOR. DATIL # W#13111VaTs tocriatnersy. ar#.4.01$ C