Paper Money - Vol. LV, No. 4 - Whole No. 304 - July/August 2016

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Table of Contents

The Classification of National Bank Titles--Peter Huntoon                  235

The "New Design" of Philippine Banknotes--Carlson Chambliss          261

BEP Currency Overprint Processing Equipment--Ed Zegers                268

How Four People Changed the History of the U.S.--Steve Jennings     272

First Serial Numbers on 1934 Series FRNs--Jamie Yakes                     284

Uncoupled--Joe Boling & Fred Schwan                                                  288

An Historic Momemt in MPC Collection--Boling & Schwan                     292

Interesting Mining Notes--David Schwenkman                                        294

Obsolete Corner--Robert Gill                                                                   296

Chump Change--Loren Gatch                                                                  298

Paper Money Vol. LV, No. 4, Whole No. 304 July/August 2016 Official Journal of the Society of Paper Money Collectors A Fond FAREWELL was bid to Memphis as the host city of the IPMS after 40 glorious years. Get on the bus and join us as we hopefully begin another 40 years of IPMS, starting in Kansas City, MO June 7-11, 2017! All Aboard the Currency Express 800.458.4646 West Coast Offi ce • 800.566.2580 East Coast Offi ce 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916 123 W. 57th Ave., New York, NY 10019 • 212.5822580 • California • New York • New Hampshire • Hong Kong • Paris SBG PM ANA Bid Ad 16.06.10 Showcase Auctions America’s Oldest and Most Accomplished Rare Coin Auctioneer August 9-13, 2016 | Anaheim, CA Stack’s Bowers Galleries invites you to join us and bid in our offi cial auction of the ANA World’s Fair of Money this August in Anaheim, California. Bid on these highlights and more in our o cial auction! Featured Highlights in Our Stack’s Bowers Galleries O cial Auction of the ANA World’s Fair of Money Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola Peter A. Treglia Aris Maragoudakis John M. Pack Brad Ciociola Manning Garrett Dolgeville, New York. $20 1902 Red Seal. Fr. 639.  e FNB. Charter #6447. Serial Number 1. Uncut sheet of (6) Salem, New Jersey. $5 1929 Ty. 1. Fr.  1801-1.  e Salem National Bank & Trust Company. Charter #1326. Serial Number 1. Salem, New Jersey. $100 1865 $100 Original Series. Fr. 454.  e Salem National Banking Company. Charter #1326. Herkimer, New York. $10 Brown Back. Fr. 504.  e Herkimer NB. Charter #5141. Serial Number 1. Fr. 2221-G. 1934 $5,000 Federal Reserve Note. Chicago. PMG Choice Uncirculated 63. New Zealand Serial #1:  “First Banknote Issued by New Zealand Government” Contact Us Today for More Information 800.458.4646 • West Coast | 800.566.2580 • East Coast | Dominion of Canada. $2 1923 Series. P-DC-26a. PMG Extremely Fine 40 Net. Serial Number 1. Signed by Prince Edward. Belfast, New York. $10 Date Back. Fr. 619  e FNB. Charter #9644. Serial Number 1. Military Payment Certi cates. Complete Specimen Booklet of Series 701. SBG_PM_ANA_Bid_160610.indd 1 6/9/16 1:43 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 ( 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. 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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. 4 Whole No. 304 July/August 2016 ISSN 0031-1162 Benny Bolin, Editor Editor Email— Visit the SPMC website— The Classification of National Bank Titles Peter Huntoon ............................................................... 235 The “New Design” of Philippine Banknotes (1985-2013) Carlson Chambliss ....................................................... 261 BEP Currency Overprint Processing Equipment Ed Zegers ...................................................................... 268 How Four People Changed the History of the U.S. Stephen Jennings ......................................................... 272 Small Notes—“First Serial Numbers on 1934 Series FRNs” Jamie Yakes ................................................................. 284 Uncoupled—Joe Boling & Fred Schwan .............................. 288 An Historic Moment in MPC Collecting Joe Boling & Fred Schwan ........................................... 292 Interesting Mining Notes David Schwenkman ...................................................... 294 Obsolete Corner—Robert Gill .............................................. 296 Chump Change—Loren Gatch ............................................. 298 Memphis Highlights ............................................................... 299 President’s Message ............................................................. 304 New Members ....................................................................... 305 Editor Sez .............................................................................. 306 2016 SPMC Board of Governors Meeting Minutes ................ 307 Money Mart ............................................................................ 318 ___________________________________________________________Paper Money * July/Aug 2016* Whole No. 304_____________________________________________________________ 233 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 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 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, .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 or by check/money order sent to the secretary. Pierre Fricke—Buying and Selling Confederate and Obsolete Money!  P.O. Box 1094, Sudbury, MA 01776;;     And many more CSA, Southern and Obsolete Bank Notes for sale ranging from $10 to five figures  ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 234 The Classification of National Bank Titles INTRODUCTION The purpose of this article is to explain how bank titles were presented on large size national bank notes, and how and why the protocol for laying out title blocks changed in 1895. The official definition of a bank title as used by the Comptroller of the Currency was the name of the bank including the name of town, but not that of the state. A blank was provided on the organization certificate where the title was to be written between quote marks printed on the form. The name of the town was duplicated in another blank reserved for the town name. Exactly what was meant by town became a primary concern. Paramount is the location written in script on the left side of title blocks on national bank notes. The Comptroller of the Currency preferentially - but not always - used the script location to specify the postal location of the bank, which in the eyes of the Comptroller served as the best identifier for the place that hosted the bank. The postal location took precedence over all other locations in the title block if you wished to find the bank. In fact the postal location was the only place to find the town on many plates made between 1863 and 1895, and on some made thereafter. Occasionally the bankers failed to include the name of their town within their title or they used a location that was not sufficiently specific. The Comptroller’s clerks would revise the banker-supplied title by appending the appropriate town name to it so that it would meet the legal definition for a title. A two-part protocol was adopted in 1895 for laying out title blocks in situations when the Comptroller’s clerks appended a missing town to a title or when they felt the need to revise the name of the town. 1. The name of the town was inserted above the will-pay line if the town was as supplied by the bankers in the blank for the town on their organization certificate. 2. A revised town name was displayed solely in the script postal location. This arcane protocol turned on who provided the town name, the bankers or the Comptroller’s clerks. Consequently there were lapses in implementing it over the years. Concern over the issue faded after about 1910. HOW TO READ THE BANK TITLE ON A NATIONAL If you want to determine where the bank was located, forget the prominent bank name that screams for your attention with its bold letters on the face of a national bank note. Bypass the tombstone if there is one. Instead focus your attention on the location written inconspicuously in script to the left of the title block. This usually - but not always - was the postal location for the bank. Consequently it is the most reliable place to find the name of the town on a note. In cases where the name in the postal location is not somehow incorporated above the will-pay line, then the postal location takes precedence. It should be appended to the rest of the bank name to arrive at the complete title in order to satisfy the definition of a title as set forth by the Comptroller. Figure 1 is a proof for The Union Stock Yard National Bank of Chicago, charter 1678. Notice that the postal location is Lake. The bankers wanted to be identified with Chicago but their bank was in The Paper Column by Peter Huntoon ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 235 Lake, which at the time had not been annexed by Chicago. Thus the title of this bank was “The Union Stock Yard National Bank of Chicago, Lake.” Of course, deducing the location from most bank titles is simple. Usually the location in the title was identical to that in the postal location. But you never know unless you compare both. Many of the examples that are forthcoming will involve situations where the two are different. These are where the real action takes place and where there is the most to be learned. NATIONAL BANK TITLES A national bank is a legal entity that conducts the business of banking at a specific location - or locations if permitted by state law. It operates under a franchise granted by the Comptroller of the Currency as authorized by Congress. As such it has an official title approved by the Comptroller of the Currency. The formal - legal - definition of a bank title as used by the Comptroller of the Currency during the note-issuing era was: the name of the bank including the name of town, but not that of the state. Bankers had to file an organization certificate when they applied to establish a national bank. This form morphed slightly over time, but always was imperfect because there was ambiguity about how it should be filled out. The final form for the organization certificates used by note-issuing banks contained the following language: First. The title of the association shall be “The __________.” Second. The said association shall be located in the ___________ of __________, county of __________ and State of __________, where its operations of discount and deposit are to be carried on. The title of the bank for the purposes of filling out this form was supposed to be the name of the bank including the name of town, but not that of the state and this information was supposed to be placed inside the quotes printed on the form. The first blank under Second described the location; that is, the word “city,” “town,” “village” or “borough” was to be inserted. This was followed by the name of the place in the next blank. The form led to considerable mischief over the decades. Many applicants did not understand that the town where the bank was located was supposed to be included inside the quotes. Consequently the most common mistake made by subscribers was to omit the town from inside the quotes. IN THE BEGINNING The protocol for placing bank titles on national bank notes used by the Comptroller’s office was to honor the titles provided by the bankers. All titles as found inside the quotes on the organization certificates were placed above the will-pay line on $5 and higher denomination notes and in the space provided on $1s and $2s. Most titles contained the name of the town. The name of the town was then repeated in the postal location written in script adjacent to the title block. This constituted a traditional layout. Extra care had to be exercised if the bankers omitted the name of their town from inside the Figure 1. Notice that the postal location written in script is Lake, which is the town where this bank was located. The bankers desired to be identified with Chicago. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 236 quotes or if the Comptroller’s clerks found the town name that was submitted to be deficient. In cases where the town had been omitted, they would append the name of the town to the title. The source for the town name was the name provided in the blank reserved for a repeat of the town name on their organization certificate. In cases where the town name provided by the bankers was deemed to be deficient, the Comptroller’s office imposed an improved name by appending the improvement to their title. In both of these special circumstances the change constituted a Comptroller-imposed title change. The appended town appeared only in the postal location written in script before 1895. Its inconspicuous placement there did not detract from what the bankers had submitted as their title, which remained unchanged above the will-pay line. The Lake, Illinois, bank was typical for bankers who omitted their town from inside the quotes. They filled out their organization certificate using “The Union Stock Yard National Bank of Chicago” inside the quotes, but entered Lake only in the blank for the town. The clerk who ordered the plate used Lake for the postal location. Ironically as these things go, Lake indeed was the town where the bank was located but Lake didn’t have a post office! An example of a correction to a town name involved “The Millers River Bank of Athol,” which was provided by the bankers on their organization certificate in 1864. Athol was a township that contained the villages of Athol Depot and Athol. The name of the village and post office where the bank was located was Athol Depot. Consequently the Comptroller’s clerks had Athol Depot placed in the postal location on the Original/1875 series notes issued by the bank, technically yielding the title “The Millers River National Bank of Athol, Athol Depot.” Through a quirk, the situation righted itself. In April 1876, the Postmaster General ordered that on July 1st the post office in the village of Athol would be called Athol Centre, and the post office in the village of Athol Depot would become Athol. The Series of 1882 plates were simplified to The Millers National Bank of Athol on instructions from the Comptroller’s office when the bank was extended in 1885. Figure 2. When this bank was organized, the bankers called their town Athol, but Athol was a township whereas the bank was located in the town of Athol Depot. The Comptroller’s clerks ordered the first plates with Athol Depot as the postal location. The name of the post office was changed to Athol in 1876 so the postal location on the Series of 1882 notes reverted to the name originally provided by the bankers. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 237 TOWNS Some bankers felt obligated to provide too much detail in describing the character of their town on the blanks reserved for the repeat of the town name on their organization certificate. You will enjoy the unusual situations that developed. A couple of these examples will reveal that town and post office names didn’t always end up in the script postal location! . The Comptroller’s office usually honored the information provided by the bankers, even when it was imperfect or awkward. One fun example involved “The Peoples National Bank of Brooklyn in New York,” charter 9219. The bankers wrote “Borough” of “Brooklyn, City of New York.” in the blanks reserved for the town. Notice that “Brooklyn, City of New York.” was reproduced verbatim as the postal location on the Series of 1902 notes issued by the bank. Some bankers in Wichita, Kansas, served up a case where the faulty information they provided on their organization certificate was honored as was. They wrote “The Union Stock Yards National Bank” in the “village” of “Union Stock Yards” County of “Sedgwick” State of “Kansas.” The oddity here is that there was no village of Union Stock Yards within Sedgwick County or, for that matter, any provision in Kansas law for the designation of villages within incorporated towns or cities. The bank, charter 9758, was located in Wichita at 702 E. 21st Street inside the Wichita Livestock Exchange Building. Wichita never appeared on any of the notes issued by the bank even though someone at the Comptroller’s office typed “Mail received from City of Wichita, Kansas” on the organization report! Figure 3. “Brooklyn, City of New York” is the most elaborate postal location to appear in a title block on a large size national bank note. The bankers wrote “Borough” of “Brooklyn, City of New York” in the blanks provided for their location on their organization certificate. Figure 4. There was no town or post office named Union Stock Yards in Kansas. The bank was located in Wichita. This is a case where the Comptroller’s office honored the language submitted by the bankers even though it was faulty. Figure 5. The Union Stock Yards National Bank was located in the Wichita Livestock Exchange Building in Wichita. Photo circa 1935. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 238 The organizers of “The Cambridgeport National Bank of Cambridge,” charter 1228, got particularly carried away. In the blanks pertaining to their location they wrote located in the “City” of “Cambridge (in the section called Cambridgeport)” County of “Middlesex” State of “Massachusetts.” Cambridgeport was a residential neighborhood in Cambridge but there was no Cambridgeport post office. Even so, Cambridgeport was used for the postal location on the notes, such that the full title that appeared on the bank’s notes was “The Cambridgeport National Bank of Cambridge, Cambridgeport.” Inconsistencies such as this occurred over the decades because fallible humans were processing the thousands of national bank titles that were passing before them. Post offices usually are named after towns, but many are named after districts within towns. A bank in New Hampshire nicely illustrates a peculiar outcome in this regard. The officers of a bank in Rochester provided the following information on their organization certificate: “The First National Bank of Gonic” located in “the village of Gonic in the town of Rochester.” Gonic, being part of Rochester, had no government but it did have a post office. In this case, Gonic was viewed as the town in the eyes of the Comptroller’s office so Rochester was nowhere to be found on any of the notes issued from the bank. TITLE CHANGES Two types of title changes impacted operating national bank notes: (1) formal changes initiated by the bankers and (2) changes imposed on the bankers by the Comptroller of the Currency to clarify the location of the bank. Bankers had to formally petition the Comptroller for a title change in order to alter either the Figure 6. Cambridgeport is a residential neighborhood without a post office in Cambridge, Massachusetts. The postal location should read Cambridge. Figure 7. Gonic is a village in the town of Rochester that had a post office but no separate government. Although the bankers correctly specified the town as Rochester, the Comptroller’s office viewed Gonic and its post office as the town so Rochester never appeared on the notes issued by the bank. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 239 name of their bank or to update the name of their town, or both. However, there was nothing in national banking law that required them to update the name of their town if the name or spelling was changed by the post office or if the name was supplanted during an annexation. Many wouldn’t in order to save the cost of new plates. This caused heartburn because the Comptroller’s office felt that the information on a note should unambiguously direct the note holder to the bank so he could redeem his note. The only recourse was to impose a town name change. The protocol was to enter the new town name in the postal location. Thus the procedure was identical to that followed when bankers failed to include their town name in their title or when the Comptroller’s office found the name supplied to be deficient. The action constituted a Comptroller-imposed title change. The first of these involved The First National Bank of Yarmouth, Massachusetts (516), where the town was changed to Yarmouth Port beginning with the Series of 1882 plates when the bank was extended on July 25, 1884. A total of a dozen such town name changes were made at the time of extension during the next year under the administration of Comptroller Henry W. Cannon. Then the practice largely ceased with only four occurring at widely scattered times within the Series of 1902. An excellent example involved one of the last, The Birmingham National Bank in Connecticut. The postal location is Derby on the Series of 1902 title block. Derby is the smallest town in Connecticut and Birmingham was a borough within it that comprises what is now the downtown district. The Comptroller’s clerks changed the postal location from Birmingham to Derby on the Series of 1902 notes when the bank was extended in 1905 because Birmingham had been dropped as the name of the post office in 1894. Consequently the full title became “The Birmingham National Bank, Derby” with Birmingham relegated to colloquial status and Derby elevated to town status. Comptroller-imposed town name changes were easy to implement when the charter of a bank was extended. New plates had to be made then so the change could be carried out with minimal bookkeeping effort and without serious imposition on the Bureau of Engraving and Printing. The downside was that there could be a long delay between the time when an old name became obsolete and the bank underwent an extension. The imposition of new town names took a different turn in 1887 when the BEP was instructed by the Comptroller’s office to make a mid-series alteration to the Series of 1882 10-10-10-20 plate for The Tacoma National Bank, Washington Territory. The postal location was updated from New Tacoma to Tacoma after the two towns merged. This constituted a mid-series Comptroller-imposed title change, the first of its kind. Such an action required a more serious commitment because it involved having the Bureau of Engraving and Printing alter or in one case replace the plates for the affected banks. A total of only seven mid-series Comptroller-imposed town name changes were carried out during the next 30 years, all of which are flagged on Table 1. Five involved the Series of 1882 and two the Series of 1902. Figure 8. Notice that the postal location on this Series of 1902 title block is Derby. Birmingham was a borough in Derby that lost its post office in 1894. Derby on the Series of 1902 title block serves as the town name whereas Birmingham is a colloquialism for the downtown area, which was the former borough. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 240 The bankers were not involved when either extension or mid-series Comptroller-imposed town name changes were implemented so the revisions simply appeared on their new notes as a fait accompli. Comptroller-imposed town name changes constitute the most important class of defacto title changes - changes that simply showed up on the notes without banker input. A listing of them appears on Table 1.                     Table 1.  Cases where the Comptroller’s office changed a town name mid‐series or when a bank was  being extended in order to better specify the location of the bank.  The  listing  is arranged  in the order of the effective date of the change.   The new town name was placed  in the postal location on the notes.  Ch. No.  State  Title Submitted by The Bankers  Comptroller  Imposed Town  Name  Series  Event  Effective Date 516  MA  The First National Bank of Yarmouth  Yarmouth Port  1882  1st extension  Jul 25, 1884  595  MA  The Peoples National Bank of Roxbury  Boston  1882  1st extension  Nov 20, 1884  615  MA  The National Rockland Bank of Roxbury  Boston  1882  1st extension  Nov 22, 1884  635  MA  The Bunker Hill National Bank of Charleston  Boston  1882  1st extension  Dec 10, 1884  806  MA  The National Market Bank of Brighton  Boston  1882  1st extension  Feb 3, 1885  926  PA  The First National Bank of Birmingham  Pittsburgh  1882  1st extension  Mar 4, 1885  958  MA  The South Danvers National Bank  Peabody  1882  1st extension  Mar 11, 1885  1035  RI  The First National Bank of Smithfield  Slatersville  1882  1st extension  Mar 21, 1885  1005  MA  The Monument National Bank of Charleston  Boston  1882  1st extension  Mar 30, 1885  1284  RI  The Centerville National Bank of Warwick  Centerville  1882  1st extension  May 6, 1885  1455  MA  The National Bank of South Reading  Wakefield  1882  1st extension  Jun 22, 1885  1616  RI  The Pacific National Bank of North Providence  Pawtucket  1882  1st extension  Jun 28, 1885  2924  WA  The Tacoma National Bank  New Tacoma  1882  mid‐1882‐series  May 12, 1887 645  CT  The Mystic River National Bank  Mystic  1882  mid‐1882‐series  Feb 14, 1899  3125  WI  The First National Bank of Lake Geneva  Geneva  1882  mid‐1882‐series  Apr 19, 1902  3343  NE  The First National Bank of Auburn  North Auburn  1882  mid‐1882‐series  Apr 25, 1902  1183  NH  The Somersworth National Bank  Great Falls  1882  mid‐1882‐series  Aug 27, 1902  1098  CT  The Birmingham National Bank  Derby  1902  2nd extension  Mar 25, 1905  3615  WY  The Albany County National Bank of Laramie City  Laramie  1902  1st extension  Dec 25, 1906  198  PA  The First National Bank of Allegheny  Pittsburgh  1902  mid‐1902‐series  Mar 13, 1909  4073  IL  The First National Bank of Englewood  Chicago  1902  1st extension  Jun 27, 1909  776  PA  The Second National Bank of Allegheny  Pittsburgh  1902  mid‐1902‐series  Dec 20, 1917  2493  NY  The Rondout National Bank  Kingston  1902  2nd extension  Oct 15, 1920          Interest in keeping up with town and post office name changes by means of Comptroller-imposed town name changes at the time of extension or mid-series quickly waned. It became clear that the task would be never ending and administratively burdensome for everyone involved. The practice dwindled to a trickle so only a handful of such changes were made during the Series of 1902. Figure 9. The seriousness on the part of Comptroller of the Currency John Knox to get locations right on national bank notes was revealed in 1883 when his office instituted the first mid-series correction to a postal location to reflect that New Tacoma and Tacoma had merged under the name Tacoma. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 241 SPELLING AND PRESENTATION Tinkering with the spelling and presentation of town names on plates came into vogue in the early 1880s. The Comptroller’s clerks occasionally would alter the spelling or presentation of towns by bringing them into conformity with post office usage. The changes first appeared during the end of Comptroller John W. Knox’s administration on new Series of 1882 plates when existing banks extended their charters. The first affected were the notes for The First National Banks of Laporte, Indiana (377) and Portchester, New York (402). The presentations were altered respectively to La Porte and Port Chester to conform to post office spellings. The plate date on both was February 25, 1883. These types of minor adjustments continued sporadically over the years when charters were extended and new plates had to be made. Usually the change was carried out in all instances of the town name in the title block, but sometimes only in the postal location. GRAMMATICAL FORM OF BANK TITLES There are two broad grammatical classes of bank titles: linked and non-linked. Linked titles refer to those where the bank name ends with one of the prepositions “of” “at” “in” or a comma followed by a location. The presence of the preposition or comma dictated that a location would follow so both the bank name and location appeared above the will-pay line in standard title blocks. Most linked titles had the form “The First National Bank of LOCATION,” but others of a more elaborate character were used. Usually the location was the town, but it could be anything such as a state, county or district within the town. Usually the location appeared in a tombstone. Important is the fact that if the location differed from the town displayed in the postal location, then the bankers had omitted the town from their title and the Comptroller’s clerks had appended it to their title. Non-linked titles didn’t use a preposition or comma to join the bank name to the name of the town. The most common form was “The TOWN National Bank.” Non-linked titles also came in varying degrees of complexity. Many non-linked bank names contained no location such as The American Exchange National Bank. Others sported names other than the town such as rivers, waterfalls, states, counties, districts within the town, etc. The only place you can find the town on the title blocks for such banks made before 1895 is in the script postal location. Figure 10. The desire of the Comptroller of the Currency to get towns right on national bank notes reached new heights when Series of 1882 plates began to be made for extending banks because corrections to spellings and presentations of town names such as this began to appear. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 242 A RARE LINKED FORM Titles like The Marblehead National Bank of Marblehead or The Concord National Bank of Concord sound familiar, yet this form rarely was used. The redundant town was cumbersome. In contrast, its non-linked cousin is very common; specifically, The Needles National Bank. Notice on the accompanying photos how stilted the Concord title block appears in comparison to the more elegant Needles. Figure 11. In a linked title, one of the prepositions “of” “at” “in” or a comma formally joins the bank name to a location. Figure 12. These are non-linked titles. Notice that the name of the town does not follow the bank name above the will-pay line. The only place to find the town when it does not appear in the bank name is to look at the script postal location. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 243 * Figure 13 *Needles-Concord Only 21 banks across the country received notes with such titles. One got such a title by mistake. All are listed on Table 2. Seventeen of them used the linking preposition of. Table 2. List of  issuing National Banks with  titles having  the  form “TOWN National Bank of  TOWN.”  Town  State  Charter  Title  Preposition is of  Gardner  ME  1174  The Gardner National Bank of Gardner  Dedham  MA  669  The Dedham National Bank of Dedham  Waltham  MA  688  The Waltham National Bank of Walthama  Salem  MA  704  The Salem National Bank of Salem  Marblehead  MA  767  The Marblehead National Bank of Marblehead  Concord  MA  833  The Concord National Bank of Concorda  Taunton  MA  957  The Taunton National Bank of Taunton  Northampton  MA  1018  The Northampton National Bank of Northamptona  Fitchburg  MA  1077  The Fitchburg National Bank of Fitchburg  Pittsfield  MA  1260  The Pittsfield National Bank of Pittsfield  Gloucester  MA  13604  Gloucester National Bank of Gloucesterb  Havana  NY  343  The Havana National Bank of Havana  Middleville  NY  11656  The Middleville National Bank of Middleville  Figure 13. Town-of-Town titles (bottom) appear awkward in comparison to their siblings which didn’t use a duplicate of the town. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 244 Piqua  OH  1006  The Piqua National Bank of Piqua  Chillicothe  OH  1277  The Chillicothe National Bank of Chillicothe  Paisley  OR  10432  Paisley National Bank of Paisleya  Laramie  WY  2518  The Laramie National Bank of Laramie  Preposition is in  Durant  OK  13018  The Durant National Bank in Durantb  Wolfe City  TX  13199  The Wolfe City National Bank in Wolfe Cityb  Colorado  TX  13562  Colorado National Bank in Coloradob  Pearsall  TX  13572  The Pearsall National Bank in Pearsall b  a.  Title is used on Series of 1929 notes.  b.  Title is used only on Series of 1929 notes.  Another four used the linking preposition in. All of these came about as a result of a policy adopted by the Comptroller’s office in mid-1917 not to allow the reuse of old titles. All were reorganized successors to earlier banks with the same title, but without a linking preposition. Consequently the preposition in was appended in order to make the new title distinctive. The in group only issued Series of 1929 notes. Pratt’s (1890, p. 136) book of instructions on how to organize a bank warned against such titles. The name of the place in which the bank is to be located should constitute a part of the title. If, for instance, the bank is to be established in Omaha, and the title chosen is “The Exchange National Bank,” the full name should be “The Exchange National Bank of Omaha.” But if the name of the place is selected as the distinguishing part of the title, there is no necessity for repeating the word. Thus, if the title is to be “The Omaha National Bank,” the words “of Omaha” need not be added. They would be entirely superfluous, and would render the title inelegant. The most fun case on Table 2 is The Middleville National Bank of Middleville, New York (11656). The organization certificate listed the correct title as the non-linked The Middleville National Bank. Of was accidentally added along the way on the paper work used to order the Series of 1902 plate, so of Middleville ended up on the notes. The error was spotted when the 1929 logotype plates were made so of was dropped from the 1929 notes. Figure 14. Town-in-Town titles appeared on the notes for only four banks. All were 1929-only issuers that succeeded banks that went under during the great depression with the same title but without a preposition. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 245 Another terrific story revolves around The Laramie National Bank of Laramie, Wyoming (2518). Originally this bank was named The Laramie National Bank of Laramie City. Laramie City was used to distinguish the town from Fort Laramie, 85 miles over the mountains to the northeast. City was dropped from Laramie City after Fort Laramie faded into insignificance after the Indian wars. The bankers applied for a title change to reflect the simplification, which was approved February 8, 1892, but in their haste they failed to drop the preposition of. The result was that the title came out as The Laramie National Bank of Laramie. The bankers inadvertently had backed into the redundancy within their title. Incidentally, Laramie was the surname of a French trapper. Local lore has it that Jacques LaRamie, was caught by Arapahos during the winter of 1818 or 1819. They disposed of him by shoving him under the ice on what was later called the Laramie River where he had been trapping. His name was posthumously attached to the river, and then his name spread to a mountain range, fort, town, county and peak within Wyoming (Urbanek, 1974). Figure 15. The title provided by the bankers was The Middleville National Bank, but the preposition of was accidentally added to the 1902 plate order, which forced addition of the redundant Middleville. The error was fixed on the 1929 notes. Photo of the 1929 note is courtesy of Nic Petrecca. Figure 16. The bankers applied for a title change when City was dropped from Laramie City, but they didn’t drop “of” from their title. They accidentally backed into a Town-of-Town title. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 246 Most of the titles listed on Table 2 date from 1865. The majority are from Massachusetts. Many of the Massachusetts cases probably owe their origin to the work of the same lawyer! Word had gotten around by 1866 to leave of off such titles. The last of these titles to appear on notes was Gloucester National Bank of Gloucester, Massachusetts (13604), a reorganized successor to The Gloucester National Bank (1162). The tweaking of the title to make it different resulted in the odd variety. THE 1895 DIRECTIVE The inconspicuous display of town names solely in the postal location came under serious scrutiny at the beginning of 1895. At issue was a legal obligation for the title to direct a note holder to the bank if he wished to redeem the note for legal tender currency. This seemed problematic to Treasury officials when the town wasn’t part of the title inside the quotes submitted by the bankers on their organization certificate or when the location inside the quotes wasn’t the town. The Comptroller of the Currency directed the Bureau of Engraving and Printing at the beginning of 1895 to insert the name of the town above the will-pay line when it was unclear where the bank was located. This directive was applied only to new plates and only if the town was the one written by the bankers in the blank reserved for the town name on their organization certificate. In stark contrast, if the town name had been changed by the Comptroller’s office, the Comptroller-supplied town name was supposed to appear only in the script postal location, the same as before 1895. Table 3 is a comprehensive list of the banks that received notes with inserted towns. Most of them involved situations where the bankers failed to include the town name inside the quotes on their organization certificate. The exceptions involved a few banks that had undergone formal title changes. Figure 17. The Bureau of Engraving and Printing was instructed at the beginning of 1895 to insert the name of the town above the will-pay line if it was unclear from the bank title where the bank was located, provided the town was the one submitted by the bankers on their organization certificate. Figure 18. In the case of town name changes imposed by the Comptroller’s office, the new name appeared only in the postal location despite the fact that it was unclear from the title where the bank was located. City had been dropped in this case by the post office in 1896 so the Boise was placed in the postal location on the Series of 1902 plate in 1907 when the bank was extended. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 247 Table 3.  Banks that received notes with inserted town names above the will‐pay line in  compliance with the 1895 directive.  Boldface entries represent title blocks with inserted town names with a description of the letters in the insert.  Mixed indicates Series of 1882 issuers where the early plates don't have inserts whereas later replacement plates or new plate  combinations do.  Italics indicate titles with Comptroller‐imposed town names, which according to protocol should not have received plates with  inserted towns.  Ch  State  Town  Bank Name  Town on 1882  Town on 1902  355  PA  Chester  The Delaware County National Bank  script  bold squat  361  CT  Hartford  The National Exchange Bank  mixed  bold squat  541  PA  Philadelphia  The National Bank of the Northern Liberties  script  bold squat  542  PA  Philadelphia  The Corn Exchange National Bank  script  bold squat  542  PA  Philadelphia  Corn Exchange National Bank and Trust Company  bold squat  552  PA  West Chester  The National Bank of Chester County  script  bold squat  560  PA  Philadelphia  The Southwark National Bank  mixed, hollow squat  bold squat  570  PA  Philadelphia  The Tradesmens National Bank  script  bold squat  570  PA  Philadelphia  Tradesmens National Bank and Trust Company  bold squat  574  NH  Manchester  The Amoskeag National Bank  mixed  575  PA  Coatesville  The National Bank of Chester Valley  script  bold squat  587  NJ  New Brunswick  The National Bank of New Jersey  script  bold squat  602  PA  Philadelphia  The Bank of North America  script  bold squat  639  NY  Lockport  The Niagara County National Bank  script  bold squat  639  NY  Lockport  Niagara County National Bank and Trust Company  bold squat  645  CT  Mystic  The Mystic River National Bank  script  bold squat  657  CT  Norwich  The Thames National Bank  script  bold squat  681  PA  Uniontown  The National Bank of Fayette County  script  bold squat  683  PA  Lancaster  The Lancaster County National Bank  script  bold squat  694  PA  York  The York County National Bank  script  bold squat  717  PA  Bristol  The Farmers National Bank of Bucks County  script  bold squat  806  MA  Boston  The National Market Bank of Brighton  mixed  bold squat  820  VT  Rutland  The Rutland County National Bank  script  bold squat  822  NY  Dover  The Dover Plains National Bank  script  bold squat  853  OH  Delaware  The Delaware County National Bank  mixed  886  NY  Geneseo  The Genesee Valley National Bank  script  bold squat  955  NY  Kingston  The State of New York National Bank  script  bold squat  1182  NJ  Jersey City  Union Trust and Hudson County National Bank  bold squat  1182  NJ  Jersey City  Hudson County National Bank  bold squat  1246  MA  Holyoke  The Hadley Falls National Bank  mixed  bold squat  1394  NY  New York  The American Exchange‐Pacific National Bank  script  bold squat  1449  MD  Frederick  The Frederick County National Bank  mixed  bold squat  2231  ME  Oakland  The Messalonskee National Bank  bold squat  bold squat  2456  CA  Santa Barbara  The Santa Barbara County National Bank  bold squat  2858  IL  Lake  The Drovers National Bank of Union Stock Yards  mixed  3312  NY  Gloversville  The Fulton County National Bank  mixed  3916  IL  Hyde Park  The Oakland National Bank  mixed  3941  ME  Eden  The First National Bank of Bar Harbor  mixed  4909  PA  Mercer  The Mercer County National Bank  mixed, hollow squat  5349  KS  Caney  The Caney Valley National Bank  bold squat  script  10778  NY  New York  Chatham Phenix National Bank and Trust Company  bold squat  13193  NY  New York  The Bank of America National Association  bold squat  Non‐1895 directive banks with banker‐supplied towns that were grammatical  knockoffs of 1895‐directive titles:  546  PA  Philadelphia  The National Bank of Germantown   tombstone  bold squat  5376  KY  Frankfort  The National Branch Bank of Kentucky   tombstone  tombstone  7926  IL  Chicago  The Federal National Bank  tombstone      ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 248 Banks with linked titles that did not fall under the 1895 directive that received notes with the town name in the same distinctive  bold squat letters:  595  MA  Boston  The Peoples National Bank of Roxbury at  bold squat  615  MA  Boston  The National Rockland Bank of Roxbury at  bold squat  5284  NY  Alexandria Bay  The First National Bank of the Thousand Islands,  bold squat  bold squat  All plates made to satisfy the 1895 directive utilized distinctive free-standing bold squat letters for the inserted towns. This style provided a visual contrast to town names embedded in tombstones on most contemporary layouts. The distinctive bold squat letters usually had solid fills. However those for The Southwark National Bank Philadelphia (560) and The Mercer County National Bank Mercer (4909) were hollow squat letters. Problematic titles came in a variety of forms. The most obvious were those that didn’t contain any location information such as The American Exchange-Pacific National Bank (New York), The Tradesmens National Bank (Philadelphia, PA), Chatham Phenix National Bank and Trust Company (New York, NY). Others featured a nearby geographic feature such as The Genesee Valley National Bank (Geneseo, NY), The Haldley Falls National Bank (Holyoke, MA), The Messalonskee National Bank (Oakland, ME). Messalonskee is the name of a river. Some bank names did provide location information, but it wasn’t helpful, examples being The National Bank of New Jersey (New Brunswick, NJ), The National Bank of the State of Florida (Jacksonville, FL), The Niagara County National Bank (Lockport, NY). Implementation of the 1895 directive was somewhat subjective because the decisions to apply it were made ad hoc at the judgment of clerks as titles went by. The distinction between banker-supplied and Comptroller-imposed town names was sometimes lost. Consequently plates were made where town names should have been inserted but weren’t and vice versa. Furthermore, it is apparent that people weren’t paying much attention to the directive onward from 1910. The people who screened bank titles were very lenient because they allowed virtually every title that somehow incorporated the name of the town to pass without insertion of a duplicate of the town name. However titles featuring counties with the same name as the town could go either way in the Series of 1902. The following are a couple of examples of each. The Lancaster County National Bank (Lancaster, PA) and The Frederick County National Bank (Frederick, MD) got the inserts, whereas The New Haven County Bank (New Haven, CT) and The New York County Bank (New York, NY) didn’t. Figure 19. These two banks received Series of 1882 notes to satisfy the 1895 directive where the inserted town appeared in hollow squat letters above the will-pay line. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 249 Generally a town was inserted in cases where the title provided by the bankers referred to a district within the town and the bankers had written the town in the blank reserved for it on their organization certificate. Examples are The First National Bank of Bar Harbor (Eden, ME), The National Bank of the Northern Liberties (Philadelphia, PA) and The Southwark National Bank (Philadelphia, PA). Comptroller-imposed town names continued to appear solely in the postal location when bankers used a district name in their title but had not provided the name of their town in the blank reserve for it. Examples include The Rondout National Bank (Kingston, NY), The First National Bank of Englewood (Chicago, IL) and The First National Bank of Allegheny (Pittsburgh, PA). This protocol was obviously very technical and obscure so lapses are encountered. For example The National Market Bank of Brighton (Boston, MA) involved a Comptroller-imposed Boston, but the second Series of 1882 plate made for it had Boston inserted contrary to protocol. Many banks with problematic titles from around the country that issued Series of 1882 notes are missing from Table 3. Other issuers on the list that received Series of 1902 notes with inserted towns but didn’t receive Series of 1882 notes with them. The explanation for both usually was that their Series of 1882 plates were made prior to the 1895 directive. Figure 20. It was luck of the draw whether the town name was inserted above the will-pay line to comply with the 1895 directive when county and town names were the same. Figure 21. The location specified in some titles referred a district within a town rather than the town itself. In cases where the name of the town was as submitted by the bankers, such as Eden on the right, it was inserted above the will-pay line to satisfy the 1895 directive. In contrast, Comptroller-imposed updates of town names caused by renamed post offices or annexations continued to be relegated solely to the script postal location as occurred with Kingston on the left. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 250 Mistakes were inevitable. Specific cases have been recognized within the Series of 1882 where plates with problematic titles were made after 1895 without the inserted towns. One is a 10-10-10-20 for The Delaware County Bank, Pennsylvania (355), made in April 1896. The town, Chester, appears only in script, a throwback to the old style. Another is the M-N-O-P 5-5-5-5 for The Thames National Bank, Connecticut (657), finished in March 1898. Thames is a river on the east side of the town of Norwich. Norwich appears only in script. If ever banker-supplied titles needed inserted towns during the Series of 1902 era, they were The Bank of California, National Association (9655) and Bank of Italy National Trust and Savings Association (13044). Both were in San Francisco but San Francisco ended up only in the postal location. Obviously someone wasn’t paying attention to the 1895 directive when the orders for those plates went by. The best example of inconsistent application of the 1895 directive involved the plates made for The Caney Valley National Bank, Kansas. Caney had been inserted above the will-pay line on the Series of 1882 plate when the bank was chartered but was omitted from the Series of 1902 plate upon extension. Those plates were made in 1902 and 1920, respectively. This case supports the finding that after 1910 clerks in the Comptroller’s office weren’t particularly concerned with the 1895 directive. Documentation The only written record I found pertaining to the 1895 directive is in the form of a memo resulting from a phone call to the engraving division at the Bureau of Engraving and Printing from a Mr. Eldridge in the Comptroller’s office on March 20, 1900. The memo is written on the back of the certified proof for the Series of 1882 5-5-5-5 for The Mercer County National Bank, Pennsylvania, charter 4909, a non-linked title. Figure 22. Attention to the 1895 directive was faltering when these layouts were made in 1910 and 1927. Both are unambiguous cases where San Francisco should have been inserted above the will-pay line. Figure 23. Can the note holder find the bank in Caney if Caney Valley is all that appears in the title? The people ordering these layouts 20 years apart disagreed. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 251 Notice as you read the memo that there is reference to a decision letter on the matter that was sent February 18, 1895. In it, the BEP was instructed to place the town name directly under the bank name in cases where there was ambiguity about where the bank was located. 3/20/1900 The words “of Mercer” are stricken from title by direction of Mr. Eldridge (by telephone). He says this action is to get the title uniform with that on the plate already made, but adds that the title on the plate in use is wrong and according to the rules of the office should have had the omitted words “of Mercer.” Question brought up by Eng Div after reading Comptroller letter dated Feb 18, 1895, in relation to The Amoskeag N. B. Manchester, NH, which see. Also see 10/20 2456 Series 1875, 50/100 2456 Series 1882. If right it should read thus - The Mercer County N. B. Mercer (in small) then Mercer script. The memo is faulty in that of Mercer appears twice, which implies a linked title. The Mercer case involved a non-linked title. Despite this transcription glitch, the information reveals how such plates were to be handled. The chronology in the memo begins with a Series of 1882 10-10-10-20 plate made in March 1895 for The Amoskeag National Bank, Manchester, New Hampshire, charter 574. Next it refers to a Series of 1882 50-100 made in January 1900 for The Santa Barbara County National Bank, Santa Barbara, California, charter 2456. The plate under consideration at the time the memo was written was a 10-10-10- 20 for The Mercer County National Bank, Mercer, Pennsylvania, charter 4909, made a few months later in May 1900. Notice that the prepositions of, in and at are missing from all three, so they are non-linked titles. Amoskeag National Bank The city of Manchester is situated astride Amoskeag Falls on the Merrimack River. Amoskeag is derived from the Penacook Indian word Namoskeag, which means great fishing place. Native Americans fished at Amoskeag Falls for salmon, shad, alewives, sturgeon and eels, which swam up the river from the Atlantic Ocean each spring. Figure 24. The two 5- 5-5-5 plates made for the Amoskeag bank bridged adoption of the 1895 directive to insert the town name above the will-pay line. The first was made in 1884, the second in 1899. Fate had it that no notes were issued from the second plate. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 252 Hydropower developed at the falls was crucial in the development of Manchester as a major textile mill town beginning in 1809. In June 1810, the New Hampshire legislature approved a change in the name of the town from Deerfield to Manchester, as advocated by pioneer industrialist Samuel Blodget who envisioned the place as a potential great textile-manufacturing city rivaling Manchester, England. The population at that time was 615. Notice that the first Series of 1882 5-5-5-5 plate made for the bank in 1884 carried the title The Amoskeag National Bank as if the town name was Amoskeag. The only hint that the bank was in Manchester is that Manchester was shown as the post office in script. This layout is the same as on all the Original Series and Series of 1875 plates made for the bank. The Comptroller’s office deemed it appropriate to display Manchester prominently under the title when a 10-10-10-20 plate was ordered in 1895. Consequently the title on the 10-10-10-20 plate reads The Amoskeag National Bank, Manchester. The officers of the bank filed for a title change when the bank was extended in 1904, wherein of was added. It became the more traditional linked title The Amoskeag National Bank of Manchester, eliminating all ambiguity! Figure 25. Santa Barbara appears in the postal location on the traditional Series of 1875 10-10-10-20 plate made in 1880, whereas it was inserted as per the 1895 directive above the will-pay line on the Series of 1882 50-100 plate made in January 1900. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 253 The Santa Barbara County National Bank The number 2456 referred to twice in Eldridge’s memo is the charter number for The Santa Barbara County National Bank. The Series of 1875 10-10-10-20 plate made in 1880 by the Bureau of Engraving and Printing reads The Santa Barbara County National Bank. In contrast, the Series of 1882 50-100 plate made upon extension in January 1900 was improved as per the directive to read The Santa Barbara County National Bank, Santa Barbara. The incentive here was to avoid confusion between the two political jurisdictions. The Mercer County National Bank Attention in March 1900 focused on how the title should be laid out on a newly ordered 10-10- 10-20 Series of 1882 plate for The Mercer County National Bank. This plate was ordered seven years after a Series of 1882 5-5-5-5, which as-made read The Mercer County National Bank, with Mercer appearing only in script. The 10-10-10-20 used the improved layout; specifically, The Mercer County National Bank, Mercer. The 1895 directive was honored. Frederick, Maryland, Replacement Plate The 1895 directive came along as the Series of 1882 was aging. Consequently the number of affected Series of 1882 plates was small. The details for all are listed on Table 4. The Frederick County National Bank, Maryland (1449), utilized three Original/1875 series plates and a Series of 1882 10-10-10-20 with tradition layouts where Frederick appeared only in the postal location. The Series of 1882 10-10-10-20 needed to be replaced in 1903 so Frederick was inserted above the will-pay line on it to comply with the 1895 directive. Figure 26. A memo written March 20, 1900 on the back of the $5 proof for Mercer, Pennsylvania, provided documentary evidence for the 1895 directive to insert the town names above the will-pay line when it was uncertain where banks were located. The $5 plate was made in 1893, whereas the 10-10-10-20 was made during May 1900. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 254 Table 4. Series of 1882 plates made in compliance with the directive of February 18, 1895 whereon  towns were inserted after bank names that did not end with a preposition or comma.  Other Series of 1882 plate combinations were made for some of these banks before February 18, 1895 that do not  contain the inserted towns.          Combination with   Certification  Changeover  Town  State  Ch.  Bank Name  Inserted Town  Codea  Date  Serial Numbers    Santa Barbara  CA  2456  Santa Barbara County NB  50‐100  O  Jan 13, 1900    Hartford  CT  361  N Exchange B  10‐10‐10‐20  R  Dec  2, 1901  10541‐10542  Hyde Park  IL  3916  Oakland NB  50‐100  N  Jul 16, 1900  Caney  KS  5349  Caney Valley NB  10‐10‐10‐20  O  Aug 13, 1900  Frankfort  KY  5376  N Branch B of Kentucky  10‐10‐10‐20  O  Aug 17, 1900   Oakland  ME  2231  Messalonskee NB  10‐10‐10‐20  O  Feb 23, 1895  Eden  ME  3941  First NB of Bar Harbor  50‐100  N  Apr  4, 1900  Frederick  MD  1449  Frederick County NB  10‐10‐10‐20  R  Dec  9, 1903  12090‐12091  Boston  MA  806  N Market B of Brighton  5‐5‐5‐5  R  Jan  4, 1904  8700‐8701  Holyoke  MA  1246  Hadley Falls NB  10‐10‐10‐20  N  Jun 21, 1900  Manchester  NH  574  Amoskeag NB  5‐5‐5‐5  R  Nov 27, 1899  none printed          10‐10‐10‐20  N  Mar 14, 1895  Gloversville  NY  3312  Fulton County NB  5‐5‐5‐5  R  Feb 19, 1901  3580‐3581  Delaware  OH  853  Delaware County NB  10‐10‐10‐20  N  Jun 19, 1900  Philadelphia  PA  560  Southwark NB  10‐10‐10‐20  N  Jun  4, 1900  Mercer  PA  4909  Mercer County NB  10‐10‐10‐20  N  May 31, 1900  a. Codes:  O ‐ Only Series of 1882 combination made for the bank.  N ‐ New plate combination made mid‐series for the bank.  R ‐ Replacement plate, where the first of the same combination did not have the town below the bank name.  Figure 27. The two 10- 10-10-20 Series of 1882 plates for this Frederick, Maryland, bank bridged the 1895 directive, yielding this spectacular variety pair. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 255 A total of 14,337 brown back 10-10-10-20 sheets were issued through the Frederick bank. The changeover sheet serials between the first and second plates were 12090 and 12091, yielding two distinctive varieties. Duplicate plates of the same combination that bridged the 1895 directive were made for five banks during the Series of 1882. Four of the five affected banks received runs of sheets with both varieties. Three Exceptional Title Blocks Take a close look at the three title blocks illustrated on Figure 29. They have the identical form as 1895 directive title blocks. Specifically the bank name without any hint of where it was located was simply attached to the town without so much as the use of a preposition or comma. The only difference between these three and 1895 directive layouts is that the town resides in a tombstone. They are truly strange beasts and their distinctive appearance was very deliberate. The 1895 directive layouts represent cases where bankers failed to include the name of their town in the blank reserved for the title on their organization certificate. Consequently the town was inserted above the will-pay line through the action of a Federal official. In contrast the bankers behind the title blocks shown on Figure 29 correctly tacked their town onto their bank names on the forms but they did so without using a preposition or comma. Theirs were the only title submissions like this in the entire country. These most peculiar titles were The National Bank of Germantown Philadelphia, The National Branch Bank of Kentucky Frankfort, and The Federal National Bank Chicago, respectively charter numbers 546, 5376 and 7926. Their tale is worth telling. The Germantown Philadelphia title had been around since 1864 and the 10-10-10-20 Original/1875 and 1882 plates for the bank displayed Philadelphia in a conventional tombstone long before the 1895 directive came along. Using the Philadelphia title block as a precedent, the town names Figure 28. This is a fabulous progression through time of a title without location information that eventually fell under the 1895 directive. Hartford was first inserted above the will-pay line when a duplicate 10-10-10-20 Series of 1882 plate (middle) was made for the bank in 1901. Figure 29. The bankers in these three banks appended their town to the bank name on their organization certificate without using a preposition or comma. There were only three cases like this in the entire country. Consequently the town was displayed in a tombstone in order to distinguish their title blocks from similar layouts in which Federal officials inserted the town to satisfy the 1895 directive to do so. The difference was that the 1895 directive layouts were specifically designated for cases where the bankers failed to include the town within their title on their organization certificate. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 256 on the plates for the other two banks also were placed in conventional tombstones when they were made in 1900 and 1905. In effect, because the town was correctly served up by the bankers, its status was elevated on the notes by placing it in a conventional tombstone. At least this was what was supposed to be done. However a glitch developed. Ironically it involved the Series of 1902 plates for the old Germantown Philadelphia bank, which came along when the charter of the bank was extended for a second time in 1904. Someone confused its title with those on the 1895 directive plates and mistakenly laid it out using free-standing bold squat letters on the Series of 1902 plates! Three Out-and-Out Anomalies The same bold squat letters used to display the towns on 1895-directive plates were used through a quirk of fate on conventional linked titles for two banks in Boston (595, 615) and one in Alexandria Bay (5284). The titles on these plates were similar in complexity to many on the special 1895 directive plates, so someone mistakenly made lookalike knock offs for them. NON-USE OF OLD TITLES The Comptroller of the Currency adopted a policy during mid-1917 that precluded new banks from using titles that previously had been used by defunct banks. Slightly tweaking the title was acceptable, such as omitting The and/or changing the preposition of to in or at. Figure 31. Three banks with linked titles - the Alexandria Bay with a comma and the two Bostons with “at” - received notes with the same bold squat letters normally reserved for 1895 directive inserts. These layouts classify as technical mistakes. Figure 32. The Comptroller adopted a policy in mid- 1917 not reuse titles of defunct banks. Tweaking titles by dropping the article The and/or changing linking prepositions satisfied the rule. First National Bank at Flint was the first bank to come under the new policy. Figure 30. Germantown Philadelphia title blocks: left 1882 $5, middle 1882 $10 with tombstone, right 1902 $5 with squat bold insert. Technically the 1902 plates should have had Philadelphia in a tombstone. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 257 The earliest case of this that I have identified involved First National Bank at Flint, Michigan (10997), a bank chartered May 18, 1917. Two earlier Flint banks had used the title “The First National Bank of;” specifically, charter 1588 in 1865 and charter 3361 in November 1890 following a title change. The solution in 1917 for the organizers of charter 10997 was to drop The and also substitute the preposition at for of. PERSPECTIVE When I first began to look for patterns that dictated how title blocks were laid out, I quickly picked up on the linked versus non-linked grammatical constructions of bank titles and thought the problem was all but solved. Occasionally I was finding situations where the location in the bank title differed from the postal location written in script and thought they simply represented minor wrinkles on the theme. However, discovery of the existence of the 1895 directive on the back of the Series of 1882 5- 5-5-5 proof for The Mercer County National Bank, Mercer, Pennsylvania, and proofs with town names inserted above the will-pay line to comply with it revealed that I had missed the boat. The real patterns that emerged didn’t turn on the grammatical construction of the bank titles, but more fundamentally on what constituted a viable town name and how best to portray it on a note. Plates where the location in the title differed from that in the postal location made after the 1895 directive exhibited two dominant patterns. When the town name was that supplied by the bankers, it was inserted above the will-pay line where it could be readily observed regardless of the grammatical construction of the title. However, when the name in the post location differed from that supplied by the bankers, we were looking at a Comptroller-imposed change but one in which the new name was relegated solely to the postal location. The key ingredient in this stew was not grammar, but rather the appropriate display of the location of the bank. An unambiguous display of the location was a primary obligation of the officials in the Treasury Department because they had to ensure that note holders could find the bank. A good question is why were banker-supplied town names shown so prominently, whereas those that were Comptroller-imposed remained buried in the script location once the 1895 directive went into effect. I haven’t found a documented explanation. I speculate that it was a subtle way for the Comptroller’s office to downplay Federal tinkering with town names in contrast to raising banker- supplied names to prominence. Figure 33. A 10-10-10-20 Series of 1902 plate was made for The Lancaster County National Bank with an inserted Lancaster when the bank was extended on December 30, 1904. BEP Director William Meredith and his assistants certified the plate on January 7, 1905 without noticing the omission of Lyons’ signature on the A subject. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 258 When you look at a few thousand proofs, as was necessary to write this piece, sometimes you are rewarded with something unexpected. The Series of 1902 10-10-10-20 proof for The Lancaster County National Bank with its 1895-directive Lancaster insert was that reward. Notice the omission of Lyons’ signature from the A subject. This is the first like it that I found among the national bank note proofs. It is doubtful that the plate made it into red seal production before the problem was spotted and fixed, although we don’t know. No proof was made showing the correction, but the problem was corrected by the time a proof was lifted showing the date back version of the plate after it had been altered in September 1908. ACKNOWLEDGMENT The Central States Numismatic Society, Society of Paper Money Collectors and National Currency Foundation sponsored this research. REFERENCES CITED AND SOURCES OF DATA Anonymous, 1951, One hundred years of commercial banking in Mystic, Connecticut, The Mystic River National Bank, 15 pages. Bureau of Engraving and Printing, 1875-1929, Certified proofs lifted from national bank note printing plates: National Numismatic Collections, Museum of American History, Smithsonian Institution, Washington, DC. Comptroller of the Currency, 1863-1934, National bank organization reports: Record Group 101, U. S. National Archives, College Park, MD. Comptroller of the Currency, 1863-1935, National bank certificates of authority to commence business: Record Group 101, U. S. National Archives, College Park, MD. Comptroller of the Currency, 1863-1935, National currency and bond ledgers: Record Group 101, U. S. National Archives, College Park, MD. Forte, Jim: Lombard, Brian, 2000, Amoskeag Falls: Amoskeag Falls Management Corporation web site, Pratt, A. S., and sons, 1890, Pratts’ digest, comprising the laws relating to national banks: A. S. Pratt & Sons, National Bank Agents, Washington, DC, 261 p. Urbanek, Mae, 1974, Wyoming place names: Johnson Publishing Company, Boulder, CO, 236 p. Van Belkum, Louis, 1968, National banks of the note issuing period: Hewett Brothers, Chicago, IL, 400 p. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 259 A Blast from Memphis Past Central States Numismatic Society 77th Anniversary Convention Visit our website: Hotel Reservations: Schaumburg Renaissance Hotel - 1551 North Thoreau Drive Call (847) 303-4100 Mention “Central States Numismatics 2016” for our $155 Rate Free Hotel Guest and Visitor Parking. • Free Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois Bourse Information: Patricia Foley (414) 698-6498 foleylawoffi Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center April 27-30, 2016 (Early Bird Day – April 27 – 12 noon-6pm $100 Registration Fee)  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 A W elco ming Con vent ion.. ... THE “NEW DESIGN” SERIES OF PHILIPPINES BANKNOTES (1985 – 2013), A LONG ISSUE OF PAPER MONEY THAT HAS NOW COME TO AN END by Carlson R. Chambliss In my opinion the Philippines produces some of the most colorful and attractive of the banknotes issues of any nation in the world. This is certainly the case with the extended series of notes, usually referred to as the “New Design” notes, that were first issued in 1985 and then lasted for a full 28 years. For many Filipinos these were the only note designs that they had ever handled. During this period the Philippines experienced a modest degree of inflation that caused the exchange rate for the piso (peso) to fall from about 20 to the dollar in 1985 to more like 45 to the dollar some three decades later. Occasionally the exchange rate for the piso fell to a bit more than 50 for the dollar, but overall the degree of inflation was relatively mild, and thus there was no need for the Central Bank to modify the basic designs of its notes. In fact, there was only one significant change of design, and that occurred on the 10 piso notes when the portrait of Apolinario Mabini was joined by that of Andres Bonifacio in 1997. A less radical design change took place on the 50 P notes when the former Legislative Building became the National Museum in 2001, and the back design of these notes was modified accordingly. During the period that the “New Design” notes were in use, two of the denominations (5P and 10 P) were dropped (in 1996 and in 2002, respectively), and three higher values (500 P, 1000 P, and finally 200 P) were added in 1987, 1991, and 2002, respectively. Some very special commemorative notes were issued in 1998, and a regular 2000 P note was printed for issue in the year 2001, but due to political complications this item was never issued as a valid currency note. In their basic forms the notes of 1985-2013 seem simple enough, but when examined in any detail these items can become hugely complex, and many hundreds or even thousands of varieties are possible. All of these notes were printed by the new note printing department of the Bangko Sentral in Manila that began operations in 1977. All notes feature a seal of this bank, but these come in two different types that are dated 1949 and 1993, respectively. With the exceptions of the 200 P note and the second design for the 10 P note that were not introduced until well after 1993 all of the regular issues were printed with both types of seals. All Philippines banknotes carry the signature of the president of the republic, and between 1985 and 2013 there were six presidents ranging from Ferdinand Marcos to the current Benigno Aquino III. The signature of the governor of the Bangko Sentral also appears on these notes, and during this period were five of these. The governor is not a member of a presidential cabinet, and so his job does not terminate when a new president takes office. During the period in which the “New Design” notes were in production there were a total of ten different signature combinations. Between 1951 and 1997 the notes of the Philippines were not dated, but beginning in 1998 the practice of annually dating all notes was initiated. A few of the 10 P notes printed in1997 even have a date. It is possible to have notes with two different signature combos in a given year. In previous articles I have discussed in detail how Filipino banknotes are serially numbered, and for each numbering sequence (serial numbers with prefix A through ZZ) a total of 650 million notes are possible. When this total is exceeded the usual practice was to change the colors of the serial numbers from black to red. In some instances blue serial numbers were also used, and in others the red serial numbers revert to black. For a few denominations notes are indicated as being in Series 2008A or 2010A. This is a style of designating new series of notes that is now being widely used on the current “New Generation” notes. In a few instances these variants can lead to quite a few possibilities. In 2001 all notes of 100 P and higher were printed with two additional security features, an iridescent, holographic strip on the left side and a segmented metallic strip on the right. Both of these contain multiple impressions of the denomination of the note in question. Throughout the lifetime of the “New Design” notes special commemorative overprints were often added on their left sides in the watermark area for several varieties. Although the notes themselves were printed by intaglio, these features were always printed by letterpress and usually in just one color. There ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 261 were numerous varieties for the 5 P, 50 P, and 100 P values, and some special issues for most of the other denominations as well. These were regarded as official issues, and most collectors seek them out as major varieties. Beginning in the early years of the 21st century the Bangko Sentral began to market regular notes with fancy serial numbers, and one can purchase sets with very low serial numbers, with solid serial numbers, or with the serial number 1000000. Since Filipino notes are numbered in six digit blocks, a seven-digit one million serial number is most unusual. The marketing of these specially numbered notes did not commence until after the 5 P and 10 P notes had been discontinued, and so most fancy serial numbered notes are restricted to those of face values 20 P or higher. The practice of issuing specimen notes was widely employed in the 1980s, but more recent issues are generally not available in this form. Star notes, however, are frequently seen among the “New Design” issues, and many varieties of these items should be available. Uncut blocks and sheets exist for a few of the 5 P – 100 P notes, but issues of these have been sporadic. If some of this sounds a bit gimmicky, it probably is, but still there is a wide enough variety of items to interest many collectors. The first of the “New Design” notes were issued at the very end of the Marcos regime, and these notes do resemble to a fair extent the notes that had been issued from 1969 to 1985 by that government. The 1 P and 2 P notes that portrayed Jose Rizal were dropped, but this national hero still appears on 1 P coins that have been minted in huge quantities. The usual portraits of Mabini, Quezon, Osmena, and Roxas appear on the new designs, and after a few years Bonifacio was also added to this group. The usual dominant colors of green, brown, orange, red, and violet were retained for the 5 P through 100 P notes, respectively. The portrait of Emilio Aguinaldo (1869-1964), the first and only president of the so- called First Philippine Republic proclaimed in 1898, was new to Philippine currency, but he did appear on the 5 P notes that were introduced in 1985. His portrait is currently being used on the 5 P coins that are in circulation. The 5 P notes were printed in large quantities up to when they were replaced by coins in 1996, and they feature both the old BSP (Bangko Sentral ng Pilipinas) seal dated 1949 and the new seal dated 1993. The backs of these notes depict the independence proclamation scene that had been used on the 1 P and 2 P notes of 1969-83. All signature varieties are quite common, but during the Corazon Aquino administration notes with five different commemorative overprints were issued. These can exist with star numbers and for the Philippine flag issue of 1990 both black and red serial numbers are possible. The 10 P notes start out portraying Mabini on their faces and the Barasoain Church in Malolos on their backs, and this type exists with both types of seals. In 1997 a radical modification of this design was introduced that included portraits of both Mabini and Bonifacio. The backs of these notes now depict both the Barasoain Church and a Katipunan meeting using vignettes that had been used on the 10 P and 5 P notes of the 1969-85 issues, respectively. Another change is that these notes are now dated, and the 10 P notes dated 1997 and the earlier ones of 1998 include watermarks that feature the face of Mabini only. Later on in 1998 the watermark was modified to show both individuals. Both black and red serial numbers are found on these notes, but none have commemorative overprints. 1, 2) During the administration of Corazon Aquino a number of 5 P notes were given special commemorative overprints. One of these honors her visit to the United States in 1986, while another is for a religious conference held in 1991. Note that the latter is a replacement note. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 262 The 20 P notes feature Manuel Quezon on their faces and Malacanang Palace on their backs. The seal type changes in 1993, and notes with annual dates first appear in 1998 with these continuing until 2012. The serial numbers appear in black, red, and blue, and all ten signature combo varieties are possible for these notes. Beginning about 2003 notes with very low serial numbers become fairly easily available, but notes with commemorative overprints are few and far between for 20 P notes. In addition to the 60th anniversary set (see below), the only other overprint that one encounters is for a UN microcredit conference that appears on a few notes dated 2004 and 2005. Clearly much diligence is required to trace down all of the possible varieties, and I expect that many collectors will differ on just what should be considered a collectible variety. The 50 P notes feature Sergio Osmena on their faces and the Legislative Palace / National Museum on their backs. This change in titles for the building was made in 2001, and notes from that year exist with both types of backs. The dating of these notes began in 1998 and the change to the new seal started in 1995. At least four of the notes dated 2012 or 2013 bear commemorative inscriptions. These relate to various educational or service organizations. The first “New Generation” notes appeared in 2010, and it appears that a significant fraction of the 50 P notes in the 1985 design issued after this date were used for making issues with commemorative overprints. 3, 4) The 10 P note is the only one in this series to have undergone a radical change of design while it was in circulation. The first note is from 1985 and is signed by Marcos. Only Mabini is portrayed. The second is dated 2001 and bears the signature of president Macapagal-Arroyo. Bonifacio has joined Mabini on the face, and the back design has also been changed. 5, 6) Beginning about 2003 the BSP began to market notes with a variety of fancy serial numbers. Shown here is a 20 P note with a low serial number dated 2003 and a note with solid “8s” dated 2009. 7, 8) Two of the 50 P notes with special overprints. The first dated 2009 is a replacement note for the 60th anniversary of the BSP. The second dated 2013 is for Trinity University of Asia, and it is one of several of these notes to honor educational institutions. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 263 The 100 P notes feature Roxas on their faces and the new BSP complex on their backs. The backs also include an inset depicting the old Central Bank building that appeared on the earlier 100 P notes of 1969 – 81 and also on the 500 P notes that were issued in 1951. Notes printed up through 1994 bear the old seal dated 1949, while the later notes all feature seals dated 1993. Both the American and Philippine flags are depicted on the right side of each note, and this indicates that the transition from American rule to full independence occurred when Roxas became president. Serial numbers were printed in black, red, or blue, but once annual dating began, these numbers were usually only printed in black. The use of two strips on these notes began in 2001, and notes dated in that year exist both with and without these features. One notable design error occurred on some of the notes printed in 2005. The president Gloria Macapagal-Arroyo, has signed the notes correctly, but her name that appears in block letters beneath her signature features the wording Arrovo rather than Arroyo. Although this error was soon corrected, many of these error notes were saved by persons aware of this mistake. Thus these items are worth only a modest premium over the normal notes. Between 1998 and 2013 there were a total of twelve different types of special overprints that appeared on 100 P notes. The first of these was on overprint for the 100th anniversary of the declaration of Philippine independence (Kalayaan in Pilipino) that was issued in 1998, and this note appears both with and without the date 1998. Things really get under way beginning in 2008 with a note for the University of the Philippines. Most of these overprinted notes honor educational, religious, or social organizations, and in 2013 there was a note for 100 years of Shell Oil in the Philippines (Taon in Pilipino means year.). It seems that a significant fraction of the 100 P notes dated 2011, 2012, or 2013 were issued with these special overprints. By that time production of 100 P notes in the “New Generation” series had already begun. Quite possibly the spaces on the notes with the names of commercial organizations were paid for by some of these groups as a form of advertising. This is not the first time that banknotes have featured advertising by private firms. In 1990 various firms in New Zealand were allowed to feature their names in abbreviated form as serial number blocks on special notes that honored the 150th anniversary of New Zealand as a part of the British Empire. In 1987 the BSP issued notes for 500 piso for the first time since they had been withdrawn in 1957. This note honors Benigno Aquino Jr. (1932-83), the journalist and opposition political spokesman who was assassinated under mysterious circumstances in 1983. The death of Aquino produced an international outrage that soon led to the downfall of the Marcos regime and the succession of his wife to the presidency of the Philippines. The 1987-94 printings of this note come with three different signature combos and feature the earlier BSP seal dated 1949. A limited printing made between 1994-97 uses the new BSP seal and red serial numbers. The notes printed between 1998 and 2001 carry the new BSP seal and are dated, but they lack the two strips that are found on all the more recent higher denomination notes. I have found all of these types to be decidedly scarce. Almost all of the 500 P notes being offered feature dates of 2001 or later together with the two denomination strips. Dates continue to as late as 2013, and in 2009 and 2012 notes for 500 P were issued that bear special commemorative inscriptions. In 1991 a note for 1000 piso was issued for the first time. Notes of this denomination had never been previously issued unless one considers the absurd “Monopoly money” notes printed by the Japanese 9, 10) The first of these 100 P notes was issued in 1998 and honors the centenary of the declaration of Philippine independence. The second features the well-known “Arrovo” error. This mistake was widely publicized, however, and these notes are far from rare. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 264 in 1945 as being valid currency. Depicted on these notes are three heroes of WWII, Jose Abad Santos (1886-1942), Vincente Lim (1888-1944), and Josefa Escoda (1898-1945). Santos was the chief justice of the Philippine Supreme Court who refused to collaborate in any way with the Japanese. Lim was a brigadier general in the American-sponsored Philippine army who endured the infamous Bataan Death March and later was executed by the Japanese after being further imprisoned and tortured. Escoda was a humanitarian and Red Cross leader who was also executed during the war. The 1000 P note exists with the old BSP seal and with two different signature combos that were issued in 1991-94. It was then issued in 1994-97 with the new BSP seal undated and with red serial numbers. Subsequently it was issued with the new seal and with dates of 1998-2001 but without the two holographic and metallic denomination strips. Notes with these strips and with dates of 2001-12 are also found, and almost all of the 1000 P notes that are offered for sale are of this type. In 2009 this note was issued with an inscription honoring the 60th anniversary of the Central Bank. A note for 200 piso was not issued until 2002. Depicted is Diosdado Macapagal (1910-97), who was president from 1961-65. This note exists in only one basic type, although notes with commemorative inscriptions were issued in 2009 and in 2011. With a face value of about $5 in US money, it would seem that 200 P notes would fill a void between the very heavily used 100 P notes and the higher values, but these notes do not seem to be very popular in either the “New Design” or the “New Generation” series that has been in production since 2010. I have already made mention of the special commemorative notes of 2009. In that year the BSP issued a set of all six denominations (20 P – 1000 P) that honored the 60th anniversary of its existence. In addition to the normal notes that exist in numerous serial number blocks, all six values exist in replacement form, and I have been able to obtain a set of these. Beginning in about the year 2003 the BSP began to release sets of notes with fancy serial numbers, and notes with such serial numbers are more readily available on Philippine notes than they are on notes of any other country in the world. Included are sets with solid numbers – 111111, 222222, etc. and sets with very low serial numbers – 000001, 000002, up to 000010. The sold number sets usually end with a one million number note, i.e., 1000000. There are also ladder notes such as 123456 and various other possibilities. These notes exist for all six denominations from 20 P up to 1000 P. I have not seen such sets for 5 P or 10 P notes because these values were no longer being printed when these fancy number sets began to be marketed. These 11, 12) This #1 note for 200 P depicts Diosdado Macapagal, who was president from 1961-65. The back of the 500 P note features a collage that depicts various aspects of the career of Benigno Aquino Jr. 13, 14) Both of these 500 P notes have fancy serial numbers. The first is a “ladder” note dated 2005, while the second has solid “9s” and dates from 2009. The face design of these notes clearly emphasizes Aquino’s journalistic career. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 265 notes are sold at substantial premiums, but they cost much less than do notes from other countries with similar serial numbers. Even in cases with only six digits solid number notes and #1 notes should be quite scarce, so I expect that some of these are printed in duplicate or multiple sequences, but still they are much scarcer than are randomly numbered notes. Replacement notes do exist for many varieties, but they are in almost all cases far scarcer than are the normal notes. To celebrate the 100th anniversary of their declaration of independence in 1898 the Philippines issued three most unusual syngraphic items. The first was an extremely large (216 x 133 mm) note for 2000 P that was marketed in a special folder. A total of 300,000 of these were printed, and the serials are either in the FR or JE blocks (for Fidel Ramos or Joseph Estrada). The face depicts President Estrada taking his oath of office on June 30, 1998 at the historic Barasoain Church in Malolos. The back depicts Estrada waving a Filipino flag from the building in Kawit at which Philippine independence was proclaimed by Emilio Aguinaldo on June 12, 1898. This note was sold at a modest premium, but examples are still fairly easy to come by on sources such as eBay. If you want one, you should expect to pay well over $50 but less than $100 for a CU example in its special case. The other two items issued for this occasion have engendered quite a bit more controversy. In addition to the special 2000 P note the Central Bank also marketed an enormously large (356 x 216 mm) note for 100,000 P that also celebrated 100 years of independence. This item depicts Estrada’s predecessor Fidel V. Ramos greeting large numbers of Filipinos on both sides. This note, whose face value was about $2400 at the time, was marketed at a premium price of 180,000 P. Only 1000 were printed, but doubtless the enormous cost for one of these turned away numerous potential customers. Sales of these notes are infrequent, but so far as I know, they do not sell for prices much in excess of their initial asking price. Not to be outdone by this Philippine extravaganza that was produced in 1998, in the year 2000 Thailand issued a special note for 500,000 baht that honors the golden wedding anniversary of King Rama IX. At the rate then prevailing of about 40 baht to the dollar the face value of this item amounted to about $12,500. Both Singapore and Brunei have been issuing regularly circulating notes for $10,000 in their currency (~ $7400 in US currency), and thus Southeast Asia seems to be the only region on earth where ultrahigh denomination notes are still being issued. Recently it has been announced, that Singapore and Brunei plan to discontinue their $10,000 notes due to concerns with money laundering and other clandestine activities that are easier to accomplish with notes of very high denominations. 17, 18) Both sides of the unissued 2000 P note dated 2001 closely resemble the much larger note of this denomination that was issued in 1998. These normal size notes are always in serial number block “A, “ while the large notes of 1998 are in serial number blocks FR or JE (for Fidel Ramos or Joseph Estrada, respectively). 15, 16) Shown here are a 1000 P note dated 2009 with solid “5s” and a “one million” note with serial number 1000000 dated 2012. Apparently the last 200 P notes of the “New Design” types were dated 2011, the last 20 P and 1000 P notes were dated 2012, and the last 50 P, 100 P, and 500 P notes of these types were dated 2013. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 266 The third special item from the Philippines is a 2000 P note in normal size (170 x 66 mm) that is dated 2001 and bears the signatures of President Estrada and governor Buenaventura. The design is basically the same on both sides as is the large 2000 P note that was marketed in 1998. It was intended that these notes would circulate normally, but Estrada was removed from office in 2001 for corruption. The Bangko Sentral then decided not to release them, but some years later as many as 50,000 of these items were sold by the bank at their face value. There was a catch, however. These notes were treated as numismatic souvenirs only and not valid currency. Nonetheless they have proved popular with collectors, and prices are comparable to those asked for the very large sized 2000 P notes of 1998. As I have already noted, specimen notes were more a feature of earlier issues of the BSP than they are of the “New Design” notes, but a few examples are available. I have a set of six notes (from 5 P to 500 P) all with zero serial numbers and bearing the signatures of Corazon Aquino and J. Fernandez that was issued in 1987. The 1000 P note does not exist with this signature combo, but I do have one dated 2000 with the Estrada-Buenaventura signatures. Soon after the year 2000, however, it appears that the BSP stopped releasing specimen notes to collectors. In recent months the BSP has made several announcements that it intends to remove from circulation and invalidate all “New Design” notes by December 31, 2016. Doubtless many persons will fail to turn in their old notes, but do take note of the fact that values of many “New Design” notes – especially 500 P and 1000 P notes printed after 2001 that are in worn condition – will probably fall sharply in value by 2017 and in later years. Almost all of my notes of the 1985-2013 issues, however, are in CU condition. Condition is rarely a problem with the issues of 1985-2013, and it seems that most of the notes of these years that are being offered to collectors are in new condition. Anyone who is planning to form a sizeable collection of these issues should decide in advance just what he would like to do. A set of the basic designs will prove to be very easy to acquire, but most of us will probably differentiate between seal types, signature combos, serial number colors, whether or not (for notes of 100 P or higher) the notes have two hologram or metallic denomination strips, etc. One may also choose to collect these notes by dates (after 1997), but there are a great many of these since some denominations exist with almost all dates from 1998 to 2013. Almost everyone will want the notes with commemorative inscriptions, but here at least matters are simple since there aren’t too many of these. Aside from the aforementioned 100,000 P special note of 1998, are there any true rarities in this series? The groups of notes that I have found extremely hard to come by are the 500 P notes that were issued between 1987 and 2001 and the 1000 P notes that were issued between 1991 and 2001. These notes lack the two vertical holographic or metallic denomination strips that are found on all higher value notes that were printed after 2001. There are at least eight varieties for both of these values, since they each exist with six or seven signature combos, two seal varieties, two serial number colors, and with no dates or with three or four different dates. All of these items appear to be decidedly scarce; in fact, I have found them to be far scarcer than the special 2000 P note of 1998 or the unissued 2000 P note of 2001. I have also found them far more difficult to come by than are notes of these two denominations with fancy serial numbers that are dated 2002 or later. The listed catalog values on the 500 P and 1000 P notes issued in 1987-2001 are still fairly modest, but I expect that there are some real “sleepers” here. Obtaining all possible varieties would probably prove to be a very difficult challenge. As is the case with earlier issues of Philippine notes, we are probably a long way from knowing exactly which varieties of the issues of 1985-2013 exist in replacement form. For the most part these notes were not deliberately marketed in this form, but it appears that some sets of the 60th anniversary of the BSP issue that were printed in 2009 were specifically marketed to collectors in replacement form. Regardless of whatever you choose to acquire, your collection of these issues should result in a beautiful display. References: Philippine Banknotes, 1949 – Date--Christopher Gibbs— Chambliss, Carlson. Paper Money May/June 2015 March/April 2016. The Standard Catalog of World Paper Money, Modern Issues--Krause Publications. The Bangko Sentral ng Pilipinas (BSP) website— ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 267 Bureau of Engraving and Printing   Currency Overprint Processing Equipment   (COPE anomalies which make Currency Errors)  by Ed Zegers The following information was assembled after a friend (Greg Simms) asked me about the “Spacing-Gaps” between the green serial number digits that he had noticed on some $1.00 US Federal Reserve Notes (FRN). We also spoke about “Brighter-Numbers” that he had also seen inside some serial numbers (including Star Replacement Notes). I gave him the short version of what I am about to elaborate upon here. For me, those “Gaps” started appearing years ago (1985 Series), sometime after the US Bureau of Engraving and Printing (BEP) had converted to the 32-subject sheet. Back then, BEP quality control checks were labor intensive. Plans were made to improve defect detection and to speed-up the entire production process. The new automated equipment was designed for enhanced efficiency along with significant cost reduction, and with quality control checks included. During production of the 1969b Series of $1 FRN that BEP goal became a reality and the Currency Overprinting Processing Equipment (COPE) was first introduced into the currency production process. This was a giant step forward… Over the following years, that unique COPE machinery has endured a constant and heavy workload and I have observed some unexpected effects that COPE processing has created on our $1 currency. I can immediately visualize four anomaly defects attributable to COPE. BEP personnel may be aware of more, however, my opinions are from the “end-user” perspective, and I will concentrate on personal observations and specimens to demonstrate these COPE-associated defects and discuss each. By the way, the first three items described here are probably mechanical abjurations which I believe are caused by printing press pressure and/or tolerance variations of the COPE 3rd- printing process, plus fatigue of the base metal of the parts in the counter. I guess that the longer the time-span is that a damaged (read broken) serial counter remains in use, the greater the gap-distance between the digit numbers can become, making that defect (read error) that I call the “Broken Axel Error” more evident. 1. “Broken Axel” Error (See Scan 1) While searching through circulated bank-repacks over the years, I began to notice notes in which the green serial numbers looked different. It wasn’t until the 1985 Series was produced that I was able to figure out what I was seeing. Yes, I do know about incorrect, rolled, and/or missing digits and I spotted them too. I also observed that in a few of the $1 green serial number digits appeared to have more open space between numbers to the left and others more to the right. This was evident in either upper, lower, or both serials and not always for the same digit. I purchased some BEP 32-note Currency Souvenir Sheets with serials at or above 99,200,000 to look for gaps and where they were. Most sheets that I viewed were perfect; however, I did find counter-unit-gaps in some locations. Some are blatant (scan 1), others not- so-much (scan 4)… The serial-counter units are made up of a group of letter and number wheels (A-Y & 0-9) rolling on a shaft or axel. I believe that when that axel-metal becomes fatigued and/or snaps, then the digit may shift slightly right or left. Depending on how long the broken counter continues in use or until during routine maintenance checks, the defect seems to go unnoticed. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 268 This accounts for the infrequency of appearance for this defect/error. Counter units obviously fail at different times and in different locations. In the original COPE, there are 64 serial number counter-units, two for each note on the 32-note sheet. For the record, I developed this scenario by finding “Broken-Axel” errors in some of the 64 possible BEP Souvenir Currency Sheet locations. Today, I also believe this error can be found on any denomination fed through COPE. I do not know if there is any specific BEP quality control process to detect and remove these end-product errors. Unless you look closely for them, they are hard to spot. 2. Replaced “Counter-wheel” Error (See Scan 2) In conjunction with and as described above, the pressure for the COPE printing is applied equally to all metal on the number and letter wheels. Over time, the metal wears for each number (like tire-tread on cars) and may crack, chip, or break. When a single wheel location is replaced in a counter, the pressure tolerance for that location may be slightly off compared to the remaining (older) wheels. As I understand it, this causes a replaced wheel to impress less into the paper depositing more ink and causing the greener appearance from the other numbers in the same counter. There are other errors that begin similar to this such as; insufficient-inking, and rolled-digits. I just did not want to overlook them as also being COPE-involved errors. Scan #1    COPE “Broken Axel” error; Left Serial “7‐0” gap and right Serial “3‐8” gap as  compared to normal Serial space.  Scan #2    COPE “Wheel‐replacement” error; Darker “Replaced {1}” and [minor‐rolled  “1”] right Serial (25(1)7 600”1”)  ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 269 3. COPE “Chatter” Error (See Scan 3) I have several notes which were pulled from new one-thousand note BEP shrink wrapped packs which show ink blotches on, in, and around, the black “Federal Reserve Bank Seal”. Also, there is some ink-smearing that can be found on, in, and around the large font black “Face Plate District-numerals”. At first, I thought this to be some sort of “roller-dirt” error. But, it seems to occur only on the first note of the 1000-note of BEP shrink-wrapped-packs. Therefore, it too is attributable to COPE. Then I heard Greg McNeil mention that this defect is created when the COPE numbering machinery sits idyll. Simultaneous operations cause the machine to “Chatter” (vibrate while in-place), sometimes creating excess ink-transfer splotches in these locations. I have observed that this defect appears only on the number-one note of a 1000 note shrink- wrapped pack. COPE “Crossover” (See Scan 4) The COPE Crossover (x-over) error can be attributed solely to human error. Physical inspection of the already twice printed sheets is always an integral part of the COPE operation. The first event for the COPE process is cutting the 200,000 32-subject sheet (A1-H4) into two separate stacks of 16-subject sheets (A1-H2 & A3-H4). An inspection by the BEP Plate Printers is always possible. If the side-A position A1-H2 sheets (that are pulled for inspection) are not returned to the exact side of COPE that they originally came from, then, a “Crossover-note” is formed. The x-over error is also possible for the side-B parallel feed (A3-H4) in COPE. Here is a detailed description of the error resulting from misplaced sheets. You see, there is a prescribed relationship between the 6.4 million FRN Serial Numbers and Face Plate Position locations. In each full 200,000 sheet Run for a Business Block there are 6,400,000 serial numbers. For example, if we follow the number “00000001” sheet, number “1” will appear in FP position “A1”. In position “B1” the serial will be “00200001”, “C1” the serial will be “00400001” Scan #3    COPE “Chatter” error; Smudges evident in the black Federal Reserve Seal and District (5) digits on two first‐notes     from consecutive shrink‐wrapped‐packs (2369 3001 & 2369 4001).  Scan #4 COPE “Crossover” errors; Face Plate Position “E2” should be “E4” for this  run‐2 sheet star‐replacement note.  ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 270 and so forth through the remaining sheets of the run until the 32nd FP position “H4” which should end with serial “06400000”. (32 x 00200000 = 06400000). A reminder here is that Star Replacement Block Runs contain only 100,000 sheets but this formula/calculation (and error) still applies by adjusting the run amount accordingly only ending at 03200000 per full sheet run. Now envision a BEP printer inspection of 16-note star sheet (A1-H2) prior to it being fed into COPE, BUT, it is replaced on the other (wrong) side of the two-part COPE machinery. Here is where preprinted FP position “A3” should have been receiving serial number “04800001”, except now you have a sheet with FP position “A1” and it gets the “04800011”, B1 04900011*, C1 05000011* serial through E2 06000011*, F2 06100011*, G2 06200011* and H2 06300011*. This switch creates a 16-note serial number to face plate position error. This error creation continues for however many sheets were pulled for inspection and incorrectly replaced. I have found another x-over in this run which was from sheet 27, so I know that there are 17 affected 16-note sheets (so far). Look at the scan 4 note to see this x-over error on an issued star-note. Back in the 2003a Series, I found and identified another x-over star-error for District 6 (Atlanta) and tried to reconstruct one note for each of the 16 positions of the (A3/H4) error. Using my highest and lowest sheet numbers, I determined that some 5149 sheets (or more) were involved with a whopping total of 82,384 individual notes distributed by the FED. Help from other collectors gave me specimen notes for all but five (5) positions for my reconstruction using serials between 0991 4684 and 1229 9833. I still need x-over notes for E3, H3, B4, C4, and E4 positions within this range. Have you got one? 4. Compounded COPE Anomaly Defects This is where this entire scenario gets interesting to me. There is a small possibility that each or ANY of the above COPE errors (along with others) may be found together on a single note! I have a multi-error specimen of a Crossover and Broken-Axel, and a Crossover and Partially-Rolled-digit on the same note. Triple-error notes are very likely to be found with a small possibility for 4, 5 and/or more COPE made errors. In 2016, I plan to revisit all of the notes held in my error-collection to determine if I have overlooked any Compound Multiple-error(s). Who will be the first to report one of those? Today I do not have the opportunity to search as many notes as I have in the past. New banking restrictions regarding “cash” deposit’s leads me to believe that “Big-Brother” is watching more than ever. I do not wish to come under undue scrutiny for using my CASH transaction/flow at Banks! Please let me know what you find in your searches, especially now that BEP is producing $1 FRN’s on 50-note sheets. There are bound to be new undiscovered errors on those 50-note sheets. As I understand it, “LEPE” is the new 50-note-per-sheet COPE. Could it be that new LEPE-QC checks have been put into place to discover old COPE defects? Time will tell! Comments and opinions are always welcome… ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 271 How Four People Changed the History of the United States        by Steven Jennings©   This is a story of 4 people—two bankers very similar men who signed a $2 national currency note from Freeport, Illinois in 1864, and two of their children who were about as dissimilar as two people can get and how all 4 changed the history of the United States. Abraham Lincoln stops by to say “Hi”--twice At age 23, Abraham Lincoln was in the far northwestern corner of Illinois at the end of the Blackhawk (Indian) War of 1832 with a troop of soldiers which had been hastily organized as a burial party. As an officer of the U.S. Army, Lincoln’s job was to bury the dead soldiers from the skirmishes that had occurred on the banks of Yellow Creek about 12 miles west of Freeport. Yellow Creek feeds into the semi-navigable Pecatonica River at Freeport. In May, there were also soldier units south of Freeport at Dixon’s Ferry (an obsolete note) and east of Freeport at Stillman’s Grove. Amid much confusion caused by duplicity, drunkenness of the soldiers, white squatters’ intent on stealing Indian property and double dealing by governments, Blackhawk fought on, eventually leaving the area in late 1832. Many of the Indian trails they all followed went through Freeport, so that while the town was not officially settled until 2 years later, Lincoln was probably in Freeport before there was a city and was certainly in Stephenson County before it was a county. In the ensuing 26 years, Freeport had grown from a frontier town to a viable community which lies in the far northwestern corner of the state of Illinois. Thus, it was that Lincoln and Stephen A. Douglas, candidates for the Federal Senate seat from Illinois, came to debate that hot day, August 27, 1858, the issue of state’s rights and slavery. The official debate site is a few blocks northeast of the banking center of the town. This debate, second of seven held though out the state, was the furthest north, with Anna/Jonesboro, almost 400 miles away, being the farthest south. A Short History of Banking in the Freeport Area Before President Lincoln and Treasury Secretary Salmon P. Chase established the national currency era, counterfeiting of state bank notes was rampant even on the western frontier of Illinois. “An almost equally profitable activity (in contrast to stealing horses) was the making and passing of counterfeit paper money. The press for this operation was located in a tavern/hotel in Lee County. This was probably at Dixon’s Ferry.” The passing of spurious money was aided by Charles Waterman, who had recently moved to Freeport, IL from Sycamore about 70 miles east of Chicago. Much of this activity ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 272 was curtailed however, when the Prairie Pirates, a vigilante group, which had apparently been formed to face the problems of being cheated by counterfeit money, executed John Driscoll and his son in 18411. The first bank in Freeport, The Freeport Bank, was founded in 1851 by long-time prominent resident Oscar Taylor. It failed in October 14, 1857 during the national financial panic. The second bank, The Stephenson County Bank was founded in 1852 by Thomas Long in the downtown three block area that comprised the entire banking district. Only proof obsolete notes of the bank are known today. It voluntarily dissolved in 1884. The third bank, The City Bank survived one year from 1856-57. The Farmer’s Bank, the fourth bank was founded in 1857 by DeForest, Hyde and Company (printed some obsolete notes), and led directly to the First National Bank, when it was formed in 1864. (Charter #’s 319, 2875 and 13695)2. The fifth bank was The Freeport Savings Bank which became The Second National Bank and was founded on January 1, 1863 by Alex H. Stone. The bank incorporators had issued subscription bonds in November, 1863 which allowed for them to operate later as a national bank.3 It received its National Bank Charter on March 15, 1864 with Mr. Stone as head cashier. Within a year, Stone retired/resigned and Luther Guiteau, who had been employed at the bank as a cashier/bookkeeper, became head cashier. Given Luther’s background, I suspect he was actually in training for that year. John Huy Addams—President of the Second National Bank of Freeport, Illinois 1864-1881 Mr. Addams was born on July 12, 1822 in Sinking Springs, Pennsylvania. His grandfather had changed the spelling of his name in the 1700’s in order to avoid conflicts with the Presidential Adams family. Apparently, Abraham Lincoln was a personal friend and sent him letters addressed to “My Dear Mr. Double-D Addams.” Addams probably met Lincoln while at the Whig and Republican gatherings throughout the state and spent time with him again during the debates of 1858. He married Sarah Weber in a Quaker ceremony in Pa. on July 18, 1844, although both of them identify themselves as “Evangelical Christians.” John was identified by one author as a Hicksite Quaker, i.e. one could create personal salvation by perfectionist religious acts which included helping others to be perfect4. As part of and consistent with this belief, he taught Sunday School most of his life. He served on the Rockford Young Ladies Seminary board which later became known as the Rockford College/University. He was elected as a Whig to the Illinois state senate for 16 years, helped organize the Republican Party in Wisconsin and for Stephenson County and the Lincoln-Douglas Debate in Freeport. Finally, he helped run the “Old Settler’s Day” events in Cedarville and aided poor people in the community with personal financial contributions. He moved to Cedarville Illinois, a village 5 miles north of Freeport on July 29, 1844 and bought a grist mill to grind corn and wheat into flour and 80 acres on Cedar Creek for $4400. He had learned the business from two uncles who owned similar mills in PA. He also started a linseed oil extracting company. As there was no Quaker church, he and Sarah attended the local Presbyterian Church, although they never joined as members. John and Sarah had 9 children during the 1840s-1860s. Sarah died in childbirth January, 1863 so their oldest daughter, Mary at age 17, took on the responsibility of raising the other children until John remarried five years later ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 273 In the 1850’s, John invested in some local businesses and bought several farms from the mill profits. He lobbied and spoke widely to bring the Galena and Chicago Railroad Company to Freeport which laid track through Northwestern Illinois in 1853 and later became the Illinois Central Railroad and built the Union depot in downtown Freeport. In 1854 he built a new house on his acreage in Cedarville, which to this day is privately owned and still in use. John was elected to the Illinois state senate on the Whig party ticket and in May 1864, helped charter the Second National Bank of Freeport with a capitalization of $50,000 which was increased to $100,000 in 1865. John was the first president. The bank building burned down on April 9, 1955. This fire eventually became a good thing for the bank, even though it was a disaster for all of the tenants who filled the upper 4 floors of the building and lost everything. When the Second National Bank merged with the First National Bank in 1933 there were promissory notes outstanding that were not acceptable in the merger. Thus, the Second National stayed in business to collect those notes as they came due and to rent out the building, but had no bank with which to conduct daily transactions. When the building burned, the insurance for the building paid off, so that the long defunct bank actually paid off their stockholders at a profit.5 In November 1868, John married widow Anna Hostetter Haldeman who had two children from here previous marriage and changed the household culture dramatically, much to the consternation of John’s daughter Jane. In 1870 he voluntarily gave up his Illinois State Senate seat to return to his local businesses and in August 1881, he sheltered what was left of the Guiteau family still living in Freeport from pressure of newspaper reporters by retreating with them to Wisconsin. John died of appendicitis on August 17, 1881 while on this business/protection/vacation trip to Wisconsin at a hotel in Oshkosh. He is buried in the Cedarville cemetery. (Laura) Jane Addams-- daughter of John Addams John’s daughter Jane was the 8th of 9 children, 5 of whom live to adulthood. She was born on September 6, 1860 and was raised in the rural setting of Cedarville as upper middle class/wealthy. Thus, she was expected to do little or nothing as a well-to-do woman. She thoroughly enjoyed growing up in a rural village. In 1872, her older brother James Weber dropped out of the University of Michigan at Ann Arbor and worked at the flour mill and took care of the cattle on the family farm until “his mind gave way.”6 The family had him committed to the Illinois State Hospital for the Insane in Jacksonville for 5 months. Jane was affected by his sad condition and the even sadder conditions provided by the state for the mentally ill. His problems later became part of a much larger debate over inherited insanity within a family. He was visited by several more such attacks during the 1880’s. The current issue was resolved by a local court ruling that his problems had been caused by mental and physical exhaustion. More than one author has speculated that his mother Sarah’s death was harder on him than it was on Jane. Father John’s approach to this issue was that if Weber’s mental illness was not inherited, then it must have been a lack of effort to be perfect by Weber and by extension, a lack of creating perfectionism by John. So John tried even harder to make sure Weber was perfect. John, more or less, left Jane alone as she was being raised to be a proper lady. Current day psychologists speculate that Weber and Charles Guiteau were both paranoid schizophrenics. Some psychologists today suggest that early death of a parent can trigger such mental problems. Additionally, there was some question about the mental stability of stepmother Anna. She was known to bolt the kitchen door to prevent the ghost of Sarah, John’s first wife from wandering the house at night.7 Jane attended Rockford Seminary in Rockford Illinois from 1877-1881. She was quite uncertain as to her future, although she took the most rigorous selection of classes available to her. The curriculum, at that time, was predominately used as a finishing school for proper ladies, not students. Her father did not approve of her choices, as she was to become a refined lady by his decision, but she persisted. When her father died in 1881, he left her with a share of his large estate. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 274 After her father’s death Jane had the money and freedom to tour Europe with a variety of college and childhood friends including Ellen Gates Starr from nearby Durand, IL., in an attempt to figure out what to do with her life. Because of a series of physical problems (back pain) and illnesses in this time period, she was told by doctors that she would not be able to bear children. She began thinking about poor people through a variety of visits to different European cities. During 1885 she spent most of the year recovering from back surgery performed by Harry Haldeman. When Jane’s father married Anna, one of the children she brought with her was Harry. Thus, when he married Jane’s older sister Alice (How does that old song go?—I Am My Own Grandpa) he became her brother-in-law, stepbrother and personal doctor all at once. Harry would later become a banker in Kansas. Jane decided to help others as her life goal. Her readings had progressed from the strict religious based books of her father; to thinking “she had available to her only one notice that was both socially acceptable and a morally compelling benevolence, the duty of the privileged to help care for the underprivileged”.8 In 1887-8, she Europe again with friends, along with Flora Guiteau, the last daughter of Luther and firmed up her ideas about helping the poor. Toynbee Hall in London, run by Oxford graduates for the benefit of the poor, became her guide. In September 1889 she bought the Hull-House located on the western edge of Chicago’s business district and together with Ellen Starr operated it as a settlement house using cultural enrichment for immigrants, practical advice for all comers and shelter for a limited number of women, pretty much for free to everyone. In 1900 she ran out of her own money and had to charge for services received and used donations from wealthy friends to help run the Hull House which then became a bastion of liberal thought with extended efforts to improve society. She made the seconding speech for the nomination of Teddy Roosevelt on the Progressive Party ticket (Bull Moose) being held in Chicago in 1912 and in October of that year visited him in a Milwaukee hospital where he recuperated from a bullet wound suffered in an assassination attempt while giving a campaign speech. He was saved by his glasses case and the thick pages of the speech as the bullet lodged in his rib cage, but the bullet did no more damage.9 In 1931 she received the Nobel Peace Prize—the 4th American and the 1st woman to do so.10 She died from cancer on May 21, 1935 and was buried near her father in Cedarville cemetery which is a lovely setting about 100 feet from Cedar Creek and only about 300 yards from her childhood home. Luther Wilson Guiteau-- signed notes of the Second National Bank as head cashier from 1864-1880 He was born on March 3, 1810 in Utica, New York where he was raised. He was the youngest of 11 brothers and sisters. He was a follower of John Humphrey Noyes of Oneida Community New York. He tried to practice what Noyes preached which was a very similar form of perfectionism of the person as John Addams’ beliefs as a Hicksite Quaker. It led Luther to believe that he would live forever. He gained retail sales experience in New York, probably in a dry goods store and on May 8, 1833 he married Jane August Howe in New York. Ca. 1834, they had a son Charles H. who died at age 14 in Freeport, IL. Luther and Jane then had a son, John Wilson in 1834-36 who was educated in Illinois and became an insurance agent in Boston. A daughter, Frances was born about 1835 in Ann Arbor Michigan. Jane became mentally and physically ill, probably due to post-partum depression after Charles Julius was born which led her to shave her head and stay in a darkened room for 6 years. She did, however, have 2 more children during this time period, both of whom died as infants. These circumstances certainly could ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 275 not have improved her mental condition. Therefore, as a teenager, Frances had to try to raise Charles Julius and deal with her 2 brothers. Around 1837-8, Luther moved to Freeport, IL which had a population under 500 and was only 5 years removed from the Indian wars. He set up a dry goods store near the Pecatonica River in the downtown area. He became “embarrassed in business”, but was able to pay back his creditors over some time period and continued with some type of retail store. There were no federal bankruptcy statutes at that time and it is unknown if he filed bankruptcy under a state statute. So, continuing in business after suffering “embarrassment” may have been an accepted practice of the time. In 1838, in a winter snowstorm he made a temperance speech in Cedarville which drew the attention of civic leaders including John Addams. In 1842 he became the 1st postmaster in Freeport by moving the post office into his store. On Sept. 8, 1841, his son Charles Julius was born at home in Freeport, IL the 4th of 6 children, only 3 of whom survive to adulthood. Son Luther T was born ca. 1843 and died at age 2. Ca 1845, his 6th and final child Julia Catherine was born and died at 20 months. John was elected and served as first superintendent or commissioner of schools for Freeport from 1847-1849 which is consistent with his future job as cashier of the bank and his religion.11 Jane died on Sept. 25, 1848. One source described her illness as “brain fever.” She and probably her last 2 children are buried in the City Cemetery in Freeport. The records for the cemetery burned in 1911. The Stephenson County Historical Society, in recent years, identified every gravestone in the cemetery, but none is known for Luther or the children and Jane has a barely readable headstone. No Guiteau’s are listed at any of the other cemeteries within a reasonable distance of Freeport. Luther married widow Harriet Maria Blood around 1852, in Freeport. There were 2 children born to this marriage, Flora (1854-1936) who became a friend of and traveled with Jane Addams, taught Botany and Latin at the Freeport high school and became the feature writer for the Journal-Standard newspaper and Luther Jr. (Lute) (1856-1944), who worked for the bank in 1877 but who became a movie theater manager. Neither of them married and lived together for many years at a number of different addresses in Freeport. In the early 1850’s, Luther left Freeport for Port Ulao, Wisconsin (now Grafton). One source says Luther went there to conduct business with his father-in-law. Apparently, the deal fell through or was completed and they came back to Freeport, probably within a year or two. The most important point here is that it interrupted the schooling of Charles as he went with Luther to WI. Luther was elected and served as the Stephenson County circuit court clerk from 1856-1860. In the 1860s-70s, Luther realized that Charles was insane and rather than go through the struggle that the Addams family experienced, he did not commit Charles to an insane asylum, but disowned him. In 1863 he became cashier/bookkeeper at the newly formed Second National Bank of Freeport and in 1864 was elected head cashier at the bank and started signing checks, drafts and notes. From 1864- 1880 he largely ran the bank while John Addams was something of an absentee president. On July 21, 1880 Luther died even though he expected to live forever. He is probably buried in the City Cemetery but there is no headstone for him. There are several theories as to why. #1—The family’s embarrassment of Charles’ activities so soon after Luther’s death led to no headstone. #2--There was a tombstone and vandals destroyed it because of Charles. #3--There was a tombstone that was randomly destroyed by vandals, as this cemetery has suffered much vandalism over the years. It is quite likely that he is next to Jane on the left side (as we face the grave), although he was not added to her tombstone. Two different sextons over a 30 year time period seem to confirm that the depression in the ground next to her indicates a burial of an adult with a wooden casket, so it could be Luther or it could be her son Charles H. who died in 1848. The smaller depressions in the ground on either side of her are probably her last 2 children. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 276 Charles Julius Guiteau—son of Luther and Jane Charles was born on Sept. 8, 1841 at the family home, probably on Broadway street, Freeport, IL, a much discussed, debated and disputed location in Freeport history. He was their 4th child and was known as Julius. From 1847—1850 he went to Union school about 2 blocks from his house, probably the second Union school in Freeport and is not the same as a later Union school located 6 blocks away. As stated earlier, in the early 1850’s he went to Wisconsin with his father and returned around 1851. He finished whatever schooling he would get in Freeport and Port Ulao, Wisconsin by 1858 but none of his education in this time period is continuous, so he might have had as little as 4-5 years of school. In any event, he never graduated from high school, if he ever attended. He had few friends and was described by one writer as displaying “offensive egotism.”12 In the late 1850’s or 1860, he moved in with his sister Frances and her lawyer husband, George Scoville in the Chicago suburb of Oak Park, where he lived for about a year before he enrolled in college. She later claimed he attended school there in the 1850’s, even though there is no record of his attendance. In 1861, Charles, as he now preferred to be called, attempted to attend the University of Michigan at Ann Arbor but he failed rather badly as his formal schooling was discontinuous and limited, at best. Charles received a small “inheritance”, probably from his uncle Abram, (although he was still alive) who was briefly successful in buying a house in Freeport and subdividing the attendant land. Some of the money was used to pay tuition. One source states that the inheritance was from his grandfather. He joined the Oneida Community around 1861-1865 and was evidently enamored with the idea of “free” sex, but he was evicted for not working or refusing to work. He sued Noyes and eventually received some of the money back which he had donated to Oneida. In 1864, his Uncle Abram died at Luther’s house after spending several years during the Civil War in Arkansas where he supposedly fought for both sides although no records exist of him fighting for either side. Acquaintances and relatives were questioned in Charles’ trial about the sanity of Abram, the theory of inherited insanity. Their answers were unclear and the matter was soon brushed aside. Abram was considered rather peculiar and thereby not insane, but unlike his brother Luther, had not managed to act normal in public. Luther was very strict at home, but was well liked in public. Abram was not liked. In 1868 he passed the bar exam for the state of Illinois which was of questionable validity at best. Apparently there were several oral questions and Charles managed to answer some of them correctly. He then tried one case and depending on the source-- won or lost, in a civil or criminal case and represented the plaintiff or the defendant, the original court record does not appear to be on line. Apparently his client had already settled the case thus leading some to believe it was a civil case with Charles representing the plaintiff before they went to trial, so that most of the trial was trying to get Charles to stop talking crazily. The rest of his legal career was “bill collecting” in which he would regularly cheat both the creditor and the debtor out of the proceeds. On July 3, 1869 he married Annie Bunn in Chicago a librarian at YMCA reading room. In October, 1871 they left Chicago after the great fire and tried to settle in New York City. But in 1873, Annie filed for divorce from Charles in Brooklyn. In 1881, she wrote a barely readable book about their disastrous marriage. In it, she confirmed that Charles never drank any liquor nor smoked any tobacco, probably because of his father’s strict beliefs. However, she struggles to tell a coherent/consistent story. He was insane, but not really, because while he displayed all sorts of strange behaviors, she declared him not insane. He meant well in his business transactions, but really was a crook. She loved him a great deal, but she became mentally crushed by their life together. She was a dutiful wife in all regards, but he frequented prostitutes, with one lady specifically identified in the divorce papers, named Jennings!13 During 1873-1881, he traveled around the country speaking whenever and wherever he could raise a paying audience in which he gave incoherent speeches of varying lengths and then bolted with the ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 277 money he had charged the audience. His topics ranged from religion to politics to legal issues, for which he had no real comprehension as to what he was saying on any of these topics. On July 2, 1881 he shot President of the United States James A. Garfield twice at the Baltimore and Potomac train station in Washington, D.C. with a .44 or .32 caliber pistol. Charles offered no resistance in his arrest, as he fully expected for there to be cheering and celebration. He figured that the police had offered to provide protection for him from jubilant crowds of people. Two bullets remained in Garfield for which doctors probed with their fingers, with the result that Garfield was infected and died after several months of agony. Part of Charles’ defense was that he did not kill Garfield but had merely shot him and that it was the incompetence of the doctors which killed him. While there really was some merit to this defense, his outbursts during the trial did not leave him in good stead with the jury or the court.14 During 1881-82 he participated in his trial in Chicago with his brother-in-law George Scoville who tried his best to defend Charles. George’s law practice was limited to civil matters, so that they made quite a pair. Charles lashed out with mostly incoherent statements whenever the mood struck him. George tried to plead him insane, but he had virtually no resources to pay witnesses from Freeport and other places who could testify as to Charles’ sanity or lack thereof. This was the first attempt in American legal history to plead someone guilty, but insane. Many relatives in both families were at least odd and several had been committed to insane asylums. The plea did not go well and as most of the books written about the trial identify, it should have resulted in Charles being sent to an insane asylum for the rest of his life as happened in 1912, when John Schrenck, the attempted assassin of Teddy Roosevelt, was pled insane over his strenuous objections and sentenced to an asylum at Oshkosh, Wisc.15 Much has been written about the miscarriage of justice for Charles, but the jury and many others were mighty unhappy with him, so even though he was quite clearly insane, he was convicted of murder. He was hanged in D.C. in 1882 and was dissected into at least 3 pieces so that scientists could study the brain of an admitted assassin. Somehow, the Federal Government claimed his body with the result that most of Charles is resting quietly in a Maryland museum minus his head and some other body parts.16 Half of his brain in housed in a Pennsylvania museum. The other half of his brain and his skull are missing as of this date. Ownership History of the Freeport Note The note at the beginning of this article has had a varied history since its issue date of January 2, 1865. The bank itself may have held it for some time as it is serial number 6171 of 6400 printed and thereby, probably signed by the bankers ca.1872. It seemingly then entered the channels of Freeport commerce from ca. 1872-1900 which resulted in the circulation on the note. During the early 1900’s, an unnamed lady of a Freeport family acquired the note for $5 and held it for some 40 years because she thought it might have historical significance. She sold it in 1940 for $10 to Stanley Miller also of Freeport who held it until 1980. He was a wooden window builder for a local lumberyard for many years and retired from there. He collected all types of currency, but really loved nationals because of their tie to local history. His job did not pay overly well even though it required real skill and he had a family including three sons to raise, so he was on a limited budget. I knew Stanley and whenever we would go to shows, often flying to several on small planes piloted by a young man who would be become a pilot for Menachem Begin of Israel, Stanley would scout the floor for nationals and finding none to his interest, only then would settle on buying other currency. Stanley died quite unexpectedly in 1980. His widow, Hazel, lived until age 99 and died only last year. I miss them both. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 278 In 1980, I acquired the note, which appears to be the only one in existence. It seems to have a 40 year ownership cycle attached to it, although I do not plan on selling as my oldest son, Matthew, a full time coin dealer, will inherit the note from me. Talk About Divergent Life Paths So there you have it. Two men--John Addams and Luther Guiteau—with very similar lives--age, birthplace, religious beliefs, taught Sunday School for many years, non-drinkers or smokers, bankers, business owners, widowed, remarried, created “Brady Bunch” families, lived in rural Midwest and were involved in a time period in which one could make or break a fortune quickly. Two of their children are as close to polar opposites as children can ever be. John’s daughter Jane became a Nobel Peace prize winner and a prominent civic leader in Chicago. Luther’s son Charles became a Presidential assassin. Notes and interesting things that happened on the way to this article Caveat—after doing much research into the background of the four people who were tied to the Second National Bank note, I had to use some of the dates, events and recollections as an approximation/compromise, e.g. several secondary sources identifying Luther Guiteau leaving Freeport in 1850 and returning in 1855. However, he ran for public office in Freeport during this time which is a matter of public record, so that something is/was wrong with the report from that source. At this distance, it is difficult, if not impossible, to correct most of these inconsistencies as well as the date issues, so that I chose the most consistent pattern of information in order to tell the story. In instances where there are several different/ inconsistent “dates and facts” I used circa. Most historians classify Charles as a frustrated office seeker. Indeed, he did not get an appointment from Garfield to be the ambassador to France, but I doubt that was his real motivation. He really was insane, e.g. he had made many assumptions about how he would be praised for his good deeds by Vice President Chester A. Arthur and by the general citizenry. He was quite shocked when they were angry with him. One citizen took it upon himself to try to assassinate Charles while he was in custody and being moved by carriage. Charles barely escaped the bullets and was very much taken aback by such violence against him. Talking with some psychiatric practitioners and reading the psychological assessments of the circumstances of Jane Addams and Charles Guiteau resulted in the following assertions; the death of their mothers at a critical time in their childhood, remarriage of the fathers to women who were, at best, indifferent to the children of the previous marriage with both of the second wives arriving with other children in tow, and very strict religious fathers who held very similar beliefs about perfectionism. Lastly, while they were raised only 6 miles apart, they were a world apart in education, wealth, social status and results. Once I found where Charles’ body was currently “residing”, I contacted that museum. I was subsequently told that I did not have the proper credentials for viewing him as this type of museum does not allow the general public to view their items. One must have certain reasons and credentials to be allowed in the door. I didn’t know that such museums even existed. They were helpful, however, in providing pictures as noted in the bibliography. I found the song/poem Charles wrote while in custody in Washington/Chicago while awaiting trial “I’m Going To The Lordy” on You Tube. I was viewer/listener #75. I wondered what in the world possessed the singer to sing and the other 74 people to listen to such a wacko song. There is another You Tube video of his childhood house while they were Port Ulao, Wisconsin along with a different song. The superintendent of the U.S. mints in 1881 was Horatio G. Burchard. He was from Freeport and served on the board of directors of the Second National Bank and was a friend of John and Luther. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 279 Footnotes 1,2,3,4,7,11History of Stephenson County 1970; Kable Printing Company Mount Morris, Illinois 4,6,8Knight, Louise K.; Citizen--Jane Addams and the Struggle for Democracy; U of Chicago Press, 2005 9,15 Helferich, Gerald, Theodore Roosevelt and the Assassin; Globe Pequot Press, 2013 10Wikipedia October, 2014, June, 2015 12, 14Peskin, Alan; Garfield, A Biography; Kent State University Press, 1978 13Bunn, Annie; My Life with Charles Guiteau; book published 1881 16 National Museum of Health and Medicine Silver Springs, Maryland 20910; Brian F. Spatola, M.A., Bibliography Addams, Jane; Jane Addams Memoirs—Twenty Years at the Hull House, 1910. Bunn, Annie; My Life with Charles Guiteau; book published 1881 Beam, Ronald; Cedarville’s Jane Addams…her early influences; Wagner Printing Freeport, IL. 1966 Charles Guiteau’s song/poem; You Tube; 2014 Freeport City Directories—1868-9, 1871, 1899, Western Publishing Co. Chicago Helferich, Gerald, Theodore Roosevelt and the Assassin; Globe Pequot Press, 2013 History of Stephenson County 1970; Kable Printing Company Mount Morris, Illinois Knight, Louise K.; Citizen--Jane Addams and the Struggle for Democracy; U of Chicago Press, 2005 National Museum of Health and Medicine Silver Springs, Maryland 20910; Brian F. Spatola, M.A., Collections Manager, Anatomical Division 2014—Charles Guiteau photo courtesy of that museum Peskin, Alan; Garfield, A Biography; Kent State University Press, 1978 Tilden, M.W.; History of Stephenson County 1880; Western Historical Society, Chicago Wikipedia October, 2014, June, 2015 Acknowledgements and thank you for help provided by the following people and organizations Cedarville Cemetery; Cedarville, Illinois 2015—Jeremy Monigold and Carla Donaldson City Cemetery; Freeport, Il.—Tiffany and city workers who took time to help Fact checkers, proof readers and technical support—Lee Stickle, Rock Falls, Il; Andy Dvorak, Ph.D., Freeport, Il; Shelley Gordon Ph.D., Chicago ,Il.; Nathan Dirks, Freeport, Il. Highland Community College Library –Freeport, Il.—2014, Michael Skarwa Stephenson County Historical Society; October 2014, Freeport Il.—Bridgette Rayhorn & Ed Finch, Ph.D. Wilkinson, H.B. Title Co. Freeport, Il--2014 Darcey Pittsley ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 280 COVER_Layout 1 2/1/15 7:32 PM Page 1 WE ARE NOW ACCEPTING CONSIGNMENTS FOR OUR U.S. & WORLDWIDE BANKNOTE, COIN & SCRIPOPHILY AUCTIONS We are constantly looking to purchase U.S. & Worldwide Banknotes, Stocks, Bonds, Stamps, Coins and Postal History from individual better items, to large estate collections We will also consider suitable consignments for our live, internet and mail-bid auctions held regularly throught the year Figure 1. Henry J. Holtzclaw, BEP Director from 1954 to First Serial Numbers on 1934-Series Federal Reserve Notes by Jamie Yakes The first serial numbers printed on $5 to $10,000 1934-series Federal Reserve Notes are presented herein. The source for this information is a summary compiled by Bureau of Engraving and Printing personnel in the early 1950s at the request of Director Henry J. Holtzclaw,1 who served as director from 1954 to 1967 (Fig. 1). Primary records containing most of these serial numbers no longer appear to exist among BEP or Treasury records. These data were first presented to the numismatic community by Shafer and Donlon in their small-size currency catalogs2,3 but not carried forward into the successor O'Donnell,4 Oakes & Schwartz5 and Schwartz & Lindquist6 guides. Consequently many new collectors are unaware that these data exist. O’Donnell dropped this information from his catalog because he deemed it to be inaccurate. The problem was that numismatists had computed series totals for the 1934/1934A, 1934B, 1934C and 1934D printings based on the beginning serial numbers under the assumption that there were sharp breaks between the series. It was quickly obvious to collectors that the serials on many of their notes were higher than the supposed high serials calculated for the respective series. Dropping all the data from the catalogs was unfortunate because the beginning serial numbers presented in the summary were quite accurate. Series of 1934 Federal Reserve Notes The Series of 1934 FRNs owe their origin to the January 1934 Gold Reserve Act, which took the nation off the gold standard and terminated redemption of Federal Reserve Notes in gold. The former Series of 1928 FRNs were redeemable in gold and carried a gold redemption clause to that effect on their faces. The Treasury continued printing and sending 1928 series notes to Federal Reserve Banks until the new Series of 1934 notes became available, than ceased releasing them. The last delivery of 1928 series notes consisted of $5s delivered to the San Francisco Federal Reserve Bank on October 9, 1935. The BEP began preparing master dies and plates for the Series of 1934 notes in July 1934. They carried signatures of Secretary of the Treasury Henry Morgenthau and Treasurer William Julian along with a redemption clause stating the notes would be redeemed in lawful money. The first plates consisted of $5s and $20s for New York, which began to be made on July 26, 1934. The first that were certified were New York $10s on September 25, and they were sent to press September 27. By October, production of 1934 notes was in full swing. The first delivery of finished notes consisted of $10s for New York on October 17. The 1934 Series There were five series within the 1934 FRNs before the series was discontinued in 1953. See Table 1. The denominations printed were the same as in the Series of 1928; specifically, $5, $10, $20, $50, $100, $500, $1000, $5000 and $10,000 denominations (Fig. 2). The series was supplanted by the Series of 1950 which employed overprinted bank information rather than having that information included as part of the intaglio face plates. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 284 Figure 2. An early Series of 1934 Federal Reserve Note (Peter Huntoon/National Numismatic Collection photo). Table 1. Series breakdown within the 1934 Federal Reserve Notes. Series Signatures Change Printed 1934 Julian-Morgenthau new series 1934-46 1934A Julian-Morgenthau macro face plate serials 1938-46 1934B Julian-Vinson new Secretary and new bank seals 1945-47 1934C Julian-Snyder new Secretary 1946-51 1934D Clark-Snyder new Treasurer 1949-53 Serial numbering for 1934 FRNs started at 1 for each district and denomination and continued sequentially until the series ceased in 1953. Holtzclaw's document didn't list ending serial numbers for the various series because the BEP employed a cost-savings policy of continuing to use plates until they wore out. Consequently, new and obsolete plates were routinely used side-by-side on the four-plate printing presses. The production from them was sequentially serial numbered, which readily explains the appearance of serial numbers on the older series notes that are higher than the beginning serials on succeeding series. The comingled production continued for as long as the obsolete plates were in use. This mixing was most pronounced during the 1944-46 era when for some districts and denominations 1934, 1934A and 1934B plates were used concurrently. Consequently, the serial ranges calculated by the early numismatics were erroneous. Series of 1934/1934A Changeover The size of the plate serial numbers on the face plates was increased at the request of the Secret Service in late 1937 to their current macro size.7 The BEP noted this change by adding the letter A to the series date on the notes. The first 1934A FRN faces were sent to press in February 1938. However, the Treasury signatures stayed the same on the 1934A plates, so BEP record-keepers did not record the first serial numbers printed from the new plates. That is why the 1934/1934A data are combined in the available summaries. $5 to $100 Series of 1934B, 1934C & 1934D The first serials for the $5 through $100 1934B, 1934C and 1934D printings were recorded and are listed on Tables 2 to 6. Each of those series denoted a change in the Treasury signatures combination. The wording within the Federal Reserve seals at the start of the Series of 1934B also was changed, wherein the article “The” was omitted from the bank names.8 Table 2. First Serials for $5 1934B, 1934C and 1934D FRNs. District 1934B 1934C 1934D Boston A50040001A A54588001A A68376001A New York B73476001B B94548001B B57780001C Philadelphia C70704001A C80424001A C02268001B Cleveland D57660001A D67476001A D87888001A Richmond E66060001A E71028001A E93996001A Atlanta F67776001A F73056001A F94776001A ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 285 Chicago G11736001B G22320001B G80064001B St. Louis H53052001A H56172001A H75996001A Minneapolis I15468001A I18156001A I22980001A Kansas City J31728001A J30984001A J38112001A Dallas none printed K31560001A K36336001A San Francisco L94536001A L04644001B L12492001B Table 3. First Serials for $10 1934B, 1934C and 1934D FRNs. District 1934B 1934C 1934D Boston A38292001B A44772001B A88752001B New York B71688001D B14304001E B22836001F Philadelphia C23172001B C33504001B C75576001B Cleveland no record D17328001B D60480001B Richmond E10992001B E17904001B E52356001B Atlanta F98652001A F05352001B F49704001B Chicago G31344001C G49008001C G46464001D St. Louis H69528001A H75096001A H08616001B Minneapolis I31392001A I33804001A I43740001A Kansas City J50556001A J54912001A J74748001A Dallas K44688001A K49992001A K73032001A San Francisco L53892001B L63152001B L04224001C Table 4. First Serials for $20 1934B, 1934C and 1934D FRNs. District 1934B 1934C 1934D Boston A38376001A A41832001A A49584001A New York B13080001B B37980001B B55860001B Philadelphia C45168001A C50568001A C62556001A Cleveland D67164001A D71124001A D68380001A Richmond E72036001A E81030001A E04668001B Atlanta F44652001A F53628001A F72084001A Chicago G05316001B G15036001B G40752001B St. Louis H29364001A H35184001A H48864001A Minneapolis I16296001A I19332001A I22614001A Kansas City J28812001A J33000001A J41880001A Dallas K22164001A K25044001A K34992001A San Francisco L11952001B L21672001B L41760001B Table 5. First Serials for $50 1934B, 1934C and 1934D FRNs. District 1934B 1934C 1934D Boston none printed A02940001A A03120001A New York none printed B16404001A B18072001A Philadelphia C05604001A C05880001A C07260001A Cleveland D09420001A D09444001A none printed Richmond E06648001A E06768001A E09048001A Atlanta F03276001A F03372001A F03792001A Chicago G09132001A G09144001A G09552001A St. Louis H01740001A H02040001A none printed Minneapolis I00576001A I00696001A none printed Kansas City J01224001A J01404001A none printed Dallas K01392001A K01512001A K01836001A San Francisco L07624001A none printed none printed ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 286 Table 6. First Serials for $100 1934B, 1934C and 1934D FRNs. District 1934B 1934C 1934D Boston not recorded not recorded none printed New York none printed none printed none printed Philadelphia not recorded not recorded C03420001A Cleveland D03708001A D03720001A none printed Richmond E04332001A E04572001A none printed Atlanta F03492001A F03612001A F04572001A Chicago G10188001A G10200001A G11028001A St. Louis H02472001A H02604001A H03852001A Minneapolis I00900001A I01020001A none printed Kansas City J02268001A J02280001A none printed Dallas K01608001A K01648001A K02328001A San Francisco none printed L07236001A none printed Series of 1934 & 1934A High Denominations The demand for high denomination notes was low so printings of them occurred only within the Series of 1934 and 1934A. First serials were not recorded for any of those types consistent with similar omissions for the lower denominations. There was none of the following types within the 1934 and 1934A series: 1934 or 1934A $5,000 or $10,000 Minneapolis, 1934A $500 Boston and 1934A $1000 Dallas. Series of 1934A $5,000 and $10,000s were made only for St. Louis and Chicago, respectively. Series of 1934B, 1934C and 1934D plates were made for some higher denominations for some districts but never sent to press. Numismatic Varieties The 1934-series Federal Reserve Notes sport all sorts of technical varieties that numismatists have been attempting to sort out for decades. These involve seal color varieties, mules, late-finished plates, wide and narrow face and back plates, etc., and our catalogs are full of this information. However those varieties were of no particular concern to BEP personnel so no attempt was made to record the beginning serials for the varieties. A Work in Progress The data presented here represents a BEP compilation made in the 1950s and as such it undoubtedly contains mistakes. It does, however, provide the best source for accurate serial number data for us to work with. If you find serial numbers that conflict those presented here, send your findings to me at Citations 1. U.S. Treasury. Bureau of Engraving and Printing. Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s. "Statement Showing Explanation of Series Designation of [Denomination and Kind of Note]." Record Group 318: Records of the Bureau of Engraving and Printing. National Archives and Records Administration, College Park, Maryland. 2. Shafer, Neil. A Guide Book of Modern United States Currency. Racine, WI: Whitman Publishing Company, 1967. 3. Donlon, William P. United States Small Size Paper Money, Chicago, IL: Hewitt Bros., 1968. 4. O'Donnell, Chuck. Standard Handbook of Modern United States Paper Money. Iola, WI: Krause Publications, 1982. 5. Oakes, Dean, and John Schwartz. The Standard Guide to Small-Size U.S. Paper Money. Iola, WI: Krause Publications, 2005. 6. Lindquist, Scott, and John Schwartz. The Standard Guide to Small-Size U.S. Paper Money. Iola, WI: Krause Publications, 2011. 7. Huntoon, Peter. "Origin of macro plate numbers laid to Secret Service." Paper Money 51, no. 4 (2012, Jul-Aug). 8. Yakes, Jamie. "Search Clears Up 1928 Seals Change." Bank Note Reporter 60, no. 5 (2011, May). ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 287 U n c o u p l e d : Paper Money’s Odd Couple Memories of Memphis—Kansas City Here We Come In keeping with this month’s celebration of forty years of Memphis, here are a few of my memories. I was stationed in Germany from 1976-79, so when Memphis kicked off I was not a participant. I heard all about it from Fred—we were deep in compilation of World War II Military Currency at that time, our first joint foray into the world pioneered by Swails, Rutlader, Toy, Meyer, and others. That book was published in 1978—we considered it a real accomplishment, being on different continents in a time when telephone calls cost dollars per minute and airmail service to APO addresses was not guaranteed. So my first Memphis was 1980. I was stationed at Fort Benjamin Harrison near Indianapolis, and it was a day’s drive to Memphis from there (actually, from here, as I am now living in Indianapolis again). I was elected a director of the International Bank Note Society in 1980, and IBNS has always had a board meeting at the Memphis show, so I had a strong excuse for attending every year while I was nearby. I had begun exhibiting parts of my collection in the early ’70s in the Pacific Northwest, and Memphis offered table space for exhibitors, managed then and now by Martin Delger. I contacted Mart and learned that I could bring multiple exhibits, so in 1980 I showed Japanese specimen notes, US nationals, and military payment certificates. In following years, I was not so greedy—I showed only one exhibit each year (sometimes using Memphis as a try- out for the exhibit I was going to take to the ANA that summer). Boling Continued on page 290. Memphis was wonderful. To say that is a redundant repetition, but since this was the 40th—and final—Memphis paper money show, it was special. I am proud to have been at the first and last Memphis, even if I missed a few along the way. Of course there was much talk at Memphis about the move to Kansas City. I choose to look forward to the move as the opportunity for even more adventures. I made many deals at Memphis over forty years, but just about all of them have faded in my memory. What have not faded are the memories of friends and experiences. Kansas City here we come. I was very conservative on Thursday and Friday this year. I had plenty of fun, but I had not purchased anything by noon on Friday. I was very carefully trying to save money for the Stack’s-Bowers sale of the Paymaster Collection (see related article in this issue), but I should have known better. I was hanging out at David Seelye’s table when a well-known collector offered me a box of military—mostly World War II—chits and related material. I wanted to buy it instantly. The box shouted “treasure” to me, and I do not even really collect chits. That may have been the biggest problem. Since I have not collected these items for the past fifty or so years, most of the box’s contents would fit into my collection. It got worse. After we concluded the deal, the seller offered me a second box. It was larger and of course more expensive. You know that I was hooked, and both boxes came home with me. I have been digging, studying, reading, calling, and otherwise having fun with my boxes. I still alternate between feeling that I am buried in this junk and feeling that I have struck it rich. Fred Schwan Joseph E. Boling ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 288 When Joe and I were preparing to work on World War II Remembered, we deliberately decided to exclude club chits. It was not that we did not like them, or think that they had no place in a World War II numismatic study. We knew that World War II chits constitute a vast and largely uncharted territory, but we had enough to cover without trying to include the overall area of club chits. We did elect to give some coverage to prisoner of war chits and a few other semi-official chits. Here is how we defined club chits in the foreword to the book: Club chits were issued by the social clubs and messes found at almost every military station or outpost. Used to facilitate small transactions or as a way of advancing credit, they were printed on small pieces of paper or cardboard and usually in booklet form. High-quality chits were produced by ticket companies. Frequently, low-quality chits were produced locally by crude means. Chits were negotiable only in the club of issue or other clubs of the same club system. Club chits are not cataloged here. We still do not plan to attempt to list chits in any organized way. However, I do have a plan, and I knew it the moment that I first looked into the boxes at Memphis. Many collectors have told me how much they like the many period and historic photographs that we included in the book. Indeed, many asked me how in the world we came up with all of the photographs that we used. I told them that we had not only collected notes, coins, and the like for forty years (each), but also had collected photographs and postcards for use as background in the book. If these non- (and semi-) numismatic photographs are fitting, appropriate, and most importantly popular, why should we not supplement the listings with images of chits that also circulated in the respective areas? Seems like a natural to me! Scans of many issues from the boxes have already been placed in the draft of WWII2 (World War II Remembered second edition). I can report that they are very attractive and interesting additions to the manuscript. As if I needed more to interest me, these additions alone make me wish that we were ready (or nearly so) to release our second edition. Finally, along this line of discussion, I can tell you that I am much less concerned about completeness and consistency than I was 21 years ago when the first edition was released. How can that be? Now that Joe and I are approaching middle age (grin), we will aim to make the second edition as interesting as we can. So, I will tell you about two things that I found in the boxes that will make it into Remembered 2. Have a look at the strip of four one penny (1d) chits with the legend “Ebisu Leave Hostel.” Look at the initials above the center stripe—B. C. O. F. If you know BCOF, I am proud of you. Perhaps you have been studying World War II Remembered, or perhaps you are a stamp collector. BCOF is not well known in the United States. The BCOF was the British Commonwealth Occupation Force, which was the Commonwealth contribution to the occupation of Japan. It was composed of Australian, British, Indian, and New Zealand troops with an Australian commander. Several forms of money substitutes were used by the B.C.O.F. that were not used elsewhere. It is a big bonus that the Ebisu Leave Hostel piece is a full strip of four chits. The four chits (at first I thought that it was eight) look like a small emergency note. BCOF yen chits were also issued, for use throughout the canteen system. They were first listed in World War II Remembered in 1995. For the fully diversified collector, in addition to the yen chits there are many BOCF postage stamps and an aluminum token. The stamps are even numismatic items! They were created because Australian ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 289 troops were using the normal Australian stamps as a laundry mechanism for moving black market profits home. The BCOF-overprinted stamps could be used to pay postage only from Japan. If sent back home to family members, they were unusable and unexchangeable. From the other side of the world, I found (in the boxes of course) an interesting transportation ticket for occupied Germany. First some background. In Remembered, we introduced listings for taxi tickets in occupied Germany. These tickets were used to pay for, you probably guessed, taxi rides. They are particularly interesting because they come in a wide variety of designs and even in different monetary systems—units, reichsmarks, and deutschemarks. I believe that we were the first to ever attempt a listing of taxi tickets. In this case we were almost embarrassingly incomplete, but it was a start. Way back in the early ’90s, more likely the 1980s, we had decided to err on the side of inclusion for things that are little known and not listed in other places. This ticket is quite plain. I may have passed others over the years, but this time I saw the nice “US Forces” in green across the center of the ticket. The text tells it all, with a nice English translation to boot, and a bonus typo of the kind often found when people are working in something other than their native language. Ticket for uniformed Alliied {sic} personnel for one free ride on the tramway, underground and elevated railway, bus, trolley-bus, passenger steamship, or S-Bahn system in Berlin. This transportation ticket is now in the draft, but I hope to find much more information before we get to press ourselves. So, this rounds out 40 years of Memphis for me—or at least the 40th year. Kansas City here we come! Boling continued… The convention was still in the Riverfront hotel in the early ’80s, so I can say I at least attended at the earliest venue. I continued to drive down (and exhibit) in 1981 and 1982— then I was off to distant climes again. From 1983-85 I was at the Army Language school in Monterey, and then in Japan. I managed to make it back to the ANA convention during all of those overseas years (I have been to every ANA summer show since 1976), but trying to do it twice each summer was not feasible. From Japan I went to Reston, Virginia (outside DC) for four years, and Memphis was on my calendar again. Don Cleveland, another IBNS member and officer, was also living in northern Virginia. At least twice (maybe it was all four years) we drove to Memphis together. It amazed me then and amazes me now that we could travel on the ground from the Atlantic Ocean to the Mississippi River in the daylight hours of a single day. When I think of the trials of the pioneers who brought the first wagons through that wilderness—amazing is the only way to describe it. Of course, it helps that Memphis has always been within a few days of the solstice, which provides many daylight hours. From 1986-89 I exhibited at Memphis three times (I don’t recall what prevented my exhibiting in 1988, but I don’t have a plaque on the wall saying that I did). I was honored in 1989 to be named a Numismatic Ambassador by Numismatic News. I received the recognition at the 1989 Memphis show. From late 1989 through 1992 I was back in Germany—I went to the Maastricht/Valkenberg show each spring, and the London show each fall, catching the IBNS board meetings in those venues, but did not make it to Memphis. Bill Stickles, treasurer of the IBNS, had been wanting to retire for a while. I had told him to hang on until I retired from the Army, and I would take the job. In 1992 the Army eased me out as part of the post-Gulf War drawdown, and at Memphis in 1993 I was back, taking the books from Bill and starting a run of almost every Memphis until now (I think I missed 1994). Until 2006, that was from Seattle, and I mixed flying and driving. Since 2006, I have been back in Indy, and it’s an easy drive down to Memphis (there are more interstates now than there were in the 1980s). ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 290 In 2001 the IBNS had its own 40th birthday, celebrated at Memphis, London, and Melbourne, Australia. I attended all three events (the only IBNS officer able to manage it). Memphis was the first of the three, and it was quite a blowout. We repeated that in 2011 for the 50th, at the same three conventions, but by then the officers were a lot more conservative with IBNS funds, and the partying was not as intense. Nevertheless, having one of the events in Memphis certainly added some panache. And of course, there are also the memories of treasures won at Memphis. My column would not be complete without talking about a counterfeit or two. In 1918 Czechoslovakia issued a 500 korun note that was very quickly counterfeited for circulation (SCWPM #12 and 12x). When the forgeries became known, the issue was withdrawn. Today it is rare. Even the counterfeits are scarce. See IBNS Journal 19:3, p67. I have never been able to buy a genuine note (they go for five-figure prices—I have seen only two offered in the past decade). But one of the counterfeits was offered in an auction in 2004, which I bought. When it arrived, I examined it and determined that it was printed by four-color process lithography—a technology that was not yet available commercially when the counterfeits were made. In other words, this was a counterfeit of the counterfeit. I returned it to the auctioneer. Later that year I was able to buy one of the original counterfeits at the IBNS London show (a genuine counterfeit, if you will). At Memphis in 2005 I encountered another example of the imitation counterfeit, and I told the dealer the story of the first one. He replied “I was the consignor who had the note returned. This is the piece you originally bought at auction.” I was able to buy it for $200—one of my Memphis memories. Figure 1 is the original counterfeit (in letterpress); figure 2 is the later counterfeit (lithographed). Figures 3 and 4 are from the text on the face of the note, where a diacritical mark is missing that is present on the genuine note (which I do not have). Hopefully you will be able to see the screen of dots all over figure 4 that distinguishes it from the letterpress piece. Figure 5 is the back of the note in figure 1, showing an imitation watermark pattern printed as part of the plate. Figure 6 is the back of figure 2; the watermark pattern is almost invisible. Kansas City, here we come. Figure 1 Figure 2 Figure 3 Figure 4 Figure 5 Figure 6 ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 291 Attention MPC'ers--September is an important month for MPC. The Sep/Oct edition of PM will have an MPC focus--but I need articles. Send them or inquire to An Historic Moment in MPC Collecting by Fred Schwan and Joseph E. Boling The greatest collection of military payment certificates (MPC) ever to be sold will cross the auction block at the World’s Fair of Money® in Anaheim in August. Never have so many rare, unusual, and unreported MPC been sold at one time. The record may extend beyond MPC into the realm of US paper money records as well. Dubbed the “Paymaster Collection” by Stack’s-Bowers, who will sell the collection, it includes just about everything that you could wish for: regular issues, replacements, specimens. Here are the highlights. Series 481 $5 apparent fourth printing. Until now MPCFester Dick Freyser was the only collector known to have one of these notes. It has a serial number that exceeds that of third printings and also has the physical characteristics of the fourth printing. Replacements: there are many great replacements in the collection. I will tell you about two. The first is an amazing uncirculated Series 471 $5! Yes, we are talking about replacements here. Indeed, this $5 is part of a full set of Series 471 replacements! Even if you do not collect MPC by printing, you may know that Series 521 $5 certificates from the second printing are rare. Only 800,000 regular issue certificates were printed. Only a few are known in collections. The piece in this collection is a nice uncirculated second printing replacement—the first such replacement reported. Specimens: If you liked the above, you will be amazed at the specimens. They are the strength of the collection, which includes specimens in several formats. There are a few partial sets. There are a few double sets—that is, conjoined vertical pairs of specimens. Interestingly, there is only one specimen set in the classic format with which we are familiar—one specimen of each denomination in a booklet. In this case it is a Series 692 set. The absolute highlight of the sale is in this final category: specimens of the unissued and not known in any private collection Series 701 fractional denominations! How did we get to this point regarding these fantastic notes? In the late 1960s, MPC were being used in Vietnam and Korea—Series 681 in Vietnam and Series 651 in Korea. The U. S. Army was required to keep two series of MPC in reserve. Not only might they be needed at a moment’s notice at some unexpected place, but it was also obvious that Series 651 and 681 would need to be replaced and likely sooner rather than later. Army finance planners ordered Series 691, anticipating issuing it in Korea, and Series 692, to be issued in Vietnam. There was a little twist with the order for Series 691. Series 651 fractional notes (cent denominations) were no longer being used in Korea, so Series 691 was ordered without the fractional pieces. On 7 October 1970 Series 681 was replaced by Series 692. Series 691 was still being held for eventual use in Korea, so Series 701 was ordered, anticipating that it would replace Series 692 in Vietnam. When Series 701 was ordered, Series 692 fractionals were still being used in Vietnam. However, between the time that Series 701 was ordered and when it was delivered to the Army, the fractionals in Vietnam had been replaced with United States homeland coins. The Army directed the Bureau of Engraving and Printing to ship the dollar values only and to hold the fractional values, which were no longer needed. A short time later, the Army updated the instructions and told the BEP to destroy the fractionals. The BEP seems to have followed all instructions to the letter, but since the required specimen sets had been prepared and shipped, a few Series 701 fractional specimen certificates made it into the field. But wait, there is even more for Series 701! Booklets titled Progressive Impressions, Composite Impressions, and Specimens (in shorthand, “PCS books”) are known in private hands for Series 681 and Series 692. The discovery of these sets was very big news. These books have sheets of four of each denomination starting with each individual plate, for both face and back of the note (each plate in a different color—these are the “progressive impressions”), a full note without serial number (face and back—the composite impressions), and finished specimens. They are very impressive books. Now a third PCS book will enter a private collection. Yes, the Series 701 PCS book in this collection includes the fractional denominations! This means that there are four more specimens of each value of the fractional denominations—each in a sheet of four! ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 292 Now, for the first time, collectors will have a fighting chance to finish their collections of MPC with the Series 701 fractionals from the Paymaster Collection. All of the notes, with illustrations and descriptions, are now (or soon will be) available at the web site of the auctioneer. A blast from a Memphis Past! ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 293 INTERESTING MINING NOTES by David E. Schenkman The Short-Lived Alpine Iron and Mining Company of New York New York is not a state that one usually thinks of when mining scrip is mentioned, which is why the appearance of this note in an Internet auction a few years ago came as such a surprise to me. The enterprise, Alpine Iron and Mining Company, was located in Schuyler County, New York, in the central part of the state. The tiny town of Alpine is about twelve miles from the county seat, Watkins Glen, a town well known to fans of automobile racing. I did a quick search through Gordon L. Harris’ catalog, New York State Scrip and Private Issues. He only lists a couple of notes from Schuyler County, and none from Alpine. I wasn’t surprised; this is the second least populated county in the state. On October 29, 1880 the company was incorporated “for the purpose of manufacturing chemical pig iron and mining iron ore” by Dr. Jerome Longenecker, with $50,000 in capital. Longenecker wasted no time issuing his scrip, which is dated just three days later. Unfortunately, his venture was destined for failure. The January 24, 1881 edition of the Utica Morning Herald and Daily Gazette reported that “The Alpine Iron and Mining Company, operating in the village of Alpine, 12 miles from Antwerp, is insolvent. Dr. Longnecker (sic) of Lancaster, PA., is the founder and moving spirit of the concern. He began work last October, taking the old furnace which was idle, constructing coal pits and obtaining a good many tons of ore from the Jefferson Iron Company’s mines, nearby. It was necessary to spend a large sum before any return could be expected. Dr. Longnecker had not sufficient capital. He says he has spent $8000, that he owes $10,000, and that $7000 or $8000 more is necessary to put the property on a paying basis. Mr. Bulkley, president of the Jefferson Iron company (of Antwerp, NY) first discovered that the project would fall thru and has obtained a mortgage on all the property as security for that company’s $1400 claim for ore. It is said that this covers all the available value, and even that Bulkley has offered $250 to any man who would pay the $1400 and take the mortgage. The other large indebtedness is believed to be unsecured and is to teamsters and laborers and to persons in Antwerp. It is thought Dr. Longnecker is an honest man who has undertaken too large a project for his means.” I have been unable to learn much about Jerome Longenecker. In 1868 he was involved in a law suit and his occupation was given as an iron master at Shamokin Furnace, a company that was established by Henry Longenecker of Lancaster, Pennsylvania in 1842. The 1875 Philadelphia Medical Register and Directory lists him under “Assistant Demonstrators of Anatomy” and as a resident member of the Pathological Society of Philadelphia, and a resident member of the Presbyterian Hospital. The 1896 Polk's Medical Register and Directory of the United States and Canada lists him as a physician, residing at 3409 Spring Garden Street in Philadelphia. Why a physician from Pennsylvania would want to become involved in a mining enterprise in New York will probably remain a mystery forever. I contacted the Schuyler County Historical Society, and they replied, “while we are aware of the more recent Longnecker family, unfortunately we found no reference to Dr Longnecker of Alpine in our files.” Fortunately for collectors, an obsolete note remains as a tangible record of his venture. Comments, questions, suggestions (and even criticisms) concerning this column may be emailed to or mailed to P.O. Box 2866, La Plata, MD 20646. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 294 | 877-PMG-5570 United States | Switzerland | Germany | Hong Kong | China | South Korea | Singapore | Taiwan | Japan THE CHOICE IS CLEAR Introducing the New PMG Holder PMG’s new holder provides museum-quality display, crystal-clear optics and long-term preservation. Enhance the eye appeal of your notes with the superior clarity of the PMG holder, and enjoy peace of mind knowing that your priceless rarities have the best protection. Learn more at 16-CCGPA-2889_PMG_Ad_NewHolder_PaperMoney_JulyAug2016.indd 1 5/27/16 8:12 AM The Obsolete Corner The Bank of Watertown by Robert Gill Before we get into our subject matter, I want to let our members know that I had a very enjoyable time at the Memphis show, which was during the first full week of June. I was able to see my long distance friends, and also able to meet some new ones. I will very soon be making preparations for next year's mid-year show.   In this issue of Paper Money I'm going to share with you a Wisconsin sheet that is in my Obsolete sheet collection. And that is on The Bank of Watertown. The Bank of Watertown received its charter, with a capital of $50,000, in 1854. Up until a year or so before it was organized, Watertown had no banking facilities. The years preceding the Civil War were years of political, social and financial unrest, particularly in the newer states of the West. From 1853 to 1860 there was constant friction between the pro-and anti-slavery factions. When the war finally broke out in the spring of 1861, Wisconsin had 109 state banks with an outstanding circulation of $4,500,000, two-thirds of which was secured by rapidly depreciating bonds of southern and border states. Within two weeks after the fall of Fort Sumter, 38 of the 109 Wisconsin banks were closed, and public confidence was not wholly restored until after the great Union victories of 1863. Throughout this troubled period, however, The Bank of Watertown was able, as a result of capable and conservative management, to continue its service and keep faith with its customers and the community. The Bank of Watertown was founded by A. L. Pritchard, a New Yorker who never moved to Watertown. Its long-time cashier, though, was William H. Clark, another New Yorker, who came to Watertown in 1854. At the first stockholders' meeting, held on August 1, 1854, A. L. Pritchard, Luther A. Cole, Linus R. Cady, John Richards and Ebenezer W. Cole were chosen directors of the bank. Shortly after the bank was organized it erected a three story brick building at 14 E. Main Street. That building was regarded, at the time of its erection, as the best bank building in the state outside of Milwaukee. Vault doors were brought from New York City, and the vault was hailed as a notable example of advanced construction. The Bank of Watertown operated very successfully thru the 1850s. It became a State Bank when the National Banking Act of 1863 was enacted, and remained perfectly sound even through the financial panic that the United States experienced in the early 1890s. As you can see in the scan the large, red counterfeit protectors really compliment this sheet. I personally think the "lazy 5" is what sets it off. Watertown "singles" are by no means rare, and occasionally a sheet appears on the market. But even with the lack of rarity I thought that you, as a lover of paper money, would enjoy seeing this beautiful piece of paper history. As I always do, I invite any comments. I can be reached by my cell phone (580) 221- 0898 or personal email address Until next time, HAPPY COLLECTING. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 296 ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 297 Chump Change Loren Gatch On the Iconography of Banknotes If collectors are first drawn to banknotes for their aesthetic appeal (they’re pretty!), our curiosity is whetted by what the symbols and images which appear on them might mean. The features of a given note—the vignettes, portraits, and emblems—may reflect broader social, cultural, or political values that governments are seeking to validate or reinforce. An iconography of banknotes— the interpretive study of those features—helps us understand the wider contexts that explain, and give meaning to, an important artifact of our material culture. If modern money is everywhere a fiat of the nation-state, then understanding the relationship between money and national identity becomes an iconographic challenge of the first order. National identities aren’t given facts of nature but are shaped through social practices and political choices that create those shared senses of collective belonging. From this point of view, money has more than economic significance. It can serve as a vehicle for promoting or even contesting claims about national identity. One has to be careful not to be too crude in asserting the power any particular symbol over the human mind. My holding a $1 bill with George Washington on it doesn’t automatically make me a patriotic American, any more so than does my glancing at the Stars and Stripes. Still, in a more nuanced way, national identities are at the very least expressed and reinforced by national currencies. The recent debates in Great Britain, Canada, and the United States about putting a woman on the currency involve, at some level, renegotiations about more inclusive definitions of citizenship that ratify historical trends towards accepting gender equality. New Zealand’s integration of Maori symbols and texts into its notes signals that the country no longer regards itself as merely an outpost of Anglophone civilization. Turkey’s increasing use of religious motifs on its currency heralds the increasing Islamization of Mustafa Kemal Atatürk’s once-secular project of nation-building. Currencies can also express tensions and conflicts over identity. Although it was never official currency, a souvenir note issued in the early 1990’s by nationalist groups in the Republic of Macedonia depicting the White Tower of Thessaloniki enraged the Greeks, who saw this as an irredentist appropriation of an important symbol of the Greek province of Macedonia. Currently, Libya has not one but two currencies, issued by rival governments in the east and west of that unfortunate country. As Nigeria’s economic turmoil worsens, Biafran separatists look to revive the issue of a separate currency for Igboland. Although they are legal tender in Great Britain, some English shopkeepers refuse to accept Scottish banknotes; feelings get hurt. The very lack of controversy can be equally significant. Even after the repudiation of communism, the highest renminbi denomination in China currently features none other than Chairman Mao himself. How this architect of such catastrophes as the Great Leap Forward and Cultural Revolution can remain a symbol relevant for a capitalist China underscores the challenges facing the Communist Party as it seeks to maintain its legitimacy without overtly repudiating discredited socialist doctrines. A glance at the Euro zone’s currency highlights this intimate connection between money and national identity, albeit from a cosmopolitan perspective. Since the early 1950s, European integration has always rested upon a political imperative to transcend the nationalist antagonisms that inflamed two global wars. Accordingly, the Euro currency notes introduced in 2002 have scrupulously avoided any symbolic element that could be associated with any particular nation. In the place of any nationalist imagery, each note features on its front a map of Europe juxtaposed with bridges of various designs— invoking the spanning of national borders—and on each reverse are found windows, doors, and portals of various architectural and historical types, inviting various European nationals to enter, as it were, into a common European experience and identity (in contrast, Euro coinage remains a field where the petty imagery of traditional nationalism can still be indulged). This symbolic construction of European identity on the new currency went so far as to avoid depicting any actually- existing architectural landmark: All the bridges and entryways on Euro notes are imaginary! The anodyne result has been easy to mock, and in 2013 the Dutch designer Robin Stam actually constructed real bridges, based on the currency archetypes, at a housing development in the Netherlands. Ironically, the attempt to banish nationalism from Euro currency may have inadvertently illustrated the design flaws of the Euro zone itself. Having a common money without a common nationalist mythos mirrors the economic problems Europe faces for having created its currency area without taking other steps towards a true United States of Europe, like a common fiscal policy or the ability to issue debt that would be a liability of the European Union itself. Money depends on the nation- state, and will so into the future. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 298 Good bye Memphis  It’s been 40 years of FUN!!  Hello KC!   Let’s start a fresh 40! Mark your calendars now for the next International Paper Money Show!  June 7‐11, 2017  Sheraton Crown Center Hotel  2345 McGee St.  Kansas City, MO  64108            The Old  The New?? ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 299 Memphis was FUN!!! Speakers, exhibits, remembrances, club tables ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 300 40 YEARS REMEMBERED Lyn put on a very, very nice 40th remembrance celebration with food and drink and stories from many of the original (or close to original) attendees. Mike and Lyn Lyn and Peter 4 of the originals Joel and Neil Ray and Steve Once an exhibitor, 40 years an exhibitor! ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 301 SPMC Awards The SPMC has a very robust awards program to recognize and thank members for their service, writing and exhibiting. Literary and service awards were handed out at the SPMC breakfast on Friday morning and the exhibit awards were handed out Saturday afternoon. Service Awards Loren Gatch also received a President’s Award and the Social Media Award. The SPMC’s highest award, the Nathan Gold award was bestowed on Robert Moon! Lyn Knight received the Society’s Founders Award for his work with the IPMS. Mark Dregson received a President’s award for his work on the OBD. The Society’s Nathan Goldstein Award for membership recruitment was split into corporate and individual awards. Jason Bradford of PCGS Currency received the corporate award and Frank Clark received the individual award. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 302 Literary Awards A big thanks to all of the authors of currency related books and articles in Paper Money! Members voted for their favorites via the SPMC website and the winners were: Forrest Daniel Literary Excellence Award Joe Boling and Fred Schwan Wismer Award—Book of the Year Q. David Bowers—Obsolete Currency Vol. 5-6. Runners up— J. Fred Maples Robert Liddell & Charles Culleiton Awards for Articles Appearing in Paper Money Colonial   1st—Benny Bolin 2nd—Roger Barnes  World    1st—Pam & Dave Stitely 2nd—Carlson Chambliss  Miscellenous    1st—Terry Bryan 2nd—Loren Gatch  Obsolete 1st—Terry Bryan 2nd—Bill Gunter & Marv Wurzer  National/Federal  1st—Frank Clark, Shawn Hewitt, Carlson Chambilss  National/Federal  2nd—Lee Lofthus & Jamie Yakes  Favorite Column  1st—Joe Boling & Fred Schwan  2nd—Robert Gill  ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 303 President’s Column July/August 2016 The 40th International Paper Money Show at Memphis has come and gone. It will be the last (most likely) as next year the show moves to Kansas City (to stay presumably). Unfortunately, this year I could not attend due to a death in the family. Further, we lost Colonel Hudson MacDonald in May as well. We will miss him. We have a great Board for the SPMC and they stepped up and did an outstanding job. I want to thank Vice President Shawn Hewitt, in particular, for filling for me. While I’ve heard good things about the show from some of the dealers and collectors, since I was not there, I cannot say a lot about the event. However, I can report on the SPMC Board meeting. We had four governors up for reelection by the Board. Governors Jeff Brueggeman, Scott Lindquist, and Gary Dobbins were reelected for another term. Governor Kathy Lawrence has stepped down – we thank her for her service. We have openings on the Board and it is a great way to serve the paper money collecting community in a major way – please contact me! The SPMC Breakfast and Tom Bain Raffle were successes (I love these events & really missed being there this year!). 78 people were at the Breakfast and the raffle was a lot of fun and helped SPMC pay for the event with net proceed of about $1100 to the Society after expenses. We will need to find a new venue in Kansas City to continue the tradition – negotiations are proceeding. The SPMC Paper Money magazine continues strongly under Editor Benny Bolin’s leadership with help from Peter Huntoon, the new account representative at Sheridan Press, and many authors including a good number of new contributors. We have a backlog of articles, but are in need of 3 – 9 page articles. The use of color has been well received; it does add cost, but the value is even better. Back issues may now be downloaded from the web site. Speaking of the web site, VP Shawn Hewitt reported that we have a new back-up plan to ensure our ability to restore the web site in case of loss, security enhancements and a plan to move to a new content management system in two years to keep current on web capabilities. Web site usage continues to build with nearly 600 members with active web site accounts and a growing use for renewals, new members and selling of ads, etc. The obsolete database continues along. VP Shawn Hewitt hosted a session at the show for 1 hour. It was well attended and steps to fill out the database continue. Alabama, Minnesota, Ohio and Wisconsin have been uploaded and are being readied for member use. Iowa, New York, South Carolina and Tennessee are in process. State leaders have been identified for many other states. Shawn plans an article in an upcoming edition to go into more details and we look forward to it! We have money for educational grants for interesting research that results in articles in Paper Money and contributions to the hobby. Recently, we granted $5000 to Peter Huntoon to continue his research into national banking in the National Archives in Washington, D.C. Exhibit co-chair Robert Moon reported a total of 34 exhibits with a total of 160 cases at this last Memphis. In addition, Andrew Shiva presented more than 50 cases of Idaho nationals. I did a one case exhibit on United States Demand notes, thanks to Mark Anderson for setting it up with copies of the notes in my absence. I find these notes fascinating in that during a time when the Civil War was ramping up, the US government issued currency redeemable in gold to a public that did not trust paper money! One of the great things about Memphis are the recognition events at the Breakfast, the Hall of Fame, and the exhibit awards Saturday afternoon. I want to congratulate the exhibit winners and a special shout out to these winners: Forrest Daniel award for literary excellence – Joe Boling and Fred Schwan; Wismer award for best book of the year - Q. David Bowers for his continued leadership on the Encyclopedia of Obsolete notes series; Founders award for outstanding service to the hobby – Lyn Knight; Nathan Gold award for outstanding service to SPMC – Robert Moon; Social Media award – Loren Gatch; Nathan Goldstein award for membership recruiting – Frank Clark (individual); PCGS/Jason Bradford (institution); and President’s awards to Loren Gatch and Mark Drengson for their work on newsletters (Loren) and the obsolete database (Mark). Mark Anderson led the selection and induction of new members into the SPMC Hall of Fame. The great numismatists honored include: Walter D. Allan, Michael Crabb, Jr., Herbert and The annual induction dinner was help at the Blue Fin restaurant in Memphis. Congratulations to these great historians and numismatists who contributed significantly to our hobby. Have a great numismatic Summer! Pierre Fricke ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 304 W_l]om_ to Our N_w M_m\_rs! \y Fr[nk Cl[rk—SPMC M_m\_rship Dir_]tor NEW MEMBERS 05/05/2016 14498 James Kovanis, (C), Website 14499 James Cosner, (C), Frank Clark 14500 Mark Hewlett, (C), Pierre Fricke 14501 Mark Dowgiert, (C), Tom Denly 14502 Kathy Carroll, (C), ANA 14503 Jerrold J. Eggleston, (C), Scott Lindquist 14504 Robert List, (C), Website REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 06/05/2016 14505 Christopher Iandolo, (C), Jason Bradford 14506 Les Winners, (C), Frank Clark 14507 Joseph Batzer, (C & D), Jason Bradford 14508 Jose Serrano, (C), Frank Clark 14509 Randy Pierce, (C & D), Website 14510 Joe Holloway, (C), Frank Clark 14511 George Gifford, (C), Frank Clark 14512 Courtney Springmeyer, (C), Website 14513 William Beetcher, (C), Website 14514 Jack O'Neal, (C & D), Website 14515 Steven Pagels, (C), Website 14516 Robert Lanphear, (C), Frank Clark 14517 Michael Hans Chou, (C & D), John Wilson 14518 Roger L. Gudith, (C), Judith Murphy 14519 Pete Dunn, (C), Robert Gill 14520 Richard Damico, (C), Robert Gill REINSTATEMENTS None LIFE MEMBERSHIPS None         For Membership questions, dues and contact information go to our website Thanks to our top recuriters Jason Bradford-PCGS and Frank Clark-Individual ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 305 Editor Sez Memphis— the end of an era and the beginning of a new one! June 2016 will be forever remembered and the last IPMS in Memphis, TN. Over the years there have been many great times to be had there and much celebrating new finds, re-connecting with old friends and making new ones and just a general old- fashioned good time. Many neat stories and reminiscenes were given at Lyn’s celebration on Friday night and it was neat to see so many of the original attendees who had been to all 40 shows and to listen to their stories. Many of us have been going for a lot of years but not the full 40. 2016 was my 33rd Memphis, I remember my first one in 1984, my wife and I drove to Overland Park, KS (ironic isn’t it) to visit her relatives and then went to Blanchard Springs, AR for a few day and then to Memphis. I was in awe as I had only collected paper money for two years (after 20 years of collecting the little round metal disks). I was a new member (#35) of the FCCB (Fractional Currency Collectors Board) and we had our meeting at Erika’s, a German themed restaurant a few blocks from the, at that time, Crowne Plaza. Sitting and listening to fractional collectors like Milt Friedberg, Doug Hales, Alan May and the like just cemented in my mind what a great new hobby I had found. At that time, the fractional exhibits were the crème-del-a-crème of exhibits. Over 30 cases and extremely well done—I am still in awe of Coila Hales’ calligraphy skills. I decided then and there to do one the next year. But what to do? I decided to do one on who else? Spencer Morton Clark! My first and last Memphis fractional exhibits were on Clark and both contained only one note—a Clark 5¢ note! Karma huh? I was new to fractional and so I decided to take the easy way out and wrote Milt and asked him to send me all his info on Clark—pretentious little snot wasn’t I? Well, he wrote me back and said all he knew was in his book and to do some research and let him know what I found. That started me on an almost 35 year pursuit of information, research, writing and exhibiting. Other fun remembrances of Memphis is when six of us fractional guys (we collected small notes, but we were by no means small) crammed into one of the Cinderella carriages and went off to dinner—oh the looks we got. I remember seeing Matt Rothert and being too shy to ask him to sign my fractional reference book he wrote and now lament that as he passed away shortly after. I remember the year there were three (yes 3) fractional currency presentation books on the floor, all for sale for well under $10,000! I remember at the FCCB dinner being offered one of the notes of a Fourth Issue sheet of proofs, but passing because the price was too high ($300—oh for another chance)! I don’t remember very many bad times, the only one that still comes up is the year we were all displaced from the hotel after we had reservations and I had to stay in West Memphis and commute. But the good and great times far outweigh the bad and I think the best times were those being with and talking paper with the hobby greats and friends. I guess you can say I have now become somewhat of a leader in the field of paper money collecting and it is a hobby I find very rewarding. While we wont be going back to Memphis next year, work with me and continue on the pursuit of all that is paper collectible, starting over a new era in Kansas City, Mo. June 7-11, 2017 is not that far off. Make plans now! Benny Texting and Driving—It can wait! ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 306 Society of Paper Money Collectors, Inc. Board of Governors Meeting June 4, 2016; 8:00 a.m. Memphis Room, Downtown Sheraton, Memphis, TN. Present: S. Hewitt R. Moon F. Clark M. Scacci B. Bolin J. Bruggeman S. Lindquist G. Dobbins R. Van deVender M. Anderson, IPP/RS Call to Order/Quorum Determination: A quorum being present, in absence of President Fricke [unable to attend Memphis due to a death in the family], meeting called to order at 8:06 a.m. by VP Hewitt. M Anderson appointed Recording Secretary. Elections/Appointments Election of Governors: VP Hewitt announced that Governors Brueggeman, Dobbins, and Lindquist have agreed to stand for re‐election. K Lawrence stepping down. Treasurer Moon cast lone ballot. Governors Brueggeman, Dobbins, and Lindquist re‐elected. Reports and Old Business Financial Report: Treasurer Moon gave an update on the financial condition of the Society. Report for quarter ended 3/31/16 previously distributed via e‐mail; year‐end will be mailed after the fiscal year ends on June 30. Recent activity includes checks written in support of Huntoon research grant, to pay magazine expenses, DC incorporation fee [for two years], dues to ANA and IBNS. SPMC IPMS Breakfast and Tom Bain Raffle a success, generating 78 physical attendees ($1,575.00 in ticket sales revenue) and $1,105.00 in raffle ticket revenue. After costs of $1,539.44 profit to SPMC of $1,100.00 (approximately), which does not include potential proceeds from souvenir ticket sales and silent auctions of low numbers 1‐ 5. No reservation for 2017 made. List of raffle donors kept by B. Bolin will be forwarded to P. Fricke for letters of thanks for raffle items. Other Items included:  Pequot Library donation in memory of D. Herzog has bene acknowledged.  FUN has written about summer convention accommodations if SPMC attends  ANA annual dues are $75; a $5 discount per ANA member offered, if we provide them a list. RM passed list among BoG; will follow.  J. Brueggeman to be added to signatories. VP Hewitt asked how next year’s brex arrangements [to be in Kansas City] will be handled. LFK negotiating arrangements, has been in touch with R Moon and M Anderson, is aware of our sensitivities to quality/price parameters. Membership Recruitment: Membership Chairman Frank Clark alluded to his e‐mail report; SPMC website has “recruited” 55 members, PCGS 23, Frank Clark 13. There were 3 reinstatements. Membership: Secretary J. Brueggeman stated that his reports were locked in the bourse room, and he will provide BoG members copies at later time. B Bolin confirmed member reports are pulled every 2 months on the tenth of the month by B. Bolin. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 307 Editor’s Report: Editor Bolin said he has a growing article backlog although he is encountering a dearth of articles which run 3‐ pages. An upcoming article related to Confederate currency is being formatted but a foldout is required; printer can provide at a cost of $400, which PF has authorized. September, 2016 represents a significant anniversary in the MPC world, per Fred Schwan. Upcoming July August issue will focus on this field. Color usage has been well received; the cost is acknowledged as not insignificant but deemed warranted. ANA and NLG have been sent copies of Paper Money magazine for their contests. Back issues are now downloadable from website. B Bolin reiterated that every issue is backed up and secured, such that should anything interrupt his ability to serve as Editor, it can be accessed by Club officers. Treasurer Moon noted parenthetically to this that his entire SPMC backup is in 2 well organized and identified Iron Mountain boxes. Both the Editor’s and the Treasurer’s spouses and family members are fully briefed in event of calamity. Marketing Committee Report: G Dobbins reported on efforts to solicit raffle donations; delays in getting e‐mail addresses made receipt of request by potential donors tight against show timing. GD received 4 donations based on letter. G Dobbins also reported on his efforts to solicit increased dealer membership, having sent copies of letter to all members of BoG. S Hewitt asked if the letter has been utilized. S. Lindquist reported that he had received this letter as a tool to use, but that follow up is in hands of the BoG members. Discussion evolved to include how best to work with BNR, use of press releases, interesting stories as may generate additional publicity, ideas for cooperating productively with the ANA, flyer‐based promotion, and the like. Website Report S. Hewitt referred all to his report submitted 5/25/16 by e‐mail in advance of the meeting. Noted highlights, including new backup plan, efforts to get 2 more years out of Drupal [our Version 6 is “near end of life”], and security enhancements. Developer Akshay recommending new version of Drupal at some point, which will require some investment in re‐writing certain code. Statistics are improved over last year – more accounts; deeper penetration of accounts into membership, etc.; renewals are up, breakfast ticket sales higher. ODP Report S Hewitt reported on yesterday’s 4 p.m. briefing in convention hall, and referred all to his memo 5/25/16 [submitted in advance of the meeting]. Noted minor spending overage against budget, and asked for guidance on how to handle appropriately. Cited continuing open nature of Whitman relationship; M Anderson reported on several outreach efforts to Whitman made over last few months, and limited success in reaching any conclusion, despite meetings, telephone messages left and e‐mails. VP Hewitt promised Editor Bolin an article for Paper Money that will speak to the ODP, and solicited input from members. M Anderson moved that the small overage v. budget be approved ex‐post facto, and that VP Hewitt’s requested budgets for the coming year as specified in his memorandum be approved. S Lindquist second. No discussion. Approved unanimously. Educational Grants: No report. R. Moon reminded that $5,000 stipend has been sent to P Huntoon [4/26/16] and receipt acknowledged [$4,000 of this coming from the “Shiva Fund”]. Regional Activities Update: M Anderson reported that SPMC will again split a table with the NYNC at the ANA convention in August. This year’s event is in Anaheim. This is M Anderson’s last year as NYNC ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 308 president, and while he intends to attend future ANAs, feels need to reduce the hours spent at the joint table beginning in 2017. Audit Committee: Chairman Scacci reported that the audit was done, cited report submitted in advance of meeting. All key balance sheet figures confirmed. Rate on CDs up for near term renewal is 1.5%; renewal rate remains to be seen. Report recommends addition of J. Brueggeman as a signatory; this is in process and paperwork will be in the bank this coming Monday. Awards report: Awards Chair M Anderson reported that the awards flow at previous day’s breakfast had proceeded smoothly; vendor [K2 Awards] continues to perform reliably and economically. Recruitment award [Goldstein] has been split into an institutional recipient and an individual recipient. Exhibits: Exhibit co‐chair Moon reported a total of 34 exhibits for a total of 160 cases at this year’s convention. This does not include 50‐plus cases placed by Andrew Shiva focusing on his Idaho material. Group held general discussion of exhibit and judging issues. R. van de Vender comfortable with his judging committee’s ability, and will add choosing a “One Case” winner to his Judging Committee’s duties. Hall of Fame: M Anderson reiterated names of members of HoF Class of 2016: Walter D. Allan, Michael Crabb, Jr., Herbert and Martha Schingoethe, and Raphael Prosper Thian. Annual induction dinner will be held Saturday evening at 7 p.m. at Blue Fin Restaurant in Memphis. Proposal from B Bolin regarding Life Member Fund B Bolin summarized a proposal previously submitted to BoG members by e‐mail and distributed at the meeting that would allow the Society to tap life member funds to provide some support for magazine costs. The LM fund is actually an endowment that theoretically supports the LMs by use of the interest, but due to financial climate, none has been used. Clarified that the proposal is for a yearly payment of the cost of printing and mailing one issue of Paper Money as invoiced plus Editor’s fee which will be revisited and approved at each meeting. J Brueggeman noted that spending what amounts to 1/18 of the fund may need to be examined, and would be interested in forming a committee to study what might be an actuarially defensible basis for these payments going forward. Governor Lindquist moved proposal be adopted, seconded Governor Scacci. Discussion ensued. Governor VandeVender hesitant to invade corpus but supported due to its annual re‐approval mechanism. M Anderson observed that he felt that average versus marginal costs of the magazine should be discussed and offered to assist the committee. There being no more discussion, VP Hewitt called for a vote. Approved unanimously. Bequeaths:  Over past serval years, SPM has made a donation of $1,000 to Lyn Knight, in support of the educational and exhibit activities he has promoted and improved at Memphis since acquiring the show. M Anderson moved that this be repeated in 2016. R Moon seconded. Approved unanimously.  J Brueggeman noted that Smithsonian Institution has recently opened a new coin and currency exhibition, and that SPMC opportunities to consider support may arise.  M Anderson reminded BoG members of previously approved [but not yet funded grant] of $2,000 to Higgins Foundation in support of its biennial/triennial seminar held in Okoboji at the Museum’s premises. Treasurer Moon will provide a check for delivery at the seminar. Adjourn: VP Hewitt called for a motion to close the meeting. M Anderson moved, G Dobbins second, unanimous. Adjourned at 10:06 a.m. ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 309 Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Books available,,, MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional Colonial Small Currency Large Currency Auction Foreign Currency Checks 4-3/4" x 2-1/4" $21.60 $38.70 $171.00 $302.00 5-1/2" x 3-1/16" $22.60 $41.00 $190.00 $342.00 6-5/8" x 2-7/8" $22.75 $42.50 $190.00 $360.00 7-7/8" x 3-1/2" $26.75 $48.00 $226.00 $410.00 9 x 3-3/4" $26.75 $48.00 $226.00 $410.00 8 x 5 $32.00 $58.00 $265.00 $465.00 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 Out of Country sent Registered Mail at Your Cost 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 29, Dedham, MA 02027 • 781-326-9481 ORDERS: 800-HI-DENLY • FAX 781-326-9484 DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 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 email: 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 and Foreign Oversize Foreign Jumbo 10" x 6" $23.00 $89.00 $150.00 $320.00 10" x 8" $30.00 $118.00 $199.00 $425.00 ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 310 You are invited to visit our web page 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 Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: 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: (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: ___________________________________________________________Paper Money * July/Aug 2016 * Whole No. 304_____________________________________________________________ 311 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. 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. WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277-1779; 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 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. BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available at 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 * July/Aug 2016 * Whole No. 304_____________________________________________________________ 312 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 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: Paul R. Minshull #LSM0605473; Heritage Auctions #LSM0602703 & #LSM0624318. BP 17.5%; see 40572 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 PLATINUM NIGHT® & SIGNATURE® AUCTIONS August 10-15, 2016 | Anaheim | Live & Online Offered in our Upcoming ANA Auction Presentation piece to Treasurer Katherine Davalos Ortega Visit to view the catalog and place bids online beginning mid-July. Five serial number 1 Cleveland district notes $1, $5, $10, $20 and $50. The lot includes a courtesy autographed photo of Ronald Reagan and Treasurer Ortega, the signature plate used to print over 30 billion notes carrying her signature and a plaque commemorating the printing of 20 billion notes with her signature. Fr. 1913-D 1985 $5 Federal Reserve Note Fr. 1978-D 1985 $10 Federal Reserve Note Fr. 2027-D 1985 $10 Federal Reserve Note Fr. 2075-D 1985 $20 Federal Reserve Note Fr. 2122-D 1985 $50 Federal Reserve Note