Paper Money - Vol. LV, No. 3 - Whole No. 303 - May/June 2016

Paper Money Vol. LV, No. 3, Whole No. 303 www.SPMC.org May/June 2016 Official Journal of the Society of Paper Money Collectors Come on in and see all the neat things inside! Also join us in Memphis at the International Paper Money Show, June 2-5 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce 1231 East Dyer Road, Ste 100, Santa Ana, CA 92705 • 949.253.0916 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Hong Kong • Paris SBG PM Gen Cons 16.04.08 America’s Oldest and Most Accomplished Rare Coin Auctioneer Stack’s Bowers Galleries takes tremendous pride in the expertise and competency of our associates, which include some of the most prominent numismatic authorities in the world. Whether you are a seasoned collector or are looking forward to your  rst consignment, the experts at Stack’s Bowers are just a phone call away, ready to share our numismatic knowledge and guidance to help you earn top dollar for your currency. Stack’s Bowers Galleries is accepting consignments to auctions throughout the year, including the O cial Auctions of the Whitman Baltimore Expos and the ANA World’s Fair of Money. Professionals You Can Trust Call one of our currency consignment specialists to discuss opportunities for upcoming auctions.  ey will be happy to assist you every step of the way. 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce Showcase Auctions Peter A. Treglia Aris Maragoudakis John M. Pack Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola Brad Ciociola Boston, Massachusetts. Mount Vernon Bank. December 1, 1860. $100. About Uncirculated. Proof. From the Peter Mayer Collection, Part III. Realized $9,400. Fall River, Massachusetts. Massasoit Bank. ND (186x). $50. About Uncirculated. Proof. From the Peter Mayer Collection, Part III. Realized $9,400 Marblehead, Massachusetts. Marblehead Bank. ND. $50. Choice Uncirculated. Proof. From the Peter Mayer Collection, Part III. Realized $10,575 Fr. 2231-A. 1934 $10,000 Federal Reserve Note. Boston. PMG Choice Uncirculated 64 EPQ. From the Holecek Family Foundation Collection. Realized $227,050 Fr. 1890-G★. 1929 $100 Federal Reserve Bank Note Star. Chicago. PMG Gem Uncirculated 65 EPQ. Realized $58,750. Pueblo, Colorado Territory. $1 Original. Fr. 382.  e First NB. Charter #1833. PMG About Uncirculated 55 EPQ. Realized $28,200 Fr. 95b. 1863 $10 Legal Tender Note. PMG Gem Uncirculated 65 EPQ. Realized $29,375 Fr. 1197. 1882 $50 Gold Certi cate. PMG Choice Uncirculated 64. Realized $19,975 Fr. 2221-H. 1934 $5000 Federal Reserve Note. St. Louis. PMG Choice Uncirculated 64 EPQ. From the Holecek Family Foundation Collection. Realized $258,500 Manning Garrett SBG_PM_GenCons_160408.indd 1 4/8/16 12:08 PM Terms and Conditions  PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 711 Signal Mt. Rd #197, Chattanooga, TN 37405. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Jeff Brueggeman, 711 Signal Mtn. Rd, #197, Chattanooga, TN 37405. ©Society of Paper Money Collectors, Inc. 2014. 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. Include an SASE if acknowledgement is desired. 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 payable in advance. All ads are accepted 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 b e 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, 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 upon prompt notification. PAPER MONEY Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LV, No. 3 Whole No. 303 March/April 2016 ISSN 0031-1162 Benny Bolin, Editor Editor Email—smcbb@sbcglobal.net Visit the SPMC website—www.SPMC.org Hutton & Freligh--Mississippi Treas. Notes During the Civil War Charles Derby ............................................................... 152 Launch of the Series of 1928E Silver Certificates Huntoon, Lofthus, Yakes .............................................. 162 Rare Vignettes Link to Philatelic Collectibles Terry Bryan ................................................................... 170 New Generation Series of Philippines Notes Carlson Chambliss ........................................................ 177 Utilizing Postage Currency as Postage Stamps Rick Melamed ............................................................... 180 Rare Scrip from Utah Douglas Nyholm ........................................................... 190 A Tale of Two (Alabama) Cities Bill Gunther ................................................................... 202 Citizens National Bank of Weatherford Frank Clark ................................................................... 210 Small Notes--Jamie Yakes ................................................... 212 Uncoupled—Joe Boling & Fred Schwan .............................. 216 Obsolete Corner—Robert Gill .............................................. 222 Interesting Mining Notes—David Schenkman .................... 224 Chump Change—Loren Gatch ............................................. 221 President’s Message ............................................................. 226 Editor’s Message ................................................................... 227 New Members ....................................................................... 228 Money Mart ............................................................................ 229 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 149 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Pierre Fricke, Box 1094, Sudbury, MA 01776 VICE-PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 SECRETARY—Jeff Brueggeman, 711 Signal Mtn., Rd. #197, Chattanooga, TN 37405 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 Jeff Brueggeman, 711 Signal Mtn. Rd #197, Chattanooga, TN Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Loren Gatch 2701 Walnut St., Norman, OK 73072 Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 Kathy Lawrence, 5815 Clendenin Ave., Dallas, TX 75228 Scott Lindquist, Box 2175, Minot, ND 58702 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 Vacant Vacant APPOINTEES: PUBLISHER-EDITOR-----Benny Bolin, 5510 Bolin Rd. Allen, TX 75002 EDITOR EMERITUS--Fred Reed, III ADVERTISING MANAGER--Wendell A. Wolka, Box 1211 Greenwood, IN 46142 LEGAL COUNSEL--Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN--Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR--Frank Clark, P.O. Box 117060, Carrollton, TX, 75011-7060 IMMEDIATE PAST PRESIDENT- - M ark Anderson, 115 Congress St., Brooklyn, NY 11201 WISMER BOOK PROJECT COORDINATOR--Pierre Fricke, Box 1094, Sudbury, MA 01776 REGIONAL MEETING COORDINATOR--Judith Murphy, Box 24056, Winston-Salem, NC 27114 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 in Memphis, TN. 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. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. Their application must be signed by a parent or guardian. 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 S o c i e t y 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. Support the SPMC Donate an item and attend the Tom Bain Raffle Friday June 2 Buy your tickets online at SPMC.org ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 150 The Society of Paper Money Collectors is Proud to Announce the 2016 Class of the SPMC Hall of Fame: Walter D. Allan  Michael Crabb, Jr.  Herbert and Martha Schingoethe  Raphael Prosper Thian  These great friends have distinguished themselves personally and/or  professionally above and beyond in their service to our hobby, and will be  formally inducted at Memphis in June.  We thank them for their pioneering contributions, their generosities, and unflagging support.  Walter D. Allan: Mr. Allan has a long history of involvement in the paper money field, both domestically and in the Canadian arena. Domestically, he has long been helpful to researchers and collectors in the area of die proofs and vignettes, including assisting in the SPMC’s Ohio book. While perhaps less well known than [HoF member] James Haxby, Allan was the key collaborator in the massive Standard Catalog of Obsolete Bank Notes, 1782-1866, and has also had long involvement in Canadian paper money through the Canadian Paper Money Society (serving as President from 1993-95) and is the past editor of their journal. Michael Crabb, Jr.: Mr. Crabb, has long been justifiably associated with the founding, nurturing and growth of the IPMS for its first 35 years of existence. The show, the first of its kind, put paper money collecting and exhibition on the map as a viably independent arm of the numismatic field, and the show, under the aegis of the Memphis Coin Club, has become a historic institution. Mike has been inextricably a part of this history since day one. Herbert and Martha Schingoethe: While two individuals, the Schingoethes are presented as one candidate for the HoF, due to their long-term collective involvement in the obsolete and college currency fields. Hardworking, persistent and organized collectors of obsolete and related currency, the Schingoethes were enthusiastic participants in the field, amassing a collection of approximately 30,000 notes, and ensuring that a quality College Currency reference came to be. Raphael Prosper Thian: Mr. Thian was truly an early pioneer in the field of the hobby. Born in France in 1830, he moved to the US as a young man and served as an employee of the Federal government for over 60 years. During those 60 years, he was responsible for a number of publications driven by his personal conviction of the importance of the lessons of history, most notably Register of Issues of Confederate States Treasury Notes Together with Tabular Exhibit of the Debt, Funded and Unfunded, of the Confederate States of America, 1861-1865, a seminal work which has been utilized and cited by researchers for decades. He is also credited with creating the first confederate currency collector’s album [privately published] as early as 1876. He amassed a large personal collection, and utilized the massive trove of confiscated confederate held by the government after the war for his pioneering research. He was actively involved in research until his death in late 1911. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 151 Hutton & Freligh and the Making of Mississippi Treasury Notes During the Civil War by Charles Derby During the Civil War, the State of Mississippi released four series of Treasury notes. The first series was printed in 1861 and bears the imprint of the American Bank Note Company of New Orleans, which soon became the Southern Bank Note Company. The fourth series was printed in 1864 and bears the imprint of the prolific Southern printer, J. T. Paterson of Augusta, Georgia. The second and third series were the cotton-pledged notes and faith-of-the-state-pledged notes, respectively. They were issued in 1862 and lack an engraver’s imprint. Furthermore, none of the major books on Mississippi Treasury notes – Leggett (1975), Criswell (1992), Kraus (2003), and Shull (2006)– reports who was the printer of these cotton- and faith-of-the-state-pledged notes. Who printed these notes? A search of Paper Money reveals a 1969 article by Everett Cooper on railroad notes from Mississippi. Cooper reported that the vignettes on two notes from The Mississippi and Tennessee Railroad Company were the same as on three cotton-pledged or faith-of- the-state-pledged Mississippi Treasury notes, which Cooper said were “lithographed by Hutton and Freligh of Memphis.” Though brief, this hints to the origin of these notes. But only half of Cooper’s statement is correct: the cotton-pledged and faith-of-the-state-pledged Mississippi notes were indeed printed by Hutton and Freligh, but not using lithography. And there is so much more to this story. This article is about those printers, William Maury Hutton and John Henry Freligh: who they were and how they made the cotton-pledged and faith-of-the-state Mississippi Treasury notes. Hutton and Freligh: The Road to Mississippi Money The partnership of “Hutton & Freligh, Printers” produced the Mississippi cotton- pledged and faith-of-the-state-pledged notes during 1862, first in Memphis, Tennessee, and later in Grenada, Mississippi. The paths that Hutton and Freligh took to form this partnership were starkly different. William Maury Hutton was born in 1822 in Williamson County in central Tennessee, just south of Nashville. His father was a South Carolinian and his mother a Virginian before they settled in Tennessee. He grew up in and around Nashville, and married a Nashville woman, Margaret Jane Taylor, in 1850. They had six sons and two daughters between 1852 and 1872. Hutton lived in Tennessee for virtually his entire life, with an adventure in Mexico during the Mexican-American War (Memphis Daily Appeal, August 24, 1882) and an important time in Mississippi from 1862-1865. Hutton got into the newspaper business in the 1840s, apprenticing at the Nashville American. He was recruited in 1849 by John Reid McClanahan, the talented writer/editor/publisher/owner of The Memphis Daily Appeal (Fig. 1). The story of the Appeal and Hutton’s association with it is told brilliantly by Barbara Ellis in her 2003 book, The Moving Appeal. Hutton began as a compositor and proved himself to be an outstanding employee. This was recognized by McClanahan, who increased Hutton’s responsibilities and position over the next 8 years to include being foreman, manager, head of printing sales, overseeing accounts, and writer. According to Ellis, Hutton “built the Appeal’s reputation for quality job printing and became a main resource on printing and labor practices.” In 1851, Hutton’s name was added to the newspaper’s front page, as McClanahan, Hutton & Co. (Fig 1). But McClanahan refused to make Hutton a partner (Ellis, 2003). ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 152 Hutton felt that he was not sufficiently recognized and rewarded by McClanahan for his contributions to the Appeal – not just for his labors and knowledge but also for his cash investments into the newspaper. So, in July 1857, Hutton resigned. Hutton joined forces with Matthew Gallaway (Fig 1) to compete with McClanahan’s print job business, forming Hutton, Gallaway & Co. and its Avalanche Southern Book and Job Office. The firm printed books, includingMississippi Presbyterian minister James A. Sloan” The Great Question Answered, or Is Slavery a Sin in Itself (Per Se)? Answered According to the Teaching of the Scriptures (Goodspeed, 1886-1887). The major activity of Hutton, Gallaway and Co. was publication of a new newspaper, The Memphis Daily Avalanche. Gallaway earlier tried to buy into the Appeal, but McClanahan would not allow it. Instead, Gallaway established in January 1858 the Avalanche, a more virulently pro-secessionist and Democratic newspaper compared to the more moderate, but still, pro-Democratic Appeal. Gallaway recruited Hutton as his part-time printing foreman & became McClanahan’s bitter competitor (Ellis, 2003) Hutton left The Avalanche after just one year, in 1859, and focused on job printing and publishing rather than newspapers. An early partnership was Hutton & Clark, Publishers. Among their publications were two with surviving copies today. One was an eight- volume set of advertisements: Memphis City Directory for 1859; Being a Complete General and Business Directory of the Entire City; Embracing a Complete List of All the Manufacturers, Merchants, Traders, and Heads of Families. Compiled by Tanner, Halpin & Co. The other publication is a flyer for an opera troupe in Memphis (Fig. 2). By 1860, Hutton had formed his own firm, W. M. Hutton & Co., and then established a business relationship with J. H. Freligh. John Henry Freligh was born in 1812, ten years earlier than Hutton, in Plattsburgh, New York. At an early age, he moved to Missouri. He married Susan Rebecca Ruland in 1843 and had eight children, eventually outliving all but one. Freligh lived in St. Louis through 1850 and worked on and around the river, including as steamboat officer. He was called “Captain Freligh” by business associates and “Henry” by friends. He and his family moved to Memphis in the early 1850s, with four of their children being born there from 1853 to 1860. Figure 1. Hutton’s newspaper days in Memphis. Top,The Memphis Daily Appeal, issue from Feb. 11, 1857, by McClanahan, Hutton & Co. Bottom Left, John Reid McClanahan. Bottom right, Matthew Gallaway. Bottom courtesy of Mercer Univ. Press. Figure 2. Flyer for an opera troupe printed by Hutton & Clark in 1859. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 153 Freligh must have known Hutton during this time, but it was not until January 1861 that their names appeared together in business. It was then that W. M. Hutton & Co. Printers, Memphis, published a 35-page pamphlet, compiled by J. H. Freligh, entitled The True Position, Interests, and Policy of the South. Union or Succession: Which is Best? (in 4 nos.) The Crisis (in 8 nos.) (Fig. 3). This was a compendium of reprinted articles written by others that advocated secession (Wakelyn 1996). Hutton and Freligh apparently found in each other kindred spirits and minds in political philosophy and business. W.M. Hutton & Co. soon became “Hutton & Freligh, Southern Publishing House, located on the corner of Second and Adams, near the Calvary Episcopal Church.” Freligh was the business and financial partner and Hutton handled the printing and publishing. Over the next two years, Hutton & Freligh became a powerful force in printing and publishing, taking on jobs big and small, political, religious, governmental, commercial, and financial. Hutton & Freligh’s most significant publication was Southern Monthly, a Southern literary journal (Fig. 4). It consisted of nine monthly issues of Volume 1 starting in September 1861 and ending with one issue of Volume 2 in May 1862. At that time, Southern literature was less well developed compared to its Northern counterpart. Hutton & Freligh wanted to change this with their journal (Bernath 2010). They wrote in one of their issues: “The present condition in the country…is propitious to the cultivation of Southern periodical literature…[Our journal is not] as able as Blackwood, nor as handsome as Harper…[but] it is ours, made here at home by Southern men for Southern use, free from poison and promising growth.” Figure 3. Hutton published Freligh’s political pamphlet in January 1861. Figure 4. Hutton & Freligh’s Southern Monthly. Left-cover of Dec. 1861 issue. Right- 1st page of opening article in Sept. 1861 issue. Courtesy of Boston Athenaeum online catalog. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 154 The journal did not make money, but it was self-sustaining, and even began to grow. But then, Federal troops invaded Tennessee, and the situation changed In 1861, Hutton & Freligh’s Southern Publishing House of Memphis published several significant books. One was Allen M. Scott’s A New Southern Grammar of the English Language: Designed for the Use of Schools and Private Learners. This book focused on educating young Southerners in a traditional and formal manner relatively free from Northern influence. They also published William Hardee’s Rifle and Light Infantry Tactics: For the Exerc ise and Manoeuvers of Troops When Acting as Light Infantry or Riflemen, 1st edition, issued in Memphis, Philadelphia, and New York (Figure 5). Commissioned by then U.S. Secretary of War Jefferson Davis, this best-selling manual modernized American infantry drill and was used extensively by both the North and South during the war. Hutton & Freligh also published religious material in 1861. Among these were Henry C. Lay’s 21-page Pastoral Letter to the Clergy and Members of the Protestant Episcopal Church in the State of Arkansas, and James Hervey Otey’s 12-page Pastoral Letter Addressed to the Laity of the Protestant Episcopal Church in the Diocese of Tennessee on the Duties of Church Wardens and Vestrymen. Hutton & Freligh also published government reports, such as Meriwether Minor’s 40- page Report of the Chief Engineer of the Mississippi Levees, Made to the General Board of Levee Commissioners at Their Meeting, 1st July, 1861, Board of Mississippi Levee Commissioners; J. H. Unthank and George S. Hebb’s 84- page A Digest of the Militia Laws of Tennessee, Now in Force, with a Synopsis and Index also an Appendix Containing the Permanent Constitution and Articles of War of the Confederate States, &c., &c; and The Eleventh Annual Report of the Board of Directors, to the Stockholders in the Memphis and Charleston Railroad Co. July 1, 1861. Hutton & Freligh had more commercial ventures, including printing and selling patriotic envelopes, flags, and cards, as in the advertisement from an 1861 issue of a Little Rock, Arkansas, newspaper (Fig. 6). They continued to publish in Memphis in early 1862. One publication was another religious pamphlet from the Episcopal Church: “Catechism; that is to say, an Instruction to be Learned by Every Person Before he be Brought to be Confirmed by the Bishop.” They also published an 80-page Southern patriotic piece: “The Southern Monthly Collection of Patriotic Songs and Heroic Poems.” But the War forced changes to Hutton & Freligh’s activities and plans. By early 1862, Federal troops had moved into Tennessee, and in February they had captured Fort Donelson. Memphis was in peril of being occupied, so, in early April of 1862, Hutton & Freligh moved their presses, staff, and families south to Grenada, Mississippi. Their move was just in time, as Memphis was occupied by Federal troops June 6 th . Hutton & Freligh chose Grenada because of its proximity to Memphis, accessibility by rail, and relative safety. Grenada was 100 miles directly south of Memphis and located at the intersection of two railroads: the Central Mississippi Railroad and the Greenwood & Columbus Railroad. Figure 5. Hutton & Freligh printed Hardee’s influential book, Rifle and Light Infantry Tactics. Courtesy of Manhattan Rare Books. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 155 The Confederates established a strong defensive line in Mississippi, known as the Yalobusha Line, along the Greenwood & Columbus Railroad and with Grenada at its center. There was a Confederate army post in Grenada, and numerous forts were constructed around the area during the winter of 1862 to protect this vital rail center. Hutton & Freligh were not alone in moving to Grenada. McClanahan moved his Memphis Appeal newspaper there too, soon after Hutton & Freligh (Ellis, 2003). Despite their hopes and intentions, Hutton & Freligh’s move to Grenada not free them from all concerns, and their professional lives were compromised by the surrounding hostilities. When they published their last issue of Southern Monthly in Memphis in April 1862, they promised “to keep beyond the reach of Lincoln’s stretching arm” and that their journal “will cease but with the Confederacy that gave it birth.” But it was not to be. They published only one issue in Grenada – Vol. 2, Issue 1, May 1862, before circumstance made them abandon their journal. Their printing business continued in Grenada, at least until the end of 1862. One of their later print jobs was Samuel Howard Ford’s “An Address to the Confederate Soldiers of the Southwest,” published in Oct. 1862. Hutton & Freligh’s commercial ventures in Memphis and Grenada extended to the Confederate government. The war in the West was hot in 1861 and 1862, including around Memphis and Grenada, so the Confederates needed documents printed. Hutton & Freligh supplied them. They printed for various Confederate departments, including medical and ordnance. Two examples are shown in Figure 7. The one to the left is the first record of printing for the Confederate government, from Memphis invoicing print jobs on Oct. 21, 1861. The document to the right is the last record of a print job for the Confederates, from Grenada dated Dec. 7th 1862. This documentation of the Hutton & Freligh’s business with the Confederate government dates Hutton & Freligh’s move from Memphis to Grenada to the first two weeks of April 1862. Figure 7. Orders printed by Hutton & Freligh for the Confederate government. Courtesy of the National Archives. Figure 6-1861 newspaper ad for items printed by Hutton & Freligh. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 156 Hutton & Freligh’s business moved into another print medium by the beginning of 1862: the production of scrip. Table 1 shows a list of 93 notes identified to date. Undoubtedly, more types did not survive, especially given the rarity of known types. Others that do not bear the imprint of Hutton & Freligh probably exist. Examples of identified notes are shown in Figure 8, and or notes bearing a date, all are from the first half of 1862 – from January 1 to June 15. Most were produced for private businesses in Tennessee (Memphis, Humboldt, Big Bottom), Mississippi (Columbus, Corinth – but surprisingly not Grenada), Kentucky (Hickman), and Alabama (Huntsville). They also include one for the Confederate States Armory in Columbus, Mississippi. Many of the vignettes on these notes are identical to those that Hutton & Freligh used for the Mississippi Treasury notes. That is not surprising, given that they printed scrip notes and Mississippi Treasury notes at the same time. Table 1. Scrip Notes by Hutton & Freligh Name Denomin ation Date Location Vignettes Note ID W. D. Robinson 25₵ 1861 Columbus, KY Jeff Davis H-139 S. G. Cabbell, Steamboat Jeff Davis 25₵ (none) (none) Jeff Davis, slaves with wagon, slaves picking cotton M-M.SJD-25c R. Couch & Co. 10, 20c Dec 1, 1861 Bowling Green, KY Jeff Davis, slaves with wagon, slaves picking cotton H-UNL Geo. S. Miller $1 Dec 1, 1861 Bowling Green, KY Jeff Davis, steam boat (MS), slaves picking cotton H-UNL W. D. Powell 50₵ Jan 1 1862 Hickman, KY Jeff Davis, slaves with wagon, slaves picking cotton H-UNL J. K. Robbins 50₵ Jan 24 1862 New Madrid, MO steam boat (MS), train (MS) UNL White & McMahan 5, 10, 25, 50₵ Feb 1 1862 Hickman, KY Jeff Davis, slaves with wagon, slaves picking cotton H-338-341 C. G. Davidson & Co.'s Steam Bakery 5, 50₵ Feb 1 1862 Memphis, TN Indian facing right (MS) M.M.Dvd-5c, -50c Johnson House 5, 10, 50₵ Feb 15 1862 Huntsville, AL Jeff Davis, slaves with wagon, slaves picking cotton R-UNL (Gunther 2013) Martin & Wade 25, 50₵, $1 Feb 25 1862 Eunice, AR Steam boat , train R171-1, -2, -3 Kemper & Gump 5, 10, 25, 50₵, $1, 2, 3 March 10 1862 Corinth, MS Jeff Davis, steam boat, train K-53050 to 53056 J. C. Eadelman $1 March 12 1862 Humboldt, TN Jeff Davis, steam boat, train Ho-M.EAD-1 Ryan & Co., St. Charles Restaurant 25₵ March 15 1862 Corinth, MS Jeff Davis, steam boat, train K-53075 M. D. Miller & Co. 50₵ March 15 1862 Montgomery AL Jeff Davis, steam boat, train R-UNL Confederate States Exchange 25, 50₵, $1, 2, 3 1862 Corinth, MS Eagle and shield or Jeff Davis, steam boat, slaves picking cotton K-55210 to 55244 Coosa Steamboat Co $1 (none) Salem, AL Alabama State seal, steam boat, slaves picking cotton R-UNL Dr. J. F. Smith 50₵ March 17 1862 Memphis, TN Jeff Davis, slaves picking cotton, slaves with wagon M-M.DrS-50c Wm. H. Lane's Confectionary 5, 10, 25, 50₵ (none) Memphis, TN sailor boy with oar, dog M-M.Lne-5c-1, -5c-1a, -10c, - 25c, -50c T. H. Feagin 25₵ April 21 1862 Burnsville, MS Jeff Davis, steam boat, slaves picking cotton K-52820 J. T. Waggoner 25₵, $1 May 1 1862 Big Bottom, TN TN state seal, dog head, man with plow BB-M.Wag-25c-1 & Wag-1 Columbus Life & General Insurance Co. $1, 1.50, 2, $2.50, $3, $5 May 1 1862 Columbus MS (no vignettes) K-51510 to 51515 Confederate States Armory 5, 10, 20, 50, 75₵, $1, 1.50, 2, 2.50, 3, 3.50, 4 May 1 1862 Columbus MS blacksmith looking left K-55050 to 55061 Confederate States Armory 5, 10, 20, 50, 75₵, $1, 1.50, 2, 2.50, 3, 3.50, 4 June 1 1862 Columbus MS blacksmith looking left K-55080 to 55091 Confederate States Armory 5, 10, 20, 50, 75₵, $1, 1.50, 2, 2.50, 3, 3.50, 4 June 15 1862 Columbus MS blacksmith looking left K-55101 to 55111 H.C. Winslow 25, 50₵, $1, 2 (none) Corinth, MS Ceres with Indian, train, slaves with wagon, dog head K-55330 to 55332 H.C. Winslow 25, 50₵, $1, 2 (none) Army (Corinth Xed out) Ceres with Indian, train, slaves with wagon, dog head K-54975 to 54978 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 157 Figure 8. Examples of scrip printed by Hutton & Freligh. Images are courtesy of: 1st row – Heritage Auctions; 2nd row – Heritage Auction (left), Tom Carson and Dennis Schafluetzel’s Obsolete Tennessee notes at http://www.schafluetzel.org (right); 3rd row – www.schafluetzel.org; 4th row – www.schafluetzel.org (left), author (right); 5th row – Spink (left), Heritage Auctions (right). ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 158 Hutton & Freligh probably printed one note in 1861. Hughes (1998) lists a 25-cent note for the business of W. D. Robinson of Columbus, Kentucky. Hughes designated this note H-139 but did not provide an image of it. He described it as having a central vignette of Jefferson Davis, a date of 1861, and an imprint of “Hutton & French.” The central vignette of President Davis suggests that it may be similar in design to the notes that Hutton & Freligh printed in early 1862 from Hickman and elsewhere. This “Hutton & French” note must be a “Hutton & Freligh,” for two reasons. One, most imprints of “Hutton & Freligh” are crisp, such as the top image in Figure 9. However, some imprints suffered from worn type and were blurry, such as the bottom image in Figure 9, which could easily be mistaken for “Hutton & French.” Second, no other record of a note or business of Hutton & French has appeared. Thus, this 1861 W. D. Robinson note appears to be the earliest known note by Hutton & Freligh. Coming Next Issue—Part II—Mississippi Treasury Notes Figure 9. Imprints of Hutton & Freligh. Top, from Confederate States Exchange 50-cent note in Fig 8. Bottom, from Columbus Life & General Insurance $1 note in Fig 8, easily mistaken for “Hutton & French.” ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 159 References Bernath, Michael. 2010. Confederate Minds: The Struggle for Intellectual Independence in the Civil War South. University of North Carolina Press: Chapel Hill. Bowers, Q. David. 2006. Obsolete Paper Money: Issued by Banks in the United States 1782- 1866: A Study and Appreciation for the Numismatist and Historian. Whitman Publishing, LLC: Atlanta, Georgia. Cooper, Everett. 1969. Paper Money Issued by Railroads in The Confederate States of American (concluded). Paper Money Vol. VIII, No. 3 - Whole No. 31 - Summer 1969, pp. 82-86. Criswell, Grover C., Jr. 1992. Confederate and Southern States Currency: A Descriptive Listing, Including Rarity and Values. BNR Press: Port Clinton, Ohio. Doty, Richard. 2013. Pictures From a Distant Country. Seeing America Through Old Paper Money. Whitman Publishing, LLC: Atlanta, Georgia. Dubay, Robert W. 1975. John Jones Pettus. Mississippi Fire-Eater: His Life and Times 1813- 1867. University Press of Mississippi: Jackson, Mississippi. Ellis, Barbara G. 2003. The Moving Appeal. Mr. McClanahan, Mrs. Dill, and the Civil War’s Great Newspaper Run. Mercer University Press: Macon, Georgia. Goodspeed’s History of Tennessee. County Histories. 1886-1887. The Goodspeed Publishing Co.: Nashville, Tennessee. Gunther, Bill. 2013. The Many Design Changes of Johnson House Merchant Scrip, Huntsville, Alabama. Paper Money Vol. LII, No. 6 - Whole No. 288 - November - December 2013, pp. 418-423. Hughes, Earl. 1998. Kentucky Obsolete Notes and Scrip. SPMC. John J. Pettus Correspondence and Papers, 1859-1863. Letter of March 1, 1862, IUF #1218. Mississippi Department of Archives and History. Mississippi Department of Archives and History. Jackson, Mississippi. Journal of the House of Representatives of the State of Mississippi, at a Regular Session thereof, held in the city of Jackson, November and December 1861 and January 1862. Cooper & Kimball, State Printers: Jackson, Mississippi, 1862. Pp 430-431. Journal of the House of Representatives of the State of Mississippi, December Session of 1862, and November Session of 1863. Jackson, Mississippi. Publisher, Cooper & Kimball Steam Printers and Binders. 1864. Pp 96-98 Keating, John M. 1888. History of the City of Memphis and Shelby County Tennessee: With Illustrations and Biographical Sketches of Some of Its Prominent Citizens. 2 Volumes. D. Mason & Co., Publishers: Syracuse, New York. Kraus, Guy Carleton. 2003. Mississippi Obsolete Notes and Scrip. SPMC. Laws of the State of Mississippi Passed at Regular Session of the Mississippi Legislature Held in the City of Jackson, November & December 1861, and January, 1862. Jackson, Mississippi. Cooper & Kimball, State Printers, 1862. Leggett, L. Candler. 1975. Mississippi Obsolete Paper Money and Scrip. Krause Publications: Iola, Wisconsin. Shull, Hugh. 2006. Guide Book of Southern States Currency. History, Rarity, and Values. Whitman Publishing, LLC: Atlanta, Georgia. Tremmel, George B. 2007. A Guide Book of Counterfeit Confederate Currency. History, Rarity, and Values. Whitman Publishing, LLC: Atlanta, Georgia Wakelyn, Jon L., editor. 1996. Southern Pamphlets on Secession November 1860 – April 1861. University of North Carolina Press: Chapel Hill. Acknowledgments. I thank Bill Gunther, Dennis Schafluetzel, and especially Barbara Ellis for comments on a draft of the manuscript, and Dennis for providing images of Tennessee scrip. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 160 THE CHOICE IS CLEAR Introducing the New PMG Holder PMG’s new holder provides museum-quality display with crystal-clear optics and heavy gauge inert materials. Engineered for superior clarity and long-term preservation, it not only enhances the eye appeal of your notes, but also gives you complete peace of mind knowing that your priceless rarities have the best protection. Learn more at PMGnotes.com PMGnotes.com | 877-PMG-5570 United States | Switzerland | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan Bruce Thornton, R-1209871 | Chad Hawk, R-3131712 16-CCGPA-2744_PMG_Ad_NewClearHolder_PaperMoney_April2016.indd 1 3/31/16 10:16 AM Launch of the Series of 1928E $1 Silver Certificates Peter Huntoon Lee Lofthus Jamie Yakes Lee Lofthus got very lucky when he was able to purchase on E-bay in 2015 a $1 Series of 1928E silver certificate from the GB block. This prize is the sleeper rarity among the 1928E serial number blocks, a note that is represented in censuses in fewer numbers than the ultra-pricy 1928E star notes of which eleven are reported. Early block collector Graeme Ton (1977) identified the GB block as a rarity and brought this fact to the attention of collectors decades ago. Lofthus’ prize set off a frenzied analysis that drew in Huntoon and Yakes to determine why the GB block is so rare and how it fit into the larger picture of the startup of the 1928E series. That startup was launched with a special rush printing of presentation sheets and notes before regular production commenced. The presentation printing was numbered within the FB serial number block beginning with serial F72000001B. The highest serial we have observed from the group is F72000753B. Then no 1928Es appeared until a cluster in the mid GB block at G42xxxxxxB, followed by another apparent hiatus before Lofthus’ note was numbered at the very tail end of the GB block at G99333569B. The bulk of the known 1928E notes are from the HB, IB and JB blocks. Serial J55796000B was the last Series of 1928 $1 silver certificate printed. Most of the uncirculated 1928Es in numismatic hands came from the early FB presentation printing with most of those having been cut from the sheets. Presentation Notes Secretary of the Treasury Henry Morgenthau Jr. took office on January 1, 1934. His signature and that of William A. Julian were those that appeared on the 1928E $1s. William Broughton, the Commissioner of the Public Debt who oversaw currency matters for the Treasury, took the opportunity of the Julian-Morgenthau signature change to add a legal tender clause to the new plates. He sent an order on January 12th to Alvin Hall, Director of the Bureau of Engraving and Printing that authorized the revision. Figure 1. Currently fewer Series of 1928E notes have been reported from the GB block than from the *A block! The Paper Column ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 162 The first Series of 1928E face plate bearing plate serial number 1 was certified January 14, 1934 and immediately sent by itself to a press. Small size notes at the time were printed on 4-plate presses from 12-subject plates, but the first order for the 1928Es was the rush printing that was to consist exclusively of 1928E notes. Consequently the press operator mounted the lone available number 1 plate on the press. The result was that every note in the order bore plate serial 1. The special new 1928E sheets were isolated from the ongoing production from older plates on different presses and were moved as a batch to the numbering division where they were numbered in mid-February. Numbering kicked off with the 25 presentation sheets followed by a group of cut notes. The sheets were assigned serials F72000001B through F72000300B. The cut notes began with serial F72000301B. The sheets and notes arrived at the Treasury sometime in late February 1934. The lowest numbered sheets were passed around to Treasury officials upon delivery to the Treasury Department. Those unspoken for were made available to the public at the cash window in the Treasury Building. The cut notes also were made available at the cash window, some of which were purchased by Treasury officials who signed and distributed them. Numbering the F72xxxxxxB Notes The F72xxxxxxB notes were serial numbered in two distinct batches. All were numbered on 12-subject numbering and sealing presses that numbered notes down the respective sides of the sheet, slit the sheet in half and then cut the subjects from the half Figure 2. The principals in the Series of 1928E story: upper left - Secretary of the Treasury Henry Morgenthau Jr., upper right - U. S. Treasurer William A. Julian, lower left - Commissioner of the Public Debt William S. Broughton, lower right - Director of the Bureau of Engraving and Printing Alvin W. Hall. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 163 sheets. The pressman would divide the range of serial numbers in the batch in half and then assign the first half to the left side of the press and the second half to the right. The result was that the serials on the left side of a sheet were not consecutive with those on the right. However the numbering of the 25 presentation sheets required special handling. First the slitter that cut the sheets in half had to be removed from the press. Then the knives that separated the notes from the half sheets had to be disengaged. The big nuisance was that the 24 serial numbering heads on the machine had to be operated so that the twelve numbers on each sheet were consecutive. Once they finished with the 25 sheets, they reconfigured the press so that it once again numbered consecutively down the respective sides of the sheet and separated the notes. Figure 3. We consider the most historic of the presentation sheets to be F72000073B- F72000084B, which carries this handwritten inscription: “To Franklin D. Roosevelt who make it possible for me to sign this issue. With tenfold appreciation. Henry Morgenthau Jr. April 16, 1934.” This sheet resides in the FDR Presidential Library at Hyde Park, NY. This handheld digital scan was provided by the curator. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 164 Every note that we have observed between F72000301B and F72000753B was numbered on the left halves of the sheets. Consequently all have position letters inclusive of A to F. We never have seen an F72xxxxxxB note with a serial over F72000301B that sports a position letter from G to L. F72000753B is one of several reported notes that make the case that numbering of all the reported cut notes was down the left side of the sheets. The note carries plate position letter C. Had it been numbered like the sheets with consecutive serials on all twelve subjects, its serial number would have landed on position I. The unknown here is that we have no idea what the size of this initial print run was. Because we have never seen a note from the G to L positions, we wonder what serial numbers, if any, were being printed on the right sides of the affected sheets. Our expectation is that they also carry numbers in the F7200xxxxB range, but for all we know they could have been star notes. If we assume that the G to L position notes were in fact numbered with the higher half of the serials assigned to the cut notes, our burning question is what happened to them? In other instances where we have seen delivery data for early presentation production runs, the typical run consists of a brick or two of 4000 notes, with the first brick being short the 300 serials used on the 25 sheets. If this holds up for this first 1928E printing, notes beginning with serial F72002001B or maybe F72004001B should be those with plate letters from the right sides of the sheets. But none have been reported. The GB Block So what does all of this have to do with the rare GB block 1928Es? We have scoured our sources and have come up with exactly eight serial numbers from the GB block. They are: G42258579B C1/2431 Lindquist 8/15 vf G42256922B Track and Price via Ebay 4/23/11 vf G42278198B Track and Price via Heritage 5/04 vf ink graffiti G42279185B E1 Heritage photo fine Figure 4. This is the first note from the fourth sheet, which was hand cut from the sheet, autographed by Henry Morgenthau Jr., and presented to Capt. E. S. Duffield, a Navy Department official. Figure 5. F72000753B, plate letter C, autographed by William A. Julian, was delivered to the Treasury as a cut note that was from the left side of the sheet. The serial number would have been placed on the I-note had it been from an uncut sheet. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 165 G42279968B Track and Price via Ebay fine G42282656B B1 Heritage photo vf G42351131B K1 Heritage photo vg G99333569B K12 Lofthus vg-f The first seven serials are tightly clustered in the G42xxxxxxB range, which were numbered in late March 1934. The spread is less than 100,000 notes. Furthermore, in every case where we have face plate information, the plate number is 1. We can’t believe that the clustering of the serials and the fact that most if not all of them came from plate 1 is a coincidence. Then, almost as an afterthought, we see the appearance of G99333569B from plate 12 at the end of the block, which was numbered May 1st or 2nd. Yakes went to the plate history ledger and discovered that plate 1 was not taken off the press after the presentation notes were printed. Instead it served continuously from February 13 to July 16, 1934, with but only one day off on May 30. It is apparent that plate 1 was left on the press after the presentation notes were printed and went into regular production. At that time three other plates were put on that press with it, but they weren’t 1928Es because no other 1928E plates were available until March 2nd when plate 4 was sent to press. Use of plate 4 was followed by 2 and 7 on April 13; 3, 8, 10 and 12 on April 19; and finally 9 and 11 on April 24. No other 1928E plates were finished. The only 1928E production notes being printed between February 13 and March 2 were coming from plate 1. The other three plates on that press could have been any available 1928 series plate; specifically, 1928B, C or D or any possible mix of them. Consequently every fourth sheet leaving the press was printed from 1928E plate 1. Furthermore, after the presentation run was completed, the production from the press holding plate 1 was being streamed into the production from all the other $1 SC presses, all of which were using older plates. The 1928E plate 1 sheets were being seriously diluted. It appears to us that the pre-March 2 production from plate 1 finally arrived in the serial numbering division when the G42xxxxxxB serials were being applied. The 1928Es that received these numbers represented a small fraction of the numbers in that range. By the time Lofthus’ G999333569B was numbered, face production from April was Figure 6. G42279185B appears to be from a group of 1928E production notes that were printed exclusively from plate 1 between February 13 and March 2. Those notes were numbered in the middle of the GB block. Most of the notes numbered along with them were from older series plates that were on the same press as plate 1 or on the many other presses being used to print 1928 series $1 silver certificates at the time. Photo courtesy of Heritage Auction Archives. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 166 reaching the numbering division because his note was printed from plate 12. Was there truly a hiatus in the numbering of 1928Es between G42xxxxxxB and G99xxxxxxB? Maybe, maybe not. Obviously what we need are more reports from the GB block. We know a few have to be out there that aren’t on our list so if you happen to have one please provide the serial number and plate numbers. We won’t be shocked to see numbers sprinkle throughout the GB block beyond the G42xxxxxxB range; but on the other hand, we also won’t be surprised to see them restricted to the G42xxxxxxB and G99xxxxxxB ranges either. 1928 Plates A total of only 20 Series of 1928E plates were begun, and of those only 10 were finished and certified for use. Once sent to press, all remained on the presses until July 16th with a few having short breaks except plates 7 and 9, which wore out in June. The 1928E plates were assigned to presses as older plates wore out, so most if not all served side-by-side with 1928B and D plates that were still serviceable, and possibly even 1928C plates. There was one day when it is possible that four of the 1928E plates served together on the same press. Plates 3, 8, 10 and 12 were checked out of the plate vault on April 19, 1934, which looks suspiciously like all were destined for one press. However plate 12 was rotated out of service the next day for reentry so it had to be replaced by an older series plate because no other 1928E plate went out on April 20th. ies of 1928E plates was that they carried a legal tender clause. The new clause was AThis certificate is legal tender for all debts, public and private@ as compared to the old, which was AThis certificate is receivable for all public dues and when so received may be reissued.@ The new clause reflected the fact the Agricultural Adjustment Act of May 12, 1933, accorded Legal Tender Clause Conundrum An important distinguishing characteristic of the Series of 1928E plates was that they carried a legal tender clause. The new clause was “This certificate is legal tender for all debts, public and private” as compared to the old, which was “This certificate is receivable for all public dues and when so received may be reissued.” The new clause reflected the fact that the Agricultural Adjustment Act of May 12, 1933 accorded legal tender status to all paper money issued under authority of the United States. A parallel change occurred on legal tender notes. Specifically “This note is a legal tender at its face value for all debts public and private except duties on imports and interest on the public debt”@ was replaced by “This note is a legal tender at its face value for all debts public and private.” Figure 7. All paper money issued under the authority of the United States was granted leg l tender by the Agricultural Adjustment Act of May 12, 1933. The change in signatures to Julian and Morgenthau was used as an opportunity to place the legal tender clause on $1 1928E silver certificate plates (right note). ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 167 The revised clause on the $2 and $5 legal tender notes was considered to be such a big deal at the time that a line was drawn between the production of notes with the old and new clauses. Legal tender plates with different clauses never served together on the same press. The changeover serial numbers between the old and new production also were abrupt. In fact all unused and still serviceable plates with the old clause were canceled (Yakes, 2015). This reaction was in stark contrast to the handling of the Series of 1928E silver certificate plates. The 1928E plates were commingled on the presses with Series of 1928B and D plates, and possibly even 1928Cs. This resulted in delivery of notes that alternated between the old and new clauses within the packs of new notes sent out for distribution. It is this fact that makes serial number changeover pairs between the 1928E and older 1928 series notes so interesting. So far 1928B/E and 1928D/E changeovers have been found. It is possible that 1928C/E pairs were produced as well. Perspective Preliminary census data available to us reveals that $1 Series of 1928E silver certificates from the GB block appear to be scarcer than 1928E star notes. Currently eleven of the stars have been recorded versus eight of the GBs. The joker here is that the GB notes are sleepers, largely unrecognized as scarce by their owners, so they haven=t been reported. When the smoke clears, their population probably will edge out the star notes, but even if that happens, they certainly will remain in good company at the high end of the rarity scale. References Cited and Sources of Data Broughton, William S., Commissioner of the Public Debt, January 12, 1934, Letter to Alvin W. Hall, Director of the Bureau of Engraving and Printing authorizing the addition of the legal tender clause to Series of 1928 silver certificates: Bureau of the Public Debt files, Record Group 57, (450:54/01/6 box 16, file K721), U. S. National Archives, College Park, MD. Bureau of Engraving and Printing Custodian of dies, rolls and plates, undated, ledger and historical record of stock in miscellaneous vault, 4-8-12 subject silver certificate 1899- 1935 series: Record Group 318, U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, undated, Serial numbering press room log book containing a list of beginning and ending dates for the numbering of $1 1928 series silver certificate blocks: Bureau of Engraving and Printing Historical Resource Center, Washington, DC. Graeme M. Ton Jr., Jul-Aug 1977, A Rarity Index - Depression Notes 1928-C-D-E: Paper Money, v. 41, p. 216-219. Yakes, Jamie, Jul-Aug 2015, First serials on legal tender 1928 United States notes: Paper Money, v. 54, p. 190-193. Figure 8. Could it be that the silver certificate Series of 1928E GB block is scarcer than the *A, or are they just under reported because collectors don’t recognize them as potential rarities? Photo courtesy of Heritage Auction Archives. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 168 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 Rare Vignettes on American Bank Note Company Files Link to  Philatelic Collectibles  by Terry A. Bryan  Old ABNCo. file folders contain evidence of modern uses of Obsolete Currency vignettes on Post Office products. This group of philatelic souvenirs complements our collections. From 1987 to 1992, the American Bank Note Company (ABNCo.) issued series of souvenir pages  which they marketed as their “Archive Series”.  Hundreds of vignettes were exhibited in montages with  explanatory  text.    Attractive  binders  and  additional  historical  information  completed  the  packages.   Many of the vignettes were rare examples, used on few bank notes or share certificates.  All were from  the vast storehouse of steel vignette dies accumulated by ABNCo. and  its component companies over  the  span of many decades.   Before and after  this usage of  the  images,  the United States Post Office  offered similar vignettes on philatelic collectibles.  The auctions of ABNCo. paper and metal archival material over many  years excited Obsolete  Currency collectors.  Such artifacts had never been seen in private collections previously.  Among other  interesting business papers, many ABNCo.  file  folders  and  file  envelopes were  sold.    The heavy  card  folders featured a proof vignette glued to the outside and serial numbers of the same vignette stamped  prominently.        It  is  speculated  that  these  file  folders  held  the  paperwork  appropriate  to  the  usage  of  the  particular vignette, tests, work orders and invoices.  The  metal  dies  corresponding  to  the  vignettes  were  filed  separately under  the same serial number as on  the  file  folder.  The  cardboard  folders  are  not  as  old  as  the  vignettes  referred  to.    The  numbering  machine  serial  numbers are centered rather exactly.   The backs of  the  folders  were  printed  with  columns  for  Die  Number,  Case, Design, Roll Number, Other Cuttings, etc.  In some  cases, a die number change was recorded.  Some of the  changed serial numbers were noted as  instances where  the die  came  from a  component  firm,  such as Toppan,  Carpenter and Company.    In all  cases,  the most  recent  serial number of the vignette appears on the file folder.   ABNCo.  numbering  of  dies  necessarily  changed  during  the  company’s  corporate  history.    The  file  folders  and  file envelopes appear to date  from  the  final numbering  of dies in the 1923‐1924 period.  The  folders  and  envelopes  display  vignettes  from  Continental  Bank Note  Company, Western  Bank Note, ABNCo., and the other components of ABNCo.   All folders and envelopes  in my possession  contain serial numbers  in the 38,000 to 49,000 range.   Numbers below 50,000 apparently  indicate re‐ numbered dies on hand, irrespective of source, before late 1923.  As seen in many die proof vignettes, the serial number on the steel die was scribed through with  horizontal lines, and the new number was engraved above or beside the old number.  Both numbers are  often readable on the proof, and occasionally both new and old numbers are written on the file folder.   Obviously, the serial numbers were an  important part of the process to keep track of the  location and  usage of  the many  thousands of  images on hand,  images  from many  sources  and  vintages.   The  file  folders and envelopes were part of the tracking system.  Vignette data is sometimes recorded on 9.5” X 12”  ABNCo. file folders.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 170   The exterior of these file folders sometimes contained other data.  The hardness test results of  the  die  steel were  recorded.   Once  the  dies were  etched  and  engraved with  the  image,  they were  hardened.  It was necessary to harden the steel sufficiently to resist deformation during the process of  picking up the intaglio engraving by a soft steel roller die.  This transfer process was siderography, and it  was essential to the process of moving the image from the small vignette die to a full bank note plate.   The success of the whole process depended on the correct hardness/softness relationship of the steel  parts that came into contact at each stage.    There are many standards for hardness testing of steel.  Several of the methods yield a hardness  number derived  from pressing or dropping a point or ball onto  the metal  surface and measuring  the  resulting  dent  or  rebound.   Among  the  common  tests  are  the  Rockwell  and  the  Brinell.    The  Shore  Scleroscope test results are written on some folders.  The Scleroscope is an obsolete device developed  after 1900.  This test does not mar the surface of the piece, which is an obvious advantage for die and  roll testing.  From the file folders, it appears that vignette dies were re‐tested after long storage.  Tests  were also performed before and after tempering in some cases.  There are notes that some dies are not  uniform in hardness (“soft on right side”), and the odds of “picking up the roll” are estimated.    The pencil notes on one vignette die cardboard folder are as follows:          45N scale = 67 [Rockwell hardness]          Sclerescope [sic] = 82          Temper die before picking up roll          75% chance of picking up roll          DG [operator’s initials?] 1‐21‐75          Used on Archive Series          “The Price of Freedom” 1989      A  few  of  the  file  folders  in my  collection  also  contained  brief  notes  about  the  usage  of  the  vignettes.  As noted above, there are several references to the ABNCo. Archives Series issues.  Some of  these notations were mysterious.   Notations dated  1982,  1983  and  1984  referred  to  “Postal  Panel”,  “USPS”, or “shipped  to BEP”  (and “returned” 2 months  later).   Gene Hessler’s monumental  reference  The Engraver’s Line lists a vignette from artwork by F. O. C. Darley.  “Washington at Trenton”, engraved  by A. Jones, is said to be used on a “U.S. Postal Panel” in 1975.  This “Trenton” vignette turns out to be  “Washington at the Delaware” [River], used on Panels # 73 and #88, and titled by ABNCo. in their 1989  Archives Series “The Price of Freedom”.  Naming of vignettes is sometimes problematic.    In a “reprise” of an Essay‐Proof Journal article by Thomas F. Morris, Junior, Barbara Muller uses  the term “commemorative panel” for these postal products.  These several references to postal items in  conjunction with bank note vignettes deserved some research.    Having very  little  familiarity with philatelic materials and  terms,  I asked Mr. Hessler about  the  source of his reference.   He could not  find the citation.    In  fact, the term “postal panel”, used several  times  in The Engraver’s Line, proved  to be misleading  to an experienced  stamp dealer and  to  several  senior stamp collectors that I asked.  The philatelic Scott reference books were no help, because of my  terminology confusion.  EBay presented a bewildering array of philatelic items.      An  e‐mail  to  the  National  Postal Museum  in Washington  resulted  in  a  phone  reply  from  a  curator.  He was not familiar in detail with retail collectibles, and he did not recognize anything specific  from my hazy description that would correspond to these items.  The kindness and speed of a reply by  personal phone call was appreciated, and his advice led to the answer.  He referred me to the American  Society of Philatelic Pages and Panels website (www.asppp.org).    The principal  issue proved  to be  terminology.   Among  the  items detailed by  the ASPPP were  American  Commemoratives  panels,  American  Commemorative  Cancelation  Pages,  Souvenir  Pages,  Commemorative  Panels,  and  Stamp  Posters.   Many  of  these were  pictured  on  the website,  but  not  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 171 nearly all.  Ron Walenciak, President of the ASPPP was gracious and very patient with multiple e‐mails.  I  was directed to a dealer site with images of many USPS American Commemoratives© panels.  The  American  Commemoratives  panel  series  extends  from  1972  to  date.   A  panel  has  been  offered  for  every  U.S.  commemorative  stamp  since  that  time.    The  Society  is  conducting  ongoing  research about these items.  Apparently, the USPS does not have precise records of numbers printed or  sold.   Various  companies have assisted  in  the preparation of  these panels,  including ABNCo.,  Jeffries  Banknote Company, and United States Banknote Corporation, although the details are not certain.  American Commemorative panels from 1972, 1973, 1974  and  1975  carry  the  copyright  line  of  ABNCo.    All  subsequent  issues are copyright United States Postal Service.  The panels are  printed on  creamy  card  stock, 8 ½ by  11 ¼  inches.    This  is  the  same size as the ABNCo. Archives Series pages.  From 1972 up to  2002,  the panels  are decorated with multiple ABNCo.  vignettes  from Obsolete Currency and share certificates.   A printed  frame  sets off a block of four commemorative stamps.   The Post Office  logo and series title, footer copyright lines, and the vignettes are  printed from intaglio engraving.  Text with history and data about  the stamps is printed in ordinary letterpress form.  These are nice  collectibles indeed.  Collectors  can  order  current‐year  American  Commemoratives panels directly from the Philatelic Sales Unit in  Washington.   After  the  first year, suitable binders were offered.   In 1972 only 8 panels were prepared.   Through  the 1970s, each  year numbered less than twenty available.  Since then there was  a low of 16 in 1980 and a high of 35 in 1995.  A few recent issues  feature larger panes of stamps accommodated in a folder.  These  items are modestly priced.  At the start, they were $2.00 each, up  to  $4.00  by  1982,  and  the  current  year’s  are  $7.95,  unless  the  face  value  of  the  attached  stamps  exceeds  this  price.    The  majority  of  panels  from  past  years  are  available  on  eBay  or  philatelic websites.  Panels were originally mailed  in heat‐sealed plastic with  a backer board or price list.  The USPS price sticker contains the  warning,  “Package not  suitable  for philatelic  archiving.”    The plastic wrap  appears  to  contain PVC or  other chemicals.  Some older panels are covered in clouded, wrinkled‐up, vaguely sticky materials.  It is  recommended  that  the panels be  placed  in  sheet  protectors made of  approved plastics without  the  backer  boards.    Another  warning:  As  with  any  intaglio‐printed  materials,  the  ink  stands  above  the  surface.  Exposure to heat can cause the ink to adhere to the cover material.  American Commemoratives panels are uniformly attractive.  All have color print selected to set  off  the  stamp’s  colors.    From  2002  to  the  present  decorative  elements  have  been  photos  and  color  graphics, sometimes with a background image. Before 2002, all the panels have intaglio vignettes from  Obsolete Currency, book  illustrations,  letterheads, or  share  certificates.   Panels have been numbered  using different systems at times (e.g. no number at all, or “# 545 in a series”, or “#7304” [fourth panel of  1973]).   Collectors usually organize  these by consecutive numbers  from #1 of 1972  (Wildlife Stamps).   The total number of these items now approaches 1,000.  Many  currency  collectors  are  interested  in  the  vignettes  found  on  engraved material.    One  traditional way to collect vignettes is to find varied end uses of the image.  American Commemoratives  panels are an interesting use of old vignettes on modern material.  In fact, the later intaglio USPS panels  The first 30 years of American Commemoratives  panels display stamps, intaglio vignettes and  historical data.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 172 probably represent the last time many of these dies and rolls were ever used.  The change from intaglio  panels  in  2001  to  offset  color  picture  panels  in  2002  corresponds  to  organizational  changes  in  the  ABNCo., and to the decisions resulting in the sale of the metal archive material by the corporate owners.    Our collections now contain ABNCo. dies, rollers and proof vignettes that were never available  prior  to  the  auctions  in  the  early  2000s.    These  relics  have  stimulated  new  interest  in  vignettes.   Obsolete  Bank Notes with  a  rare  vignette  now  command  large  premiums.    The  several  Santa  Claus  vignettes are an example.  Three of these rare vignettes (Durand types II, IV, and V) are printed in green  ink on #7, “  ’Twas the Night before Christmas” American  Commemoratives panel.                    The Civil War “Charge of the Zouaves” vignette on  a rare bank note reached the heights at auction  in 2014.   This vignette is found on the 1998 panel #545, devoted to  the  poet  Stephen  Vincent  Benet.    Another  numismatic  reference on this panel  is the background of the 32‐cent  stamps, behind Benet’s portrait.  Marching Afro‐American  soldiers  from  the  Augustus  St.  Gaudens’  Robert  Gould  Shaw Memorial are clearly visible.    An  interest  in  the artwork of Felix Darley caused  me to bid on several ABNCo.  file  folders, and data hand‐ written on some of these was another spur to investigate  the American Commemoratives panels.    I was  fortunate  to obtain  the vignette die and roller die  for “News  from  Home”, showing Civil War soldiers reading mail  in camp.   Panel  #167  of  1982  is  devoted  to  Dr.  Mary  Walker,  a  civilian  female winner of the Congressional Medal of Honor.  In addition  to  “News  from  Home”,  this  panel  also  uses  Darley’s  “The  Vivandiere”  showing  a  lady  filling  the  canteen of  an  exhausted  soldier.    There  is  still  a  lot  of  research  to  be  done  on  vignette  images.   The Dr. Mary Walker Panel has a      third vignette of a  beautiful standing Columbia personification.  She holds a Federal  shield,  a  laurel wreath of  victory  and  a Caduceus.    The winged  rod  entwined  by  two  snakes  is  the  staff  of  Hermes  the  Messenger,  associated  with  commerce  and  trade.    In  modern  times  the  symbol has been mistaken  for  the  Staff of Asclepius,  The Healer  (one  snake, no wings);  this confusion has  led  to  the  universal  mis‐identification  of  the  Caduceus  as  a  symbol  of  medical  science.    Many  of  the  goddesses  and  qualities  personified  in bank note vignettes are graced with a mixture of  Desirable Santa Claus vignettes are used on  panel #7 from 1972.  A  Santa  Claus  vignette  adds  value  to  a  rare  obsolete  note.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 173 symbolic objects that may or may not reflect the particular qualities of the deity. This is not important,  except that the vignette specialist may have trouble interpreting just who those ladies are supposed to  be  in  a  typical  symbolic  personification.    Bank  note  descriptions  in  references might  say  something  vague, like, “woman holds a shield”.  ABNCo. and Post Office personnel who chose the panel vignettes had a  lot of material to pick  from, but their choice of images was made more difficult by the subject matter of the particular stamp  issue.  The Caduceus on physician Walker’s panel was obviously chosen because of the misinterpretation  of the symbol.   Other panels show vignettes that are tenuously related to the theme.   For example, a  heroic vignette of George Washington appears on the “Lexington & Concord” stamp panel (#48).  A glorious Standing Liberty appears on panel #155 devoted to  John Hanson (the “first” President of the United States).   I have never  seen  this  vignette  before,  but  it  is  a  masterpiece.    Miss  Liberty  is  draped  in the flag.   She plants her foot on a broken yoke and shackle.   Hundreds  of  other  interesting  vignettes  are  found  on  American  Commemoratives panels.  Cataloging  all  the  vignettes  that  appear  on  USPS  American  Commemoratives  panels  from  1972  through  2001,  over  640  pages,  most with  three  vignettes, would be  a monumental  task.    There  are  some  vignettes  that  are  immediately  recognizable,  but  most  would  require  extraordinary  recall  to  match  the  vignette  with  a  note  or  certificate.  In  the  various  ABNCo.  auctions,  besides  the  file  folders,  the  materials have included cardboard envelopes that may have served the  same  purpose  as  the  file  folders.    These  envelopes  mostly  have  multiple  vignettes  glued  to  the  front  with  a  list  of  serial  numbers.   Under  this  filing  system,  the  vignettes  were  grouped  into  related  subjects.    Several  envelopes  labeled  “Historical”  show  Civil War  and  Revolutionary War scenes.   Quite a number of proof vignettes were cut  from  file  folders, also.   Many of  these  retain  the  serial  number  from  the  top  center  cardboard.   There was an attempt  to  center  the  glued  proof  vignette under  the  serial  number  on  the  edge  of  the  file.    The  careful  ABNCo.  employees  tried  to  mount  the  images  straight.  A mucilage‐type  glue was brushed on  the  vignette.    Some  of  the  images  were  slid  around  for straightness on the  file.   The glue smear shows the track of  the realignment.   Some auctions have  described these clipped items as “ABNCo. file cards”, but they are cut from the 12 x 9 ½ inch file folders.   Unfortunately, the file folder data is lost from the proofs that are affixed to these cut‐down folders.  The  American  Bank  Note  Company  and  United  States  Banknote  Corporation  have  supplied  intaglio‐engraved  souvenir  cards  to philatelic events,  just  like  they have done  for numismatic  shows.   Images  of  these  can  be  found  on  the  Internet  also.    A  few  of  the  philatelic  ones  have  vignettes  of  A  triumphant Miss  Liberty  is  a  beautiful  image,  more  easily  identified  than  some  other  personifications  on  bank notes.  The ABNCo. 6” X 12” heavy file envelopes grouped vignettes into topics, such  as “Historical”  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 174 interest,  too.    There  are  many  other  unofficial  retail  collectibles,  in  addition  to  USPS  American  Commemoratives panels.    In fact, there appear to be many more government philatelic products than  there are numismatic ones.    I would urge others who have ABNCo. files and envelopes to review the information written on  them.  Insights might be gained as to business practices and further end uses of the “little works of art”  represented by the vignettes.    USPS  American  Commemoratives©  panels  are  very  attractive  educational  presentations  of  stamps and vignettes.   A  researcher of vignettes can  see  images of perhaps 99% of  these Post Office  products on various websites.   Cataloging or obtaining different end uses of a vignette  is a collecting  challenge, and  the  research  is  interesting, especially  for  the opportunity  to see a  lot of bank notes  in  books, at shows, and on websites.  These panels could make an accompaniment to a nice show exhibit.   In any case, they are high quality products for a reasonable price.  References:    Durand, Roger.  Interesting Notes About Vignettes, Rehoboth, Mass., various dates.  Hessler, Gene.  The Engraver’s Line, Port Clinton, Ohio: BNR Press, 1993.  Hardness Testing, University of Maryland, ©2001, text file of paper on website.  Muller, Barbara & Grill, Fred. “F.O.C. Darley, Bank Note Engraver”. Essay‐Proof Journal, #188, 4th quarter 1990, Vol.  XLVII, #4, pp. 147‐156.  Pearlmann, Donn.  “American Bank Note Company Archives Totals 200 Tons”. Paper Money, XLV #242,  March/April, 2006.  Tomasko, Mark D.  “Die Numbers Reflected Changes at ABN”.  Bank Note Reporter,  June, 2004, pp. 38‐44.  Tomasko, Mark D.  “Examination Shows All That Glitters is Not Darley”.  Bank Note Reporter, June, 2007, pp.40‐45.  www.asppp.org for explanations and definitions of USPS products.  www.ebay.com for images of American Commemorative Panels and related material.  www.instron.com for hardness testing information.  www.postalmuseum.si.edu for curatorial advice.  www.stampprofessor.com for images of many panels.  Many thanks to Assistant Curator Calvin Mitchell from the National Postal Museum for advice critical to the  preparation of this article.  Thanks also to Ron Walenciak, Scott Janke, Gerald Blankenship from ASPPP, and to Fred Bean, The Stamp  Professor, for encouragement and advice.  Still more thanks to Robert Van Ryzin, editor of Bank Note Reporter for reference material.    ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 175 The Puerto Pricessa River is shown too far north on the island of Palawan. SOME COMMENTS ON THE “NEW GENERATION” SERIES OF NOTES OF THE PHILIPPINES by Carlson R. Chambliss With much fanfare and advance planning the Central Bank of the Philippines (Bangko Sentral ng Pilipinas) announced what it termed the “New Generation” series of banknotes. These first appeared in 2010 and were designed to replace quickly the so-called “New Design” series of notes that first were issued in 1985. Due to various problems, however, the “New Design” series of banknotes continued to be printed well into 2013, and thus the two series circulated side by side for a few years. The BSP (Central Bank) has recently announced that it intends to remove all of the “New Design” notes during 2015 and to demonetize them by the end of 2016. Whether these plans are really being carried out on schedule and in their entirety remains to be seen. Over the past couple of decades the Philippine peso (piso in Pilipino) has remained reasonably stable with an exchange rate that has floated between about 40 and 50 P to the U. S. dollar. Originally the “New Design” series of notes had items for 5 P and 10 P, but these were replaced by coins of these denominations in 1995 and 2000, respectively. The other six values (20 P, 50 P, 100 P, 200 P, 500 P, and 1000 P) were retained, and they are what are used for the current notes. Various other features remain basically unchanged from the previous series. Philippine notes are still numbered in blocks of one million, and the block letters provided for allow for up to 650 million notes to be printed before the series designation needs to be changed. For the “New Design” notes of 1985-2013 this was usually done by changing the colors of the serial numbers and then beginning anew. For the current notes, however, the scheme that is used employs suffix letters for the series designations where needed. For instance, huge numbers of 20 P notes were printed in the year 2014, and these come with series designations 2014, 2014A, 2014B, and 2014C. All “New Generation” notes are annually dated, and thus far all notes of these types bear the facsimile signatures of Benigno Aquino III as president and Armando Tetangco, Jr. as governor of the central bank. Their terms of office expire in 2016 and 2017, respectively, and so there will soon be some changes with regard to the signatures. The basic color schemes (orange, light red, violet, green, brownish yellow, and blue for the 20 P through 1000 P notes, respectively) have been carried over from the previous series of notes, and the sizes of the notes remain the same as they have been for the past 65 years. These notes feature a new BSP seal printed in bright blue that is quite different from the versions that were used in previous years, and the Philippine coat of arms also appears in full color on each note. The persons portrayed on these notes remain the same as those of the “New Design” notes except that the 500 P now depicts both president Corazon Aquino (1933 – 2009) as well has her assassinated husband Benigno Aquino, Jr. (1932 – 1983). The portraits of Manuel Quezon on the 20 P and Sergio Osmena on the 50 P depict these individuals as youthful persons near the starts of their respective political careers. Various events in modern Filipino history are also shown on the faces of these notes. Design errors, however, are to be found on the back sides of these notes. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 177 Depicted on each note is the view of a natural wonder or other feature, most of which are national parks or Unesco world heritage sites. Given the importance of the island of Luzon in the national life of this country, it is not surprising that three of the six scenes are from this island. The central Visayas islands are represented by the so-called Chocolate Hills on Bohol (on the 200 P note). The southern Philippines are represented by a scene from Palawan on the 500 P and a reef in the Sulu Sea on the 1000 P. The locations of these views are marked on an outline map that appears on each note. But the locations of these scenes are seriously out of place on both of the two high values. The Puerto Princessa River (on the 500 P) is near the center of the long, narrow island of Palawan and not close to its northern end. The Tubbataha Reefs (on the 1000 P) is in the center of the Sulu Sea and not far to the south. The place marked on the notes would put this feature either on the coast of Malaysian Borneo or perhaps somewhere in the interior of this huge island. Since Borneo is foreign territory, its shoreline is not marked on these notes. How either of these two rather blatant errors got through the design process baffles me. Each note depicts an animal species, and both the English and scientific (i.e., Latin) names for these are given. But scientific names for plants or animals always use initial capital letters for the genus name and small letters for the species designation. On these notes both are capitalized. I am far more expert on snakes than I am on parrots, but I understand that the colors of the blue-naped parrot shown on the 500 P note are not correct. These birds have far more red and much less green in their plumage. The most serious errors, however, occur in the outline map of the Philippines that appears on each note. Only one of the two island groups that lie to the north of Luzon is shown. These are the Babuyan Islands, which indeed are displayed in their correct location. But the Batanes Islands, three of which are inhabited, have either sunk into the Pacific Ocean or been taken over by Taiwan. This is a Filipino province, and the 17,000 citizens who live there might feel a bit left out. Incidentally the Batanes Islands are not to be confused with the more famous Bataan Peninsula that is in central Luzon. The outline map is fairly good, but I did note that the fairly small island of Tablas seems to run into the northwest corner of the much larger island of Panay in the central Visayas. There are a few km of salt water separating them. It seems that to make up for the loss of the Batanes, a medium size island is shown well to the southeast of Mindanao. This is Pulau Karakelong, but the problem here is that this island belongs to Indonesia and not to the Philippines. The tiny islands that are found in many parts of the South China Sea are claimed by several nations. The Philippines claims the Scarborough Shoal (Kulumpol ng Panatag) which lies well to the west of Subic Bay on Luzon. This minute feature is depicted quite clearly on the notes, but the somewhat larger Spratly Islands (Kapuluan ng Kalayaan in Pilipino) that lies due west of central Palawan do not appear. Although Tagalog/Pilipino and Malay/Indonesian are, of course related languages, they are not close enough to be mutually intelligible, but their words for island group or archipelago – kapuluan in the former and kepulauan in the letter – are almost the same. The Tubbataha Reefs are shown much too far south. They are near the center of the Sulu Sea and not in or close to Malaysian Borneo. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 178 Islands such as the Spratlys are very small and utterly insignificant, but there is one small Filipino island of great historical significance whose absence from this map surprises me. That is the island of Corregidor (“corrector” in Spanish) which lies at the entrance to Manila Bay. Although small in area, it should have been shown in its proper location as a dot on the outline map that appears on these notes. I think we all know what happened there in 1942. Although it is often stated that there are more than 7000 islands in the Philippines, the great majority are mere rocks or reefs that are uninhabited. The eleven largest of the islands have rather more than 92% of the total land area of the nation. Clearly there are errors of design that need to be taken care of in new versions of these notes. There have been complaints about the fact that the violet-colored 100 P notes can be confused with the blue-colored 1000 P notes, although the designs of these two notes are quite different. Plans are now underway to add a brown-colored feature in the watermark area of the 100 P note to prevent any possible confusion. To me the orange 20 P note portraying the youthful Manuel Quezon and the light red 50 P with the youthful Sergio Osmena seem much more similar than do the 100 P and 1000 P notes. One of these should probably have some additional color added to its design. But why not abolish to the 20 P note and replace it with a 20 P coin depicting Quezon? Today only 1 P, 5 P, and 10 P coins are seen in normal circulation, and the 20 P note is worth only about 45 U. S. cents. The use of 20 P coins instead of 20 P notes would doubtless save huge sums of money. Although notes for 200 P would seem to be useful, they do not appear to be popular. The “New Generation” 200 P notes have been printed only for the year 2010, and not for any of the more recent years. In contrast notes for 500 P and for 1000 P are printed in huge numbers every year, and these two denominations clearly represent most of the face value of the Philippine currency that is now in circulation. Notes for 2000 P and 5000 P will probably be needed in the not too distant future. Let me know what you think of my proposed design changes for Filipino notes. I may send these suggestions off to the Bangko Sentral to see what they think of them. The outline map of the Philippines could be kept the same size, but it needs to be moved somewhat down. The Batanes Islands, which are a province of the Philippines, need to be included at the top. The geometrical feature that appears at the LL of the back of each note and the LR of the corresponding face needs to be shortened so that it does not overlap the southern end of Palawan. I also feel that the island of Corregidor should be added as a dot at the entrance to Manila Bay. There is water between the island of Tablas and the NW corner of Panay. The island Pulau Karakelong to the southeast of Mindanao is Indonesian territory and should be removed. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 179 UTILIZING POSTAGE CURRENCY AS POSTAGE STAMPS  By Rick Melamed  In 1862, the US was faced with a severe coin shortage, as  individuals were hording gold, silver  and even copper coins during the country’s dire economic condition. Several measures were attempted,  but  the  best  solution was  the  issuance  of  Postage  Currency  notes  to  replace  scarce  coinage.   While  Postage Currency was never meant  to be used as postage  stamps,  some people who did not have a  stamp handy used these notes as an emergency replacement.  This did not occur very frequently since it  cost only 2¢ to mail a letter and the smallest postage currency denomination was 5¢.   Instances of this usage are quite rare.   Over the past 30 years, only a handful have surfaced at  auction.   The placement of Postage Currency notes on an envelope  is eye‐catching  (especially  to  the  fractional enthusiast), and when an example shows up at auction, it attracts a lot of attention.    While most of the research in this niche has uncovered generic specimens; we have discovered a  special envelope, which was a part of President Franklin D. Roosevelt’s personal collection.   Roosevelt  was an avid philatelist his entire life (from the age of 8 until his death), and amassed a collection of over  1.2 million specimens.    HOWLAND/BYRNE/FDR ENVELOPE   Following FDR’s death in 1946, the Roosevelt family sold his collection through the noted stamp  auction house H. R. Harmer. The item of interest, the Howland/Byrne/FDR envelope, was part of a group  lot sold in these auctions, and thus does not have a unique auction record.   The  Howland/Byrne/FDR  envelope  is  quite  a  busy piece, which adds to its charm.  With no  shortage  of  distractions,  the  envelope  contains the following:  On the Front;  ‐Sender:  J.A.  Howland  (Jesse  Addison  Howland);   ‐Addressee: Capt. P.  J. Byrne  (Captain Patrick  “Pappy” Byrne).    ‐Six Portuguese postage stamps   ‐One 15¢ US postage stamp   ‐One 5¢ and one 25¢ Postage Currency Note   ‐A USPS “Registered” rubber stamp (partially  hidden with the Portuguese postage stamps  affixed to the envelope).  ‐Five postage cancellations from 1939 on the  face; six on the back.  On the Back;  ‐‐Authentication stamp stating: “From the  Franklin D. Roosevelt Collection     Authenticated by H.R. Harmer, Inc., N.Y.”  ‐One 6¢ US postage stamp   ‐Capt. Byrne’s name with 5 of his fellow naval  officers (C.J. Doyle, C. F. McDonough, R.V.  Carlson, T.S. Terrill, 5th officer is not  identifiable).  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 180 Some other interesting things to note:  ‐Just to the left of the FR1230/1231 is the following:  “Shore to shore 46½ (hours) – Flying time 42½ H –  4,800m”   ‐The address of “Horta, Fayal” (Actually spelled Faial) is a remote city on the island of Faial in the Azores,  where Byrne took receipt of the letter.  ‐Based on the postal cancellations – the following is the letter’s timeline:    * August 1, 1939 ‐ letter was mailed from Sea Bright, NJ    * August 2, 1939 ‐ received at NY Registry Division     * August 2, 1939 ‐ received at NY Foreign Department at the USPS    * August 4, 1939 – received at Sheepshead Bay, Brooklyn, NY division of the USPS    * August 9, 1939 – received at Horta, Faial, Azores Islands, Portugal  Fortunately the winning bidders had the option to confirm their purchases with a rubber stamp  verifying  that  they  came  from  FDR’s  collection,  as  is  the  case with  this envelope which was  recently  authenticated by H. R. Harmer as genuine.  Normally one would not want their specimen branded with  the name of the auction company, but in this case, the tie‐in to the FDR auction is a very good thing.    The Howland/Byrne/FDR envelope contains a number of unique features. The envelope contains  two different Postage Currency notes (FR1230/1231 ‐ 5¢ & FR1281/1282 – 25¢), while similar examples  only features a single note.  The envelope is postmarked rather late, in 1939, meaning that the Postage  Currency notes were affixed  to  the envelope nearly 80 years after  they were  issued.   Aside  from one  other example, all envelopes substituting Postage Currency notes  for stamps were postmarked before  1901 (see the end of this article for other specimens).  Anyone using a Postage Currency note to mail a  letter  in 1939 did so on purpose and to make a statement.  In this case, Jesse Howland, a serious coin  and  stamp collector, knew exactly what he was doing.   His cost  to distinguish  the envelope was very  modest; in 1939, the retail price for an average circulated piece of Postage Currency was $1‐$2 per note.  The recipient, Howland’s son‐in‐law Patrick Byrne, was a decorated Navy pilot tasked with an important  maiden  flight across  the Atlantic.    In  the 1930’s,  cargo planes did not have enough  fuel  to  cross  the  Atlantic Ocean, and Byrne was involved with testing the newly constructed airstrips on various Islands in  the North Atlantic to facilitate cargo transport to Europe. On one of the maiden flights, Byrne stopped in  the Azores  for  refueling  and  took  possession of  this  envelope with  the  Postage Currency notes  as  a  memento of the historic flight.  Byrne’s descendants indicated that he was very diligent in logging flight  details, and it’s in his hand that the following was written onto the envelope’s face: “Shore to shore 46½  (hours) – Flying time 42½ H – 4,800m”   The following quote from Byrne’s granddaughter, Megan Jagger, gives us insight on her grandfather’s  mindset:  “Knowing my grandfather (he viewed anything you could write on as a log & he logged everything) he  made this note on this envelope as documentation of the trip. The President needed this information to  make an educated commitment to the war and since we were not officially at war there could be no  official military log of this trip.”  HOWLAND/BYRNE BIOGRAPHY  The sender of the letter, Jesse Howland, was an accomplished and noted marine contractor who  specialized in the construction of seawalls and marine jetties. The recipient, Captain Patrick J. Byrne, was  an American hero, a  skilled pilot with a  long and distinguished  flying career  in  the Navy.    In order  to  bring a more human side  to  this historical artifact, a biography of  the  lesser known participants helps  tremendously.  The Howland/Byrne/FDR specimen is not just an envelope with names, but a warm story  of lives well lived.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 181 Jesse Addison Howland  (Bio excerpts from findagrave.com)  Birth:   Nov. 10, 1869 ‐ Oceanport, Monmouth County, New Jersey, USA Death: Nov. 5, 1945 – Rumson, Monmouth County, New Jersey, USA  The  sender  of  the  envelope  is  J.A.  Howland  ‐  Jesse  Addison  Howland.   Howland was the President of the Jesse A. Howland & Sons,  Inc., a general contracting firm specializing in the building of bulkheads,  piers and  jetties. Born  in Oceanport  in 1869, Mr. Howland  first began  working  for other contractors along with his  father building bulkheads  on  the  river when he was  fourteen  (approx. 1884‐85).   He  eventually  founded his own firm in the early part of the 20th century. His company  built  (with stones excavated  from Howland owned quarries)  the Sandy  Hook, NJ seawall, and huge jetties at the Manasquan, NJ inlet and at the  Ocean City, Maryland inlet.  His company also constructed other stone jetties at Indian River, Delaware;  and  NJ  beaches  at  Monmouth,  Asbury  Park  and  Ocean  City.    Howland  was  also  contacted  for  his  expertise when Texas built the great seawall in Galveston, after the previous structure was destroyed by  a hurricane in 1900.  Regarded as an authority in beach protection devices and beach erosion problems, Mr. Howland  was delegated by Governor A. Harry Moore  in 1928  to  survey  the beach protection work  in England,  Ireland and Scotland and along the coast of Europe. On his return, he asserted  that contractors  in his  country were far ahead of those abroad.  Mr. Howland served one term on the Sea Bright Borough Council. He was a member of the New  England  Historic  Geographical  Society  and  Monmouth  County  Historical  Society.  He  also  collected  stamps,  antiques  and  old  coins. His  granddaughter, Nancy  Byrne  Phillips,  indicated  that  Jesse  spent  much time and money on his hobby and he once owned a sheet of very valuable inverted Jenny stamps  (examples have recently sold for $575,000 each).   Howland’s daughter, Margaret (“Nan”), was the office manager at his construction firm and the  wife of the letter’s recipient Captain Patrick Byrne.  Byrne and Margaret Howland were married in 1932  and, at  the  time of  the  letter,  they had a  five‐year‐old daughter, Nancy.   During my correspondences  with the Byrne/Howland family, there is some debate as to whether the letter was written by Margaret  or Jesse (the envelope is in Jesse’s hand).  Since getting a letter mailed from New Jersey to the remote  Azore  Islands was no easy task, there very well could have been a  letter  from Captain Byrne’s wife as  well as his father‐in‐law.  Alas, the letter has been lost…only the envelope survives.  Captain Patrick J. “Pappy”  Byrne  Birth—Mar. 18, 1896 –  Orange, Essex Co. N.J.  Death—Nov. 23, 1979 –  Rumson, Monmouth Co. N.J. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 182 From the USPS and Find‐a‐grave websites is a colorful biography on the letter’s recipient, Captain Patrick  J. Byrne:  Sometime  prior  to  the  Spanish  American  War  and  yes,  even  prior  to  the  Wright  Brothers  epochal experience at Kitty Hawk, a  lad was born  in South New  Jersey named Patrick  J. Byrne. Pat or  "Pappy", as his shipmates called him, wrapped up his Naval career as Lt. Commander Naval Aviator, USN  in 1958 with a  record 23,000 hours  (over 2½ years  in  the air!) of  flying  time a  record  that still stands  today since the FAA now limits pilot flying hours. Not too many Silver Eagles can match that, especially  when it was performed in 140 different types of aircraft. Byrne enlisted during World War I as landsman  for the Machinists Mates School at Pensacola, Florida. He rapidly advanced from a boot pilot to plane  Captain and taxi‐pilot.   Byrne advanced  to Chief Petty Officer and  found himself  selected  for  the  first enlisted men's  flight class.  By this time, he probably had as much time in the air as his instructors, and by October 10,  1920, he received his flying wings which he would henceforth wear with pride, honor, and distinction.  He was selected as a chief instructor for the enlisted and Warrant Officer neophytes.  Byrne was  integral  in convincing  the US Navy  to  incorporate aircraft as a part of  the  fleet. He  joined the first Fleet Air Detachment at Norfolk, VA, flying wooden hull planes with all their grievances;  one  time  losing a propeller over  the wintry Atlantic. He quickly proved  that even  these early aircrafts  were remarkably efficient at spotting and bombing, even though drift  indicators and bombsights were  rather primitive devices at the time.   Now with an accepted Naval Air Arm, Byrne participated  in the  first flight from Norfolk, VA to  Guantanamo, Cuba. Because of the aircraft’s limited range, many stops were made in route on the East  Coast.  Later, with  bigger  flying  boats,  air  cooled  engines, metal  hulls  and  longer  cruising  range,  his  squadron successfully undertook a non‐stop flight from Norfolk to Coco Sola, Panama. Joining the VRF‐1  (Naval Air Transport) with its various transport assignments, Byrne was flying cross‐country, with Corpus  Christi, Texas, as his first stop. Upon the request of Chief Naval Officer Admiral Forrest Sherman, Byrne  was asked to explore potential sites for seaplane bases  in the Mediterranean. By this time, Byrne was  recognized as a trail blazer.  In 1937, American Export Steamship Company  (eventually creating a division named American  Export Airlines1) decided  to venture  into air  transportation. Byrne was chosen  to establish a  route  to  Europe. The Navy Department granted him a  leave of absence  for  this survey.  Incidentally,  this  route  was later used by Pan American Airways. Next, he was  called upon to conduct a survey for a seaplane base in  Calao Harbor, Peru. The result was favorable, and the  Lima‐Tampa‐New  Orleans  Airlines  was  established.  Upon  completion  of  the  survey,  Byrne  flew  back  to  New York, making  the  first non‐stop  flight  from Peru  to  New  York  City.  While  resting,  he  undertook  the  testing of  the  famous  "Mars"  seaplane at  the Martin  Aircraft  Factory.    The  “Mars”  was  the  largest  cargo  plane constructed to date with an enormous wingspan  of 200 feet.      1 American Export Airlines (AEA) was founded  in  1937  with  the  goal  of  establishing  North  Atlantic  aviation  routes.    One  of  the  strategic  routes  was  in  The  Azores  and  AEA  was  responsible  for  the  lengthening of  its runways.   By 1939 commercial airlines began using the Azores as a  landing strip.   Its  location, 915 miles due west off the coast of Portugal, was a strategic spot allowing commercial airlines  to refuel on their way to Europe. By 1939, with the world on the brink of World War 2, the use of the  Portuguese owned Azores Islands became of considerable importance.  With political influence pressed  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 183 upon the Portuguese government, the commercial airstrip was allowed to be upgraded for military use.  By 1943 the Azores became a crucial outpost for the British and American armed forces.  In 1954, the assistant Secretary of the Navy  for Air, James A. Smith, presented Byrne with the  distinguished Legion of Merit award.   The Legion of Merit  (LOM)  is a military award  from  the United  States Armed  Forces,  given  for  exceptionally meritorious  conduct  in  the performance of outstanding  services and achievements.    In 1954 Byrne was transferred to NAS Lakehurst. At  long last, he was close to home; Lakehurst  was within  jogging distance of Rumson, NJ, where his wife Nan  (Margaret) and daughter Nancy  lived.  Finally in 1958, after 40 years’ service in the U.S. Navy, much of it in the air, Byrne retired.    A  history  of  Patrick  Byrne’s  amazing  naval  career  is  on  display  at  the  Pensacola  Navy  Air  Museum  in  Florida  where  a  large  showcase is dedicated to his achievements.   A LETTER’S AMAZING JOURNEY  Captain  Byrne  was  on  the  move  during  the  pre‐war  and  war  years.    My  following  correspondence with  his  daughter,  Nancy,  is  illuminating  on  how  integral  Byrne  was to the war effort:  "Dad was never stationed in the Azores. It was  always a  stopover point  for his  trans‐Atlantic  flights  for  American  Export  Airlines  survey  flights.   He was on  loan  from  the Navy.  This  would  have  been  in  1938‐1939.  These  were  secret  spy  searches  for German U‐boats  and  led to the sinking of the Bismarck.    He  later was stationed  in Greenland doing the same thing  for the Navy.  My Dad  flew the  first  American plane into the war zone as he was in Greenland on patrol duty and was flying a survey plane  over Europe when war was declared. That is why he was the first US plane in the war zone when war was  declared as he was in‐flight looking for subs along the English coast."   The  timing of  the  letter  coincided with one of  the  inaugural  flights of  the  transatlantic Flying  Boat to Foynes, Ireland.  Since AEA was integral in developing these routes and Byrne was an active pilot  during his work with the company, his father‐in‐law, Jesse Howland, affixed the Postage Currency notes  onto the envelope to distinguish it. His daughter confirmed that the names of five officers inscribed on  the back of the envelope were members of her father’s crew.   Nancy also provided insight on how the envelope made its way to FDR.  Not only was Patrick a  distant  cousin  to  FDR,  but  on  occasion  he  personally  flew  the  President  to  his  summer  home  in  Campabello, Maine.  It was on one of those  flights where Byrne gave the  letter to FDR.   The envelope  had many  things  the stamp  loving President would appreciate:  the Portuguese and American postage  stamps  and  postmarks,  the  1862  Postage  Currency  notes,  and  the  important  and  strategic  flight  information written across the envelope’s face.   The envelope resided with FDR until his death in April 1945.  It was dispersed at the H.R. Harmer  auction in 1946 and has been in the hands of private collectors for many decades.  POSTSCRIPT…A 2ND HOWLAND/BYRNE ENVELOPE SURFACES  After my submission to the editor for publication, a 2nd Byrne/Howland envelope surfaced from  an online  auction.    This example does not have  the  FDR provenance, but  it  is  certainly  a  fascinating  piece.  Please note the inscription on the bottom left corner of the envelope’s face:  “Ship Transatlantic  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 184 – 3rd  Survey  flight.”  This  leaves  no  doubt  that  Jesse Howland  added  the  Postage  Currency  notes  to distinguish the envelopes on his son‐in‐laws  inaugural flights across the globe.   One also comes to the  conclusion that Jesse must’ve come across a small horde of Postage Currency notes as evidenced by his  usage on the two envelopes in quick succession.  The  2nd  envelope  was  postmarked  a  week  letter  from  the  FDR  specimen.  It  contains  an  FR1230/31 Postage Currency note and postage stamps from: The United States, Portugal, The Canadian  Provence of Newfoundland, and France.   The envelope also contains postal cancellations from: Sea Bright, NJ; Sheepshead Bay, Brooklyn;  Botwood,  Newfoundland;  Seccao,  Portugal;  and  2  locations  on  the  southwest  coast  of  France  (Biscarrosse and Landes).  As with the FDR envelope, this example  is also signed by the same members of Patrick Doyle’s  crew.  I am pleased to report that this story has a happy ending. Working with Byrne’s granddaughter, Megan  Jagger, we were able to secure the envelope and reunite it with the Howland/Byrne family.  They were  overjoyed  with  their  good  fortune  and  the  comment  of  divine  intervention  creeped  into  the  conversation.  Whether metaphysical forces played a role or not, the timing was quite fortuitous.    ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 185 OTHER EXAMPLES OF POSTAGE CURRENCY NOTES USED AS POSTAGE  Shown is another envelope where a 5¢ Postage Currency note was used instead of a traditional  postage stamp.  The newly discovered piece is subject to some speculation. While a postage cancellation  would  have  been  positive  proof  that  this  example  is  legitimate,  a  close  examination  of  the  letter  indicates  that  the  ink and paper used  is consistent  for  the period.   The actual postage note was hand  cancelled with a big “X” across Jefferson’s portrait.  The note itself is in in excellent condition and would  grade Choice CU on its own. If deception was employed, why would the person use a Choice CU postage  note? Additionally, some aged staining spots that bleed from the postage note to the envelope indicate  that  the note has been affixed  to  this  letter a very  long  time. This writer believes  this example  to be  genuine.  The description of the auction lot reads as follows:  Not  sure what  to make of  this but  it  is a genuine Postal Currency 5 cent note adhered  to  full  envelope  from  the 1870's or  so based on  the Newcastle Delaware CDS and when  this  style had been  used,.................. to New Jersey, Salem County. Everything is 100% genuine except that I am unsure that  the note and  the  cover go  together,..............The  cancelled note X appears  to be  the  same  ink as  the  addressee ink from that period but will not make any guarantees if they originated for mail.  On  the  newly  discovered  example  there  is  a  town  listed  in  the  postal  mark:  Newcastle  (likely  in  Delaware, since it was only 36 miles away; right over the Delaware River).  There is a month/date (April  5th) but the year is not shown.  A search on the addressee:  John Janvier from Daretown, Salem County,  NJ, indicated that Mr. Janvier lived from 1824‐1874 and is buried in the Daretown Presbyterian Church  in Daretown, NJ.      By  the  turn  of  the  century  there were  only  250  residents  in  the  small  and  rural  unincorporated town, so no doubt this is the same person.  Janvier’s 2nd son was also named John, but  died at age 7.   Since first  issue postage notes were first printed  in 1862 and Mr. Javier passed away  in  1874, we come to the conclusion that the missing year had to be in the range of 1862‐1874.    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 186 Fellow FCCB and SPMC member John Roos has contributed the following example to the census.  He indicated that he purchased this item from an online auction.   John adds the following information about the Lindsay letter:  [The  letter] was mailed October 17, 1866  in Oneida Castle, NM  to R. Lindsay. Lindsay practiced  law  in  Columbia  County, WI,  from  1858  to  1876.  The  1866  date  is  derived  from  the  annotations  at  the  left  border, which makes it the earliest known example of postage currency actually used to mail a letter.  This specimen  is  interesting, since the stamp on the postage note was rather haphazardly cut.  The entire stamp was used, but there is about a ½” border surrounding the stamp, proving conclusively  that it came from a Postage Currency note. Had the letter writer trimmed it to the border of the stamp,  then it is likely this example would not have come to light.    ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐  There  are  no  examples  from  the  John  Ford  sales  conducted  by  Stacks  Auction,  but  from  the  CAA  (Currency Auctions of America) Milt Friedberg sale in January 1997, three different examples were sold.   Shown is the lot description and auction sale price.  Lot  96.    Postage  Currency  used  as  Postage.  A  5¢  FR.1230  (Milton  1R5.4)  mounted  to  the  upper  left  of  an  envelope  and  postmarked  “New  York  September  20  9PM  1901.”    The  identical postmark appears at the right  of  the envelope.   One of  the very  few  known  indisputably  genuine  uses  of  postage currency as postage  (750‐UP).  Purchased  by  Milt  from  Fractional  Currency  Inc  in  1994  at  the Memphis  show.  Sold  for  $770.    This  same  example  sold  twice  more  both  at  exactly $2,300.   At the Tom O’Mara HA sale  in September 2005 and from the Peter Gamble collection  auction by HA in January 2008.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 187 Lot  97.  Postally  Used  Fractional  Currency.   A 10¢ First  Issue note  was used as a stamp  to mail  this  George Washington  bicentennial  cover.    It was  sent  from Mount  Vernon, Virginia on  February 22,  1932  (the  200th  anniversary  of  George  Washington’s  birth),  to  Fred Wm. Bernet in Newark, New  Jersey.    There  are  very  few  known  examples  of  First  Issue  Fractional  Currency  having  been  used  as  postage,  and  this  is  the  latest  date  example  we  have  seen.    It’s  tied  to  the  cover  by  both  the  postmark  and  the  special  Washington’s bicentennial cancel.   The envelope has contents but remains sealed. (500‐up).   Formerly  Lot 243 from NASCA’s April 19, 1982 sale. Sold for $1,155.  Lot 98. Postally Used Fractional Currency.   A 5¢  First  issue note has been used  as  a  stamp  to  mail  a  letter  which  is  postmarked  September  18,  1901.   Although  not  specifically  authorized  for  use  as  postage,  First  issue  notes  occasionally,  although  rarely,  were  pressed  into  service as  stamps.   This  five  cent  note  on  its  plain  cover  appears  to  have been used as postage  rather  than a  gimmick, souvenir or hobby stunt.      (500‐ up).    From Abe  Kosoff’s  1971  sale  of  the  Julian Marks Collection.  Sold for $577.50.  From  the  Heritage  September  2008  Long  Beach Auction:  Lot  13034,  First  Issue  50¢  Note Used as Postage. The  stamped  portion  of  the  First  Issue  50¢  note  was  clipped  and  used  as  postage  on  a  large  envelope.  Although  the  date  is  not  legible,  the  postmark of Cincinnati, OH  is clear, and the postmark ties the strip to the cover. This  is only the third  instance  that we  have  seen where  postage  currency was  actually  used  as  postage.  This  great  item  popped up in a recent stamp auction where our consignor obtained it for over $1400.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 188 Speaker Series Coordinated by Peter Huntoon Exhibits Extraordinaire! Exhibit Chairs Mart Delger & Robert Moon email for application Robertmoon@aol.com New exhibit class sponsored by SPMC— Best one case exhibit. Friday AM SPMC Annual Tom Bain Breakfast & Raffle World Famous Emcee— Wendell Wolka! Although  the  date  is  uncertain,  it was most  likely mailed  in  the  1890s,  as  it was  sent  to  a  Lieutenant H. H. Bandholtz, a member of  the 6th U.S.  Infantry  in Fort Thomas, Newport, KY. The 6th  infantry was based at Ft. Thomas from the early 1890s until the outbreak of the Spanish‐American war  in 1898. Bandholtz, the recipient of this letter, went on to become a Major General in WWI. He was also  called on by President Harding to quell unrest in McDowell County, WV during the "Miner's Rebellion" in  1920. Anyone desiring to see a statue of H. H. Bandholtz, need look no further than the front lawn of the  U.S. Embassy in Budapest, Hungary. Only the front of the envelope is present, but the postage currency  strip and the addressee's information is fully present and crystal clear. Sold for $1,955.  These  interesting  items  represent  a  strong  connection  between  Postage  Currency  notes  and  postage  stamps,  and  deserve  a  place  in  any well‐rounded  fractional  collection.    The  rarity  of  these  examples  most  likely  stems  from  the  fact  that  letter  recipients  don’t  often  save  their  envelopes.  Considering  that, and  its unique history,  the Howland/Byrne/FDR envelope  is  truly a  stellar  item and  elevates it above all other specimens.  Many thanks must be extended:  to my son David Melamed for his expert editing skills; the FDR  Library;  Bill  Bergstrom,  archivist  for  H.  R.  Harmer  Auctions;  the  USPS  website  for  the  Capt.  Byrne  biography, Find‐a‐grave website for the Jesse Howland biography,  Steve Howland, Nancy Byrne Phillips,  Megan  Jagger  and  the  rest of  the Howland/Byrne  family;  fellow  SPMC  and  FCCB members  and  John  Roos and Tom Schott (Tom discovered the Byrne/Howland/FDR letter); and a special thanks to Heritage  for  their  fabulous  auction  archives, which  are  a  treasure  trove  of  great  and  useful  information  and  makes researching these article easier with accessible and reliable information.   If  there  are  any  other  examples  in  collectors’  hands,  please  drop  me  a  line  at  riconio@yahoo.com .  It would be great to share this information with everyone.  Make Plans now to attend the 40th Annual IPMS in Memphis! The annual premier show devoted to the collecting of paper money. Fun and Education for everyone ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 189 RARE SCRIP FROM UTAH Featuring Items from Eric P. Newman by Douglas A. Nyholm Every few years a major collection will come forth with some very special rare and desirable items as were offered in the recent 7th installment of the Eric Newman collection by Heritage Galleries. Eric Newman, now 104 years old is in the process of selling his entire collection un-reserved at auction. Both the sixth installment earlier this year and the seventh contained some extraordinary gems from Utah. There were 46 Utah items in this sale while the previous auction contained 30 for a total of 76 lots from Utah. Several years ago the John J. Ford auctions sixth installment contained 121 Utah and Mormon items, while another notable collection, that of the Schingoethe’s contained dozens of special Utah items. While comparing one auction to another is difficult as they all contained rarities, however the latest offering from Newman had the largest number of totally unknown or previously un-actioned items available for the first time. Newman’s earlier auction contained a grouping of Kirtland banknotes of which all different types and denominations are presently known. The most recent Kirtland discovery was an eighth different signature combination and presently there are rumors that a signed uncut sheet is known, but the real story here is about the Storehouse and Mercantile scrip. These items have survived in much smaller quantities and are much rarer than the mainstream Kirtland banknotes. My personal census of Kirtland banknotes now list over 500 individual note, far from rare, but still in relatively high demand. Many of the mercantile scrip have survived by only a handful of known specimens. This literally means that for many issues you can count the number of survivors on the fingers of one hand. There are a few exceptions but even those are scarce and unknown to many collectors except for those who avidly seek after them. The collectors who do collect Utah scrip are few but as can be shown by the prices realized in this auction they are very competitive and place strong bids to acquire these rare notes. What set the Newman auction apart from the previous auctions is that there were no less than six unique items for sale. Those items which have not been previously described or previously offered at auction always create excitement at auction as well as headlines. In addition to the six unique items there were also a number of items almost as rare which have not been available for over 50 years. Unique items occasionally come to market every few years and whether they are just tightly held in old-time collections or recently discovered is just a matter of chance. Similar items many times are unknown from banks issuing National Currency as it seems that most recent discovery pieces are paper currency, finding a new variety of a coin does occur but far less often. The recent PCDA auction conducted by Lyn Knight contained three such pieces of National Currency highlighted by the unique Rhyolite Nevada specimen. Since the publication of my book on Mormon Currency in 2010 there have been just 3 or 4 new and unique Utah items discovered. I do believe that in the future more will trickle onto the market probably not from major collections, but onesies or twosies that have long been hidden away or lost in someone's personal holdings who knows nothing in regard to their rarity. A large number of Eric P. Newman’s collection was acquired in the early 20th century, much via private sale and therefore no auction records exist. This is what numismatics is all about. Definitely everything is not known even in 2015! Co-op Scrip and Mercantile Scrip In the Oct 1865 Church conference, Brigham Young announced that the Saints needed to help one another. ‘Let every one of the Latter-day Saints, male and female, decree in their hearts that they will buy of nobody else but their own faithful brethren, who will do good with the money they shall obtain. I know it is the will of God that we should sustain ourselves, for, if we do not, we must perish, so far as receiving aid from any quarter, except God and ourselves….We have to preserve ourselves, for our enemies are determined to destroy us.” ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 190 The first LDS cooperative institution was founded in 1864 in Brigham City under the direction of Lorenzo Snow of the Quorum of the Twelve. Initially this town’s name was Box Elder which was later changed to Brigham City. This cooperative was so successful that it served as a model to other co-ops to come. Elder Snow wrote in an 1875 letter to President Young that his main objective for the cooperative movement was “to unite together the feelings of the people by cooperating their interests with their means and make them self-sustaining according to the spirit of your teachings and to make them independent of Gentile stores.” Some of this co-op and mercantile scrip was a centerpiece of the Eric Newman collection. Due to the large number of pieces it is clear the Mr. Newman had a significant interest in Utah scrip. Other than small bits of information, very little specific information is known about these notes and their issuers other than what is individually printed on them. During my years of research most co-op’s which issued scrip has resulted in very little regarding their operations or issuance of scrip and tokens. I once used the services of two Brigham Young University research assistants who looked diligently for information regarding these notes as well as other LDS currency information and found almost no new information in eight months of searching. The “Brigham City Mercantile & Manufacturing Association,” for which several very rare notes are known including two in the Newman collection, was the first of the Co-ops to open in the Utah Territory. It was established in 1864 under the direction of Lorenzo Snow. Snow would later become President of the Church of Jesus Christ of Latter-day Saints. Almost everyone in the Territory was poor, and the Co-ops allowed them to own shares which eventually helped them achieve prosperity. Parts of the workers’ wages were also paid with scrip from these Co-ops. As a result there was an explosion of Co-op’s in the Territory, many of which issued scrip. Some issued tokens as well. Several co-ops also operated in Idaho and Arizona. There were hundreds of co-ops operating as well as mercantiles, various stores, ZCMI locations and several organizations operating under the auspices of ‘United Order’ establishments. There are differing ideas as to which and how many of these establishments actually issued scrip, either in the form of paper currency, or tokens. Tokens usually were issued in metal but paper tokens, usually thicker in the form of heavy card stock, were issued both in round and rectangular sizes. It is also important to note that various issuances by these establishments included both paper and currency. As to the differing ideas, some experts familiar with these stores believe that virtually all, at one time during their existence, issued some form of scrip. Others indicate that this is probably not the case, as a large number of organizations have no record of doing so, nor are there any known surviving items, if they did issue some form of scrip. The correct answer is probably somewhere in between, meaning that for many who issued scrip, all may have been lost or destroyed. Luckily several items have come to the surface recently in most part due to several recent auctions none the less is the Newman foundation. There are most likely a number of these mercantiles who never issued anything. To describe what is known, below is a list of types of establishments known to have issued scrip.  Co-ops – Indicated by the title of Co-op on their issuances.  Mercantiles – Essentially indicated by the title of Mercantile  Stores – Establishments which neither indicate Co-op or Mercantile  ZCMI – Indicated as a ZCMI establishment (Zions Cooperative Mercantile Institution)  Storehouses - Various titles conducting business for the LDS Church  United Order – Indicated as such ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 191 Brigham City Cooperative Mercantile and Manufacturing Institution The two notes from the Brigham City Co-op shown here are wonderful additions to a very small surviving population of scrip from the first Co-op to issue scrip in the Utah Territory. The 10c item entitled ‘Home Products’ adds to a very small number of similar notes known, most likely not to exceed five specimens. The 5c note is a here-to-fore unknown design type from Brigham City. Both are hand signed by the same secretary and are two of the rarest notes issued in the Territory, again, from the first organized Co-op. The settlement of Brigham City began in 1851, originally called Box Elder due to its proximity along Box Elder Creek. Renamed Youngsville and finally named Brigham City in 1855. The co-op was initially organized in October of 1864 consisting of four stockholders including Lorenzo Snow, with a total capital of about $3000. The co-op eventually consisted of 34 industrial branches including a tannery, woolen factory, butcher shop, livestock and many others. The employees were paid weekly by two different kinds of paper money. The paper money or checks as they were called were printed on strong paper in the form of ‘Due Bills” and created in denominations from 5c to $20. Specific denominations were probably 5c, 10c, 25c, 50c, $1, $5, $10, and $20. Thousands were probably issued for most denominations but survival rates are very low. The surviving bills cover only three denominations, and of these, only a very few survived. This constituted the bulk of currency which circulated in Brigham City at the time. The co-op failed in 1877 due to a devastating fire in the Woolen Factory. This was followed by an excessive federal tax assessment on co-op scrip in 1879 which ultimately crippled co-ops. Most of the co-ops holdings were sold off to private individuals over the next few years. Provo Scrip Brigham City Home Products 10c Hammered for $8212.50 This is the finest known of several. Brigham City Co-op 5c Hammered for $8212.50 Unique for the type Provo Co-op East Store $5.00 - $8,225.00 The Provo ‘East Store” note is also unique and is interesting in the fact that the design is completely unlike any other Utah scrip. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 192 Provo was one of the first LDS cities outside of Salt Lake City. It was settled in 1849. During the “Mormon Insurrection” in 1858 when thousands of Saints moved to Provo. The war, which never happened, resulted in most moving back to Salt Lake City shortly thereafter. A later type of Provo co-op scrip was identified as “West Branch” which was known prior to the Newman sale. It is unknown what the differentiation actually indicated other than there may have been an East location which existed as I wrote in my book in 2010. At the time it seemed unlikely that each would have issued scrip, and it was just another mystery to be solved. It now appears now that the mystery is solved. There was indeed an East location and they did in fact print their own unique scrip. Spanish Fork Co-op The Spanish Fork co-op was the second to open in the territory, after Brigham City. Operations began in December 1866. This co-op was still in operation in 1935 with $140,000 in capitol. John Moor was the first Secretary of the Spanish Fork co-op and signed some of the paper currency. Newman’s note was also signed by him as Treasurer. Earlier scrip was signed by Jos. E. Wilkins which was issued prior to 1896. This can be ascertained by the printed location indicating ‘U.T.’ (Utah Territory). This co-op also issued tokens. Early scrip indicating Utah as a territory from any issuing facility is quite scarce and highly sought after by collectors. The “Provo Bishops Store House” is a completely new title not previously known. Interestingly, there were also two National Banks which issued currency in Provo and presently neither bank has any reported notes which survived. Provo Bishops Store House 10c — $11,750.00 Peoples Emporium 50c - Unique Yet another unique item from the Peoples Emporium in Provo with a face value of 50c. With a serial number of 558 there were obviously hundreds issued with only this specimen presently known. The hammer price was $9400.00 Spanish Fork Co-op 15c Hammered for $11,162.50 This is a newly discovered denomination. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 193 In regard to scrip in Utah, ZCMI was a very prominent issuer of both scrip and tokens. Zion’s Cooperative Mercantile Institution. There were eight locations in Utah associated with the ZCMI organization, all apparently did not issue scrip but survivors are known from Salt Lake City and Logan. MORMON CHURCH ORGANIZATIONS ISSUING SCRIP Name / Type Physical Descp./Color Years Issued Locations Known Denominations “The Presiding Bishop” Perforated coupons with multiple punch cancels. (Tan) V. Rare 1887 Salt Lake City 50¢ , $1, $5, $10 “Bishops Office” Small multicolored coupons issued for produce except of a unique Pink 10¢ coupon for meat. (Brown, Rust, Green, Pink) V. Rare (?) Salt Lake City St. George Logan (Unique) 5¢, 10¢, 25¢, 50¢, $1 “General Tithing Store House” Printed scrip for meat and produce. Green for produce, tan for meat. Produce overprints on meat coupons exist. 1889-1898 Salt Lake City 5¢, 10¢, 25¢, 50¢, $1 “Bishops General Storehouse” Various size printed coupons. Colors used are gray, brown, rose, and pink which vary by denomination 1896-1898 Salt Lake City 5¢, 10¢, 25¢, 50¢, $1, $10 “Bishops General Store House” Red coupons for meat, blue coupons for produce. (cancelled and un-cancelled notes exist) 1898-1906 Salt Lake City 5¢, 10¢, 25¢, 50¢ “St. George Stake Tithing Store House” Yellow 4 known (1891 & 1900) St. George 10¢, 5¢ “St George Storehouse” Yellow V. Rare (1901) St. George 5¢, 10¢ “Sanpete Stake Tithing Store House” Pink V. Rare (1894) Manti City 5¢ “Cache Stake Tithing Store House” Pink V. Rare (1897) Logan 5¢ “Logan Storehouse” Purple Rare (1901) Logan 5¢, 10¢, 25¢ “Provo Storehouse” Rare Provo The above table shows the different types of scrip issued by the Mormon Church. All are uncommon or rare except for the three highlighted types. Another note shown here from the Logan Branch of the Z.C.M.I. is also a newly discovered unique piece for its design. It is also a relatively late dated item from Feb. 1, 1894. This unique item also sold for a record price for a Logan Z.C.M.I. scrip at $9,400.00 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 194 Pictured here are all three of the rarest types of Utah scrip. The ‘Stake Tithing Store House’ title is only known for these three locations, Logan, Manti, and St. George. Any denominations other than 5c and 10c are presently unknown. It would seem likely that there were other higher denominations printed and issued but unfortunately so far none are known. The Cache Stake Tithing Store House shown here is the first offered at public auction. It sold for an astounding $15,275.00 The only other known example is a black & white photo in Al Rusts book on Mormon Currency This Sanpete Stake Tithing Store House 5c note is also virtually unique. As with the Cache note above the only image known is also a Black and white image in Rusts book. It sold for a record $22,325.00 This 10c note from St. George Stake Tithing Store house is now known by 2 others. One in your author’s collection and one which has been laminated by the Church and is on display at the Church Museum. It also set a record price--$16,450.00 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 195 Presiding Bishop’s Office These smaller sized Bishop’s Office coupons are also extremely rare. There are three locations known to have issued this type –  Salt Lake City  St. George  Logan No complete denomination set of both produce and meat from a single location is known to exist. However, by observing notes that are known to have survived, it is a fairly safe assumption that each location probably issued five different denominations for each, produce and meat. It is doubtful that any denominations were issued in amounts exceeding $1 for this type. Each denomination was printed in a different color and although similar, meat and produce of the same denomination were slightly different in color. The J. Chipman note shown here is quite possibly the only known intact note from this rare American Fork Mercantile. A previous item is known with approx. 1/4 of the right side of the note torn off and missing, and it sold for $1725 in the Ford sale! This fully intact note hammered for $5875.00 and quite possibly could be unique as such. This is a new and unique denomination from W.H. Freshwater mercantile in Provo. Other known varieties are listed in Rusts book for 25c and $5. Both are very rare, possibly unique and pictured only in black & white. Similarly the signature line on those notes as well as this one are a straight line. This possible may have been a cancellation. Very little is known about this merchant. The note shown here sold for $7050.00. High denomination scrip from Utah is extremely rare. Even storehouse notes of a $1 denomination are rarely encountered let alone this amazing $10 denomination from the Bishops’ General Storehouse. As described in the auction catalog the only other known specimen resides in the Bob & Carol Campbell collection. It sold for an amazing $25,850.00 which was the highest priced Utah Item in the sale. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 196 When observing the serial numbers, it is apparent these too were issued in large numbers. They were most likely destroyed after redemption, which attests to their extreme rarity. Coupons in the Newman collection were issued by both Salt Lake City and St. George. A unique example of a 25¢ coupon is known for the town of Logan. All three locations follow the same color coding for denominations. It is interesting that beginning with this issue, the type of goods available was separated by wording indicating “Produce and Provisions” or “Meat.” The central vignette also varied with the type, a cow for meat and a beehive for produce and provisions. Unfortunately, none are dated so the exact dates of this issue are not known but it appears that they were of a very early issue. There was a number of Presiding Bishop’s scrip in the Newman sale. Denominations are known in the amounts of;  Five Cents  Ten Cents  Twenty-five Cents  Fifty Cents  One Dollar Denominations larger than $1 are unknown and were probably never printed or issued. Additionally this type of scrip is known for three locations.  Salt Lake City  St. George  Logan (possibly unique) Other locations were possibly issued. It also appears that these notes were possibly torn from a booklet from the left side. If so, what a find it would be for a complete or even partial booklet to be discovered. Prices realized for the above pictures items were $3760.00, $2232.00, $2285.00, and $2585.00. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 197 A single piece of interesting holographic paper with the signature of Brigham Young actually sold for a bargain price. This was a check from the ‘Utah Southern Railroad Company’ in the amount of $800.00. This item hammered for $446.50! On the above check you will notice a place to attach a ‘Revenue Stamp.’ These were used occasionally in Utah but unlike their widespread use in the eastern U.S. very few documents issued in Utah actually include a stamp. Holographic documents such as this are avidly collected especially items with prominent signatures such as Brigham Young’s. One other item included in the Newman sale, one was a $2 Great Salt Lake City note. Although not unique like the previously mentioned items, this $2 note is quite scarce and sold for a record price of $11,162.50 This type of currency is among the most colorful items issued in the territory by the Mormons. It is interesting to note that the title shown on this note indicated ‘The Great Salt Lake City” corporation. This was the original name for current day Salt Lake City. The word Great was dropped in 1868. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 198 Vote for your favorite article/column/book Voting is underway for the annual SPMC literary awards. Articles in many categories, favorite column and book-0f-the-Year! Voting open until May 10. You have to be signed in as a member and then use the link https://www.spmc.org/vote Not to be left out was a single Kirtland Safety Society Bank note. The scrip previously mentioned for the most part sold for record prices or near record prices. It would seem like collectors have finally understand the history, rarity, and desirability of these notes. Kirtland notes obviously have been in the forefront for years and are still highly desirable and collectable. However my census contains well over 500 Kirtland notes which take them out of the scarce or rare category except for a few special notes. Kirtland $20 notes are a scarcer denomination and this item graded a VF-30. Recent sales of similar $20 notes between 2008-2010 sold in the range of $7000-$9000. This note had a pre-auction estimate of $4-$8k. The final hammer was $3,172.00. No, Kirtland notes are not dead but there has been a correction to their value. ALL IMAGES IN THIS ARTICLE ARE COURTESY OF HERITAGE GALLERIES AND THE ASSOCIATED ERIC P. NEWMAN COLLECTION / PART VII. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 199 Central States Numismatic Society 78th Anniversary Convention April 26-29, 2017 (Bourse Hours – April 26 – 12 noon-6pm Early Birds: $125 Registration Fee) Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center Visit our website: www.centralstates.info Bourse Information: Patricia Foley (414) 698-6498 • foleylawoffice@gmail.com Hotel Reservations: 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. • 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 • Complimentary Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois “A Tale of Two (Alabama) Cities”:   Where Should “Houston, Sims & Company, Mobile” Be Assigned?  by Bill Gunther  The Alabama obsolete note shown below raised an interesting, and apparently unique, dilemma for  Walter Rosene Jr. when he was compiling his catalog of Alabama obsolete notes and scrip in 1984.1    In two  places  on  the  face  of  the  note  it  is  suggested  that  the  note  is  from  the  small  river  town  of Bluff  Port,  Alabama.  At the same time, the name of the merchant clearly printed on the face of the note is “Messrs.  Houston Sims & Co., Mobile.”   These two towns, Bluff Port and Mobile, were some 274 river miles apart  and were located in two different non‐contiguous counties (Sumter and Mobile respectively).2   Figure 1 – Messrs. Houston, Sims & Co., Mobile.  1862 Rosene Bluff Port (R23‐1) and Mobile (R196‐1)  The question which surely confronted Walter Rosene was under what geography should the note  be  listed:     Bluff Port or Mobile?     His  solution, perhaps made out of  frustration  rather  than any  strong  commitment,  was  to  list  the  note  in  both  places  thus  making  it  the  only  note  with  dual  listings  independently assigned by Rosene.    For clarification, there are in fact three other notes in Rosene’s book  with multiple listings: Alabama and Tennessee River Railroad, R182 (Mobile) and R290 (Selma); Wetumpka  Trading Company, R 252 (Montgomery) and R357 (Wetumpka); and Real Estate Banking Company of South  Alabama,  R250  (Montgomery),  R300  (Selma),  R305  (St.  Stephens)  and  R351  (Wetumpka).    In  each  case  however, Rosene  claims  he was  following  city  assignments made by Wismer.3      Ironically, Rosene  even  questions  one  of  this  assignments  (Alabama  and  Tennessee  River  Railroad, Mobile  ‐  R182)  and  states  “Wismer  listed notes of  this company under Mobile, which might be  in error…” but  still assigns  them  to  Mobile as well as Selma.4    With one exception (Wetumpka Trading Company, Mobile Office), these notes  clearly identify only one location on the face of the note yet Rosene assigned them to multiple locations.    Where Should a Note Be Listed?  The question of where to list a note is one that often answers itself by simply examining the note.   In the vast majority of situations, only one location is mentioned on the note (other than the location of the  printer) and that is where the note is assigned.  If the purpose of issuing scrip was to “grease the wheels of  commerce” made difficult by the absence of specie (gold, silver and copper coins), it seems reasonable that  the scrip should be assigned to the location where it was issued and intended to circulate.  While that is an  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 202 easy statement  to make, how do we know  from  the  face of  this note where  it was  issued or  intended  to  circulate?     Was this note  issued to circulate  in Mobile or Bluff Port or both?   A closer examination of the  note itself may provide us with important clues as to where this note truly belongs.   The Note     The image of the note shown in Figure 1, is that of a ten cent note with a serial number of 1767.   The  physical  size  of  the  note  is  relatively  small  (2”  x  5”)  as was  the  custom  for most  fractional  notes.   Rosene’s only plate note for this issuer is also a 10 cent note but has a serial number of 820.  The only other  known notes (5 total, all 10 cents) have serial numbers of 2,222 and 224 and 826. There are no plate letters  on these notes.     The serial numbers suggest that there may have been as many as 2,222 of these notes  issued.   The  lack of other denominations may well be explained by an 1862  law which make  it  illegal  to  issue such “change notes” effective December 1862, and required redemption of existing notes by April 1,  1863 under penalty of both fines and imprisonment.5   It is not too surprising that few examples of change  notes exist today.  There  is no plate note  shown  in  the Mobile R196‐1  reference and  the  reader  is  referred back  to  Bluff Port.  Is the only placement of a an image in Bluff Port an indication that Rosene favored Bluff Port as  the preferred location or was an image in Mobile omitted to save space?  Bluff Port is printed twice on the note, both at the top center and vertically on the right side of the  note.     Thom. W. Sims  is printed vertically on the  left side of the note and the note promises “Will pay to  bearer in current funds, 10 cents, when ten dollars or its multiple is presented.”  Actually, the proper way to  read this last statement is “Messrs. Houston, Sims & Co., Mobile, Will pay to bearer….”  It seems clear from  this wording that the obligation to pay is that of Houston, Sims & Co. of Mobile, not of Thos. W. Sims who  also signed the note.   Was the pledge of the  firm “Houston, Sims & Co., Mobile” to “pay” believed to be  more  compelling  than  the  name  “Thos. W.  Sims”  and  thus would  enhance  the  acceptance  of  the  note  among the general population of Bluff Port?    If so, then what exactly  is the purpose of  listing the printed  name of Thos. W. Sims on the left vertical margin?   Does this listing preclude the note from being issued by  anyone  else other  than  Thos. W.  Sims?     Apparently more  information will be needed  to  resolve  these  questions.   Where is Bluff Port?  Bluff Port was a relatively small village located about three miles west  of  the  Tombigbee  River  in  Sumter  County,  Alabama.      According  to  The  Heritage of Sumter County: “There were 6 stores and one bar room  in Bluff  Port.    The  bar  room  was  a  hanging  out  place  for  the  men  who  amused  themselves by getting the  Indian men drunk.   Bluff Port  is only a ghost town  now.    It’s hardly  even  that,  for  all  that’s  left of  the  town  are  a  few breaks  scattered on the white chalk ground, 18 cisterns, an old cemetery and some  man‐made caves that were over used to store perishables items such as milk  and ice.”6  An  important clue to the mystery of dual  locations  is that the above  source stated that “Cotton was shipped from there to Mobile and from there  to points east.”   It  is possible that the firm of “Messrs. Houston, Sims & Co.”  was engaged  in the cotton business, perhaps shipping cotton from Bluff Port  to Mobile. Or was one of  the 6 stores mentioned above a merchant named  “Houston, Sims & Co.?   Let’s see what can be learned about the firm “Messrs.  Houston, Sims & Co.”  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 203 Houston, Sims & Company, Cotton Factors     A check of the first City Directory for Mobile which was published  in 1861 reveals a  listing of the  firm of Houston, Sims & Co., 46 North Commerce Street  (“upstairs”), with the notation “cotton factors.”7    One mystery  solved!     Cotton  factors were essentially agents who  represented  the planters  to potential  buyers and  received a  commission, normally 2 ½ percent,  for  their  services.8     They also often acted  as  “commission merchants” and in that capacity purchased supplies for the planters and arranged for shipping  to  the planter’s homes.     According  to Haskins, “…in practice  the  factor and commission merchant were  practically synonymous and the two functions shaded off into each other.”9   It seems entirely plausible that  Houston, Sims & Co. were cotton factors in Mobile but also were merchants in Bluff Port providing staples  to their cotton clients as well as others  in the community.   The directory also shows both Thom. W. Sims  and Robert Houston as being with  the  firm of Houston, Sims & Co.     More will be  said about  these  two  individuals later.    At  this point,  it can be concluded  that  this  firm was a relatively small collection of cotton  factors  located  in Mobile.     Supporting  the conclusion  that Houston, Sims & Co. was a small  firm  is  the  fact that  Mobile’s  City Directory  had  an  “Index  of Advertisements” which  contained  a  listing  of  six  “Factors  and  Merchants”, presumably  relatively  large  firms, none of which was Houston, Sims and Co.    Finally, Amos  discusses a number of  the  larger more prominent cotton merchants  in Mobile  in her book and Houston,  Sims and Co.  is not mentioned.10     However, Amos reports the average cotton factor reported earnings of  $16,000  annually before  the panic of  1837,  it  is  likely  that during  the  recovery  and  continuing  into  the  1850s,  factor  profits were more  than  sufficient  to  support  all  size  firms.        Amos  also  noted  that with  commission  fees  relatively  constant  over  the  South  and  over  time,  the  selection  of  a  “factor”  often  depended on  friendships or personal  contacts  rather  than price.     By maintaining a physical presence  in  Bluff Port, this firm would have an advantage over competing factors for the  local business.   Thus a note  circulating  in  Bluff  Port  with  recognized  names  (Houston  and  Sims)  would  resonate  loudly  with  local  planters.  This note in fact could be a form of local advertising as well as a medium of exchange!  Let’s see  what more we can learn by examining the individuals who comprised the firm of Houston, Sims and Co.  Matthew Cyrus Houston  Matthew Cyrus Houston was apparently the “means” behind the firm of Houston, Sims & Co.  The  1860 Census showed the value of his real estate and personal estimated estimate at $175,000!11   Clearly,  Matthew was a very wealthy individual.    He was born in Blount County, Tennessee on October 21, 1799.12  He  first married  in Tennessee  in 1822  to Ester Gillespie  (1799‐1828) but was  living  in Alabama by 1830  when he secondly married Martha Lyle Gillespie  (1806‐1884),  following Ester’s death  in 1828.     Matthew  Houston and his two wives had a total of 11 children, four with Ester and seven with Martha.   One of his  children with his first wife was Robert G. who was listed in the 1861 Mobile City Directory as being with the  firm of Houston, Sims & Co.  Apparently Robert was the “& Co.” part of the firm!    Matthew Houston began to acquire  land  in Alabama  in 1834, with an 80 acre purchase  in Sumter  County.13      Two more acquisitions totaling 200 acres occurred in 1837, and a final purchase of 40 acres in  1850.   This makes a total of 280 acres of land purchased in Sumter County acquired by Matthew Houston  through the Federal land auction system.   Of course, he could have acquired more land through the private  market, but with so much land available through the Federal government at very favorable terms, that does  not  seem  likely.    Consider  that  “…from  the  fall  of  1834  to  the  spring  of  1837,  the  American  people  generated the largest land office business in the history of the Republic.”14  Houston was listed as a merchant in the Census of 1850 and his slave holdings consisted of just one  slave.15   This strongly supports the argument that he was not a farmer or planter at that time although he  was actively purchasing  land and accumulated no  less than 280 acres by 1837.   Given the high prices that  cotton began to command  in the 1850s, Houston probably  initially rented his  land to others to farm.     By  1860 however, Houston had accumulated 53 slaves and his occupation, like that of Sims’ was now listed as  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 204 a “farmer”.   Although both Houston and Sims owned land in 1850, they apparently did not find it to their  advantage to farm. When cotton prices jumped by 50 percent between 1850 and 1860, Houston and Sims  must have decided it was time for them to actively farm the land.16    The evidence suggests that Houston was probably the driving force behind Houston, Sims & Co.  His  accumulation of 280  acres of  land  in  the 1830s would  certainly  suggest he was  already  a man of  some  means  at  that  time.      By  1860,  the  Houston’s were  indeed  a wealthy  family with  an  estate  valued  at  $175,000.    For  perspective,  a  farm  laborer  at  the  time was  paid  an  average  of  $120  per  YEAR  and  an  overseer was paid between $200  and $600  annually.17     As with many  slave owners,  a  large portion of  Houston’s personal estate was based on the estimated value of his slaves.18      Thos. W. Sims (Thomas Wilkins Sims)  Thomas Wilkins  Sims was  born  in Greensboro  Alabama  (Hale  County)  in  1825.19     He was  first  married  to  a  Lethe  A.  (Shelton)  in  Greene  County  in  1849  and  later married  three  additional women,  presumable after the death of a previous wife.  Together with his first wife they had a total of six children.   An interesting fact is that his last child, Clara, was born when he was 69 years of age and just a year before  he died  in 1895.    It  is worth noting  that  together, Thomas Sims and Matthew Houston had a  total of 17  children and 6 wives!  An exact record for a Thomas W. Sims could not be located in the 1850 Census, however a record  for a Thomas W. Simms who  lived  in Bluff Port, Alabama with his wife, Letha M. was  located. Living with  this couple was a Walter S. Simms.   The spelling of the family name with two “m’s” is most likely an error  on  the  part  of  the  Census  enumerator  since  it would  be  unlikely  to  have  two  individuals,  one  named  Thomas W. Sims and one name Thomas W. Simms, both    living  in the small village of Bluff Port and both  with a wife whose first  initial was “L”.     Some confirmation of this hypothesis  is found  in the 1860 Census  which only  lists a Thomas W. Sims with a wife “L. A.” Sims  living  in Sumter County.       The  initial “L” could  stand for Letha.     A critical piece of  information  in the 1850 Census reveals that,  like Matthew Houston, Thomas W.  Sims (or Simms) was a “merchant” and the “value of his real estate” was $1,100.  Although we can find no  record  of  Thomas W.  Sims  purchasing  land  at  one  of  the  Federal  land  auctions,  it  is  possible  that  he  purchased this  land from a private owner.   The 1850 Slave Schedule reveals that Thomas W. Sims owned  only one slave, a 27 year‐old female who was most likely a domestic servant.   Without slaves to work the  land,  Sims’  real estate was mostly  likely a  combination of his home and perhaps a  store.          “Walter  S.  Simms/Sims,” age 22 who was living in the household with Thomas and Letha was listed as a “clerk” and we  presume he worked with Thomas.  We assume Walter was the younger brother of Thomas, but could find  no evidence to confirm of this possibility.  By  the  time  of  the  1860 Census,  Thomas W.  Sims’  real  estate was  valued  at  slightly more  than  $17,000 and his personal estate valued at $28,000.    Certainly some of this  increase  in wealth reflects the  inflation of the times, but  it also reflects the addition of  land to the Sims estate.      Interestingly, the 1860  Census now shows Sims’ occupation as a “Farmer” and the Slave Schedule of 1860 showed that Sims then  owned 21  slaves.   The Heritage of  Sumter County  confirming  Sim’s  role  as  a planter with  the  following  statement:  “One of the largest plantations at or near Bluff Port was owned by Mr. Thomas Sims”.20    While  the  1861  City  Directory  listed  Thomas W.  Sims  as  cotton  factor  in Mobile  (although  no  residential address was given), the 1860 Census record shows him as a “farmer”  living  in Bluff Port.    It  is  most  likely that Sims resided  in Mobile only during the cotton harvest and sales period, returning to Bluff  Port and to his family  in the “off season”.   After the war broke out  in April of 1861,  it soon became clear  that the Union strategy would be to limit the shipment of cotton, the Confederacy’s only source of external  capital.  It would not make sense for Sims to move from Bluff Port to Mobile AFTER that period since there  would be little cotton business.    Also, the Confederate government discouraged the growing of cotton, in  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 205 part to drive up the price of cotton as well as to provide food and “…other necessities of  life which up to  this time had been largely purchased in exchange for cotton.”21     As both cotton factors and planters, Houston and Sims were able to grow cotton and market their  cotton  as  well.    Later  they  would  add  the  term  “commission  merchants”  to  their  firm’s  offerings.22   Moreover, as a shipping point on the Tombigbee River, Bluff Port would have provided Houston, Sims and  Co. access  to other planters  in  the  region desiring  their  services both  in  shipping  cotton and purchasing  supplies in Mobile and returning them to Bluff Port.    As cotton factors, it does not seem reasonable that  they would have need for “change notes” in low denominations.  They would have dealt with much larger  sums and would have been recipients of cash, not issuers of change notes.    The Final Clue:  Petitions for Amnesty  At  the  end  of  the war  (April  1865)  President  Johnson  issued  his  Proclamation  of  Amnesty  and  Pardon on May 29th.23  In his proclamation, Johnson specifically excluded fourteen classes of persons from  the general amnesty but provided  that “special application may be made  to  the President  for pardon…”   Both  Sims  and Houston made  applications  for  pardon  believing  that  the  thirteenth  class  of  individuals,  specifically,  those  whose  “taxable  property  is  over  $20,000”  applied  to  them.    We  will  look  at  Sims’  application first.  Sims made his application for pardon on August 24, 1865 at Selma, Alabama.24   While he indicated  that his property would “appear at the value of more than twenty thousand dollars..” he argued that in the  present conditions of his section of the country the property was worth  less.   However, he did state that  “...for the purpose of this application, petitioner  is willing to admit that the value of his taxable property  will appear at twenty thousand dollars.”  He further stated that “he was and always been his habit engaged  in and occupied by his private affairs, taking but little part in public matters, but he was opposed to the so  called Ordinance of session of 1861.  He has property acquired by a life of honest toil and patient labor in  trade before the war...”  He also states that “by occupation a planter—he has also been a merchant.”  His  petition was granted on November 10, 1865.25   He continued to live in Mobile and work as a cotton broker‐ commission merchant at least until 1895, the last year he appeared in the city directory.  Matthew Cyrus Houston made his application for a pardon on the same day as his business partner,  Thomas W. Sims.26      Indeed, the explanations offered  in both petitions read very much the same and the  hand writing  is very similar,  if not the same.   It may well be they both retained the same person to assist  them in their applications.  Here is an example:  Sims:    “Petitioner  does  not  believe  that  he  is  worth  twenty  thousand  dollars,  in  the  present  depreciated value of property, in his section of the country, but for the purpose of this application,  petitioner  is willing  to  admit  that  the  value  of  his  taxable  property will  be  appraised  at  twenty  thousand dollars.”  Houston:    “Petitioner does not believe  that he  is worth  twenty  thousand dollars,  in  the present  depreciated value of property, in his section of the country, but for the purpose of this application,  petitioner  is willing  to  admit  that  the  value  of  his  taxable  property will  be  appraised  at  twenty  thousand dollars.”  Other petitions selected at random read very much the same with regard to the statement of the  value  of  the  property  owned,  but  in  the  case  of  Sims  and  Houston,  their  statements  are  identical.   Moreover, Houston’s petition was granted  the same day as Sims’, November 10, 1865.27      In his petition,  Houston states that his occupation too was that of a planter and that “he has also been a merchant.”     Both Houston and Sims admitted to being merchants and planters (farmers) and the City Director of  Mobile lists to firm of Houston, Sims & Co. as cotton factors in 1861.   Logic suggests that the two formed a  partnership early in the 1850s as merchants in Bluff Port.  They soon found the profits from growing cotton  and marketing that cotton themselves was too profitable to pass up.     At that point they became farmers  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 206 and factors, but continued as merchants in Bluff Port as well.   Matthew Houston died in 1872 at age 73 in  Sumter County while Sims died in 1895 at age 70 in Mobile, still listed as a cotton factor!    Summary  Houston, Sims and Company was a firm that provided cotton factoring and commission services to  planters in both Bluff Port and Mobile beginning sometime in the 1850s.   Thomas W. Sims and Matthew C.  Houston were both initially merchants who then became planters and factors.   It is likely that Matthew C.  Houston,  the older and more wealthy of  the  two,  financed  their move  into cotton  factoring and Thomas  Sims along with Houston’s son, Robert, were the active partners is this side of the business.  It seems likely  that Sims younger brother. Walter, remained in Bluff Port and served as a clerk in the store.    The circumstantial evidence suggests that the note in question here was issued to circulate in Bluff  Port and a separate listing under Mobile in Rosene’s catalog was probably unnecessary.  Here is a summary  of the evidence:  a. Mobile was most  likely the  location for redemption of the notes.   It was common practice for some banks and merchants to use “remote”  locations  for redemption of  their notes.      In this instance, the notes circulated  in a remote  location while redemption was  in a place relatively more accessible (although 274 river miles downstream!). b. The note specifically states the obligation to pay is that of a firm in Mobile! c. Houston  and  Sims  began  as  merchants  in  Bluff  Port  no  later  than  1850  and  most  likely maintained  that  business  up  to  and  including  1862.    Thomas W.  Sims was most  likely well known in Bluff Port, thus his printed name on the note enhanced its acceptability. d. The issue date of this note, June 1, 1862, was well after the Union embargo (April 1861) began. The need for cotton factor services in Mobile would have been severely curtailed. e. The low denomination of 10 cents would be of very little value to a cotton factor in Mobile in 1862, but would have been useful to a merchant in Bluff Port. f. The listing of Bluff Port twice on the note suggests it was the location in which it was intended to circulate. g. Although Thomas W. Sims was  listed  in  the 1861 Mobile City Directory, he was a  resident of Bluff Port  in 1850 and 1860.   With  the  collapse of  the  cotton market  in 1861 he most  likely resided in Bluff Port in 1862, not in Mobile. h. There  is only one known  issue of merchant scrip from Bluff Port, while there are 11 different private issuers with 35 denominations from Mobile.   Mobile would have had only limited need for another  issue of scrip while one  issue from a prominent resident  in Bluff Port would have likely been widely accepted. 28 It is believed that the above evidence supports the conclusion that the note in question was issued  and intended to circulate in Bluff Port, with Mobile the location of redemption.  A second listing of  this note in Mobile by Rosene was unnecessary.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 207 Footnotes  1Walter Rosene, Jr. Alabama Obsolete Notes and Scrip (Society of Paper Money Collectors), 1984.  2See Mobile City Directory, 1861, “Landings on the Tombigbee River,” (Appendix p. 15).  Accessed through Ancestry.com.     3See D.C. Wismer, “Descriptive List of Obsolete Paper Money,” The Numismatist  (1922), 35(6): 265‐270, and “Banks and Bank  Notes,” (1925) 38(1):19‐22.  4Rosene, p.67.  5 An “Act  to Prevent  the Circulation of Change Bills,” December 9, 1862, Acts of  the Called Session, 1862, and of  the Second  Regular Annual Session, General Assembly of Alabama, pp. 50‐51.  Alabama Department of Archives and History.  6The Heritage of Sumter County, Alabama. Clanton, Ala.: Heritage Publishing Consultants, 2005.  p. 25.  7Mobile City Directory, 1861. Accessed through Ancestry.com.  8Harriet E. Amos, Cotton City: Urban Development in Antebellum Mobile (Tuscaloosa: The Univ of Alabama Press, 1985), p. 28.  9Ralph W. Haskins, “Planter and Cotton Factor in the Old South:  Some Areas of Friction,” Agricultural History, Vol. 29, No1 Jan.  1955, p. 1.    10Amos, pp.‐28‐30.  11U.S. Federal Census, 1850 and 1860.  Accessed through Ancestry.com.  12See  Find‐a‐Grave.com. Matthew  C.  Houston.    Accessed  through  Ancestry.com.  See  also  Edward  Harris &  Flora  Douglas  of  Ayrshire, Scotland Public Family Tree at Ancestry.com.  13U.S. General Land Office Records, 1796‐1907, accessed through Ancestry.com  14Malcolm Rohrbough, The Land Office Business (New York: Oxford University Press, 1968), p.234.   The average price per acre  from 1834‐1837 was $1.27  15U.S. Federal Census, “Slave Schedule,” 1850 and 1860, accessed through Ancestry.com  16  “The  Cotton  Economy  in  the  South,”  American  Eras  1997,  Encyclopedia.com.  Accessed  26  September  2014  (www.encyclopedia.com)  17Stanley Lebergott, “Wage Trends,   1800‐1900,”  in Trends  in the American Economy  in the 19th Century (Princeton: Princeton  University Press, 1960), p. 453, and  Lucille Griffith,   Alabama: A Documentary History  (Tuscaloosa: University of Alabama Press,  1972 Revised Edition),  p. 145.  18See  “Dixie”  in Harpers New Monthly Magazine, 1864, p. 232.   The anonymous author estimated  the value of  twelve  “farm  laborers” at $14,000 or $1,167 each.   19Find‐a‐Grave (www.find‐a.grave.com).   Thomas W. Sims.  Accessed through Ancestry.com  20The Heritage of Sumter County, Alabama.     21P. 211‐212.     Matthew Brown Hammond, “The History of Cotton Planting  in  the South,”  in The South  in  the Building of  the  Nation, Vol. V. Richmond: The Southern Historical Publication /Society, 1909. pp 211‐212.  22The addition of “commission merchants” to the firm’s activities first appeared in 1869 City Directory.  However there were no  directories printed from 1862 to 1865.  23“Andrew  Johnson: Proclamation of Amnesty and Pardon  for  the Confederate  States,”  in Encyclopedia Britannica’s Guide  to  American Presidents, www.britannica.com.     A total of 1,456 Alabamians were pardoned.   See William W. Rodgers, Robert Ward,  Leah Atkins and Wayne Flint, Alabama: The History of a Deep South State (Tuscaloosa: The Univ of Alabama Press, 1994), p. 231.  24See  Thomas W.  Sims  in  Confederate  Applications  for  Presidential  Pardons, National  Archives Microfilm,  Accessed  through  Ancestry.com.  25U.S. Pardons Under Amnesty Proclamations, Thomas W. Sims.   Accessed through Ancestry.com  26Confederate Applications for Presidential Pardons, Matthew C. Houston.   27U.S. Pardons Under Amnesty Proclamations, Matthew C. Houston.   28The absence of other surviving notes can be explained by the passage of a  law  in Alabama that made  it  illegal to  issue scrip  effective December 19, 1862 and all previously issued scrip must be redeemed by April 1, 1863.   Higher valued notes would have  been  redeemed while  lower valued notes  such as  this 10 cent note could be kept as a  souvenir at  little  loss.   See Bill Gunther,  “Alabama’s Illegal Scrip of 1963 and a Rosene Update,” Paper Money (January/February 2013), pp. 20‐30.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 208 Whitman Encyclopedia of Obsolete Paper Money The seventh volume of Q. David Bowers’s multiple-book Whitman Encyclopedia of Obsolete Paper Money studies in great detail the bank notes of Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Tennessee, and Texas. Bowers gives historical narrative for every town, city, and bank involved in producing notes in these states from 1792–1866; note-by-note values in multiple grades, current rarity levels, significant auction results, and other market data based on ongoing research; full-color images, and more. Volume 7 is the second on the South Atlantic states; one more volume will complete the region. Earlier volumes studied New England in similar detail, and subsequent volumes will cover the Mid-Atlantic and Midwest states. To order, please call toll-free: 1-800-546-2995 Online: www.whitman.com Email: customerservice@whitman.com Mention code V7 at checkout to receive FREE SHIPPING Offer valid through 07/31/2016 736 pages • Hardcover $69.95 Available June 2016 Don’t Forget to Catch Up on Previous Volumes TODAY! Volume 1 $39.95 An Introduction for Collectors and Historians Volume 2 $49.95 New England, Part 1: Connecticut, Maine, and New Hampshire Volume 3 $69.95 New England, Part 2: Massachusetts, Book 1 – Abington to Greenfield Volume 4 $69.95 New England, Part 2: Massachusetts, Book 2 – Hallowell to Yarmouth Volume 5 $69.95 New England, Part 3: Rhode Island and Vermont Volume 6 $69.95 South Atlantic, Part 1: Florida, Georgia, North Carolina and South Carolina Volume 7 Covering Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Tennessee, and Texas O BSO LET E PA PER M O N EY WHITMAN ENCYCLOPEDIA OF INTRODUCTION 1 The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. Over the course of these decades more than 3,000 state-chartered banks issued their own paper money. In this magisterial set of standard references, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every state, every town and city, and every bank that issued this uniquely American currency. Each note is studied, and thousands are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a project of grand scope, a gathering of stories about our nation—from small town to big city, from the early days following the Revolution to the tribulations of the Civil War. It paints a beautifully detailed landscape of America and its early money. Volume 1 is the beginning of the journey: an introduction to obsolete paper money and an overview of the hobby. “Bowers’s accomplishments in the field of numismatics are legendary. Every serious collector and dealer of obsolete paper money will find this vital reference the backbone to his or her collection or business.” --- C. John Ferreri, numismatic researcher and historian Inside volume 1: Collecting and enjoying obsolete bank notes • The anatomy of a bank note • Banks and notes, 1782–1866 • Bank-note engravers and printers • A study of vignettes and ornaments • Counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index $39.95 / $43.80 Canada Volume 1: An Introduction for Collectors and Historians An Introduction for Collectors and Historians FOREWORD BY C. JOHN FERRERI O BSO LET E PA PER M O N EY WHITMAN ENCYCLOPEDIA OF New England, Part 1 Connecticut, Maine, and New Hampshire 2 The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 2, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every town and city, as well as of every bank that issued this uniquely American currency in the New England states of Connecticut, Maine, and New Hampshire. Each note is studied, and thousands are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 2 is an immersion in the life of New England and our nation from the Revolution to the Civil War. More than 140 towns and cities, 300-plus banks, and nearly 6,000 individual notes Volume 2: New England, Part 1: Connecticut, Maine, and New Hampshire New England, Part 1: Connecticut, Maine, and New Hampshire FOREWORD BY FRED REED $39.95 / $43.80 Canada Inside volume 2: How to use this book • The obsolete bank notes of Connecticut, Maine, and New Hampshire, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index “Destined to become a landmark event in the unfolding history of U.S. paper money collecting. These works should be on the shelves of our institutions of higher education and in historical societies of all the states covered.” --- Fred Reed, editor, Paper Money Magazine ZT40078-0314 FOREWORD BY ANNE E. BENTLEY New England, Part 2: Massachusetts, Book 2 Hallowell to Yarmouth 74 towns and cities from Hallowell to Yarmouth, 162 banks, and 4,500 individual notes Volume 4: New England, Part 2: Massachusetts, Book 2 Hallowell to Yarmouth $69.95 / $76.59 Canada Printed in China The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 4, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every bank that issued this uniquely American currency in the New England state of Massachusetts, from Hallowell to Yarmouth (volume 3 covers Abington to Greenfield). Each note is studied, and more than 800 are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 4 is an immersion in the life of New England and our nation from the Revolution to the Civil War. “A new and eagerly awaited series, the Whitman Encyclopedia of Obsolete Paper Money is a treasure trove of information, vivid illustrations, and key data illuminating the wonderfully decorative and colorful currency issued by American banks from 1782 to 1866.” — Anne E. Bentley, curator, Massachusetts Historical Society Inside volume 4: How to use this book • The obsolete bank notes of Massachusetts, from Hallowell to Yarmouth, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index O BSO LET E PA PER M O N EY New England, Part 2 Massachusetts, Book 2 Hallowell to Yarmouth 4 WHITMAN ENCYCLOPEDIA OF Cover_ObsoletePaper_V4.indd 1 10/13/14 9:30 AM FOREWORD BY MICHELE ORZANO New England, Part 3: Rhode Island and Vermont 104 towns and cities, 267 banks, and 5,044 individual notes Volume 5: New England, Part 3: Rhode Island and Vermont $69.95 / $87.81 Canada Printed in China The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 5, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every bank that issued this uniquely American currency in the New England states of Rhode Island and Vermont. Each note is studied, and more than 1,300 are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 5 is an immersion in the life of New England and our nation from the Revolution to the Civil War. “ These volumes provide collectors, both seasoned and new, with vital information, as well as many adventures, whether by armchair, bourse floor, or auction catalog.” — Michele Orzano, Senior Editor, Coin World Inside volume 5: How to use this book • The obsolete bank notes of Rhode Island and Vermont, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index O BSO LET E PAPER M O N EY New England, Part 3 Rhode Island and Vermont 5 WHITMAN ENCYCLOPEDIA OF Cover_ObsoletePaper_V5.indd 1 3/3/15 9:46 AM O BSO LET E PA PER M O N EY WHITMAN ENCYCLOPEDIA OF New England, Part 2 Massachusetts, Book 1 Abington to Greenfield 3 $69.95 / $76.59 Canada Printed in China The Whitman Encyclopedia of Obsolete Paper Money is a multiple-volume study of currency issued by American banks from 1782 to 1866, before the modern era of National Banks and the Federal Reserve. In volume 3, the “Dean of American Numismatics,” Q. David Bowers, has compiled decades of research from 18th- and 19th-century bank reports, contemporary newspapers, and other primary sources. He gives the history of every bank that issued this uniquely American currency in the New England state of Massachusetts, from Abington to Greenfield (volume 4 covers Hallowell to Yarmouth). Each note is studied, and more than 700 are pictured in full color, with information on grading, rarity, values, significant auction results, advice for collectors, and more. The Whitman Encyclopedia of Obsolete Paper Money is a monumental work. Essential for collectors, it is equally valuable for American historians. Volume 3 is an immersion in the life of New England and our nation from the Revolution to the Civil War. Inside volume 3: How to use this book • The obsolete bank notes of Massachusetts, from Abington to Greenfield, including Proofs, remainders, and uncut sheets, and counterfeit, spurious, and altered notes • Glossary • Bibliography • Detailed index “ . . . a host of interesting stories about the banks, their notes, and the era they represent. This encyclopedic series is designed not just for specialists and collectors of paper currency, but also for all who enjoy learning more about various aspects of our nation’s financial history. . . .” — Anne E. Bentley, curator, Massachusetts Historical Society 51 towns and cities from Abington to Greenfield, 169 banks, and 3,945 individual notes Volume 3: New England, Part 2: Massachusetts, Book 1 Abington to Greenfield New England, Part 2: Massachusetts, Book 1 Abi g on to Greenfield FOREWORD BY ANNE E. BENTLEY Cover_ObsoletePaper_V3.indd 1 10/13/14 9:31 AM Citizens National Bank of Weatherford by Frank Clark The founder of this bank was James Robertson (J.R.) Couts.  He was a native of Tennessee and in  the  mid‐1850s,  he  slowly  moved  his  family  to  Texas.   The  birth  of  his  daughter  Mary  occurred  in  Lawrence County, Arkansas  in July 1856.  The Couts family eventually settled  in Weatherford  in Parker  County in 1858 when J.R. was 25 years old.  Couts served with the Texas Frontier Guard during the Civil War as Weatherford was very close  to the edge of civilization.  Parker County is the county immediately to the west of Tarrant County where  Fort Worth is located.  Weatherford is the seat of Parker County.  After the war, Couts undertook a long cattle drive to California and returned  to Weatherford in  1868 with $50,000 in gold.  He formed a banking partnership with John A. Fain, which was named Couts  and Fain Bank.  It was located on the courthouse square.  Fain would leave the partnership in 1871 and was replaced by W.E. Hughes.  The bank  was  now  known as Hughes, Couts and Company.  Hughes only stayed until 1873 and  the new partner was one  Henry Warren.   The  bank was  now  known  as  either  J.R.  Couts  and  Company  or  as Henry Warren &  Company as  two different sources each state a different name.  Perhaps  the name depended on who  was  in charge  that day.  Anyway, Warren  left  the bank  in 1882 and Couts  then applied  for a national  bank charter. The charter was granted on June 10, 1882 and the name of the bank was changed to the  Citizens National Bank, charter number 2723.  The bank built a  two‐story  stone building on  the  corner of  the  courthouse  square and North  Main Street in 1885.  The bank expanded into adjacent buildings over the years. Remodeling in the late  1980s restored the original stone building and doubled the overall size of the banking house. Its address  is 101 N. Main Street.  Today the bank is under the First Financial Bank, National Association umbrella.   The bank was chartered shortly before the end of the First Charter Period. It issued only the $10  and $20 denominations during the National Bank Note era.  The note types the bank  issued were First  Charter Series of 1875, Third Charter Red Seals, Date Backs, and Plain Backs, and Series 1929 Type 1 and  2  notes.   The  Citizens  assumed  by  consolidation  the  non‐note  issuing  Parker  County  National  Bank,  charter number 12762, on December 6, 1927.  Couts would go on to eventually become the wealthiest man in Parker County.  At one time he  owned about 24,000 acres  in Parker and  the  surrounding  counties.   Mr. Couts daughter, Mary Couts  Burnett, bequeathed her $3,000,000 estate to Texas Christian University in December 1923.  The funds  were used to build the Mary Couts Burnett Library.  Several officer pairings through the large size years of National Bank notes for the Citizens were:  1885 President J.R. Couts, Cashier W.F. Altfather;  1894 President J.R. Couts, Cashier A.N. Grant;  1901 President J.R. Couts, Cashier G.A. Holland;  1909 President G.A. Holland, Cashier J.O. Tucker;  1927 President G.A. Holland, Cashier Couto Holland.  There were  two officer  tandems during  the  small  size National  era.  The  first Type 1 officers  were  President  G.A.  Holland  and  Cashier  J.S.  Campbell.   The  second  Type  1  and  Type  2  duo  was  President Fred Smith and Cashier J.B. Witherspoon.  The  first note pictured  is a Series 1875 $20 Friedberg 435 with the  faded penned signature of  President J.R. Couts and the clear penned signature of Cashier A.N. Grant.  The second note  is a Series  1902  Plain  Back  $20  Friedberg  650  with  bold  purple  rubber  stamped  signatures  of  President  G.A.  Holland and Cashier J.O. Tucker.  The linen postcard depicts an aerial view of Weatherford and an arrow  marks the location of the Citizens National Bank.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 210 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 211 The Extraordinary First Ten Years of Micro Back 637 by Jamie Yakes The purpose of this article is to document the untold story of $5 micro back plate 637 during the 10 years between the day it was begun on January 24, 1935, and when it was finished as a printing plate on November 10, 1944. Plate 637 spent most of its life as a master electrolytic basso from which it and its clones, known as altos, and some bassos made from those altos, fathered all the small-size 12-subject $5 back plates made between 1935 and 1951. As such, it was the single most important plate of its era. The design it carried was rendered obsolete in 1951 when back plates with narrower designs began to be made. Recent research1,2 has chronicled the salvaging and use of plate 637 as a printing plate between 1944 and 1949. During that time sheets printed from it were mated with a host of $5 silver certificate, legal tender and Federal Reserve note faces to produce a plethora of rare mule and non-mule varieties. Two numbers are assigned to currency plates. The plate number is found in the margin of the sheet and is trimmed away before sheets are sealed and numbered. The plate number for 637 was 1442 (Fig. 1). It was from a set of sequential numbers that originated in 19293 and threaded through all small-size back plates for $5s and higher denominations. The other number is the plate serial number, which was from a running sequence of numbers assigned to the backs of a particular denomination. Those sequences also were initiated in 1929, and began at 1 for all denominations. Plate serial numbers are not etched into a plate until it is finished as a printing plate, so 637 never appeared on plate 1442 until 1944, almost ten years after it was made. Uniform back plate 1442 was one of eight $5 new-gauge electrolytic bassos made in December 1934 and January 1935 from two altos lifted from $5 new-gauge steel master plate 1427. Let’s sort out these terms. Figure 1. Uniform $5 back plate 1442--better known to collectors as $5 micro back plate serial 637. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 212 Figure 2. Plate serial number 637 was not etched into the subjects of basso 1442 until it was finished as a printing plate in 1944. The vast majority of small-size currency plates were made by electrolytic deposition of metal onto some type of mold.4 The technology was invented in 1911 and perfected by George U. Rose, Chief of the Engraving Division at the BEP. By 1924 electrolytic deposition had supplanted traditional steel-roll transfer for most plate production.5 By the 1930s, steel-roll transfer was primarily used to make steel master plates. That process began with an intaglio die, a flat piece of steel containing reverse-reading intaglio image of the face or back of a note. A soft steel cylinder was rocked over the die under great force, which caused the steel in the roll to pick up the image. That image stood in relief on the roll. The roll was hardened and then used to transfer the image 12 times to a flat steel plate to create a 12- subject intaglio plate. This master then served as the mold used in the electrolytic process. The steel master plate was submerged in electrolytic solution where nickel was deposited onto its surface. The nickel object, called an alto, was separated from the master plate whereon a mirror image of the steel intaglio plate stood in relief on its surface. The alto in turn served as a mold upon which a thin layer of nickel and subsequent thicker layer of iron were deposited. This object, called a basso, was separated from the alto and was a perfect replica of the steel master plate. Bassos went two ways. Plate serial numbers could be etched onto each subject to produce a printing plate, or they could be left as is to serve as a master from which altos could be made (Fig. 2). The advantage of nickel-iron master bassos over steel master plates was that nickel altos separated from bassos more readily than from steel masters. By 1928, sheet spoilage had become a serious problem for plate printers because of tight margins on finished sheets created by the narrow vertical separations between the subjects on printing plates. The BEP resolved this in 1934 by increasing the vertical separations between subjects, on what were called new- gauge plates. This change required production of new steel masters, which commenced with production of a new-gauge $1 steel master face in July. The change for $5 backs came on October 26, when the BEP started $5 new-gauge steel master back plate 1427 using the $5 roll lifted from the original back die in 1928. Each subject impressed on 1427 was spaced slightly farther apart in the vertical direction to create wider margins on the printed sheets. Plate 1427 was used to prepare electrolytic altos 1216 and 1217 in early December. Later that month, the BEP used those altos to make bassos 1430, 1431, 1434, 1435, 1440 and 1441. Bassos 1431, 1434, 1435 and 1441 were certified as printing plates in January 1935, respectively as backs bearing plate serial numbers 632, 633, 634 and 636. Then, on January 31, steel master 1427 was certified as plate 630, thus ending its use as a master plate. Bassos 1430 and 1440 had been held back in order to serve as masters, and were used to make altos 1220 through 1226 in December 1934 and January 1935. Afterwards 1430 and 1440 were deemed defective and canceled. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 213 On January 24, 1935, the BEP prepared electrolytic bassos 1442 and 1443 from altos 1216 and 1217. Basso 1443 was certified as back 638 in February. Basso 1442 was assigned all- important plate serial 637, and began service as the sole $5 master electrolytic basso for making $5 altos for the next eight years. Serial number 637 was not etched into each subject on the plate at this time. The first altos made from 1442 were 1228, 1229 and 1230 in March. The first production plate made from one of those altos was basso 1447 started on July 9 from alto 1230, and certified as back 642 on July 17. Basso 1442 ultimately spawned 37 altos during 15 production cycles through 1943 (see Table 1). These altos were the molds used to prepare all the $5 backs produced from July 1935 through October 1944. Many were prepared in the first few months of each fiscal year, which began July 1. The largest group was made in September 1942, coincident with the initial North Africa and Hawaii printings. Table 1. $5 Altos Prepared from $5 Master Back Basso 1442.  Date Made    Alto Numbers          March 1935    1228, 1229, 1230  July 1935 1241, 1242  1936    1276, 1277, 1281, 1283, 1291  March 1937    1333, 1340  July 1937 1372, 1373  August 1937    1374, 1375, 1376  December 1937   1377, 1378  January 1938    1379, 1380  July 1938 1437, 1440  August 1939    1442  August 1941    1468, 1469  July 1942 1476, 1477  September 1942  1481, 1482, 1483, 1485, 1487, 1489  September 1943  1510  October 1943    1511, 1512  The last altos made from basso 1442 were completed in October 1943. The BEP started producing altos from two new electrolytic bassos in 1944. Those two bassos were fathered from altos made from 1442. Bassos 3724 and 3813 were made in July and November, respectively, and were used to make altos 1565 through 1575 from October through December. Basso 3724 was finished as plate 1691 on December 5. Basso 3813 became the new $5 master basso, and was eventually canceled in 1955. Basso 1442 was retired from duty as a mold for altos, but salvaged as an economy measure and certified on November 10, 1944 as a production plate. Plate serial number 637 was etched into each of its 12 subjects using micro-size numerals similar to those used on plates finished prior to January 1938. The remarkable plate entered service on June 23, 1945, and produced a steady stream of scarce to rare mule and non-mule varieties until June 2, 1949. They have long been recognized and revered by numismatists owing to the distinctive micro-size 637 plate serial number. Notes ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 214 with that back plate serial stuck out like a sore thumb against contemporary notes having macro- size four-digit serial numbers. Back 637 met its demise when canceled on June 14, 1949, an amazing 14 years after it was made. No other plate in the history of U.S. currency is known to have had a more varied life. The legacy of master basso 1442 is vast. Its altos fathered more than 1,000 $5 back plates between 1935 and 1944. Master bassos made from those altos fathered another 500 plates between 1944 and 1951. All told, production of nearly 1,500 $5 back plates can be traced to basso 1442. The last basso made from altos produced directly from basso 1442 were bassos 3783 and 3784 on October 23, 1944. Both were certified as printing plates, respectively, with serials 1692 and 1693 on November 5 and 10. Over the next few years they were logged out to press where ironically they served alongside their father. Sources Cited 1. Huntoon, Peter, and Yakes, Jamie. "Salvaged Plates: Late-Finished and other Exotic Plates Explained." Paper Money 52, no. 6 (2013, Nov/Dec): 427-437. 2. Huntoon, Peter. "The Enduring Allure of $5 Micro Back Plates 629 and 637." Paper Money 54, no. 5 (2015, Sep/Oct): 304-326. 3. Huntoon, Peter. "There were two sets of early small-size back plates." Bank Note Reporter 34, (2015, Aug): 26, 32, 34, 36, 38. 4. Huntoon, Peter. "Invention and Evolution of Electrolytic Plate Making at the Bureau of Engraving and Printing." Paper Money 55, no. 1 (2016, Jan/Feb): 4-17. 5. Ibid. Sources of Data U. S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s. Volumes 21 and 116. Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 215 U n c o u p l e d : Paper Money’s Odd Couple Uncoupled Indeed Joseph E. Boling Fred Schwan Fred and I are going different directions this issue. I don’t spend all of my time pursuing fraudulent notes coming from Warrington, England. Below I discuss a pair that apparently has originated in the US Midwest. Herein hangs a tale.... Last summer at the ANA World’s Fair of Money® in Rosemont, a collector friend asked me to look at a note he had recently purchased on eBay. It was a crude replica of the POW camp chits from the Taiwan camp complex operated by the Japanese military during WWII. The original notes are printed on light paper, with Japanese on one side and English on the other, and are authenticated with a Japanese signature seal (called a han in Japanese). The serial number and han can appear on either side of the note, but not both (see figure 1, (below left) which shows face and back of two notes). My friend’s piece is typed in a hand-drawn box, with somewhat smaller dimensions than the originals used, on paper with a horizontal wavy line watermark (supplemented by parallel vertical lines 20mm apart). Boling Continued on page 219 This month we are touching on some obscurities. What is obscure to one can be a core collecting area to another, but I think Joe has hit the nail on the head with the Kume Shima chits in terms of obscurity. I am not as sure with my choice—MPC coupons. Military payment certificates (MPC) are now relatively well known among American paper money collectors. Many, perhaps even most, have never owned or handled an MPC, but they at least know what they are. Of course that was not the case over forty years ago when I started collecting the stuff. I call that progress, but we still have work to do! I am going to discuss MPC coupons. If you say "what (the heck) are those?" then I have also made a good choice. If you say "I love those!" I will be surprised, but still hope that I might have a little something for you. The restrictions on MPC use that are printed on the certificates state that MPC may be used “only in United States military establishments by United States authorized personnel in accordance with applicable rules and regulations.” It has generally been interpreted that this meant that use was restricted to United States military personnel. We now know that this is not correct. Various allied personnel also have used MPC. Such use of MPC was first documented in the 1970s when MPC coupons were discovered. We have been able to gather substantial information regarding the use of MPC by allies in Korea, Germany, and Vietnam. We are interested in Vietnam today. We will discuss the other areas and allies at another time, but I ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 216 Korean 10ɇ would be happy to hear from you now if you have any information on such MPC use. President Lyndon B. Johnson’s public call on 23 April 1964 for “more flags” to come forth to support a beleaguered friend signaled the growing need of allied assistance for South Vietnam. In a similar move that month, the Ministerial Council of the Southeast Asia Treaty Organization issued a communiqué declaring the defeat of the Viet Cong essential to southeast Asia’s security, and underscoring the necessity for SEATO nations to fulfill their treaty obligations. In January 1965 the United States became more actively engaged in the war in Vietnam. By August it was necessary to introduce MPC in Vietnam. The search for more flags was intensified. Gradually, the United States also began to seek combat units. To erase the conception that the Vietnam war was purely an American undertaking supported only by non- Asians, more effort was placed on increased free world support, especially from nonaligned countries. An interesting group of countries eventually participated in Vietnam. They were (with peak strength in parentheses): Australia (7,672), Korea (50,003), Thailand (11,586), New Zealand (552), the Philippines (2,020), Republic of China (31), and Spain (13—yes, 13 personnel). We know that Australian, Korean, and Thai soldiers used MPC. It is very likely that New Zealand forces also used them. It would be very interesting to know if the Chinese and Spanish personnel used MPC, but the numbers are so small that such use would be little more than a footnote. One result of the various agreements was that allied soldiers would be able to use military payment certificates. Not only could the allied soldiers use MPC, but they also could use the various club and exchange facilities. Eventually, some of the allies became involved in large-scale black market operations. By selling exchange merchandise such as refrigerators and electronics on the black market for MPC available there (at substantial markups), they could return to the exchange and buy even more merchandise, making a nice profit on every round trip. By 1969 most of the problems centered on the Korean and Thai soldiers. Cultural factors were probably involved, but the overriding factor was numbers. These contingents dwarfed the others. In 1969 United States finance officers negotiated a new control system to be used by Korean and Thai soldiers. Under this plan, coupons would be paid to the Korean and Thai soldiers along with a like amount of MPC. Then the soldiers would have to pay for merchandise and services with MPC and a like amount of coupons. Since the coupons were not available from black market buyers, the soldiers could not make more than one round of purchases at the exchange until they were paid again the following month. This quickly reduced the amount of merchandise passing into unauthorized hands. The coupons were essentially identical in function to MPC and somewhat similar in appearance. They were printed by the United States Navy printing facility on Guam without significant security features. MPC coupons were not reported in any numismatic literature until about 1975. Don Terrill collected MPC. He also lived in Korea and was interested in Korean paper money. He found an unusual and unknown piece of paper money that looked something like MPC. An article was subsequently published in the Bank Note Reporter. An army finance officer read the article, knew what the mystery piece was, and shared the information. He had been one of the finance officers who had worked on the coupon project in 1969! He reported the details that we have today. Although more pieces have been found, very little additional information has been found and many questions remain. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 217 Acceptance by the collecting community since the first reports has been slow. The coupons are listed under Korea and Thailand respectively in the Standard Catalog of World Paper Money, but have not been recognized in catalogs of United States paper money that list “traditional” MPC. Of course they are listed in my own Comprehensive Catalog of Military Payment Certificates (4th and earlier editions). In my view, these coupons are essentially MPC and will continue to gain in popularity with MPC collectors. Coupons, just as MPC, were issued in denominations 5¢ through $20. There were three series of Thai and four series of Korean coupons. Collecting coupons is wonderfully challenging. Coupons are much more difficult to locate than “traditional” MPC. Indeed, no complete collection has been assembled and a few of the issues are not reported in any collection! We have learned much about MPC coupons since 1975, but still have much to learn. In spite of the still relatively limited amount of information that we have on these issues, I could ramble on about the seven issues enough to fill a column on each, but I doubt that I could get that idea past Joe. Additionally, each of those articles would mostly be pleas for help, so I will cover them all in one big plea—please help us with any information that you might have! I will show you some of the coupons to whet your appetites. Footnote from Joe: I know of no contemporary counterfeits of MPC coupons, but color copies have been made (and slabbed) for collectors. Originals are line lithography; copies are closely-spaced dots. Buy and use a 20x magnifier. Thai 25ɇ Thai 5ɇ Thai Series 3 - 5c Genuine Inkjet Thai Series 3 - 10c Genuine Inkjet ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 218 Boling Continued: The text is from a real typewriter, not a digital print using a pica font. The box was originally blue, and was then overlaid in black with an unknown instrument that appears to be an artist’s graphite or charcoal pencil. The serial number is handwritten in blue ink that diffused into the paper. The most curious aspect of the piece is that the authenticating han is applied in blue, not the standard vermilion of universal use in the Far East. There is another blue han on the back of the piece, which is further decorated with graffiti in the form of Chinese characters drawn in pencil by an un-expert hand. See figures 2 and 3 below. Within the month the same eBay seller had another piece of similar appearance listed as a buy-it-now-or-best-offer lot. It was titled “JAPAN WW II POW CAMP 1 YEN P.O.W. CANTEEN TICKET (VERY RARE).” I made an offer and bought it. It is somewhat different in size (the box is 6.5mm taller), and on paper with strong vertical screen lines. The typing and drawing are the same as on the first piece, and the same two han appear on the face and back. See figures 4 (below) - 6 (fig 6 is back-lit to show the screen pattern in the paper). Figures 5 (upper) & 6 (lower) I could not reach a conclusion about the authenticity of these pieces, because it was possible that they were not intended to be used in the Taiwan camp complex, and notes of other camps have been known to be hand-created. Move forward to November, to the PCDA show in Rosemont. I was offered a typed version of the chit issued by B.A. Caler on Kume Shima during the first months of the occupation of Okinawa. The originals of this issue were typed on a mimeograph stencil and printed using that technology. However, it was possible that individually-typed versions of the chits had been prepared, either as essays or as emergency issues before the mimeo versions were ready. Besides the misspelled word and the out-of-place comma, there were two other things I did not like about the chit—the signature was not at all like the signatures on the mimeographed chits, and the piece had three endorsement han on the back— all in blue. I know it’s hard to sign a stencil and have it look correct, so I could justify that difference, and typos could be expected in a 100% hand-typed hurry. But the blue han jangled. I did not connect them with the POW piece from August. See figures 7-8. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 219 Figures 9-10 I explained my reservations to the seller (a vest- pocket dealer walking the floor) and made a low-ball offer. I was surprised that he accepted it. Figures 9-10 show the Caler-signed chit as issued. The same fellow was at the CPMX show this month. He had another POW chit. I explained that I already had one that had come from eBay, but that I also had bought a Kume Shima chit from him in November. He insisted that it had been one of the POW pieces. When I got home, I pulled out the two pieces and laid them side by side. Behold, the two han from the POW chit also appear on the Kume Shima chit (along with a third one). That automatically condemns both pieces. It is just not possible that two Japanese troops on Taiwan (at least one of them an officer) would be among the civilian laborers hired by the US military government team working on Kume Shima—and that all of them would be using the same blue ink for applying a han. Tonight I got out all the correspondence about the POW chit from last August. The eBay seller told my friend who had brought me the first piece where he had obtained them—it was from the same guy who insisted he had already sold me one. I am not naming names because I consider the eBay seller to be an unfortunate victim, and I don’t know that the vest-pocket seller is actually making these—he may also be a victim. But I can tell you that if you are offered either of these pieces, don’t touch them. Watch also for these han on any kind of emergency issue—even if they appear in the proper vermilion color. Figure 7 Figure 8 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 220 Remember When? Chump Change Loren Gatch How Healthy is Our Hobby? A Cautionary Glance at Philately—Part II  Last issue I began recounting the waning fortunes of stamp collecting, with an eye towards drawing some lessons about our own hobby’s future. While I demurred that I’m no expert in stamps, after that column appeared I received a long and impassioned letter from a reader who does have deep expertise in both stamps and currency. If anything, that reader averred, the situation was even worse than I described. Entire areas of philately have experienced deep price declines, Scott catalog values are increasingly meaningless, and the cumulatively abusive over issues of commemorative and other gimmick stamps have spread rot through the hobby. As I reported earlier, the American Philatelic Society’s new Executive Director, Scott English, was brought in to revive membership. Beginning in October 2015, the APS’s Membership Committee began publishing its findings in the American Philatelist, concluding that the falloff in membership reflected not declining popular interest in stamps, but rather the impact of the transformations wrought by the rise of the internet. With the explosion of online information sources, social media outlets, and online buying platforms like eBay, the traditional APS was simply providing less value to its members than before. Accordingly, the Committee recommended, reversing the organization’s membership declines would entail restoring the relevance of an APS membership in a digital age. Putting its journal and its back issues completely online, seeking to engage members with an enhanced web presence, and reaching out via social media— if these suggestions sound familiar, it’s because they should be: versions of the APS’s measures have been debated and adopted by the SPMC itself. Indeed, the American Numismatic Association is pursuing the same clutch of reforms. Hobby organizations of all stripes seem to be imbibing the same paradoxical message: while the pervasive charms of the digital age threaten these traditional collecting pursuits, only an intelligent embrace of those same digital media will restore them to health. These technological fixes are certainly worth a try. But there may be a hidden danger here. Online information research and purchasing do make pursuing a hobby more efficient and easier. But, by making collectors’ conventions, shows, and clubs less necessary, the internet starves the organizational ecosystems that make collecting a social activity in the first place. Above all, by making collecting easier the new technologies may simply be making collecting less fun to begin with. As a result, our hobbies may be literally dying from boredom. Any optimism about the future must be tempered by the brute fact that falling prices don’t lie. Stamp collecting is in the process of a major downsizing of its collector base and a grinding down of the price levels which that base once sustained. The bursting of the 1970s price bubble seems to have interacted with exogenous shifts in public interest, with particularly toxic consequences. As my correspondent put it, “the sad fact is that young people here in the USA and also in Western Europe simply do not collect stamps any more. Serious philatelists are becoming older and older, and consequently they are dying off.” Interestingly, the “slabbing” of stamps by Third Party Graders (TPGs) has never caught on as it has in coins and currency. For various reasons I consider this practice to be a poisoned chalice. In the long run, TPGs encourage an unhealthy imbalance in favor of investment motives, as opposed to the eccentric and disinterested curiosity that creates the hobbies themselves. And yet: even the most sincere of hobbyists wants to cash out at some point. No hobby can flourish in the face of persistent price declines. This leaves us with a second paradox: the same price rises that motivate the hobbyists also energize the opportunistic investors/speculators whose excesses endanger the long-run enterprise of collecting. And in truth, there’s an awful lot of overlap between those two groups. Ultimately, I would look to how young people are socialized into collecting pursuits to gain a sense for any hobby’s long-term viability. Can kids still begin by filling Whitman albums out of pocket change? Can kids still be enchanted and intrigued by an envelope bearing exotic postage stamps? If not, then these hobbies will need other sources of fresh blood. I suspect paper money collectors skew towards the adult to begin with, partly because face value denominations alone (at least for American currency) raise the budget bar for young collectors. Since currency is simply more ephemeral than coins, the chances of getting the paper equivalent of, say, a Buffalo Nickel in change are nonexistent. In contrast, world currency offers a much greater opportunity for cheap thrills. Every time I see one of those bargain boxes at a dealer’s table, piled up with ratty old exotica, my hearts wishes I could be a child again. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 221 The Obsolete Corner The Utopian Bank by Robert Gill It's almost the middle of the year, and that means "MEMPHIS, HERE WE COME!" Last year was the first time that I was able to attend the Memphis show, and it sure was a blessing for me. Basically, all my paper money dealings are over the internet. But last year, not only was I able to see some long distance friends that I have met before, I was able to put faces to other friends that, up till then, were only voices over the phone or names on an email. What a thrill it is for me to be able to shake a person's hand and see them face to face. And now for the subject of this article. The world of Obsoletes never ceases to amaze me. With the economy like it is, because of hard times, some collectors are having to sell what they have in their collections. There also have been a few major collections dispersed into the market the last couple of years. And, with some, when old grandpa passes away, the family, not being interested in paper, sells his Obsoletes. With whatever the scenario is there continues to be some very nice notes put in auction for collectors to buy. And, as part of those notes, there has been some fabulous and rare sheets for us sheet collectors to go after. In this issue of Paper Money I'm going to share with you a new acquisition to my Obsolete sheet collection. And that is on The Utopian Bank, which was to have been in the Baltimore, Maryland area, in the early 1800s. This fascinating one-note sheet appeared in this year's FUN Auction, which was just this past January. I feel very fortunate that I was able to acquire it. According to the Maryland Historical Society's fine book, Money & Banking in Maryland, "Little definitive information is known on this institution, if it ever was in actual operation. An engraved copperplate, from which the relatively few recorded notes were printed, has been in the collection of the Maryland Historical Society for many years, along with a proof-like impression on thick, soft paper without watermark. Another impression on similar paper watermarked CRAN DOESKIN in double-lined uppercase letters is known. Impressions are also known on thin, hard, unwatermarked paper. Some paper specialists think that the notes were prepared for a Utopian community planned for the Baltimore area which never came to fruition. Others consider that they may have been prepared for a book on the Utopian system, in which there was a resurgence in interest in the early nineteenth century in America. The imprint of the engraver of the plate appears in the lower right corner of the printed note as "J. Sands.sc." John Sands was working in Baltimore as an engraver and copperplate printer between 1824 and 1827, according to city directories." From these dates the engraver was working in the Baltimore area, we have a probable window of time when this little piece of history was printed. During that time, there were some people that believed our country would be better off under a socialistic type system. In my opinion, we are very fortunate that idea never came to be in our great country, but it did pave the way for this little piece of paper to have a history, and therefore a meaning to exist... What a hobby! It seems that as each issue of Paper Money arrives at members' homes, there are always several comments that come to me from paper lovers. So as I always do, I invite any comments to my cell phone (580) 221-0898 or my personal email address robertgill@cableone.net Until next time.... HAPPY COLLECTING. ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 222 Maryland Paper Money: An Illustrated History, 1864-1935 This 348-page hardcover book documents Maryland’s national currency era of banking from 1864 to 1935. Almost 300 photos of surviving notes are shown, including many rarities from the landmark Marc Watts Collection of National Currnecy. “This is a wonderful specialized work on Maryland nation bank and their notes that is destined to be the guidebook for generations to come.” Mark Hotz ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 223 INTERESTING MINING NOTES An Iron Company Note from an Unusual Location by David E. Schenkman The  California  Iron  Company  was  incorporated  in  1879.  The  owners  of  the  new  enterprise, Anson P. Hotaling, E. Judson, a Mr. Fitzhue, and a Mr. Scott, immediately purchased  seventy‐six hundred acres of land at Clipper Gap and started construction of a plant. A modern  blast furnace, modeled after a furnace at a South Chicago steel plant, was completed  in 1880,  and by early the following year the company was mining iron ore and smelting pig iron, most of  which is assumed to have been shipped to iron foundries in the San Francisco Bay area. A new  town was established and, appropriately enough, was named Hotaling.  The  company was  never  profitable,  and  from  the  start was  plagued with  problems,  including defects in construction and equipment design. Then, in 1882, it suddenly met a tragic  end. In an article headlined “Smelting Works Burned,” the September 11 edition of The Topeka  State Journal reported that “yesterday at eleven p.m. the smelting works of the California Iron  Co. caught fire and was totally destroyed. No one was hurt. The fire is supposed to have caught  from gas escaping from the furnace works. Cost about $150,000, loss very heavy.”  A  new  company,  with  different  owners,  rose  from  the  ashes  of  the  fire.  Named  California Iron and Steel Company, it was headquartered at 329 Market Street in San Francisco.  Its  president  was  Egbert  Judson,  while  U.  Seeley,  Jr.  acted  as  superintendent  of  the  plant.  Operations commenced  in 1883, and the company had notes printed which are dated  June 1,  1883. These notes, and the illustrated check, which bears the imprint “E. Bosqui & Co. Lith. S.F.”  and has a neat vignette of the company’s plant, were signed by U. Seeley, Jr.  In addition to the  illustrated five cents note, which I purchased from Lyn Knight’s 2011  Memphis sale, a similar note of ten cents denomination was offered  in a 2008 Lyn Knight sale.  Both are quite rare. The printer’s name does not appear on either note. I am not aware of any  other denominations, although I would be surprised if others weren’t printed. It seems logical to  assume  that  higher  denominations would  be more  apt  to  have  been  redeemed  than  those  having lower values.   California Iron and Steel Company eventually had nearly two hundred employees on the  payroll, most  of whom  built  homes  in  the  new  town. Unfortunately  for  them  the  company,  which, according  to  the 1884 Directory  to  the  Iron and Steel Works of  the United States, was  operating  the  only  furnace  in  the  state  during  that  time,  did  not  survive  for  very  long.  It  operated intermittently for a few years, and is listed in an 1888‐9 directory, but the 1894 edition  of the Directory reports that it is “out of blast since 1886 and not likely to run again.”  With  no  other  businesses  nearby,  employees  either  found  new  employment  and  relocated or remained in the area and made their living by farming. U. Seeley, Jr. is listed in an  1887  San  Francisco  directory  as  a  partner  in  Seeley,  Church,  and  Company,  agents  for  the  Cleveland Twist Drill Company. The era of iron mining in that part of California had come to an  end, but collectors of obsolete notes have a tangible memento of a failed enterprise.  Comments,  questions,  suggestions  (even  criticisms)  concerning  this  column  may  be  emailed to dave@turtlehillbanjo.com or mailed to P.O. Box 2866, La Plata, MD 20646.  ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 224 ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 225 President’s Column May / June 2016 Spring has sprung early this year in New England  – after  last year’s 3 winter’s worth of snow, we need it!  This is the time of year when major and  regional  shows  proliferate  and  people  travel  more to visit others. The Baltimore show kicked  off the season with a strong attendance and lots  of  activity.  Paper  money  people  were  out  in  force at  this  show and  it was great  to catch up  with many of them!  We saw a continued flow of  items to the market, both private and at auction,  and  expect  the  pace  to  pick  up  into Memphis.  The Georgia Numismatic Association (GNA) show  is underway as  I write  this – unfortunately  I am  unable  to  attend  this  year.  But  with  Dennis  Schafleutzel  and Mack Martin’s  leadership, we  have a good run of SPMC paper money activities  including a meeting and exhibit discussions.   The  planning  for  Memphis  is  well  underway – both by your SPMC board as well as  Lyn  Knight  and  his  team.  Call  for  speakers  has  been made by Peter Huntoon and  the deadline  has passed – I’m not going to spill the beans, but  given  the  40th  anniversary,  expect  some  great  talks  and  events!    Some  key  information  has  been  posted  to  the  SPMC  blog  here    http://www.spmc.org/event‐40th‐annual‐ memphis‐international‐paper‐money‐show .    There  has  been  ongoing  speculation  as  to what happens to the Memphis show after this  year. Concern has been expressed about the lack  of  an  airport  hub  at Memphis  by  international  attendees  and  dealers  and  the  cost  of  getting  there  even  for US  residents.  Lyn has not made  any  decisions  as  of  the  end  of March  nor  has  indicated  what  or  when  that  decision  will  be  made.  Stay  tuned.  We  will  work  with  Lyn  whatever his decision to keep up the many great  traditions  of  SPMC  and  even  start  some  new  ones!   REMINDER:  The  SPMC  Breakfast  is  planned  for  Friday  morning,  June  3,  at  the  Crowne  Plaza  across  the  street  from  the  convention  hotel  (Sheraton)  in  downtown  Memphis.  Like  all  SPMC  breakfasts,  this  promises  to be a  lot of  fun and a great  time  to  catch  up  with  old  and  new  friends.  We  are  looking into something special for the tickets – a  real  collectors’  item. We expect a  lively awards  ceremony and raffle as usual as well!  Tickets are  discounted  to  $20  through  May  1st  and  more  information  including  online  purchase  of  the  Breakfast  tickets  may  be  found  at  http://www.spmc.org/products/ticket‐55th‐ anniversary‐breakfast‐memphis‐2016 .  Shawn  Hewitt  continues  to  do  a  great  job with  the web  site.  A  feature which  is  now  being  used  quite  heavily  is  the  calendar  of  events  –  a  handy  guide  to  upcoming  events  of  interest to paper money collectors.  You can find  it here  https://www.spmc.org/calendar  . The  SPMC Journal is now available to be downloaded  from  the  SPMC  web  site  by  SPMC  members  which makes it even easier to use and learn from  the  goldmine of  information.  You  can  view  the  Journals here  https://www.spmc.org/journals   Select the edition you want to peruse and in the  upper right hand corner is a download link.   Benny  Bolin  continues  to  shepherd  the  SPMC Journal to new heights. We are using color  in  more  place  where  appropriate  and  cost  effective.    We  have  a  nice  range  of  articles  –  though more on colonial, Confederate and  large  size  type  notes  would  be  a  good  thing.  Advertising continues to help pay for the journal  and  is  an  effective  way  to  reach  fellow  collectors.  Advertising  is  also  available  on  the  web site.   The obsolete database user  interface  is  finished – a challenging project – one that Shawn  and team have given a great deal of effort to get  right  and  easy  to  use.  State  experts  are  now  loading  data  up  into  the  new  database.  Shawn  plans to create some instructional videos to help  people  learn  how  to  do  this  as we  expand  the  audience  to  the  full  membership  when  ready.  Stay tuned – this will be exciting!  Have a great numismatic Spring!  Pierre Fricke ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 226 Editor Sez Kaboom goes the Car! I was filled with excitement as I had just finished doing one of my all time greatest passions, setting up a currency exhibit, this one at the Dallas ANA. Being that it was rush hour, I decided on an alternate route to get out of downtown which would take me past my former employer of 32 years, Baylor University Medical Center. I was just chilling and listening to the radio, when all of a sudden out of the corner of my left eye I saw a flash of blue and then the terrible KABOOM. I went flying to the right up on the curb and was now sitting in the same lane I was originally in but 180o around looking at now on-coming traffic! The initial shock knocked the breath out of me and as a loooooong time trauma/ER nurse, I was thinking of all the things that were probably wrong with me! But, my breath returned and I decided I did not need an ambulance (yes, I walked across the street to the ER that I was once the director of)! Fortunately for me, the only witness who stayed around to offer any form of help was the DPD office who saw the whole thing and wrote the report— insurance couldn’t argue with the facts with this one! It turned out I was not seriously injured, but my chest muscles and cartilage was bruised from the force of the impact so for three weeks, I had to sleep in a chair and oh wow—was sneezing fun! I am now almost fully recovered but it was quite the trauma so if I have not responded to you lately that is probably why! Now, on to bigger and better things. MEMPHIS and the IPMS! Plan on joining us there. There will be a lot of fun, buying of cool notes, selling others, great exhibits and a wonderful educational series coordinated by Peter Huntoon! Also, this is a special Memphis—the 40th anniversary! If you want to support the SPMC, think about donating an item to the Tom Bain raffle. This is always a highlight as the world’s pre-eminent emcee and overall good guy, Wendell Wolka will take you on an hour long journey where he will convince you to really like Zimbabwe inflation notes and make you anxious to fill your luggage with “suitcase fodder!” We will also be handing out our service, literary and exhibit awards. Some at the Tom Bain breakfast and some at the gathering on Saturday afternoon of the show. We also have a new exhibit award this year, the best one-case exhibit. Also, please vote (short time frame left) for your favorite articles, books and column. The voting ends May 10 so we can get the really expensive plexi-glass and faux gold/silver metal hardware we bestow on the winners. You will notice that this issue is a bit strange in that it is one of the most varied we have done in the way of topics. I am actually running low and need some Large Size, Small Size and National articles. I have some very, very long ones that will probably have to be spaced into two or more issues, so 3-8 page articles are what are really needed. Also, please mark in red font or some way where you want the illustrations to go and send them separately. It is much easier for me to format an article if this is done. Again, on illustrations, save as Jpegs and not Tiffs, or other formats as these are hard to work with and are HUGE! Do you know MPC? If you do you know in September is a special anniversary for it. So, for the July/August issue, I want to have 3-4 articles on MPC! Please help us on this front! Research and write about your passion!!! Finally, I hope you all make it to the 40th IPMS in Memphis June 2-5. If you do, look me up and let’s talk about how you can get an article published Benny Texting and Driving—It can wait! ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 227 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 03/05/2016 - 14481 - 14491 14481 Ron Aubry, (C,), Jason Bradford 14482 Robert W. Likes, Jason Bradford 14483 Jeffrey Hall, (C), Website 14484 Gary Gramm, (C), Jason Bradford 14485 Bryan Reger, (C), Website 14486 Charles Peterson, (C), Website 14487 Richard Miranda, (C), Frank Clark 14488 John Cox, Box (C & D,), Website 14489 Anthony Messier, (C,), Website 14490 David Stevenson, (C), Website 14491 David Killett, (C), Website REINSTATEMENTS 2026 Joe Horka Jr, (C), Website LIFE MEMBERSHIPS LM429 Bob Ayers, (C), Website NEW MEMBERS 04/05/2016 - 14492 - 14497 14492 Jim Ewalt, (C), Jason Bradford 14493 Bradley Thornton, (C & D), Website 14494 W. Lee Mackewiz, (C), Clyde Mackewiz 14495 Dominic Valentino, (C), Website 14496 Kiva Offenholley, (C), Scott Lindquist 14497 Gordon Berger, (C),Website REINSTATEMENTS None LIFE MEMBERSHIPS None See you all in Memphis! ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 228 Collectors Invited! Higgins Museum 2016 National Bank Note Seminar July 27-28 Speakers and topics include: Wendell Wolka: National Bank Notes; McCulloch's Early Insights Lee Lofthus: National Banking Inside the Treasury Frank Potter: The FNB of Harlan, IA (#5207); The Family Story Mark Hotz: "Hotz Off the Press" / Interesting NBN Collection Insights Peter Huntoon: Building Great AZ and WY National Collections Roundtable Speaker and Attendee Discussions Seminar Co-Sponsors This seminar is being organized and produced in Okoboji, Iowa, by the Higgins Museum of National Banking, the event being co-sponsored by the Central States Numismatic Society, the Society of Paper Money Collectors, and the Professional Currency Dealers Association. Seminar Registration Information To register as a participant at the Higgins Museum 2016 National Bank Note Seminar contact museum curator Larry Adams at 712-332-5859, or direct inquiry by e-mail to ladams@thhigginsmuseum.org. The registration fee is just $75, or only $65 for individuals who are members of the co-sponsoring CSNS, SPMC or PCDA organizations. Direct registrations and remittances to the Higgins Museum, 1507 Sanborn Avenue, P. O. Box 258, Okoboji, IA 51355. Overnight Accommodations Information The following are overnight accommodation possibilities in Okoboji, all of which are a mile or less away from the Higgins Museum, for those whose participation requires an overnight: AmericInn Lodge, 105 Brooks Park Dr. (just off U.S. Hwy. 71) 1-800-634-3444 (res.), 1-712-332-9000 (dir.) Arrowood Resort, 1405 U.S. Hwy 71, 1-800-727-4561 (reservations), 1-712-332-2161 (direct) Vintage Block Motel, 1107 Sanborn Ave. (just two blocks from museum), 1-712-332-8040 (reserv. and dir.) Bridges Bay Resort, 640 Linden Drive, 1-800-727-4561 (reservations), 1-712-332-2202 (direct) ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 229 Paper Money will accept classified advertising on a basis of 15¢ per word(minimum charge of $3.75). Commercial word ads are now allowed. Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. Editor does NOT check copy. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are run on a space available basis. Special: Three line ad for six issues only$20.50! Authors can request a free one-time ad. Contact the Editor WANTED: Notes from the State Bank of Indiana, Bank of the State of Indiana, and related documents, reports, and other items. Write with description (include photocopy if possible) first. Wendell Wolka, PO Box 1211, Greenwood, IN 46142 Vermont National Bank Notes for sale. For list contact. granitecutter@bellsouth.net. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. dombongo@earthlink.net WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277-1779; Casebeer@law.miami.edu WORLD PAPER MONEY. 2 stamps for new arrival price list. I actively buy and sell. Mention PM receive $3 credit. 661-298-3149. Gary Snover, PO Box 1932, Canyon Country, CA 91386 www.garysnover.com. FREQUENT PAPER MONEY AUTHOR (Joaquin Gil del Real) Needs a copy of the Mar/Apr 1997 issue of the SPMC journal to complete his collection. Contact me if you can assist in this matter. TRADE MY DUPLICATE, circulated FRN $1 star notes for yours I need. Have many in the low printings. Free list. Ken Kooistra, PO Box 71, Perkiomenville, PA 18074. kmk050652@verizon.net BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Captaincookcoin@aol.com "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available at Amazon.com AhlKayn@gmail.com W A N T E D : R e p u b l i c o f T e x a s “ S t a r ” ( 1 s t i s s u e ) n o t e s . A l s o “ M e d a l l i o n ” ( 3 r d i s s u e ) n o t e s . V F + . S e r i o u s C o l l e c t o r . r e p t e x p a p e r @ g m a i l . c o m $$ money mart WANT ADS WORK FOR YOU We could all use a few extra bucks. Money Mart ads can help you sell duplicates, advertise wants, increase your collection, and have more fun with your hobby. Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page above -- Send payment with ad Take it from those who have found the key to “Money Mart success” Put out your want list in “Money Mart” and see what great notes become part of your collecting future, too. ONLY $20.50 / YEAR ! ! ! (wow) ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 230 Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, amazon.com, floridamint.com, barnesandnoble.com MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 Colonial 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 Small Currency 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 Large Currency 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 Auction 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 Foreign Currency 8 x 5 $32.00 $58.00 $265.00 $465.00 Checks 9-5/8 x 4-1/4" $32.00 $58.00 $265.00 $465.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $82.00 $365.00 $665.00 $1530.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DENLY’S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 See Paper Money for Collectors www.denlys.com DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 info@DBRCurrency.com Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 www.TheHigginsMuseum.org email: ladams@opencominc.com Open: Tuesday-Sunday 11 to 5:30 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards Maryland Paper Money: An Illustrated History, 1864-1935 This 348-page hardcover book documents Maryland’s national currency era of banking from 1864 to 1935. Almost 300 photos of surviving notes are shown, including many rarities from the landmark Marc Watts Collection of National Currnecy. “This is a wonderful specialized work on Maryland nation bank and their notes that is destined to be the guidebook for generations to come.” Mark Hotz. Available for purchase online at lulu.com and www.marylandpapermoney.com ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 231 You are invited to visit our web page www.kyzivatcurrency.com For the past 13 years we have offered a ,good selection of conservatively graded. reasonably priced currency for the collector. All notes are imaged for your review Fractional Currency Collectors Join the Fractional Currency Collectors Board (FCCB) today and join with other collectors who study, collect and commiserate about these fascinating notes. LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALLSIZESTARNOTES OBSOLETES New members get a copy of Milt Friedberg’s updated version of the Encyclopedia of United States Postage and Fractional Currency as well as a copy of the Simplified copy of the same which is aimed at new collectors. Nst ew members will also get a copy of Rob CONFEDERATES Kravitz’s 1 edition “A Collector’s Guide to Postage ERROR NOTES TIM kYZIVAT (708) 784-0974 P.O. BOX 401 WESTERN SPRINGS, IL 60558 e-MAIL: TKYZIVAT@KYZIVATCURRENCY.COM and Fractional Currency” while supplies last. New Membership is $30 or $22 for the Simplified edition only To join, contact William Brandimore, membership chairman at 1009 Nina, Wausau, WI 54403. Buying & Selling • Obsolete • Confederate • Colonial & Continental • Fractional • Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at www.VernPotter.com Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Vern@VernPotter.com Member •PCDA •SPMC •FUN •ANA United States Paper Money specialselectionsfordiscriminatingcollectors Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency StarorReplacementNotes Specimens, Proofs, Experimentals Frederick J. Bart Bart,Inc. website: www.executivecurrency.com (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Bart@executivecurrency.com ___________________________________________________________Paper Money * May/June 2016 * Whole No. 303_____________________________________________________________ 232 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. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. Please visit our Web Site pcdaonline.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention, as well as Paper Money classes at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. The Professional Currency Dealers Association For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: PCDA James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 Or Visit Our Web Site At: www.pcdaonline.com Paul R. Minshull #LSM0605473; Heritage Auctions #LSM0602703 & #LSM0624318. BP 17.5%; see HA.com. 40571 THE WORLD’S LARGEST NUMISMATIC AUCTIONEER DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40 Categories Immediate Cash Advances Available 950,000+ Online Bidder-Members U.S. CURRENCY Platinum Night® & Signature® Auctions To consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, ext. 1001 Two fantastic consignment opportunities. September Long Beach Expo | September 7-10, 2016 | Consignment Deadline: July 18 ANA’s World’s Fair of Money | August 10-12, 2016 | Consignment Deadline: June 20 Fr. 288 $10 1880 Silver Certificate PCGS Gem New 65PPQ Realized $39,950 Fr. 1180 $20 1905 Gold Certificate PMG Gem Uncirculated 66 EPQ Realized $54,050 Fr. 2221-B $5,000 1934 Federal Reserve Note PCGS Choice New 63 Realized $129,250 Fr. 2407 $500 1928 Gold Certificate PMG Gem Uncirculated 65 EPQ Realized $105,750 Fr. 1132-J $500 1918 Federal Reserve Note PMG Choice Extremely Fine 45 Net Realized $44,650 Serial Number 1 FNB Elko, NV $5 1929 Type 1  PCGS Choice About New 55PPQ Realized $58,750