Paper Money - Vol. LVII, No. 1 - Whole No. 313 - January/February 2018

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Table of Contents

Eric Pfeiffer Newman................................................................... 4

The Dies that Fathered 1872 & 1882 Nationals

Peter Huntoon..................................................................... 7

“Star Spangled” Merchant Scrip

Ron Spieker...................................................................... 14

Colony of North Carolina 1£ Note

             David Lok......................................................................... ..21

The Adoue Banking Family of Dallas, TX

Frank Clark....................................................................... 25

U. S. Serial No. 1,000,000,000 Notes

Jamie Yakes & Peter Huntoon.................................................... 27

Uncoupled Joe Boling & Fred Schwan...................................... 31

New Members............................................................................. 37

Columbia, Tennessee’s First National Bank

John Abernathy........................................................................... 39

Father of the Adams Bank

Josh Colon.................................................................................. 47

A Detailed Survey of New FRNs

Carlson Chambliss..................................................................... 49

SPMC Obsolete Database Update.......................................... 57

Small NotesCleveland Cashier’s Missing Note..................... 61

Interesting Mining NotesDavid Schenkman......................... 63

Obsolete Corner--Robert Gill.................................................... 65

Chump Change--Loren Gatch.................................................. 60

2017 Paper Money Index......................................................... 69

Paper Money Vol. LVII, No. 1, Whole No. 313 www.SPMC.org January/February 2018 Official Journal of the Society of Paper Money Collectors Eric Pfeiffer Newman 1911-2017 Christine Karstedt LM #5492 John M. Pack LM # 5736 Peter A. Treglia LM #1195608 Christine Karstedt John M. Pack Peter A. Treglia 1231 E. Dyer Road, Suite 100, Santa Ana, CA 92705 • 949.253.0916 123 West 57th Street, New York, NY 10019 • 212.582.2580 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Hong Kong • Paris SBG PM JRA_Annouce_171212 America’s Oldest and Most Accomplished Rare Coin Auctioneer 800.566.2580 East Coast Offi ce • 800.458.4646 West Coast Offi ce Stack’s Bowers Galleries Presents  e Joel R. Anderson Collection of United States Paper Money to be off ered beginning with our Offi cial Auction of the Whitman Coin & Collectibles Expo March 21-23, 2018 With great pleasure, Stack’s Bowers Galleries brings to market  e Joel R. Anderson Collection of United States paper money, the largest,  nest, and most complete collection of Large Size United States paper money types in existence today. It is rivaled only by great collections of generations ago that have long since been dispersed, including those of Albert Grinnell and Amon Carter, Jr. Mr. Anderson had a goal to acquire the  nest known for the seal type and amassed a collection that will most likely never be duplicated. Stack’s Bowers Galleries will be preparing a series of special catalogs to showcase the collection, starting with their March 2018 o cial auction of the Whitman Coin & Collectibles Expo in Baltimore. Highlights will be on display at the upcoming Florida United Numismatists convention in January, the Long Beach Convention in February, and other venues.  e collection of approximately 240 Large Size (pre-1928) currency notes (certi ed by PCGS Currency) consists of Demand Notes, Legal Tender Notes, Compound Interest Notes, Interest Bearing Notes, Refunding Certi cates, Silver Certi cates, Treasury Notes, National Bank Notes, National Gold Bank Notes, Federal Reserve Bank Notes, Federal Reserve Notes, and Gold Certi cates.  ere are notes in this collection that are unique in private hands, as well as those that are absolutely unique, with no examples known in government institutions! Virtually every note in this collection can be considered a highlight. Whether it is the rarest or the  nest known, every note o ers some type of WOW factor. For more information on the collection please contact Christine Karstedt at ckarstedt@ stacksbowers.com or Peter Treglia at ptreglia@stacksbowers.com. 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. PAPER MONEY  Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. LVII, No. 1 Whole No. 313 January/February 2018 ISSN 0031-1162 MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible, however publication in a specific issue cannot be guaranteed. Include an SASE if acknowledgement is desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the Editor for duplication and printing as needed. ADVERTISING All advertising on space available basis. Copy/correspondence should be sent to editor. All advertising is payable in advance. All ads are accepted on a “good faith” basis. Terms are “Until Forbid.” Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. To keep rates to a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork, or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Fullcolor covers $1500 $2600 $4900 B&W covers 500 1400 2500 Fullpagecolor 500 1500 3000 Full page B&W 360 1000 1800 Halfpage B&W 180 500 900 Quarter page B&W 90 250 450 Eighthpage 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. Benny Bolin, Editor Editor Email—smcbb@sbcglobal.net Visit the SPMC website—www.SPMC.org Eric Pfeiffer Newman ................................................................ 4 The Dies that Fathered 1872 & 1882 Nationals Peter Huntoon ................................................................ ...7 “Star Spangled” Merchant Scrip Ron Spieker .................................................................... 14 Colony of North Carolina 1£ Note David Lok ....................................................................................21 The Adoue Banking Family of Dallas, TX Frank Clark ..................................................................... .25 U. S. Serial No. 1,000,000,000 Notes Jamie Yakes & Peter Huntoon ................................................. .27 Uncoupled Joe Boling & Fred Schwan .....................................31 New Members ........................................................................... 37 Columbia, Tennessee’s First National Bank John Abernathy .........................................................................39 Father of the Adams Bank Josh Colon ................................................................................. 47 A Detailed Survey of New FRNs Carlson Chambliss ................................................................... 49 SPMC Obsolete Database Update ........................................ .57 Small Notes—Cleveland Cashier’s Missing Note .................... 61 Interesting Mining Notes—David Schenkman ....................... 63 Obsolete Corner--Robert Gill .................................................. 65 Chump Change--Loren Gatch ................................................. 60 2017 Paper Money Index. ....................................................... 69 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 1 Society of Paper Money Collectors Officers and Appointees ELECTED OFFICERS: PRESIDENT--Shawn Hewitt, P.O. Box 580731, Minneapolis, MN 55458-0731 VICE-PRESIDENT--Robert Vandevender II, P.O. Box 2233, Palm City, FL 34991 SECRETARY--Jeff Brueggeman, 711 Signal Mtn., Rd. #197, Chattanooga, TN 37405 TREASURER --Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark B. Anderson, 115 Congress St., Brooklyn, NY 11201 Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 1094, Sudbury, MA 01776 Loren Gatch 2701 Walnut St., Norman, OK 73072 Joshua T. Herbstman, Box 351759, Palm Coast, FL 32135 Steve Jennings, 214 W. Main, Freeport, IL 61032 J. Fred Maples, 7517 Oyster Bay Way, Montgomery Village, MD 20886 Michael B. Scacci, 216-10th Ave., Fort Dodge, IA 50501-2425 Wendell A. Wolka, P.O. Box 5439, Sun City Ctr., FL 33571 APPOINTEES: PUBLISHER-EDITOR--Benny Bolin, 5510 Springhill Estates Dr. Allen, TX 75002 EDITOR EMERITUS--Fred Reed, III ADVERTISING MANAGER--Wendell A. Wolka, Box 5439 Sun City Center, FL 33571 LEGAL COUNSEL--Robert J. Galiette, 3 Teal Ln.,ssex, 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--Pierre Fricke WISMER BOOK PROJECT COORDINATOR--Pierre Fricke, Box 1094, Sudbury, MA 01776 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 i s held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website, www.spmc.org. .The SPMC does not does not endorse any dealer, company or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior membership numbers will be preceded by the letter “j” which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards, but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the S o c i e t y prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Pierre Fricke—Buying and Selling! 1861‐1869 Large Type, Confederate and Obsolete Money!  P.O. Box 1094, Sudbury, MA 01776 ; pierrefricke@buyvintagemoney.com; www.buyvintagemoney.com And many more CSA, Union and Obsolete Bank Notes for sale ranging from $10 to five figures ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 2 Contact Nina@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. for a FREE Apraisal! Consign Your Currency with The Offi cial Aucti oneer of the ANA Nati onal Money ShowsTM For more information about consigning your currency to Kagin’s Auction for the ANA National Money Show contact us at : kagins.com, by phone: 888-852-4467 or e-mail: Nina@kagins.com. March 8-10, 2018 Irving Convention Center Dallas, TX (Irving, TX) Experience the Kagin’s Di erence: • Free one year online membership in SPMC with each purchase of currency • 0% Seller’s fee for $25,000 consignments and $1,500 per lot • 1% credit back on all purchases through the KAGIN’S AUCTION LOYALTY PROGRAM TM • 99% and 100% sell through for the last two auctions • Innovative marketing and exposure outside as well as inside the coin industry as we did by partnering with Amazon.com for the Saddle Ridge Hoard Treasure • Free ANA and club memberships and educational reference books Currency already consigned: – The largest collection of Federal Reserve Notes and Federal Reserve Bank Notes in decades – Colonial and Confederate Currency – Small Size and Error banknotes – National Bank Notes – Western Assay Receipts – Hundreds of lots of U.S. Large Size Currency – Fractional currency – The largest and fi nest collection of Encased Postage Stamps 99% Sell Through RECORD PRICES REALIZ ED! 100% Sell Through RECORD PRICES REALIZ ED! Kagin’s only produces two auctions a year so your consignment will receive up to four months of innovative and unprecedented promotion. Boutique style sessions limited to 500 lots allow us to highlight your collection and tell your numismatic journey, or as a buyer, to focus in on just the currency you need. Kagins-PM-Ad-Mar2018-NMSCons-10-14-17.indd 1 10/15/17 11:55 PM Eric Pfeiffer Newman 1911 – 2017 Noted numismatist Eric Pfeiffer Newman passed away at his St. Louis home on November 15, 2017 at the age of 106. Mr. Newman was an 80+ year member of the ANA and a founder of the SPMC. He was a consummate numismatist and authority on almost every aspect from colonial coins and paper money, to federal issues, books and general history. His interest in numismatics began at the age of seven when his grandfather gave him an 1859 Indian Head cent. He accomplished something no one else could do in the past or present—owning all five 1913 Liberty Nickels. He was born to Samuel Elijah and Rose (Pfeiffer) Newman in St. Louis, Missouri and earned a bachelor of science degree from the Massachusetts Institute of Technology (MIT) in 1932 and a Juris Doctor from Washington University in St. Louis in 1935 and practiced law until 1943. He was hired by Edison Brothers Stores, rising to executive vice president in 1968, before retiring in 1987. While attending MIT, Newman became acquainted with E. H. R. Green, himself a coin collector. Newman and other students were given the use of Green's private radio station at Round Hill, Massachusetts, to follow Rear Admiral Richard E. Byrd's first Antarctic expedition (1928-1930). After Green died in 1936, Newman raised $600 from his family and purchased some currency from the estate. After he told Burdette Johnson about it, Johnson put up the money to buy most of Green's collection, including the only five known 1913 Liberty Head nickels and Newman's favorite coin, a unique 1792 pattern in gold that he believed was owned by George Washington. He married Evelyn Edison on November 29, 1939. They were very devoted to each other and had two children, Linda N. Schapiro and Andrew E. Newman. Eric and Evelyn supported a variety of philanthropic efforts including medical ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 4 research, academia, and St. Louis cultural affairs. In 2003, the Newman’s donated money to Washington University in St. Louis to establish the Newman Money Museum which opened in 2006 and displays part of Newman's collection on a rotating basis. They also established the Eric P. Newman Education Center at the Washington University School of Medicine and established numerous professorships and scholarships. Eric and Evelyn were together 85 years until she died on September 1, 2015 at the age of 95. Newman wrote over 13 numismatic books. He is known for his pioneering study The Early Paper Money of America (1967), which remains the standard work on the subject and has entered its fifth edition. Other written works include The 1776 Continental Currency Coinage: Varieties of the Fugio Cent (1952), The Fantastic 1804 Dollar (1962) and U.S. Coin Scales and Counterfeit Coin Detectors (2000). Mr. Newman was awarded many awards from various clubs over his many years. He won the ANA’s Heath Literary Award an unprecedented sixteen times between 1955 and 2015. He also won the ANA Medal of Merit in 1964, Farran Zerbe Award in 1969, Numismatist of the year in 1996, Wayte and Olga Raymond Memorial Award, and was inducted into the ANA Hall-of-Fame in 1986. He was also the recipient of the ANS’ Archer Milton Huntington Award, the NLG Clemy, Burnett Anderson Memorial Award for Excellence in Numismatic Writing, the Rittenhouse Society Gold Medal and the Medal of the Royal Numismatic Society. Mr. Newman was a founder of the SPMC and held membership number 290. He was SPMC Vice- President 1975-1979, served on the board of governors in 1962 and 1973-1976. He received the Nathan Gold award in 1968 and was bestowed Honorary Life Member #13 upon his induction into the SPMC inaugural Hall-of-Fame class in 2014. The numismatic hobby was made richer by Mr. Newman’s efforts and activities and he will be sorely missed by all, but we are all richer due to his efforts. A Fond Farewell to Eric Newman by Pierre Fricke “…The secret to retirement is – don’t retire!” a 98-year-old Eric Newman chided me (48 years old at the time) leaning over to me and grabbing my arm in a discussion at his library at the Eric Newman Money Museum in St Louis, MO while we were eating lunch after a review of his Confederate States of America paper money including counterfeits made during the War. Fred Reed was with me and together we were researching our book, The History of Collecting Confederate States of America Paper Money – 1865-1945, published in 2012. We had been discussing when Eric bought his CSA notes, from whom and how much he paid if he could remember. He said of his Montgomery notes, “I don’t remember who I bought them from… it was in the 1930s”. Wow! Been quite a while since I talked with someone who could have bought something in the 1930s! They turned out to be Colonel Green notes and were sold with his collection this decade. A discussion on price trends lead up to his statement about retirement. He stated, “Pierre, you seem a lot more concerned about prices than I am”. My response, “Well Eric, you bought these things for 10 cents, 50 cents, $5 or $100 and I am paying $10, $100, $500, or $20,000! We don’t have pensions today and many industries are not particularly friendly to its senior citizens. So, I have to plan for retirement and fortunately have numismatics…”. He responded with the opening statement and added, “... Yes, you do have numismatics and that will be with you the rest of your life. As long as you maintain your health and study, you become more knowledgeable and valuable to the hobby”. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 5 A year later, I visited him at his home built in 1920 near his museum in St. Louis. This time we discussed Fugio coppers at length and he brought out his unusual patterns and trial pieces which were fascinating to see. I bought a piece or two to show him as well. We discussed his book, United States Fugio Copper Coinage of 1787 (see figures) and I asked him to sign my copy which I treasure. Fugio coppers were one of his favorite coins and it showed in the discussion. The intrigue, corruption, bribery and theft associated with this production of the Fugio coppers along with being the first authorized coin of the United States fascinated him. Eric was a founding member and on the original board of governors of the Society of Paper Money Collectors as seen in the 1962 first edition of Paper Money magazine. He also was an Honorary Life Member of the Society. Eric was part of the illustrious inaugural class of 2014 into the SPMC Hall of Fame based on his many research and educational contributions to the hobby. I want to thank Eric one more time for his help, guidance and wisdom and for his many contributions to the hobby. I’m certain it was a fascinating reunion of the old-time numismatists when Eric went to meet them again this past November. I miss him and look forward to seeing him at another of those numismatic reunions in the sky later this century! Tributes to Mr. Newman I first met Eric in the early 1950's at the Missouri Numismatic Society meeting. We both shared the love of numismatics, especially in the St. Louis area. Over the years, I enjoyed visiting with him both at his home and mine and later at the museum. One of the enjoyable experiences we had was when he acquired an antique gold coin changer. Because of some broken pieces, it would not function. Being a mechanic and welder, I was able to repair the changer and clean out the sand that had accumulated in it. Eric explained that the changer had been used in an amusement park near the English seashore. We had a great time running coins through it to observe the operation. It was then that he showed me his machine shop in the basement. He had a degree in engineering from MIT, as well as a law degree from Washington University. We discussed Missouri Bank history and he invited me to join him in writing a book on the subject. Over the years, we acquired and shared information on the subject. I spoke to him several years ago about completing the book project, but he was involved in updating his Early American Paper Money book and he advised me to finish the book and publish it myself. Over the years, I learned a great deal from Eric and enjoyed his company. One of his favorite sayings after completing a trade was "I know you will enjoy owning this" and on several occasions he would say "if I die" rather than "when I die". I guess the time arrived when he decided to do so.......Ronald L. Horstman I met with Eric only one time, for a six hour stretch at his home in St. Louis. He responded to a public appeal I made for assistance in writing a book on Minnesota obsoletes, inviting us to visit him and view his collection. What I appreciated most about Eric was his willingness to generously share his time, knowledge and resources. That quality defines what it means to be a true student of the hobby. It is my wish that all collectors take his example to heart. Shawn Hewitt I have never had the opportunity to meet Mr. Newman, but I do have the privilege of owning some Obsoletes out of his collection. By watching what he has done for the world of paper money and coins, and reading the book written about his life, its easy to see what an important asset he has been to others. I hope someday to be able to sit down with him, and listen to the stories he has about his experiences in our fabulous hobby. Thank you so much, Mr. Newman. Robert Gill. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 6 The Dies that Fathered BEP $10 and $20 Series of 1875 and 1882 Nationals Two full-face dies prepared by the American Bank Note Company for the Original Series were the source for all the $10 and $20 Series of 1875 and 1882 plates made at the Bureau of Engraving and Printing. It is the objective of this article to explain how this occurred. Like genes passed to future generations, unambiguous telltale vestigial markings that originated on the original ABNC dies were passed down to the BEP plates. We will necessarily delve into the technical details of plate making in order to follow the forensic evidence. Let’s dispel a commonly held misconception at the outset. The plates used to print the Series of 1882 notes were not altered Original/1875 plates. Rather all were entirely new plates made at the Bureau of Engraving and Printing. Figure 1. All the $10 subjects on Original, 1875 and 1882 national bank note plates made at the Bureau of Engraving and Printing were reproduced from American Bank Note Company Original Series full-face die 1925, a print of which is illustrated here. We will trace the loops from the Treasury signatures that extend upward into “Deposited with the U. S. Treasurer at Washington” to future generations. Photo courtesy of Bruce Hagen. Origins The engravers and siderographers at the American Bank Note Company made full-face dies for the $10 and $20 Original Series nationals, prints of which are illustrated here as Figures 1 and 2. These were generic dies, generic meaning that they carried all the design elements common to plates regardless of bank. Notice on the $10 that the layout included the partial bank title “The First National Bank of.” This was in keeping with Secretary of the Treasury Salmon P. Chase’s original concept that all national banks in a given town or city would be numbered in the order in which they were organized starting with “First.” Obviously, the designers at ABNC weren’t thinking about a “Second” when the partial title block was laid out! This oversight was corrected when they made the $20 die. At the time, they also didn’t contemplate that the Treasury officials would change, so Chittenden’s and Spinner’s signatures were superimposed on the master dies as well. This quirk is the smoking gun in the analysis that follows. The Paper Column Peter Huntoon  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 8 Figure 2. All the $20 subjects on Series of 1875 and 1882 national bank note plates made at the Bureau of Engraving and Printing were reproduced from American Bank Note Company Original Series full-face die 1940. As with the $10, the loops from the Treasury signatures extend upward into “Deposited with the U. S. Treasurer at Washington.” Photo courtesy of Bruce Hagen. Notice, as expected, that the generic items in the title blocks on the $10 and $20 Series of 1875 proofs for The First National Bank of Philadelphia, charter 1, are identical to those on Figures 1 and 2 except for the Treasury signatures, which were updated when the plates were altered from their Original Series to Series of 1875 form at the Bureau of Engraving and Printing. Dies, Rolls and Plates The process of making printing plate begins with numerous component dies, which were flat soft steel blanks with a polished surface into which were engraved individually the elements such as vignettes, counters, border segments, lettering, manufacturer imprints, etc., that were later brought together to create a master die. Dies are intaglio meaning that the image to be printed is comprised of recesses such as groves cut into the surface that hold the ink. Many of the dies, such as the vignettes and most letting, were engraved by engravers. Other elements were engraved using machines, such as border elements that were produced on geometric lathes. Once completed, the component dies were hardened by heating and quenching in brine and/or oil. Once a die was hardened, rolls were made from them, which were used to transfer the images to other dies or plates. The process involved rolling a soft steel cylinder over each component die under loads sufficient to cause the steel on the surface of the roll to flow into the recesses engraved on the die. This was carried out by siderographers on machines called transfer presses. The image picked up on a roll stood in relief on its surface and was, in fact, a mold of the image on the die. The roll was then hardened by heating Figure 3. Title blocks from the earliest plates made from ABNC $10 die 1925 and $20 die 1940 that exhibit the same generic title block items as found on Figures 1 and 2. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 9 and quenching. Individual rolls could contain images from one or more dies around their circumference. Once dies and rolls were hardened, the images on them could not be altered. A full-face generic master die was constructed on a transfer press wherein the component rolls lifted from the component dies were used to lay in the elements onto the surface of the master. That process was called a transfer. Notice that the vast percentage of the work on the master consisted of transfers. The only involvement of an engraver at this stage was to do touch up work. Figure 4. Jack Ryan, Bureau of Engraving and Printing siderographer, using a transfer press to lay in an image of a note onto a steel master plate from a roll that contains the image. The press exerted loads of tons per square inch through the roll. BEP photo. The obvious advantage of generic master dies was that rolls lifted from them could be used to transfer all the common elements to a printing plate in one transfer for each subject. Component rolls with bank-specific elements such as lettering in the title blocks, plate letters, Treasury signatures and charter numbers on Series of 1882 plates were then laid in separately to complete the plate. Our story gets very interesting when we examine how $10 and $20 Original Series ABNC full-face dies 1925 and 1940 were handled once they were turned over the BEP in 1875. By then the partial bank titles and Chittenden and Spinner signatures were obsolete so they had to be removed. But the dies were hardened so they couldn’t be altered. Instead, the job was accomplished by altering the rolls lifted from the dies before the rolls were hardened. The intaglio images cut into the dies stood in relief on the rolls so all that the craftsman had to do was grind or burnish the unwanted obsolete items off the rolls and polish the resulting surface. Removing the partial bank titles was easy because they didn’t overlap other design elements. However, removing the Treasury signatures was difficult because the loops in the two signatures arched upward into the lettering comprising “Deposited with the U. S. Treasurer at Washington.” Early on they simply removed the signatures from the space below the lettering, thereby leaving vestiges of the loops within the letters. See Figure 5. The vestiges made it to both the Series of 1875 and 1882 plates yielding an unambiguous record of what transpired. The rolls used for the Series of 1882 were different from those prepared for the Series of 1875. Cutouts had to be made for the charter number on the Series of 1882 rolls. The cutouts were made by removing the unwanted parts of the borders from the rolls before they were hardened. Bureau personnel laid in a new Series of 1882 $20 master die in 1884 using a roll made from $20 ABNC die 1940. It was labeled BEP die 392 and was used in conjunction with $10 ABNC 1925 to make 10-10-10-20 Series of 1882 plates between 1884 and 1900. It was peculiar in that they left cutouts only for ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 10 Figure 7. Locations of the hidden stars on Series of 1882 plates made from $10 and $20 BEP dies 2988 and 2681. Plates bearing the stars began to be certified on April 16, 1900. the two charter numbers in the top border. The vestiges of Chittenden’s and Spinner’s signatures were nicely preserved on it as solid lines. As time went on Bureau craftsmen periodically had to make new rolls from the full-face masters for use in making their high-volume Series of 1882 plates. They got progressively better at removing the unwanted loops from the Chittenden-Spinner signatures from those rolls. The technique used was to simply remove the residual lines and leave blanks in their wake because the blank spaces were less visible. See Figure 6. They were carefully removing all the residual black lines from the loops by 1894 so the vestiges of the old Chittenden-Spinner signatures consisted entirely of tiny blank spaces. Work began on a new pair of full-face $10 and $20 Series of 1882 master dies in 1896. New BEP $20 die 2681 replaced BEP 392. It was begun May 22, 1896 and completed April 2, 1900. The image was from an old roll lifted from full-face ABNC die 1940. Full-face $10 BEP die 2988 was prepared as a companion to BEP 2681. Work on it began January 30, 1899 and was completed March 30, 1900. An engraver eliminated all vestiges of the Chittenden-Spinner signatures before dies 2681 and 2988 were hardened. In addition, hidden stars were added to the borders of each as shown on Figure 7 to distinguish subject made from them. No comparable new BEP $10 and $20 master dies were made for the Series of 1875, owing to waning demand. Consequently, rolls made from old ABNC dies 1925 and 1940 continued to be used to lay in the $10 and $20 subjects needed for Series of 1875 plates to the end of that series in 1902. Legacy All the $10 and $20 Series of 1875 plates made by the Bureau of Engraving and Printing were made from rolls lifted Figure 6. Detail whereon the red lines point to vestiges in the form of blanks where remnants of Chittenden’s and Spinner’s signatures were removed from rolls lifted from ABNC $10 die 1925 (top) and BEP $20 die 392 (bottom) that were used to make Series of 1882 plates beginning in March 1893. By then most of the residual lines were tooled away leaving blank spaces where the loops in the signatures used to exist. Their skill in removing the residual lines continued to improve as successive rolls were made. Figure 5. Detail whereon the red lines point to black vestiges in the form of fragments of both Chittenden’s and Spinner’s signatures on Series of 1875 plates reproduced from rolls lifted from ABNC $10 die 1925 (top) and $20 die 1940 (bottom). Compare the positions of the loops in the signatures on Figures 1 and 2 to the vestiges illustrated. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 11 Figure 8. Prints from BEP full-face Series of 1882 master dies $10 2988 and $20 2681 completed in March 1900. All vestiges of the Chittenden-Spinner signatures were removed from both. Rolls from the two were always paired to make Series of 1882 10-10-10-20 plates from April 1900 to the end of the series in 1922. All Series of 1882 10-10-10-10 plates were made from 2988. Photos courtesy of Bruce Hagen. respectively from ABNC Original Series dies 1925 and 1940. This spanned the years 1875 through 1902. All the subjects carry clear vestiges of Chittenden’s and Spinner’s signatures. The first 10-10-10-20 Series of 1882 plates were made from rolls lifted from ABNC dies 1925 and 1940. Both subjects on notes printed from them carry vestiges of Chittenden’s and Spinner’s Original Series signatures. The first of these plates was for The First National Bank of Washington, Iowa, charter 2656, certified July 14, 1882. The last was for The Calumet National Bank of South Chicago, charter 3102, certified January 18, 1884. The Series of 1882 $10 subjects made from 1884 to 1900 continued to be made from rolls lifted from ABNC 1925, and carry vestiges of the old signatures. However, as time went on the vestigial black lines on them where progressively replaced by blank spaces because BEP craftsmen became more skillful at removing the lines from the younger rolls. All the black lines were removed so only voids remained from 1894 until 1900. The Series of 1882 $20 subjects made from 1884 through 1900 were from BEP die 392 and, like the $10s made during that period, the vestigial lines progressively were replaced with voids as craftsmen more thoroughly removed them from successive rolls. The first Series of 1882 10-10-10-20 plates made from die 392 was for The Farmers National Bank of Kittanning, Pennsylvania, charter 3104, certified ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 12 January 23, 1884. The last was for The First National Bank of Dyersburg, Tennessee, charter 5263, certified April 18, 1900. When Series of 1882 full face $10 and $20 BEP dies 2988 and 2681 were placed in service in 1900, the vestigial lines were gone because engravers removed them completely from the dies before the dies were hardened. The first Series of 1882 10-10-10-20 plate made from $10 and $20 BEP dies 2988 and 2681 was certified April 14, 1900 for The First National Bank of Hudson, Wisconsin, charter 95, an extended bank. The first for a new bank was for The Riddell National Bank of Brazil, Indiana, charter 5267, certified April 20, 1900. Those rolls were used from then to the end of the series in 1902. The vestigial features discussed here are esoteric curiosities. Their primary importance is that they help us to understand how the BEP personnel used the American Bank Note Company dies turned over to them in 1875 to make their own Series of 1875 and 1882 plates. The vestigial Chittenden and Spinner loops probably require the services of a magnifying glass if you are to observe them. Of course, they are more easily observed on high grade notes than on worn and soiled notes! This article focused on the vestigial lines that were inherited from the ABNC Original Series dies to tell that story. Mentioned also were the hidden stars added to the new $10 and $20 Series of 1882 master dies that were put into service in 1900. Probably far more important to variety collectors are readily distinguished variations of the Battle of Lexington vignette on the $20s, of which there are three as shown on Figure 9. Variety 2 occurs on ABNC die 1940, variety 1 on BEP 392, and variety 3 on BEP 2988. However, variety 1 vignettes were reentered over 2s, and vice versa, on worn plates so you can’t unambiguously deduce with certainty the master die used to make a variety 1 or 2 plate based on its vignette (Huntoon, 2006). References Cited and Sources of Data Bureau of Engraving and Printing, 1875-1929, Certified proofs lifted from national bank note face plates: National Numismatic Collection, Smithsonian Institution, Washington, DC. Huntoon, Peter, May-Jun 2006, Varieties in the Battle of Lexington vignette on $20 national bank notes and hidden stars on Series of 1882 $10 and $20 notes: Paper Money, v. 45, p. 170, 172, 174, 176, 226-230. Figure 9. Varieties of the Battle of Lexington vignette as found on national bank notes. From left to right: variety 1 = no 75 above the foot of the wounded man, variety 2 = weak 75, and variety 3 = bold 75. The blue ovals contain details common to varieties 1 and 3. The items in the red ovals are as found on variety 2. The arrow points to the white spot in the shading behind the 2 that is pronounced on variety 2. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 13 “Star‐Spangled” Merchant Scrip  by Ron Spieker  Pre-Civil War merchant scrip from the District of Columbia (D.C.) is generally very scarce, so a recent trip to the National Numismatic Collection at the National Museum of American History made the rewarding find of two fascinating notes issued during the “hard times” financial panic of 1837. While these musical-themed merchant scrip notes are themselves quite unusual, the man behind the notes, Samuel Carusi, is perhaps even more intriguing given the story of how he came to the United States and how he and his family became musicians and citizens of some prominence. The first note for 6 ¼ cents is illustrated below. The note is about 6 inches x 2½ inches, uniface, engraved with no imprint and carrying a handwritten serial number 3 and dated August 1, 1837. The central vignette is a brief but recognizable musical excerpt from the Star-Spangled Banner. The text reads “I promise to pay the Bearer SIX and a QUARTER CENTS in notes current at the Banks of the District of Columbia, when presented at my music store in sums of FIVE DOLLARS.” The note is signed “Sam’l Carusi.” Figure 1--A 6 ¼ cent note dated August 1, 1837, bearing a musical excerpt from the Star-Spangled Banner. The National Numismatic Collection, National Museum of American History, Smithsonian Institution. This and a number of Washington D.C. merchant scrip notes issued from this “hard times” period of 1837 and held in the Smithsonian collection were described by the late Richard Doty, former senior numismatic curator at the collection, in a series of three articles in Coin World from early 1990. For the Carusi scrip, he noted that the curator of Graphic Arts at the museum, Dr. Elizabeth Harris, had speculated that it was very likely that that these notes were produced with engraving using a pewter plate.1 This rather specialized method of engraving had become common for musical scores in the nineteenth century having advantages both in cost and ease of use when compared with engraving on other metals, or compared to the use of typesetting. The peculiarities of musical scores challenged early printers with the precision needed to show parallel lines coupled with the need for the precise location of various combinations and types of musical notes.2 The second note is for 12½ cents and is illustrated below. The note is also about 6 inches x 2½ inches, uniface, engraved with no imprint and carrying a handwritten serial number 20 and dated August 1, 1837. The central vignette is a musical excerpt from Yankee Doodle Dandy. The text reads “I promise to pay the Bearer TWELVE and a HALF CENTS in notes current at the Banks of the District of Columbia, when presented at my music store in sums of FIVE DOLLARS.” The note is signed “Sam’l Carusi.” Figure 2--A 12 ½ cent note dated August 1, 1837, bearing a musical excerpt from Yankee Doodle Dandy. The National Numismatic Collection, National Museum of American History, Smithsonian Institution. In late 1821, Samuel Carusi and his father began operating a music store in a former residence on the south side of Pennsylvania Avenue in Washington D.C. between 10th and 11th streets, the current location of the headquarters of the Internal Revenue Service. In mid-1835 they relocated to the corner of 12th and Pennsylvania Avenue, a location adjacent to what is now the current Trump International Hotel. In 1839, Samuel left the District and moved to Baltimore, opening a store at No. 84 Market Street. The music store began as a family operation, with father Gaetano and brothers Lewis and Nathaniel also working at various times from these sites. Perhaps making a living from just music was difficult in these “hard times” since Samuel Carusi advertised frequently, describing himself variously as an Auction and Commission Merchant, a Professor of Music, or a dealer in fine musical instruments. In addition to items you would expect at a music store such as the sale ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 14 of sheet music and musical instruments, Samuel offered music and singing lessons, as well as a diverse set of products for sale including items such as perfumery and “fancy articles,” garden seeds, writing and drafting instruments. Following are a few sample ads. A Musical family Samuel Carusi was one of three musically- inclined brothers (Samuel, Nathanial and Lewis), who along with their father (Gaetano) became well known in the early District. In 1818, while still living in Philadelphia, Gaetano opened a music school in Alexandria, D.C. (now VA) where he and his sons could teach. In 1819, he opened music stores in Easton, Maryland and in 1819 opened a music store in Philadelphia, Pennsylvania--father and sons Samuel and Lewis were members of the Philadelphia Musical Fund Society. In 1820 the Carusi Family moved from Philadelphia to Washington D.C. and began making a name for themselves participating in various musical performances in the city.3 In addition to the Washington D.C. music store on Pennsylvania Avenue, the Carusi Family became well-known for opening and running “Carusi’s Saloon,” a popular and prominent facility that operated for some 40 years at the corner of 11th St NW and C Street (a location also occupied now by the Internal Revenue Service headquarters). In 1821, Gaetano saw an opportunity to purchase the burned-out remnants of a theater that had been destroyed the previous year and began constructing an assembly hall on the site. When near completion, the building was described in the Washington Gazette as for the “purpose of assemblies, concerts, and elegant and rational amusements generally – and for such occasions it certainly furnishes the most spacious and commodious rooms of any in the District.”4 While named the Washington Assembly Room, it was often referred to as Carusi’s Assembly Room or Carusi’s Saloon – with the term saloon having a more refined meaning similar to the French term “salon” rather than the more current usage referring to a tavern. Carusi’s Saloon became an important entertainment complex in the city, providing facilities for meetings, exhibitions, concerts, and frequent dances. This includes at least four Presidential inaugural balls: John Quincy Adams (1825), John Tyler (1841), James Polk (1845), and James Buchanan (1857). The city’s elite were often found at various events and concerts at the site which provided some of the best entertainment facilities in the city. In addition to operating the music store and the Assembly Hall, Gaetano and the three brothers were well known as instructors of music and dance, and as composers and publishers of music.5 Samuel arranged, composed and published over 200 works, including works for voice, piano and guitar.6 One such work is shown below. This is a published ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 15 music sheet with a march for General William Henry Harrison and was used in the presidential campaign of 1840. In the picture, General Harrison is standing before a log cabin greeting a wounded soldier. On close review of the score, you can find small figures of soldiers, bayonets and barrels included among the musical notation. Interestingly, one of Samuel Carusi’s published works was involved in an important early musical copyright infringement case, a case sometimes cited in modern litigation. The case involved a very popular 1838 poem, The Old Arm Chair, a poem that was set to music by no fewer than four publishers, including Samuel Carusi. While Carusi owned the copyright to the underlying music used in his arrangement, the author of the poem had previously sold the rights to the poem which had been used in another arrangement. During the trial, the jury heard testimony that, in addition to common wording, similarities in the underlying music to older songs raised important questions about what constituted originality. While the complaint asked for $2,000 in damages, the jury eventually found Carusi liable for only a nominal $200, $100 of which was due to the United States. At the request of the US Attorney for Maryland, President Polk later pardoned the $100 due the US.7 Figure 1—The Old Arm Chair by Eliza Cook. Publisher Samuel Carusi, Baltimore, 1842. Library of Congress. https://www.loc.gov/resource/sm1842.381990.0/sp=1. How the Carusi’s Came to America The story of how and why Samuel Carusi and family came to America is perhaps the most interesting part of this history. His musical career in the United States begins at age ten when he, his father, and his nine-year old brother Nathaniel, were recruited in Sicily by the Marine Corps to join their band, with the three of them enlisting (!!) in 1805. They then emigrated to the U.S., accompanied by his mother and infant brother Lewis. Following the 1798 Congressional Act which authorized the establishment of the Marine Corps including a Marine Corps band, the Commandant of the Corps, Lieutenant Colonel William Burrows apparently thought recruitment of some outside musicians would improve the newly formed band, with a focus on Italy due to the proximity to US forces operating in the Mediterranean at that time. So, in 1803 or 1804, he issued orders to Captain John Hall to begin actively recruiting some Italian musicians. At this time Captain Hall was about to leave for the Mediterranean for duties in the war with Tripoli.8 Based on recommendations received from a band leader attached to the King of Naples regiment located in Sicily, among the names considered was one Gaetano Carusi, a Sicilian musician of some repute. Gaetano first expressed little interest after initial enticements such as an offer of $12 per month salary were rejected as inadequate. Captain Hall persisted with various offers and for nearly a year Figure 4—General Harrison’s March & Quick Step, Published by Samuel Carusi, Baltimore, 1840. Library of Congress Prints and Photographs Division, Washington D.C. 20540. http://hdl.loc.gov/loc.pnp/cph.3g04551. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 16 these offers were rebuffed. Finally, on receiving a personal visit from the Captain, a deal was struck. This included a monthly ration to Gaetano’s wife, salaries for his children, and the lure of a better life in the new country. Upon the agreement, two of his sons, Samuel and Nathaniel, ages ten and nine, were enlisted in the Marine Corps on February 17, 1805, as were a number of other Italian musicians. Eventually some eighteen musicians were recruited with a total of thirty people, including wives and children, brought to the U.S.9 Gaetano and his two sons carry the interesting distinction of being the first instances in Marine Corps history of a father serving alongside his son(s).10 The Carusi Family’s move, however, immediately encountered serious problems. After packing their most valued possessions they boarded the heavy frigate President, but instead of traveling immediately to the United States, the family was surprised to learn that the frigate was ordered to serve in a blockade and naval bombardment around the port of Tripoli. As Marines, the Italian musicians aboard were given various wartime assignments with the Carusi children assigned duties such as handing cartridges to the cannoneers. After a truce was finally signed, the President headed to Malta in June 1805 and then in July the ship began its long arduous journey towards the United States. During this period Gaetano began training his musicians as a working band. Unfortunately for the musicians, also during the time at sea, the Commandant of the Corps had been replaced. The new Marine Corps Commandant, Lieutenant Colonel Franklin Wharton, had apparently never been informed of the effort to recruit musicians and when he learned of this, was furious and immediately disavowed the authority to recruit the musicians or for the Marine Corps to pay their expenses. In a June 1805 letter to Captain Hall, he expressed his belief that the arrangements were unacceptable and he would refuse to pay most of the various expenses involved. However, apparently the communique was never received by Captain Hall in time to prevent the crossing, so the ship and musicians arrived in Alexandria, DC (now VA) in September. Even though Carusi’s band was well received by the people of Washington, the Commandant’s dissatisfaction with the situation became more and more pronounced. In October, the musicians and their families, who spoke little English and had little money, were ordered to leave the Marine barracks and find their own quarters in the sparsely populated city. The Commandant then began an active campaign to have the musicians accept discharge, which included ordering various difficult and unpleasant tasks such as digging latrine trenches. This situation continued for almost a year until he finally ordered the musicians’ discharge. At first however, the Italians refused, and they sought redress from both Secretary of the Navy Smith and Secretary of State Madison. Unfortunately for the families however, neither official interceded. A copy of a letter in the National Archives from Secretary of Navy Smith to Lt. Colonel Wharton supports the Commandant’s decision that the recruitment had occurred without proper authorization.11 In August 1806, Gaetano finally decided the situation was intolerable and accepted the discharge and made plans to return to Sicily. Gaetano, upon hearing of a ship bound for the Mediterranean, tried to book passage from Alexandria to Norfolk. Unfortunately, Commandant Wharton, upon hearing of this possible travel, felt that any music composed by Gaetano during his time with the Corps in his possession had to be returned. So, he had Gaetano arrested, and his music confiscated. After this incident, Carusi, his family, and several other musicians eventually got to Norfolk and while waiting several months for an opportunity to book passage, they earned a living performing as musicians in the area. Finally, in February 1807, after an appeal to Secretary of the Navy, Carusi was granted permission for travel aboard the frigate Chesapeake. It wasn’t until June 1807, however, that the ship set sail.12 The family’s misfortunes continued. Students of history will remember that the USS Chesapeake, unready for battle and carrying passengers, as well as having provisions and equipment on deck, was set upon by the British Man of War HMS Leopard seeking deserters. In a hasty attempt to get ready for battle, the Captain of the Chesapeake ordered the decks cleared which included throwing all Gaetano’s possessions overboard. After initially refusing British demands, the British ship opened fire, severely damaging the Chesapeake and killing a number of sailors. The ship surrendered and was then boarded and four deserters removed. The Chesapeake, with its masts shot away and taking on water, returned to Norfolk. During this period, relations with England were extremely strained and war appeared imminent. As a result of this incident, Gaetano decided it was now unsafe to travel and made a home in America for the next few years.13 By 1816, another opportunity to return to Italy presented itself when various government officials ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 17 successful and prominent American citizens. In 1830, Samuel married Adelaide Sofia McLean, daughter of John McLean who later became an Associate Justice of the Supreme Court. Another descendent of Gaetano was one of the founders of the National University Law School which later became part of the George Washington University Law School. And, while Gaetano Carusi’s petitions were never granted, upon his death in 1843, Gaetano was recognized and honored with assisted in obtaining permission for the Carusi family to travel aboard the newly constructed ship of the line USS Washington. Traveling in winter to Boston to meet the ship, Gaetano Carusi and his family boarded along with several other dignitaries including a Minister to Naples and the Commodore of the Mediterranean squadron of which the Washington was to be the flagship. The maiden voyage of the ship was a major event so instead of traveling directly to Italy, the ship traveled to Annapolis for public display, as well as to receive on board a second Minister to Naples and for a review by a number of dignitaries, including President Madison. Among the events during the several weeks layover in Annapolis, Mr. Carusi and his band performed a concert for the President. Gaetano Carusi later noted that, despite receiving polite treatment while the Commodore was on board, when the Commodore disembarked, now all on board were subject to the whims of the Captain, who had a reputation of being somewhat of a despot. Further, the Captain, who had also been on board the ill-fated engagement of the Chesapeake with the British in 1807, appeared to have considerable ill feelings for the Italians on board and heaped considerable abuse upon them. Mr. Carusi, who was advancing in age and somewhat ill, felt he was unable to “suffer the insults, tyranny, oppression and maltreatment”14 so left the ship. Interestingly, Mr. Carusi had these abuses documented with written statements from three witnesses and are described in his Narrative of Gaetano Carusi, in Support of his Claim before the Congress of the United States” 15 16 Gaetano Carusi and family now seemed to accept their apparent destiny to remain in the U.S. Samuel and Nathaniel became naturalized citizens in 1816, with father Gaetano becoming a citizen in 1817. Gaetano and sons Samuel and Lewis located in Philadelphia until moving to Washington DC in 1820. Later in his life, noting that he felt he had “been deceived, nay, betrayed and insulted, by persons concerned in the Government of the United States of America,” Gaetano sought partial redress for his treatment by making several petitions to Congress for compensation. In 1840, he provided a detailed account of his treatment in his Narrative 17 While one petition was approved in the House of Representatives in 1837; a final bill never passed the Senate. So, in spite of generating a great deal of sympathy, these petitions were never granted. Gaetano and his family became highly Cemetery.18 Conclusion One of the more interesting parts of numismatics is the study of the underlying history behind the currency we find. These two rare and highly distinctive merchant notes are, in particular, backed by a rich and fascinating history and provide a glimpse into an early part of District of Columbia history that has generally been forgotten. I would be very interested in hearing from anyone who has any further information about these notes, or has information about other specimens. Please feel free to contact me at tip001@verizon.net. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 18 1 Doty, Richard, Coin World, “District of Columbia Note Listing Continues”, vol. 31, no. 1558, (Feb 21, 1990), pp. 106‐113. Coin World  2 George Grove D.C.L, editor, A Dictionary of Music and Musicians (A.D. 1450‐1880), (London: Macmillan And Co., 1880). Vol. II, p 436.  3 James R. Heintze, “Gaetano Carusi: From Sicily to the Halls of Congress,” in American Musical Life in Context and Practice to 1865,  edited by James R. Heintze (New York and London, Garland Publishing, 1994), p 102‐104  4 Washington Gazette, 9/9/1822.  5 Heintze p. 108  6 Heintze p 108  7 Francis M. McCormick, Jr., George P. Reed v. Samuel Carusi: A Nineteenth Century Jury Trial Pursuant to the 1831 Copyright Act.  Baltimore.  2005. file:///C:/DC%20Research/Merchant%20scrip/Carusi/McCormickReedCarusi%20article.pdf 8 Heintze, pp. 77‐80. 9 Heintze, p 81  10 “Marine Band Legacies”: http://www.marineband.marines.mil/About/Our‐History/Marine‐Band‐Legacies/ 11 Letter from Secretary of the Navy Smith to Lieutenant Colonel Wharton, May 5, 1806. National Archives, Senate documents  RG46 4.36A‐E1, box 15.  12 Heintze, p. 89.  13 Heintze, pp.90‐93.  14 Certificate of T Downey. National Archives, Senate document RG46 4.36A‐E1, box 15.  15 National Archives, Senate documents RG46 4.36A‐E1, box 15.  16 James R. Heintze, “Tyranny and Despotic Violence”: An Incident Aboard the U.S.S. Washington. Maryland  Historical Magazine, Vol.94, No 1 (Spring 1999), p 45.  17 National Archives, Senate documents RG46 4.36A‐E1, box 15.  18Heintze, “Gaetano Carusi: From Sicily to the Halls of Congress,” p.116.   ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 19 Central States Numismatic Society 78th Anniversary Convention April 25-28, 2018 (Bourse Hours – April 25 – 12 noon-6pm Early Birds: $125 Registration Fee) Schaumburg, IL Schaumburg Renaissance Hotel & Convention Center Visit our website: www.centralstates.info Bourse Information: Patricia Foley (414) 698-6498 • foleylawoffice@gmail.com Hotel Reservations: Schaumburg Renaissance Hotel - 1551 North Thoreau Drive • Call (847) 303-4100 Ask for the “Central States Numismatic Society” Convention Rate. Problems booking? - Call Convention Chairman Kevin Foley at (414) 807-0116 Free Hotel Guest and Visitor Parking. • Numismatic Educational Forum • Educational Exhibits • 300 Booth Bourse Area • Heritage Coin Signature Sale • Heritage Currency Signature Sale • Educational Programs • Club and Society Meetings • Free Hotel Guest and Visitor Parking • Complimentary Public Admission: Thursday-Friday-Saturday No Pesky Sales Tax in Illinois Colony of North Carolina One Pound December 1771 by David Lok Authorized by an act in December 1771, this note was one of 10,000 1 Pound notes to be issued in the Colony of North Carolina. Along with other denominations being issued the combined total was 60,000 Pounds for this issue. The Signers were Richard Caswell, Lewis De Rosset, John Harvey and John Rutherford. The notes issued in this series each have a small vignette in the lower left corner. Each vignette corresponded to one of the ten different denominations that were issued by this act. This One Pound note features a bear in pose with the constellation Ursa Minor, which is also known as the Little Dipper. The last star of the bear’s tail, or the dipper's handle, is of course the North Star. Richard Caswell was born in the Colony of Maryland in 1729, but moved to North Carolina in 1746. He had a long and distinguished career in service to the United States and to North Carolina. He started as the Colony's Deputy Surveyor, obtained his legal degree, and practiced law in Hillsboro. He fought in several battles throughout the Revolutionary War, and was eventually promoted to Brigadier General. He was one of the first members of the Continental Congress, and was also elected as North Carolina's first governor, and then again as its fifth governor. He was still serving North Carolina, as the Speaker to the State House of Commons, when he died in November 10, 1789. Lewis De Rosset was a Loyalist, not a Revolutionary. He was a member of the Lower House of General Assembly, Chairman of Public Accounts and also served as Justice of the Peace. De Rosset served as Lieutenant General under William Tryon, the Colonial Administrator (British Appointed Governor) in 1768, and as Adjutant General under General Waddell of the Militia as late as 1771. John Rutherfurd emigrated from Scotland and was in the Colony of North Carolina by 1732. He had a mercantile and a lumber business and married a well-to-do widow, Frances Johnston, in 1751. He had served as the Wilmington Town Commissioner twice, in 1749 and again in 1751. He was also appointed as the Receiver General of the Kings Quit Rents (a type of land tax for lands owned by the King), serving until the demise of the British Government in North Carolina. Rutherfurd too was a Loyalist, and served as a Lieutenant General under William Tryon, establishing the Cherokee Boundary line and the boundary between North and South Carolina. He stayed in North Carolina until Yorktown fell, and then sailed to England, dying in route in 1782. John Harvey was a Revolutionary who had served as Speaker to the State House of Commons, and represented Perquimans County at the Colonial Assembly in 1755. In 1766, he served as Speaker of the Colonial Assembly under Colonial Governor William Tryon. in August 1774, he moderated the First Provincial Congress, in direct violation of the orders of the British Administration. He convened a second Congress in April 1775. Shortly afterwards, he fell from his horse and became seriously ill from the injuries. John Harvey died in May 1775 as a result. But the real star of this banknote is actually on the reverse. The back of this note has a stamped name of I. ASHE (the capital letter I at the time actually standing in for the letter J). This stamp is for Mr. for John Ashe, who was the treasurer for the Southern district of Colony of North Carolina. Born in 1720, John Ashe, the son of Colonel John Baptista Ashe, was orphaned at 14 years of age with three siblings to look after. His Uncle Sam Swan was able to look after him however, and saw to it that the young John was able to be properly educated. He attended school in England but returned to North Carolina to make his living. He was fond of reading, and had such a valuable library that, during the revolution, he hid it in the hollow of a vast cypress tree in the Burgaw swamp. By the age of 31 he was the Justice of the Peace for New Hanover County, and at 32, he was elected to the Assembly where he served along with his Uncle Sam Swan. Ashe continued to serve in the              Ursa Minor  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 21 Assembly for many years, and he saw that there were injustices in authorized payments, such as money earmarked for schools, being sent back to England or used for other projects in North Carolina. By December 1758 He had seen too much of it to suit his tastes and, when the Assembly met, John Ashe took advantage of an opportunity to send correspondence to King George III. In it, he remarked that over the years, North Carolina has had to divert money for schools to be used for the defense of the colony against the Indians. He asked the king to reimburse North Carolina for these monetary burdens and to have that money used to build a free school in each of North Carolina’s counties. Amazingly, funds were granted by the King, but North Carolina’s Governor Dobbs saw to it that the money was spent on his own needs instead. During this time, John Ashe also served in the militia as an officer and in 1754 when the French and Indian War broke out, had been promoted to Major in Colonel Innes’ Regiment. In 1762, Sam Swan stepped down as speaker of the Assembly, and John Ashe was selected to serve in his stead. In 1764, the colonies were informed of the Stamp Act, in which they would be taxed in order to help support the British Empire. This was an exceedingly unpopular act both in the colonies as well as among the English Merchant Class who were afraid of losing business with the Americas. As Speaker of the Assembly, Ashe was in favor of opposing the act in any way possible. The fervor of the colonist over the taxation was increasing, and as a result, many persons in North Carolina set up looms in order to weave their own clothes instead of buying them from England. In 1765, Colonel Tryon succeeded Dobbs as Governor and changed the Assembly meetings to May 3rd, 1765. This change was an attempt to stall the meetings in order to stall any action by the North Carolina assembly to oppose the act. The Continental Congress was set to meet in New York City on October 07, 1765. Ashe was going to take part in the Congress or at least send a representative, but Governor Tryon again postponed the meeting of the North Carolina Assembly, and continued to do so repeatedly, eventually dissolving it. As a result, no North Carolina delegate was sent. The Stamp Act was passed in March, and Mr. William Houston was appointed the Stamp Master in North Carolina. Even though the stamps were still in route from England, North Carolinians were taking matters into their own hands. On November 16th, 1765, William Houston was seized by a force led by Moses John de Rosset (Who was the father of Lewis John de Rosset) and ordered to resign his position as Stamp Master. Two days afterward, John Ashe, together with 50 other gentlemen, informed Governor Tryon that they would not allow the Stamp Act to be enforced, and that they would resist it “to blood and death”. In the meantime, the stamps arrived, but with no one to turn them over to, they remained on board the ship. This caused a sudden stop in commerce, as ships that were coming and going were stopped and seized by the British for not having the proper stamps. The Mayor of Wilmington resigned and was replaced by Moses John de Rosset. General Hugh Waddell was placed in command of the 1,000-strong militia force, which was in turn under the command of the Speaker of the Assembly, John Ashe. What's more this militia was on the move, making their way to Brunswick. They took control of Fort Johnston and detained the officers and officials until the release of all merchant vessels was secured. Due in no small part to this action, the Stamp Act was repealed in March of 1766. At the next meeting of the Assembly, John Ashe was absent for the first few days. As a result, John Harvey was elected as the Speaker, while John Ashe was elected as the Treasurer. By 1768 John Ashe and his militia was called upon to end a riot in Hillsboro. This happened again in 1771, but there were no official funds to be had to pay the expenses. Ashe was compelled to pay the funds from his southern district and issued his own banknotes to pay for the military action, and the rioters were thus routed in large part to John Ashe using his position to fund the excursion. However successful he was in this matter, in following the dictates of the assembly to not collect a particular one shilling tax, the governor disbanded the Assembly in 1772 and ordered new elections. John Harvey was elected as Speaker, and Richard Caswell was elected as Treasurer. This move assuredly helped propel Ashe into his next career. Ashe had been a Colonel of the New Hanover Regiment, but he resigned and further declined a reappointment to this position. Ashe had by this time started to form a separate militia group, and had in fact been the very first North Carolinian to accept a commission “at the hands of the people.” Ashe had in fact been instrumental in getting persons to enlist in the new militia and had even threatened bringing legal action to those who would refuse service to the militia. On April 19, 1775, the Battle of Lexington commenced which effectively started the Revolutionary War. When news of the success of the ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 22 Colonists reached the governor, he fled his estate and took refuge in Fort Johnston, fortifying it against attack. Ashe had taken it upon himself to route the governor from North Carolina, and reportedly Ashe himself set fire to the fort, causing the governor to flee to ships in the harbor; North Carolina was no longer under Royal Administration. In February 1778, Ashe was appointed Brigadier General of the Wilmington District of militia, a force of some 9,000 men. He successfully defended against the British invading Cape Fear in April and by the end of May had sent the Redcoats back to their ships. Ashe continued to serve civilly as well as militarily, and in December 1776, was again appointed as treasurer of the Assembly, while Richard Caswell was elected as Governor of the Assembly. In 1868, he was commissioned Major- General and sent south to Elizabethtown to command a gathering militia force there. Governor Caswell offered to take over the duties as Treasurer, but wrote to Ashe on December 29, 1776, that he was concerned that the militia had insufficient numbers of firearms and that many of those which were available were not fit for service. It was reported in January 1777 that of the 5,000 men ordered out, “not more than half had marched, and those badly armed.” This was a warning that things were not going well. Ashe’s subordinate commanders placed their soldiers in positions that were poorly defensible and when the British came to meet them, many of the militia quickly threw down their firearms and fled. Ashe tried to regroup the forces, but the pandemonium was too far gone. Ashe was held responsible for this defeat and, when his militia was disbanded, he returned home himself never again taking military command. When British took control of Wilmington, North Carolina in January 1781, John Ashe fled into the Burgaw swamp. He was pursued by the British and shot in the leg, but survived and was taken prisoner. While in prison he contracted the dreadful smallpox disease, but survived that infection as well. Ashe was paroled from the prisoner of war camp and he returned home, but he did not wish to stay in occupied Wilmington, so he took his family to the country. Along their journey, he stopped at the home of Colonel John Sampson, where he was taken ill and died that night. John Ashe was an instrumental figure in the North Carolinian fight for freedom, fighting against the injustices that he saw in the political and economic spheres in which he travelled. His troubled beginnings were set into this course of action by his Uncle Sam Swann, but his conviction to duty was absolutely his own. He was a gentleman, whose generosity and valor, together with his ability to fight when needed were indeed his strengths. He was not mislabeled when he was remembered by the historian Thomas Jones as perhaps the most chivalric hero of the Revolution. *Much reference was pulled from the "Biographic History of North Carolina" published in 1906. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 23 PMGnotes.com | 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 PMGnotes.com 16-CCGPA-2889_PMG_Ad_NewHolder_PaperMoney_JulyAug2016.indd 1 5/27/16 8:12 AM The Adoue Banking Family of Dallas, Texas by Frank Clark Jean Baptiste Adoue, Sr. was born on October 24, 1846 in Aurignac, France. Adoue moved from France to New Orleans in 1861 with his younger brother in order to join his older brother who had already gone ahead. After federal forces captured New Orleans in the year 1862, Jean moved on to Bryan, Texas. He would next move to Waco where he operated a grocery store. His next stop was Bremond, Texas. There he opened both a general store and a private bank in that Robertson County hamlet. He remained there until 1880 before moving on to Dallas. He would help organize a bank in Dallas with the name of Flippen, Adoue, and Lobit. This bank would become The National Bank of Commerce of Dallas on March 8, 1889 with charter number 3985. Adoue became its president in 1892. He married Mary or Mittie Neosha Simpson in 1885 and they had four children. The first was a boy given the name of Jean Baptiste Adoue, Jr. and he was followed by two sisters and a brother. Bertrand was the brother and he was killed in France during World War I. In 1896 the Adoue family was living at 2309 McKinney at the corner of McKinney and Maple. This address is less than one mile southeast of the location of my employer, Heritage Auctions. Mr. Adoue took his own life with a gunshot to the head on June 20, 1924. This occurred in the upstairs bathroom of the McKinney address on a Friday morning. Mrs. Adoue and a grandchild were in the house at the time. Family members did not know there was a firearm on the premises. Members of the family believed that ill health was the reason for the suicide as Mr. Adoue had recently suffered an apoplectic stroke that had affected his sight. He had often said in the days leading up to his suicide that he would rather die than become helpless. Mr. Adoue, Sr. was regarded as the dean of Dallas bankers at the time of his death. Jean Baptiste Adoue, Jr. immediately succeeded his father as president of The National Bank of Commerce. He was president for over thirty years. He did take time off from 1951 to 1953 to serve as the mayor of Dallas. He was also a leading amateur tennis player in the state of Texas. He sat on the board of directors of the United States Lawn Tennis Association for thirty years. Mr. Adoue, Jr. went back to being the president of The National Bank of Commerce after his term as mayor. He died at his desk at the bank on November 17, 1956. Charter number 3985 issued Series 1882 Brown Backs, Series 1902 Date Backs and Plain Backs, and Series 1929 Type 1 and Type 2 notes. The Philpott/Moody Foundation Collection has a Series 1882 $10 Brown Back signed by the father as president as "J.B. Adoue." That collection also has a Series 1902 $100 Plain Back signed by the son as president as "J.B. Adoue, Jr." All Series 1929 notes have the engraved president signature of "J.B. Adoue, Jr." Bank officers on this note are Cashier George Miller and President J.B. Adoue, Jr.  Image courtesy of Heritage Auction Archives.  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 25 U.S. Serial Number 100,000,000 Notes By Jamie Yakes and Peter Huntoon Serial number 100,000,000 notes represent the pinnacle in fancy serial numbers. They haven’t been made since 1936, so the supply is limited to about three dozen in collector’s hands, and an unknown population undiscovered by the numismatic market. Table 1 is the current census of 100,000,000 notes. This compilation was made with the enthusiastic help of serial number aficionados and a thorough scouring of auction catalogs dating back to the famous Grinnell sales of 1946. Especially helpful contributors to this census were Mike Abramson, Martin Gengerke, Peter Huntoon, and Doug Murray. The data reveal that printings of 100,000,000 serials were sporadic in the large size series from about 1923 through 1928. No small size examples were printed until the beginning of 1933, and their production lasted only through 1936. The earliest that has been recorded is a $1 Series of 1899 silver certificate printed in 1902 from the first Lyons-Roberts serial number block, which had no prefix or suffix letters. The last printed is a $1 Series of 1934 Silver Certificate bearing serial F100000000A that was numbered on February 24, 1936. The use of 100,000,000 serials was restricted mostly to the highly visible $1 silver certificates. There are known among $1 Series of 1917 legal tenders of 1915-1920 vintage (Fig. 1). Two deuces are recorded, one 1899 silver certificate and a 1917 legal tender note. Only one Federal Reserve Note example is reported, a $5 Series 1914 note from Chicago, which also is the highest denomination recorded (Fig. 2). Figure 1. $1 1917 Legal Tender Note, serial E100000000A, delivered to the Treasury on January 30, 1928. It’s the youngest reported large size 100000000. Figure 2. This is the only reported Federal Reserve Note with a 100000000 serial, and the only  such note that has a face value greater than $2.  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 26 Numbering 100,000,000 Notes The 100,000,000 notes were not printed on conventional numbering presses because the numbering heads on those presses could not accommodate a nine numbering wheels. The notes instead were numbered on paging machines, which were hand-operated devices that applied serial numbers one at a time from the same numbering head. Paging machines were routinely used to number large size type notes with low serial numbers during the era of the 100,000,000 notes. They also were used to number both large and small size high denomination replacement type notes, and large and small size replacement national bank notes. The physical evidence that 100,000,000 notes were numbered on paging machines with the same numbering head is definitive. The two numbers on a given specimen exhibit identically formed serial numbers: The relative alignments and spaces between the characters within each are identical, as are the internal flaws within the individual characters (Fig. 3). Great care was used to print the numbers; even so, some exhibit slightly tilted numbers identical to those observed on make-up replacement notes. Data from rollover sequences comprising 99999999, 100000000, and 00000001 notes reveal that the 100,000,000 notes were printed on separate sheets from the others (Fig. 4). Care was taken to place the 100,000,000 serial on the correct plate position: D or H for large-size notes, and J for small-size notes. The following three rollovers from the Series of 1934 $1 Silver Certificate series illustrate this point: Type Serial Face Back $1 1934 B99999999A I194 2573 B100000000A J111 2542 C00000001A A36 2786 $1 1934 E99999999A I399 2725 E100000000A J397 3017 F00000001A A397 3017 $1 1934 F99999999A I752 2861 F100000000A J337 2741 G00000001A A750 2862 Figure 3. Notice the tilt of the right serial number, the drop of both 1s, and identical thin imprint  of the left zero in both serials. Both were printed from the same numbering head on a paging  machine.  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 27 BEP Ends 100,000,000 Notes Management at the Bureau of Engraving and Printing wanted to avoid printing any 100,000,000 notes because they represented a bottleneck to productivity by having to be handmade. BEP Director Alvin W. Hall, who served from 1924 to 1954, was not the type of administrator who wanted his Bureau to be bothered with such things. His management style was to drive continually for efficiencies and cost-reducing innovations. It is easy to infer from the census of reported specimens that he quietly let production of the 100,000,000 notes lapse as much as possible during the end of the large note era, and hoped to continue to avoid them during the small note era. Hall succeeded in casting 100,000,000 notes to the wayside for five years. Production of them resumed in 1933 when the following was written in a BEP Numbering Division log book: “In place of a substitute star note the one hundred million figure was printed for the first time January 20, 1933 $1 Silver Certificate Series 1928 A100,000,000B.”1 Resumption may reflect the fact that officials high in Hoover’s Treasury, and those of his successor Roosevelt, had a collecting bent, as did philatelist-in-chief Roosevelt himself. Probably Hall was requested to resume the practice, which he did at least for the high-profile $1 silvers. An internal BEP explanation of serial numbering written September 22, 1933 explained the practice: “To have all notes numbered in even millions, a note is numbered 100,000,000 by hand at the proper time.”2 Production of the notes finally became history with the close of Series of 1934 $1s in 1936. None appeared on the new Series of 1935 notes. But the issue rattled around again in the Treasury Department in 1941. An inquiry was made by someone in the department that reached Mr. Duncan, Chief of the BEP Numbering Division. He advised that the note following 99,999,999 was a star note. William S. Broughton, Commissioner of the Public Debt, confirmed the practice in a memo dated February 13.3 Broughton’s memo was taken as an official directive and formally entered into the Numbering Division log book on Feb’y 18.4 Today, 100,000,000 serials print as 00000000 in the normal course of machine production. That note is rejected as mutilated and replaced with a star note. Only one legitimate 00000000 note is known to have escaped the Bureau, a $1 Series of 1969A Federal Reserve note bearing serial A00000000A complete with a red crayon reject line scrawled across its face. Undoubtedly additional gems will be discovered that can be used to build on this story. The information presented here builds on the pioneering sleuthing into 100,000,000 notes by Jack Fischer published in Coin World in the December 2, 1987 and March 2, 1988 issues. Figure  4.  Rollover  serial  numbers  between the A‐A and B‐A blocks of $1  Series of 1934 silver certificates. Each  note  is  from a different sheet. Serial   A100000000A  was  numbered  on  a  paging  machine.  These  notes  came  from the sale of the Albert A. Grinnell  collection in 1946.  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 28 It is easy to understand heightened numismatic interest in 100,000,000 notes—they are visual knockouts. They eclipse all other fancy serial numbers in rarity, a reality exacerbated because they no longer are being made. Yes, serial number 1 large size notes, 00000001 small size notes, as well as solids and other neat serial numbered notes on any size notes are prizes, but those serials are many times more common, and new ones are being printed on modern notes every month. Sources Used 1. Bureau of Engraving and Printing, undated, Log book maintained within the Numbering Division: Bureau of Engraving and Printing Historical Resource Center, Washington, D.C. 2. Bureau of Public Debt, Record Group 53, Entry 13, Historical Files 1913-1960, Box 1, National Archives and Records Administration, College Park, Maryland. 3. _____, Record Group 53, Entry 13, Historical Files 1913-1960, National Archives and Records Administration, College Park, Maryland. 4. Bureau of Engraving and Printing, Log book maintained within the Numbering Division. Table 1. Reported United States notes bearing serial number 100,000,000.  Plate  Type        Letter  Public Sale (if known) Large Size Notes:  Legal Tender  $1 1917  Teehee‐Burke  A100000000A  D  Elliott‐Burke  D100000000A  D  Elliott‐Burke  E100000000A  D  Elliott‐Burke  K100000000A  D  $2 1917  Elliott‐Burke  A100000000A  D  Silver Certificate  $1 1899  Lyons‐Roberts  100000000  D  Vernon‐McClung  V100000000  D  Napier‐McClung  Z100000000  D  Napier‐McClung  E100000000E  D  Abramson 2/16  Parker‐Burke  K100000000K  D  Abramson 10/16  Parker‐Burke  M100000000M  D  Grinnell 967  Parker‐Burke  N100000000N  D  Teehee‐Burke  R100000000R  D  Grinnell 966  Teehee‐Burke  U100000000U  D  reported by Knight  Teehee‐Burke  V100000000V  D  Abramson report 1/16  Teehee‐Burke  B100000000A  H  Abramson 2/16  Elliott‐White  H100000000A  D  Elliott‐White  K100000000A Stacks 6/2005  Speelman‐White  M100000000A  D  Speelman‐White  N100000000A  D  Speelman‐White  R100000000A  H  Speelman‐White  V100000000A  D  $1 1923  Speelman‐White  Z100000000B  D  Speelman‐White  N100000000D  H  Grinnell 968  $2 1899  Teehee‐Burke  M100000000  D  Federal Reserve Note  $5 1914  White‐Mellon  G100000000A  H  Small Size Notes:  Silver Certificate  $1 1928A  C99999999B, C100000000B Grinnell 5735  $1 1928B  G99999999B, G100000000B Grinnell 5737  I99999999B, I100000000B, J00000001B  $1 1934  A99999999A, A100000000A, B00000001A    Grinnell 5733  B99999999A, B100000000A, C00000001A    Grinnell 5734  C100000000A  E99999999A, E100000000A, F00000001A  F99999999A, F100000000A, G00000001A    Grinnell 5736  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 29 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency U n c o u p l e d : Paper Money’s Odd Couple Specimens Joseph E. Boling Fred Schwan This month we deal with specimens. I will cover the typology of Japanese and Japan-related specimens that we developed for World War II Remembered and follow with examples of counterfeit and fantasy specimens that are found in the market. Fred will cover other aspects of specimen emissions. The typology mentioned was extended to specimens of all issuers. Many varieties of specimens were created in the Pacific theater by Japan, her colonies, and for use in the areas she occupied during WWII. Prior to WWII (including for this discussion the years before the US was involved, but Japan was already fully engaged in China), notes were printed by the Japanese Finance Ministry Printing Bureau (which went by several names in the imprints found on notes) or by commercial printers contracted by the printing bureau. Specimens from these sources are referred to as manufacturer’s or bureau specimens. They look like most such pieces—zero serial numbers or words where the serials and blocks would appear indicating what should be there on an issued note; the word “specimen” in one of more languages; and perforations of various sorts (either as cancellation holes, or as text and numbers). Figures 1 and 2 (below) show a typical bureau specimen. The word mihon (specimen) is both printed on and perforated into the note; the serials and blocks are indicated by the Japanese words for “number” and “mark”; and a specimen serial number (92) is printed and perforated at opposite ends. The back I like specimen notes. That is not much of a confession. I like just about all notes. Here I will try to limit my comments to ways that specimen notes are different or are particularly interesting. When Joe and I had our editorial meetings (two emails and a phone call) on this edition of our column, we finally settled on specimen notes. I was going to discuss specimens of military payment certificates (MPC), Allied military currency, and some other classic military issues. I have created an outline. I do not think that I will get past MPC specimens. There is a great improvement in the state of our knowledge of just a few years ago. Of course the sale of the Paymaster Collection is the basis of much of our new information and ideas. Just as with most other paper money issues, when a series of MPC was created, specimens were also printed. Ultimately some of those specimens made it into collections. That is where we come in. Series 461 MPC was proposed, printed and issued in 1946. The whole process was done very quickly. The Bureau of Engraving and Printing awarded the contract for the printing to Forbes Lithograph Manufacturing in Chelsea, Mass. It is my opinion that Forbes did a good job on the project. One of the details of the order was for the creation of an uncertain number of specimen sets. As if to be a special treat for us, Forbes created the specimen certificates from left-over replacements! This approach had been used during Boling continued on page 33 Classic Contractor Format ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 31 the production of Allied military currency by the same manufacturer during the war years, and the same system was used by all of the private contractors through the printing of Series 591. Those specimen/replacements can nicely fill two holes in a collection. Furthermore, the serial number data help us with our studies of replacement numbers. How many? Collectors are very interested in how many pieces were printed, issued, and redeemed for regular issues, replacements and specimens. Detailed records were kept by the BEP/contractors on how many regular issues were printed. All of the other holes in the matrix are much less certain, adding to some of the fun of collecting. We know that for Series 461 the authorities were dealing with unknown questions. They had to estimate and experiment. This is clear when we look at the production number for the $10 certificate of that first series. More than 40 million pieces were printed. Within a year, when Series 471 was printed, the number was reduced to 13 million, and the total for tens continued to go down. How many specimen sets to create? That was another great question. To answer that question, planners would have to consider the intended purpose of the specimen sets (and possible loose specimens as well). Just what was the purpose of the specimen sets? That is a much more interesting question than it seems. We have always said that the purpose was education, as in briefing the command authorities on future issues, training (such as familiarizing finance clerks with issues), and counterfeit detection (by military police and finance officers). All of these purposes seem reasonable enough. Reasonable, that is, to collectors who made them up. They seemed reasonable and we did not have any reason to doubt them, but they still were only our guess. In about 2001 at the Florida United Numismatists convention I had an opportunity to conduct an important interview for our MPC research. Jeff Wiley (colonel, US Army retired) was a career Army finance officer. He was also a long time collector. His name appeared in the early Toy and Toy-Schwan books. Jeff and Ray were friends. I did not know who Wiley was until that FUN show, where he introduced himself. Colonel Wiley had been the chief finance officer in Korea when Series 651 and the entire MPC system were retired. It was a great opportunity for me. There was only one thing that he told me that was a real surprise. In fact I was stunned. As an afterthought I asked him something about specimen certificates. He too was surprised. He leaned forward and told me that not only had he never in his entire career seen an MPC specimen, but that he was quite sure that specimens did not get issued to the field. If they had, he certainly would have seen and remembered them. He had been intimately involved with MPC from Vietnam through the end of the system. Clearly this meant that we should reevaluate our thinking. Do we have any additional evidence relating to the use of specimen MPC? I can think of a few bits of information. One of the earliest Series 461 sets came in a group of things from the collection of R. A. Gunston. The cover has a clear pencil annotation “Return to LTC Gunston.” In 1946 Gunston was on a civil affairs staff in Europe, where he appears to have had this booklet as part of his duties. (Gunston is famous to stamp collectors who are interested in World War II. While he moved around the world, he created and sent first day covers of military stamps to his collector friends at home and elsewhere.) His use of specimens while conducting civil affairs duties is one we had not thought of. I think that we could probably put this example in the education category. A letter in the files at the BEP alludes to the fact that an Army officer sent specimen books to many central banks around the world. It was and possibly still is a common practice for central banks to send samples (specimens) to other central banks when new issues were created. This officer felt it was necessary to do this with MPC, or at least with the first series. This use could also be put in the education category I think. It is consistent with Wiley’s observation, but it certainly is not an educational use in the way that I had anticipated. Colonel Wiley infers that since specimens were not in the field, they must have been at only the highest headquarters, or possibly only at the Pentagon or BEP. We have some clues. The “Controller Sets” (one each Series 541 and 591) have been fairly well documented as having come from the Pentagon when a high finance officer retired. On the other end of the debate, we know from cover markings that the famous Series 692 PCS (progressive, composite, and specimen) set had been at the Pacific headquarters in Hawaii before finding its way to a private collection. Headquarters USPACOM is hardly a local finance office, but it is also not the Pentagon. Here is an observation that may relate. The National Numismatic Collection at the Smithsonian Institution includes seventeen (yes, seventeen) specimen sets of Series 471, and few or no sets from any other series. This could mean that the production of 471 sets was based on the production of Series 461 sets, but was excessive. The serial numbers of these ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 32 specimens have been key to replacement studies of this scarce series. Moving on. Series 471 was the second series and its specimen sets are rare in private hands. The first set that was reported in collections had the $5 certificate torn out. To make matters worse, the tear was ragged. A terrible job. Series 472 had only one booklet reported in private hands for many years. Furthermore, during many of those years, the twenty-five cent replacement (specimen) in the booklet was the only replacement known for the denomination. Ultimately, a few issued replacements were found. Then some more specimens sets were in the Paymaster Collection. Series 481 specimen sets were not known in private hands until the sale of the Paymaster Collection. That would be news enough to be excited, but there was more. Much more. Some of the notes were in bound forms that we would expect to contain specimen certificates. However, the certificates were not marked as specimens. Some had replacement numbers, others regular numbers. Do we consider these to be specimens? The answer is a clear maybe. To me the short answer is that (most) of the issues like this that seem like specimens but are not marked as such are specimens that the producer considered to be for internal use. They would not make it to the field, but then again how low is the field? The Paymaster Collection of Series 481 is worthy of an entire column. I hope that I get to that. The Paymaster Collection of Series 521 included some crazy pieces. The most important is that some of the pieces have zero serial numbers of the type found on most specimens of the world and specifically of the BEP-produced later series. Series 541 was printed by Tudor Press and is well known to have had serial numbering problems. It was relatively under-represented by specimens in the Paymaster Collection. The only known specimen set of the series was mentioned previously; it came from the much less well known Controller Collection. Series 591 was printed by Forbes and was the last series printed by a contractor. The only bound book came from the Controller Collection. The Paymaster Collection specimens were of the Bureau style— zeroes. This is particularly important because the Controller Collection specimens were of the “traditional” Forbes format, made from replacements. This is an intriguing difference. Starting with Series 611 all of the remaining MPC issues were printed at the BEP and all of the specimens are of the same style—zeroes. Boring perhaps, but every piece is beautiful! I do not have anything to offer on those pieces now. Likely we could make a report on those series too, but the thrust would be different from what we are covering today, so that will have to wait. Boling continued shows mihon in print. Before the war, specimens also carried “Specimen” (in English) in cursive red script diagonally on their backs (see figure 14). Late in the war, some bureau specimens simply say mihon or Specimen with zero serials, and no perforations. During the war, when more specimens were needed than had been prepared by the manufacturer, local offices overprinted notes for that purpose. These typically have circulation serials. Specimen serials, if used, are usually applied using a hand- operated numbering device. The overprinted text can be in the usual bright red, or in the vermilion color typically used for seals. We refer to those as bank specimens, although agencies other than banks may have been involved in preparing them. Figures 3 and 4 show a 1 yuan note of the Hua Hsing Commercial Figures 3 & 4 Unusual Contractor Format ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 33 Bank locally overprinted with “specimen” in Chinese and English, with its serial and block cancelled by bars, and the denomination and seals cancelled by holes. Bank specimens are the more sophisticated form of expedient specimens. The less sophisticated form is emergency specimens, also prepared in the field, but not in proper printing facilities. These may have been created in the actual offices of use. The specimen markings and cancellations (if any) are applied by rubber stamp or handwriting and punched or drilled holes. Figures 5 and 6 show an expedient specimen from the period of Japan’s occupation by Allied forces 1945-51. Four cancellation holes and two mihon rubber stamps on each of face and back are the only indications that this is not a circulating note. You can see that the note was not cut well—perhaps a reason why it was available to be converted to a specimen. Notes like this were shunned by Japanese collectors until Fred and I found many of them in donations to the Finance Corps museum from finance officers who had used them. Specimens with these crude markings had not been seen in Japanese finance channels—they were prepared for use by US military finance offices in Japan (including Okinawa). They are now accepted as legitimate. Since specimen notes frequently trade at a higher value than their circulating counterparts, of course they have been subjected to counterfeiting. It’s hard to convert a circulating note to a manufacturer’s specimen, but the Chinese have a cottage industry doing exactly that. Regular serial numbers are meticulously removed from genuine notes and spurious specimen markings with zero serials are printed onto the altered notes. Figure 7 (below) is an example of one. Figure 8 shows how messed up the piece looks at 20x magnification where new zeros have been printed (using a silk-screen process) over the remnants of the original serial digits. All that clutter is invisible to the naked eye. Figure 9 shows part of the specimen text, also in silk screen, with a very visible pattern created by the fabric through which the ink was applied. This should all be letterpress. On the back of the note, a specimen serial number has been printed—in the correct letterpress. Figure 10 shows three digits of that number. But nearby, the specimen text in the lower margin of the note is still in silk-screen (figure 11). Note the obvious difference in sharpness. The text immediately above it, part of the original note, is lithographed. Let’s move to the Philippines. Figure 12 is a replica of a manufacturer’s specimen of a Philippine 50 centavos JIM note (Japanese invasion money, used during their occupation of the Philippine Islands). The 50¢ note is a very common piece without the specimen markings, but instead of buying Figures 5 & 6 Figure 8 Figure 9 Figure 10 Figure 11 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 34 a few out of junk boxes and overprinting them, this counterfeiter reproduced the whole note. His lack of savvy makes it easy to identify the fake. Figures 13 and 14 are the note he was trying to create—a genuine specimen. For starters, as long as he was creating the note from scratch, he should have used block PA, not PI, and included the English language specimen text on the back. (Finding a PA in a junk box would have been hard.) Next, if he had used genuine originals, the watermark would already be in the paper (figure 15). The watermark is the standard JIM four-lobe rosette, called a white quatrefoil. Instead, the counterfeiter printed the watermark on the back of the note (figure 16). Next, since he was reproducing the artwork using a photographic process, his copy included a screen pattern, easily visible at 20x (figures 17 and 18, 18 being a genuine piece). Finally, he should have applied the overprints in letterpress, not lithography, and if he was going to use the PI block, he should have selected the correct font (figures 19 and 20, 20 being original). Still in the Philippines, at the end of the war the Japanese established a separate government under José Laurel. A separate central bank was also established, Bangko Sentral ng Pilipinas (BSP). Notes were printed but never issued. Figure 21 shows genuine (top) and replica specimens for the 100 piso piece. The genuine notes are on paper watermarked BSP, with the B-P in dark letters and the S in white. Figure 22 shows the watermark in the top note and nothing visible in the much darker (denser) paper of the replica. On the top edge of the top note in figure 22, and also across its center, you may be able to see dark letters with a light letter between (these might not be visible in the magazine’s illustration). Figure 23 shows the BSP watermark Figure 12 Figures 13 & 14 Figure 16 Figure 15 Figure 17 Figure 18 Figure 19 Figure 20 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 35 printed on the back of the replica, all in dark letters. The same false watermark is printed on the backs of notes without serial number bearing blue specimen markings (figure 24 below). Japan did use blue markings occasionally, but I don’t recall any genuine ones for this note. It is easier to create specimens of genuine notes that had no serial numbers to get in the way. Figure 25 (below) shows inkjet mihon markings on a genuine $5 Malaya JIM note. The markings are far too large, and the color is washed out. Figure 26 shows what the correct dimensions should be (using a Philippine note, since I don’t have a genuine Malaya specimen at hand). Figure 21 Figure 22 Figure 23 Figure 26 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 36 Figures 27 and 28 show t h e right end of the crossbar on the mihon character at 20x. In addition to being too large, the inkjet print shows swarms of dots along the edges rather than the relatively sharp edges of the correct letterpress overprint. Figure 27 Figure 28 Moving on to expedient specimens, figure 29 shows hand-stamped mihon markings in brown on a ½ gulden note for the occupation of the Netherlands East Indies. Figure 30 shows the genuine original. There are no genuine expedient specimens known for this series. Figures 29 & 30 As I have said before, there is no end to this stuff. Converting a 75¢ junk box note into a $75 specimen has lots of attractions. SPMC WELCOMES NEW MEMBERS November 2017 14696 John Thyne, Website 14697 Ed Conley, Tom Schott 14698 James Taylor, ANA Ad 14699 Harry Brown, Website 14700 V.O. Roberts, Tom Denly 14701 Gary Malkowsky, ANA Ad 14702 Pete Angelos, Website 14703 Kimmie Regler, Website REINSTATEMENTS None Life Memberships LM436 Norm Becker - converted from 13557 Dece,ber 2017 14704 Mathew Wilson, ANA Ad 14705 Aaron Easley, Jason Bradford 14706 Marc Rhan, ANA Ad 14707 Damodar Sharma, Website 14708 Josef Kramer, Website 14709 Fred Boyce, ANA Ad 14710 Norman Wehner, E-Sylum 14711 Luke Mitchell, Frank Clark 14712 George Flanagan, Website 14713 Rex Buckley, Website 14714 Lann Martin, ANA Ad 14715 Ronald MillsWebsite REINSTATEMENTS None Life Memberships None Please note—if the date on your mailing label says 2017, it is time to renew your dues. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 37 Columbia, Tennessee's First Bank by John M. Abernathy Columbia, Tennessee is located south of Nashville and is the county seat of Maury County, Tennessee. Maury County was established in 1807 and the town of Columbia was laid out in 1808 and incorporated in 1817. This article about Columbia's bank was first published in the March 2015 issue of Historic Maury, a publication of The Maury County Historical Society. FRONTIER TENNESSEE On the frontier nearly every family produced its own food and clothing. As time went by, much needed manufactured goods began to be introduced on the frontier. The Appalachian Mountains blocked the movement of goods between Tennessee and the east coast, but the Mississippi River and its tributaries provided a means of transport. Typically, manufactured goods were moved from Philadelphia to Pittsburgh, and then down the rivers to Nashville and other market towns. To pay for these goods, cotton, tobacco, and foodstuffs were sent down the rivers to New Orleans. Commission merchants and banks soon arose to help facilitate this trade.i The Nashville Bank, which was the first bank in Tennessee, was established by an act of the legislature passed in 1807 and was privately funded.ii The second bank to be opened in Tennessee was established by an act of the legislature passed on November 20, 1811, and was located in Knoxville. Its corporate name was "The President, Directors and Company of The Bank of The State 0f Tennessee," but it was generally known simply as "The Bank of The State of Tennessee" or just as "The State Bank." Four hundred thousand dollars ($400,000) of bank stock was allowed, and was to be sold in Knoxville and sixteen east Tennessee counties at fifty dollars per share, paid in gold or silver. The state of Tennessee subscribed for four hundred shares in the bank, this being the first bank in which the state held stock. The stockholders elected the bank officers, except for one director which was appointed by the governor to look after the interests of the state. iii The bank building was located on the northwest corner of Gay and Main streets in Knoxville. At the first election of officers for The State Bank, Judge Hugh Lawson White, shown in figure 1, was elected president of the bank, and Luke Lea was elected cashier.iv The act of 1811 allowed the directors of the bank to open branch banks at Clarksville, Columbia, Jonesborough, and other places in the state they selected. However, there is no evidence that a branch was opened in Columbia at that time. The Nashville Bank and the State Bank were the only two banks chartered in Tennessee before the war of 1812. Frontier conditions persisted and business transacted by those banks was small. During the war, much federal money was spent in Tennessee to raise and equip troops. Effects of the federal money, opening of new lands, the high price of cotton after the war, and the advantages of steamboat navigation which began in Tennessee in 1818, all contributed to a period of expansion and speculation which lasted until 1819. Increasing trade created a new demand for banks.v COLUMBIA BANK ESTABLISHED On November 15, 1817, the state legislature passed another banking law establishing a number of additional banks in Tennessee. Section 27 of the law stated "it shall be the duty of the directors of the Bank of the State of Tennessee to establish a branch of said bank at said town of Columbia." Section 29 stated "if the State Bank refuses to receive said branch hereby proposed to be established at Columbia, as a branch thereof, then and in that case, it shall be lawful for said bank to proceed as an independent bank, under the name and title of the Columbia Tennessee Bank". The act also appointed William Frierson, Samuel Polk, Horatio Depriest, Dorrell N. Sansom, William McNeill, Patrick Maguire, Samuel McDowell, William Bradshaw and Joseph B. Porter to be directors of the Columbia bank.vi The directors were authorized to sell eight thousand shares of stock in Columbia at fifty dollars per share, and the bank could be established when twenty thousand dollars had been raised from the sale of stock. The county of Maury and the town of Columbia were allowed to subscribe for as many shares of the bank stock as they could pay for.vii Two days later, the state legislature passed a law to incorporate the town of Columbia and to provide for the election of seven aldermen and the mayor.viii In a separate act passed by the legislature on the same day, Samuel Polk, Lemuel Prewitt, and Samuel McDowell were authorized to settle with the commissioners of the town of Columbia, to receive all the monies Figure 1 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 39 remaining from the sale of town lots, and to pay over the monies received to the mayor and aldermen. As soon as a banking association had been established in Columbia, the mayor and aldermen were required to subscribe for an amount of stock in the bank equal to the amount they had received from Polk, Prewitt, and McDowell.ix The books of subscription for selling stock in the Columbia bank were first opened on May 4, 1818. The town of Columbia purchased one hundred shares of stock at the first opening of the books, and apparently purchased more stock as time went on. The Columbia Water Company also purchased stock in the bank.x The bank may have initially been called The Columbia Bank as it was being organized, but it came into existence as a branch of The State Bank, and not as an independent bank. The Columbia branch went into operation about the first of July, 1818.xi In addition to the principal bank in Knoxville, the State Bank eventually had branch banks in Nashville, Columbia, Franklin, Clarksville, Carthage, Jonesborough, Kingston, and Maryville.xii On June 30, 1818, James Walkerxiii in Columbia sent a letter to General Andrew Jackson as follows: "Dr. Sir, I have the pleasure to inform you that your bills for $30,000. have been taken by our bank. I shall have Majr Hogan's receipts this evening and will send them to you by the first safe opportunity..." The bills referred to would have been bills of exchange written by General Jackson, drawn on the War Department, and paid to the bank. The bank would have then provided cash money to pay the Tennessee soldiers returning from the Seminole campaign. Major John B. Hogan was a paymaster in the army and was very active in June and July, 1818, paying the soldiers. After completing the campaign in Florida, General Jackson and the Tennessee Volunteers marched north, reaching Columbia on June 26, 1818, where the soldiers were discharged. The date of this letter tells us that the bank was in operation by the end of June, 1818, or would have been shortly thereafter.xiv BANKING HOUSE BUILT Near the close of 1818, James Pursell was contracted to build the bank building in Columbia.xv Part of town lot number 18 was purchased by the bank from Patrick Maguire (figure 2) on April 19, 1819. xvi Lot number 18 was the center third of the south side of the block of West Seventh street between the public square and Garden street. The walls of the bank building were up by the end of 1819, the roof was put on early in 1820, and the building was finished by the end of that year.xvii A separate kitchen and smoke house were built on the lot in addition to the banking house. xviii The bank building had a second floor which was used as the residence of the cashier and his family.xix The bank would have conducted business at a temporary location until the banking house was completed. Figure 3 is a circa 1939 photograph of a Columbia parade which shows the original bank building in the background and is the oldest known picture of the building which still stands in Columbia today. BANK OFFICERS It is not clear who all of the Columbia branch bank officers were or the exact dates they were in office. Ordinary bank business was usually conducted by the cashier with the bank president, often a prominent man in the community, being less involved in day-to-day operations. The first cashier in Columbia was James C. Craig, but he had to retire for health reasons. Madison Caruthers was then cashier for several years. Isaac N. Porter was cashier for a short time, but he was killed in a dispute with the Hardin’s on the Public Square in October, 1825.xx Parry W. Porter likely replaced his brother as cashier.xxi The first president was probably Dr. D. N. Sansom.xxii We know that James Walker had some connection with the bank because of his letter to General Jackson. Madison Caruthers may have served as president in later years while the Porters were cashiers.xxiii And there may have been others who served as president. The history of the State Bank is difficult to uncover because the bank papers were destroyed prior to 1906 by a Tennessee State Capitol employee who thought them worthless.xxiv The man most often associated with the Columbia branch bank was Madison Caruthers. He was born in Virginia about 1793, graduated from Washington College at an early age, and became paymaster in the army before he was 21. Upon obtaining his license to practice law, he was appointed solicitor of the state.xxv He arrived in Maury County in the early eighteen twenties, was briefly a law Figure 2 Figure 3 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 40 partner of James K. Polk about 1822,xxvi and then became cashier of the State Bank branch in Columbia. While he was cashier of the bank, he and his family lived in the bank building on West Seventh Street. Mr. Caruthers was known for his very fine vegetable garden where he exercised after his duties as cashier were over. The garden was surrounded by a tall fence with a gate and lock. Nothing was sold from the garden, but many of the vegetables were given away to friends and neighbors. xxvii While he was in Columbia, Mr. Caruthers also served as Clerk and Master of Chancery Court. At the March 1829 session of the court it was recorded that Madison Caruthers had resigned as Clerk and Master, this being about the same time that the Columbia branch bank would have closed.xxviii He moved to New Orleans and went into the commission business. He is listed in the 1830 Louisiana census and died in New Orleans in 1847.xxix FUNDING THE BRIDGE AT COLUMBIA On November 18, 1819, the state legislature passed an act appointing commissioners to build a bridge across Duck River at Columbia. The act directed the Mayor of the town of Columbia to transfer to the chairman of the bridge commission all the bank stock of the State Bank held by the town except for one hundred shares. The bridge commissioners were to pay the bridge contractor in three yearly payments beginning on September 1, 1820, and the bank stock would provide part of the funding of the bridge.xxx And, in another act passed in August 1822, the legislature directed the mayor of Columbia to transfer the last one hundred shares of stock to the chairman of the bridge commission to be used for the final payment to the bridge contractor.xxxi BANKING AND TRADE IN THE 1820s The business transacted by banks during this early period was mainly of two kinds. First, the discounting of notes, which was similar to today's practice of lending money on personal notes. And secondly, the purchase of bills of exchange, which was the main business transacted by banks at that time.xxxii A bill of exchange was a written order signed by the person drawing it, which directed a second person to pay to a third person a fixed sum of money at a certain time. The word "person" may refer to an individual, a bank, or a corporation.xxxiii The person being paid could sell or transfer the bill of exchange to another person by endorsing it on the back and signing it over to the other person. A great deal of commerce could be conducted using bills of exchange and a minimal amount of cash money which was often very scarce. Typically, a local Tennessee farmer would consign his cotton crop to a local commission merchant who had a prearranged agreement with a New Orleans firm to sell all the cotton the merchant sent down to them. The farmer would be given a bill of exchange in which the local merchant ordered the New Orleans firm to pay the farmer the specified amount at a later date (allowing time for the cotton to be shipped and sold). The amount of the bill of exchange would be about half of what the cotton was expected to bring when sold in New Orleans. The local farmer could then sell the bill of exchange to a local Tennessee bank at a discount (for less than face value), but the farmer would receive some immediate cash for his crop. When the cotton was sold in New Orleans, the amount of the bill of exchange would be deposited to the Tennessee bank's account in a New Orleans bank. There would be a final settlement between the Tennessee farmer and the commission merchant after the cotton had been sold, which would reflect the actual sale price and account for all expenses and commissions.xxxiv Figure 4 is an actual bill of exchange made in Columbia and drawn on a firm in New Orleans, although this example is from a slightly later period (dated 1852) and was purchased by a later bank. The Tennessee bank would thus accumulate funds in a New Orleans bank, but the funds were actually needed in Philadelphia where manufactured goods could be purchased. Moving funds from New Orleans to Philadelphia was relatively easy. Cotton was shipped from New Orleans to Liverpool, England, and cotton dealers in New Orleans were paid with bills of exchange drawn on London manufacturers. London exchange was in great demand in northeastern American cities where it was needed to buy manufactured goods from England. New Orleans banks would buy these bills drawn on London, sell them in Philadelphia where they often demanded a premium (would sell for more than face value), and credit their account at a Philadelphia bank. The Tennessee bank would make withdrawals from its account at the New Orleans bank in the form of checks on that bank's account in Philadelphia, send the checks to Philadelphia, and establish its own account in a Figure 4 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 41 Philadelphia bank. The Tennessee bank could then sell checks on its account in Philadelphia to Tennessee merchants who would use the checks to buy manufactured goods in Philadelphia. The goods would be transported to Pittsburgh and then down the rivers to Tennessee (see figure 5-below). Those goods bound for Columbia would be carried to Nashville by boat and then hauled from Nashville to Columbia by wagon. Since the bank charged a percentage with each transaction, bank profits could be substantial when the economy was good and trade was brisk.xxxv BANK NOTES ISSUED Legal tender at this time was gold and silver coins minted by the United States government, but the federal government did not issue paper currency.xxxvi The amount of gold and silver available in circulation was not adequate for proper economic development. Paper bank notes issued by state chartered banks were needed to facilitate commerce.xxxvii The act passed by the Tennessee State Legislature in 1811 allowed the State Bank to issue bank notes in denominations of five dollars and higher. Fives, tens, twenties, fifties, and hundreds were issued. In 1815 the act was revised and ones, twos, and threes were also issued.xxxviii Shortly after he was elected president of the State Bank, Judge Hugh Lawson White personally traveled to cities in the northeast to increase his financial knowledge and to arrange for the engraving of bank plates and the printing of notes. He returned to east Tennessee carrying the bank notes and other items for the bank packed in his baggage. This long difficult trip had to be made by horseback because railroads, steamboats, and even stage lines had not yet been established.xxxix In 1822 Andrew Jackson sent a letter to his nephew, Andrew Jackson Donelson, (see figure 7) enclosing a one hundred dollar bank note issued by the Columbia branch bank which he described in detail: "....I recd your letter of the 23rd ult. and hasten to remit you one hundred dollars, in a bill No. 1, letter A payable at the Branch Bank Columbia to J McGuire [P Maguire] or bearer dated Knoxville July 1rst 1818 - signed Hu L White prest. Luke Lea cashr. which I wish safe to hand...."xl This description gives us an idea of what information and signatures would have been on a note issued in Columbia. The issue date on the note, July 1, 1818, confirms the opening of the bank to be by that date or shortly thereafter. Banks would typically buy bills of exchange with the bank's currency, which would then go into circulation. But paper bank notes were not accepted for all debts. Normally, paper notes issued by a bank could be redeemed at that bank for specie (gold or silver coins). But if many notes were presented to a bank at one time because of economic distress or fear that the bank was not solvent, the bank might have to suspend specie payments until conditions improved. Most of the banks in the country had suspended specie payments by the time the War of 1812 ended. With the agreement of Governor Willie Blount, the State Bank in Knoxville suspended specie payments about the end of July, 1815. xli The economy quickly improved after the war, and the State Bank and most other banks in the country were able to resume specie payments in 1817.xlii THE PANIC OF 1819 The expansion of the American economy after the War of 1812 came to an abrupt halt in 1819, and many banks across the country had to once again suspend specie payments.xliii The State Bank, under the able management of Judge White, remained open and continued to redeem its notes in specie during the panic of 1819 and the depression which followed.xliv The sound condition of the State Bank is reflected in a report by A. V. Brown, chairman of the joint committee on banks, to the state legislature on November 1, 1823. The bank had a deficit amounting to 182,123 dollars (debts owed minus specie and other available funds), but at the same time it had well secured bills and notes under discount amounting to 1,194,840 dollars and real estate valued at 68,428 dollars.xlv The financial panic lasted in Tennessee until the mid-1820s, but by 1825 the price of cotton and tobacco had increased considerably.xlvi There was a general resumption of specie payments in 1826.xlvii CLOSING OF THE BANK In October, 1825, Hugh Lawson White was chosen to fill the U. S Senate seat vacated by Andrew Jackson. White continued to serve as president of the State Bank until he resigned from that position in July, 1827. xlviii In 1828 the bank began to voluntarily liquidate its affairs, a process which took several years to complete. xlix Luke Lea was the cashier of the principal bank in Knoxville during the entire life of the Figure 7 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 42 bank, but he served in the Seminole campaign in 1818 and was away from the bank during that time. A statement from the bank directors when White resigned listed William Park as an ex-cashier, so Park may have served as cashier while Lea was on military service.l H. A. M. White, a nephew of Hugh Lawson Whiteli, was the president of the principal bank at the end when it was closing.lii Financial difficulties did not cause the closure of the State Bank, but slender trade and the fact that Hugh Lawson White was no longer able to devote his time to the affairs of the bank did cause its voluntary closure.liii The Columbia branch bank would have closed about the same time as the principal bank in Knoxville. The Columbia branch was still open in March 1827 when a Chancery Court case directed money to be deposited there. liv Several private checks which were written on the Columbia branch bank in June 1827 are known to exist,lv and one of these checks is shown in figure 8. The Columbia branch closed sometime after those checks were written, and it would have taken several years to wind-up the bank's affairs. The property of the Columbia branch, part of Columbia town lot number 18 with the bank buildings, was sold to James S. Walker in 1833, and the deed was signed by cashier Luke Lea and President H. A. M. White, officers of the principal bank in Knoxville.lvi LATER USE OF THE BUILDING In 1835 James S. Walker leased the bank property to the Union Bank of Tennessee, which opened a branch in Columbia about that time.lvii The banking house used by the Union Bank was the same building that was built for the State Bank in 1820.lviii The Union Bank subsequently became the owner of the bank property, and operated a branch in Columbia until Civil War times. In 1865 the Union Bank sold the bank building to John Stratton who sold it to Mary Ruttle that same year.lix Mr. and Mrs. Ruttle operated a millinery store and dressmaking shop in the building and had their residence on the second floor. About 1893 the building became the retail store of J. Rosenthal. Later, the Pigg And Parsons clothiers store was located in the building.lx Figure 9 is a photograph of the ground floor of the former bank building when it was used as the Pig And Parsons store. In recent years, the building has been used as a restaurant. At some time in its history, the building was probably enlarged by extending the rear of the building. Figure 9 PRIVATE BANK NOTES During the early years of the United States, the period from about 1782 to about 1866 was the era of the private bank and the private bank note. Private banks were chartered by the states and allowed to issue paper currency. By the end of this early period, hundreds of private banks had been chartered nationwide, and thousands of different bank notes were in circulation. The bank notes issued by the early private banks are now known as "Obsolete Currency," and thousands of these early notes still exist, although notes on the earliest banks are very rare. Obsolete currency collecting is a very popular aspect of paper money collecting, and many books are now available on obsolete currency.lxi An excellent book on the history of early Tennessee banks was written by Paul Garland in 1983 which lists and describes the notes of the early Tennessee banks. Garland gave the history of the State Bank in Columbia, but stated that there were no known notes on the Columbia branch. lxii Fortunately, that has changed! COLUMBIA NOTE FOUND In 2005 I was looking at some Tennessee notes on E-Bay and spotted what appeared to be an old note on the Columbia branch bank. That note is shown in figure 10. After studying the image of the note and doing some research, I was convinced the note was Figure 10 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 43 genuine. I had the top bid on E-Bay for several days but lost the note when the price went up at the very end. The successful bidder was a collector friend of mine named Bill Sharp who lived in Memphis. Bill was attracted to the note because of its rarity and because of his family roots in the Columbia area. Originally from nearby Waynesboro, Bill had ancestors who once lived in Maury County, and some of his cousins still live in Columbia today. Bill contacted the seller of the note to learn more about its history. Apparently the note had been in a coin shop in Arizona for quite some time with a modest price tag and no one showing any interest. The note was put on E-Bay and the bidding took off. Tennessee obsolete note collectors lost a good friend and the hobby lost a valuable asset when Bill Sharp passed away in 2009. Bill's family kindly allowed me to purchase the Columbia note when they began selling off parts of Bill's extensive collection. The Columbia note is approximately six inches long by two and a half inches wide. It is printed in black ink on thin bank note paper. Close examination of the paper reveals small red and blue fibers made into the paper, a security device similar to that used in the paper of modern United States currency. The geometrical designs on the ends of the note, and on the circles at the top of the note, are quite intricate and are designed to be difficult for counterfeiters to copy. The back of the note is completely blank, containing no printed or written information. The note was printed by Murray Draper Fairman & Co., a bank note printing firm located in Philadelphia, Pennsylvania, and their imprint is located at the bottom center of the note. That firm was created in 1810 when the three master engravers, each with different talents, combined to form the company. The firm evolved, changing its name slightly in 1823, and continued to evolve as individuals would come and go, eventually becoming part of The American Bank Note Company, a firm which is still in business today.lxiii The note was printed so that it could be used either at the parent bank in Knoxville or at any of the branch banks. The word "Columbia" is hand written in the space provided to show that it was issued by the Columbia branch. The serial number and part of the date are also written by hand. "181_" of the date was printed, and the remainder of the date was written in to make the issue date January 3, 1821, the second "1" being written over to make it into a "2." The note promises to pay on demand "one dollar to P Maguire or bearer." The name hand written in the space provided is of little importance, but the key phrase "or bearer" meant that the note could be redeemed by whoever had possession of the note. Patrick Maguire (figure 2) was probably the first person the note was issued to, or his name could have been used because he was a director of the bank or because he was a prominent citizen of Columbia, thus giving the note just a little more authority. The phrase "on demand" meant that the note could be redeemed whenever it was presented at the bank, rather than some notes which specified redemption at some later date. lxiv The note is hand signed by the officers of the parent bank in Knoxville, President Hugh Lawson White and cashier Luke Lea. Both of these men were prominent Tennesseans with long careers in public service. HUGH LAWSON WHITE Hugh Lawson White, shown in figures 1 and 11, was born in 1773 and was the son of Knoxville founder James White. He served briefly as private secretary to William Blount, Governor of the Southwest Territory, and received his license to practice law in 1796. His success as a lawyer and the prominence of his family led to his appointment or election to several important positions including Judge on the Tennessee Supreme Court of Law and Equity, United States District Attorney, Judge on the State Supreme Court of Errors and Appeals, and State Senator representing Knox County. At the first election of officers for the Bank of the State of Tennessee, White was elected president. In 1825 he was unanimously elected by the General Assembly to fill the unexpired term of Andrew Jackson as United States Senator. The Assembly twice again unanimously elected White to the Senate in 1829 and 1835. He declined offers of cabinet positions in the Jackson administration, but was initially a loyal Jackson supporter. Eventually, White became estranged from Jackson and ran for president in 1836 against Martin Van Buren, who was supported by Jackson. One of four candidates in the election, White finished third in the electoral college. After the election, he took an active role in the formation of the Whig party in Tennessee. White died in Knoxville in 1840.lxv LUKE LEA Colonel Luke Lea of Bradley County, shown in figure 12, was the cashier of the Bank of the State of Tennessee for the entire period the bank was in operation. During that period, he also commanded a regiment under General Andrew Jackson in the Seminole campaign of 1818. From 1833 to 1837, he represented the Third Figure 12 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 44 (Knoxville) Congressional district in the Twenty-third and Twenty-fourth Congress. In 1837, the state legislature appointed him to sell the lands of the Ocoee district purchased from the Cherokee. He served as Secretary of State of Tennessee from 1837 to 1839. In 1849 he was appointed to the Fort Leavenworth Indian agency by President Zachary Taylor, and held the position of Indian Agent until his death in 1851. His great-grandson, also named Luke Lea, was United States senator from Tennessee from 1911 to 1917.lxvi RARE BANK TREASURES Today, there are about a dozen or so fully issued notes of various denominations known to have survived which were issued by the State Bank, either by the principal bank in Knoxville or by one of the branches. The one dollar note issued on the Columbia branch, which is shown in figure 10, is the only note known to have survived from the Columbia branch. It is also the only one dollar note known to have survived from the entire State Bank, including the principal bank in Knoxville and all the branches. The Columbia note is indeed a rarity. The old bank building, shown in figure 13 (at right), which was completed in 1820, is also a treasure. It was the home of not just one, but two, famous early Tennessee banks, the State Bank and the Union Bank. There were bank buildings in Nashville and Knoxville built before the Columbia bank, but those buildings are no longer standing. Extensive research by the author to identify all the banks chartered in Tennessee before 1821 (including all their branch banks) and to determine if any of their banking houses are still standing, has concluded that the Columbia bank building is the oldest bank building still standing in Tennessee. In just a few more years, this historic old bank building, standing today at 117 West Seventh Street in Columbia, will be two hundred years old! I am very grateful for the information and assistance provided for this article by The Maury County Archives, Columbia; The McClung Historical Collection, Knoxville; The Tennessee State Library and Archives, Nashville; The Knox County Archives, Knoxville; and The Papers of Andrew Jackson at the University of Tennessee Hoskins Library in Knoxville. End Notes i. Thomas P. Abernethy, "The Early Development of Commerce and Banking in Tennessee," The Mississippi Valley Historical Review, Vol. XIV (December 1927), p. 312. ii. Tennessee, Public Acts, 1807, Ch. 103, pp. 164-173. iii. Tennessee, Public Acts, 1811, Ch. 79, pp. 83-96. iv. William Rule, Standard History of Knoxville, Tennessee, (Chicago, The Lewis Publishing Company, 1900), pp. 250-251. v. Abernethy, pp. 312-313. vi. Samuel Polk was a surveyor, land dealer, and businessman, and he was the father of United States President James K. Polk. Patrick Maguire was a prominent Columbia merchant and had extensive land holdings in Maury County. vii. Tennessee, Public Acts, 1817, Ch. 145, pp. 256-279. viii. Tennessee, Public Acts, 1817, Ch. 143, pp. 249-252. ix. Tennessee, Public Acts, 1817, Ch. 116, p. 192. x. Tennessee, Private Acts, 1819, Ch. 103, pp. 126-129. xi. The beginning of bank operations is based on two documents in The Papers of Andrew Jackson discussed later. xii. Paul E. Garland, The History Of Early Tennessee Banks And Their Issues, (Hampton, Virginia, Multi-Print Inc., 1983), pp. 75-76. xiii. James Walker was a prominent businessman and civic leader in Columbia. He married a sister of United States President James K. Polk. xiv. Harold D. Moser, Editor-in-Chief, The Papers of Andrew Jackson, Vol.IV, (Knoxville, The University of Tennessee Press, 1994), pp. 195, 213, 503, 504, 505, and A copy of the James Walker letter provided by "The Papers of Andrew Jackson," University of Tennessee, Knoxville. xv. Nathan Vaught, Youth And Old Age, (Copy of the handwritten document in the Maury County Archives, 1871), pp. 14-15. The original document is in the Tennessee State Library and Archives. Eleven year old orphan Nathan Vaught was bound to builder James Pursell who taught him the basics of carpentry and construction. After Mr. Pursell's death, Vaught continued in the building trade, constructed many fine homes and commercial buildings, and is known today as the "Master Builder of Maury County." xvi. Maury County Deed Book 1H, p. 147. xvii. Vaught, pp. 14-15. xviii. Maury County Deed Book 1R, p. 169. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 45 xix. Jill K. Garrett, Maury County, Tennessee, Historical Sketches, (Columbia, Tennessee, 1967), p. 234, and N. W. Jones, A History of Mount Pleasant Especially, And The Western Part of Maury County Generally, (Nashville, McQuiddy Printing Company, 1903), p. 77. xx. Vaught, p. 90. and Garrett, pp. 120, 201, 202, 234. xxi. Garland, p. 39. xxii. History of Tennessee, (Nashville, The Goodspeed Publishing Co., 1887), Maury County, p. 771. xxiii. Garland, p. 39. xxiv. L. Paul Gresham, "Hugh Lawson White As A Tennessee Politician And Banker, 1807-1827," The East Tennessee Historical Society, No. 18 (1946), p. 31, note 29. xxv. Jill K. Garrett, Maury County, Tennessee, Newspapers (Abstracts) 1846-1850, (Columbia, Tennessee, 1965), p. 69. xxvi. Herbert Weaver, Editor, Correspondence of James K. Polk, Vol. I, (Nashville, Vanderbilt University Press, 1969), p. 9. xxvii. Garrett, Historical Sketches, p. 234. xxviii. WPA Records, Maury County, Tennessee, Chancery Court Minutes Vol. 2, 1829-1838, (Signal Mountain, Tennessee, Mountain Press), p. 4. xxix. Garrett, Newspapers, p. 69, and Vaught, p. 90. xxx. Tennessee, Private Acts, 1819, Ch. 103, pp. 126-129. xxxi. Tennessee, Private Acts, 1822, Ch. 213, pp. 170-171. xxxii. Abernethy, pp. 315-316. xxxiii. World Book Encyclopedia. xxxiv. Abernethy, pp. 316-318. xxxv. Abernethy, p. 318, and Maury County Historical Society, Historic Maury, Vol. IV, No. 1, p. 5. xxxvi. Abernethy, p. 325. xxxvii. Richard Doty, America's Money, America's Story, (Iola, Wisconsin, 1998), p. 88. xxxviii. Garland, pp. 76-77. xxxix. Nancy N. Scott, A Memoir Of Hugh Lawson White, (Philadelphia, J. B. Lippincott, & Co., 1856), p. 31. xl. Harold D. Moser, Editor-in-Chief, The Papers of Andrew Jackson, Vol. V, (Knoxville, The University of Tennessee Press, 1996), pp. 177-178. xli. Gresham, pp. 32-33. xlii. Abernethy, p. 313. xliii. Moser, The Papers of Andrew Jackson IV, p. 292. xliv. Gresham, p. 33, 34, and Charles Elder, History of Nashville, Tennessee, (Nashville, Publishing House of the Methodist Episcopal Church, South, 1890), p. 265. xlv. Tennessee Assembly, Journal of the Senate, 1823, p. 149. xlvi. Moser, The Papers of Andrew Jackson IV, p. 292. xlvii. Abernethy, pp. 320-321. xlviii. Scott, p. 29. xlix. Rule, p. 251, and Abernethy, p. 324. l. Scott, p. 30. li. History of Tennessee, (Nashville, The Goodspeed Publishing Co., 1887), Knox County, p. 1012. lii. Knox County Deed Book W, Vol. 1, pp. 151, 298, 351. liii. Abernethy, pp. 321, 324, and Gresham, p. 36. liv. The Historical Records Survey, Tennessee Records of Maury County, Chancery Court Minutes 1823-1829, (Nashville, 1939), p. 66. lv. Garland, p. 47, although Garland incorrectly attributed the checks to a later bank. lvi. Maury County Deed Book 1R, p. 169. lvii. Maury County Deed Book 1S, p. 182, and Book 1T, p. 19. lviii. Vaught, pp. 14, 15, 23. lix. Maury County Deed Book 2O, p. 447, and Book 2P, p. 185. lx. Century Review of Maury County, pp. 51, 68, and William Bruce Turner, History of Maury County, Tennessee, (Nashville, The Parthenon Press, 1955), p. 51, and Historic Maury, Vol. XXXI, No. 3, 1995, p. 104. lxi. Q. David Bowers, Obsolete Paper Money, (Atlanta, Whitman Publishing, LLC, 2006), p. viii, and Doty, p. 91. lxii. Garland, pp. 38-39. lxiii. William H. Griffiths, The Story of American Bank Note Company, (New York, American Bank Note Company, 1959), pp. 24, 25, 31. lxiv. Bowers, pp. 455, 456. lxv. Tennessee Historical Society, The Tennessee Encyclopedia of History & Culture, (Nashville, Rutledge Hill Press, 1998), pp. 1053, 1054. lxvi. East Tennessee Historical Society, The History of Bradley County, (Cleveland, Tennessee, 1976), pp. 30-31, and History of Tennessee, (Nashville, The Goodspeed Publishing Company, 1887), Bradley County, p. 972. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 46 The Father of the Adams Bank by Josh Colon One of the most prominent early citizens of Adams, Massachusetts, was William E. Brayton. Born in Rhode Island in 1789, Brayton lived a portion of his childhood on Stafford Hill, which is now part of Cheshire, Massachusetts. Brayton moved north to Adams in 1812. His wealth grew in Adams as he started as an operator in a mill. The following year, with the help of many others, he built the old Eagle factory. The Eagle factory was the second cotton mill in town. While working as an operator and building the Eagle factory, Brayton was saving money to start his own Mercantile business. Brayton was a Whig when he was active in politics, and he opposed many of the presidents running the country at that time. Despite this, he served as the Postmaster of Adams for over twenty years, from 1826 to 1849. Also, in 1831, he, along with his brother Thomas, built the Braytonville Mill. He continued to work and run the mill, while building his finances, until 1853. To start the Adams Bank, a state chartered institution, it was required there be a capital of $100,000. The Commonwealth also required the bank to have $50,000 worth of silver in the vault before the bank could open for business. This shows the wealth these men had to come up with that kind of money in the early 1800’s. Evenly divided, each man on the first board would have had to put up $10,000 just to cover the capital. To put this in perspective, in 1831 when a fire destroyed a portion The print works company owned by Caleb B. Turner, the first President of the Adams Bank, loss was an estimated $8,000. Today a scenario like that would be hundreds of thousands of dollars in comparison. The Adams Bank officially opened on May 11, 1832, with an amazing spectacle of silver being carried into the bank, box by box. Since the nearest banks were Greenfield, Pittsfield, or Troy, New York, it was quite an event to get the silver bullion here. Three men traveled to Troy to receive the silver and return to the village. Thomas Hodge, a village tanner, Ishmael Spink, a driver, and an armed guard successfully made the journey to Troy and returned with forty-eight boxes. Upon arrival, Hodge and Brayton enlisted the help of their, then young, sons, William Hodge and S.W. Brayton, to carry boxes one by one into the bank building on the north side of Main Street. Each box except the last one contained $1,000 of silver, which in 1832 would have weighed approximately fifty pounds. The final box had $3,000 of silver, tripling the weight of the box. The youngsters were even jokingly offered the silver contained within if they could lift it. There is not much known about the early years of the bank in terms of customers, workers, or major investments. It is however known that Brayton, who was later given the title of “Father of the Bank”, was the major person behind the formation and operation of the bank on a day-to-day basis. The original hours of operation were 10 until 1 every day, except Sundays. He led the development of building the original location of the bank in 1830, and when the bank opened two years later, he used the two front rooms on the first floor as the banking area. He served in the role of cashier for twenty-five years from the start of the bank. Along with the role of Cashier, he also did his own bookkeeping, managed the ledger account, acted as teller, and even wrote the payment, of $35 a month, to himself for rent. Brayton would later, in 1857, be elected president, which he served until his death in 1865. Figure 2: This is a hilltop view, likely from Witt’s Ledge, of the small North Village of Adams in the 1850’s. On the left, the strip of visible road is Main Street. Photo Courtesy of the North Adams Historical Society, Inc. Figure 1: A photo of W. E. Brayton, courtesy of the North Adams Historical Society, Inc. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 48 One of Brayton’s talents was keeping the bank alive in those early years, which were known to be a struggle. Doing most of the work himself helped with saving employee and operating cost. In 1847 the bank moved across the street to a new building. By 1852, twenty years after opening, the bank had only received about $20,000 in deposits. The main challenge was people of the village never used banks and instead used barter usually negotiating for items such as promissory notes, hemlock bonds, or green cordwood instead of currency. Brayton also pushed the bank through the panic of 1857, which caused half the furnace mills to close and many railroads to default on bonds, nationwide. Figure 3: This is a three dollar banknote issued, by the Adams Bank, in 1847. These notes were signed by the president, Duty S. Tyler, and cashier, William E. Brayton, of the bank. Notes were also given serial numbers: this example has serial number 1774. Figure 4: A closer look at Willam E. Brayton’s Signature. There is also a legend that Mr. Brayton would put money, gold and silver coins, in a little leather satchel, and ride the train the long journey to New York City himself to deposit the funds. This shows how much of the bank was for him life and investment, thus earning his title of the Father of the Bank. For the full history of the Adams National Bank of North Adams, Massachusetts, please go to NABankHistory.com or read the upcoming book titled The History of the Adams National Bank of North Adams. Resources North Adams Historical Society, Inc. North Adams Public Library W. P. Spears, History of North Adams, Mass. 1749-1885, Reminiscences of early settlers: extracts from old town records; its public institutions, industries, and prominent citizens, together with a roster of commissioned officers in the War of the Rebellion. North Adams, Mass., Hoosac Valley News Printing House, 1885 North Adams National Bank, The Berkshire Hills; Vol. 1 No. 4; July 1, 1905 The Story of a Successful National Bank and How it Grew, No Author; Written for the Adams/ North Adams National Bank, Printed 1906 North Adams, Massachusetts, Old Home Week Souvenir, Issued Sept. 5-11, 1909. Reprinted by Diane Wohl March 1987. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 49 A DETAILED SURVEY OF THE NEWLY DESIGNED FEDERAL RESERVE NOTES OF SERIES 1996 TO DATE by Carlson R. Chambliss In the last July/August issue of Paper Money I presented you with a detailed survey of $1 FRNs. I wish to follow this up with a fairly thorough coverage of the newly designed FRNs for $5s through $100s. With Series 1990 the BEP introduced a number of innovations on its $10 through $100 notes. The most noticeable of these were the use of vertical plastic strips that were inserted into each note and the use of micro-lettering in the portraits of the faces of these notes. The $5s were unaffected at this time, and the $5 notes of Series 1993 and 1995 are identical in appearance to those of their immediate predecessors. The plastic strips state the denomination of the note, and these were designed to glow a specific color under ultraviolet light. The colors used were orange for $10, green for $20, yellow for $50, and red for $100. When strips were added to the new $5s their plastic strips glowed blue under UV light. Despite these new features, however, the notes of Series 1990-95 looked very much the same as their predecessors. These features did make the new notes more difficult to counterfeit, but to a person casually handling them hardly any changes were apparent in these notes. By the 1980s counterfeiting of U. S. paper money in foreign countries had become a serious problem. Most significant of all were the so-called “Super $100s” that were apparently printed in the Middle East. Since the $100 note plays a far greater role in international commerce than does any other denomination of U. S. currency and since it is also the note that is most widely counterfeited, the Treasury Department quite logically decided to focus its attentions first on new designs for this value. The $50 and $20 would then follow in that order. No $100 or $50 FRNs were printed in Series 1995, but $20s continued to be printed and issued in this series before the new $20 notes could be introduced with Series 1996. The various design changes that were introduced in Series 1996 $100, $50, and $20 FRNs and in Series 1999 $10 and $5 notes should all be familiar to you. For the first time in many years watermarks were used, and these feature a representation of the individual who is portrayed on the note in question. The portraits are much larger than previous, and in the case of the $5 notes an entirely different portrait of Abraham Lincoln was used. It is, in fact, the portrait that was used on the $500 gold certificates of Series 1882 and 1922. The micro- lettering is continued, but apparently this feature was not regarded as being very successful on the notes of Series 1990-95. It is admittedly very difficult to replicate micro-lettering on a photocopying machine, but it is not a feature that can readily be picked up with the naked eye by a casual observer. Large numerals in dichroic inks were used on the $10s, $20s, $50s, & $100s. These appear to change color when viewed at different angles. Various changes were made to the back designs for these notes. The frieze on the Lincoln Memorial was cleaned up quite a bit so that the names of the states on it could now be read. Both the Treasury Building and the White House are now depicted as they appear from their front sides. The U. S. Capitol is now seen from its west side rather than its east side as previous. The vignette least changed was that of Independence Hall which still appears very much as it did on the earlier $100s. The Lincoln portrait on the new $5 note was engraved by Will Fleishell, that of Hamilton on the $10 note by Kenneth Kipperman, and those of the three higher denominations by Thomas Hipschen. Mr. Hipschen also engraved the vignettes used on the backs of the new $5, $20, $50, and $100 notes, while Christopher Madden engraved the back for the new $10 note. All of this work, of course, was done at the BEP. Although these notes continued to be printed on sheets of 32 subjects, there were radical changes in the third printing. A “generic” Federal Reserve seal printed in black replaces the district seals that are found on the earlier issues. The serial number is initiated not with a district letter but with a series letter that is A in the case of Series 1996. This continues with each series and is now up to the letter M that is used on the Series 2013 notes. The district letter then follows as part of the serial number, and then the district letter and number – Al, B2, etc. – is printed in black ink in the upper left quadrant below the serial number. The serial number itself along with the Treasury seal continues to be printed in green ink. Notes printed at the DC facility continue to have no markings, while those printed in Fort Worth have a tiny FW to the left of the sheet position letter. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 50 Let us look at the details of each of the five denominations of these notes beginning with the $5 note. This denomination, which suffers little from counterfeiting problems, was given the least priority by Treasury officials, and there was even some question as to whether or not a colorized version of this note should be produced. The decision about the new designs for $5 notes was largely left to BEP officials. Apparently the outgoing BEP director Thomas Ferguson, who left office in 2006, did not favor the colorization of $5 notes, while the new director Larry Felix strongly supported this change. Indeed the change was made, but it was not until Series 2006 before such notes were printed. The newly designed $5 notes of Series 1999 were released to the public on May 24, 2000, which was the same day for the release of the new $10 notes. The details of the recent $5 FRNs are as follows: Series Letter No. Dist. No. Blocks Total Notes No.Stars Stars Printed Star Rate 1999 B 4 / 12 4 / 24 1.626 B 1 / 7 33.80 M 2.08% 2001 C -- / 12 -- / 25 1.664 B -- / 2 8.32 M 0.80% 2003 D 5 / 12 6 / 17 1.286 B 1 / 2 8.96 M 0.70% 2003A F -- / 12 -- / 25 1.754 B -- / 3 5.63 M 0.32% 2006 ncol H -- / 6 -- / 6 0.410 B -- / -- ---- --- 2006 col I -- / 12 -- / 25 2.077 B -- / 4 10.62 M 0.51% 2009 J 6 / 12 8 / 16 0.992 B 2 / -- 7.86 M 0.74% 2013 M 12 / -- 42 / -- 3.315 B 6 / 1 23.68 M 0.71% The recent $5 notes were produced largely in Fort Worth until Series 2013 when the production of this value was shifted almost entirely to DC. Both the non-colorized and the colorized versions were printed in Series 2006, but these two quite different printings have different initial series letters. Apparently there were a few problems in working with the newly designed notes. The star rate for the last of the older series (Series 1995) was only 0.43% instead of the 2.08% recorded for Series 1999. No stars were printed in Series 2009 at the Fort Worth facility. The reason seems to be that a large supply of Series 2006 plates was still on hand. Although quite a few block varieties are existent, none can be regarded as rarities. Only the G* and L* varieties of Series 2006 would be regarded as even scarce. Nonetheless most dealers do not stock all district or block varieties of $5 FRNs of this vintage, and assembling a full set of these types by either district or block will prove challenging. For Series 2013 the production data are complete through September, 2017. For the $10 notes the newly designed FRNs of Series 1999 were released on May 24, 2000, which is the same day on which the new $5s were issued. These notes featured both a plastic strip that glowed orange under UV light and a watermark of Alexander Hamilton in the right side. A large “10” printed in dichroic ink is featured in the lower right portion of the face. Notes of this basic type were printed through Series 2003, but with Series 2004A a new colorized type was introduced. Production began on these in September, 2005, and they were released to the public on March 2, 2006. There is an overall coloration in light orange on their faces, and the torch from the Statue of Liberty on the left and the slogan “We The People” on the right both printed in rose are also featured on the faces of these notes. The data for the individual series are as follows: Series Letter No. Dist. No. Blocks Total Notes No. Stars Stars Printed Star Rate 1999 B 12 / 5 17 / 6 1.267 B 3 / 4 39.75 M 3.14% 2001 C 8 / 8 11 / 12 1.069 B 3 / 2 8.64 M 0.81% 2003 D 12 / 8 13 / 11 1.009 B 5 / -- 4.70 M 0.47% 2004A G -- / 12 -- / 14 0.851 B -- / 5 10.12 M 1.19% 2006 I -- / 12 -- / 22 1.530 B -- / 3 3.33 M 0.22% 2009 J -- / 12 -- / 25 1.466 B -- / 4 7.94 M 0.54% 2013 M -- / 12 -- / 23 1.855 B -- / 2 7.04 M 0.38% As can be seen from these data, all production of colorized $10 notes has been from the Fort Worth facility. As is normal for notes with new designs, the star rate was highest for the first series using that design. For the last series using the old designs (Series 1995) the star rate was only 0.59%, but it jumped to 3.14% for the new Series 1999. It seems that fewer problems were encountered in the production of the colorized notes. The data on Series 2013 are complete through July, 2017. A number of the star notes are fairly scarce. This would be particularly true of the F* note of Series 2004A. It is claimed that only 9600 examples of these were ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 51 printed, but they were distributed in an ANA convention in 2006. Thus they are not as rare as this total printing would seem to indicate. Although Series 1996 $20 FRNs were first issued on September 24, 1998, this was 11 months after the $50s of this series were issued and 18 months after the first $100s of Series 1996 were issued. Although counterfeit $20s do pose some problems, these are far less serious than are the challenges that are posed with fake $100s. During this interim $20 FRNs of Series 1995 continued to be printed, and these items resembled quite closely their counterparts of previous years. As has already been noted, the major changes of design in Series 1996 involved a new vignette of the White House as seen from its front side and a much larger portrait of Andrew Jackson. The $20 notes were the first of the FRNs to appear in colorized format. Production on these began in April, 2003 at the DC facility and in June, 2003 at the FW facility. These notes, which are Series 2004, were first released to the public on October 9, 2003. The $20 notes, in fact, are the only colorized FRNs to appear in Series 2004. The overall tint on these notes is bluish green combined with a peach-colored tint that appears around the center of each note. A depiction of an eagle printed in light blue ink appears on the left side of each note, and the right side features two lines of “Twenty USA” in the same pale blue shade. The backsides of these notes feature numerous repetitions of the number 20 printed with golden yellow ink. In 2007 the BEP installed Super Orlof Intaglio (SOI) presses at both of its facilities. Apparently these presses were put into operation without any problems whatsoever. Nonetheless the $20 notes printed at the DC facility with SOI presses can be distinguished from those printed with older presses by the size of their check numbers in their upper right corners. Those printed with SOI presses are substantially larger on notes printed on these presses than on those printed with the earlier Giori presses. But this applies only to $20 notes printed at the DC facility, and both versions are quite common. It also seems that variations in the sizes of check numbers on $20 notes have continued with more recent series. As a result, the syngraphic community has shown almost no interest in collecting different versions of $20 notes printed in DC based on the sizes of their check numbers. In recent years $20 FRNs have been produced in very large numbers at both facilities of the BEP. Unlike the $2, $5, $10, and $50 notes, which are largely made at one facility, both facilities make large numbers of these notes, and the production data for the $20 notes are as follows. The data for Series 2013 are complete through September, 2017. Series Letter No. Dist. No. Blocks Total Notes No. Stars Stars Printed Star Rate 1996 A 6 / 8 36 / 46 6.861 B 4 / 5 50.56 M 0.74% 1999 B 6 / 7 18 / 20 2.918 B 3 / 3 20.48 M 0.70% 2001 C 3 / 9 9 / 27 2.560 B 1 / 3 9.92 M 0.39% 2004 E 6 / 9 37 / 30 5.427 B 4 / 5 36.48 M 0.67% 2004A G 9 / 6 14 / 12 2.138 B 4 / 1 11.97 M 0.56% 2006 I 12 / 8 39 / 25 4.333 B 6 / 3 26.30 M 0.61% 2009 J 12 / 6 44 / 15 4.218 B 5 / 3 24.67 M 0.58% 2013 M 12 / 7 61 / 28 7.434 B 6 / 2 20.16 M 0.27% Apparently not too many difficulties were encountered with producing the new designs either with Series 1996 or with Series 2004. The star rate for the last of the older issues (Series 1995), however, as a mere 0.23%. Relatively few varieties of star notes were produced for the new types of $20s. Clearly most of these were produced to take care of spoiled notes and not to meet the demands of collectors. Assembling a complete set of these notes by serial number blocks would be a formidable task, although none of them are noted as being rare. A few of the replacement varieties, however, are regarded as being uncommon, but whether or not any should be considered as rare remains to be seen. The major change on the newly designed $50 notes was to switch the view of the U. S. Capitol from the east side to the west side. The portrait of U. S. Grant was also enlarged. More radical changes were introduced when this note was colorized beginning with Series 2004. Clouds were added to the vignette of the Capitol, and the overall tint was lilac rose and either end with shades of yellowish buff in the middle. An American flag printed in pastel shades of blue and red was printed on the left and right sides of the faces of these notes. The notes of Series 1996 were issued to the public on October 27, 1997, while the first colorized $50 notes of Series 2004 were first issued on September 28, 2004. Notes for $50 have significantly less use than do those for $20 and $100, and so these notes exist in fewer series than do either of these other two denominations. The notes of ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 52 the first type were printed only at the DC facility, while those of the current type have been printed only at Fort Worth. The production data for these notes are as follows, and the data for Series 2013 are complete through September, 2017. Series Letter No. Dist. No. Blocks Total Notes No. Stars Stars Printed Star Rate 1996 A 12 / -- 24 / -- 1.702 B 4 / -- 11.52 M 0.68% 2001 C 12 / -- 12 / -- 0.237 B 2 / -- 0.96 M 0.41% 2004 E -- / 12 -- / 13 0.400 B -- / 3 8.48 M 2.12% 2004A G -- / 7 -- / 7 0.246 B -- / 2 2.62 M 1.06% 2006 I -- / 12 -- / 13 0.650 B -- / 2 1.15 M 0.18% 2009 J -- / 12 -- / 13 0.666 B -- / 3 4.48 M 0.67% 2013 M -- / 12 -- / 18 0.931 B -- / 3 4.48 M 0.48% Apparently the transition from the previous issue (Series 1993) to the newly designed notes of Series 1996 went very smoothly, since the star rate was actually somewhat higher for the previous series (0.71%) than it was for the newly designed notes. A star rate of 2.12%, however, is rather high, and thus there clearly some difficulties initially in producing the colorized notes. The star rate for Series 2006 was extremely low, however, and by this time all production difficulties seem to have been straightened out. Although no scarce notes are reported for the non-star notes, the B* note of Series 2004A does seem to be decidedly scarce. Only 64,000 of these are reported to have been printed, and this variety continues to remain very elusive. The presence of good quality counterfeits of the $100 notes is probably the major reason why the Treasury Department wanted to introduce new designs for most FRNs in the 1990s. Oddly enough the vignette of Independence Hall used on the new Series 1996 notes remained unchanged from that used on the previous issues of $100 notes. The portrait of Benjamin Franklin, however, was much enlarged from what was used on previous issues of this value. Initially all $100 notes were printed at the DC facility, and that remained true up through Series 2006. Since then, however, $100 FRNs have been produced at both facilities of the BEP, but the recent most $100 notes all seem to be printed at Fort Worth. Although the production of the newly designed $100s in Series 1996 to 2006A went smoothly with spoilage rates that were comparable to those of their predecessors, the same cannot be said for the newer, colorized versions. These notes feature radical new changes, and apparently the BEP “bit off more than it could chew” in their initial production. The vignette of Independence Hall was switched to a view from the back side, and a large “100” was added to that side. The face included both a quill pen and an inkwell that were printed in two different colors of dichroic ink. These notes had an underprint that was light blue in color, and without doubt these notes are the most colorful of the five denominations of newly designed notes. The outstanding feature on the new $100s is a holographic strip onto which a row of bells is imprinted. As the note is tilted, these bells will appear to move. These notes also have a UV sensitive plastic strip that glows red under UV light and a watermark of Benjamin Franklin. It was the holographic strip, however, that caused serious production problems. The designs for the new colorized $100 notes of Series 2009 were kept top secret until their details were released to the public on April 21, 2010. Plans were made to release these notes for circulation on February 10, 2011, but by then it was clear that there were serious problems with the production of these notes. It seems that the presence of the holographic strips resulted in numerous gutter folds, and there was considerable spoilage in the notes that were processed. Several new dates for the release of these notes were announced, but it is clear that the problems that the BEP was encountering in their production were quite serious. International demand for $100 notes is very heavy, and so two new series not previously planned were eventually printed in substantial quantities. The Series 2006 $100 notes featuring an initial letter H and the signatures of Cabral and Paulson were in production from February, 2007 to May, 2010. To supply the demand for more $100s it was decided to print a Series 2006A with these same signatures but with an initial letter K. These notes were printed between January, 2011 and May, 2013 largely at the FW facility of the BEP. They bore the same signatures despite the fact that these individuals were no longer in office. Meanwhile production attempts on the new colorized $100s were continuing at both facilities. An added complication was that the Federal Reserve System was reluctant for some time to accept the new Series 2009 notes because of their numerous errors. After many months of intense effort, however, it seems that the difficulties in their production were finally resolved. Basically the Series 2009 $100 notes that bore the signatures of Rios and Gaithner and ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 53 the initial letter J were printed between February, 2010 and September, 2011 but were then placed into storage. Beginning in October, 2011 a new Series 2009A having an initial letter L and the same signatures began to be printed at Fort Worth. Production of notes of this series began much later at the DC facility. On April 24, 2013 it was announced that the new colorized $100 FRNs would be released into circulation on October 8, 2013, and this time the scheduled release was adhered to, at least for the new Series 2009A notes. What was to happen to the approximately 1.44 billion $100 notes of Series 2009? These had cost the taxpayers at least 15 cents each to make, and disposing of them would have been a major undertaking. Doubtless there would have also been some leakages. In an few instances in the past, as with the $10 SCs of Series 1933A or the $5 SCs of Series 1953C, the destruction of the unissued notes was 100.00% complete, but for the vast numbers of new $100s probably some rarities would arise in the form of notes that had escaped destruction. So common sense prevailed, and the great majority of the Series 2009 notes were released into circulation but not apparently until early in 2016 and with very little fanfare.. Before continuing with this saga, let us look at the production data for both types of new $100 FRNs. Series Letter No. Dist. No. Blocks Total Notes No. Stars Stars Printed Star Rate 1996 A 12 / -- 49 / -- 4.208 B 7 / -- 32.70 M 0.78% 1999 B 11 / -- 12 / -- 0.512 B 2 / -- 7.36 M 1.44% 2001 C 12 / -- 19 / -- 1.152 B 4 / -- 5.76 M 0.50% 2003 D 12 / -- 16 / -- 1.021 B 4 / -- 7.17 M 0.70% 2003A F 12 / -- 22 / -- 1.538 B 4 / -- 6.56 M 0.43% 2006 I 12 / 3 49 / 6 4.515 B 6 / 2 31.42 M 0.70% 2006A K 12 / 2 37 / 5 3.542 B 5 / 1 18.02 M 0.51% 2009 J 6 / 8 8 / 14 1.440 B 3 / 5 86.85 M 6.03% 2009A L 5 /12 8 / 80 7.267 B 2 / 11 79.70 M 1.10% 2013 M -- / 4 -- / 11 0.861 B -- / 2 8.32 M 0.97% Several of the series for $100 FRNs had unusually large productions. This was especially true for Series 1996 where the Treasury Department was apparently interested in replacing as many of the notes of earlier types as possible with these newly designed varieties. The New York district had an especially large printing. There are a total of 24 block varieties plus a star note. There appears to be one rarity in this series. It is the Cleveland star note for which only 160,000 examples were printed. Up through Series 2003A all $100 FRNs were printed in DC, and for Series 2006 and 2006A the majority of the notes were also printed in DC rather than FW. Once the production of colorized $100 FRNs got underway, however, production largely switched to Fort Worth. The production difficulties encountered with Series 2009 are obvious from these data. A star rate of 6.03% among recent BEP productions is most unusual. Two star note varieties that will never become rare are the B* note printed in DC and the L* note printed in FW. These had production totals of 29.44 million and 38.40 million, respectively. Such totals were previously unheard of for replacement notes of the $100 denomination. On the other hand only 640,000 L* notes are recorded as having been printed in Series 2013. These data are complete through June, 2017. Although Series 2009A had an enormous production total, the same cannot be said of Series 2013. This series features the signatures of Rios and Low, and was initiated at Fort Worth in October, 2013. For some reason, however, there was no production of this series between April, 2015 and January, 2017. Huge numbers of $100s were printed in this interval, but they were all Series 2009A. Production of Series 2013 $100s has resumed in recent months, but their totals are dwarfed by those of Series 2009A. Note that production of $100 notes has now shifted entirely to the Fort Worth facility. Since the Trump administration has now been in office for more than eight months, it is a bit odd that Series 2017 notes featuring an initial block letter N and the signatures of Steven Mnuchin and Jovita Carranza have not yet gone into production. I don’t assume that the Series 2013 notes will remain in production for very much longer. Although I have not discussed error notes thus far in this article, one prominent error on Series 1996 $100s was observed soon after they appeared in circulation. It seems that all of these were on notes from the New York district, and they occurred when the notes were printed on sheets of paper had been inserted the wrong way so that the plastic strip and watermark were both on the wrong sides. Initial prices as high as $700 or $800 be being asked, but enough of these errors appeared in the market for their current values to be substantially less. The notes are currently printed on sheets of paper that have special notches in their edges that are different ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 54 for each denomination, and this makes it near impossible for notes of a given value to be printed on the wrong stock. This would be even truer of the colorized notes. To my knowledge no wrong stock errors have ever appeared on the new FRNs of Series 1996 or later. Millions of Series 2009 $100 notes were printed that had gutter folds, and some of these have probably passed into circulation. These are errors to look for, but they should not be especially rare. The new colorized notes seem thus far to have thwarted the best of the international counterfeiters, but I have seen a few fakes. My advice when handling the new colorized $100s is to always tilt the note a few times to see that the bells in the holographic strip do move up and down. This feature would be extremely difficult to reproduce with almost all types of copying equipment. There are ten basic types of these notes, i. e., both non-colorized and colorized varieties for each of the five denominations. In terms of total productions these are as follows: $5 non-col. 6.740 B colorized 6.426 B total face value $ 65.83 B $10 non-col. 3.348 B colorized 5.730 B 90.75 B $20 non-col. 12.339 B colorized 23.670 B 720.20 B $50 non-col. 1.939 B colorized 2.914 B 242.65 B $100 non-col. 16.483 B colorized 9.627 B 2,611.40 B Collecting the various varieties of these notes can range from the trivial to the near-impossible. A very basic collection would consist of ten notes, i. e., one of each basic type. Slightly more challenging would be to obtain one normal (i. e., non-star) and one star note for each of the ten basic types. Although you are unlikely to find all ten possibilities for the star notes in high grade in circulating money, there are no rarities here and completing this project should be fairly easy. I have taken a more challenging project by obtaining one note for each series and denomination. I have ignored whether the notes were printed in DC or FW and whether they are stars or non-stars. There are a total of 40 different series varieties in non-star form from Series 1996 through 2013, and a complete set of star notes assembled in this fashion would consist of 39 varieties, since the $5 note of Series 2006 with the older design (letter H) does not exist in star form. Assembling a complete set of all 40 of these varieties in non-star form should prove to be relatively easy, but I expect that assembling a complete set of all 39 stars in high grade will prove to be rather difficult even though none of the varieties are acknowledged as being rare. If you are a district or block collector, then things become a good deal more difficult. Although $1 and $2 FRNs are normally collected in district sets, this becomes more challenging for the higher denominations, since stocks of district sets are not usually marketed for these. Nonetheless this table gives you an idea of the challenge that you would be facing: $5 non-colorized districts 63 blocks 107 stars 16 colorized 42 91 13 $10 non-colorized districts 53 blocks 70 stars 17 colorized 48 84 14 $20 non-colorized districts 39 blocks 156 stars 19 colorized 87 305 39 $50 non-colorized districts 24 blocks 36 stars 6 colorized 55 64 13 $100 non-colorized districts 83 blocks 215 stars 35 colorized 35 120 23 In this table I have treated the DC and FW printings as distinct varieties, and these are complete through June, 2017. These data basically speak for themselves. I would be surprised if anyone has succeeded in completing a block collection of the Series 1996 – 2013 notes for all five denominations. By far the most extensive collection that was ever attempted for small-size FRNs was the so-called Taylor-Family Collection that was sold by Heritage in 2005. Among many other things it featured numerous district sets of small-size FRNs from $5 to $100, but demand for these items is still fairly limited. Getting comprehensive block sets of recent FRNs – especially $20s, $50s, and $100s – is a challenge that few collectors seem willing to undertake. Since 1981 the BEP has been selling FRNs in uncut sheet form. The emphasis is on $1 and $2 notes, but all five of the denominations under review here are available. For the first time $100 notes in uncut form are being offered. These are of Series 2009A from the Atlanta district. In addition to strips of four, blocks of 8 and ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 55 half-sheets 16 are also available. The $10, $20, and $50 notes that are currently offered are all of Series 2009. In addition uncut blocks of $10 notes of Series 2003, 2004A, and 2006; uncut blocks of $20 notes of Series 1996, 2004, 2004A, and 2006; and uncut blocks of $50 notes of Series 2004 and 2006 were previously offered. As might be expected, notes for $5 in blocks or full sheets have a somewhat more extensive sales history. Unlike the higher denominations the $5 notes are also available in full sheets of 32 subjects. Currently the notes of Series 2013 are being offered in block or sheet form. Previously $5 notes of Series 2001, 2003, 2003A, 2006, and 2009 were also offered for sale. For further information contact the BEP at its website www.moneyfactory.gov. The BEP has also offered a number of complete district sets for notes of the $2, $5, $10, $20, and $50 denominations. For $5 notes there have been two different sets. The first of these was called the Premium Federal Reserve set, and it contained Series 1999 notes with low number serials beginning with 301. It was marketed for $515. In 2006 another special set was marketed for just under $300 as the Lincoln Freedom collection. It contained 12 notes of Series 2006 with serials beginning with 301. Two special sets of $10 notes have also been marketed. The first was marketed for $575 in 2001 and consisted of notes of Series 1999 with serials at the high end of their ranges. The second $10 set was sold for just under $360 and consisted of Series 2004A notes with serials beginning with 301. The first set of $20 FRNs was marketed in 1999 and consisted of notes of Series 1996 with serials in the range 301 to 2300. It was sold by the BEP for $695, and initially collector response was strong. Asking prices as high as $1500 were achieved on the secondary market, but after a couple of years the collector prices fell sharply. In 2004 a double set of $20 and $50 notes of Series 2004 was marketed as the Premium Evolutions collection. A full set of all 12 pairs was offered for $1700, but these notes could also be ordered for individual districts. Once again the notes had low serial numbers beginning with 301. There were so many difficulties connected with the initial production of Series 2009 and 2009A $100 FRNs that the BEP did not even consider the possibility of marketing sets of these items. The only $100 item that is being marketed specifically for collectors is the Atlanta district note of Series 2009A that is offered in uncut blocks. Note that all sets involving notes with low serial numbers begin with the serial number 301. The first two special collections of $2 notes both contained notes beginning with items that ended in 0001. Such sets would have enormous premium values, and it was felt that initiating the serial numbers on collector sets with the number 301 would eliminate any complaints that might arise about possibly unfair distributions of potential rarities. Although the collector response was initially enthusiastic on some of these products, I think that one can say that it is now lukewarm at best. Note also that the second offerings of $5 and $10 special district sets were sold by the BEP at much lower prices than were first sets of these items. The designs of our current FRNs should remain unchanged for the next few years, but there is now serious talk about radically changing the design of the $20 note. It seems likely that the portrait of Andrew Jackson will be replaced with that of a 19th century female African American leader. There was also some talk of removing the portrait of Alexander Hamilton on the $10 note, but it seems that Andrew Jackson will be the first person of this currently quite familiar quintet to go. One other item that I should note is that the present cost for producing a $1 or $2 note is about 5.5 cents. The $5, $10, $20, and $50 notes all require special inks, watermarks, and UV sensitive threads, and these cost about 10.5 cents each to manufacture. The $100 notes also have more special inks and a holographic strip, and these now cost about 15 cents each to make. Doubtless there has been some attention paid to the possibility of adopting polymer plastic on one or more of the denominations, but for the foreseeable future, the Federal Reserve is sticking with paper for its notes. One other topic that often is discussed is the possibility of doing away with $100 notes and possibly $50 notes as well. This idle chatter strikes me as sheer lunacy. As the data that I have presented in this article clearly indicate, well over 80% of the total face value in FRNs is now in the form of $100 notes. It is also well known that more than 80% of the U. S. currency in circulation is also abroad. The American taxpayers should welcome this joyfully, since in many cases American currency is stored by foreign investors who have faith in its stability. This is coupled with the fact that Federal Reserve Notes pay no interest. Although useful in domestic retail trade, $5 and $10 notes play almost no role in international commerce. If you have trouble believing this, just compare the current production data on $5s and $10s with those on $20s and $100s. I do favor the removal of $1 notes from circulation and their replacement with $1 coins. Coins for $2 would also make sense, but please, let us have something like the Canadian bi-metallic $2 coins and not the shrunken-down version of a $2 coin that Australians are forced to use. Doing away with notes under $5 would save us more than $500 million each year, and anyone who advocates the removal of $100 notes is simply grossly ignorant of the major role that they play in international commerce. In closing this little essay I feel that some consideration ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 56 should be given to the possibility of issuing $200 notes. Several entities such as the European Union and Switzerland are finding notes with this denomination (200 euros, 200 francs, etc.) quite useful. The use of large numbers of $200 notes would relieve the intense pressure that is now felt on the $100 notes. Unless a somewhat higher value note is brought into circulation, at the rate that things are now going in terms of face value the $100 notes will constitute at least 90% of the total U. S. currency in circulation within a few years. The primary source on all recent issues of FRNs continues to be “U. S. Paper Money Serial Number Ranges.” This website is updated monthly, and the productions at the DC and FW facilities are color coded. I find this latter feature to be extremely helpful when I am working out production totals. Robert Azpiazu’s book entitled Collector’s Guide to Modern Federal Reserve Notes, Series 1963 – 2009 that was published by Whitman in 2011 is also quite helpful on many of these issues. The various editions of the Standard Guide to Small-Size U. S. Paper Money, 1929 to Date by John Schwartz and Scott Lindquist and published by Krause continue to provide huge amounts of useful data on these issues. The large book that I co-authored with Gene Hessler entitled The Comprehensive Catalog of U. S. Paper Money, Seventh Edition that was published by the BNR Press in 2006 also provides much useful information, particularly on the earlier issues. I was almost a bit surprised that production of Series 2017 notes bearing the signatures of Carranza and Mnuchin was not initiated in April, 2017. Certainly this will occur within the next couple of months. There was talk of having some notes of Series 2017 in circulation before the end of the year, but clearly that has not happened. For the moment it seems as though the BEP has decided to produce all $5s at its DC facility and all $10, $50, and $100 notes at FW. Production of the $20s will continue to be split between the two facilities. The big question is when will production of the higher denominations be switched from 32-subject plates to 50 subject plates? This seems certain to occur within the new few years, but as was the case with the new, colorized $100a, unanticipated difficulties may arise in their production. GOOD NEWS !! In the previously issue of Paper Money I described in detail the foreign paper money items that were stolen from me in August of last year. Fortunately most of these items have now been recovered, but from a South Florida location rather than from eastern Pennsylvania. Two gentlemen of impeccable honesty were able to purchase most of these notes as a single lot before these were widely dispersed. As might be expected, the U. S. currency and silver coins taken were not returned from what was stolen, but nearly all of the items that I described in the last issue of Paper Money were still there. All items of the Banco de Mexico have been recovered, but several notes of 1913-15 are still missing. These include 5P, 10P, 20P notes of 1913 of the Banco del Estado de Chihuahua, 1P, 5P, 10P, 20P notes of 1913 of Monclova, a scarce 50P Infalsifiable (Carranza issue of 1915), a six-piece set of engraved notes (1915) from Sonora, a 20P note from Yucatan dated 1914, and a few others. Other Latin American notes missing include a 1000P specimen note of the Dominican Republic along with a set of three fractional specimen notes of 1961 from that country and three notes from Honduras including a 500L note from 2012. For Venezuela the 10,0000, 20,000, and 50,0000 Bs notes of 2001-05 along with a pack of the current 10 Bs notes dated 2013. Probably due to their exotic nature all of the Philippine WWII emergency notes and my large holding of special "currency" issued at military money shows were still intact. The modern Philippine notes were all present except for the very large format 2000P of 1998 and the 1000P notes (both regular and star) that honored the 60th anniversary of the Central Bank in 2009. The large-size 50 and 100 won notes of 1959 (serials 700538 and 32809) of North Korea were missing, as were a number of other large-format notes from Germany, Russia. and several other countries. The most important coin item was a set of about two dozen Israeli silver commemorative coins of 1958-82 housed in a large plastic holder. Most likely these missing notes and other items were marketed sometime during September, 2017 and most probably in Broward County, Florida. If you have acquired any notes of these types within this timeframe, please do contact me at P. O. Box 804, Kutztown, PA 19530 (post), 610 - 683 - 6572 (telephone), or crchamblissh62@gmail.com. I am paying rewards for their recovery. Again my thanks go out to the two individuals resident in South Florida who have been so helpful to me in recovering most of the stolen items. Both of these gentlemen wish to remain anonymous. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 57 SPMC’s ODP Set Registry  by R. Shawn Hewitt  This is the final installment of a four‐part series on using and contributing to the Obsoletes Database Project (ODP).   This is also my favorite one because I think the tracking feature of ODP is something that any collector of obsoletes will  find valuable.  No longer will it be necessary to use spreadsheets (or even worse, paper) to keep tabs on what you own,  what the notes look like, and sundry documentation you want to preserve.  When mature, ODP will serve as your virtual  collection, and you can bring it wherever you happen to be.  By now, you’ve  learned how to add your notes’  images and data to ODP.    If you haven’t done so yet, take some  time to build entries of some of your favorite holdings into the database.  Now, we’ll proceed to talk about tracking your  notes, and then get into the workings of building virtual sets and the benefits that come with them.  Claiming Notes  Go ahead and pull up one of the notes you’ve entered by going to the View tab of the corresponding note page.  It  will have a URL of the form https://www.spmc.org/obs/i‐96/d‐4172/n‐4772 and look something like this:  Notice  below  the  image  there  is  a  block  named  Provenance  with  a  blue  button  that says “Claim  this Note”.   Here  is a close up view:   Click the blue button to bring up the  dialog  box.    This  will  allow  you  enter  whatever  information  you  deem  important, and at your discretion you can  keep it private or make it public.  The first  option  in  the  dialog  box  is  the  Public  checkbox.    When  checked,  all  of  your  information will be publically available  to  any member on the website.   Unchecking  the box will keep it private.  Filling out the form as it appears the example on the left will result  in the following to show up in the Provenance area on the note page:  Going back and unchecking the box will have this result:  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 58 Claiming a note places your stewardship of that particular note in the last position in the chain of provenance (this,  history of ownership).   You can optionally add  links  in  that chain by going  to  the Edit view of your note and scrolling  down to the area labeled Provenance.  Click on the label to expand it.  There is a blue button labeled “Add another item”  that pulls up a blank section for you to fill in.  Here, too, you can specify whether to make each previous owner public or  private,  along with other  salient  information.    You  can  click  and drag  the  “+”  symbol  to  change  the  position of  the  selected entry to above or below another entry.  Tracking Your  Collection:  My Sets  Upon  having  claimed  some  notes  in  the  database,  you  now  have the building blocks  with which to track your  collection.   We  use  the  Set  Registry  feature  to  do  this,  because  a  registry set  is  really  just  one  of  your  virtual  sets  that you have chosen to  make  public.    Start  by  going  to  the  silhouette  icon at  the  top  right on  the  home  page  and  clicking  on  “My  Sets”  from  the  dropdown  menu.    Click  “Add  Set”  to  create  a  new  one.   This will  bring  you  to  a  page  to  enter data  in  the  key  fields of  Title,  Public,  and  Set Category,  along with other  fields  that  are optional but  potentially useful.  Sets are best organized if they are well defined in scope.  That is, piling all of your obsoletes into a single set is not  the best way  to go.   Try  to  find  themes  for groups of your notes, keeping  in mind  that  the number of notes  in a set  should not be more than a few dozen.  There may be unavoidable exceptions, but think of a set as being like an exhibit.   Some pre‐defined  themes available  in  the Set Category are State, City, Vignette and Type  collections.   We would be  happy to add other categories as warranted.  On the Create Set page there a field called Body.  This is where you can optionally add a description for this set, and  is especially useful should you decide to make your set publically available in the Set Registry.  Lastly on this page is the  Set Notes  field, where  you  start by  typing  in  the  issuer name  for a given note, and  the  list of notes  you’ve  claimed  matching your entry  in the field will auto populate  in a dropdown box.   You can select your note from that  list, and a  small picture of that note will appear below the text to confirm your choice.  Choose “Add another item” to pick more  notes.  Further, click and drag the “+” symbol to move your notes into the desired order.  You’ll find that some dexterity  will be required place your notes properly.   If that  is problematic, click on the “Show row weights”  link on the right to  bring up an ordinal value  for each note, which you can change as desired.   Click “Save” at the bottom occasionally to  preserve your work.  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 59 Upon  saving  a  set,  it  will  appear  in  the  list  of  “My  Sets”.   To  make  your  virtual  collection  visible to everyone using ODP, be  sure  to  check  the Public box on  the  page  where  you  edit  your  sets.  Note there may be a lag of  a few minutes between the time  when  you make  your  set  public  and  it  actually  goes  live,  as  the  servers  do  their  thing  in  the  background.    This  action  places  your set  in onto the Set Registry  page along with ones created by  other members.  In  the  next  several months  we  plan  to  add  reporting  capabilities within the “My Sets”  feature  that  will  further  allow  you  to  carry  your  virtual  collection  with  you  in  different  ways.  The Set Registry  The  end  goal  of  ODP  is  to  provide  a  platform  to  share  information  about  obsolete  notes.  A fun way to do this is to make virtual sets that you share with others.  To take it another step, those who create  these  sets  can have  the opportunity  to  compete  for  awards  for best‐in‐category, with  the winners  selected by user  members.  This is the purpose of the Set Registry.  Click on the Set Registry link from the top menu bar to see all the sets that have been created and shared, and use  the filters at the left to narrow down what you want to see.  Click on the title of any set widget to get in and view it in  detail.  Although not yet deployed, we will be building  in the ability for our members to cast votes for their favorite sets,  much  in  the  same  way  that  we  currently  use  voting  to  select  literary  awards  each  year.   We  plan  to  open  the  competition  for  voting  early  in  the  year,  and  then  close  it  in  time  to  prepare  for  our  awards  presentation  at  the  International Paper Money Show  in Kansas City  in June 2018.   But, don’t wait to build your sets.   Start on them now!   Remember that you can include an obsolete note in multiple sets.  What’s Next  …is entirely up to you!  We need you to be an active member in ODP. We have a great base of contributions from a number of our states experts to date:   Thanks to Bill Gunther, Ron  Spieker,  John  Davenport,  Wendell  Wolka,  Mark  Anderson,  Russell  Kaye,  Dennis  Schafluetzel,  Mack  Martin,  Ron  Thompson,  Rodney  Kelley,  Charlie  Grace,  Randy  Haynie,  Armand  Shank  and  Steve  Sweeney  for  sharing  their  time,  knowledge and  resources.   Special  thanks  to Mark Drengson  for his expertise  in organizing  the huge amount of data  involved.  Be sure to watch for upcoming announcements about the Set Registry.  We hope to see you involved.  As always,  please contact me at shawn@shawnhewitt.com if you have any questions.  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 60 In Algorithms We Trust Every morning I wake up, I feel confident making two predictions about Bitcoin: its price will either go up, or it will go down. The digital currency is currently on a tear, but it isn’t obvious that paper money collectors should particularly care. After all, tangible objects are what collecting is all about. Bitcoin owners might print out the private encrypted keys of their Bitcoin “wallets” (many do, for security), and even get some weird thrill from contemplating those strings of symbols. But the whole point of Bitcoin is to deploy a valuable yet intangible asset, while the point of collecting is to possess and appreciate the history and aesthetics of physical things. Still, the unfolding Bitcoin saga does serve to remind us exactly what it is we collect, and how Bitcoin might change it. Electronic money has long existed, but Bitcoin’s design combines two features that older forms of money have only approximated. The first is its programmed scarcity. Only 21 million Bitcoins can ultimately be created (or “mined”). In contrast, physical gold is scarce in the sense that its terrestrial supply is, in principle, finite (if not immediately knowable). Gold long functioned as money because its supply at any given time was stable, relative to what was dug out of the ground. The supply of fiat currencies can also be regulated, but this depends upon the credibility of government promises. As Robert Mugabe’s abrupt retirement reminds us, the track record for that has often not been good. Bitcoin’s second design feature relates to its first. Capping its supply at a predetermined number requires each Bitcoin not only to be unique, but to be computationally irreproducible. Counterfeiting has always been a problem, but when money took physical forms like metal discs or paper slips, the aesthetic standards for genuineness drove monetary production towards an ideal of mechanically- achieved uniformity. Ideally, one genuine banknote should look just like another, apart from incidental differences like unique serial numbers. Ideally, all genuine banknotes should differ from all their counterfeit imposters, and this difference will be assured by production techniques that cannot themselves be imitated. Read any Joe Boling column, and the logic of what makes a banknote genuine becomes apparent from how sleuthing reveals the fake. However subtle the evidence may be, the pretender is outed because different production techniques (inkjet printing instead of offset; offset instead of intaglio) lead to different results that are significant enough to be discernable. If technology and human ingenuity never changed, then this might be a stable strategy for assuring the genuineness of physical currency. However, both do change, and the resulting arms race drives currency producers to adopt ever more exotic measures to reassert the difference between real and fake currency. And, perversely, as anti-counterfeiting measures become more complex, the public’s ability to recognize them diminishes. In contrast, for any single Bitcoin, the key to its integrity lies not just in its unique irreproducibility, but in the way Bitcoin transactions are recorded in a distributed electronic ledger called the “Blockchain”. By creating a public and unalterable record of all Bitcoin transactions, the Blockchain assures that no Bitcoin can be simultaneously spent twice. Yet your Bitcoin wallet’s public address can be as anonymous as you wish. Indeed, Bitcoin and the Blockchain are inseparable in that the computational efforts necessary to record Bitcoin transactions also “mine” new Bitcoin to reward those curating the Blockchain. In creating new Bitcoins and maintaining the Blockchain, no centralized, trusted institutions are necessary—especially governments. We need only trust in the algorithms that generate these arrangements. For nerds this is all very cool. Libertarians and criminals like it too, for their own reasons. For normal people though, Bitcoin won’t matter unless it becomes a meaningful alternative to government- provided currencies. If Bitcoin’s current surge doesn’t turn out to be just a bubble, then in some future the price of Bitcoin needs to stabilize at some level before people will begin using it as a store of value, means of exchange or a unit of account—as money in its ordinary senses. Above all, for Bitcoin (or something like it) to supplant existing monies, we would not only have to be using Bitcoin, but thinking in Bitcoin. At that point, Bitcoin would no longer have a price. Rather, all other things would have their prices in Bitcoin. If Bitcoin is ultimately nothing more than electronic tulip bulbs, then a lot of dumb money will have been lost. The Blockchain, an ingenious protocol for organizing information, will have many more applications beyond supplying a digital currency. If Bitcoin ultimately catches on, then humanity will have created something better than gold: a monetary asset of absolutely fixed supply and intrinsically unfalsifiable. A very cool idea indeed, if not a particularly collectible one. Chump Change Loren Gatch ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 61 $ m a l l n o t e $ Cleveland Cashier’s Missing No. 100,000,000 $1 Note By Jamie Yakes Coincident to the initial release of small-size currency in July 1929, banks across the country began accumulating interesting examples of the new notes for display to the public or the admiration of employees and investors. Fancy or low-numbered serials often were the most appealing and desired notes. Late that year, a zealous cashier at the Cleveland Federal Reserve Bank chided the Bureau of Engraving and Printing for what he considered opprobrious conduct. That December, Assistant Cashier C. E. Bickford sent a letter to William Broughton, Public Debt Service Commissioner, to inquire about a missing note from a package of $1s received by the bank.1 The note in question was a Series of 1928 $1 silver certificate with serial D100000000A, which should have been the last note for that block (see packing label included with the letter below): The transition in the size of the currency has broadened the interest in preserving currency specimens of the old and new series and this bank has added to its collection and accommodated bankers and private collectors by providing interesting specimens. A you are, doubtless, aware, distinctive and unusual combinations of serial numbers are items of particular interest, and in the arrangement of matched sets in all denominations of our new series notes we are very much disappointed that certain desirable low numbers were eliminated and “star” number bills substituted, that precluded the possibility of making matched sets in the numbers desired. The scanning of other lots of United States currency that have come to us from time to time also reveals the fact that the numbers sought are missing and substitute numbers of the “star” series introduced. It is recognized that inspection and elimination of imperfect bills naturally break sequences but from our observation it is hard for us to believe that the elimination and substitution in all cases is merely the result of casual printing errors, and we would inquire if it is the practice, with Treasury approval, to permit operators to eliminate desirable numbers at the original source rather than to permit their release to the general public in the natural course. The enclosures of a label and a currency strap are sent as an illustration of a pertinent case in that the final number of the series, D100,000,000A, was missing and a substitute bill was in its place. The other six numbers that were exchanged were scattered throughout the package rather remotely located from this terminal number. This subject is, of course, of no vital importance and we report the matter for whatever consideration it merits. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 62 Bickford was obviously disappointed to have received a star note in place of the expected D100000000A note. Unbeknownst to him, that serial number was never printed. Numbering blocks used to print serial numbers on small-size currency in 1929 held only eight-character wheels for numerals, so the highest number that could be printed was 99999999. The 100,000,000th note in a serial block was printed as 00000000, discarded as mutilated, and replaced with a star note. Serial number 100,000,000 notes had been printed on large-size notes from the early 1920s until the introduction of small-size notes in 1928. Hall, a manager who conformed to efficiency, ended production of them then because they required separate numbering machinery and impeded production. They reappeared in the mid- 1930s from political pressure on Treasury officials, but were officially ended in 1941.2 Broughton forwarded Bickford’s inquiry to Hall. In his response, he provided a first-hand description of how imperfect notes discovered after numbering were replaced with star notes:3 “The inference that operators are permitted to take out certain numbers is absurd. When an examiner begins operations, she draws 100 star notes and when she had made 100 substitutions she returns the imperfect notes and they are checked and accounted for until cancelled and macerated.” Numbering presses at the time applied serials to intact 12-subject sheets, then slit each sheet into two six- subject halves, and then cut each half-sheet into individual notes. The notes were staked in piles of 100, and a female operator manually checked the piles for errors, culled imperfections, and replaced them with star notes. After she confirmed each pack was complete, she slid a band around the 100 notes and placed them aside for additional packaging. The procedure Hall described was a measure to ensure nothing slipped out the door, and that each employee accounted for every note they handled, good or bad. Sources Cited 1. Bickford, C. E., Assistant Cashier, Cleveland Federal Reserve Bank, December 12, 1929 letter to William S. Broughton, Public Debt Service Commissioner, regarding a missing $1 note: Bureau of Public Debt, Record Group 53, Entry 13, Historical Files 1913-1960, National Archives and Records Administration, College Park, Maryland. 2. Yakes, Jamie, and Peter Huntoon. “U.S. Serial 100,000,000 Notes.” Paper Money 56, no. 1 (2018, Jan/Feb). 3. Hall, Alvin A., Bureau of Engraving and Printing Director, December 21, 1929 letter to William S. Broughton, Public Debt Service Commissioner, responding to Mr. C. E. Bickford's inquiry: Bureau of Public Debt, Record Group 53, Entry 13, Historical Files 1913-1960, National Archives and Records Administration, College Park, Maryland. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 63 INTERESTING MINING NOTES by David E. Schenkman INDIANA MINING NOTES ARE FEW AND FAR BETWEEN  Alfred  McCartney  Ogle  was  born  in  Washington Courthouse, Ohio on August 5, 1856.  His  father,  who  owned  a  general  merchandise  business, died three months before  he was born, so he was  raised,  in  part,  by  his  uncle,  Samuel  Yeoman.  Thanks  to  him,  following  his  education  Alfred  received  an  appointment  to  the  United  States  Military  Academy  at  West  Point. While  there  he  met  his  future  wife,  Laura  Halstead McKenzie.  Following  his  graduation  Alfred  received  the  rank  of  lieutenant  and  was sent to Fort Leavenworth, Kansas, where he  served with distinction. After he was discharged,  he  and  his  bride  moved  to  Indiana,  where  he  went to work at Island Coal Company, which was  owned  by  uncle  Samuel.  The  company’s  office  was  in  Indianapolis,  and  the  mine  in  Linton,  Indiana.  Alfred  was  listed  as  the  company’s  secretary in an 1886 business directory, and three  years  later he was also secretary of the Superior  Coal Company, which was headquartered  in  the  same building as Island Coal Company.    Samuel  Yeoman  died  in  1890,  and  five  years  later  Alfred  became  president  of  the  company.  Not  long  thereafter  he  also  became  treasurer of  Linton Supply Company.  In addition  to  their  mining  activities,  Island  Coal  Company  also operated a large retail business. According to  an Internet article, the company’s advertisements  in the Indianapolis city directory read "Island Coal  co.  Retail  dealers  of  all  grades  of  coal.  Large  supply of all best coals under shelter in our retail  yards."     According to an interesting article I found  on  the  Internet,  in May,  1893  “the  Island  Coal  Company  loses  its buildings at the Superior mine  by fire on the early morning of May 14th. The loss  included a block of  coal weighing 5,700 pounds,  mined  at  great  expense  for  exhibition  at  the  world's  fair.  The  mines  are  the  largest  in  the  county. Loss, $50,000.”    By this time Alfred had become a wealthy  man,  and  could  easily  afford  to  send  his  six  children to the best schools and colleges. In 1904  one his sons, Alfred Jr., received his degree from  Princeton University and followed it up with post‐ graduate work in mining engineering at Columbus  University. Evidently mining was in his blood, and  he  eventually  became  involved  in  his  father’s  business.     In 1905  the  Island Coal Company ceased  to exist  as  such. A  story  in  the August 19, 1905  issue  of  The  Indianapolis  Star  newspaper  was  headlined “$4,000,000 Paid  in Big Coal Combine.  Vandalia  Coal  Company  Secures  Holdings  of  Twenty  Indiana Companies.” One of  the owners,  Alfred M. Ogle, was named president of Vandalia  Coal Company, which had been  incorporated the  previous month with capital of $7,000,000. It was  projected that the new firm would produce three  million tons of coal annually, making it the largest  mining concern in the state.    Two months  later  it was announced that  the  retail  business  of  Island  Coal  Company  had  been  merged  into  the  Indianapolis  Coal  Company.  The  new  firm  advertised  that  they  were  the  “greatest  retail  distributors  of  coal  in  middle west,”  and  that  they were  “direct  retail  distributers of twenty‐seven of the  largest mines  in Indiana, and remember this in dealing with us.  There  is  only  one  profit  from  the mine  to  the  consumer.”    Alfred’s  wife,  Laura,  died  in  1908;  she  was  only  fifty‐two  years  old,  and  by  this  time  Alfred was in poor health. His son, Alfred Jr., took  over  operation  of  Vandalia  Coal  Company,  and  another  son,  Kenneth,  became  involved  with  management of the business. Alfred died on July  23, 1911; he was fifty‐six.    I’m only aware of one obsolete note from  Island  Coal  Company;  it  is  illustrated  herein.  Dated 1889,  it bears  the signature of A. M. Ogle  as  secretary.  There  is  no  printer’s  imprint.  It  is  logical  to  assume  other  denominations  were  Alfred M. Cole   from the Find A Grave web site  ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 64 used,  and  I’d be  interested  in  hearing  from  any  reader owning one.    The vast majority of numismatic issues of  mining  companies  are  metal  tokens,  and  in  Indiana  they  were  used  by  at  least  forty  companies. As far as I know, Island Coal Company  was  not  one  of  those,  but  another  company  operated by Ogle, Linton Supply Company, issued  very  unusual  and  rare  bimetallic  tokens.  Struck  on oval, scalloped brass planchets,  the  letters “L  S” are  in  the  center,  in aluminum.   Monon Coal  Company,  which  was  managed  by  Ogle’s  son,  Alfred Jr., also issued bimetallic tokens.  It  isn’t  surprising  that  relatively  few mining  companies,  in  Indiana  and  elsewhere  for  that  matter,  issued  paper  notes.  Doing  so  was  certainly  a  lot  less  expensive  than  having metal  tokens struck. However paper just didn’t hold up  well to the rough usage given it by miners. When  you  think  about  it  from  that  perspective,  it  is  surprising that any of the notes have survived.    Very  few mining‐related  obsolete  notes  are  known  from  the  state  of  Indiana.  When  Indiana  Obsolete  Notes  and  Scrip,  which  was  written  by Wendell  A. Wolka,  Jack M.  Vorhies,  and Donald A. Schramm, was published by SPMC  in 1978,  the  Island Coal Company note was not  listed. The authors did  include notes  from  three  firms,  and  they  will  be  discussed  in  my  next  column.     Comments, questions,  suggestions  (even  criticisms)  concerning  this  column  may  be  emailed  to  dave@turtlehillbanjo.com  or  mailed  to P.O. Box 2866, La Plata, MD 20646.   ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 65 The Obsolete Corner The Morris Canal and Banking Company by Robert Gill The New Year is now here, and I hope it has some nice things in store for the world of paper money lovers. Since my last article, the world of Obsolete Currency has been blessed with more offerings from the vast holdings of Eric P. Newman. Just a couple months back, in early November, Dallas, Texas, based Heritage Auctions conducted three sessions of incredible notes out of Mr. Newman’s collection. Included in those were some fabulous Obsoletes, including which featured Missouri notes, many of which are unique. There were also nice opportunities for a sheet collector, like myself, to acquire sheets that are seldom, if ever, seen. There were four “trophy” remainder sheets that were auctioned off, one of which I was able to acquire. Perhaps I’ll report on that one in the future. In this issue of Paper Money, I’m going to share with you a sheet that came into my possession within the last several months. And that is on The Morris Canal and Banking Company, which operated out of Jersey City, New Jersey, during the early to middle 1800s. The Morris Canal was a canal that incorporated a series of water-driven inclined planes in its course across northern New Jersey. It was in use for about a century - from the late 1820s to the 1920s. Stretching from Phillipsburg, on the Delaware River at its western end, to Jersey City, on the Hudson River at its eastern end, it was completed to Newark in 1831, and eastward to Jersey City between 1834 and 1836. It greatly facilitated the transportation of anthracite coal from Pennsylvania's Lehigh Valley to northern New Jersey's growing iron industry, and other developing industries in New Jersey and the New York City area. By the 1850s, the canal began to be eclipsed by the construction of railroads, although it remained in heavy use throughout the 1860s. It was leased to the Lehigh Valley Railroad in 1871, taken over by the state of New Jersey in 1922, and formally abandoned in 1924. Although it was largely dismantled in the following five years, portions of the canal and its accompanying feeders and ponds are preserved in places across northern New Jersey. It was considered a technical marvel because of its extensive use of inclined planes to overcome the large elevation changes necessary to cross the northern New Jersey landscape. The estimated cost of the canal was $817,000.00. When it was completed, the cost was well over $2,000,000, with a total length of 109 miles. Its ascent eastward from Phillipsburg to its feeder from Lake Hopatcong was 760 feet, and the descent from there to tidewater was 914 feet. The surmounting of the height difference was considered a major engineering feat of its day, accomplished through 23 locks and 23 inclined planes. The planes were essentially short railways that allowed canal boats to be carried in open cars uphill and downhill, the plane cars being driven by a water-powered winch. The use of such devices had advantages over locks for large elevation changes, in that they did not require the large amount of water needed by a "staircase" of locks, and required less time to travel the vertical distance. The idea of constructing the canal is credited to Morristown businessman George P. McCulloch. In 1822, McCulloch brought together a group of interested citizens at Morristown to discuss the idea. On November 15th, 1822, the New Jersey Legislature passed an act appointing three commissioners, one of whom was McCulloch, to explore the feasibility of the project, and determine the canal's possible route, and an estimate of its costs. On December 31st, 1824, the New Jersey Legislature chartered The Morris Canal and Banking Company, a private corporation charged with the responsibility of construction of the canal. The corporation issued twenty thousand shares of stock at one hundred dollars a share, providing two million dollars of capital, divided evenly between funds for building the canal, and funds for banking privileges. The charter provided that New Jersey could take over the canal at the end of ninety-nine years. In the event that the state did not take over the canal, the charter would remain in effect for fifty years more, after which, the canal would become the property of the state without cost. The original company failed in 1841, and was reorganized in 1844. Banking ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 66 privileges were dropped in 1849, leaving the company as a canal- operating business only. The original design of the canal allowed for boats of 25 tons, which was small by the standards of the day. By 1860, the canal had been progressively enlarged to allow for boats of 70 tons. Traffic reached a peak in 1866, when the canal carried 889,220 tons of freight (equivalent to nearly 13,000 boat loads). Between 1848 and 1860, the original overshot water wheels that powered the inclined planes were replaced with more powerful water turbines. The original iron chains used for towing the plane cars also were replaced with wire cables. In 1871, the canal was leased by The Lehigh Valley Railroad, primarily to give that railroad the use of the valuable terminal properties at Phillipsburg and Jersey City. By 1871, however, the canal was already on the decline, and the railroad never realized a profit from the operation of the canal. By the early 20th Century, commercial traffic on the canal had become negligible. In 1922, the state of New Jersey took control of the canal, and formally abandoned it in 1924. Between 1924 and 1929, it was largely dismantled. The Newark City Subway, now known as The Newark Light Rail, was built along its route. Portions of the canal are preserved in various locations around the state. Important among these is Waterloo Village, a restored canal town in Sussex County. It contains many features of the canal, including the remains of an inclined plane, a guard lock, a watered section of the canal, a canal store, and other period buildings. The Canal Society of New Jersey maintains a museum in the village. The inlet where the canal connected to the Hudson River is now the north edge of Liberty State Park. Other remnants and artifacts of the canal can be seen along its former course. So, there’s the history on this old sheet of paper money. Obviously, I love collecting these old “pieces of history”. But it even gives me more enjoyment in knowing the history behind them, and why we have them today. If they could only talk! As I always do, I invite any comments to my cell phone number (580) 221-0898, or my personal email address robertgill@cableone.net Until next time… Happy Collecting. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 67 President’s Column Jan/Feb 2018 I’m writing this in early December as we prepare for the holidays, a little vacation with the family and the upcoming FUN show in Tampa. I already see a few lots in the Heritage Auction that I hope to bring home. You will notice in this edition of our journal that we have set aside some space to honor the life and recognize the work of Eric Newman, who passed in November at the age of 106. Eric’s legacy goes well beyond accumulating a tremendous collection of coins and paper money. He was an outspoken champion for ethics in our hobby, unafraid to name those who put personal gain above everything else. Most of all, though, I think Eric loved the rich history and stories behind his objects, and deeply enjoyed sharing these with his fellow collectors. That is what we as collectors should take away from his legacy. We as a Society have long embraced those ideals, and have recently rewritten our mission statement to update it with our latest objectives. It now reads: The Society of Paper Money Collectors (SPMC) promotes the study and appreciation of paper money and related financial history. As a non-profit organization, the SPMC provides grants for research, publishes a bi-monthly journal, sponsors exhibits and lectures at regional and national venues, and supports education and outreach to the greater numismatic community. The board of governors continues to think about ways in which we can expand the membership and make our Society have a better impact on the hobby. I think the FUN venue may be part of those plans in the future. It is at shows like this where we have the opportunity to have a bigger presence, such as with speaker programs and educational outreach. It is my intention that we nurture this kind of participation going forward. Over the last couple months we’ve been working with our developer to design the 2.0 release of www.spmc.org. It will not only be an overhaul in terms of appearance, but there will also be updates of important functionality like membership joining and renewal transactions, in addition to security updates. We anticipate that it will be ready for launch in mid-January, after the annual rush to renew before year end for many members. To finish my column, I’d like to take this opportunity to promote the new ODP (Obsoletes Database Project) Set Registry and competition. Any member of SPMC can upload scans of their obsolete notes to ODP and group them into sets. Sets can assembled based on various categories, such as city or state, type of obsolete, vignettes, or other ones yet to be suggested. In the spring, sets will be put up for vote and SPMC members can choose their favorite sets in each category. The program is aimed to encourage collectors to share their collections and knowledge with others. Winners will be announced at the IPMS in Kansas City in June. Check out my article in this edition of Paper Money for details on how to build your sets. ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 68 Editor Sez I hope you all had a great holiday season, a very Merry Christmas and a very Happy New Year! I hope you got all the goodies you wanted (if you were good that is) and did not imbibe to the point of pain on the first. It is always interesting looking forward to the new year, wondering what challenges or exciting events the next year may hold. We start off in Orlando for FUN and then to NY for the NYINC which for the first time in many years do not conflict with each other. Sadly, we ended the year with the death of one of the biggest numismatic icons, Eric Newman at the ripe of age of 106! Our hobby has a lot to thank Mr. Newman for, from his passion for collecting, his research and writing and for his generosity and dedication to our hobby. I only had the opportunity to meet Mr. Newman once, at one of the last PCDA shows held in St. Louis. Rob Kravitz, also a St. Louis native and ?friend? of Mr. Newman arranged for some of the members of the FCCB to tour his museum. Eric was there and welcomed us and toured the museum and talked to us about anything we asked. I remember a lot; how nice and sincere he was and that library! Although the museum held many unique items, both metal round disks and paper, it was the library that caught my eye. To see that many books and especially seeing that many Heath Counterfeit Detectors side by side on a shelf. That was an experience I will remember and cherish forever. My favorite story about Eric deals again with Rob Kravitz. Rob said Eric had a sealed box from the BEP that he said had red-back Third Issue 50ɇ fractionals in it. Rob was convinced that if he would open it, there would be a Fr. 1352 in it! He never convinced Eric to open that box! I hope we find that box and see its’ contents someday! Our hobby is much richer thanks to Eric and he will be missed. I am slowly working to make Paper Money a better read incorporating many of the ideas that were put forth from one of our readers. I received a really neat compliment from a reader that say his liked the magazine and that it was a “fascinating mix of the curious, the historical, the artistic, technology with personality.” That is what I try to do with each issue, make it interesting to all, with a mixture of topics so that all can enjoy it. One of the things you will see in this issue is that President Hewitt finishes up his synopsis of the Obsolete Database and a call for collectors to try it out. We also have our first Colonial article in a long time and look forward to more. So, as we begin the trek for yet another new year with an eye for anticipation and curiosity, I ask that you all learn from Mr. Newman—collect with passion, learn as much as possible, teach others, be dedicated and compassionate. R.I.P. Eric! Benny Texting and Driving—It can wait! ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 69 An Index to Paper Money Volume 56, 2017 Whole Numbers 307-312 Compiled by Terry A. Bryan Anderson, Mark Yr. Vol. No. Pg. Images of Value: The Artwork Behind U.S. Security Engraving 1830s-1980s, illus. .......... 17 56 309 187 Ayers, Bob $500 Counterfeit Program (German & Soviet counterfeit Gold Certificates) ........................ 17 56 308 125 Confiscated Currency Characteristics & Serial Numbers (omitted from above article) ...... 17 56 309 213 Boling, Joseph E. & Fred Schwan (Uncoupled Column) Bank Note Companies/MPC Fest, illus. (with Fred Schwan)(Uncoupled column) ............ 17 56 309 215 Chits, illus. (with Fred Schwan)(POW camp chits)(Uncoupled column) ............................... 17 56 307 58 Doctoring, illus. (with Fred Schwan) (Uncoupled column) ....................................................... 17 56 311 393 How Did We Get Started?, illus. (with Fred Schwan)(Uncoupled column) .......................... 17 56 310 305 Suez, illus. (with Fred Schwan)(British military)(Uncoupled column) ..................................... 17 56 308 93 Summer Acquisitions, illus. (with Fred Schwan)(Counterfeits)(Uncoupled column) ........... 17 56 312 458 Chambliss, Carlson R. Brazil Introduced Radically New Designs for Its Notes in 1979, illus. ..................................... 17 56 311 387 Brazil’s National Treasury Notes of 1943-67 Are Colorful & Interesting, illus. ...................... 17 56 308 99 On Collecting Federal Reserve Notes, illus. ............................................................................... 17 56 310 288 A Personal Tragedy-My Collection of World Paper Money Has Been Stolen..................... 17 56 312 469 Revised Listing of North Korean Notes, illus. .............................................................................. 17 56 307 29 COLLECTING How Did We Get Started? illus. Jospeh E. Boling, Fred Schwan (Uncoupled column) .... 17 56 310 305 Looking Backward: 2061-1961, Loren Gatch (Chump Change column) ............................. 17 56 309 254 Serving Mammon--& Collecting It at the Same Time, illus. Loren Gatch ............................. 17 56 310 328 Summer Acquisitions, illus. Joseph E. Boling, Fred Schwan (Uncoupled column) ............ 17 56 312 458 CONFEDERATE AND SOUTHERN STATES CURRENCY An Architecture of Confederate Treasury Notes by Series, Printer, Place and Denomination with Dates and Quantities Issued, illus. Michael McNeil........................ 17 56 307 39 An Architecture of Confederate Treasury Notes, Centerfold Supplement Table Michael McNeil ......................................................................................................................... 17 56 307 42-43 Financial Failure & Confederate Defeat—The Story of a Hoard Found in 2017, illus. Pierre Fricke .............................................................................................................................. 17 56 310 317 Missouri Defense Bonds, illus. Robert Gill (Obsolete Corner column) .................................. 17 56 311 403 Raphael P. Thian’s Register of the Confederate Debt, illus. Michael McNeil ....................... 17 56 309 189 The Saga of the Southern Bank Note Company, illus. Michael McNeil ................................ 17 56 311 381 COUNTERFEIT, ALTERED & SPURIOUS NOTES $500 Counterfeit Program. Bob Ayers (German & Soviet cft. Gold Certificates) ............... 17 56 308 125 Bank Note Companies, illus. Joseph E. Boling (with Fred Schwan)(Uncoupled column) 17 56 309 215 Confiscated Currency Characteristics & Serial Numbers, Bob Ayers (cont’d from above)17 56 309 213 Doctoring, illus. Joseph E. Boling & Fred Schwan (Uncoupled column) .............................. 17 56 311 393 James Stephen George Boggs, 1955-2017. Loren Gatch (Chump Change column) ...... 17 56 308 122 Summer Acquisitions, illus. Joseph E. Boling (Foreign Counterfeits)(Uncoupled col.) ....... 17 56 312 458 Derby, Charles Attribution Mystery Resolved: “Georgia” Isaac Winter Fractional Notes Actually from Rockford, Alabama (Coosa County), illus, with Bill Gunther ........................................... 17 56 310 281 ENGRAVERS & ENGRAVING AND PRINTING $5 Wide II Back Plate Varieties, illus. Peter Huntoon ................................................................ 17 56 311 349 Another Illustration of the COPE Crossover Phenomenon, illus. Joe Farrenkopf ............... 17 56 307 70 The Gast Family; St. Louis Printers & Brewers, illus. David E. Schenkman ........................ 17 56 307 47 Gideon Fairman’s Engraving of Audubon’s Grouse, illus. Bernhard Wilde .......................... 17 56 312 447 Images of Value: The Artwork Behind U.S. Security Engraving 1830s-1980s, illus. Mark Anderson (Review of Exhibit) ................................................... 17 56 309 187 The Saga of the Southern Bank Note Company, illus. Michael McNeil ................................ 17 56 311 381 Star Notes:An Examination of Production & Scarcity, 1991-2014, illus. Joe Farrenkopf ... 17 56 309 224 A Wayward $5 Silver Certificate Sheet, illus. Jamie Yakes (Sm.Notes column) ................. 17 56 311 409 The Well-Traveled Turk, illus. Peter Huntoon (Legal Tender Vignette) ................................. 17 56 309 177 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 70 Farrenkopf, Joe Yr. Vol. No. Pg. Another Illustration of the COPE Crossover Phenomenon, illu.s ........................................... 17 56 307 70 Star Notes: An Examination of Production & Scarcity, 1991—2014, illus. ........................... 17 56 309 224 What Became of the Series 1988A Web Star Notes? A New Explanation, illus. ............... 17 56 309 244 Fricke, Pierre Financial Failure & Confederate Defeat—The Story of a Hoard Found in 2017, illus. ....... 17 56 310 317 Gatch, Loren Catastrophes, Slow and Fast (Chump Change column) ......................................................... 17 56 307 72 Circulating in Traverse City, illus. (Chump Change column)(Michigan) ................................ 17 56 311 411 In Memoriam: Money (Chump Change column)(national symbols on currency) James Stephen George Boggs, 1955-2017 (Chump Change column) .............................. 17 56 308 122 Looking Backward: 2061-1961 (Chump Change column) ..................................................... 17 56 309 254 Serving Mammon--& Collecting It at the Same Time (Chump Change column) ............... 17 56 310 328 Gelwicks, Dave Quincy Mining Company Scrip Varieties, illus. (Michigan) ....................................................... 17 56 309 205 Gill, Robert Buffalo, New York’s Benjamin Rathbun, illus. (Obsolete Corner column) ............................ 17 56 309 251 The Howell Works Company, illus. (Obsolete Corner col.)(New Jersey) ............................. 17 56 307 68 The Mechanics & Farmers Building & Loan Association, illlus. (S.Carolina) ....................... 17 56 312 482 Missouri Defence Bonds, illus.(Obsolete Corner column) ....................................................... 17 56 311 403 The Nauvoo House Association, illus. (Obsolete Corner column) (Illinois) ........................... 17 56 310 325 The Philadelphia Bank, illus. (Obsolete Corner column)(Pennsylvania) ............................... 17 56 308 118 Gunther, Bill Attribution Mystery Resolved: “Georgia” Isaac Winter Fractional Notes Actually from Rockford, Alabama (Coosa County), illus., with Charles Derby ..................................... 17 56 310 281 A Ghost Railroad: The Wetumpka & Coosa Rail Road Company, illus.(Alabama) ........... 17 56 310 303 Hewitt, R. Shawn Adding Data to SPMC’s Obsolete Database Project ............................................................... 17 56 312 466 First National Bank of Princeton, Minnesota, Charter 4807, illus. ........................................... 17 56 308 88 Using SPMC’s Obsolete Database Project Website, illus. ...................................................... 17 56 311 399 Hollander, David The National & First National Banks of Huntsville, Alabama, illus. ......................................... 17 56 312 426 Venable’s Hotel, Huntsville, Alabama, 1862, illus. ..................................................................... 17 56 308 106 Huntoon, Peter $5 Wide II Back Plate Varieties, illus. ............................................................................................ 17 56 311 349 Marijuana & Oil: Roads to the Highs of California National Banking, 1880-1924 illus. (The Paper Column) ...................................................................................................... 17 56 310 265 Out-of-Range Serial Numbers In the Large Size FRNs & FRBNs, illus. .............................. 17 56 312 421 Spectacular Run of Mismatched Serials on $1 Series 2001 FRNs, illus. ............................. 17 56 312 424 Treasury Plate Numbers Used As Plate Serial Numbers 1886-1891, illus. (The Paper Column) (withy Doug Murray) ......................................................................... 17 56 307 3 Treasury Signatures on National Bank Notes, illus. (The Paper Column) ............................ 17 56 308 128 The Well-Traveled Turk, illus. (The Paper Column) .................................................................. 17 56 309 177 McNeil, Michael An Architecture of Confederate Treasury Notes by Series, Printer, Place, and Denomination with Dates and Quantities Issued, illus. .................................................... 17 56 307 39 An Architecture of Confederate Treasury Notes, Centerfold Supplement Table ................ 17 56 307 42-43 Raphael P. Thian’s Register of the Confederate Debt, illus. .................................................... 17 56 309 189 The Saga of the Southern Bank Note Company, illus. ............................................................. 17 56 311 381 Melamed, Rick Fascinating Justice Fractional Artifact, illus. ................................................................................. 17 56 310 299 Surcharge Errors on 2nd Issue Fractionals, illus. ......................................................................... 17 56 311 362 Third Issue Fractional Experimental Notes, illus. ....................................................................... 17 56 307 17 Murray, Doug Treasury Plate Numbers Used As Plate Serial Numbers 1886-1891, illus. (The Paper Column) (with Peter Huntoon)......................................................................... 17 56 307 3 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 71 Muselli, Greg Yr. Vol. No. Pg. Lone Star Note, illus. (Federal Reserve star note illustration) .................................................. 17 56 309 242 Nyholm, Douglas A. Origins of Mormon Currency in Great Salt Lake City 1848-49, illu. ........................................ 17 56 311 354 OBSOLETE NOTES & SCRIP Adding Data to SPMC’s Obsolete Database Project, R. Shawn Hewitt ............................... 17 56 312 466 The Anti-Eatam Iron Works, illus. David E. Schenkman (Maryland) ..................................... 17 56 311 376 Attribution Mystery Resolved: “Georgia” Isaac Winter Fractional Notes Actually from Rockford, Alabama (Coosa County), illus., Bill Gunther & Charles Derby ................... 17 56 310 281 Buffalo, New York’s Benjamin Rathbun, illus. Robert Gill (Obsolete Corner column) ........ 17 56 309 251 Circulating in Traverse City, illus. Loren Gatch (Chump Change column)(Michigan) ........ 17 56 311 411 City of Des Moines Scrip: Money to Burn, illus. Marv Wurzer (Iowa)..................................... 17 56 309 201 Coal Mine Scrip of Caleb S. Maltby, illus. David E. Schenkman (Interesting Mining Notes)(Pennsylvania) ........................................................................... 17 56 309 249 The Gast Family; St. Louis Printers & Brewers, illus. David E. Schenkman ........................ 17 56 307 47 A Ghost Railroad: the Wetumpka & Coosa Rail Road Company, illus. Bill Gunther ......... 17 56 310 303 Gideon Fairman’s Engraving of Audubon’s Grouse, illus. Bernhard Wilde .......................... 17 56 312 447 The Howell Works Company, illus. Robert Gill (Obsolete Corner column)(New Jersey) .. 17 56 307 68 Identifying the Crescent Coal Company Note, illus. David E. Schenkman(New Mexico) . 17 56 311 407 The Ill-Fated Young America Furnace Company, illus. David E. Schenkman .................... 17 56 310 323 Is It Or Isn’t It?, illus. David E. Schenkman (Pennsylvania)(Interesting Mining Notes col) . 17 56 308 116 The Mechanics & Farmers Building & Loan Association, illus. Robert Gill (S. Carolina) ... 17 56 312 482 Michigan Obsolete Notes, illus. Clifford F. Thies ........................................................................ 17 56 312 440 Missouri Defence Bonds, illus. Robert Gill (Obsolete Corner column) .................................. 17 56 311 403 Mount Savage Iron Works Notes, illus. David E. Schenkman (Md., Ky.) ............................. 17 56 312 479 The Nauvoo House Association, illus. Robert Gill, (Obsolete Corner column)(Illinois) ....... 17 56 310 325 Origins of Mormon Currency in Great Salt Lake City 1848-49, illus. Douglas A. Nyholm ................................................................................................................. 17 56 311 354 The Philadelphia Bank, illus. Robert Gill (Obsolete Corner column)(Pennsylvania) ........... 17 56 308 118 Quincy Mining Company Scrip Varieties, illus. Dave Gelwicks (Michigan) .......................... 17 56 309 205 A Two-State Mining Note, illus. David E. Schenkman (Rhode Island, Virginia)(column) .. 17 56 307 66 Using SPMC’s Obsolete Database Project Website, illus. R. Shawn Hewitt ....................... 17 56 311 399 Venable’s Hotel, Huntsville, Alabama, 1862, illus. David Hollander ....................................... 17 56 308 106 PAPER MONEY AND FINANCIAL HISTORY Liberty Loan Bond Collectors Support the SPMC, illus. ........................................................... 17 56 309 186 PAPER MONEY IN MOVIES, ART, and TV Gideon Fairman’s Engraving of Audubon’s Grouse, illus. Bernhard Wilde .......................... 17 56 312 447 James Stephen George Boggs, 1955-2017. Loren Gatch (Chump Change column) ...... 17 56 308 122 Schenkman, David E. The Anti-Eatam Iron Works, illus. .................................................................................................. 17 56 311 376 Coal Mine Scrip of Caleb S. Maltby, illus. (Interesting Mining Notes column)(Pa. notes) .. 17 56 309 249 The Gast Family; St. Louis Printers & Brewers, illus. ................................................................ 17 56 307 47 Identifying the Crescent Coal Company Note, illus. (column) (New Mexico) ....................... 17 56 311 407 The Ill-Fated Young America Furnace Company, illus. David E. Schenkman .................... 17 56 310 323 Is It Or Isn’t It?, illus. (Interesting Mining Notes column)(Pennsylvania) ................................. 17 56 308 116 Mount Savage Iron Works Notes, illus. (Maryland, Kentucky) ................................................ 17 56 312 479 A Two-State Mining Note, illus. (Rhode Island, Virginia)(Interesting Mining Notes col.) ..... 17 56 307 66 SOCIETY OF PAPER MONEY COLLECTORS. Adding Data to SPMC’s Obsolete Database Project, R. Shawn Hewitt ............................... 17 56 312 466 Editor Rambles, Editor Sez (Benny Bolin)(Editor’s column) ................................................................................ ................ 17 56 307 74 ................................................................................ ................ 17 56 308 124 ................................................................................ ................ 17 56 309 257 KC Success! ............................................................ ................ 17 56 310 331 Oh, Where did the summer go? .............................. ................ 17 56 311 414 Changes Are Happening! ........................................ ................ 17 56 312 487 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 72 In Memoriam: (no obituaries this year) Yr. Vol. No. Pg. Index to Paper Money, Vol. 55, 2016, Nos.301-306, Terry Bryan ......................................... 17 56 307 76 Information and Officers: ................................................................................................................................... 17 56 307 2 ................................................................................................................................... 17 56 308 66 ................................................................................................................................... 17 56 309 175 ................................................................................................................................... 17 56 310 263 ................................................................................................................................... 17 56 311 343 ................................................................................................................................... 17 56 312 419 International Paper Money Show announcement, 2017 ......................................................... 17 56 309 220 Tom Bain Raffle, illus. Frank E. Clark III (IPMS Show, SPMC fund raiser) .................. 17 56 309 221 2017 IPMS Speakers and Exhibits ...................................................................................... 17 56 309 222 Letters to the Editor (no letters published this year) Liberty Loan Bond Collectors Support the SPMC, illus. ........................................................... 17 56 309 186 Money Mart: ................................................................................................................................... 17 56 307 82 ................................................................................................................................... 17 56 308 170 ................................................................................................................................... 17 56 309 259 ................................................................................................................................... 17 56 310 340 ................................................................................................................................... 17 56 311 416 ................................................................................................................................... 17 56 312 490 President’s Column (Pierre Fricke) ................................................................................................................................... 17 56 307 73 ................................................................................................................................... 17 56 308 123 ................................................................................................................................... 17 56 309 255 (R. Shawn Hewitt) ................................................................................................................... 17 56 310 329 ................................................................................................................................... 17 56 311 413 ................................................................................................................................... 17 56 312 485 SPMC Awards at Kansas City, illus.............................................................................................. 17 56 310 332 SPMC Literary Awards, Exhibit Awards, illus. ............................................................................ 17 56 310 333 SPMC Breakfast & Tom Bain Raffle, illus. .................................................................................. 17 56 310 334 SPMC Board of Governors Meeting, June, 2017, Report of meeting ................................... 17 56 310 335 SPMC Hall of Fame, List of Class of 2017 .................................................................................. 17 56 309 184 SPMC’s Obsolete Database Introduction, illus. R. Shawn Hewitt .......................................... 17 56 310 338 Using SPMC’s Obsolete Database Project Website, illus. R. Shawn Hewitt .............. 17 56 311 399 SPMC New Members, Frank Clark, Membership Director ..................................................... 17 56 307 74 ................................................................................................................................... 17 56 308 115 ................................................................................................................................... 17 56 309 258 ................................................................................................................................... 17 56 311 416 ................................................................................................................................... 17 56 312 488 U.S. NATIONAL BANK NOTES First National Bank of Princeton, Minnesota, Charter 4807, illus. R. Shawn Hewitt ........... 17 56 308 88 Marijuana & Oil: Roads to the Highws of California National Banking, 1880-1924, illus. ... 17 56 310 265 The National & First National Banks of Huntsville, Alabama, illus. David Hollander ........... 17 56 312 426 Treasury Signatures on National Bank Notes, illus. Peter Huntoon (The Paper Column) 17 56 308 128 U.S. LARGE and SMALL SIZE NOTES $5 Wide II Back Plate Varieties, illus. Peter Huntoon ................................................................ 17 56 311 349 Fascinating Justice Fractional Artifact, illus. Rick Melamed ..................................................... 17 56 310 299 Surcharge Errors on 2nd Issue Fractionals, illus. Rick Melamed ............................................. 17 56 311 362 Third Issue Fractional Experimental Notes, illus. Rick Melamed ............................................ 17 56 307 17 Treasury Plate Numbers Used As Plate Serial Numbers 1886-1891, illus. Peter Huntoon and Doug Murray (The Paper Column) .................................................. 17 56 307 3 The Well-Traveled Turk, illus. Peter Huntoon (The Paper Column) ...................................... 17 56 309 177 FEDERAL RESERVE NOTES ................................................................................................................. Altered 1934A $5 & $10 Federal Reserve Note Master Plates, illus. Jamie Yakes (Small Notes column) ............................................................................................................. 17 56 307 54 Another Illustration of the COPE Crossover Phenomenon, illus. Joe Farrenkopf ............... 17 56 307 70 The Fantastic Life of $20 Back Plate 204, illus. Jamie Yakes (Small Notes column) ......... 17 56 309 247 Lone Star Note, illus. Greg Muselli ................................................................................................ 17 56 309 242 On Collecting Federal Reserve Notes, illus. Carlson R. Chambliss ....................................... 17 56 310 288 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 73 Yr. Vol. No. Pg. $1 Novelty Checkbook (with Errors) & Analysis, illus. Ed Zegers .................................................. 17 56 312 474 Out-of-Range Serial Numbers in the Large Size FRNs & FRBNs, illus. Peter Huntoon .......................................................................................................................... 17 56 312 421 Series of 1934C $20 Back Plate 204 Discovered, illus. Jamie Yakes (Small Notes col.) .. 17 56 310 321 Spectacular $50 Skip Changeover Pair, illus. Jamie Yakes .................................................... 17 56 312 477 Spectacular Run of Mismatched Serials on $1 Series 2001 FRNs, illus. Peter Huntoon .......................................................................................................................... 17 56 312 424 Star Notes:An Examination of Production & Scarcity, 1991-2014, illus. Joe Farrenkopf ... 17 56 309 224 What Became of the Series 1988A Web Star Notes? A New Explanation, illus. Joe Farrenkopf ......................................................................................................................... 17 56 309 244 SILVER AND GOLD CERTIFICATES $500 Counterfeit Program. Bob Ayers (German & Soviet counterfeit Gold Certificates) .. 17 56 308 125 Confiscated Currency Characteristics & Serial Numbers, Bob Ayers (Cont’d from above)17 56 309 213 First 1922 $500 Gold Certificate Face Plate, illus. Jamie Yakes ............................................. 17 56 311 345 The Mystery of Face Plate 307 Solved, illus. Jamie Yakes (Small Notes column) ............. 17 56 308 114 A Wayward $5 Silver Certificate Sheet, illus. Jamie Yakes (Small Notes column) ............. 17 56 311 409 Thies, Clifford F., Michigan Obsolete Notes, illus. ............................................................................... 17 56 312 440 Wilde, Bernhard, Gideon Fairman’s Engraving of Audubon’s Grouse, illus. ................................ 17 56 312 447 Wurzer, Marv City of Des Moines Scrip: Money To Burn, illus. (Iowa scrip) .................................................. 17 56 309 201 Yakes, Jamie First 1922 $500 Gold Certificate Face Plate, illus. ..................................................................... 17 56 311 345 Small Notes (column) Altered 1934A $5 & $10 Federal Reserve Note Master Plates, illus. ............................ 17 56 307 54 The Fantastic Life of $20 Back Plate 204, illus................................................................... 17 56 309 247 Mystery of Face Plate 307 Solved, illus.(Silver Certificate) .............................................. 17 56 308 114 Series of 1934C $20 Back Plate 204 Discovered, illus. ................................................... 17 56 310 321 Spectacular $50 Skip Changeover Pair, illus. .................................................................... 17 56 312 477 A Wayward $5 Silver Certificate Sheet, illus. ...................................................................... 17 56 311 409 Zegers, Ed $1 Novelty Checkbook (with Errors) & Analysis, illus.(FRNs) ................................................. 17 56 312 474 ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 74 Florida Paper Money Ron Benice “I collect all kinds of Florida paper money” 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Books available mcfarlandpub.com, 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. 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 S implified copy of the same which is aimed at new collectors. Come join a group dedicated to the are fractional fanatics! New Membership is $30 or $22 for the Simplified edition only To join, contact Dave Stitely, membership chair Box 136, Gradyville, PA 19039. SIZE INCHES 50 100 500 1000 Fractional 43/4 X 21/4 $28.40 $51.00 $228.00 $400.00 Colonial 51/2 X 31/16 $25.20 $45.00 $208.00 $364.00 Small Currency 65/8 X 27/8 $25.45 $47.00 $212.00 $380.00 Large Currency 77/8 X 31/2 $31.10 $55.00 $258.00 $504.00 Auction 9 X 33/4 $31.10 $55.00 $258.00 $504.00 Foreign Currency 8 X 5 $38.00 $68.50 $310.00 $537.00 Checks 95/8 X 41/4 $40.00 $72.50 $330.00 $577.00 SHEET HOLDERS 10 50 100 250 Obsolete Sheet--end open 8 3/4 X 141/2 $23.00 $101.00 $177.00 $412.00 National Sheet--side open 8 1/2 X 171/2 $24.00 $108.00 $190.00 $421.00 Stock Certificate--end open 9 1/2 X 121/2 $21.50 $95.00 $165.00 $390.00 Map & Bond--end open 181/2 X 241/2 $91.00 $405.00 $738.00 $1,698.00 Photo 51/4 X 71/4 $12.00 $46.00 $80.00 $186.00 Foreign Oversize 10 X 6 $23.00 $89.00 $150.00 $320.00 Foreign Jumbo 10 X 8 $30.00 $118.00 $199.00 $425.00 DBR Currency We Pay top dollar for *National Bank notes *Large size notes *Large size FRNs and FBNs www.DBRCurrency.com P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 Fax: 858-679-7505 See out eBay auctions under user ID DBRcurrency 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 Open from Memorial Day thru Labor Day History of National Banking & Bank Notes Turn of the Century Iowa Postcards MYLAR-D® CURRENCY HOLDERS BANK NOTE AND CHECK HOLDERS 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 WWW.DENLY’S.COM ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 75 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 ErrorNotes Small Size Type National Currency StarorReplacementNotes Specimens, Proofs,Experimentals FrederickJ. Bart Bart,Inc. website: www.executivecurrency.com (586) 979-3400 POBox2• Roseville,MI 48066 e-mail: Bart@executivecurrency.com Buying & Selling • Obsolete • Confederate • Colonial & Continental • Fractional • Large & Small U.S. Type Notes Vern Potter Currency & Collectibles Please visit our Website at www.VernPotter.com Hundreds of Quality Notes Scanned, Attributed & Priced P.O. Box 10040 Torrance, CA 90505-0740 Phone: 310-326-0406 Email: Vern@VernPotter.com Member •PCDA •SPMC •FUN •ANA WANTED: 1778 NORTH CAROLINA COLONIAL $40. (Free Speech Motto). Kenneth Casebeer, (828) 277- 1779; Casebeer@law.miami.edu WORLD PAPER MONEY. 2 stamps for new arrival price list. I actively buy and sell. Mention PM receive $3 credit. 661-298-3149. Gary Snover, PO Box 1932, Canyon Country, CA 91386 www.garysnover.com. TRADE MY DUPLICATE, circulated FRN $1 star notes for yours I need. Have many in the low printings. Free list. Ken Kooistra, PO Box 71, Perkiomenville, PA 18074. kmk050652@verizon.net 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 FOR SALE: College Currency/advertising notes/ 1907 depression scrip/Michigan Obsoletes/Michigan Nationals/stock certificates. Other interests? please advise. Lawrence Falater.Box 81, Allen, MI. 49227 WANTED: Any type Nationals containing the name “LAWRENCE” (i.e. bank of LAWRENCE). Send photo/price/description to LFM@LARRYM.com BUYING ONLY $1 HAWAII OVERPRINTS. White, no stains, ink, rust or rubber stamping, only EF or AU. Pay Ask. Craig Watanabe. 808-531- 2702. Captaincookcoin@aol.com Vermont National Bank Notes for sale. For list contact. granitecutter@bellsouth.net. WANTED: Any type Nationals from Charter #10444 Forestville, NY. Contact with price. Leo Duliba, 469 Willard St., Jamestown, NY 14701-4129. "Collecting Paper Money with Confidence". All 27 grading factors explained clearly and in detail. Now available Amazon.com . AhlKayn@gmail.com Stamford CT Nationals For Sale or Trade. Have some duplicate notes, prefer trade for other Stamford notes, will consider cash. dombongo@earthlink.net WANTED: Republic of Texas “Star” (1st issue) notes. Also “Medallion” (3rd issue) notes. VF+. Serious Collector. reptexpaper@gmail.com. Wanted Railroad scrip Wills Valley; Western & Atlantic 1840s; East Tennessee & Georgia; Memphis and Charleston. Dennis Schafluetzel 1900 Red Fox Lane; Hixson, TN 37343. Call 423-842-5527 or email dennis@schafluetzel $ MoneyMart $ ___________________________________________________________Paper Money * January/February 2018* Whole No. 313_____________________________________________________________ 76 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 To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National Currency & Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcdaonline.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each summer at the International Paper Money Convention, as well as Paper Money classes and scholarships 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. Or Visit Our Web Site At: www.pcdaonline.com James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 • Email: nge3@comcast.net Paul R. Minshull IL #441002067; Heritage Auctions #444000370. BP 20%; see HA.com. 48284 DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH LONDON | PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40 Categories Immediate Cash Advances Available 1 Million+ Online Bidder-Members PLATINUM® NIGHT & SIGNATURE® AUCTIONS April 25-May 1 | Chicago | Live & Online Now Accepting Consignments for our Official Central States 2018 Auctions San Jose, CA - $50 Original National Gold Bank Note Fr. 1161 The Farmers National Gold Bank Ch. # 2158, PCGS Very Fine 20 Realized $376,000 Fr. 2221-C $5,000 1934 Federal Reserve Note. PMG About Uncirculated 55. Realized $123,375 Fr. 2405★ $100 1928 Gold Certificate, PMG Choice Uncirculated 63 Realized $223,250 Fr. 192 $50 1863 Compound Interest Treasury Note PCGS Very Good 10 Realized $99,875 Fr. 1604★ $1 1928D Silver Certificate. PMG Gem Uncirculated 66 EPQ Realized $99,875 Santa Barbara, CA - $100 Original National Gold Bank Note Fr. 1164 The First National Gold Bank Ch. # 2104, PCGS Fine 12 Realized $282,000 Contact a Heritage Consignment Director today 800-872-6467, Ext. 1001 or Currency@HA.com