Eli DEVOTED TO THE STUDY OF CURRENCY ii3
Ei New World
VOL. 4 SUMMER 1965 No. 3
Whole No. 15
Ei OFFICIAL PUBLICATION il
Eii Cociety ii Papep litone9 Collect'p41
Eli 0 1965 by The Society of Paper Money Collectors ii
A GUIDE BOOK OF
MODERN UNITED STATES
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.
WHITMAN PUBLISHING COMPANY, RACINE, WISCONSiN
WORLD'S LEADING NUMISMATIC PUBLISHERS
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
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.
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
"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
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=
Recelvabit , ur tvmrol orall
4tues mcrept expfort tit.es
- `,J ,yek... bearing Eight
ps, oat terest
illfht/lf1/0 //1/ /11 // -5i/116)
/71/ *EOM TER / /
VOTERS rprONIO RIESTERSETs
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
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
— Mork beartm;011
47 per Vent tnl jresi
///, ,//f/ // //i1) /.1((///
MIIIIIiMeSS It . S t n i t`S
per Cent ittleres. t
iffelim/ m//// 4/;,;(//ibi
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
/b. 4m, m//// !!.;''//ki/
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
1//(//iNi N( /(/ ///// ?,; / ./"(k)
t I 1 1.N II. Rlt 11,14,1/ K 011,11,11 "
• it ar
...4Z7e fe 4,144.•
, .• Av.
0 ..."0 +4, .4 4-
V 4 A
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