official journal of The Society of Paper Money Collectors Q.D.B. & T. W. Dyott, MD 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916 470 Park Avenue, New York, NY 10022 (Fall 2020) • 212.582.2580 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Oklahoma • Hong Kong • Paris SBG PM Free Grading 200731 America’s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Starting immediately, we will pay the grading fees at PCGS, PCGS Banknote, NGC or PMG for the coins and bank notes you consign to an upcoming Stack’s Bowers Galleries auction. Our grading giveaway will continue until we have given $1 million in free grading to our clients1. Upcoming events include auctions of United States coins and currency in November, March and June, and sales of Ancient and World coins and paper money in January and April. We also welcome consignments for our popular monthly Collectors Choice Online auctions. We invite you to contact Stack’s Bowers Galleries today to learn how you can consign to one of our upcoming auctions and have your coins and paper money graded for free. One of our experts can discuss your consignment and determine if our free grading program is right for you. Call Today About Free Grading on Your Consignment to a Stack’s Bowers Galleries Auction! 800.458.4646 West Coast • 800.566.2580 East Coast Consign@StacksBowers.com • www.StacksBowers.com 1Terms & restrictions apply Stack’s Bowers Galleries invites you to take advantage of FREE Third-Party Grading for items consigned to auction. FREE GRADING Stack’s Bowers Galleries Announces $1 Million Free Grading Program Q. David Bowers 302 166 366 37 301 360 Paper Money * Sept/Oct 2020 * Whole No. 329 297 Contents continued Columns Advertisers SPMC Hall of Fame The SPMC Hall of Fame recognizes and honors those individuals who  have made a lasting contribution to the society over the span of many years.  Charles Affleck Walter Allan Doug Ball Joseph Boling F.C.C. Boyd Michael Crabb Martin Delger William Donlon Roger Durand C. John Ferreri Milt Friedberg Robert Friedberg Len Glazer Nathan Gold Nathan Goldstein James Haxby John Herzog Gene Hessler John Hickman William Higgins Ruth Hill Peter Huntoon Don Kelly Lyn Knight Chet Krause Allen Mincho Judith Murphy Chuck O’Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert Neil Shafer Austin Sheheen Herb & Martha Schingoethe Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. Wismer From Your President Shawn Hewitt 299 Editor Sez Benny Bolin 300 Uncoupled Joseph E. Boling & Fred Schwan 352 Quartermaster Michael McNeil 357 Cherry Pickers Corner Robert Calderman 362 Obsolete Corner Robert Gill 364 Chump Change Loren Gatch 366 New Members Frank Clark 367 Small Notes Jamie Yakes 368 Stacks Bowers Galleries IFC FCCB 369 Fred Bart 319 Vern Potter 372 Tom Denly 319 Higgins Museum 372 CSNS 320 DBR Currency 372 ANA 330 Jim Ehrhardt 372 Lyn F. Knight 341 PCDA 385 Gunther & Derby 363 Heritage Auctions OBC Paper Money * Sept/Oct 2020 * Whole No. 329 298 Officers & Appointees ELECTED OFFICERS PRESIDENT Shawn Hewitt shawn@shawnhewitt.com VICE-PRES. Robert Vandevender II rvpaperman@aol.com SECRETARY Robert Calderman gacoins@earthlink.net TREASURER Bob Moon robertmoon@aol.com BOARD OF GOVERNORS Mark Anderson mbamba@aol.com Robert Calderman gacoins@earlthlink.net Gary J. Dobbins g.dobbins@sbcglobal.net Stockpicker12@aol.com Pierre Fricke pierrefricke@buyvintagemoney.com Loren Gatch lgatch@uco.edu Steve Jennings sjennings@jisp.net William Litt Billlitt@aol.com J. Fred Maples maplesf@comcast.net Cody Regennitter cody.regennitter@gmail.com rvpaperman@aol.com Wendell A. Wolka purduenut@aol.com APPOINTEES PUBLISHER-EDITOR Benny Bolin smcbb@sbcglobal.net ADVERTISING MANAGER Wendell A. Wolka Jeff Brueggeman jeff@actioncurrency.com MEMBERSHIP DIRECTOR Frank Clark frank_spmc@yahoo.com IMMEDIATE PAST PRESIDENT Pierre Fricke WISMER BOOK PROJECT COORDINATOR Pierre Fricke From Your President Shawn HewittFrom Your President Shawn Hewitt Paper Money * July/August 2020 6 By the time you read this, you will have been surprised by the redesign of the cover of our journal, and now you can further explore the makeover of its contents. Many thanks go to Benny Bolin, Robert Calderman and Phillip Mangrum for their hard work in re-crafting our beloved publication. I hope you like it as much as I do. A few more surprises will be found in this edition, including the announcement of the 2020 awards that we would have normally made at our SPMC breakfast at the International Paper Money Show, which was cancelled because of COVID-19 this year. These awards are for literary excellence (based on voting from SPMC members), ODP Registry Sets (also voted upon) and service to the hobby and SPMC. In addition to these are our 2020 inductees in the SPMC Hall of Fame. They are John Ferreri, Len Glazer, Allen Mincho and D.C. Wismer. We are grateful that so many members are passionate about their hobby and make tangible contributions that benefit the Society and paper money collectors everywhere. Congratulations to them all. Congratulations are also in order to William Gunther and Charles Derby for their new book on Alabama obsoletes. Look for their advertisement in this issue. I’ve just ordered my copy and can’t wait to see it. SPMC awarded a well-deserved grant for this effort and the Board of Governors was pleased to offer its support. Related to this, our Book Committee, composed of Benny Bolin, Robert Calderman, Pierre Fricke (chairman), and Wendell Wolka, recently submitted their SPMC Book Publishing Guidance document for review by the Board. This was approved and is included in this edition of the journal. Over the years, the role of SPMC in helping authors of books related to obsolete notes has evolved considerably. Potential authors should refer to this document for SPMC’s current guidance on the subject. Continue to watch for more improvements in SPMC’s membership benefits in the coming months. We are still looking forward to production of educational videos thanks to the efforts of Loren Gatch, as well as additional content in our Bank Note History Project and Obsoletes Database Project, and more. Your SPMC leadership is committed to leaving the place better than they found it. A global pandemic is not going to get in their way. Paper Money * Sept/Oct 2020 * Whole No. 329 299 Terms and Conditions The Society of Paper Money Collectors (SPMC) P.O. Box 7055, Gainesville, GA 30504, publishes PAPER MONEY (USPS 00-3162) every other month beginning in January. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Robert Calderman, Box 7055, Gainesville, GA 30504. ©Society of Paper Money Collectors, Inc. 2020. All rights reserved. Reproduction of any article in whole or part without written approval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the editor. Accepted manuscripts will 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. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the editor for duplication and printing as needed. ADVERTISING All advertising on space available basis. Copy/correspondence should be sent to editor. All advertising is pay in advance. Ads are on a “good faith” basis. Terms are “Until Forbid.” Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. To keep rates to a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera-ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Full color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page color 500 1500 3000 Full page B&W 360 1000 1800 Half-page B&W 180 500 900 Quarter-page B&W 90 250 450 Eighth-page B&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non- standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8” beyond trim for page head, foot, and front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2” Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriate material or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads but agrees to reprint that portion of an ad in which a typographical error occurs. Editor Sez Benny Bolin Hello and welcome to the newly re-designed and updated Paper Money! We have been talking about this for a while and with a lot of help and tutelage from Phillip Mangrum and assistance from Robert Calderman and Shawn, it is now come to fruition. A few more tweaks and adjustments may be in the offing but I hope you like the new pages. The cover redesign is the most obvious and is really eye-catching. We plan to have a different color each year for all six issues. We also updated and redesigned the pages that are essentially the same each issue, albeit with different text. Those include the president's message, the editor's message, the Table of Contents (with a second one added) and the new members page. I also have redone the title fonts in most of the columns. One thing that has not changed are the articles themselves. These are what make the journal the magnificent tome it is. Please shoot me an email and let me know what you like about the changes and what other things you think could be changed to make it even better. As you can tell from this issue, I am running low on short to medium length articles. If you have time (if you need something to do while quarantining, write me a short one. 2-5 page articles are great and very helpful. I hope you all are doing well and staying safe during this incredible pandemic we are having. Being in the healthcare field as an RN for almost 40 years, it is amagzing to see what is going on. I personally think the disease is bad in and of itself, but it is made much worse by all the super wrong social media and the self-serving politicians. I have had a much closer exposure to the whole process than I really wanted as my mom (she was 89 and lived alone independently) fell on Memorial Day and was down for an extended period of time. I then had to become her private duty nurse almost full time for the summer until she passed away in July. I apologize for anyone who I did not answer emails or other contacts during that time. And now I am back at school planning for the return of students to the building. Wow. What fun. Benny Paper Money * Sept/Oct 2020 * Whole No. 329 300 The Curious Career of T.W. Dyott, M.D. by Q. David Bowers Introduction Among my numismatic interests, paper money is in the front rank. Over a long period of years, I have studied different banks, their officers, and methods of distribution. I have also collected various series, especially obsolete notes. As the years have slipped by, I have deaccessioned most of the notes, but have kept all of my research information and have added to it. In 2006 I completed the manuscript for Obsolete Paper Money Issued by Banks in the United States 1782 to 1866, which was issued by Whitman Publishing and had become a best seller and standard reference. In it is a section devoted to Dr. Thomas W. Dyott and his Manual Labor Bank. Located in the Kensington district of Philadelphia, it and its founder have in parallel two of the most fascinating and almost unbelievable histories. In the present study I share what I have learned about this unique enterprise, a narrative full of surprises, unique in the history of American currency. The Early Years Thomas W. Dyott Thomas W. Dyott was born in England in 1777. As a young man he sailed to America and arrived in Philadelphia in 1804 or early 1805. In 1807 the city directory listed him for the first time as owner of a “Patent medicine warehouse, No. 57 South Second Street.” The Philadelphia Gazette, January 24, 1807, carried this advertisement: It is obvious that by this time Dyott had his fingers in many business pies, early evidence of his entrepreneurship. His narrative, written in a convincing manner, would be essential in his future enterprises. In April 1807 he ran large advertisements for Dr. Robertson’s Celebrated Stomachic Elixir of Health and Dr. Robertson’s Patented Stomachic Wine Bitters. These were “Prepared only by T.W. Dyott, sole proprietor and grandson of the late celebrated Dr. Robertson, physician in Edinburgh, and sold wholesale and retail at the proprietor’s medicine warehouse, No. 57, South Second Street.” Sans Pareille Oleaginous Paste to improve the beauty of the mahogany and other hardwood furniture was another product, not to overlook his agency for Bug-Destroying Water. A list of his items sold for health and beauty would be lengthy. In 1809 his business was listed as “Medical dispensary and proprietor of Robertson’s family medicines, No 116 North Second Street.” By that time it seems that his brother John had joined him in the trade. Thomas W. Dyott, M.D. as seen on a bank note of the 1830s. Pro Bono Publico Patent water proof Brunswick Blacking. Prepared with oil, which softens and preserves the leather—words cannot set forth its just praise, nor can its transcendent qualities be truly known, but by experience—it is particularly recommended to sportsmen and gentlemen who are much exposed to the wet, as it will prevent the water from penetrating, preserve the leather from cracking, and render it supple and pleasant to the last. Prepared and sold, wholesale and for exportation, with full directions for using it, by T.W. Dyott, at his medical warehouse, No. 57 S. Second Street, Philadelphia, second door from Chestnut Street; also by appointment at J.B. Dumontet’s, No. 120 Broad Street, Charleston, South Carolina, where may be had the Imperial Wash for taking out stains, and preserving the quality and colour of saddles, and the tops of boots, prepared only by T.W. Dyott, who has for sale an assortment of brushes of superior quality for using the patent blacking. N.B. Captains of ships and storekeepers throughout the United State will be supplied on the most reasonable terms, and their orders punctually attended to and executed at the shortest notice. T.W.D. has also for ale, patent wine, bitters of a superior quality, together with a variety of patent family medicines, essences, perfumery, &c. suitable for the West Indian and other markets. Paper Money * Sept/Oct 2020 * Whole No. 329 301 Dyott continued to make liquid blacking. In 1810 he is listed for the first time with “M.D.” after his name. It is not known if he had actual medical training. In that era there were no licensing requirements, and the patent medicine field was rife with “doctors.” In that year he claimed to have 41 agents in 36 towns and cities in 12 states, including 14 in New York State. On September 3, 1811, he moved to 137 Second Street in Philadelphia, the address where he maintained a store for years afterward. In the Philadelphia General Advertiser, July 1, 1815, he advertised to have had “long experience and extensive practice in the City of London, the West Indies, and for the last nine years in the City of Philadelphia.” In 1815 he married Elizabeth, and in October 1816 the couple had a son, John Dyott. In 1822, Thomas W. Dyott, Jr. was born. In 1815, John G. O’Brien became a partner in O’Brien & Dyott, of which few details are known today. In 1816, in addition to his main store, he had an outlet at 341 High Street. Probably as a result of needing glass bottles and flasks for his products, he became involved in wholesale distribution of various related items. By 1817 he was the sole agent for the Olive Glass Works in Glassboro, New Jersey, the New Jersey Union Glass Works in Port Elizabeth in the same state, and for the Gloucester Glass Works in Clementon, also in New Jersey. It is likely he had an ownership interest in some or all. Moving forward to 1820, he advertised his Cheap Drug, Glass, and Family Medicine Warehouse at 137 & 139 North Second Street, corner of Race Street. He offered dozens of patent medicines, dye stuffs, sundries, and other products, including many items of glass ware. An advertisement in the local Democratic Press, March 11 of that year, had this at the bottom: “Wanted: Two apprentices to the drug business. Boys from the country will be preferred, they will be required to be of good moral habits, of respectable connections, have a good English education and knowledge of the German Language.”   T.W. Dyott’s store as advertised in 1820. Paper Money * Sept/Oct 2020 * Whole No. 329 302 The Democratic Press, July 17, 1820, carried an advertisement stating that the Olive, Gloucester, and Kensington Glass Manufactories, informed readers that “they have appointed Dr. T.W. Dyott, druggist, their sole agent, with whom all the glass as it is manufactured will be deposited for sale, by which means, from the extensive stock generally on hand, almost every order can be executed at an hour’s notice.” Signed by “David Wolf & Co., Olive Glass Works; Jona. Haines, Gloucester Glass Works; Hewson & Connell, Kensington Glass Works.” The outlet was at the old stand at the corner of North Second and Race streets. The Commercial Directory, 1823, lists these businesses: Kensington Cylinder Glass Works. T.W. Dyott, proprietor. Kensington Hollow Ware Glass Works. T.W. Dyott, proprietor. Olive Glass Works, in Gloucester County, New Jersey. Manufacture bottles and vials. T.W. Dyott, agent. Dyott, T.W. Druggist & colourman; manufacturer of window glass, &c., 137 & 139 North Second Street [Philadelphia] Dyott’s actual ownership interest in Kensington at this time has not been determined. Among his products were whiskey flasks with patriotic themes, including eagles and General Washington, not to overlook those with his own image. These are widely collected today. During this period he borrowed a lot of money to finance his enterprises, causing concern among his creditors when repayments became slow. However, he persevered and my mid-decade it seems that he had surmounted these difficulties. In the United States Gazette, Philadelphia, October 19, 1824, he advertised “Washington, LaFayette, Franklin, Ship Franklin, Agricultural and Masonic, Cornucopia, American Eagle, and common ribbed Pocket Flasks.” In the same publication he advertised on March 14, 1825, that he had 3,000 dozen flasks available for purchase. After the deaths of John Adams and Thomas Jefferson, they were commemorated on flasks as well. In this era two of his important sources for finance were Philadelphia merchants Jacob Ridgway and Captain Daniel May, both of whom were prominent in the local social scene. Dyott complained of the high interest they charged, but continued the relationships. These arrangements were not known to others outside of Dyott’s inner circle and came to light years later in 1839 court proceedings, as explained later in the present text. On May 17, 1826, in the Cayuga Republican issued in distant Auburn, New York, he advertised his Philadelphia store, also indicating that he was involved in glass manufacture: “3 or 4 first rate vial blowers will meet with constant employment and good wages by applying as above.” Not long afterward his advertisements told of his ownership, such as this notice in the Commercial Advertiser, New York City, June 18, 1828: Lafayette-Eagle flask by Dyott            Franklin-Dyott flask with T.W. Dyott’s portrait on one side Paper Money * Sept/Oct 2020 * Whole No. 329 303 Dyott secured several patents relating to glass making. The glass factories were expanding by leaps and bounds. To add to the work force, advertisements were placed, such as this in the Philadelphia Inquirer, July 19, 1832: Glass factory workers as illustrated on a bank note. As to the history of the glass factory, it dated back to 1771 when Robert Towers, a leather-dresser, and Joseph Leacock, a watchmaker, decided to erect a glass works in Kensington. They purchased frontage on the east side of Bank Street (later called Richmond Street), extending back to the shore of the Delaware River, which was navigable at that point. The business was up and running in short order, as evidenced by this notice in the Pennsylvania Gazette, January 1772: "The glass- factory, Northern Liberties, next door to the sign of the Marquis of Granby, in Market Street, where the highest price is given for broken flint-glass and alkaline salts.” Not long afterward in November of the same year the business was sold to druggists John and Samuel Gray, who added Isaac Gray as a partner. The works were expanded. In May 1780 the business was sold to tobacconist Thomas Leiper, who is thought to have found it to be a convenient source for bottles in which to store and sell snuff. On March 6, 1800, the factory was sold to Joseph Roberts, Jr., James Butland, and James Rowland for $2,333, after which it was known as James Butland & Co., with an outlet at 80 North Fourth Street. In 1801 Roberts sold his interest to his partners, who continued the business until 1804, after which Rowland became sole proprietor. Rowland in 1808 had his outlet at 93 North Second Street. In the 1820s, Dyott was agent, later proprietor. Glass Ware Philadelphia and Kensington Factories. Apothecaries’ vials, patent medicine and perfumery do, mustards, cayennes, shop furniture, confectioner’s show bottles, druggists packing bottles, carboys, acids, castor oil, cordial and wine bottles, demijohns, flasks, quarts, half gallon, and gallon common bottles, preserving and fruit jars, with a complete and general assortment of every other article in the glass line. The above establishment is on the most extensive scale, embracing three distinct factories located in the immediate vicinity of Philadelphia—affording every facility for executing orders with promptness. The quality of the glass is decidedly superior to any other of the same description made in this country. Orders punctually attended to, addressed to the proprietor, T.W. Dyott, Philadelphia, or to H.W. Field, agent, New York. Apprentices Wanted A number of boys of industrious habits from the ages of ten to fifteen are wanted as apprentices to the art and science of glass blowing; in connection with which they will also be taught an additional and distinct trade, leaving them a choice of following either occupation when they become of age. The terms on which they will be taken will insure them good boarding, clothing, washing, and lodging, with a privilege of doing overwork, for which they will be payed journeymen’s wages. In the arrangement and formation of his establishment the proprietor has spared no expense in making it an advantageous situation for the boys and meriting the approbation of their parents and friends. Strict attention will be given to their morals and education, a qualified school-master having been engaged for their sold instruction. The school house, house of public worship, and dwelling house are all erected on the premises at the factories, which are situation on one of the most pleasant and healthy locations on the banks of the Delaware near Philadelphia. The school is open every evening in the week and before and after the hours of worship on Sundays. A regular course of instruction will thus be maintained during their whole apprenticeship, and those who are anxious to acquire improvement will meet with every facility. Apply to T.W. Dyott, corner of Second and Race Streets, or to M. Dyott at the factories in Kensington. Paper Money * Sept/Oct 2020 * Whole No. 329 304 Happy Times at Dyottville Dyottville In March 1833 it was announced that the four factories would henceforth be known as the Dyottville Glass Factories. While Dyottville was not a name recognized by the state, the designation was widely known. The growth of the enterprise had many detractors, including in particular Jeremiah Kooch, publisher of Kooch’s Blue Book for the County of Philadelphia, who claimed that much public money was spent in improving the area, including for a bridge, walls, and fences, and that the county commissioners were frequent guests of the Dyott family and were treated like royalty. T.W. Dyott, M.D., was a fraud, an impostor, he alleged. Per contra, many articles in the popular press praised Dyottville and its proprietor. The spread included a farm of about 200 acres on which vegetables, poultry, and 48 cows (per a May 1833 account) were situated. Dyottville included housing for all of the workers plus about 40 houses arranged in a row, for the accommodation of married persons and their families. The boys were accommodated in rooms for six to eight, with partitions, deep shelves for storing clothing and personal effects and other amenities. There were facilities for washing three times a day, before each meal. In a separate building the boys had their own dining hall, with fine provisions. On Christmas, turkeys and plum pudding were the usual fare. Snacks of crackers were furnished before and after the noon meal. The adults had their own dining hall. In May 1833 a reporter from the United States Gazette visited Dyottville and turned in lengthy glowing report describing cheerfulness and harmony. Selected excerpts: …The general government of the place is in persuasion, not coaxing, persuasion that cheerful obedience to reasonable rules is the best policy.… On entering one factory, in the center of which was a furnace, having in it ten or twelve melting pots, and employed about thirty persons, we were struck with the cheerfulness with which all performed the offices assigned to them. On the side of the furnace opposite to that, on which we and other visitors stood, some one of the workmen commenced singing. He had scarcely proceeded a note before the whole band of youth and children joined in perfect harmony and time, and carried through in the most admirable style we have ever heard. It was one of the richest extemporaneous musical treats we have ever enjoyed. It was carried on without a relaxation of labor on the part of a single individual. The vaulted roof was favorable to the prolongation of the sound.… This was no trial “got up” to please the company. Twenty times and perhaps fifty times a day, labor is lightened by the accompaniment of music in all the factories. Dyottville was for a long time exclusively conducted by Dr. T.W. Dyott of this city. He has recently associated with his brother, who with his family occupy the central building of this little ton—where, we are bound to day, true hospitality, its comforts and graces are fully exercised.… The Daily Pennsylvanian, Philadelphia, September 9, 1834, included this advertisement: T.W. Dyott’s store as advertised in 1833 in DeSilver’s Philadelphia Directory and Stranger’s Guide  A Teacher Wanted, In an extensive establishment, wherein a School System of Moral and Mental Labor is adopted, for the instruction of a large number of boys. A person from one of the Eastern states would be preferred He must be a single man, of pleasing address, industrious habits, and strictly moral character; one who will feel it incumbent on him to impart to the working boy an elevation of character; and a sentiment of self-dignity that will tend to equalize him with all men, and that will tach him to brook no distinction of superiority, excepting such as is conferred by virtuous principles. His entire time will have to be devoted to the interests of his pupils among whom he must associate during their hours of labor, of study, and of amusement. To a person thus qualified, a liberal salary will be given. Satisfactory references as to character and capacity will be required. Apply to T.W. Dyott Philadelphia  Paper Money * Sept/Oct 2020 * Whole No. 329 305 Dyott’s glass factories in Dyottville on the bank of the Delaware River in the 1830s. In 1834 The Mechanic, Journal of the Useful Arts and Sciences published this: In 1833 more than 300 people were employed at the Dyottville Glass Works, of whom more than 200 were young apprentices. Most workers lived near the factory, which was connected to about 400 acres of land along the river. A farm produced dairy products and vegetables. In that year he published a brochure, An Exposition of the System of Moral and Mental Labor Established at the Glass Factory of Dyottville, in the County of Philadelphia, mainly to back his unsuccessful petition to obtain a state charter for a proposed bank. The author of the publication is not known, but his talented friend Stephen Simpson may have been involved. Simpson had been a bank clerk earlier and in 1830s had become a candidate for Congress on the Workingmen’s Party ticket. In 1831 his treatise, Working Man’s Manual: A New Theory of Political Economy on the Principle of Production the Source of Wealth, was published in Philadelphia. In the next year his Biography of Stephen Girard was published. The presentation of Dyott’s philosophy included this (excerpts): It is too much the propensity of our nature, to run after fortune with intoxicating ardour, without considering how many human hearts we may crush in the heat of the pursuit; or without paying very punctilious regard to the means by which we accomplish profit. The passion for gain is often too powerful to be modulated by Reason, arrested by judgement, or qualified by justice. It is perhaps to this point that we are to refer the hitherto neglected point of combining mental and moral with manual labor.… I projected the plan of instructing boys in the art of glass blowing, taking them at so tender an age that their pliant natures could be molded into habits of temperance, industry, docility, piety, and perfect moral decorum, under a system of instruction within the walls of the Factory, fully adequate to develop all these moral and intellectual faculties, which make Glass Works Just above Kensington, near Philadelphia, are the Dyottville Glass Works—one of the greatest curiosities of this country. There are four large factories or furnaces each having ten melting pots and constantly employing more than 300 men and boys. They make 10,000 pounds of glass a day. If they work 310 days in a year they must make 31,000,000 pounds of glass in a whole year. How many half-pint tumblers would all this glass make, each weighing four ounces. In making this glass they consume in a year 240,000 lbs. of red lead, 370,000 lbs. pot and pearl ashes, 1,360,000 lbs. of sand, 2,300 bushels of lime, and 1,550 of salt. (What then is glass made of?) Part of the fuel which they burn is rosin—at the rate of 50 barrels a day, or more than 15,000 a year. Besides this, they burn 1,800 cords of pine and oak wood and 1,200 bushels of Virginia coal. Surely this is a most splendid establishment. Of the 300 laborers, 225 are boys, some of whom are not more than eight years of age. They are taught each evening the branches of a plain, practical education. They have also a library. Almost all learn to sing, and you may hear the various companies of laborers singing most delightfully, while busy at their work, sometimes twenty or thirty times a day. Not a drop of spirit or any other intoxicating liquor is allowed in the whole establishment. Paper Money * Sept/Oct 2020 * Whole No. 329 306 the happy man, the good citizen, and the valuable operative.… The mere act of blowing does not cause an exertion of the lungs and habit soon renders the heat imperceptible.… The exertion of blowing glass, by giving a slight and healthy expansion to the chest and lungs, adds vigor and energy to the whole frame.… Dyott was a remarkably beneficent employer and wanted his workmen and apprentices to enjoy their life experience, highly unusual for the era. He built a chapel and hired a clergyman to give sermons three times on Sunday. He held prayer meetings and educational lectures. Singing lessons were given. A well-stocked library contained classical volumes. In 1835 Dyott partnered with Stephen Simpson to launch on January 4, 1835, The Democratic Herald and Champion of the People. In a discussion, Simpson had asked Dyott if he was a Whig or if he was a Democrat. He replied that he had no particular persuasion, but voted for the candidate, not the party. Simpson made the decision, based on the current strength of the Democratic Party under President Andrew Jackson and his perception that there were more Democrats than Whigs among potential readers. Curiously, the name on the masthead was John B. Dyott, his son who would not be 21 years of age until the next October. In practice, the newspaper was light on political news but mainly consisted of promotional material for Dyottville and its various glass products. Another sheet, the General Advertiser and Manual Labor Expositor, seems to have had a local or regional distribution and was short-lived. The Democratic Herald lasted for nearly three years. Starting in 1836, this advertisement was run in regional papers, as here from the June 4, 1836 issue of the Public Ledger, Philadelphia. The Manual Labor Bank Expanding his business horizons and also to provide a place for workers’ savings accounts, in early 1836, with Simpson as the business manager and cashier, he formed the Manual Labor Bank. On March 26 this was published, dated February 1: Unlike most of its contemporaries, the bank did not have a state charter despite applying for such. However, this lack did not seem to bother the authorities, as Dr. Dyott and his Dyottville had a sterling reputation as viewed by most of the public. Behind the scenes, Dyott was often short of funds, having to borrow privately at high interest rates, as later information would reveal. An entrepreneur he was, but a money manager he was not. The engraving firm of Underwood, Bald, Spencer & Hufty was given the contract to print bank notes of several different denominations, illustrated with a scene of the interior of a glass factory with workers engaged in bottle making. The portrait of Franklin was on one side of each bill and that of Dr. Dyott on the other, perhaps representing Dyott’s opinion of Philadelphia’s most prominent citizens past and present. Apprentices A few more boys of health, industrious habits from the age of ten to fourteen years will be taken in as apprentices to the glass blowing and wicker working in the Dyottville factory system as set forth by the proprietor of that establishment in his Exposition of Moral and Mental Labor, copies of which are published in pamphlet form and will be presented to those who feel interested, but applying at the N.E. corner of Second and Race streets. T.W. Dyott Six Percent Savings at the Manual Labor Bank, N.E. corner of Second and Race streets—Capital $500,000; secured in trust on real estate and publicly recorded. Deposits for four months, not less than ten dollars, will be received every day on which six per cent per annum will be allowed, free of all charges of commission. Ten days’ notice will be required of intention to withdraw the deposit at the end of that period. If no notice to withdraw has been given, the deposit will be held, and the interest for that period carried to the credit of the depositor, when interest will be allowed on the whole sum to his credit; and the same will be done at the expiration of every four months, until the notice be given to withdraw the deposit. T.W. Dyott, President Stephen Simpson, Cashier Philadelphia, Feb. 2, 1836 N.B. Savings and deposits will be received after the usual banking hours, until nine o’clock P.M. at the counting house and deposit office, No. 141 North Second St. two doors above the banking house. Permanent deposits for one year will be received and the interest paid quarterly at six percent subject to the usual notice of withdrawal. Paper Money * Sept/Oct 2020 * Whole No. 329 307 This bank-note partnership was new on the Philadelphia scene and had just recently opened its doors in the Exchange Building. As the successor to Murray, Draper, Fairman & Co. and Underwood, Bald & Spencer, the principals were already well-known. They included Thomas Underwood, Robert Bald, Asa Spencer, Samuel Hufty, and Samuel Stiles. In New York City an office was maintained at 14 Wall Street under the directorship of Nathaniel and S.S. Jocelyn, well- known engravers who hailed from Connecticut. The firm lasted until 1843 when it was succeeded by the related partnerships of Bald, Spencer, Hufty & Danforth, Philadelphia, and Danforth, Bald, Spencer & Hufty, New York City. On its currency the bank claimed to have $500,000 in capital “secured in trust on real estate and publicly recorded,” a phrase continued to be used in advertising. This large advertisement was published in late spring 1837, as in the Daily Pennsylvanian, Philadelphia, on June 2: Money rolled in from depositors, and the funds found ready use in financing Dyott’s other enterprises. Even President Andrew Jackson seems to have endorsed the bank, per this comment in an advertisement in the Philadelphia Public Ledger, January 1, 1837: General Jackson says he can see no objection to your plan of business, with reference to your banking, as it is founded on a real security and must depend upon commercial credit for circulation which is all fair; but he is decidedly opposed to chartered monopolies, which sanction a paper credit, without a proper metallic basis. Dyott and Simpson spent a lot of time hand-signing as president and cashier the bank’s bills, probably many thousands of sheets of them. They were the currency of choice in Dyottville and were readily accepted at par elsewhere in the Philadelphia district. Backing for the currency as stated on the bank’s bills. The Highest Rate of Interest Six Per Cent per Ann Paid Quarterly, or compound interest carried to the credit of the depositor every three months and the MANUAL LABOR BANK and Six Per Cent Saving Fund, North-East corner of Second and Race Sts. Instituted February 2d, 1836. Capital $500,000 Secured in trust by judgment confessed on real estate and publicly recorded—according to the following Certificate Go the 11th day of May, 1836, a bond and judgment, commencing from 2nd February last, was filed in the District Court for Five Hundred Thousand Dollars, as security for all the responsibilities of banking and saving fund deposits secured by Dr. Thomas W. Dyott of the City of Philadelphia. Copy from the endorsement on the bond: “Entered in the Office of the District Court for the city and county of Philadelphia, and warrant of attorney filed May 11, 1836,” Pro Prothonotary, (signed) K Coats Jacob Ridgway, Esq. Trustee and bond holder The Manual Labor Bank and Saving Fund has been established by the proprietor in order to afford a safe depository for the savings of labor and the surplus of incomes, under an ample security of his estate, at the full rate of legal interest— a security which he believes no other institution possesses—and a rate of interest which he is certain is not paid by any other. His motive for this is to give to the meritorious working man the full legal interest which he ought always to obtain for his savings; and the individual responsibility of the proprietor affords a guarantee that he will accept no more deposits than his interest calls for, on the single principle of his liability; and which so effectually guards and protects the common safety of all the depositors by restricting the amount to be received, to the security pledges of 500,000 Dollars. Deposits received every day until nine o’clock P.M. Pamphlets containing the terms and exposition of this establishment to be had gratis at the Banking House. T.W. Dyott, Banker Stephen Simpson, Cashier   Paper Money * Sept/Oct 2020 * Whole No. 329 308 Advertisements in the autumn of 1837 were placed by T.W.’s brother, M.B. Dyott: Sheet of four $1 notes of the Manual Labor Bank. The individual notes are lettered A to D. M.B. Dyott’s Wholesale & retail grocery, provision, and variety stores at the Dyottville Glass Factories, in the District of Kensington, Philadelphia County. N.B. The highest prices (in cash or store goods) will always be given for all kinds of domestic goods and country produce, including live and dead stock, by applying as above. Manual Labor Bank notes taken at par. Manual Labor Bank 5-cent note.  Manual Labor Bank 6¼ cent note. Manual Labor Bank 10-cent note. Manual Labor Bank 12½ cent note, June 1, 1837. Manual Labor Bank 50- cent note.Manual Labor Bank 25-cent note. Paper Money * Sept/Oct 2020 * Whole No. 329 309 On June 30, 1837, the Saturday Evening Post printed this: According to an early account, these small bills were readily accepted by local merchants and tradesmen in return for goods and services, but were not accepted at the city banks. According to the Pennsylvania Auditor General’s report for 1837, this bank had in circulation in denominations of 5, 6¼, 10, 12½, 25 and 50 cents, and 1, 2, and 3 dollars, to the amount of $117,500. Counterfeit & Loss Prevented: SMALL BANK BILLS The proprietor of the Manual Labor Saving Fund (at the request of, and to accommodate the public) having caused to be inimitably engraved, in first rate style, a series of plates, notes from $3 to 5 cts. printed on bank-note paper, is now prepared to supply a limited amount of same for public convenience. These bills effectually baffle all attempts to counterfeit them, and being issued on an ample Security of Real Estate and redeemed when presented in sums of $5 in the bank bills of this city, no loss can possibly accrue on them. Any amount of the same, not under 50 cents, will always be received on deposit, to the credit of the holder, at 6 percent interest, at the Saving Fund. N.E. corner Second and Race Streets T. W. Dyott. Stephen Simpson, cashier Manual Labor Bank, June 22, 1837 Manual Labor Notes in denominations of $1, $2 and $3 Paper Money * Sept/Oct 2020 * Whole No. 329 310 Manual Labor Bank $5 note, August 2, 1836. The payee, in this case Tannahill & Lavender, represents the first person or entity to which a newly-signed note was given.  Manual Labor Bank $10 note, August 2, 1836.   Manual Labor Bank $100 note, September 10, 1838, no mention of interest.   Manual Labor Bank $50 note, February 2, 1836.   Paper Money * Sept/Oct 2020 * Whole No. 329 311 The Financial Panic and Consequences Financial Difficulties Dyott did not reckon with the Panic of 1837—nor did many others. He thought that the unbridled prosperity of the early 1830s would continue forever. On May 11, 1837, in Philadelphia 11 banks suspended the payment of gold and silver coins in exchange for paper. Soon, all paper became distrusted, but there was little alternative to using it. Bills sold at a discount in terms of coins. Large-denomination bills in particular were viewed with suspicion in the marketplace. A chill enveloped nearly all businesses in the country, forcing the closure of thousands and the failure of many banks. Orders for the glass factories plummeted, and Dyott saw no prospect for a change anytime soon. Depositors swarmed the office of the Mutual Labor Bank from mid-March through May, during which time the bank’s bills were exchanged for bills of various state-chartered banks in the region. There were no longer any silver or gold coins in general circulation anywhere. During this time, Dyott maintained that all was well. In the meantime, cash was given to his family. No advertisements indicating the Kensington glass factories were still in operation have been seen after the summer of 1837. The New York Herald on October 3 included an article about glass factories in America, including this: “There is one glass house for the manufacture of bottles in Philadelphia, containing 5 furnaces of 6 pots each, and on the premises there are 280 persons employed.” Likely, this information was from an earlier source and did not refer to operations in place in October. Beginning in July 1837, T.W. Dyott began the wholesale transfer of his assets and businesses to his close relatives, taking notes in payment and sometimes charging rental, as in the case of the glass factory signed over to brother Michael, who had arrived from England in the late 1820s. His 16-year-old son was set up as Thomas W. Dyott, Jr., & Co., retail grocers. The senior Dyott’s stated purpose for doing this was to permit him to spend more time with the increasingly busy and ostensibly prosperous Manual Labor Bank. Around November 1st a “run” on the Manual Labor Bank followed a rash of nasty rumors that it was on the brink of failure. Dyott sprang into action, and announced a system whereby the bank’s bills would be redeemed at par at local stores—actually a declaration of a system that had been working for a long time. On November 6th Dyott published a reward of $500 to be paid for the identification of the person who first circulated the rumor of the bank’s instability. In August 1838, Dyott announced the issuance of a popular type of currency used by many different banks at the time: Post Notes: The notes of the Manual Labor Bank dated one year after the date, either with or without interest of the denominations of 1, 2, 3, 5 and 10 dollars, are received at their full par value, the same as those notes payable on demand, at the stores of the subscribers, in payment for groceries, drugs, medicines, paints, glass ware, and every other kind of goods in their line of trade, at the lowest cash prices, either wholesale or retail. J. B. & C. W. Dyott, 139 and 141 N. Second Street T. W. Dyott, Jr. & Co., 143 N. Second Street M. B. Dyott, Dyottville Glass Factories NB Notes of larger denominations taken by specie contract The Messrs. Dyotts invite the attention of druggists, merchants, manufacturers, mechanics, store-keepers, farmers and all who are favorably disposed to the Manual Labor System and who may be in possession of any of the Manual Labor bank notes not to part with them below their full par value, but to call at their stores, where every attention will be paid to them. Fair prices in cash or store goods will be paid for all kinds of country produce and for goods generally of domestic manufacture. Some regular (not post) notes were issued with dates slightly later than post notes, as illustrated on the next page. No record has been found as to specific 1838 notes listed and which are post notes and which are not, although examination of existing notes shows some that were issued. On March 26, 1838, and in other issues the Public Ledger, Philadelphia, carried this advertisement: Post Notes The notes of the Manual Labor Bank, dated one year after date (either with or without interest), of all denominations, are received by the subscribers at their full par value, the same as those notes payable on demand, in payment for glass and every kind of goods in their line of trade, at the very lowest cash prices. Paper Money * Sept/Oct 2020 * Whole No. 329 312 J.B. & C.W. Dyott Nos. 139, 141, and 143 N. Second St. M.B. Dyott. Dyottville, East Kensington. N.B.—It having been represented by holders of the notes that many persons who advertise to receive the Manual Labor notes at par are in the habit of imposing an extra price on purchasers, to the amount of from 10 to 25 per cent, when payment is made in Manual Labor Notes. If persons were to apply to the above stores they can be accommodated with nearly every kind of articles necessary in a family, and avoid being imposed upon. By this time Dyott’s debtors operating the businesses he leased and transferred were experiencing continuing losses as was the bank. However, Dyott endeavored to maintain the appearance of prosperity. Or, more accurately, nothing has been found in newspaper notices suggesting otherwise. Later advertisements were mostly brief, such as this from the April 5, 1838, issue of the National Gazette, Philadelphia: Druggist’s Bottles, &c. 4,000 packages druggist packing bottles and shop furniture from the Dyottville Factories, for which Manual Labor Bank notes will be received in payment. For sale by J.B. & C.W. Dyott, Nos. 139, 141, and 143 N. 2nd St. Manual Labor Bank $10 post note, May 4, 1838, predating the above- quoted announcement as do some other post notes. The interest provision is crossed out.   Manual Labor Bank $20 post note, July 21, 1838. The interest provision is crossed out.   Manual Labor Bank $50 post note, July 21, 1838. The interest provision is crossed out.   Paper Money * Sept/Oct 2020 * Whole No. 329 313 Beginning on July 22, 1838, this notice was published, in the Philadelphia Public Ledger, July 23: Post Notes The notes of the Manual Labor Bank dated one year after date (wither with or without interest), of the denominations of 1, 2, 3, 5, and 10 dollars are received at their full par value, the same as those notes payable on demand, at the stores of the subscribers, in payment for groceries, drugs, medicines, paints, glass ware and every kind of goods in their line of trade, at the lowest cash prices, either wholesale or retail. J.B. & C.W. Dyott, 139 and 141 N. Second St. T.W. Dyott, Jr. & Co. No. 143 N. Second Street M.B. Dyott Dyottville Glass Factories N.B.—Notes of larger denominations taken by special contract. The Messrs. Dyotts invite the attention of druggists, merchants, manufacturers, mechanics, storekeepers, farmers, and all who are favorably disposed to the Manual Labor System, and who may be in possession of any of the Manual Labor Bank notes, not to part with them below their full par value, but to call at their stores, where every attention will be paid them. Fair prices in cash or in store goods will be paid for all kinds of country produce and for goods generally of domestic manufacture. Slight variations of the above were published into September. A new venture was announced in the autumn, such as advertised on October 5, 1838 in the Philadelphia Public Ledger: Rotary Steam Engines The subscribers have established a factory at Dyottville in the district of Kensington, where they are building and have constantly on hand for sale Rotary Steam Engines, of an improved construction under the patent of Ethan Baldwin, the simplicity and durability of which surpass any other steam engine now in use, and they require one third less fuel. Engines from five to sixty horse power may be seen in operation and examined every day at the factory. The subscribers will sell their engines on reasonable terms and guarantee any engine they sell not to cost one dollar for repairs or packing in two years. Orders for lathes, slide-rests, cutting wheels, boring cylinders and for machinery in general will be punctually attended to under the superintendence of George W. Henderson, known as a first rate machinist. Dyott, Baldwin & Hazelton These advertisements were published into February 1839. The Fall of the Dyott Empire Aftermath Dr. T.W. Dyott was hardly alone in financial problems, for at the time thousands of businesses were failing all across the United States, and the Hard Times era had begun. His Democratic Herald and Champion of the People folded literally and figuratively. Finally, in November 1838, Dyott filed for bankruptcy in the Insolvency Court. Notice of his status was published in December. As various banks failed around the United States, their presidents, cashiers, and stockholders usually walked away, without further obligation. Sometimes legal actions were instituted to recover funds, especially in instances in which shareholders simply gave IOUs rather than paying for capital stock, and owed cash. However, assets were few and far between, and neither stockholders nor the public received much for the shares or bills of failed institutions. However, with Dyott the situation was different. He was viewed by many as a captain of industry, a man of great wealth living in regal circumstances, but with great concern for working people, including children. Creditors of his enterprises denounced him as a fraud and called for his arrest on criminal charges. On February 5, 1839, his case was scheduled to be reviewed by a jury at the court. Upon arrival, Dyott was met with an angry mob. Hurriedly, he dashed into the nearby Paper Money * Sept/Oct 2020 * Whole No. 329 314 store of Jacob Ridgway and escaped through the back door. Accounts of the case were published in newspapers, overlapping advertisements for steam engines as given above. The case was held over, and the judge ordered him bound over for $10,000 on a charge of fraudulent insolvency. On March 30 the grand jury returned a true bill against him. Niles’ National Register, April 6, 1839, had this account: Dr. Dyott, the Banker. The Philadelphia papers state that the grand jury of that city have found a true bill containing the following counts: 1. Colluding and contriving with T.B. and C.W. Dyott, to conceal goods, value $100,000. 2. Fraudulently conveying to T.B. and C.W. Dyott, goods, value $50,000. 3. Colluding and contriving with Th. W. Dyott, Jr., to conceal goods, value $50,000. 4. Fraudulently conveying to T.W. Dyott, Jr., goods, value $2,000. 5. Colluding and contriving with M.B. Dyott, to conceal goods, value $30,000. 6. Colluding and contriving with W. Wells to secrete $480 in money. 7. Fraudulently conveying to Julia Dyott furniture, value $1,000. 8. Concealing goods and merchandise, value $50,000. 9. Concealing $300,000 in money. 10. Concealing $100,000 in money. 11. Concealing $10,000 in money. All with the expectation to receive future benefit to himself, and with the intent to defraud his creditors. Then followed a long court trial, April 30 to June 1, on 11 indictments, later reduced to seven. Testimony was contradictory, ranging from presenting Dyott as a benefactor to mankind who had simply suffered the widespread effects of the panic, to a malicious criminal who sought to defraud his associates and creditors. On June 1st, the jury returned a verdict against Dyott, guilty as charged on all counts. The sentence was to be from one to seven years at hard labor, in solitary confinement, the length being at the discretion of the judge. On August 31 the judge delivered a sentence of three years of normal imprisonment. The case was appealed, Dyott lost again, and went to the Eastern Penitentiary. Snippets from the Dyott Court Case The Highly Interesting and Important Trial of Dr. T.W. Dyott, the Banker, for Fraudulent Insolvency with the Speeches of Counsel, &c. By the clerk’s office, Eastern District of Pennsylvania, 1839, contained 28 pages of court proceedings, prefaced by Dyott’s testimony and that of his counsel, followed by others. James Campbell and W.L. Hirst, esquires, acted for the State and Z. Phillips, J.R. Ingersoll, and C.J. Ingersoll were attorneys for Dyott. Dyott’s words and those of others shed light on certain dates and details. The case of Commonwealth Vs. T.W. Dyott opened in Criminal Court, District Court for the Eastern District of Pennsylvania, Wednesday, April 29, 1839, before the Hon. R.T. Conrad, with a jury of citizens empaneled. Attorney Hirst opened for the prosecution and presented a list of 11 alleged criminal acts that led to the indictment. Hirst related that the examination of the situation had started on February 20 and was completed on March 5. This included interviews with the defendant. First of 28 pages of the Dyott trial transcript. Paper Money * Sept/Oct 2020 * Whole No. 329 315 Dyott had commenced banking on February 2, 1836. “His capital was real estate, pills and plasters, phials and glasses; he considered himself worth, at that time $600,000 or $700,000, valued his real estate at $550,000.” After entering banking he bought the house next above his bank for $16,000. Dyott claimed he was not a bookkeeper, and thus few specific records were available. After the petition was filed, a “Mr. Calder cold not tell whether the account in his ledger was right or wrong; balance appears to be overdrawn $233,261.” Cashier Stephen Simpson had desired that his own accounts be kept and balanced, but that does not seem to have been done until July 1837. After that time “the account was balanced every night, and the daily account was in the books; his discounted notes were all privately bought, he kept no bill book.” The last refers to Dyott selling large quantities of bills at deep discounts and keeping no record. On Tuesday, May 2, the court reconvened at the usual hour of ten in the morning. Mr. Hirst continued his testimony based upon his earlier investigation. “He said that he asked Dr. Dyott if he could say how many bills appeared discounted in the books of the bank. He said he could not say what books they appeared in, or what the amount was. He said he kept no memorandum, private or public, of bills discounted.” Dyott related that the discounted notes were “shaved” (sharply discounted) to get loans. Upon questioning if the amount was half a million dollars, or what, Dyott had no information. Bills were given to lenders such as Ridgway and also to Dyott’s family, without records being kept. Dyott had related that in the summer of 1837 he had sold his glassware and other stock to his son and nephew for $150,000 and had been paid in Manual Labor Bank bills. The glass factories were leased to his brother M.B. Dyott for $25,000 per year in rent. Dr. Dyott related that his brother “had stripped it of everything.” [Nothing was related how the operation was shut down or what happened to the employees, the farm, and other people and activities.] Mention was made of the new steam engine manufactory at Dyottville that was expected to add profit, but resulted in a loss. This was under the aegis of his brother until his passing from “mortification of the throat” on December 31, 1838, seemingly leaving little in the way of records. [The steam engines did not operate properly despite Baldwin being on the premises constantly; details in the Philadelphia Public Ledger, March 1, 1839.] As to the amount of bank bills that had been issued, Dr. Dyott said he did not know, but thought it was about $140,000, not including post notes, and that at one time there was $108,000 in an iron chest and some other notes in the glass store. Hirst then proposed to discuss three items that Dyott had printed and distributed: “A Reward of $500,” dated November 6,1837; “Final Arrangement of Business,” December 5, 1837; and “Regulations for the Business of the Manual Labor Bank,” December 5, 1837. Attorney Phillips then arose for the defense, stating that these had nothing to do with the evidence and could not be admitted into testimony. Hirst then resumed his testimony, that regarding the first, Dyott had said, “It is my real estate. I got 500 or 1,000 copies of that pamphlet printed. None were circulated with my knowledge or approbation.” [Perhaps without was intended in the transcript?] A bond was assigned to creditor Ridgway and was publicized, as both men thought it would enhance the apparent credit of the troubled bank. [Further testimony seemed strange, such as Dyott selling his house furniture to sister-in-law Julia Dyott because “I wanted money.”] “I was my own broker in getting a great many discounts, but I cannot say the amount within $100,000,” Dyott was quoted as saying. [This would seem to indicate that hundreds of thousands of dollars in bills had been issued; at the time it was standard policy of various bank note printers to issue any quantities called for, without any concern or investigation. Numismatically, this reflects that no realistic estimate can be made of the number of notes printed or issued.] Dyott had told Hirst that he had acquired the glass works 20 years earlier, when it was a “mere swamp.” “It had cost him originally $42,000 and [he] had since spent less than $300,000. It had 1,000- or 1,200-feet river front. The house at the corner of Second and Race streets cost him $15,000. He erected a warehouse on it which cost $9,000. Bought the lot adjoining for $8.000, and [in Dyottville] on 40 houses there was a mortgage of $16,000, on a cost of $9,000, and on Dyottville [a mortgage] of $20,000 and on the Second Street property $29,000.” Attorney Phillips related that when he began banking, he was looking for a large capital for the glass business, but had paid off most of it. “Being asked why he sold out his stock to his relations, he said that he gave it to them, a as he had enough to attend to, , besides, he would increase his banking capital by those means. He was paying thirty per cent a year for money, and expected to relieve himself by his bank. In a question about money, he said, ‘I am the Manual Labor Bank.’ Mr. Simpson is trusted by me entirely, he had the power to manage everything, but much of the discounting was done by me, and the bank never saw the notes.” Later in court on the same day, Attorney Phillips related that $115,000 in post notes was issued. Dyott told Philipps that “if he could have got out $500,000 of his bills, and kept them out, he would have done very well.” [It seems to the present-day reader and must have seemed to the jury in 1839 that Dyott’s financial empire was built on debt with an attempt to correct that by Paper Money * Sept/Oct 2020 * Whole No. 329 316 fraud. This scenario was quite different from the early accounts of workers happily working and singing, and Dyottville being a model business and community. During these procedures Dr. Dyott was brought from jail to observe the court. On Friday, May 3, the court opened at the usual time, with prosecution Attorney Hirst continuing his narrative, telling of his Dyott interviews: “I examined him when he stated that $10,800 of post notes were made in December 1837, that $7,000 of them were put in circulation, that there were $775 in 50s and 25s [sic] issued with S. Simpson’s fac simile, that there was an issue of $90,000 of post notes of large denominations, that the greater part were issued—perhaps all, that there were no fresh signatures of post notes after the $115,000, and that was the whole amount. There was an issue of $90,000 of cash notes on the day the bond was reassigned, of which issue Mr. Ridgway has $40,000 and Captain Man had likewise $32,000.” In other testimony it was related that the first time Dyott saw Stephen Simpson was that when he was on board a steamboat in which Simpson was a fellow passenger. Dyott was seeking a charter for his bank, and Simpson said he had the political connections to help, including with President Jackson [who had nothing to do with state banking]. It was then or shortly afterward that Simpson suggested the proposed bank take a political stance, and the Democratic Party was decided upon, with working men being the base. Dyott told him that his property was worth $700,000, and Simpson said this was a fair figure. Going forward to 1839, Dyott stated that he had no idea of what his indebtedness was. On the first day of the bank’s operation, Dr. Dyott had brought in $150 in specie “and perhaps there also might have been from $50 to $100 in bank notes.” Simpson understood that before the bank opened, Dyott had issued $3,000 to $5,000 in bank notes that he and Dyott had signed. Deposits rolled in to about $150,000, all of which was personally turned over to Dyott, who issued promissory notes in a like amount. The workmen at the glass works were owned money, Dyott stated [and it likely that some of the money went to them, but this was not stated.] On Monday, May 6, Dr. Dyott, who had been indisposed and not able to leave prison, came to the courtroom at the suggestion of prosecutor Hirst. Stephen Simpson was then brought to the stand to testify. His comments were wide-ranging. The earliest issued of fractional bills went mainly to country people—farmers and average citizens—and took the place of coins after banks had suspended specie payments. A copy of the printed “Exposition of the Manual Labor Bank” was shown, showcasing American manufactures, particularly glass. In the first run 5,000 to 10,000 were distributed, followed by other editions up to the fourth and possibly the fifth. Simpson said that he did not know anything about the post notes until he first saw them during the trial depositions. Dyott countered this by saying that he and Simpson “had signed notes from 8 o’clock A.M. to 3 P.M., from 4 P.M. to 11 P.M., and from 5 A.M. to 7 A.M.” Dyott had wanted Simpson to “sign as late at 12 and 1 at night.” Going back to early 1837, there were clandestine and unauthorized issues of paper money. After July 1837, according to Simpson, when citizens brought bills of other banks to be deposited, Dyott took them personally and replaced them with Bank of Manual Labor notes. In other testimony, seemingly contradictory, it was stated that as of July 1838, Simpson had signed about $100,000 in post notes and had delivered them to Dyott. On Wednesday, May 8, Simpson was first on the stand. On this and succeeding days, many details were given of how bills were circulated, how assets were moved around, and other matters largely beyond the purview of the present narrative as they added little to information about the signing of or quantities issued of the notes. There was a movement to implicate Jacob Ridgway, whose name had appeared in advertisement as “trustee” of the bank. Testimony revealed that this was part of the fraud, as Ridgway was owed a lot of money by Dyott and suggested that as is (Ridgway’s) reputation as a financier and civic leader was excellent, this would draw more deposits. Ridgway emerged unscathed by the court case. Another Account of the Case The November 1839 issue of The Merchant’s Magazine and Commercial Review included a lengthy account, here excerpted. Fraudulent Bankruptcy The recent trial of Thomas W. Dyott, in Philadelphia, has caused so much excitement there, and is fraught with so much that is instructive in a mercantile point of view, that we are induced to give an extended account of the case. A few years since, Dr. Dyott established the famous Manual Labor Bank in Philadelphia, and by means of circulars, advertisements, and false representations, induced a great many people, principally of the middling interest and poorer classes, to deposit their earnings in his bank. The institution became insolvent, and the banker applied for a discharge as an insolvent. After a long examination, the court refused to grant the application, and committed him to jail in accordance with the following provision of the law.… Paper Money * Sept/Oct 2020 * Whole No. 329 317 There was also much documentary evidence. The jury returned a verdict of guilty. At a subsequent day, the defendant moved for a new trial; but after a full and elaborate argument, the court overruled the motion, and he was sentenced to confinement in the Eastern Penitentiary three years. Dr. Dyott is more than seventy years of age.… “It is impossible,” says the Philadelphia Gazette, “to contemplate the imprisonment of this man, at the age of seventy years, with his gray hairs, in solitary confinement and at hard labor, without feelings of commiseration for himself, his family, and his friends.” “We believe,” adds that paper, “Dr. Dyott guilty of fraudulent insolvency. The trial, after a long and most patient investigation, has so decided.” And “one cannot contemplate the losses of special depositors in the Dyott bank, without indignation and sorrow; yet pity mingles with a feeling of justice, when the main actor in the fraud, bent with years, goes into the gloomy recesses of a penitential cell, there, perhaps, to end his days.”… These were the principal facts in the case, on which the counsel for the government o that there was probable cause for binding the defendant over to answer the following charges, viz.: 1. Conspiracy to establish an unlawful bank. 2. Conspiracy to support an unlawful bank with a false capital. 3. Conspiracy to support an unlawful bank with a false capital, knowing the representation of capital to be false. And each of these with a view to cheat and defraud the citizens of the Commonwealth.… Beware of Over-Trading: If by depending upon fictitious credit, you extend your business very far beyond your real capital, the hazard of bankruptcy and ruin will be great. In this case, you risk not only your own property, but that of your creditors, which is hardly reconcilable with honest principles. When the profits of trade happen to be greater than ordinary, over-trading becomes general; and, if any sudden change occurs in the state of the commerce or currency of the country, a revulsion must inevitably ensue, and consign thousands to unexpected ruin. After serving about a year and a half in prison, T.W. Dyott was pardoned by Governor David Rittenhouse Porter and became a free man. Soon, his creditors caused his re-arrest as a debtor, and he was sent to the Debtor’s Apartment at the Moyamensing Prison, where he stayed for just a week or two after Daniel Man stood as surety for his future appearances in the Insolvent Court. His assets were liquidated by sheriff’s sale and auction in 1841. It was estimated that approximately $250,000 due to depositors and bill holders of the Manual Labor Bank might yield about 10 cents on the dollar. In time, although Dyott never became prominent in business, he fit back into the community. Products bearing his name were advertised well into the 1840s, these including Dyott’s Toothache Drops, Vegetable Purgative Compound, and Circassian Eye Water, among others. Dyott lived among his society and friends until he died of old age in Philadelphia on January 17, 1861. His death certificate listed his occupation as druggist. He was buried in the Union Church graveyard. The Glass Factories: Epilogue When Dyott went to prison, the glass factories were idled. Later, the Lehigh Coal and Navigation Company secured the waterfront land on the Delaware River and set up a depot for the off-loading of anthracite coal to be shipped to distant ports. Following advantages gained under the Tariff Act of 1842, Henry Seybert rented the glass factory from Lehigh, renovated the premises, and began making bottles, with Eugene Roussel, a purveyor of mineral water, as his most important customer. In later years the factory changed hands multiple times but remained in operation. Starting in 2011, extensive archaeological excavations were done at the factory site, described as “at the intersection of Dyott Street and Richmond Street, with Dyott Street to the south and Richmond Street to the west, and the Delaware River to the east, situated along the northeast shoulder of the Dyott-Richmond streets intersection.” Under Dyottville Glass Works site extensive information is presented. Postscript There is no escaping the fact that the Bank of Manual Labor was conceived and operated as a fraud. As such, it stands as the largest such criminal action in early 19th century American banking history. Acknowledgments The following have helped with or corresponded concerning the present study: American Numismatic Society, Charles Anderson, Thomas Denly, Jennifer Dow, David Gladfelter, Glass Works Auctions, Ferdinand Meyer V, peachtreeglass.com, Eric Richter, Smithsonian Institution, and Stack’s Bowers Galleries. Paper Money * Sept/Oct 2020 * Whole No. 329 318 Bibliography The Highly Interesting and Important Trial of Dr. T.W. Dyott, the Banker, for Fraudulent Insolvency with the Speeches of Counsel, &c. Clerk’s office, Eastern District of Pennsylvania, 1839. History of Philadelphia 1609-1884, by John Thomas Scharf and Thompson Westcott, Volume 3, 1884, pp. 2298, 2299 provided basic information (incorrect information has not been used). American Glass, by Helen McKearin, Crown Publishers, 1948. Bottles, Flasks and Dr. Dyott, by Helen McKearin, Crown Publishers, 1970. American Bottles and Flasks and Their Ancestry, by Helen McKearin and Kenneth Wilson, Crown Publishers, 1978. “Dr. Thomas W. Dyott—A True Renaissance Man,” by Kevin A. Sives. Style and Production Notes Certain quotations have been lightly edited and misspellings corrected (the alternative would have been to have burdened the reader with a long stream of sic notations). For example, the surname of financier Ridgway was often misspelled as Ridgeway. Certain British spellings, inconsistent in original texts, such as favour, have been changed to American usage. Deposite has been changed to deposit. Paper Money * Sept/Oct 2020 * Whole No. 329 319 L otel & vations: Central States Numismatic Society 81st Anniversary Convention Schaumburg, I Schaumburg Renaissance H Convention Center April 21-24, 2021 Early Birds: April 21 ‐ 11am‐3pm; $125 Registration  Fee Public Hours: Wednesday‐Saturday  No Pesky Sales Tax in Illinois Hotel Reser Schaumburg Renaissance Hotel - 1551 North Thoreau Drive • Call (847) 303-4100 Ask for the “Central States Numismatic Society” Convention Rate. Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116 Free Hotel Guest and Visitor Parking. Visit our website: www.centralstatesnumismaticsociety.org  Bourse Information: Patricia Foley foleylawoffice@gmail.com • Numismatic Educational Forum • Educational Exhibits • 300 Booth Bourse Area • Heritage Coin Signature Sale • Heritage Currency Signature Sale • Educational Programs • Club and Society Meetings • Free Hotel Guest and Visitor Parking • $5 Daily Registraton Fee / $10 ‐ 4 Day Pass Wednesday ‐ Thursday ‐ Friday ‐ Saturday Now Including: The Chicago Coin Expo – a foreign and ancient specialty event Also including: The National Currency Convention – a rare currency specialty event sponsored by the PCDA $1 Series of 1923 Silver Certificate Signature Combination Transitions Purpose and Overview The purpose of this article to explain how the changeovers to new Treasury signature combinations were handled within the $1 Series of 1923 silver certificates with a focus on why the Woods-Tate combination became scarcer than expected. $1 Series of 1923 silver certificate face production began during October 1923 and continued through November 1928. Almost 2.7 billion were printed from 9,251 face plates assigned to the design. The new series of notes resulted from a Treasury Department redesign program launched in 1921 by Secretary of the Treasury Andrew W. Mellon to standardize U. S. currency designs (Mellon, 1924, p. 88-90). The first of the new notes were the Series of 1923 $1 silver certificates, which began to be released into circulation on December 1, 1923 (Mellon, 1925, p. 40). Signers and Signature Changeovers Three signature combinations appeared on the notes: Speelman-White, Woods-White and Woods- Tate. More than 2.4 billion of them consisted of Speelman-White notes in stark contrast to a little over 223 million Woods-White and only 4.6 million Woods-Tate notes. The latter two were printed only during 1928. Table 1. Executive officials in office during the Series of 1923 issues. President: Dates in Office App’t by Supplemental Facts Warren Gamaliel Harding Mar 4, 1921-Aug 2, 1923 Republican John Calvin Coolidge Aug 2, 1923-Mar 4, 1929 Republican Secretary of the Treasury: Andrew William Mellon Mar 9, 1921-Feb 12, 1932 Harding Ambassador to England Apr 9, 1932-Mar 17, 1933 U. S. Treasurer: Frank White May 2, 1921-May 1, 1928 Harding Republican Governor of North Dakota 1901-5; resigned in 1928 to become president of Southern Mortgage Guaranty Corporation at Chattanooga, Tennessee Harold Theodore Tate May 31, 1928-Jan 17, 1929 Coolidge formerly Deputy Treasurer Register of the Treasury: Harley V. Speelman Jan 25, 1922-Sep 30, 1927 Harding Walter Orr Woods Oct 1, 1927-Jan 17, 1929 Coolidge appointed Treasurer Jan 18, 1929 by President Coolidge The Paper Column Peter Huntoon Figure 1. First Woods-Tate Series of 1923 silver certificate. Doug Murray photo. Paper Money * Sept/Oct 2020 * Whole No. 329 321 Signature combination changeovers for the high-volume Treasury currency printed at the Bureau of Engraving and Printing had to be transitional affairs because production could not stop while the existing pipeline was emptied of notes with the old combination before the new could commence. Instead, the new signature combination had to be phased in. There were two considerations in this regard, plate making and printing. Prior to 1920, they generally would terminate the manufacture of plates with the obsolete signature combination as soon as they started making the new. Of course, at this point they had stocks of plates bearing both the obsolete and new combinations. They would continue to print from both until the plates with the old combination were consumed. During this transition period, they separated the production of a given class and denomination into two streams by signature combination, often to the point of even assigning unique serial number block letters to each. A serial number block refers to the paired prefix and suffix letters or characters that enclose the serial number on a note. Serial A12345678B is from block AB. This practice of having two streams just about doubled the work of producing the notes. In 1920, they terminated that practice as being seriously inefficient. Instead, production of the two combinations was merged into a single stream and the notes were consecutively numbered without regard to the signatures on them. This change greatly simplified operations and constitute a significant economy measure. In 1928, when the new Woods-White combination came along, they also phased in making plates with the new combination, instead of abruptly terminating the old. There was an industrial impulse behind this change. At the time, all the face plates used in $1 silver certificate production were 8-subject electrolytic plates. These plates were made by electrolytically depositing metal onto a mold of the plate rather than laboriously transferring the designs onto blank pieces of steel using traditional Perkins roll-transfer technology. Electrolytic plate making was the invention of George U. Rose of the BEP and was first applied to the manufacture of currency production plates for $1 1899 SC and $1 1917 LT backs beginning in 1921. Thanks to a political bruhaha, the electrolytic facility was closed between 1922 and 1924 (Huntoon, 2016). The first currency plate produced after it reopened in 1924 was $1 Series 1923 back 95819/1109 certified November 18, 1924. The first production face plate to come out of the facility was $1 1923 Speelman- White 96648/1911 certified January 6, 1925. After Woods took office on October 1, 1927, an electrolytic master plate was made bearing the new Woods-White combination that was certified December 5, 1927. It carried Treasury plate number 111686 but no plate serial number. It was used to create altos—the molds—that were used to make the Woods- White production plates. The first of them was plate 6 certified January 27, 1928. See Table 2. Figure 2. Signers on the $1 Series of 1923 silver certificates. From left to right: Harley V. Speelman, Register; Frank White, Treasurer; Walter O. Woods, Register; H. Theodore Tate, Treasurer. Wikipedia and Library of Congress photos. Paper Money * Sept/Oct 2020 * Whole No. 329 322 Table 2. Certification dates for the $1 Series of 1923 silver certificate Woods-White plates interspersed among Speelman-White plates & Woods-Tate plates interspersed among Woods-White plates. * * * indicates that there were intervening plates. Plate Serial Number Plate Serial Number Treasury Speelman- Woods- Woods- Certification Treasury Speelman- Woods- Woods- Certification Pl No White White Tate Date Notes Pl No White White Tate Date Notes 90568 1 Oct 16, 1923 113114 23 Feb 1, 1928 no 24 * * * 113116 8335 Feb 6, 1928 112949 8236 Jan 9, 1928 113117 8336 Feb 2, 1928 112950 2 Jan 31, 1928 first WW, no 1, 3, 4 113118 8337 Feb 18, 1928 112956 8237 Jan 7, 1928 113119 25 Jan 31, 1928 * * * 113120 26 Feb 11, 1928 113032 8291 Jan 21, 1928 113121 27 Feb 1, 1928 no 28 113034 5 Feb 1, 1928 113123 8338 Feb 9, 1928 113035 6 Jan 27, 1928 113124 8339 Feb 6, 1928 113036 8292 Jan 27, 1928 113125 8340 Feb 15, 1928 113037 8293 Jan 16, 1928 113126 8341 Jan 31, 1928 113038 8294 Jan 16, 1928 113127 8342 Feb 1, 1928 113039 8295 Jan 18, 1928 113128 8343 Jan 31, 1928 113040 8296 Feb 3, 1928 113129 8344 Feb 1, 1928 113041 8297 Jan 19, 1928 113130 29 Feb 1, 1928 113043 8298 Jan 19, 1928 113131 8345 Feb 9, 1928 113044 8299 Jan 18, 1928 113132 30 Jan 31, 1928 113045 8300 Jan 19, 1928 113133 31 Feb 1, 1928 113046 8301 Jan 21, 1928 113134 32 Jan 31, 1928 113047 8302 Feb 13, 1928 113135 33 Feb 13, 1928 113048 7 Jan 31, 1928 113136 34 Feb 9, 1928 113050 8303 Jan 31, 1928 113169 8346 Feb 6, 1928 113051 8304 Jan 20, 1928 113170 8347 Feb 17, 1928 113052 8305 Jan 23, 1928 113171 35 Feb 6, 1928 113053 8306 Jan 28, 1928 113172 36 Feb 11, 1928 113054 8 Jan 31, 1928 113173 37 Feb 20, 1928 113055 9 Feb 6, 1928 113174 38 Feb 3, 1928 113056 10 Feb 1, 1928 113175 39 Feb 6, 1928 113071 11 Feb 1, 1928 113176 8348 Feb 10, 1928 113058 8308 Jan 28, 1928 113177 3849 Feb 9, 1928 113059 9309 Jan 21, 1928 113178 3850 Feb 13, 1928 113060 9310 Jan 21, 1928 no 9311 113179 3851 Feb 10, 1928 113062 9312 Jan 27, 1928 113180 3852 Feb 15, 1928 113063 9313 Jan 24, 1928 113181 8353 Feb 13, 1928 last SW 113064 9314 Jan 25, 1928 113182 40 Feb 8, 1928 113066 9315 Jan 31, 1928 * * * 113067 9316 Jan 31, 1928 no 9317 114287 491 Jun 5, 1928 113069 9318 Feb 7, 1928 114373 1 Jun 20, 1928 first WT 113070 8319 Jan 31, 1928 114374 2 Jun 20, 1928 113072 12 Feb 1, 1928 114375 3 Jun 21, 1928 113073 8320 Jan 27, 1928 113476 4 Jun 19, 1928 113074 8321 Feb 3, 1928 114377 5 Jun 19, 1928 113075 8322 Jan 31, 1928 114378 6 Jun 22, 1928 113076 13 Feb 1, 1928 114379 7 Jun 22, 1928 113077 14 Jan 31, 1928 114380 8 Jun 25, 1928 113078 15 Feb 1, 1928 114396 492 Aug 13, 1928 113079 16 Feb 1, 1928 114397 493 Jul 9, 1928 no 494 113080 8323 Feb 3, 1928 114404 495 Aug 6, 1928 112081 8324 Jan 25, 1928 114405 496 Jul 3, 1928 113082 8325 Feb 1, 1928 114413 497 Jul 9, 1928 113083 8326 Feb 1, 1928 114414 498 Jun 29, 1928 113084 8327 Feb 4, 1928 114425 499 Jul 6, 1928 113085 8328 Jan 28, 1928 114426 500 Aug 20, 1928 113094 8329 Jan 27, 1928 114427 9 Jul 2, 1928 113095 8330 Feb 2, 1928 114428 10 Jul 3, 1928 113096 8331 Jan 31, 1928 114429 11 Jun 27, 1928 113097 8332 Feb 2, 1928 114430 12 Jul 3, 1928 113098 17 Feb 1, 1928 114431 13 Jul 6, 1928 113099 18 Feb 6, 1928 114432 14 Jul 9, 1928 113100 19 Jan 31, 1928 114433 15 Jul 2, 1928 113109 8333 Jan 27, 1928 114434 16 Jul 3, 1928 last WT 113110 8334 Feb 8, 1928 114440 501 Jul 2, 1928 113111 20 Jan 31, 1928 * * * 113112 21 Feb 1, 1928 no 22 115698 852 Nov 6, 1928 last WW Paper Money * Sept/Oct 2020 * Whole No. 329 323 It was convenient to continue making Speelman-White electrolytic plates while they got up to speed with the new Woods-White electros. This transition took place over a two-week period as revealed on Table 2. Notice that the plates are arranged in Treasury plate number order, which is the order in which the signature combinations were assigned to them. The intermixing of the Speelman-White and Woods-White plates occurred between January 27 and February 8, 1928. All plate production shifted solely to Woods-White by the first week of February and 452 more of them were made in the next four months. In short order though, Treasurer White resigned on May 1, 1928 late during Coolidge’s presidency to become president of Southern Mortgage Guaranty Corporation at Chattanooga, Tennessee. Coolidge appointed H. Theodore Tate to replace him on May 31. The Senate was not in session so Tate’s appointment was a recess appointment and it was apparent from the outset that his tenure in the office would be short. He served for only seven and a half months at which time Walter Woods was promoted from Register to Treasurer on January 18, 1929. Things became a bit strange. The Bureau began making Woods-Tate $1 plates, but only in two token 8-plate groups in late June and early July. See Table 2. All sixteen of those plates were steel made by the laborious Perkins roll-transfer process. The first eight were begun June 5, 1928 and the second June 13- 14. A seventeenth plate also was begun along with the June 5th batch; specifically, Treasury plate number 114380, which was an electrolytic master without a plate serial number. In the meantime, and thereafter, they continued to make a flurry of Woods-White electrolytic plates numbering in the hundreds until the series ran out in November. In fact, there were so many Series of 1923 Woods-White electros left over when the small note era started, the last 34 of them were canceled unused. Woods-Tate electrolytic plates never went into production, although all sixteen of the steel plates were sent to press and consumed. Obviously, Woods-Tate production was overwhelmed by Woods-White. Ironically, the last $1 notes printed in the series were Woods-White, not Woods-Tate. See Table 3 and Figure 3. Table 3. Inclusive dates of use for the plates used to print the $1 Series of 1923 silver certificate Treasury signature combinations. Lowest Plate Number Highest Plate Number Pl. Ser. Treas. Pl. Ser. Treas. Signature Combination No. Pl. No. No. Pl. No. Inclusive On-Press Dates Speelman-White 1 90568 8353 113181 Oct 18, 1923-Oct 25, 1928 Woods-White 2 112950 852 115698 Feb 14, 1928-Nov 23, 1928 Woods-Tate 1 114373 16 114434 Jun 21, 1928-Sep 12, 1928 Serial Numbering and Changeover Pairs The simultaneous production of notes with different signature combinations coupled with merging all into one stream for numbering resulted in mixing of different signature combinations within several serial number blocks and also the creation of what collectors call forward and backward signature changeover pairs. The mechanics of this were as follows. The Series of 1923 $1s were printed on 4-plate power presses. Plates with the different signature combinations were mixed on those presses. The sheets leaving 1923 1924 1925 1926 1927 1928 Speelman-White Woods-White Woods-Tate Figure 3. Illustration of the concurrent production of $1 Series of 1923 silver certificates with different Treasury signature combinations during 1928. Paper Money * Sept/Oct 2020 * Whole No. 329 324 the presses fed into a common pile where the sheets cycled through the plates present on the press. Then the outputs from the other presses were merged before numbering. The 8-subject sheets were then cut in half and fed through 4-subject Harris overprinting, separating and collating machines where they received their Treasury seals and serial numbers. Numbering was down the 4-subject half sheets. Therefore, the signature combinations on the notes alternated back and forth when the signature combinations on the half sheets differed. Both forward and backward changeover pairs resulted. See Figure 4. Table 4. serial number blocks bearing the various signature combinations used on $1 Series of 1923 silver certificates. Register Treasurer SC 1923 $1 Serial Number Block Letters Harley V. Speelman Frank White AB DB EB HB KB MB NB RB TB VB XB YB ZB AD BD ED HD KD MD ND RD TD VD XD YD ZD AE BE *D Walter O. Woods Frank White VD XD YD ZD AE BE *D Walter O. Woods H. Theodore Tate YD ZD AE BE *D Table 5. Serial number blocks where signature changeover pairs are possible on $1 Series of 1923 silver certificates. Blocks with changeover pairs that have been reported: Speelman-White/Woods-White VD, XD, YD, ZD, AE, BE Speelman-White/Woods-Tate ZD Blocks with changeover pairs that are possible but not reported: Speelman-White/Woods-White *D Speelman-White/Woods-Tate YD, AE, BE, *D Woods-White/Woods-Tate YD, AE, BE, *D Precedents Secretary of the Treasury Andrew W. Mellon’s desire to standardize the look of U. S. currency modeled after the appearance of the Series of 1914 Federal Reserve Notes began to bear fruit with the $1 Series of 1923 silver certificates and $1 and $10 legal tender notes. His concept was to have faces with centered portraits consisting of the same person for a given denomination regardless of class and uniform Figure 4. $1 Series of 1923 silver certificate changeover pair from Speelman-White to Woods-White. Heritage Auction archives photos. Paper Money * Sept/Oct 2020 * Whole No. 329 325 backs for each denomination. Movement of the program proved to be glacial and got tripped up by the unsuccessful $5 Series of 1923 porthole silver certificates (Lofthus, 2014). More importantly, it lost urgency as attention within Treasury turned to implementing reduced size currency. Despite these problems, the success of the $1 Series of 1923 silver certificates is revealed in the facts that the 1923 design was simply shrunk to produce the small size Series of 1928 $1s and the rest of the small size notes met Secretary Mellon’s criteria. The Series of 1923 was the last series of Treasury currency to bear the signature of the Register of the Treasury. William S. Broughton, Commissioner of the Public Debt Service, launched a campaign within the Department of the Treasury to replace the Register’s signature with that of the Secretary of the Treasury. His justification was that the Secretary is the chief financial officer of the nation. Furthermore, by 1927, the duties of the Register of the Treasury no longer had any connection with currency issues so use of his signature was an anachronism. Broughton argued that the Secretary is charged with the issuance of Treasury currency and the Treasurer is the active agent in their issuance. He also pointed out that the Secretary and Treasurer signatures were logically placed on the Series of 1914 FRNs at the discretion of the then Secretary of the Treasury William McAdoo and those issues could serve as precedence for the change (Broughton, 1927-1928). The Secretary of the Treasury had legislative authority over the design of the currency. However, Secretary Mellon modestly stated that he preferred not to make the change. BEP Director Alvin W. Hall joined with Broughton to press for the change, so finally on May 15, 1928, Mellon signed off on it. By then, the first of the $1 Series of 1928 silver certificate plates had gone into production with the Register/Treasurer combination. They were supplanted with plates bearing the Treasurer/Secretary combination (Huntoon, 2007). Alvin Hall had assumed the directorship of the BEP in 1924, a man seriously committed to efficiency and cost control. Continued use of serviceable plates with obsolete signatures had been a practice at the Bureau since its inception. Comingling of production from plates regardless of signature combination prior to serial numbering was first instituted in 1920 under Director James L. Wilmeth within the Series of 1899 $1 silver certificates during the transition from the Teehee-Burke to Elliott-Burke combinations. Both practices suited Hall on the basis of economic efficiency so he made no change to them. The result was that they were carried forward into the small note era and remained in effect until the last of the 12-subject plates was phased out in 1953. By then new machinery had been phased in so overprinting of the Treasury signatures first implemented with the Series of 1935 $1s had finally transcended all the classes and denominations then in use. Serial number blocks that sported multiple signature combinations and changeover pairs prevailed during the 12-subject era and became fertile ground for legions of small note enthusiasts. Some collectors of small size notes recognized that the manufacturing practices that created different signature combinations within the serial number blocks as well as changeover pairs had been Figure 5. The first attempt at making Series of 1923 look-a-like Series of 1928 silver certificates sported the signatures of the Register of the Treasury and Treasurer. This was changed in due course as the signature issue wound its way through the Treasury at the end of the Series of 1923 era. Notice White was still in office when the top plate was made. Paper Money * Sept/Oct 2020 * Whole No. 329 326 inherited from the Series of 1899 and 1923. Consequently, those large-size notes could be collected in the same manner. A Collectors Tale The following is the best yarn that I ever ran across involving a large size $1 note of any series. This is the story of the note featured here as Figure 1. There is a serial number press room log book that spans the last of the large size $1 silver certificates in the BEP Historical Resource Center. Both Doug Murray and I independently dug through it and found the same typed memo inserted into the book by some operative. Notice. Package No. Y82700001D to Y82704000D contains the first sheet from plate No. 1 of $1 Silver Certificates, series 1923, No. Y82700001D to Y82700008D, bearing the signature of H. T. Tate, Treasurer of the United States. Murray came across the memo sometime around 1985-6. I probably saw it a decade earlier. Both of us copied the information being delighted to learn exactly what serial number was on the first Tate- Woods $1. However, the difference between us is that I filed the information away as a curiosity, whereas Murray retained a vivid memory of it! Miraculously, the actual note survived and turned up as an e-bay lot offered by rvbidder from Phoenix, Arizona. Bidding for it closed on December 5, 2000. We have no idea where that seller got it. The sellers tag—rvbidder—conjures up an image of a retiree working out of his recreational vehicle while wintering in Phoenix! He and the note could have come from any place in the country where snowbirds originate, but this is pure speculation. The e-mail address provided for this account no longer is in service, so we weren’t able to pursue the story any further back in time. The note probably originated from Tate himself, because such pieces usually come from the signers. This was Tate’s first note, but not Woods. The note graded an attractive clean vf-xf with moderate quarter folds. It doesn’t appear to have been actively circulated, but it definitely was handled, maybe even having been carried as a pocket piece for a while by Tate. A Tate-Wood 1923 $1 silver certificate is not common, so this attractive item brought $96.99, and the lucky buyer was Rob Havrish. Havrish spotted the fact that the note was from the YD serial number block. In fact, he recognized that it was the first Tate note to turn up from the YD block, so the serial number was by far the lowest serial number reported for the type. He took it to the Chicago Paper Money Expo in March 2001 where he showed it to large-size census taker Martin Gengerke. Havrish wondered at the time if it might be a first note because of the 00001 ending numbers in the serials. He also made contact with someone from the Bank Note Reporter while at the show, with the result that the note was illustrated as a discovery block in the April 2001 issue. Gengerke told Murray at CPMX that he had just seen a YD Tate note on the floor, so Murray immediately tracked down Havrish to see the note. Fortunately for Murray, Havrish had a weakness for FRN star notes from Minneapolis, so by April they had negotiated a very stiff trade. Murray forfeited outright a $100 Series of 1934B I00019460* and a $50 Series of 1950 I00008097*, plus sold Havrish a $5 Series of 1934 I00073993* to sweeten the deal. Already, this story is virtually unbelievable. Just what were all the odds? But here is where the tale takes a truly bizarre twist. Now that Murray owned the note, he was inextricably drawn to the BEP so he could attempt to relocate and photocopy the memo proclaiming its authenticity. He scheduled a 4-day research trip to DC with time allotted for prearranged visits to the BEP, Smithsonian Institution and National Archives. He even coordinated his visit with one of mine. We showed up at the BEP at 8:30 am on the morning of September 11, 2001. Murray was carrying his note with him. We signed in and were escorted to the BEP Historical Resource Center located on the fifth floor of the BEP Annex Building. In short order, in the company of Curator Cecilia Wertheimer, Murray located the serial number log book among a group of them in a storage area on the 6th floor while I was looking at other records up there. Just then the phone rang and one of Cecilia’s aides told her that a plane had just hit one of the World Trade Center towers. Paper Money * Sept/Oct 2020 * Whole No. 329 327 Murray carried the serial number log book downstairs to the reading area in the Historical Resource Center, which faces west. All hell was breaking loose in the room. Staffers had switched their computers to CNN, and everyone was crowded around watching the pandemonium in New York. Murray sensed that his research effort was in jeopardy, so he quickened his pace, unaware of the seriousness of the events taking place at the Trade Towers. At the moment it appeared to be a tragic collision by a plane. But then the second tower was hit. Murray found the memo at just about the same moment that the third plane plowed into the Pentagon, and a thick black plume of smoke lofted up from behind the main BEP building to our west. The whole room was in chaos. Murray rushed over to the photocopy machine with his note and the memo to make a couple of side-by-side copies. On his return, he proudly showed the note and memo to Mrs. Wertheimer who immediately exclaimed “Do you have a property removal permit for that from the guard downstairs?” Taken completely by surprise, Murray said “No!” While Cecilia reached for a property removal permit, and delegated the task of filling it out to an aide, Doug concocted a statement for her to attest to his mating of the note and memo 75 years after both had been made. Remarkably, within the atmosphere of agitation and confusion that filled the room, she quickly wrote out the testament on one of his photocopies. A large boom shook the room. In short order phone callers claimed the State Department Building had just been hit. It wasn’t until a couple of days later that newspaper accounts revealed that it was a sonic boom from a jet scrambled to meet other incoming planes. As the boom rolled past, Huntoon watched roofers on the main BEP building, who had stopped work and were looking west toward the Pentagon fire, bolt from their perches and slide down scaffolding to the ground below and run away into the streets. Printers simultaneously burst from the ground floor doors of the main building and also disappeared from view. One woman in the room was on her phone trying to get permission to evacuate, but that was delayed for many tens of minutes. Finally, the order came down, “Get out, and do it NOW.” We all rushed downstairs to the main exit, the guards impatiently waving the growing stream of people out the heavy doors as fast as possible onto 14th Street. No customary searches, no sign outs, no processing of property removal permits—just get out! Murray found himself on the street with his note, photocopies and unprocessed property pass in hand. We watched the black smoke billow overhead from the Pentagon. Sirens screamed in the distance. When Murray finally got a look at the property removal permit, he saw eerily that the serial number on it was 91011. Figure 6. Heritage Auction Archives photos. Paper Money * Sept/Oct 2020 * Whole No. 329 328 Postscript SPEELMAN IS OUSTED AS TREASURY REGISTER Ohio Man Surprised When the President Names W. O. Woods of Kansas for the Post. Special to the New York Times Washington, June 28.—Harley V. Speelman of Marietta, Ohio, who was appointed Register of the Treasury by President Harding in 1921, will retire from that office on Aug. 1, under unusual circumstances. He will be succeeded by W. O. Woods of Concordia, Kan., at present a member of the War Loan Board staff. Announcement of this prospective change in Treasury personnel was made late this afternoon by Secretary Mellon. Early in the day a dispatch came from Rapid City, S. D., where President Coolidge is spending his Summer vacation, that the President had chosen Mr. Woods to fill a vacancy created by the resignation of Register Speelman. Apprised of the purport of the news from Rapid City, Mr. Speelman said that he had not resigned and had no intention of doing so. Late Register Speelman was summoned to the office of Secretary Mellon. Then followed Mr. Mellon’s announcement that the change as indicated would take place on Aug. 1. The explanation was made by Treasury officials that Mr. Speelman’s retirement and the appointment of Mr. Woods had been decided upon some time ago, but apparently the fact was not communicated to Mr. Speelman until late today. Treasury officials suggested that there had been “premature” action at Rapid City and they appeared to be as much surprised over the official announcement of Mr. Wood’s appointment as was Mr. Speelman himself. The Register plainly indicated that the news from Rapid City completely puzzled him, as he had not resigned and saw no reason why he should do so. He made no comment on the situation after his talk with Secretary Mellon. No reason was given by Secretary Mellon for the change. He states simply that Mr. Speelman’s resignation would take effect on Aug. 1 and that on that date Mr. Woods would be sworn as Register. The place pays $5,600 a year. References Cited and Sources of Data Broughton, William S, 1927-1928, Various internal Treasury memos arguing for the use of the signatures of the Secretary of the Treasury and Treasurer of the United States on small size currency: Bureau of the Public Debt correspondence files, Series K Currency, K724.5, Record Group 53, U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1863-1985, Certified proofs lifted from currency plates: National Numismatic Collection, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, various dates, Ledger and historical record of stock in miscellaneous vault, 4-8-12 sub faces and backs: Record Group 318, (450/79/17/02 containers 41 & 42), U. S. National Archives, College Park, MD. Gengerke, Martin, on-demand, Census of U. S. large size currency: gengerke@aol.com. Huntoon, Peter, Sep-Oct 2007, The Series of 1928 design that failed: Paper Money, v. 46, p. 323-328. Huntoon, Peter, Jan-Feb 2016, Invention and evolution of electrolytic plate making at the Bureau of Engraving and Printing: Paper Money, v. 55, p. 4-17. Lofthus, Lee, Mar-Apr 2014, Why $5 porthole sliver certificates are scarce: Paper Money, v. 53, p. 102-103. Mellon, Andrew W., 1924, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1923: Government Printing Office, Washington, DC, 987 p. Mellon, Andrew W., 1925, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1924: Government Printing Office, Washington, DC, 874 p. New York Times, Jun 29, 1927, Speelman is ousted as Treasury Register, p. 35. Paper Money * Sept/Oct 2020 * Whole No. 329 329 1917-1924 A Burst of New Type Notes Purpose The purpose of this article is to explain why so many type notes appeared and disappeared during the period 1917 to 1924. We will focus on $1s because they experienced the most changes. You will discover that the elephant in the room was the Pittman Act of 1918 that relegated huge stocks of Morgan silver dollars to the melting pot. But economic needs and new Treasury policies were afoot before and after that act that seriously played into this tale. We’ll jump into the midst of this story by starting with the Pittman Act. Pittman Act of April 22, 1918 Key Pittman, long-serving Democratic U. S. Senator from Nevada from 1913 to 1940, was born 1872 in Vicksburg, Mississippi, and died in office. He was educated as a lawyer but joined the Klondike gold rush as a fortune-seeker in 1897. He arrived in Dawson in September before the winter freeze precluded most others in the rush from getting there. That first winter was harsh and he made no strikes the following year, so in 1899 he made the 2,200-mile trip down the Yukon River and across Norton Sound to the newly discovered golden sands of Nome. There he had his most success practicing law and was voted in as city attorney of the newly formed town. He married Mimosa Gates in 1900 but she had to leave for California for her health in 1901 and Key followed. Still chasing metal, this time silver, he relocated to the silver boom town of Tonopah in 1902 where he continued his law career. He was a congenial man, intelligent, articulate and shrewd, often characterized as colorful owing to alcoholism. As senator, upon election of FDR in 1933 he rose through seniority to both chair the Senate Foreign Relations Committee and serve as President Pro Tempore. Israel (1963) and Glad (1986). Pittman’s popularity in Nevada stemmed from the fact that he assiduously looked out for the interests of the state, which he perceived as mining, livestock and reclamation. Great Britain found itself in urgent need of silver to provide specie for India during WW I. India enjoyed a trade surplus with Britain during the war that was exacerbated by also fielding some one million Indian troops in Mesopotamia, Persia and East Africa on behalf of the British Crown, which were paid by Britain (Damodaran, 2014). The monetary unit in India was the silver rupee so silver flowed to India. Maintaining that flow was essential for Britain in order not to further inflame the growing Indian The Paper Column Peter Huntoon The Paper Column Peter Huntoon & Lee Lofthus Figure 1. The only current $1s in circulation between 1900 and 1917 were silver certificates. Withdrawal of them because their silver dollar backing was being melted and sold beginning in 1918 required that the Treasury provide substitutes. Heritage Auction Archives photo. Paper Money * Sept/Oct 2020 * Whole No. 329 331 independence movement. The United States had ample silver and much of it was in stocks held by the U. S. Treasury in the form of silver dollars against which silver certificates were issued. Pittman smelled opportunity for Nevada silver miners and sponsored the so-called Pittman Act of April 22, 1918, formally entitled “An act to conserve the gold supply of the United States; to permit the settlement in silver of trade balances adverse to the United States; to provide for subsidiary coinage and for commercial use; to assist foreign governments at war with the enemies of the United States; and for the above purposes to stabilize the price and encourage the production of silver.” The centerpiece of the legislation was authorization for the Treasury to melt up to 350,000,000 million silver dollars for sale at not less than $1 per ounce. Because those dollars were backing for silver certificates, the act stipulated that an equal amount of silver certificates had to be retired. This would lead to a contraction in the currency supply. Therefore, Section 5 provided: “That in order to prevent contraction of the currency, the Federal Reserve banks may be either permitted or required by the Federal Reserve Board, at the request of the Secretary of the Treasury, to issue Federal Reserve bank notes, in any denominations (including denominations of $1 and $2) authorized by the Federal Reserve Board, in an aggregate amount not exceeding the amount of standard silver dollars melted * * *.” The Federal Reserve bank notes were to be secured by the deposit with the Treasurer of U. S. certificates of indebtedness or one-year gold notes purchased by the issuing banks. Figure 2. 1918 photo of Key Pittman. Pittman was a Democratic Senator from Nevada who won passage of the 1918 Congressional act that authorized the melting of silver dollars so the bullion could be sold to Great Britain. Wikipedia photo. Figure 3. The Pittman Act called for $1 and $2 Federal Reserve bank notes to replace silver certificates withdrawn concurrent with the melting of their silver dollar backing. Heritage Action Archives photo. Paper Money * Sept/Oct 2020 * Whole No. 329 332 Upon the sale of the bullion, the Secretary of the Treasury was to immediately direct the Director of the Mint to purchase silver mined in the United States at the rate of $1 per ounce for resale under the terms of the act and for the minting of new silver dollars equal in number to those melted. Silver certificates backed by the new dollars were to be issued. As the new silver dollars were minted, an equal value of the Federal Reserve bank notes was to be retired. The Secretary of the Treasury (Mellon, 1928, p. 71-75) reported: Melting of silver dollars was commenced immediately after the act was passed, and was vigorously prosecuted at the Philadelphia and San Francisco Mints and at the New York Assay Office, until in May 1919, 259,121,554 silver dollars had been melted and the 200,032,325.64 fine ounces of bullion resulting therefrom had been sold to Great Britain. * * * In addition, * * * 11,111,168 silver dollars were melted and assigned for subsidiary silver coinage. However, this transaction was subsequently canceled, and the silver dollars so melted were replaced with silver dollars coined from silver in kind. The total number of silver dollars melted * * * was 270,232,722. The purchase of domestically produced silver bullion for replacing the silver dollars converted to bullion and sold to Great Britain was commenced in May, 1920, and all purchases of silver required to replace the silver dollars so sold were completed in June, 1923, with the exception of about 190,000 ounces representing incomplete deliveries of amounts accepted up to June, 1923. Deliveries on account of the 190,000 ounces were completed in July, 1927. The quantity of silver required for recoining 259,121,554 silver dollars of exact legal silver content, disregarding the question of operative losses, was 200,414,327.07 fine ounces. Monthly receipts of purchases of silver by the mint service institutions during the 3-year period from May 1920, to June, 1923, averaged approximately 5,000,000 ounces, the purchases absorbing practically the entire silver production of the Unites States for this period. These purchases were made at the fixed price of $1 per fine ounce, while the market rate during this time was usually below 70 cents. Much of the silver sold to Britain had been purchased by the Treasury at about fifty cents per ounce so the effort was lucrative for the Treasury. Clearly, the program constituted a direct subsidy to Pittman’s mining constituents in Nevada. The impact on the circulation of silver certificates is illustrated graphically on Figure 4. The first of the new silver dollars were dated 1921, the first made since 1904. Impact on the Currency The major impact of the Pittman Act was to dramatically reduce the circulation of silver certificates. Because the majority of them were low denomination notes, the supply of $1s and $2s as well as $5s were scavenged from the money supply. At the time, $1 silver certificates comprised the vast majority of $1 notes in circulation so this reduction posed a serious inconvenience to the public. The Treasury had to provide mitigation. Section 5 of the Pittman Act authorized the Series of 1918 Federal Reserve bank notes with the important stipulation that the series could include $1 and $2 notes. Obviously, this provision became one tool in the toolbox that Treasury used to pump up the supply of $1s and $2s. By August, the New York Times was reporting “Two new greenbacks—the first of the nation’s wartime currency—are in circulation. They are the $1 and $2 Federal Reserve bank notes planned specially to replace the silver certificates withdrawn from circulation as the Treasury’s silver Figure 4. Outstanding value of silver certificates, 1900 to 1928. Paper Money * Sept/Oct 2020 * Whole No. 329 333 reserve is melted into bullion for export to the Allies” (NYT, Aug 28, 1918, p. 6). Important when considering the Series of 1918 FRBNs was that Section 6 of the Pittman Act stipulated that as fast as new silver dollars were coined corresponding amounts of FRBNs were to be redeemed. Consequently, the Series of 1918 was designed to be short lived. It was recognized that silver certificates would be issued that were backed by the new silver dollars, because the public preferred paper dollars rather than coins. Of course, while the silver melt was occurring, Treasury’s need for silver certificates fell through the floor. The production of $1s, $2s and $5s Series of 1899 silver certificates at the Bureau of Engraving and Printing was severely curtailed. The printing of workhorse $1 Series of 1899 silver certificates had never ceased prior to passage of the act but, in fact, was halted entirely for a full year inclusive of March 17, 1920 through March 16, 1921. This break occurred between Series of 1899 $1 serials D52424000A and D52424001A. Series of 1899 $2s and $5s production also was curtailed sharply. Although a paltry 24 million $5s were printed, none were delivered to the Treasury during fiscal years 1919 and 1920 (July 1, 1918 through June 30, 1920). The printing of Series of 1891 $20s and 1908 $10s silver certificates ceased entirely after fiscal year 1919 and those denominations as well as higher denomination silvers never went into production again for the rest of the large note era. As will be revealed, the public’s need for small denomination notes was not fulfilled solely by $1 and $2 Series of 1918 FRBNs during the period when the silver certificates were pulled from circulation. Shortage of Low Denomination Notes As of 1916, the only legislation that authorized the issuance of $1 and $2 notes were the acts of August 4, 1886 for silver certificates and March 4, 1907 for legal tender notes. However, no legal tender $1 or $2 notes had been printed since the close of fiscal year 1896. Consequently, $1 and $2 silver certificates were all that were being printed. The U. S. Treasurer stated in 1916 that the demand for smaller denominations was great and growing (McAdoo, 1917, p. 280, 282). By 1917, Treasurer John Burke reported “Experience in recent years makes clear that the supply of small notes is not equal to the demand” (McAdoo, 1918, p. 175). These concerns involved all denominations through the $10s, but especially $1s and $2s. For example, there had been a 28 percent increase in the circulation of $1 between July 1, 1915 and July 1, 1917 (McAdoo, 1918, p. 176). Treasury officials were working diligently by 1917 to overcome these shortages using whatever means they had at their disposal, including getting legislation passed to help. Secretary William McAdoo moved quickly on the problem. “The Secretary of the Treasury on December 22, 1916, under the provisions of the act of March 4, 1907, authorized the issue of $1 and $2 United States notes” (McAdoo, 1918, p. 372). These consisted of Series of 1917 Teehee-Burke notes, the first of which were $1s delivered to the Treasury from the Bureau of Engraving and Printing on July 1, 1918 (BEP, 1910-1929). Figure 5. Secretary McAdoo authorized the issuance of $1 and $2 legal tender notes in December 1916, the first since fiscal year 1896. Heritage Auction Archives photo. Paper Money * Sept/Oct 2020 * Whole No. 329 334 The total outstanding circulation of legal tender notes was fixed at $346,681,016 by the Act of May 31, 1878. In order to issue $1s and $2s, the Treasury had to redeem an equal value of higher denomination legal tender notes that were outstanding, which is what they did. Members of Congress were acutely aware of the shortage of $1 and $2 notes. In a lengthy floor discussion on October 2, 1917, they discussed new legislation designed to increase the circulation of $1 and $2 notes through the issuance of $1 and $2 national bank notes. Congressman Carter Glass (D-VA) was a central proponent of new legislation. Congressman J. Hampton Moore of Pennsylvania (R-PA), evidently concerned with whether the banks or the taxpayers would bear the cost of printing the new notes, opined “I know there is an urgent demand for more $1 and $2 notes, of which there has been a great scarcity in recent times, probably due to war necessities and war business.” Glass assured him the cost of the notes would be borne by the banks consistent with how higher denominations were handled (Congressional Record, October 2, 1917, pp. 7769-70). Congress passed an act on October 5, 1917 that permitted national banks to issue up to $25,000 in $1 and $2 national bank notes. The act also repealed the provision in the Act of March 14, 1900 that limited the issuance of $5s to a third of the circulation of a given bank. The intent of the latter was to increase the use of $5s relative to higher denomination nationals. Series of 1917 $1 and $2 national bank notes reached the design stage, but went no further, most likely because Treasury officials realized that the issuance of $1 and $2 legal tender notes would satisfy the demand. Congress passed an act on December 24, 1919 making gold certificates that were “payable to the bearer on demand” legal tender. The motivation behind the legislation appears to have been an expedient to free up high denomination legal tender notes. By making gold certificates legal tender, national bankers would be willing to substitute them for large denomination legal tender notes that they held in their legally mandated reserves. Treasury could then redeem the large denomination legal tenders and issue $1s and $2s in their stead. Technically, the 1919 act was redundant because, gold certificates already were classified as lawful money under the terms the terms of Section 12 of the Act of July 12, 1882. However, the 1919 act unambiguously clarified that gold certificates were lawful money because they were formally awarded legal tender status. The result was that when the contraction of silver certificates came with passage of the Pittman Act Figure 6. Model for the $1 national bank notes authorized by the Act of October 5, 1917. Note the similarity of the back to $1 FRBN, a uniform back design for bank currency. National Numismatic Collection photo. Paper Money * Sept/Oct 2020 * Whole No. 329 335 in 1918, which primarily hit the $1 and $2 denominations, the Treasury was poised to fill the gap with legal tender and Federal Reserve bank notes. The effort to do this is nicely illustrated by the production data for the $1 notes summarized on Figure 7. Notice that the total volume of $1s printed continued to climb through the period shown. Standardization of Designs A new wrinkle overtook events as the mint began coining new silver dollars after the great Pittman melts. Treasury management embarked on a program to modernize all U. S. currency up through the $100s. This occurred just as the Bureau of Engraving and Printing was struggling to plug the gap in demand for small denomination notes caused by the withdrawal of the silver certificates from circulation and next resume production of them as bags of new silver dollars began to flow back into the Treasury’s vaults. Secretary of the Treasury Carter Glass had launched an initiative during the fiscal year ending 1919 to standardize the appearance of the nation’s currency up through the $100 denominations. He claimed that “one of the greatest dangers to the Treasury and to the public in connection with the question of counterfeiting has been the multiplicity of designs of our various forms of currency (Glass, 1920, p. 101). As this movement gained momentum in the Treasury Department, the newly appointed Secretary of the Treasury D. F. Houston upon taking office in February of 1920 appointed a committee consisting of the Commissioner of the Public Debt, Chief of the Secret Service and Chief of the Engraving Division of the Bureau of Engraving and Printing to thoroughly examine every aspect of standardizing designs (Houston, 1921, p. 239). Andrew Mellon was appointed Secretary of the Treasury by newly elected President Warren Harding in 1921 and he continued to pursue the standardization program. By the close of the fiscal year ending 1923, the concept had grown to embody the following objectives (Mellon, 1924, p. 89). (1) The size of the currency would not be changed. (2) Uniform backs should be adopted regardless of class. (3) Faces should have a uniform appearance regardless of class with the primary difference being details to indicate the class. (4) Symbolic and pictorial embellishments should be eliminated from the faces except for portraits, where specific portraits should be assigned to each denomination and the same portraits used across all the classes. (5) The arrangement of design features, particularly denomination features, should minimize the possibility of note raising. More detail was provided in a Treasury position paper published September 10, 1923 (Mellon, 1924, p. 375-376). The backs would consist of a scroll work panel with lathe work boarder, without pictures. The portraits assigned to the faces would be $1-Washington, $5-Lincoln, $10-Jackson, $20-Cleveland, $50- Figure 7. Production by fiscal year of $1 notes in the different classes at the BEP illustrating how the Treasury compensated for the loss of silver certificates during the Pittman silver melts by substituting legal tender and Federal Reserve bank notes. Notice that the demand for $1s increased during this period. Paper Money * Sept/Oct 2020 * Whole No. 329 336 Grant, $100-Franklin. The seals and serial numbers on the silver certificates and legal tender notes, and the seals, serial numbers, district letters and name of Federal Reserve Bank, are to be overprinted in color on the faces as follows: silver certificates-blue, legal tender notes-green, Federal Reserve notes-red. No consideration was given to $2s because discontinuance of $2s was being contemplated. Work moved forward rapidly on the $1 sliver certificates and legal tender notes resulting in the Series of 1923 notes. Mellon reported in his 1924 annual report (Mellon, 1925, p. 40-41): Silver certificates of the $1 denomination embodying the new features were first paid into circulation on December 1, 1923 and to June 30, 1924, 128,892,000 notes had been issued. The first delivery of United States notes of the new design in the denomination of $1 was made by the bureau on January 3 of this year, and to June 30 1924, 36,068,000 of these notes had been paid into circulation. In accordance with the principles of design adopted, the backs of these two issues of the same denotation are uniform, and the faces are uniform, except as to certain characteristics, which differentiate the silver certificates from the United States notes. Initial delivery of silver certificates of the $5 denomination [Series of 1923 Lincoln Porthole notes] was made on August 7, 1924, and the printing of United States notes of the $10 denomination [Series of 1923 Jackson notes] has commenced. Since the last report and the account therein given of the new designs, a design for the $2 denomination has been approved. The redesign program stalled thereafter because the Mellon Treasury decided to move forward on reducing the size of currency. Of course, the principals embodied in giving uniformity to the nation’s currency were carried forward to the small size. However, the new $1 Series of 1923 silver certificates that began to appear in December 1923 as well as the new Series of 1923 legal tender notes that showed up in January 1924 fleshed out the production curves on Figure 7. The Net Result The most voluminous large size type note, the $1 Series of 1899, was phased out before the circulation of $1 silver certificates recovered from the Pittman melt. The last of them, X32692000A, was delivered to the Treasury from the BEP on January 26, 1925. By then $1 Series of 1923 silver certificates had been arriving since November 19, 1923. Even before the Pittman melts, a chronic shortage of $1s compelled Treasury Secretary McAdoo Figure 8. Uniform $1 Treasury currency designs were adopted and deployed for the $1 SC and LT notes during the tenure of Secretary of the Treasury Mellon. Heritage Auction Archives photos. Paper Money * Sept/Oct 2020 * Whole No. 329 337 to resume issuing $1 legal tender notes beginning with Series of 1917s, which became available from the BEP on July 1, 1918. They were the first $1 legal tender notes printed since 1896. Production of the new Series of 1923 LT occurred simultaneously with the 1917s. The first $1 Series of 1923 LTs arrived January 3, 1924. However, the BEP had a large inventory of unused 1917 plates so in April, William S. Broughton, Commissioner of the Public Debt, requested Assistant Secretary of the Treasury C. S. Dewey to authorize BEP Director Alvin Hall to continue to use all completed Series 1917 LT $1 plates as well as to finish and use any that weren’t finished (Broughton, Apr 24, 1924). The Series of 1917 plates continued to be consumed through 1924 and 1925. The last of the Series of 1923 $1 LTs was delivered from the BEP on October 24, 1925 ending with serial A81872000B. The last of the 1917 LT $1s arrived on December 22, 1925 ending at serial T66368000A. Ironically, however, the last delivery of $1 Series of 1923 legal tenders occurred two months earlier! Once the Treasury’s silver stockpiles were restored with newly minted silver dollars, the need for $1 and $2 legal tender notes ceased and they stopped being made. The Series of 1918 Federal Reserve bank notes called for in the Pittman Act went a long way toward supplying low denomination notes during the Pittman melt. Production of the last of them ceased before the close of the fiscal year ending June 30, 1922. There was irony in the shortage of $1 notes after the mint had coined the new silver dollars called for in the Pittman Act. This was that the Treasury was scrambling to print silver certificates backed by those dollars because the public much preferred the paper to the bulky coins. Dealing with the paper money simply added to the expenses of the Treasury while the Treasury was simultaneously burdened with storing the silver dollars. What the Treasury would have preferred was that the public use the silver dollars. The following documents a futile attempt to change public usage patterns (Mellon, 1925, p. 41-43). Efforts have been made from time to time to restore this coin to its former place in the currency structure. Federal reserve banks have sought the assistance of their member banks in an effort to keep the silver dollars in active circulation. Owing to the fact, however that the cost of shipping silver dollars falls on the member banks while the cost of shipping paper currency is absorbed by the Federal reserve banks, this effort has proved unsuccessful. Furthermore, there was no real demand for silver dollars, since the public had become accustomed to using paper dollars and gave no consideration to the fact that the excessive use of paper money of this denomination was adding an appreciable sum to the expenses of the Government. The Treasury is now endeavoring to acquaint the public with the desirability of accepting silver dollars as an auxiliary to paper money. Plans have been formulated to increase their circulation to the extent of $40,000,000, and the various departments of the Government have been requested to cooperate in this movement by using silver in making salary payments to Government employees throughout the United States. Field officers of the various departments have agreed in making salary payments to use silver dollars for all odd amounts in sums under $5. * * * During the last three years an unprecedented demand has developed for paper currency of the smaller Figure 9. Charles S. Dewey was appointed Assistant Secretary of the Treasury by Andrew Mellon in 1924. One of his responsibilities was to ensure that there would be an adequate supply of $1 notes. In 1925, Dewey chaired the Currency Committee as it pursued the standardized of currency designs, ink colors, and whether national bank notes should be redesigned. This work fizzled as attention was redirected to reducing the size of the currency. Library of Congress photo. Paper Money * Sept/Oct 2020 * Whole No. 329 338 denominations. This is particularly true of $1 notes, which are being used in increasingly large numbers. In order to supply the demand and meet redemptions of unfit and mutilated dollar bills, it is necessary to print and put into circulation 48,000,000 of these bills each month. * * * There are many reasons why the silver dollar should be restored to its former importance in the currency structure. In the first place, the life of a silver dollar is indefinite, whereas that of a paper dollar does not at most exceed 11 months. A paper dollar costs 1.7 cents to manufacture and keep in circulation. If the Treasury, therefore, can restore to circulation 30,000,000 silver dollars in continental United States and 10,000,000 in our insular possessions, it can displace equal amounts of paper currency and effect an annual saving of $828,000 on this item alone. * * * Suggestions have been received from various sources as to the advantages of issuing a metallic “token” coin in place of the silver certificate or the standard silver dollar itself, the token to be smaller in size and so different in design that it could not be mistaken for any of the subsidiary coins. Proper reserves could be set up against this circulation and we would in effect have a metallic dollar certificate instead of a paper dollar certificate. The thought behind this idea is perfectly sound and if economy of manufacture were the only consideration the project might be put into effect. The ease of manufacture, however, raises an obstacle, for unless the alloy should contain an amount of precious metal approaching the face value of the coin, counterfeiting would be extremely easy. A point not developed in the discussion of the standardization of currency designs was that of assigning specific denominations to specific classes of currency. This idea was front and center during this same period and actually guided policy into the small note era. In 1925, an internal Treasury memorandum stated “As you will no doubt recall, the Currency Committee has adopted the policy of eliminating as far as possible, duplication of kinds in the smaller denominations, by placing our future issue of $1 notes in silver certificates, $2 notes to be divided between U.S. Notes and silver certificates, $5 U.S. Notes, and $10 in U.S. Notes and gold certificates. This will eliminate $1 U.S. Notes and $5 silver certificates, and is to become effective as the plates for these kinds are worn out” (Dewey, Feb 21, 1925). A primary motivation for adopting this policy was to ease the burden of sorting the different classes of notes as they came in for redemption. References Cited and Sources of Data Broughton, William S., Apr 24, 1924, Memorandum from the commissioner of the Public Debt to Assistant Secretary of the Treasury C. S. Dewey requesting him to authorize BEP Director Alvin Hall to continue to print Series of 1917 LT notes: Bureau of the Public Debt, Series K Currency, Record Group 53, box 11, file “Currency Designs.” U.S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1910-1928, Final receipts for notes and certificates: vols NC01-NC09 split between the Bureau of Engraving and Printing Historical Resource Center, Washington, DC, and Record Group 318, entry P1, ledgers 268 and 269, U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1899-1929, Annual reports of the Director of the Bureau of Engraving and Printing: U. S. Government Printing Office, Washington, DC. Congressional Record, October 2, 1917, House of Representatives floor debate on H.R. 6180 Issue of Notes of Small Denominations: U.S. Government Printing Office, Washington, DC, p. 7669-7670. Damodaran, Harish, Aug 11, 2014, The original big bulls of bullion: The Hindu Business Line. Dewey, Charles S., Feb 21, 1925, Memorandum from Treasury Assistant Secretary Charles S. Dewey to BEP Director Alvin Hall, regarding Currency Board policies, production of Series 1923 notes, elimination of duplicative currency types and denominations, and status of incomplete plates. Bureau of the Public Debt, Record Group 53, box 11, file “Currency Designs,” U.S. National Archives, College Park, MD. Glad, Betty, 1986, Key Pittman, the tragedy of a Senate insider: Columbia University Press, 388 p. Glass, Carter, 1920, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1919: U. S. Government Printing Office, Washington, DC, 1196 p. Houston, D. F., 1921, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1920: U. S. Government Printing Office, Washington, DC, 1604 p. Israel, Fred L, 1963, Nevada’s Key Pittman: University of Nebraska Press, 210 p. McAdoo, William G., 1917, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1916: U. S. Government Printing Office, Washington, DC, 574 p. McAdoo, William G., 1918, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1917: U. S. Government Printing Office, Washington, DC, 797 p. Mellon, Andrew W., 1924, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1923: U. S. Government Printing Office, Washington, DC, 897 p. Mellon, Andrew W., 1925, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1924: U. S. Government Printing Office, Washington, DC, 874 p. Paper Money * Sept/Oct 2020 * Whole No. 329 339 Mellon, Andrew W., 1928, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1928: U. S. Government Printing Office, Washington, DC, 1053 p. New York Times, Aug 28, 1918, New Greenbacks Out, p. 6. U. S. Statues, U. S. Government Printing Office, Washington, DC. In Memoriam--Dr. Harold Don Allen Dr. Harold Don Allen (July 2, 1931 – July 11, 2020) who taught generations of math students and future teachers, instilled a sense of wonder in bright young people about the beauty of numbers and cryptograms and brought a story-teller’s passion to numismatic history and collecting, from banknotes to milk tokens, passed away quietly in Brossard, Quebec, family at his side. Don Allen was born and raised in Montreal, Canada, He earned his BSc in Mathematics and Physics with Distinction in 1952 from McGill University and Masters degrees from the University of Santa Clara in 1966 and Rutgers University in 1968. His doctorate in mathematics education, a source of enormous pride for him throughout his life, was conferred on him by Rutgers in 1977. Allen acquired an early numismatic fascination with world paper money, began writing published articles in the late 1950s and was an active member of numismatic society in Canada, the US and abroad for more than 70 years. He was well ahead of his time in talking about new collecting areas such as Canadian milk tokens, rationing and other “Cinderella” means of exchange, including his widely-cited 2006 article in The Numismatist about the origins of Canadian Tire scrip “money”. He was a Lifetime or Honorary member of the, American Numismatic Association, Royal Canadian Numismatic Association, Canadian Banknote Society, International Banknote Society and Society of Paper Money Collectors, a fellow of the Royal Numismatic Society, a past president of the Montreal Coin Club and a member of many other clubs worldwide. Allen was a prolific writer of hundreds of articles for the world’s leading numismatic journals and newspapers, including The Numismatist, Coin World, the Canadian Numismatic Journal, the International Banknote Society Journal and the Farebox. Additionally, he was an innovator in bringing the hobby to a wider audience though the use of television and radio. He and the Truro Coin Club (today known as the Central Nova Scotia Coin Club) had a regular TV program on Eastern Cablevision that was broadcast throughout central Nova Scotia. This initiative was recognised by the ANA in the 1970 National Coin Week competition, and reported by the New York Times, with Allen’s entry being the only award granted that year outside the United States. In 2001, Allen wrote the authorised biography of a renowned Canadian numismatist, Jim Charlton. J.E. Charlton: Coinman to Canadians was prepared from personal correspondence and conversations between the author and "Mr. Coin". Never having learned to drive a car, Allen travelled by bus and train, visiting his children as they moved away from home, across Canada and to Europe, the Middle East and Asia. He proudly claimed to have visited all 48 contiguous American states plus Hawaii, attending, speaking, exhibiting and judging at ANA and other numismatic and educational conventions and gatherings. Don and Frances Allen were married for nearly 63 years. Fran passed on in April, 2018. Dr. Allen was laid to rest in his crimson doctoral robes at a private ceremony at Mount Royal Cemetery at the Allen family monument. He is survived by his four children Nigel, Laura (Ashton), Elizabeth (Seamone) and Rosalie (Jarvis) and their families. Friends and associates are invited to view his memorial site here and leave messages or numismatic memories or photos for the family. Paper Money * Sept/Oct 2020 * Whole No. 329 340 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency The Farmers and Merchants National Bank of Cambridge, Md., Charter 5880 by J. Fred Maples This bank was organized May 22, 1901, with William F. Applegarth elected president, and James M. Robertson, cashier. The bank received its charter on June 26, 1901, and opened its doors on July 1. This bank was largely successful and issued $872,400 in 1882 Series, 1902 Series, and 1929 Series notes – all $50s and $100s -- with a $15,000 circulation increasing nicely to $60,000 by 1903. This bank had a conservator in the 1933 banking crisis, but reopened in 1934, and continued through the end of the national currency period in 1935. Applegarth was followed as president by Milford Nathan from 1921 through the end, and Robertson was followed by L. Thurman Phillips from 1917 through the end. Applegarth, born in 1842, and son of a sheriff, was a bank founder, farmer, dry goods merchant, state assemblyman and senator, county political leader, and school teacher and principal. For most of his life Applegarth was wealthy and successful, but reportedly later in life “investments and enterprises turned out badly”, and he died penniless in 1920. Nathan, born in 1876, and an enterprising furniture dealer like his father, was also a theatre owner, philanthropist, and civic leader who was “vitally interested in the affairs of Cambridge.” Nathan was very much a people person, and it was said his “understanding of and liking for people may have (had) much to do with his success in merchandising.” The best note from this bank today is this $100 1882 Date Back, Friedberg # 571, certified by PMG Very Fine 30. This important note combines rarity and grade, with eye appeal, pen signatures, and an interesting scissor cut. According to the National Bank Note Census, this note is one of just two known $100 1882 Date Backs from Maryland. Recently this note was a highlight of Marc Watts’ Maryland collection before selling for a bargain price of $14,400 in Heritage’s 2018 FUN sale, lot 20896. Previously this note sold in a 2006 ebay.com auction for $21,450 – an impressive sum for that venue. This note was pen signed by James M. Robertson, cashier, and W. Lake Robinson, vice president. Robertson was successful in many ways. Robertson’s obituary in the Cambridge Daily Banner of June 3, 1931 reads: “James McCrea Robertson, first cashier of the Farmers & Merchants Bank and former county treasurer, died this afternoon at 2:30 o’clock at the Cambridge-Maryland Hospital. Death was due to $100 1882 Date Back. The Farmers and Merchants National Bank of Cambridge, Md. Charter # 5880. This bank issued 560 sheets of $50 and $100 1882 Date Backs between 1909 and 1911, with two notes per sheet. Afterward this bank issued another 1,046 sheets of $50 and $100s 1882 Date Backs, with four notes per sheet. Paper Money * Sept/Oct 2020 * Whole No. 329 341 the infirmities of old age. Until 17 years of age Mr. Robertson lived on a farm, after which he learned carpentry and on locating in Vienna, 1866, he engaged in contracting and building. While attending school in his native district he studied surveying under the direction of his teacher, James Benton Armstrong, of Pennsylvania, with whom he formed a firm partnership. Mr. Robertson was prominent in Democratic politics. While residing in Vienna, 1870, he was appointed justice of peace, which office he held for four consecutive years. In 1877 he was nominated and elected county surveyor, which office he held for six years. In 1885 he was elected to the Maryland House of Delegates; and following this term he resumed contracting in Vienna. He was appointed school commissioner in 1892 and continued until 1894 when he was made treasurer of Dorchester County. Following this term of office he was appointed assistant superintendent of schools of Dorchester County and remained in that position until the organization of the Farmers and Merchants Bank in 1901, when he became their first cashier. He continued in banking circles until about a year ago when failing health forced him to give up his active duties.” Again Robertson was followed as cashier by L. Thurman Phillips. Phillips, son of a boat captain, was a career bookkeeper, local welfare and hospital board member, noted mason, and church leader, who moved with his family to Cambridge in 1896. Per Robinson’s obituary in the Baltimore Sun of September 14, 1915: “Mr. (W. Lake) Robinson was born near Cambridge 54 years ago, and was a son of the late Joseph and Mary Bowdle Robinson. In early manhood he engaged in business with the late Daniel E. Dail, the firm being known as Robinson, Dail & Co. He subsequently engaged in farming and speculation in real estate, in both of which he was successful. He was engaged in many other enterprises, being a partner of Lewin S. Dail in the wood and coal business; of G. Walter Wright, in fire insurance; a director of the Cambridge Creamery Company and first vice-president of the Farmers and Merchants’ National Bank of Cambridge. Mr. Robinson took an active part in politics and filled several positions—Tax Collector of Cambridge district, Sheriff and County Clerk for the last six years. He became chairman of the Democratic State Central Committee in 1907, upon the retirement of State Senator William F. Applegarth, and retained the position until his death.” The layouts of $100 1882 Date Backs –including this note -- are stunning in every way. Top left this note is highlighted by the distinctive Roman numeral C, followed by the decimal 100. Below the left decimal 100 is the beautiful vignette named "Commodore Perry's Victory on Lake Champlain", which depicts Commodore Oliver Hazard Perry leaving his flagship, the Lawrence, during the Battle of Lake Erie in 1813. Top center includes the declaration “National Currency. This Note Is Secured by Bonds of the United States, Or Other Securities”, which defines the note’s backing. In the middle is the bank’s official name “The Farmers and Merchants National Bank of Cambridge”. Immediately right of “The” in the bank’s name is its charter number, overprinted in blue ink. Just below the right decimal 100 is this note's treasury serial number, A150862, which was unique across all banks. And finally the right vignette is an angelic depiction of Liberty, seated by a bundle of rods representing the union of states, along with the message “Maintain It!” burst in sunlight. The 1882 Date Back national currency series was created by the Aldrich-Vreeland Act of May 30, 1908, as signed by Theodore Roosevelt, to mitigate the worldwide financial Panic of 1907. Senator Nelson W. Aldrich, a Republican from Rhode Island, was largely responsible for the bill, along with his co-sponsor Rep. Edward Vreeland of New York. The bill provided a mechanism for banks to use securities other than U.S. government bonds to obtain short-term increases in their national bank note circulations. Two types of entities could apply for the additional currency: 1) individual banks, like this one, and, 2) groups of at least 10 banks formed into national currency associations. Individual banks applied directly to the Comptroller of the Currency for additional notes to be secured by state or local government bonds, and could receive notes up to 90% of the bonds’ market value. The associations were allowed to accept securities from a member bank, and then apply to the Comptroller for additional circulation for that member. Again if the deposited assets were acceptable state or local bonds, the association could apply for national bank notes up to 90% of the bonds’ value, but were limited to 75% of the cash value of certain securities or short-term commercial paper. Cambridge is a historic city on Maryland’s Eastern Shore – east of the Chesapeake Bay -- and the county seat of Dorchester County. Cambridge was settled by English colonists in 1684, who developed farming on the Eastern Shore, with the largest plantations devoted first to tobacco, and later to mixed farming. Tobacco farming was very labor intensive, and required many enslaved Africans, but mixed farming required less labor. The town was a successful trading center, and was named Cambridge in 1686 for the English university town. Cambridge developed a food processing industry in the late 19th century, and canned oysters, tomatoes and sweet potatoes. The industry won contracts with the Department of Defense during the First and Second World Wars, and employed up to 10,000 people at its peak. Later Cambridge became a popular tourist destination for its abundant historical sites and water sports. Paper Money * Sept/Oct 2020 * Whole No. 329 342 James J. Ott, Nevada Assay Office by Robert Gill Although I am primarily interested in Obsolete Currency sheets, and write about them in my regular Paper Money column, "The Obsolete Corner", I do occasionally delve into other areas of paper. At some time in the past, I acquired a very interesting sheet of gold dust receipts. And as I started researching them, I found that they have a very interesting history. So now, let's look at the life of a pioneer of the gold rush that California experienced early in its statehood. And that pioneer was James J. Ott. James J. Ott came from Switzerland with his brother. He had attended a prestigious Swiss University there, receiving a degree in metallurgy and chemistry. After first going to Wisconsin, where his brother remained, he moved on to California Territory. After arrival in 1850, he started taking part in the sensational gold rush that had just commenced in the Sierra Nevada Mountains. He settled down in one of the many mining camps, where he opened a general store, selling mining equipment and supplies. At the same time, he smelted gold dust and nuggets into bars for the miners. Ott removed himself from Sierra County and settled in Nevada City in 1853 (although at this time the town was still known as Nevada), where he opened an assay office. By then, miners were faced with formidable problems of extracting gold from the hard-surrounding matrix. Over twenty percent of the mined ore was being discarded into the tailing, although the residue was rich in gold and silver. It was Ott who came to the rescue. In 1853, he discovered a method of extracting the precious metals through the waste in a chlorinating process. He, subsequently, built the first “reverberatory” furnace next to a quartz mine in Grass Valley. His plant recovered eighty-eight percent of the sulphurous that had previously been thrown away. Ott managed to retrieve as much as $400 of gold and silver per ton from the waste. Hard rock mining was instantly removed from the experimental stage, and became an industry- wide practice. Ott’s Nevada City laboratory and assay office stood in the rear of Number 30 Main Street, in the center of the business district. Later, after purchasing the entire structure, he moved from the rear of the building to the front. A gold-leaf sign appeared above the doorway, reading “J.J. OTT, NEVADA ASSAY OFFICE”. It wasn’t much later that, because of the confusion in the names Nevada Territory and Nevada, California, that “City” was added to the town name. Ott’s reputation soared to new heights after he appraised some black-looking rock that several of his friends had brought in from what is now Virginia City, Nevada. Prospectors expected only to uncover ledges of glittering gold from snow-white quartz deposits. They mostly only found ledges and veins of the black- looking substance, which they cursed and threw away. Then, one day, when the friends of Ott brought in several of these specimens, they were thrilled that the samples assayed out at $3166 in silver and $1595 in gold per ton of ore. This discovery by him, in 1859, aroused the world! As the steady flow of ore samples ran through his office, it required only his word for prospects to be worked or abandoned. Ott, with typical energy in the promotion of mining, seemed unbeatable. He became the principal owner in several lode mines. With all these holdings, he was still carrying on his work at the assay office. Ott’s son, Emil, eventually took over the business before James, living a very productive and rewarding life into his late years, died on March 25th, 1907. So there it is. Just another glimpse into our nation's history, and what made it great. As I always do, I invite any comments to my personal email address robertgill@cableone.net or my cell phone number (580) 221-0898. So until next time, HAPPY COLLECTING. Paper Money * Sept/Oct 2020 * Whole No. 329 343 Paper Money * Sept/Oct 2020 * Whole No. 329 344 Commodore Jacob Jones’ Gallant Fight by Terry A. Bryan The 1812 War with Great Britain was not going well for the United States. The Canadian frontier was the scene of defeats on land in poorly planned American campaigns against tough professional soldiers. The British Navy was blockading our coasts and our commerce was halting. Even though the American theater was a lesser priority in the larger war, the British had all the advantages. The British reputation for utter naval dominance was shaken by the bitter ship engagement on October 18, 1812 wherein an American warship completely demolished a larger British opponent. The disheartened American public was uplifted by the news. The British military establishment was chastened. The War of 1812 went on for two more years, but this one short battle stiffened the resolve of the underdogs. The United States Navy achieved new respect internationally. The Wasp under Master Commandant Jacob Jones (1768-1850), was a Ship-Sloop of War. This class of ship had a single gun deck and three masts. She carried 18 guns, two long- range and sixteen guns for close broadsides. Under wartime conditions Jones sailed out of the Delaware Bay in search of British ships. Jones was familiar with the waters. He grew up in Delaware and served in fleets based in Philadelphia. The sheltered fleet anchorage was off the little port town of Lewes, Delaware where Jones had spent several years as a child. Jones’ father was a physician and farmer in the settlement of Duck Creek, now Smyrna, Delaware. By the time he was six he was in the care of his step- mother. Her family was in Lewes, and it is thought that young Jones witnessed Revolutionary War fleets and knew sailors from the anchored warships. It is possible that this early contact influenced the direction of his life. His education took a different course when he became a physician in the family tradition. Jones married Anna Sykes, the daughter of a prominent family, and she died while Jones was Clerk of the Supreme Court of Delaware. [Anna’s father, James Sykes (II), signed Delaware Colonial Notes. He was a patriot, taking over the signing after a Tory absconded with the financial records. Anna’s brother, Dr. James Sykes, became Governor of Delaware.] Jacob Jones joined the Navy in 1799 as an unusually old midshipman. Whether in grief or dissatisfied with medicine, or from childhood memory, the decision is unexplained. Only two years passed until Jones was a 2nd Lieutenant. Naval war with Tripoli resulted in two years’ imprisonment with William Bainbridge and James Biddle after being captured from the frigate Philadelphia. He served for five years in various posts until promotion to Master Commandant and assignment to the Wasp just as Madison was declaring war on Britain. His maturity and education clearly helped his advance in the Navy. Wasp’s first war cruise started in October, 1812. About a week out of port he captured a small British warship. His next encounter off the Delaware Bay was with a Caribbean convoy headed for Canada. Storms had damaged and separated the convoy, but the escort was catching up. Jones and the Wasp challenged the slightly larger Frolic, a Brig-Sloop of War, the most common British warship type. Naval ranks and ship designations are confusing. Lieutenants could command smaller warships, and they were “Captain” in that capacity. Master Commandant was a rank that implied suitability for advancement. Commodore was an honorific, not an official rank. Sloop of War usually described a single gun deck warship, smaller than a frigate. Categories were based on number of guns, rather than displacement or rigging. While a civilian sloop has one mast with fore-and-aft rigging, a Sloop of War had two (Brig-Sloop) or three masts (Ship- Sloop) usually square-rigged. The Americans favored three masts, more stable, maneuverable, but needing more sailors aboard. The British mostly built faster, slimmer two-mast ships, because they were always in need of crew; their Navy was huge. Sorting out the action in the many paintings of this battle depends on the knowledge that the American ship had three masts and the British had two. The battle between the Wasp and the Frolic was described in detail by both Captains; the court martial testimony is available on Google Books Thomas Sully was commissioned to paint Jones’ portrait for the Delaware Legislature in 1814. Paper Money * Sept/Oct 2020 * Whole No. 329 346 website. There was not a great deal of time spent in pursuit and maneuver. As the Wasp came up close, the Frolic displayed Spanish flags, a common strategy. The Frolic raised the British colors as it fired. Jones’ aimed more for deck-level damage and the Frolic tried to disable upper rigging. Both ships were severely damaged in the close-up action, but the British ship lost maneuverability. Jones’ took a position that allowed bearing his guns effectively, and the wrecked Frolic drifted into Wasp and the ships became entangled. The bowsprit of the Frolic crossed over the deck of the Wasp right above Jones’ head. Excited Americans began boarding by running down the crossed spars, and Jones had to stop firing. Both decks were littered with bodies, blood and broken masts. The Frolic did not capitulate by lowering its flag, because there was nobody left to do so. Wasp crew were unopposed on the British deck. Three or four men, all injured were still in place, including the British Captain and a Lieutenant. Casualties were 63 British versus 16 Americans, with almost 50% casualties from the Frolic, including every British officer. An American ship had soundly defeated a stronger enemy from the largest navy in the world. [Syngraphic trivia: The leader of the boarding party was Lt. James Biddle. He had a distinguished naval career. His brother, Nicholas Biddle was the President of the (2nd) Bank of the United States. The feud with President Jackson defined an era of economic chaos in the country, which influenced banks, currency and scrip. Thomas Macdonough, naval hero at the end of the War of 1812, had captained the Wasp during peacetime, and he also had Obsolete Currency connections. Numismatists learn a lot of history and see cross-connections among the famous and influential in the developing country.] Within two hours Jones’ crew was frantically clearing wreckage to separate the two ships when the large escort frigate from the convoy approached. The Wasp could not turn guns toward the enemy, and Jones was in the process of aiming Frolic cannon when he realized the futility of continuing to fight. Jones’ possession of the enemy lasted only two hours. His gracious behavior toward the British resulted in his crew being treated civilly. Jones, Biddle and the other officers were held in Bermuda and exchanged with honor. Later the British evaluation of the action concluded that both ships fought to virtual wrecks, and that “no men in any navy ever showed more courage (Frolic)”, and that “coolness and skill of the Americans, and the great superiority of judgment and accuracy” gave them the battle. Jones’ victory heartened the public in a war that was going poorly. Even the British were impressed. Anti-war sentiment in England was strong, and word of the battle spread among that faction. British naval histories detailed the battle, and illustrations were published there. The United States Navy gained in stature. The British porcelain industry produced tableware depicting Wasp and Frolic. Philadelphia artist Thomas Birch (1779-1851) painted several versions of the battle scene, reproduced widely. The episode stimulated the popular imagination for many years. In the 1970s American Heritage periodical sponsored a Bicentennial Jigsaw Puzzle of the battle. After the early death of Anna, Jones married twice more. Three of his five children lived to adulthood. His naval career extended until his death Thomas Birch painted a number of versions of the battle scene, with variable accuracy. The British pottery industry capitalized on the heroic battle; products were not limited to British victories This Birch painting shows Jones’ crew boarding the Frolic over the entangled spars. Paper Money * Sept/Oct 2020 * Whole No. 329 347 in 1850. He held important posts at sea and on land, and he obtained professional and monetary honors as a result of his 1812 victory. Three Navy ships and an island have been named for him. Along with cash, Jones was awarded a Congressional Gold Medal produced by the Mint. Artwork was by Spencer, dies by Moritz Furst; the 1820 medal has a profile of Jones from a portrait by Rembrandt Peale. Mottoes are “virtue in difficult circumstances” and “seized quick victory against a larger enemy”. The reverse shows the damaged ships in close combat. Wilmington, Delaware is the largest city in the state. Its history goes back to the Swedish settlement in 1638. British occupation during the Revolution was still in memory during the War of 1812. In the Federal Period, Wilmington was a town incorporated as a “borough” with a council composed of burgesses. Rapid growth later permitted a city title. By 1812 there were three banks and many mill operations feeding the busy Delaware River port. During the suspension of specie payments caused by the War, the town issued scrip. William Kneass of Philadelphia prepared copper plates for 7 denominations. Vignettes included a blacksmith, a primitive steamboat, a loom, a ram and a beehive. Dates from late 1814 to August, 1815 are written in or printed. Clearly the vignettes symbolized local business, pride, and industriousness. The sheep represents the woolen textile industry, fueled by E. I. Du Pont’s import of merino ram, Don Pedro. A painting of this famous sheep may have been the inspiration of this vignette. Presumably, few money vignettes show an animal with a known name. This improvement in the breed was widely publicized, and even Thomas Jefferson received wool samples from the resulting strain of American lambs. The Wilmington twelve-and-a-half-cent scrip note displays a vignette of the Wasp and the Frolic battle. Kneass (1781-1840) was later Chief Engraver of the Mint after success with his private business. Some of the tiny images on the Wilmington scrip appear to be unique usages. Choosing to portray the event on money speaks of the popular pride in the naval victory and the Delaware naval hero, Jacob Jones. References: Clayton, John M. Address on the Life, Character and Services of Com. Jacob Jones. Wilmington, 1851. Clowes, William L. The Royal Navy, A History, Volume vi. Chatham (reprint), 1997. Jones, William. Naval History of Great Britain. London, 1902. Julian, R. W. Medals of the United States Mint, The First Century. TAMS, 1977. Pratt, Fletcher. A Delaware Squire: Jacob Jones (Preble’s Boys). William Sloan Assoc, 1950. www.allthingsliberty.com general history of the War of 1812. www.history.navy.mil official history. www.historyofwar.org article by J. Rickard. www.modelshipworld.com summary of courts-martial of the captains, audio file of song. www.warof1812.net general history, battle description. Delaware Public Archives. Heritage Auction Archives. The Congressional Jacob Jones medal was struck by the Mint with a distinguished profile on the obverse and a depiction of the Wasp & Frolic joined in fierce battle on the reverse. Emergency scrip of Wilmington, Delaware was produced in 1814-15, engraved by William Kneass, signed by the town treasurer and the Chairman of the Burgesses. Most famous sheep of his era. E I. Du Pont’s Merino ram Don Pedro? The Wilmington 12 ½ Cent scrip shows a tiny vignette of the Wasp & Frolic battle. Paper Money * Sept/Oct 2020 * Whole No. 329 348 SPMC Serivce Awards Nathan Gold Award‐‐for long term exemplary service  Don Mark  A staple in the world of Iowa nationals, and long‐time servant to the Higgins Museum and its mission of  preservation, display and education of national bank notes. Don has been contributing  to  the hobby  longer than many of today’s hobbyists have been alive, and we gratefully recognize him with this award.  Founders Award—for exemplary contribution to the society in the past year  Mark Drengson  His enormous contribution in the Bank Note History Project has earned Mark this award.  When he is not  working his day job, Mark spends many of those free hours in his labor of love, and many SPMC members  have taken advantage of (and contributed to) the information encapsulated in this project, available on  the SPMC website.  Watch out for even more types of data coming soon.  Education, Research and Outreach Award—for exemplary service in these areas.  Robert Calderman, Matt Draiss, Josh Kelley, Cody Reginnitter, Andy Timmerman   Much has changed recently in the hobby’s space in social media.  Several SPMC members have taken up the  task of creating groups on Facebook and building up the SPMC Instagram account.   Cody & Andy: FB National Bank Note Collectors  Matt: SPMC Instagram  Josh Kelley:  FB Obsolete Currency Note Collectors  Robert:  FB Small Size Variety Collectors  ‐ U.S. Paper Money; FB Large Size Star Notes  & Variety Collectors ‐ U.S. Paper Money  Nathan Goldstein‐‐for recruitment of the most new members to the society  Robert Calderman  President’s Award—for an individual, club or group who has done a major service  to the SPMC.  The criteria is developed by each individual president and the  awardees are determined solely by him/her.  Benny Bolin, Robert Calderman, Phillip Mangrum  For their work in crafting the beautiful makeover of our beloved journal.  Paper Money is an outstanding  journal based on its content alone, and this redesign simply puts it over the top.    Forrest Daniel Award—for literary excellence   Wendell Wolka  Wendell has authored books on Indiana and Ohio obsoletes, in addition to numerous articles touching  upon the world of obsoletes.  This completes Wendell’s sweep of SPMC service awards.    Paper Money * Sept/Oct 2020 * Whole No. 329 349 L iterary Awards U. S. Large Size  First Place (tie)—The Treasury Clerk Goes to War—Nicholas Bruyer  $100 Counterfeit FRNs—Bob Ayers  Second Place—1862‐1863 Legal Tend Classification Chart—Doug Murray w/Peter Huntoon  U. S. Small Size  First Place—Styles of Currency Collecting—Ed Zegers  Second Place—Series 1929 FRBNs Released in WWII—Lee Loftus & Jamie Yakes w/Peter Huntoon  National Bank Notes  First Place—Sand, Clay and National Banks—Jerry Dzara  Second Place—The First National Bank in AZ Territory—Dawn Santiago w/Peter Huntoon  Obsolete Banknotes  First Place—N.C. Civil War Treasury Notes at the Univ. of N.C.—Bob Schreiner  Second Place—A Tale of Two Quaker Bankers—Nicholas Bruyer  Confederate Notes  First Place—Origin of the Train Vignette on T‐39 Notes—Michael McNeil & Marvin Ashmore   Also the winner of the Dr. Glenn Jackson Award for best article on Proofs, Specimens or Vignettes  Second Place—A Confederate Train Note Date Set—Michael McNeil  World Banknotes  First Place—WWII Isle of Man Internment Camp—Steve Feller  Second Place—Pancho Villa’s Bedsheets—Elmer Powell  Miscellaneous U.S.   First Place—Rare Postal Notes from Sitka Alaska—Kent Halland & Charles Surasky  Second Place—The Genesis of Postal Currency—Rick Melamed  Favorite Column  First Place—Cherry Pickers Corner—Robert Calderman  Second Place—Quartermaster Column—Michael McNeil  Wismer Award—Book of the Year  Treasury Notes of the War of 1812—Donald Kagin  Runner Up—Thian’s Masterpiece & the Early Literature of Confederate Paper Money—David Fanning  Runner Up‐‐A History of Indiana Obsolete Notes and Scrip (an e‐book)—Wendell Wolka  Obsoletes Database Set Registry Awards State Collection—Minnesota Territory Bank Notes—Shawn Hewitt  Type Collection—Northeastern Fractional Currency Mimics—Benny Bolin  Issuer Collection (tie)—Planters & Mechanics Bank—Mack Martin  Eastern Bank of Alabama—Bill Gunther  Paper Money * Sept/Oct 2020 * Whole No. 329 350 SPMC Hall of Fame 2020 Inductees Len Glazer Allen Mincho Len Glazer, a co-founder and president of Currency Auctions of America, is widely recognized as one of the country's foremost authorities on paper money. Before graduating from St. John's University, he became a recognized dealer of - and authority on - Fractional Currency. In 1975, Len founded Fractional Currency Incorporated. In 1990, Len helped start Currency Auctions of America, Inc. with Allen Mincho and today, he is recognized as the country's foremost authority on Fractional Currency, as well as one of the most respected figures in the entire paper money community. After graduating from New York University Law School in 1971 Allen became a full-time currency dealer in 1980. He specialized in National Bank Notes and Large Size Type notes and has personally handled the lion’s share of the rarities that have come to market in the last four decades. In 1990, Mincho co- founded Currency Auctions of America, with Len Glazer which quickly became America’s top currency auction firm. In 2001, CAA joined Heritage Auctions of Dallas. Mincho was one of the founding members of the Professional Currency Dealers Association and is a noted contributor to many periodicals/publications. C. John Ferreri D. C. Wismer David Cassell Wismer pioneered the cataloging of obsolete notes in The Numismatist as early as 1907, but he is best known for his article the "Descriptive List of Obsolete Paper Money" that ran in The Numismatist from June 1922 to November 1936. Mr. Wismer passed away on May 31, 1949, predating the SPMC. He was a 50-year member of the ANA , member #127, joining in December 1892. In 1969 he was elected to the ANA Hall of Fame. He was an engineer and mechanic. The SPMC has a literary program named for Mr. Wismer. C. John Ferreri started collecting paper money in 1969 and was attracted to the artistry that was usually found on it, especially the obsolete issues. Starting with an interest in Connecticut issues he soon branched out to the rest of the New England States, keeping him busy for the next 50 years. He wrote the foreword for Vol #1 of the Whitman Obsolete Paper Money series of books and also became the editor for the volumes housing the New England States. He is SPMC member # 2570, joining the Society in 1970 and serving the Society as treasurer from 1976-1979; Governor from 1979-2001 and as chairman of the awards committee, the nominating committee and publicity chair. He received literature awards, from the SPMC in 1992 and 1996. These great friends have distinguished themselves personally and/or professionally above and beyond in their service to our hobby. We thank them for their pioneering contributions, their generosities, and unflagging support. Paper Money * Sept/Oct 2020 * Whole No. 329 351 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan More Art from Warrington Last issue I began a multi-part presentation of the new graphic art being developed by the Warrington faker, selling from his new name and address, Irvin Santiago in Leicester (but always shipped from his old Warrington address, with the name S. Alseyo on the envelopes). We continue with 26 more of his inventions. Figure 25 (continuing numbering from last issue) is a Greek piece decorated with a double-headed eagle. Unless otherwise specified all of these devices are printed by inkjet (any that are not did not originate with him). Figure 26 is the first of a series of Indonesian notes with a variety of overprints. This one claims to be a coat of arms for the Communist Party of Indonesia. Figures 27-29 are other arms on Indonesian notes. Remember that a given overprint may appear on many different note types. I have seen the overprint of figure 26 on five types in three series dated from 1957-1968. See Boling page 354 World War II Checks I have mentioned several times the difficulty—and importance—of deciding on the topic for discussion in preparing a column. There was a new twist this time. After only a short exchange with Joe, we decided that I would write about World War II checks. The new problem is that the check category is far wider than I thought. This is true in spite of the fact that checks are barely mentioned in the go-to source—World War II Remembered (1995). Of course that will be corrected if we can ever get a second edition, but today I remained stuck. Despite the lack of material in Remembered, I have been interested in and collected World War II checks since 1995 and even earlier. When we first decided that I would write about checks, I was thinking about a sort of survey article, but have found too many interesting things to write about on the subject. So, I am going to tell you some interesting things about checks this time and then about some different checks next time and probably the time after that. The first World War II check that really excited me was in the Neil Shafer collection. When Joe and I were working on Remembered, I visited Neil for help on the project. He showed me many things and explained even more to me. It was a great session. Quite casually, Neil showed me a check that had been issued to a German PW for his repatriation in 1946! You will recall that some 400,000 PWs were held in camps in the United States during the war. You, but not the general public, also know that the PWs were paid while being held prisoner. We all know these facts because they resulted in chits that were issued in the camps and are now popularly collected. The little obscure twist is what happened to money in camp accounts when the PWs went home. The answer is that they were issued checks for the balances in their accounts upon repatriation. Actually they were issued disbursement orders, but more on that below. I learned all of this in Neil’s basement ca 1994. Neil told me the following story when he showed me his check. Figure 26 left Figures 27-29 below Paper Money * Sept/Oct 2020 * Whole No. 329 352 Many years earlier, he had been prospecting for treasures in a junk/antique shop somewhere, as most of us have done many times. As you know, Neil is the king. Anyway, he nosed around without finding anything so he reluctantly asked the proprietor if he had anything in the way of paper money, financial documents, and the like. The fellow responded that there was a case in the far back under several layers of blankets, rugs, pottery, and probably rodent droppings where Neil might find something. Neil found the pile. Less ardent collectors may (in fact, likely would) have passed and gone elsewhere. Not Neil. Eventually his digging got down to the case, but even then it was not easy. The case was jammed with nondescript materials. Finally, at the back of the case was a small brief case. Inside the case was a canvas bag, inside the bag was a box and inside the box some envelopes. Neil, dutifully looked in each envelope. The last envelope was stuffed with papers of no particular interest or connection to the last item, which was a disbursement order (check) made out to Maximilian Cerny for $6.40 and stamped “German PW.” Neil took the check to the proprietor and tried to casually ask what he wanted for the item. The fellow then told Neil the following story. Maximilian had worked on the family farm during the war (not an unusual situation) and had become a close family friend. When Maximilian had been repatriated he had left the check behind. In the story or my third-generation recollection of it, that may have been intentional or otherwise. Nevertheless, the fellow said that he could not possibly sell it. Neil said “How about double face value?” Sold! I sure learned a lot from Neil that morning about PW checks and about perseverance—and about negotiating. I fell in love with the check instantly. Neil would not sell it to me. In the light of what I learned from Neil that day, I should have tried harder. Certainly, I would have doubled him up. Still would. That check is illustrated in Remembered on page 396. There is an obscure point regarding that illustration. If you look closely at it, you can tell that the image was made from a photocopy. For whatever reason, that was the best that we could come up with in time for publication. As a routine matter, I refused to use photocopies because of this telltale visual difference. There are over 4000 images in Remembered. There might be a few more images made from photocopies, but not many. It had to be really important for me to accept photocopies. From the moment that I saw that check, I wanted one. It took many years before I even saw another one, but as with so many things, the Internet changed everything. I have two images for our study (not from photocopies). One is an actual scan of Neil’s Cerny order. The other is an order that I might have bought in a Fest auction or I might only have the scan, which I obtained from someone else. I am sorry that I do not know. Nonetheless, we have two great items to study. Remember that the Cerny order found by Neil was made out for $6.40. The second order is made out to Fritz Ruch for $164! That was a substantial amount in 1946. The most important part of the check is the main legend: Military Disbursing Officers of the Unites States. Below this bold text is the all-important second line: will cash this payment order. This text essentially promises to pay, but the payer will be a military disbursing officer. If we do not believe or fully understand the importance of this restriction, it is spelled out in the box of text at lower left: To secure payment the payee whose name appears heron must sign in the presence of the cashing disbursing officer of the army or navy. The box at the upper left looks important, but is rather administrative in nature: the disbursing officer cashing this payment order must forward it to the Treasurer of the United States of America Washington 25, D.C., for deposit. In summary, these are not routine checks. The restrictions are hammered home on the backs with four distinctive boxes of restrictions: 1) this payment order is not negotiable, 2) do not endorse this payment order to anyone, 3) this payment order is void if endorsed, 4) this payment order will be cashed only by army or navy disbursing officers. Number 3, voiding the order if endorsed, Paper Money * Sept/Oct 2020 * Whole No. 329 353 seems excessively harsh, but I guess finance wanted to make a point. How could a prisoner cash his (there were a few women) order? If he could not do it at the camp where it was issued, it would have been very difficult enroute or even after arriving home. It very well might not have seemed worth the effort for six dollars, but for $160 1946 dollars? There is an irony here. It seems to me that the difficulty of redeeming these orders contributed greatly to the (admittedly limited) availability of the orders for collectors today. If they had been routine checks we very well may not have had any to examine or desire. Both of the orders are rubber stamped with "GERMAN P.W." although with two very different stamps. The place of issue is stated on the orders as Fort Monroe, Virginia and Fort Sam Houston, Texas. The former is stamped, the latter printed on the orders. They were issued on May 3, 1946 and Jan 18, 1946 respectively. The serial numbers are interesting (they always are). The numbers are actually quite close together at 70,817,671 and 71,206,677. At least a 400,000 (389,006 exactly) spread seems close in a total issue of 71 million. It also seems like a reasonable spread since the total number of PWs in the United States was approximately 400,000. So, was a block of disbursing orders designated, separated, or otherwise used specifically for PWs? Certainly most of the 71 million orders were used for something other than PW payment, but what? I do not know. The conditions seem too restrictive to me to have been used for payment of personnel (military or other) or for purchase of materials. I need to find some disbursing orders that were used for other things. I may be wrong, since I have only been looking for WWII disbursing orders (non-PW) for a short time, but I think that they are very scarce. Still, out of roughly 70 million non-PW orders, at least a few should have escaped redemption (or destruction after redemption). Why was such a restrictive method of payment selected by authorities? Sure, it might have been specifically to save money for the government by reducing redemptions. While that was certainly a result, was it the purpose? I do not know, but that is the sort of question that we might eventually be able to solve. That is about all that I can tell you about the PW payment orders, but I can ask some questions. Do any such orders exist for other than German PWs? Without doubt others were issued, but do any exist? The most obvious possibility would be for Italian PWs, but that case is more complicated than it seems. Certainly behind Germans, many more Italians were held in the United States than Japanese. However, the status of most Italian prisoners was changed after Italy capitulated in 1943 and became a cobelligerent. The former PWs were reorganized into Italian Service Units. It is altogether possible that they were issued such orders when their status changed, but they had substantial freedom of movement and would certainly have cashed the orders. The bottom line is that any order issued to someone other than a German PW must be considered rare—if any exist. I would very much like to receive reports of other prisoner of war disbursing orders. I will even be happy to receive photocopies! At the moment I also need reports of non-PW disbursing orders. Of course I will also be happy to receive questions or comments on the subject: fredschwan@yahoo.com. Boling continued Figures 30-32 change continents, to Iran. Thus far we have been spared any of the Persian overprints on German notes from this seller. Figure 32 is described as a 5th anniversary commemorative, presumably of the Islamic Revolution. Either he erred in listing it or I erred in recording it, because the note was issued 26 years after that event. Figures 33-36 are propaganda messages printed on the backs of homeland Japanese notes. These are all fantasies. The message of figure 33 copies one of the four messages that the US used on replica currency leaflets. The images on the other three are unfamiliar to me, and appear to be copies of non-currency leaflets. But we never printed the messages on top of the original note design. Camp Atterbury, Indiana scene drawn by a POW. Fig.30—left. Fig 31—above Fig. 32 left Paper Money * Sept/Oct 2020 * Whole No. 329 354 Allied leaflets always placed the message on a clean piece of paper, with a note image on the other side. Figure 37 starts the Japanese invasion money (JIM) alterations. These are all placed on genuine notes. Figure 37 is a fantasy, probably intended to represent the post- war Communist guerrilla forces that the British fought to a standstill in Malaya in the 1950s. Note the hammer and sickle in the upper left corner of the flag. Figure 38 is another fantasy on a Philippines note; you have to look closely to see the soldier standing in front of the flag. Give the fabricator credit for using the correct 48-star flag of the period. Figures 39 and 42 are knock offs of an earlier fantasy (not prepared in Warrington) for an alleged anti-Japanese Malayan movement that did not exist (or if there was a tiny cell of them someplace, they had no inkjet printers in the jungle). The image on figure 40 was lifted from the cover of a souvenir booklet of JIM that was sold after the war as a novelty. I once owned one of the booklets. Figure 41 is new to me. The almost-illegible text at the top says “The Warriors of Freedom have Landed!” Figures 43-44 copy the designs of a pair of British propaganda leaflets used in Burma—again, not printed over existing notes, but on clean paper with a note image on the other side. One is in Burmese script and the other in Romanized Burmese. Original leaflets in these designs are quite scarce. Figure 33 Figure 34 Figure 35 Figure 36 Figure 37 Figure 38 Figure 39 Figure 40 Figure 41 Figure 42 Paper Money * Sept/Oct 2020 * Whole No. 329 355 Figure 45 is a Kuwaiti note with a fancy “We would never forget you” device commemorating the liberation of Kuwait in Operation Desert Storm. Smaller print says “National Committee for [illegible] Affairs.” The Kuwait government printed non-legal-tender notes commemorating the 2nd and 10th anniversaries of the liberation, but this image is original to Warrington. Figure 46 is a Lao note with a three-headed-elephant overprint on the watermark window. It is lightly printed and hard to make out. Figures 47-50 are all Libyan notes with different images of Muammar el Ghaddafi (the seller’s spelling), billed as commemoratives or referencing something in Ghaddafi’s life. In #47 he is holding a green book and the caption on the lot was “Green Book”—presumably something he wrote, akin to Mao’s little red book. Figure 50 was labeled “The Great Man—River Builder,” text included in English in the fantasy overprint (it might be barely legible in the magazine). Ghaddafi did appear on many Libyan notes, but not with these vignettes. We’ll stop here—more next issue. As these notes get re-sold, watch for them to appear outside eBay. There a many of some of them. Figure 43 Figure 44 Figure 45 Figure 46 Figure 47 Figure 48 Figure 49 Figure 50 Paper Money * Sept/Oct 2020 * Whole No. 329 356 The front of the Type-40 Treasury note endorsed by Capt. J. G. Michailoffsky, Assistant Quarter Master image: Randall Smith The Quartermaster Column No. 14 by Michael McNeil An historical treasure is sometimes found in unexpected places. The path leading to this treasure started with the discovery of endorsements on Confederate Types 39 and 40 Treasury notes by Capt. J. G. Michailoffsky, Assistant Quarter Master at Macon, Georgia. The treasure was discovered in two of the 181 documents in his file in the National Archives, available online at www.Fold3.com. 1862 J. G. Michailoffsky was born in Poland. A letter of recommendation from John Gill Shorter, the Governor of Alabama, stated: “...He is a worthy & esteemed citizen, an efficient, capable, & trusty business man, and the scars he bears, in defence of his own beloved Poland, testify to his gallantry as a soldier....” Michailoffsky was appointed Capt. & AQM on April 2nd, 1862, taking rank retroactively to March 22nd. A voucher dated April 8th placed Michailoffsky in Montgomery, Alabama. On August 30th, 1862 he received orders from Richmond “to attend to duties both at Macon & Griffin [Georgia].” The Treasury note endorsement reads: Issued 10th Sept 1862 J G Michailoffsky Capt & AQM The back of the Type-40 Treasury note with the September 10th, 1862 endorsement by J. G. Michailoffsky, Capt. & AQM. The endorsement at top is by John Boston, Coll(ector and Depositary) who first issued the note on September 4th, 1862. image: Randall Smith Paper Money * Sept/Oct 2020 * Whole No. 329 357 1863 Michailoffsky filed his quarterly returns to Richmond on April 20th, 1863, and noted in his cover letter that the actual returns were sent via the Southern Express Companies and enclosed a receipt for $5.50. This was prudent, as I have found documented cases of the loss of returns during shipment in the files of other officers. On July 10th Michailoffsky was promoted to Maj. & QM. Quarter Masters served in many roles, among them paymasters, and for the month of November he estimated the funds needed for payrolls at Macon, Georgia, breaking this down to $23,000 for officers and troops in the Provost Battalion detailed and working in the armory and arsenal, $8,000 for medical and commissary departments, $5,000 for general hospital pay rolls, and $4,000 in Treasury certificates. 1864 Michailoffsky signed vouchers at Macon for 189 new tents during the months of July, August, and September. Take careful note of that sentence. Other expenses for those three months included $148.50 on postage and $210.89 for telegraphs. Purchases of 20,040 pounds of corn and 10,020 pounds of oats consumed by nine horses and 104 mules were made at considerable expense for animals and drivers contracted from the private sector. Now we come to the historical treasure in this file. It is an official military report dated June 21st, 1864 at Macon, Georgia. It is addressed to Gen’l Braxton Bragg and written by Capt. W(illiam) M. Hammond, A(ssistant) A(djutant) Gen’l. While it exhibits large ink smears, it clearly reads: Col. [J. P.] Jones being absent, I proceeded on receipt of your telegram of 13th instant to inspect Prison Depot at Andersonville. Number of prisoners at Depot on 20th inst was 23,951. The Guard commanded at present by Col. J. H. Fannin’s 1st Georgia Reserves consist of 4 Regiments State Reserves, a detachment from 55th Georgia Volunteers and Dyke’s Florida battery, the aggregate effective strength being 1,588. The “Reserve” troops are poorly instructed and without discipline. The Prison Camp is surrounded by a stockade 17 feet high and covers an area of 16 1/2 acres, only 12 acres of which can be occupied. It is crowded, filthy, and insecure. An addition now being made will give ample room. Rations issued to prisoners the same in quality & quantity as those issued to the Guard. Average rate of mortality during present month has been 36 per diem. The Guard should be strengthened by the addition of at least 1,500 men. Additional Surgeons, and 150 hospital tents are immediately needed. [The original document is illustrated] Bragg was relieved of field duty in February 1864 after heavy losses to Gen’l U. S. Grant. He was transferred to Richmond and functioned as a military advisor to President Jefferson Davis. Among other significant military reforms, Bragg undertook the administration of military hospitals and prisons. He undoubtedly understood all too well the precarious situation of the South in general, and was asking in this report for information on the conditions of the Andersonville Prison in southwest Macon County to evaluate what further actions should be taken. The importance of this document is that it represents a top level Confederate military report of conditions at the Andersonville Prison and it contains appalling data on death rates and population density. This data may have contributed to the Confederate offer to the Union in the latter part of the summer “...that it would conditionally release prisoners [from Andersonville] if the Union would send ships to retrieve them....”1 This offer was refused, and... The conditions [at Andersonville] were so poor that in July 1864 Captain Wirz paroled five Union soldiers to deliver a petition signed by the majority of Andersonville’s prisoners asking that the Union reinstate prisoner exchanges in order to relieve the overcrowding and allow prisoners to leave these terrible conditions. That request was denied. The Union soldiers, who had sworn to do so, returned to report this to their comrades. ...The breakdown of the prisoner exchange system [was] caused by the Confederacy’s refusal to include blacks in the exchanges.... 2 After the fall of Atlanta the prisoners were moved by rail to other prisons, and we see evidence for this in Michailoffsky’s letter of September 9th to Col. James H. Burton, Superintendant: In reply to your note of this date I am sorry to inform you that I have not yet received any fodder, and on account of moving the prisoners all of the cars are used for that purpose.... Paper Money * Sept/Oct 2020 * Whole No. 329 358 One of the interesting comments by Captain Hammond is the remark that the prisoners were fed as well as those guarding them, which implied that they were all starving, a reflection of conditions in the South at this late stage in the war. So why was this important document found in Michailoffsky’s files? There are two clues. The report states the immediate need for 150 tents, and Michaeloffsky’s vouchers for the months of July, August, and September 1864 include requisitions for 189 new hospital tents. And the vertically oriented script on the back of the report is signed by Col. D. Wyatt Aiken, Post Commander, and states “Ordered to be paid by Post Qtr Mast.,” who we know was Maj. J. G. Michailoffsky, and who escaped violence in Poland only to be embroiled in the appalling conditions at Andersonville Prison. 1865 Capt. Henry Wirz, Commander of Andersonville Prison, was convicted of conspiracy and acts of personal cruelty and executed.3 Maj. J. G. Michailoffsky was paroled on May 24th, 1865 at Montgomery, Alabama. ◘ carpe diem Notes and References: 1. en.wikipedia.org/wiki/Andersonville_National_Historic_Site 2. ibid. 3. en.wikipedia.org/wiki/Henry_Wirz 4. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents., Pierre Fricke, Sudbury, 2016. More data on Andersonville prisoners and tents, southwest view showing the dead-line, August 17th, 1864. image: Public Domain, By Bubba73 at en.wikipedia, CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=9899973 Paper Money * Sept/Oct 2020 * Whole No. 329 359 The front of the official military report of conditions at Andersonville Prison dated June 21st 1864 and performed at the request of Gen’l Braxton Bragg, military advisor to President Jefferson Davis. A transcription of the text is found in the article. image: Fold3.com Paper Money * Sept/Oct 2020 * Whole No. 329 360 The back of the official military report of conditions at Andersonville Prison dated June 21st 1864 and performed at the request of Gen’l Braxton Bragg, military advisor to President Jefferson Davis. A transcription of the text is found in the article. The vertical script by Col. D. Wyatt Aiken refers to Maj. Michailoffsky. image: Fold3.com Paper Money * Sept/Oct 2020 * Whole No. 329 361 Bullion has been on a tear the past month with gold breaking an all-time record and silver up over 56%! Even now “Ag” is flirting with $30/ounce as these pages are being written. The fever will no doubt continue in the short term as casual investors and curious onlookers will be jumping onboard the ever-crowded precious metals train. History always repeats itself as dreams are made into reality and hearts are broken while chasing commodities across their peaks and valleys. Thankfully, I have never caught the fever and thoroughly enjoy watching the carnage unfold from a safe distance. My heart will forever be ensconced in the paper world, searching for treasures in lightweight Silver Certificates instead of those clunky 100oz bars. Let’s take a look at the ultimate crossover note, the 1886 $5 Silver Certificate! While coins have previously appeared on pre-civil war obsolete notes flanked by cherubs and pretty young maidens, none of these early private issues meet the same level of grandeur as the coveted Morgan Back Five Dollar Bill! Enacted August 4th, 1886, just a year after Grant’s passing on July 23rd, 1885 this stunning Silver Certificate immortalized the Hero of the Appomattox in his very first Federal issue paper money debut. Small size fifties are now catching on in popularity, and every true collector must add an example of Grant’s very first appearance to their collection! To delve even deeper, look for a Treasury Warrant Draft issued in the 1870’s featuring Grant’s portrait while he was still alive! Being the very first five-dollar silver certificate series ever issued, you would expect that these 1886 notes were saved in large quantities and are extremely easy to come by. Shockingly, out of the 33.88 million that were printed, only a miniscule 0.0036% are estimated to have survived for collectors to enjoy! Spanning seven total catalog varieties and four signature combination, just over 1100 examples have been tracked in the online census. Demand has always been high for this attractive design, yet prices have recently dipped at public auction creating a significant short-term opportunity for the buy and hold collector! VF examples of the most available Friedberg catalog numbers Fr.261 and Fr.263 that previously traded in the $2500-$3000 range can now be found, with a little patience and determination, at prices below $2,000! Here is a great piece of paper money trivia for you to store away for a rainy day. The back of these 1886 fives with their gorgeous silver dollar coins vignette feature the motto, “In God We Trust” which had not been seen on a Federal series issued note up to this point (That I can find) and was not enacted into law to be printed on Robert Calderman Stacking Silver! …Certificates Paper Money * Sept/Oct 2020 * Whole No. 329 362 our paper currency until another 71 years later in 1956!!! We know paper money survival rates are miniscule vs. coins and this series is no exception. In 1886 for the Philadelphia, New Orleans, and San Francisco mints combined roughly 31.4M coins were struck with an estimated minimum number of survivors including the current certified population tallying in at 10% or 3.1 million Morgan dollars. While the 1886 Silver Certificate series was printed over a number of years, it is intriguing that the total production of 33.88M notes overtakes the mintage of 1886 dollar coins and yet we have potentially less than 1,500 surviving notes from the entire series that have survived! Problem free notes are highly prized especially from the scarce low print run varieties. The very last issue Fr.265 signed by Rosecrans-Nebeker featuring a small red treasury seal had a significantly small run of only 740,000 notes equaling just 2.18% of the total 1886 five-dollar silver certificates series. Beginning with serial number B33140001 and ending in B33880000, the count of known serial numbers currently stands at a paltry 45 examples making any surviving note a significant trophy. Roughly 10% of the known survivors are in new condition with just four Fr.265 examples in total certified as CU! PMG has slabbed: (1) 64, and (1) 65EPQ and PCGS- Currency/Legacy has holdered: (1) 63, and (1) 65PPQ. As an added caveat this last issue Morgan Back variety has the same signature combination and treasury seal as the first issue 1891 open-back $5 SC, creating a stunning opportunity to create a very attractive matched pair across two series dates with different reverse designs! Often with diligent study, opportunities will present themselves for paper money enthusiasts to land a tough variety note without the premium price tag. This was the case for me at a small regional show in early August 2020 where after nearly five months with zero coin shows, I was extremely fortunate to land this Fr.265 conservatively graded problem free Fine 12 by PMG for a price so attractive that I am too embarrassed to commit the number to print! Hard work pays off for those willing to study hard and put in the time. Do you have a great Cherry Pick story that you would like to share? Your note might be featured here in a future article and you can remain anonymous if desired! Email scans of your note with a brief description of what you paid and where it was found to: gacoins@earthlink.net. References: “The Comprehensive Catalog of U.S. Federal Large- Size Notes, 1861-1929” Chambliss-Hessler 2014. PCGS Coin-Facts www.pcgs.com/coinfacts Paper Money * Sept/Oct 2020 * Whole No. 329 363 The Obsolete Corner The Marine Bank of Chicago by Robert Gill Hello paper money lovers. I hope that you and your family are staying healthy during these "Covid Times". Here in Southern Oklahoma, my wife and I are staying home most of the time, but it seems that we are struggling from the usual weather that we are accustomed to having this time of the year. But with our good health, a good tomato crop, and an occasional sheet to add to my Obsolete collection, how could life be better! Now, let’s look at the sheet that I've chosen to share with you in this article. On January 13th, 1852, The Marine Bank of Chicago, under the leadership of Jonathan Young Scammon, was organized, the first in Chicago under the Free Banking Law of 1851. It operated successfully until 1860, when heavy misappropriation of funds had undermined the strength of the institution. During this time it became apparent to thoughtful and experienced financiers and businessmen that this situation, along with political agitation then convulsing the country, could soon be very detrimental to its business operations. It was also realized that the security of the bills of banks in Illinois were largely based upon the stocks of many Southern states. It was seen that should the South adopt ordinances of succession, inaugurate war, and withdraw from the Union, the value of the stocks held for security would become greatly reduced, and in fact, become worthless. During the summer of 1862, when gold began to rise in value, brokers began to buy and sell it like any other commodity, and as it continued to rise and fluctuate in value, the expectations and hopes arose and fell correspondingly. This, the Civil War, and other factors, brought on the troubles of this institution. All things culminated early in 1863, and Illinois banks lost heavily. And The Marine Bank of Chicago was no exception. By early 1863, with the War being in full force, the financial troubles of the Bank worsened so bad that it was unable to recover itself, and was compelled to quit business with a debt of over $200,000 hanging over it. However, by later that same year, it was able to resume business. An interesting situation came to be between Bank President Scammon and a man by the name of George Smith. Smith had been successful in obtaining a questionable charter for The Wisconsin Fire and Marine Insurance Company. Through this Company, he was able to circulate a very large supply of notes. Legal banks and others, being interested in stopping the progress that Smith's institution was making, exerted great efforts to discredit its paper. Banks would try to hoard large quantities of Smith’s notes, and then later present them all at one time, thus draining his supply of specie. This strategy, however, seemed to come up short. According to one instance, Scammon had been enjoying presenting large amounts of “Smith's bills" for redemption. One day he met Smith, who asked him what amount of the notes of his (Scammon’s) bank were outstanding. When Scammon replied that there were just $175,000, Smith quickly informed him that his own vaults contained $125,000 of that amount, and that he would soon “bring them over for redemption". That remark kept Scammon in a state of worry for some time before an agreement was reached between the two rivals, whereby each pledged not to attempt anything to the detriment of the business of the other. Historical records indicate that sometime around 1864, The Marine Bank of Chicago became The Marine Bank Company. This sheet is one that is possibly unique. I acquired it thru Stacks Bowers Galleries official auction of the Whitman Coin & Collectibles Spring Expo., held in March of 2019. Heritage Auctions archives reveal that it has offered only two Remainder and four Proof notes of this sheet. Stacks Bowers Galleries has only offered individual examples of the $1 and $3 denominations previously, while the Haxby reference showed all notes as SENC (Surviving Example Not Confirmed) at the time of its 1988 printing. And Obsolete Currency specialist/dealer, Hugh Shull, had never seen a sheet on this bank until this one surfaced. So there it is. Another fabulous "piece of history" that has survived intact for us paper money enthusiasts to enjoy. Wow! What a hobby. I just wonder what is going to show up next for me to go after. As I always do, I invite any comments to my personal email address robertgill@cableone.net or my cell phone (580) 221-0898. Until next time, HAPPY COLLECTING. Paper Money * Sept/Oct 2020 * Whole No. 329 364 Paper Money * Sept/Oct 2020 * Whole No. 329 365 $5 Philadelphia Late-Finished Face 39 By Jamie Yakes Five-dollar Philadelphia Series of 1934A face 39 is one of four late-finished Series of 1934A FRN faces reported to collectors in 2017.1 The others were $5 New York 58, $5 San Francisco 52, and $10 Philadelphia 169. Each plate originally was a 1934 master plate that in 1938 the BEP altered to a 1934A master plate to use as a template for making other 1934A plates. They finished each plate in 1944 as a production plate and used them for regular sheet printings. The process of making intaglio printing plates involved masters, bassos and altos. Masters served as templates for producing altos, which were intermediaries lifted from the masters and had designs in relief as opposed to the incuse designs on masters. Bassos were the resulting plates lifted from altos after depositing metal onto them, and were exact replicas of the master plates used to make the altos. Most bassos were cleaned up, polished and etched with plate serials, then logged into the plate vault for eventual use as production plates. A few instead were reserved as master plates. The BEP began face 39 as $5 Philadelphia Series of 1934 plate 2 on November 6, 1934, and produced it from an alto lifted from steel intaglio master face plate 1. They designated plate 2 the electrolytic master basso and used it to prepare four altos from November 12-26. Over the next two years altos from plates 1 and 2 would serve to produce all 1934 $5 Philadelphia production faces. In January 1938 the BEP began etching macro serial numbers on finished plates2 and designating those plates Series of 1934A. On May 26, 1938, they altered plate 2 to a 1934A by etching an “A” after each “SERIES OF 1934” located on all 12 subjects. They reassigned it plate serial 39, which was the first serial for $5 1934A Philadelphia faces, and designated it the 1934A master basso. Aside from the different sizes of plate serials, bassos destined to become 1934s or 1934As had identical designs, and conveniently nothing else needed to be altered, deleted or added in the process. In June and July 1938, the BEP lifted four altos from 39, which spawned a majority of 1934A Philadelphia production plates made through June 1945, inclusive of serials 40-92, except for four plates. In August 1944, the BEP prepared a new steel intaglio master, plate 81, and used it to produce production bassos 82, 83 and 84. The BEP finished Philadelphia face 39 as a production plate on November 13, 1944, and added it to the routine press plate rotation. They sent it to press only once for a short run from January 7-23, which happened to be the last press run with Philadelphia 1934 and 1934A faces. Also sent to press were 1934A faces 49 and 52-61, and 1934 faces 33, 35 and 36. They dropped half the plates on the 22nd and the rest the following day. Plate 39 then sat unused for the rest of the year until canceled on December 31. Face 39 notes likely will have serials in in the 60 million-80 million range of the C-A block. This is based on this author’s observations of 1934A notes with plate serials used concurrently with face 39. Figure  1.  The  G  position  note  from  the  proof  sheet  of  $5  1934A  Philadelphia  late‐ finished face plate 39. In the selvage is the plate number 38031, ‘EI’ denoting the plate  as electrolytic  iron, and a triangle denoting the plate a master.  (National Numismatic  Collection).  Paper Money * Sept/Oct 2020 * Whole No. 329 367 Philadelphia face 39 was the only late-finished FRN face to overlap the use of 1934 faces. Interestingly, Philadelphia 1934B faces 96 and 99 were used in November and December 1945, before face 39 was in the press room. Changeover pairs between face 39 and either 1934 or 1934B faces possibly were created during the early months of 1946. That C-A block contains reported Series of 1934A back plate 637 mules.3 Back 637 was a $5 master basso for 10 years until finished as a production plate on November 10, 1944 with micro serial numbers.4 It had numerous press runs between June 23, 1945 and June 14, 1949, and sheets wound their way to face printings for $5 legal tender notes, silver certificates and FRNs. The BEP had been using back 637 for six months by the time 39 went to press and ample sheet stock would have been available for mating with that face. No matter the back, notes from face 39 have yet to be reported. Sources Cited 1. Yakes, Jamie. “Altered 1934A $5 and $10 Federal Reserve Note Master Plates.” Paper Money 56, no. 1 (2017, Jan/Feb): 54-56. 2. Huntoon, Peter. “Origin of macro plate numbers laid to Secret Service.” Paper Money 51, no. 4 (2012, Jul/Aug): 294, 296, 316. 3. Author’s census. 4. Yakes, Jamie. “The Extraordinary First Ten Years of Micro Back 637.” Paper Money 55, no. 3 (2016, May/Jun): 212-215. References Record Group 318-Bureau of Engraving and Printing: Entry P1, “Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s,” Containers 144 (12-subject bassos) and 147 (1934 FRN plate histories). National Archives and Records Administration, College Park, Maryland. Paper Money * Sept/Oct 2020 * Whole No. 329 369 Paper Money and Politics At one of our regular meetings, a colleague on the SPMC Board of Governors happened to remark what a relief it was to have a hobby (collecting and studying paper money) that has nothing to do with politics. On one level, I totally agree with that sentiment. As I listen to fellow hobbyists rhapsodize about their favorite star mule notes, I don’t want to know about their five-point plan to replace Obamacare, or how they would pack the Supreme Court. That said, though, money remains an intensely political thing. In the words of the economist Abba Lerner, “money is a creature of the state.” In fact, it’s this political quality of money that makes the collecting and studying of all forms of it so much more interesting than, say, stamps (sorry, philatelists!). Read almost any article in Paper Money and it becomes clear that knowing a political backstory is part of understanding almost any topic in our hobby. The essentially political character of money is underscored by the current turmoil in public affairs. We are living through some crazy times. Even as the Federal Reserve liquefies almost any asset it can get its hands on to keep the economy afloat, we as individuals are loath to touch physical cash out of fear that it harbors the coronavirus. Lucre may be filthy in that way, but paper money is always rich with political symbolism, its themes and vignettes communicating stories about what persons, values, and events a nation deems important. In the present day, such symbols have become a particularly fraught aspect of American politics. Movements like Black Lives Matter have challenged the long-standing acceptance of artefacts like flags, statues, building names, and other markers of historical memory, particularly as they pertain to the old Confederacy. What happens when the paper money in our pockets is challenged in the same way? After all, our money is populated with slave owners (those being Washington, Jefferson, Jackson, and— slightly—Franklin). When you include past emissions, the list of suspects gets longer (Henry Clay on a Legal Tender $50, James Madison on various big notes, and so on.) And this doesn’t even include non-slave owners who were prominent racists, even by the standards of their time, like Woodrow Wilson on the $100,000 note. If our currency does harbor racist residues, what if anything should we do about it? One numismatist has recently connected the attack on Confederate monuments to something called “cancel culture”, conjuring up the specter of our coin and paper money collections being confiscated because of their politically-incorrect symbolism.* This is, to put it mildly, highly unlikely. Money may be a creature of the state, but your coins and currency remain your private property to do with what you like. Taking them away from you would require an Attorney General of the United States who was willing to trample on the Constitution, and I really can’t imagine that ever happening. That said, if it would be reassuring to anybody, I would simply announce right here that if anybody has any racist notes that they’d like to get rid of (particularly any with Wilson on them—especially those), they are welcome to send them to me c/o SPMC and I will give them a good home. More realistically, if our current political turmoil does reverberate at all into numismatics, it might stimulate more interest in currency redesign. The United States stands out in the world for the stodginess of its banknotes. While most other countries have long since branched out into non- political themes and portraitures, we have stuck with the tried-and-true roster of dead presidents for decades. Changes made over the last twenty-five years have had mostly to do with making the currency more difficult to counterfeit. The traditional argument against innovation has held that an unchanging American currency connoted stability of value, and that redesigning it would only disrupt that psychological equilibrium. Perhaps, but that never stopped the Swiss from updating their franc banknotes, a trusted currency if there ever was one. At a time when cash payments are on the way out, maybe it would become more popular if it simply looked more interesting. Someday, Harriet Tubman will take Andrew Jackson’s place on the twenty, and that just might get the ball rolling on a long-overdue transformation of America’s money. It would be asking too much to go back to the soft-core eroticism of the Educational Series, but diversifying the portraits and vignettes on our currency might have the effect of creating the kind of money that mirrors better the diverse profile of America as it actually is. And in this one small way, our money might finally catch up with our politics. *”First They Came for the Statues…” Numismatic Detection Agency, July 2, 2020. https://numismaticdetectives.com/blog/f/first-they- came-for-the-statues. Chump Change Loren Gatch Paper Money * Sept/Oct 2020 * Whole No. 329 366 Dues Remittal Process Send dues directly to: Robert Moon - SPMC Treasurer 104 Chipping Ct Greenwood, SC 29649 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The Annual Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website-- www.spmc.org. The SPMC does not does not endorse any dealer, company or auction house. REGULAR or LIFE MEMBERSHIP Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitablereferences. JUNIOR MEMBERSHIP Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. A parent or guardian must sign their application. Junior membership numbers will be preceded by the letter “j” which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date, which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Welcome to Our New Members! by Frank Clark SPMC Membership Director e Paper Money * July/August 2020 103 SPMC NEW MEMBERS 07/05/2020 15127 Craig Flanders, Website 15128 Bruce A. Scnieder, Robert Calderman 15129 Mark Brizzi, Website 15130 Michael Kent, Robert Calderman 15131 Michael Menaker, ANA Ad 15132 Fabio Gugliandolo, Website 15133 Richard Huck, ANA Ad 15134 Donald Rinkor, Website 15135 Michael Defosse, Website 15136 Lauren Butler, ANA Ad 15137 Joseph Guerra, ANA Ad 15138 Kelly Feagler, ANA Ad REINSTATEMENTS None LIFE MEMBERSHIPS None SPMC NEW MEMBERS 08/05/2020 15139 Bob Hanna, Frank Clark 15140 Joseph Mulcahey, Website 15141 Lawrence Matthew, Website 15142 Kyle DeRoy, Website 15143 John Galmish, Website, REINSTATEMENTS None LIFE MEMBERSHIPS None Paper Money * Sept/Oct 2020 * Whole No. 329 369 Paper Money * Sept/Oct 2020 * Whole No. 329 370 SPMC Book Publishing Guidance The Society of Paper Money Collectors, Inc. [the “SPMC”] is chartered to advance the hobby through education. A key articulation of its fulfillment of this mission is the help it has provided over the decades to authors interested in publishing books whose principal subject matter relates to the study of paper money, or fiscal documents and history. In many cases, these books whose publication is not warranted from a commercial perspective, due to either the costs of production or ultimate size of print run, but which are deemed important to the hobby. Neither the SPMC nor its officers nor the members of the SPMC Book Committee are professional publishers and historically have not had adequate free time to become publishers and or project managers for these books. As a result, any prospective book author must be prepared to be a driving force throughout the project. However, the SPMC recognizes that it can be a significant partner to any author looking to publish specialized works for the hobby, providing a variety of forms of help, advice, and grants. The following represents an effort to clarify the roles and processes which have historically proved successful in the roughly 40 previous books published by the SPMC and Pierre Fricke’s experience publishing about 10 different books or booklets in all formats (print, DVD, eBook, PDF download). The Society recognizes that every publication is created for a different audience, in a different environment, with unique authorship, and as such, recognizes that the following can only represent a general starting point for a successful publication. Authorship and publication of a book or other work falls into four phases: Authorship Phase, Pre-Publication Phase, Publication Phase, and Marketing and Sales Phase. It is highly recommended that any author considering approaching the SPMC for assistance involve the Society as soon as possible. This assistance can take the form of financial assistance via educational grants or advice from experience board or other members of the SPMC. Authorship Phase: This phase can generally be thought of as the creative phase, in which the work is written, and brought to the point of pre- publication readiness.  The author is responsible for writing the book. SPMC members and other individuals may function as editors and reviewers, subject to their and the author’s desire.  The author should use a format that may be readily converted into camera-ready PDF, InDesign or Quark (Ready-to-Publish format). Microsoft Word or some other format that can be converted to Rich Text Format and inputted into Microsoft Word are likely choices.  Pictures will need to be identified and delivered to an editor/ layout person separately from the Word document. 300 dpi, 100% size scans or pictures are the minimum recommended resolution and size. Blow-ups or magnified close-ups should be scanned at 600 dpi [100% true size] or 300 dpi if already at the desired level of magnification (200%, 300%, etc.). Federal note scan/picture requirements have to be met.  It is the responsibility of the author(s) to ensure that no violations of third-party copyrights occur with respect to any text, photograph, or other image or material contained in the book. It is similarly the responsibility of the author(s) to solicit, obtain and maintain all releases necessary to the publishing of the work.  The author and/or his/her financial sponsors are responsible for getting the book edited, laid out, and prepared for publication in a Ready-to-Publish format. This includes preparation of the images and text of the front and back cover, as well as arranging for an International Standard Book Number (ISBN). An ISBN number is widely accepted to uniquely identify one book or publication in a specific format. (The SPMC can assist with contacts and procedures for this). Pre-Publication Phase: As soon as is practically possible, the author and/or his/her financial sponsors are requested to submit a proposal to the SPMC Book Committee. That proposal would ideally include the following information:  Proposed Title for the book  Authorship  Project manager – the person or organization who will be the driving force to publish, market and sell the book.  Number of pages  Anticipated or suggested format, i.e., 6” x 9”, 8.5” x 11”, or other, color or black and white or some combination thereof  Whether issuance in DVD and/or eBook (e.g., Kindle, Nook, iPad) format is a meaningful alternative or additional possibility Paper Money * Sept/Oct 2020 * Whole No. 329 371  Proposed number of copies to be printed  The “value proposition” for the intended purchaser, i.e., “Why would someone want to buy this book?”.  Clarification as to who will own the copyright.  Printing cost estimate(s). SPMC can offer some suggestions on who to go to for this.  The intended retail price. Generally, publications have been discounted [per industry norms] by 40% to dealers who order 3 or more copies, and by 55% to 60% to wholesalers ordering by the case quantities. Buyers [retailer, dealer, or wholesale] pay shipping.  A basic marketing plan, i.e., which dealers, wholesalers and/or retailers can be expected to sell the book and why they would want to take this on.  Distribution plan – where will the books be stored, who will handle the shipping, etc… Upon receipt of the proposal, the SPMC will review the proposal, offer advice, make recommendations to strengthen the proposal. If the feasibility of a print book is questionable other alternatives may make sense – e.g., a DVD, eBook. When this is completed, the SPMC will consider any grant requests and process them if accepted by a majority vote of the Board of Governors. Publication Phase: Once all necessary clarifications are in place, the author and, if applicable, their publisher proceed to contract and SPMC disburses grant monies if any. Unless other arrangements are made (aka with a publisher, or other party to publish the book), the author remains the project manager, and will drive the printing, rollout and supplying the logistics firm. Print-on-demand services such as lulu.com or iuniverse.com can be considered as an alternative to publishing a quantity of books, which usually requires printing 500 copies to be cost effective, The print-on-demand services allow their customers to order and print one book at a time, or many books. These services support a variety of book sizes in color and black and white, hard and soft cover, with multiple options for dust jackets, book bindings, and paper quality. These services provide detailed how-to guides and checklists to guide you through their process. Importantly these services allow authors to update and repost new versions of their book as improvements are made. Electronic means reduce the expense, storage requirement and risk – so should be strongly considered as a primary means to publish books in the 2020s. There are firms that will do this for a modest fee and commission per sale and get your publication to numerous formats such as Kindle, Nook, and many others. The SPMC can continue throughout this phase to provide the author with any necessary contacts or advice. Marketing and Sales Phase: Upon submission to a publisher, printer, on-demand publisher, or electronic publisher, the author should begin to execute their marketing plan (or at least work with the publisher on their marketing plan). Marketing activities include:  Announcement in various trade journals and media/internet venues  Book signings at shows  Presentation to clubs – zoom meetings have really taken off and you don’t need to travel to do this these days.  Live presentations at shows.  Web site  Etc… Upon delivery of the books and/or electronic copies, sales activities begin. These sales activities may be led by a publisher or agent. They also can be led or supplemented by the author as they see fit. SPMC is a marketing channel via our web site and ads / articles in Paper Money Magazine; as well as through talks at SPMC events. SPMC is not involved in the sales process. In Closing: The SPMC is vitally interested in encouraging and assisting potential authors with their publications. The foregoing is intended as a clarification of the ways in which the Society can advance the hobby through education. We are vitally interested in hearing from the author community about ways in which we can be more helpful, and any comments clarifications or questions are encouraged, care of Pierre Fricke, P.O. Box 33513, San Antonio, TX 78265 or pierrefricke@buyvintagemoney.com. Paper Money * Sept/Oct 2020 * Whole No. 329 372 Coney Island: The Greatest American Amusement Area by Steve Feller Today we think of Disney World as a collection of the best American amusement parks. Collectively, on average, just under 60,000 people a day fork over well more than a hundred dollars per visitor. Its peak capacity is estimated to be 100,000. However, attendance peaks in Coney Island’s storied past surpassed 1,000,000 people a day1—yes 10 times that of Disney World. The picture below shows Coney Island beach on a peak day in the summer of 1940. This translates into hundreds of millions or even over a billion visitors over the years. The beach at Coney Island, 1940 Coney Island occupies miles of Southern Brooklyn, New York (see map). It forms a peninsular with Brighton Beach and Manhattan Beach to its east. Its beaches and boardwalk are magnificent. Coney Island was in development as an entertainment area for over a hundred years and its most popular period was in the early part of the 20th century. It is still active and has undergone a significant revival. The key to its vast popularity was the development of several subway lines that brought the millions to the amusements for a nickel. The subway lines had been railroads that brought far fewer numbers of people to Coney Island (http://www.lirrhistory.com/culver.html). Paper Money * Sept/Oct 2020 * Whole No. 329 373 Map of Brooklyn neighborhoods. Coney Island is at the Southern part of Brooklyn.2 Roundtrip railroad tickets to West Brighton right next to Coney Island from Long Island City Paper Money * Sept/Oct 2020 * Whole No. 329 374 Patrons of the subway paid five cents from 1904 to 1948, then ten cents until 1953 when the 15-cent token was first issued. To left is an example of a nickel that had the value of the original fare of the New York subway system and on the right is an example of the 15-cent token. The token was used until 1966 when yhe fare increased several times over a few years and larger tokens were issued. The last of the six token designs was made in 2003. Share certificate from the New York, Greenwood, and Coney Island Railroad Company Share certificate from the Brooklyn, Flatbush, and Coney Island Railway Company Paper Money * Sept/Oct 2020 * Whole No. 329 375 There were thousands of rides and amusements in Coney Island. During its peak years there were three main attractions; these were similar to theme parks of today: Steeplechase Park, Luna Park, and Dreamland. However, these, without question, outdid the modern Disney and Universal parks in terms of thrills and excitement. These parks were not just G rated but also ventured into the non-pc world with recreated tenement fires, paid exhibits where patrons could see live babies in incubators, exhibits of African villagers and small people who were brought to Coney Island to live and be gawked at, rides with sexual innuendos, and more. In total it was the pinnacle of American entertainment for decades. It was amusement for the masses Here is a brief overview of the three large and grand attractions in 20th century Coney Island: Steeplechase Park (1893-1964) This was the longest lived of the three parks. This park occupied 15 acres and had a capacity of 90,000 people. Luna Park (1903-1944) Luna Park had more extensive and spectacular but fewer attractions than Steeplechase Park. This park was the original and grandest of the Luna Parks which numbered in the many dozens around the world. There is even a modern but smaller Luna Park in Coney Island today. Luna Park token (uniface) Luna Park in Coney Island at night from the early 20th century. Royal Arcanum Day at Luna Park, June 23, 1903. This was to celebrate an insurance company. Paper Money * Sept/Oct 2020 * Whole No. 329 376 Dreamland (1904-1911) Dreamland was the shortest lived of the main parks at Coney Island While Luna Park was lit with 250,000 electric bulbs Dreamland had over a million. The postcard image below shows the magnificent result. It was designed to outdo Luna Park. There was a distinct oriental theme to its design. It was elegant and had many higher-class exhibits and entertainers. The parks were absolutely astounding and over the years had hundreds if not thousands of attractions. Jeffrey Stanton in 1998 posted a thorough list of attractions for the Coney Island parks at https://www.westland.net/coneyisland/articles/ridelist.htm. It would likely take 50 pages of small print to list them all and the list would have a lot of duplication. Thus, I have elected to give just the attractions at Steeplechase Park, and these have been edited down. I have included period postcards of the parks to indicate just how special these places were. Dreamland at Night Steeplechase Park in Coney Island, NY Wooden nickel from Steeplechase Park, Coney Island, NY Paper Money * Sept/Oct 2020 * Whole No. 329 377 These are the rides year by year at Steeplechase Park.  Revolving Airship Tower - 1894-1907 (aerial corkscrew ride)  Razzle Dazzle 1891 (circular swing for 70 people - pushed by workers like a see saw) Note: later called Wedding Ring & Hoop-a-La  Ferris Wheel - 1894 - 1964 (125 foot diameter wheel with 12 - 18 passenger cars)  Aerial Slide (slide on pulley from tower to sand)  Intermural Bicycle Railroad - 1894 (bicycle track - probably moved to Steeplechase in 1905)  Gravity Steeplechase Racecourse - 1899 (horses raced along six guided tracks) Note: later called Steeplechase Ride or "The Horses"  Voylitscope - 1900 (illusion of travelling fast without motion)  Earthquake Floor - 1900  The Skating Floor - 1900  The Electric Fountain - 1900  The Pneumatic Gun - 1900  The Hoodoo Room - 1900  The Electric Seal - 1900  The Human Cage - 1900  The California Bats - 1900 (joke attraction - 2 broken bricks in box)  Puzzle Hall - 1900  The Revolving Seal - 1900  The Art Room - 1900  The Eccentric Fountain - 1900  The Dancing Floor - 1900  The Maze - 1900  A Trip to the Moon - 1902 only (cyclorama using projections)  Giant Seesaw - 1902-1907 (2 Ferris Wheels at end of teeter board) Note: aka Aero Cycle  Darkness & Dawn - 1902- 1905?? (cyclorama) Note: aka Dante's Inferno  Elephant Rides  Bounding Billows - (like Luna's Witching Waves)  Canals of Venice - 1903 - 1905?  Ocean / Steeplechase Pier - 1904-1908 (3 story bathing pavilion with 2000 changing rooms. Cruise ships could dock there. A square-rigged sailing ship moored there.)  French Voyage - 1904 - 1907 (walk-in boat)  House Upside Down - 1904-1910 (burned 1911) (2-1/2 story structure with German Village restaurant on ground floor; furniture nailed upside down on second floor.)  Holy Land - 1904-1905 (near beach - circular building depicted on Sanborn map)  Satin Theater - 1904-1907  Sea Serpent - 1904  Dew Drop - 1904 (spiral tower slide)  House of Too Much Trouble - 1904  St. Louis Exposition - 1904  Ballroom - 1904  Earthquake Stairway - 1905 (split stairs) Note: aka The Funny Stairway  Japanese Tea Garden - 1905  Atlantis Under the Sea - 1905  Foolish House - m 1905 (mirror maze)  Miniature Steam Railroad - 1906 - 1940  Cave of the Winds - 1906-1907 (site where 1907 fire originated) Note: aka Tower of the Four Winds  Pony Track - 1906 (Shetland ponies for children)  Fads & Fancies Building - 1906 (numerous novel amusements)  Carousel - 1906 (flying horse apparatus - cost $25,000)  Automobile Sensation - 1906 (illusion of moving automobile striking pedestrian)  Flatiron Building - 1906 (repro of skinny Manhattan skyscraper - hit by gust of wind (electric fan) that blows men's hats off.)  L.A. Thompson Scenic Railroad – 1907  Coaster Figure Eight - 1907  Third Degree Regions - 1907  Cyclone House - 1907  Laricola - 1907  Skating Rink - 1907  Haunted House - 1907  Shoe Fly - 1907  Wooblywalk - 1907  Human Roulette Table - 1907 (large spinning wheel where patrons tried to hang on, but were spun off to the surrounding bowl)  Human Zoo - 1907 – (a crawl-space exit lead to a cage where other patrons laughed and made fun of those in it.)  Jumping Floor - 1907  St. Augustine Tower - 1907 (wind machine)  Barrel of Love (moved to Steeplechase-1907)  Night swimming in huge tank – 1907  Pavilion of Fun - 1908-1966 (building 450 x 270 feet & 63 feet high at highest point, covered the following amusements: Insanitarium with Blowhole Theater, Comedy Lane, Battleship Roll, Laughing Gallery, Bounding Billows, Uncle Sam, Down & Out, Bicycle Carousel, Human Pool Table, Hoop-la, Panama Slide, and many others.) Paper Money * Sept/Oct 2020 * Whole No. 329 378  Steeplechase Horses - 1908- 1966 (New horse racecourse had two separate courses running somewhat parallel with each other. One, 4 horses wide ran completely outside the Pavilion of Fun and the other also 4 horses wide, mostly inside the structure. The outside track was about 2100 feet long. It was lengthened by 800 feet in 1912. In 1916 the park added 5 more horses for a total of 30. The famous mechanical horses at Steeplechase Park in Coney Island, NY, 1910. One of my early memories was riding on this thrilling ride. There will never be another.  Insanitarium with Blowhole Theater 1908 - 1961 (Patrons, after riding the Steeplechase Horses, walked down a ramp onto its stage. Clowns herded them through its Comedy Lane where the men were separated from the ladies with electric cattle prods, and the jets of compressed air blew their dresses high up into the air. To escape they had to negotiate a moving section of floor called the Battleship Roll).  Steeplechase Pier - 1908 - Present?  Sunken Gardens - 1908 (contained Ferris Wheel & Air Ships)  House Upside Down - 1908- 1933 (2-1/2 story structure with German Village restaurant on ground floor; furniture nailed upside down on second floor).  Ferris Wheel - 1908 - 1964 (125 feet diameter)  School Days - 1908 (revolving barrel on switchback track)  Barrel of Love - 1908 - 1964 (revolving barrel at Bowery entrance)  Funny Stairs – 1908- 1920 (Bowery lobby)  Uncle Sam - 1908 - 1929 (huge swing - 6 rows of 4 passengers seated on a platform)  Down & Out Tube - 1908 - 1959 (steep scary slide in a dark tube that after 1910 dropped people onto the Human Pool Table)  Razzle Dazzle - aka Hoop-la - 1908 - 1947 (circular swing for 70 people)  Arkansas Traveler - 1908 to 1914 (a split walkway with handrails whose pieces of floor supporting each leg moved independently and thus threw the person off balance)  The Lion & the Mouse - 1908 (in Pavilion of Fun)  Cave of the Winds - 1908 (fun house with wind machine inside)  Shamrock Bowl - 1908  Grinder - 1908 (a huge sausage machine  Human Niagara - 1908 (once you ascended the adjacent Golden Stairs you slid down this bumpy bump slide with 60 ball bearing rollers on an inclined plane and landed in a big soup bowl).  Rope & Bridge - 1908  Shoe Fly - 1908  The Pit - 1908  The Wabbler - 1908 Paper Money * Sept/Oct 2020 * Whole No. 329 379  Spider's Web - 1908  Over & Under - 1908  Lifting the Lid - 1908  Man of the Flower - 1908  Home - Sweet Home - 1908  ??? - 1908 (an iron mesh maze)  The Jungle - 1908  The Neptune - 1908  Archimedes' Wonder - 1908  Job's Elevator - 1908  Bicycle Carousel - 1908 - 1939 (Passengers supplied motive power in this carousel style ride). Note: aka Bicycle Runabout  Hat Blower - 1908  Gridiron - 1908  Animal Cage - 1908  Bowery Slide - 1908 - 1958 (long 30-foot-high slide beneath horse track) Note: aka Avalanche  Roof Garden - 1908 (fake elevator that collapses - in Pavilion of Fun)  3rd Degree Regions - 1908  Ozone Room - 1908  Dew Drop - 1908 - ??? (outdoor spiral tower slide)  Human Roulette Wheel - 1908 - 1960 (big revolving platform 30 ft diameter - room for about 20 people - the ride catapults people into the surrounding scoop like hollow). Note: aka Whirlpool – 1917.  Mechanical Jackass - 1908 ($5 prize for successful 5- minute ride Note: aka Wooden Donkey  Soup Bowl – 1909 - 1917  Ocean Pier Trolley – 1909- 1927 (ran from Steeplechase Pier to Surf Avenue - 1300 feet?? - transported arriving steamship passengers into park)  Automobile Ride - 1909 - 1917 (in Pavilion of Fun - then in 1917 ride ticket lists it in the North Garden)  Country Wedding - ??? - 1934 (in Pavilion of Fun)  Undulating Swing - m 1910 (in Pavilion of Fun)  Chanticleer - 1910-1963 (merry-go-round); with 38 giant chickens & 14 ostriches instead of horses)  The Squeezer - 1910 (48 diameter circus ring. The center was a mound with a downward angle and held a dozen seated people. The ring revolved and they shot off it as it gained speed. The sexes were separated on each ride. Note: Sounds like the Human Roulette Wheel may be its first name.)  Human Pool Table - 1910 - 1959 (spinning discs under Dew Drop slide - in Pavilion of Fun - made up of 24 large discs with adjacent ones revolving in opposite directions. The people are "players" as they are spun every which way across the ride's flat surface. Each trying to regain footing) - 1924  Dinosaur Exhibit - 1910 (exhibit of a dinosaur dug up in Montana)  The Rosarium - 1910  The Tippy Boats - 1910  Golden Stairs - 1910 - 1920 (50 feet high - in Bowery lobby)  The South Pole - 1910 - 1932 (in Pavilion of Fun - but later outside near Boardwalk)  Whirlwind Slide - 1910 (Bowery lobby)  Monster Elephant - 1910 - 1920's  Midget Circus - 1910  Vaudeville Theater - 1910  Racing Autos - 1910 (25 full size cars – 1-mile track??)  Outdoor Swimming 1910 - 1963 (outside pool was 270 x 90 feet - depth 3 to 6 feet; 1 diving board - contained 670,000 gallons of salt water)  Carnival of Babies - 1911  The Mixer - 1911 - 1964 (big revolving rotating barrel @ Surf Avenue entrance)  Marble swimming Pool 1911 - 1928 (50 x 200-foot indoor swimming pool in Pavilion of Fun's south end; enlarged in 1919)  El Dorado - 1912 - 1964 (carousel with 3 platforms revolving at different speeds; illuminated by 5000 lights).  Airships - 1912 - 1940 (set at corner of Surf Avenue & W 16th)  Illusion Palace - 1912 (visitors enter park at Surf Ave thru 35 ft high structure) m 1920  Tilyou's Dreamland Circus Side Show - 1912  House Upside Down - 1913 - 1920 (2-1/2 story structure, rebuilt after 1911 fire, with German Village restaurant on ground floor; furniture nailed upside down on second floor - in Sunken Garden)  Ballroom - 1913 - 1942 (dancing floor 30 x 220 feet could accommodate 3500 people)  Steeplechase Circus - 1913  Ocean Roller Coaster - 1913 - 1920 (near pier & beach)  Miniature Railroad - 1913 - 1920  Moving Pictures - 1913 - 1917  Aerial Slide - 1913 - 1920  Panama Slide - 1913 - 1964 (slide dropped people into bowl - in Pavilion of Fun)  Crystal Maze - 1913  Mystic Stairs - 1913  Human Phonograph Slide - 1913 (probably a spiral slide)  Automobile Ride - 1913 - 1920 (1/4 mile around park)  Venetian Gondolas - 1913 - 1940 (An imported English ride using a circular and possibly undulated track. Cars are in the shape of gondolas. Located outdoors)  Hitting the Pipe - 1913 (near beach)  South Pole - 1914 Paper Money * Sept/Oct 2020 * Whole No. 329 380  Roller Skating Rink - 1915 - 1928  Wax Exhibit - 1916 (Eden Musee wax figures)  Dippy Dip - 1917 - 1920 (in North Garden)  Penny Arcade 1918 - 1964 (in Pavilion of Fun)  Babyland - 1920 - 1964 (in Pavilion of Fun - miniature devices for little folks - contained two Kiddie Slides, Turn-About (1946 - 1958), a turntable, two Hobby Horses, a Kiddie Carousel (24 aluminum miniature horses with two chariots)  Venetian Swings - 1920  Carnival Bridge - 1920  Diamond Drop - 1920 (slide??)  Cakewalk - 1923-1939 (floor shook when person attempted to walk on it)  The Witchway - ??? (swing that whirled passengers)  Racing Derby Carousel - 1924 - 1963 (built by Prior & Church; horses by Ilions)  Dodgem - 1924 - 1964 Note: aka Scooters  Frolic - 1924 - 1964  Glee Sail Boats - 1924  Zip - 1925 - 1964 (roller coaster - 2200 feet long) Note: aka Steeplechase Roller Coaster  Noah's Ark - 1925 - 1930 (rocking boat Fun House along Boardwalk)  The Limit - 1925 - 1934 (out & back roller coaster faced Boardwalk - ran parallel to beach from W 19th to W 16th. Except for lift hill & first drop)  Old Mill - 1925 - 1952 (Tunnel of Love boat ride)  Boardwalk Barrel 1928 - 1939 (revolving barrel)  Caterpillar - 1928 - 1964 (circular flat ride with slight rise - canopy closed to look like caterpillar when it reached peak speed)  Custer Cars 1929 - 1937 (miniature gasoline powered cars on a track). Note: aka Auto speedway  Heydey - 1929 - 1964 (cars with wheels seating 4 people were pulled by cable around an elliptical track. The cars weren't steerable, but the patrons in the rear seat could by leaning to one side, then back suddenly, could make the car whip around to face backwards)  Dangler - 1929 (revolving swings - in Pavilion of Fun) Note: aka Flyers or Swings  Whirl - 1929  Funny Mirrors 1929 Note: aka Revolving Mirrors  Cuddle-Up - 1929 (not popular - removed after season - located along Boardwalk)  Boardwalk Carousel - 1930 - 1953  Funny Cars - 1930 - 1931 (car's axles were offset so wobbled as it moved)  Whale - 1931 - 1938 (large structure - one walked into whale’s belly - along boardwalk)  Boardwalk Whip - 1931 - 1959 (8 car ride along Boardwalk)  Kiddie & Diving Pools - 1932 - 1963 (2 small circular pools built on north end of big outdoor pool. Kiddie pool - a 1-foot deep wading pool.  Circus - 1933 - 1939 (one-ringed circus - free shows daily performed in arena near boardwalk.  Flying Turns - 1934 - 1939 (toboggan roller coaster - adjacent to Boardwalk)  House of Glass - ??? – 1939 Note: aka Glass Works  Chair-o-Plane - 1936 (circular aerial ride)  Infant Incubators - 1936 - 1938  Zoo - 1936- 1958 (maze plus a few gimmicks)  Eli Ferris Wheel 1939 - 1947 (along Boardwalk)  Kiddie Fire Engines 1939 - (along Boardwalk)  California Red Bats (1939 - m 1958 (joke attraction - 2 broken bricks in a box with note asking people not to tell what they saw. - located near Express Train platform)  Kiddie Boats - 1940's  Steeplechase Express Train - 1940 - 1961 (tracks ran in area near boardwalk where Flying Turns had been previously located. 1200 feet track & 5-minute ride)  Bicycle Carousel - 1941 - 1964 (reinstalled in Pavilion of Fun with 30 steel bicycles)  Rocket Ships - 1941 - 1964 (revamped Giant Swing with six- 6 passenger aluminum Buck Rogers style rocket cars; tower 80 feet high)  Parachute Jump - 1941 - 1964 (from N.Y. World's Fair Lifesaver Exhibit - 262 ft high - 12 chutes)  Whip - 1941 - 1964 (12 cars - outdoors near Surf Avenue)  Silver Streak - 1941 - 1964 (circular flat ride on 30- degree tilt with 2 passenger cars travelling around perimeter @ 30 MPH -  Kiddie Airships - 1944 - ???  Turn-About - 1946 - 1958 (a revolving turntable that kids pushed around then sat on)  Television Studio - 1947 - 1964 (half of Ballroom space converted into a studio - shows like the Arthur Godfrey Show sometimes originated here)  Flying Coaster - late 1940's? (portable kiddie metal roller coaster - along Boardwalk)  Scrambler - 1948 - 1962 (tub style ride - moved erratically as platform spun)  Sea Cruise - 1948 - 1964 (8 car ride over circular undulating track)  Kiddie Bus Line 1950 - ?? 1958 (in Pavilion of Fun) Note: aka Gay Bus Line  Kiddie Roto Whip - 1948 - 1959 (8 cars - 2 passengers)  C-Cruise - 1948 - 1964 (in Pavilion of Fun) Note: aka Sea Cruise  Tree of Knowledge - 1952 - 1964 Paper Money * Sept/Oct 2020 * Whole No. 329 381  Crazy Clock - 1953 (22 feet high animated clock from England. Cost $10,000. Bells chimed and action started every 15 minutes)  Optical Viewer - 1954 (coin operated telescope on parachute platform)  Carousel - 1954 - 1963  Poker Roll - 1954 - ?? (game in building along Boardwalk)  Sky Fighter - 1955 - 1956 (Kiddie ride on Parachute platform)  Jolly Caterpillar - 1955 (Kiddie ride on Parachute platform)  Pretzel 1958 - 1964 (dark ride with 10 - 2 passenger cars guided along steel rail in topsy-turvy fashion. Note: aka Shangri-La Ha)  Tilt-a-Whirl - 1959 - 1964  Roundup 1960 - 1964 (spinning centrifuge ride that hydraulic lifts 90 degrees in air)  Paratrooper 1961 - 1964  Roto Jet 1962 - 1964 (passengers moved planes up and down while ride revolved)  Trablant 1964 (umbrella type ride which travelled in a circle in undulating fashion - 24 two person seats beyond umbrella perimeter)  Whale Boats - 1964 (25 fiber glass 2 passenger battery powered boats) Of course, there is a very large number of coupons and tokens from Coney Island. No overview article can cover this very much. Shown here is an example of a coupon from the famous original Thunderbolt rollercoaster. In 2014 the Thunderbolt was rebuilt in Coney Island but of different design. Some of the monetary issues are associated with the greatest restaurant there and the largest in the world. Starting as a push-cart vendor Feltman’s grew to own several restaurants and amusements in Coney Island. This is the firm that invented the hot dog on a bun. One of their workers, Nathan Handwerker, spun off and formed his own hot dog enterprise. He cut Feltman’s price in half—from a dime to nickel and the rest is history. By the 1920’s , after the subway extended to Coney Island Nathan’s sold 75,000 hot dogs per weekend. Today Nathan’s Famous is one of the leading hot dog companies in the world. It has become a world-wide brand. Thirty-cent ticket to ride the Thunderbolt rollercoaster The original Thunderbolt. As a kid in Brooklyn I rode this ride. It was built in 1925. Nathan’s Famous in Coney Island, NY. It is still there and is the site of the annual hot dog eating contest. Today a hot dog costs $3.15. Paper Money * Sept/Oct 2020 * Whole No. 329 382   Surf Avenue, Coney Island, NY. Note the entrance to Luna Park on the left and to Feltman’s on the right.        Feltman’s 5-cent token Feltman’s 25-cent token Five-cent coupon for Feltman’s carousel ride for a child under 12  Paper Money * Sept/Oct 2020 * Whole No. 329 383 1 https://www.google.com/search?q=coney+island+beach+1940&tbm=isch&source=iu&ictx=1&fir=C2mSNV05V9- SuM%253A%252CBHrXTTF6_qgd5M%252C_&vet=1&usg=AI4_- kTQpUE8baPJhoq3nFfpeMJ5S2_9dg&sa=X&ved=2ahUKEwj47Jzo67_oAhXUB50JHS7YCggQ9QEwCXoECAkQLg 2https://www.google.com/search?q=map+of+brooklyn&tbm=isch&source=iu&ictx=1&fir=zm0JQRwjX6- FoM%253A%252CKMGE5AFjI3qPPM%252C_&vet=1&usg=AI4_- kQuLbnRqm4OJa5VL3hP4XAVVPFeYQ&sa=X&ved=2ahUKEwi33J_U7L_oAhUWa80KHeA2A9YQ9QEwAX oECAcQLg#imgrc=zm0JQRwjX6-FoM: Feltman’s world famous restaurant in Coney Island, NY Feltman’s seafood choices in Coney Island, NY Paper Money * Sept/Oct 2020 * Whole No. 329 384 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. 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Box 44-2809 • Miami, FL 33144-2809 (305) 264-1101 • email: sol@sanchezcurrency.com Serial Number 1 Cheyenne, WY -  $10 1902 Red Seal Fr. 614 The Citizens National Bank of Cheyenne Ch. # (W)8089 Serial Number 1 Whitney, TX - $5 1902 Red Seal Fr. 587 The First National Bank (S)7875 Fr. 2231-J $10,000 1934 Federal Reserve Note Fr. 2221-K $5,000 1934 Federal Reserve Note Highlights from Our Upcoming Dallas Signature® Auction Visit HA.com/3579 to view the catalog or place bids online. For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 1-800-872-6467, Ext. 1001 or Currency@HA.com Paul R. Minshull #16591. BP 20%; see HA.com. 57550 DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH LONDON | PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.25 Million+ Online Bidder-Members U.S. CURRENCY SIGNATURE® AUCTION September 16-22, 2020 | Dallas | Live & Online New York, NY- Artisans Bank $50 18__ Proof PMG Gem Unciruclated 66 EPQ From The Charles R. Pease, Jr. Collection, Part III T3 $100 1861 PMG Very Fine 25