Paper Money - Vol. LVIII - No. 3 - Whole No. 321 - May/June 2019

Please sign up as a member or login to view and search this journal.

Table of Contents

Anomalous Securities Clause--Peter Huntoon

Duplicated Back Plate Serials on Series 2009A $100 FRNs--Joe Farrenkopf

Albania 1 Lek 1976--David Lok

Yellowstone Merchants National Bank--Frank Clark

Register of the Treasury Signature on U.S. Currency--Lee Lofthus & Peter Huntoon

A Confederate Train Note Date Set--Michael McNeil

The Life of Hiram Vail & his Obsolete Notes--Charles DiComo, PhD

Styles of Paper Money Collecting--Ed Zegers

Fractional Plate Numbers on Specimen Notes--Rick Melamed

Uncoupled--Joe Boling and Fred Schwan

Small Notes--Jamie Yakes

Come See What?s Inside Paper Money Vol. LVIII, No. 3, Whole No. 321 www.SPMC.org May/June 2019 Official Journal of the Society of Paper Money Collectors 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 ANA2019AucSol 190401 America?s Oldest and Most Accomplished Rare Coin Auctioneer Peter A. Treglia LM #1195608 John M. Pack LM # 5736 Peter A. Treglia John M. Pack Brad Ciociola Peter A. Treglia Aris MaragoudakisJohn M. Pack Brad CiociolaManning Garrett LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Now Accepting Consignments to the Stack?s Bowers Galleries Official Auction of the ANA World?s Fair of Money? Stack?s Bowers Galleries continues to realize strong prices for currency, as shown by these results from our recent auctions. We are currently accepting consignments to our Official Auction of the 2019 ANA World?s Fair of Money in Rosemont, Illinois. Whether you have an entire cabinet or just a few duplicates, the experts at Stack?s Bowers Galleries are just a phone call away and ready to assist you in realizing top dollar for your currency. Contact our currency specialists to discuss opportunities for upcoming auctions. They will be happy to assist you every step of the way. 800.458.4646 West Coast Office 800.566.2580 East Coast Office T-2. Confederate Currency. 1861 $500. PMG Very Fine 30. Realized $39,950 Fr. 2220-F. 1928 $5000 Federal Reserve Note. Atlanta. PCGS Very Fine 30 PPQ. Realized $129,250 Deadwood, South Dakota. $10 1882 Brown Back. Fr. 487. The American NB. PCGS Very Fine 30 PPQ. Serial Number 1. Realized $64,625 Fr. 202a. 1861 $50 Interest Bearing Note PCGS Currency Very Fine 25. Realized $1,020,000 Fr. 346d. 1880 $1000 Silver Certificate of Deposit. PCGS Currency Very Fine 25. Realized $1,020,000 Fr. 183c. 1863 $500 Legal Tender Note PCGS Currency Very Choice New 64 PPQ. Realized $900,000 Fr. 187b. 18803 $1000 Legal Tender Note PCGS Currency Choice About New 55. Realized $960,000 Ketchikan, Alaska. Small Size $5. Fr. 1800. The First NB of Ketchikan. Charter #4983. PMG Gem Uncirculated 65 EPQ*. Realized $90,000 Auction: August 13-16, 2019 | Consign U.S. Currency by June 24, 2019 Fr. 379a. 1890 $1000 Treasury Note, PCGS Currency About New 50. Realized $2,040,000 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 withoutwrittenapproval 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. LVIII, No. 3 Whole No. 321 May/June 2019 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 Alladvertising onspaceavailable basis. Copy/correspondence shouldbesent toeditor. Alladvertisingis payablein advance. Allads are acceptedon a ?good faith?basis. Terms are?Until Forbid.? Adsare Run of Press (ROP) unlessaccepted 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 FullpageB&W 360 1000 1800 Halfpage B&W 180 500 900 Quarterpage B&W 90 250 450 EighthpageB&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 materialoreditcopy. 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 Anomalous Securities Clause Peter Huntoon ............................................................... 156 Duplicated Back Plate Serials on Series 2009A $100 FRNs Joe Farrenkopf. ............................................................ 164 Albania 1 Lek 1976 David Lok ...... ............................................................... 170 Yellowstone Merchants National Bank Frank Clark .................................................................. 174 Register of the Treasury Signature on U.S. Currency Lee Lofthus & Peter Huntoon ...................................... 176 A Confederate Train Note Date Set Michael McNeil ............................................................ 186 The Life of Hiram Vail & his Obsolete Notes Charles DiComo, PhD .......................................... ....... 190 In Memoriam ........................................................................ 195 Styles of Paper Money Collecting Ed Zegers ..................................................... ............. 196 Fractional Plate Numbers on Specimen Notes Rick Melamed ............................................................ 199 Uncoupled?Joe Boling & Fred Schwan .............................. 209 Quartermaster Colum .......................................................... 214 Cherry Pickers Corner ........................................................ 218 Chump Change .................................................................... 220 Small Notes?Melon?s Two Signatures ................................ 221 Obsolete Corner .................................................................. 222 Bank Note History Project.................................................... 224 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 153 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 Anderson, 115 Congress St., Brooklyn, NY 11201 Robert Calderman, Box 7055 Gainesville, GA 30504 Gary J. Dobbins, 10308 Vistadale Dr., Dallas, TX 75238 Pierre Fricke, Box 90538, Alamo Heights, TX 78209 Loren Gatch 2701 Walnut St., Norman, OK 73072 Joshua T. Herbstman, Box 351759, Palm Coast, FL 32135 Steve Jennings, 214 W. Main, Freeport, IL 61023 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., Essex, CT 06426 LIBRARIAN--Jeff Brueggeman, 711 Signal Mountain Rd. # 197, Chattanooga, TN 37405 MEMBERSHIP DIRECTOR--Frank Clark, P.O. Box 117060, Carrollton, TX, 75011-7060 IMMEDIATE PAST PRESIDENT--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 Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. Pierre?Fricke?Buying?and?Selling!? 1861?1869?Large?Type,?Confederate?and?Obsolete?Money!? P.O.?Box?90538,?Alamo?Heights,?TX?78209?;?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 * May/June 2019 * Whole No. 321_____________________________________________________________ 154 Contact JimG@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. for a FREE Apraisal! Since 1933 Kagin?s has handled 99% of the Banknotes in Paper Money of the United States by Robert Friedberg RECORD PRICES REALIZ ED! 99% Sell Through For more information on consigning to our upcoming auctions contact us at : kagins.com, by phone: 888-852-4467 or e-mail: auctions@kagins.com. We have also handled 99% of the Banknotes in Paper Money of the United States by Robert Friedberg Realized $336,000 Visit our web site to view our latest off erings. Kagin?s March 2019 ANA Nati onal Money Show Aucti on Record Prices Realized Realized $7,200 Realized $18,000 Realized $31,200 Realized $5,750 We have also handled 99% of the coins in Guide Book of U.S. Coins Kagins-PM-Ad Inv/NMS-PR-04-12-19.indd 1 4/12/19 1:25 PM Anomalous Securities Clause on some $10 1902PB St. Louis Nationals Discovery Dave Grant, a collector of metro St Louis nationals and ephemera, blew me out of the water with the scans of the three Series of 1902 blue seal plain backs illustrated on Figure 1. Observe that all are from The National Bank of Commerce in St. Louis and all were printed from the same 10-10-10-10 plate lettered QQ-RR-SS-TT. The joker here is that the middle one in the sequence has an obsolete ?or other? security clause. This is the first example ever to turn up in either the Series of 1882 or 1902 where the securities clause was changed on a plate from the same bank bearing the same title with the same plate letters. This is the most exciting?and unanticipated?technical variety I have seen in decades in the national bank note series. And it shouldn?t have happened. Suspecting he had overlooked something obvious, Dave asked if I could explain it or document how it happened. He had an idea that turned out to be correct, but he wanted to see what I came up with before he would divulge it to me. The purpose of this article it to explain the situation. Frankly, I haven?t had this much fun running something down in the National Archives in many years. I learned a lot in the process, so will pass those insights along as well. Background The Aldrich-Vreeland Emergency Currency Act that was passed in 1908 and expired in 1915 allowed national banks to issue currency secured by paper other than U. S. Treasury bonds. This gave rise to the Series of 1882 and 1902 date back issues. The securities clause used on all of them stated that the notes were ?secured by United States bonds or other securities? instead of the former ?Secured by United States bonds deposited with the Treasurer.? Every existing face plate was altered to carry the ?or other securities? clause and, of course, it was placed on new plates as well. If the change was made on an existing plate, the plate letters were changed as well. When the act expired and the Series of 1882 value backs and 1902 blue seal plain backs ensued, the decision was made by Secretary of the Treasury William McAdoo to allow the ?or other securities? face plates to continue in production until they wore out (Huntoon, 2015). Only new or duplicate plates made thereafter carried the ?deposited with the Treasurer? clause. The result was that Series of 1882 value back and Series of 1902 blue seal plain back notes sport both clauses, so collectors rarely pay attention to them. However, there were two immutable technical protocols that were followed. (1) No existing ?or other securities? plates were to be altered to carry ?deposited with the Treasurer.? (2) Once the plate with ?or other securities? wore out, successive plates of the same combination were to carry ?deposited with the Treasurer.? The scans that Dave sent were from a duplicate plate made for the bank in October 1915 after the Aldrich-Vreeland Act expired so it should have carried the ?deposited with the Treasurer? clause, and initially it did. Dave?s Conundrum With his strong interest in varieties available from the biggest banks in the country, it?s natural that Dave?s favorite is his hometown?s National Bank of Commerce in St. Louis. The NBC was among the largest issuers in the country and the Bureau of Engraving and Printing ate up plates supplying it with notes in both the 1882 and 1902 series. The bank was issuing from 5-5-5-5 and 10-10-10-10 plates during the Series of 1902 era, and we The Paper Column Peter Huntoon ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 156 will focus on the 10-10-10-10s. The charter of the bank was extended on December 11, 1909, so its first Series of 1902 notes consisted of date backs. These were, of course, followed by plain backs. Believe it or not, between 1909 and 1928, the BEP had to make twenty-five 10-10-10-10 plates to keep the bank supplied with its $10 1902 notes. This is a treasure trove for a guy like Dave because aside from all the overprint varieties that can occur, there also is a rich lode of plate letter varieties to add to the mix. The 1902 10-10-10-10 plates for the bank cycled all the way through the alphabet four times and were beginning on the fifth pass when the series ran out. The plate letters from the first pass stand alone as Figure 1. These notes are in serial number order and all are from the QQ-RR-SS-TT plate, yet the middle one carries an obsolete ?or other? securities clause. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 157 A, B, C, D, etc., the second pass used double letters, AA, BB, CC, DD, the third, fourth and fifth passes used subscripted letters beginning at A3, A4 and A5. The last ?or other securities? plate was II-JJ-KK-LL certified August 26, 1914. Plate MM-NN-OO-PP came along on August 5, 1915 with ?deposited with the Treasurer? followed by QQ-RR-SS-TT on October 22, 1915. One of his favorite varieties from NBC are the plain backs paired with obsolete ?or other securities? faces. While common for even mid-sized banks, this variety seems to be less frequently encountered for the large issuers because those plates wore out quickly and were replaced by new ones with the current securities clause. Consequently, he was delighted to land note 581652-TT. As he was logging in his new prize, he saw that he had a note from MM-NN-OO-PP bearing serial 526365-PP but it had the ?deposited with the Treasurer? clause. Odd. Then lightning struck. He purchased 571941-TT, which carried ?deposited with the Treasurer.? This was not supposed to happen. He hurriedly examined the images on the National Currency Foundation census and Heritage auction archives and came up the hits for plate QQ-RR-SS-TT listed on Table 1. Table 1. Recorded notes from the 10-10-10-10 Series of 1902 QQ-RR-SS-TT plate for The National Bank of Commerce in St. Louis, Missouri, charter 4178, for which images are available. Serial Serial Position Securities Clause N235013 556120 SS deposited with the Treasurer N235624 556731 TT deposited with the Treasurer N236072 557179 RR deposited with the Treasurer N477045 568295 RR deposited with the Treasurer N483966 571941 TT deposited with the Treasurer N499054 576309 TT deposited with the Treasurer N510705 581410 QQ or other securities N510947 581652 TT or other securities N519595 586400 SS deposited with the Treasurer N598837 595872 RR deposited with the Treasurer No ambiguity?the clause was cycling with the wrong one in the middle. This is when he contacted me and delightedly dropped this bomb in my lap. The first thing I did was pull up the proofs for the bank and I found two for the QQ-RR-SS-TT plate, both with the correct ?deposited with the Treasurer? clause. There was no ambiguity that both proofs came from the same plate based on the plate margin markings. Clearly, we weren?t dealing with two plates, where one was a mis-lettered duplicate. There was only one QQ-RR-SS-TT plate and it was first certified October 22, 1915. That proof bore two sets of initials in the lower margin; respectively, siderographer FWMcN (Frank W. McNally) and plate finisher JMB (James Mark Butler). The second proof represented a re-certification of the plate that was dated August 1, 1916. Oddly, it had no notation explaining what had been done to it. Generally, when we find a second proof from a 1902 plate, ?heads re-entered? is scrawled in one of the margins indicating that the heads were refurbished after they began to show wear. In this case, the second proof carried two additional sets of initials in the lower margin; respectively, HLC (Harvey L. Cote) and JAM (John A. Mooney). See Figure 2. Both were siderographers, but it only takes one siderographer to re-enter a plate, so clearly an intermediate proof was missing. There was only one avenue open to me. I had to dig out the plate ledger in the National Archives in order to see what had occurred. That proved to be definitive. The plate ledger revealed that the plate had been re-entered July 8, 1916 to refurbish wear on the portraits after 21,000 sheets had been printed from it. The re-entry probably was carried out by ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 158 siderographer Harvey L. Cote based on the placement of his initials in line with those of JMB and FWMcN in the lower margin of the second proof. He mistakenly grabbed an obsolete full-face generic roll to re- enter McKinley?s portraits. This caused him also to lay-in the ?or other securities? clause. The mistake wasn?t noticed, so the plate was used from July 22 to 31, 1916 to print at least 5,000 sheets with the mistake. Somehow the problem was discovered and the plate sent for repairs. That work probably was carried out by siderographer John A. Mooney. Significantly, as shown on Figure 3, the repair was flagged in the plate ledger by a rubber stamped ?Altered? in front of the re-certification date of August 1, 1916. Of course, the alteration referred to correcting the securities clause. The essential production data surrounding plate QQ-RR-SS-TT are listed on Table 2. The notes with the wrong securities clause were delivered to the Comptroller of the Currency during July 1916 and shipped to the bank in September. Three notes with the error have been reported; specifically, N510705-581410- QQ, N510910-581615-QQ and N510947-581652-TT, all from a delivery of 1,000 sheets from the Bureau of Engraving and Printing to the Comptroller on July 26, 1916. The sheets containing the reported errors were shipped to the bank on September 11. Insights The plates used to print large size nationals were steel. The intaglio images on them were laid-in from transfer rolls lifted from hardened dies. The rolls were made of soft steel that were rolled back and forth over the dies until the intaglio image on the die was picked up as a negative that stood in relief on the surface of the roll. Once the roll was hardened, it could be used to lay-in the image on innumerable printing plates. When a plate exhibited wear, it was a routine matter to refurbish it by using the roll to re-enter the design. The first place where wear became evident on the typical plate was the delicate portraits, so re-entry of portraits was routine. The plate ledgers for the 1902 plates are rife with records of such re-entries, some plates being re- entered two or three times. National bank notes plates were not hardened because they generally were not heavily used. This allowed them to be re-entered and altered with minimal hassle. Figure 2. There are two proofs for the QQ-RR-SS-TT plate, the original dated Oct 22, 1915, and a second dated Aug 1, 1916, both of which have the correct security clause. The odd thing about the August proof is that it has two additional sets of siderographer initials, HLC and JAM; respectively, Harvey L Cote and John A. Mooney, but no notation indicating what had been done to the plate. It is obvious that an intermediate proof with the wrong security clause is missing. Photos from National Numismatic Collection, Smithsonian Institution. Figure 3. Entry from the plate ledger for the Series of 1902 10-10-10-10 QQ-RR-SS-TT plate for The National Bank of Commerce of St. Louis. Oct 15, 1915 was when the plate was begun, 10-22-15 when it was certified, 7- 8-16 when re-entered, and 8-1-16 when altered. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 159 One fact became clear as was I working with the plate ledger containing the data for the 1902 plates for The National Bank of Commerce. Only a small percentage of the re-entries listed in the ledger are represented by certified proofs in the BEP proof holding in the National Numismatic Collection. This explains why a proof for the July 8, 1916 re-entry with the securities clause error was missing. Proofs for re-entries were not routinely saved. I always have assumed that they simply used a vignette roll to re-enter the portraits. This is demonstrably the case for the majority of vignette re-entries because upon close examination minor differences can be observed between the placement of the new and old vignettes on the before and after re- entry proofs. Minor slop in positioning the portraits was hardly noticeable so wasn?t a concern. However, the re-entered heads on $10 Series of 1902 proofs do not exhibit discernable placement slop. It is clear that the siderographers were using full-face generic rolls for the $10s?rolls that contained everything except the bank-specific information. This made sense because by doing so they eliminated centering problems peculiar to McKinley?s portrait. This practice was news to me thanks to this project. McKinley?s portrait is delimited by an enclosing fine black circle surrounded by a white band of uniform width. It would be all but impossible to re-enter that vignette perfectly in order to preserve both the line and band so they used a full-face generic roll instead. I never even thought of this previously, but it is a practical solution. It also created the opportunity for the siderographer to lay-in the wrong securities clause on the St. Louis plate thanks to use of the wrong generic roll. A highly technical point must be made. The image on a roll stands in relief and those raised elements press or re-press the image into the surface of the plate. If there is a part of the roll that contains no image, that part of the roll will pass over the plate without leaving a mark. All the bank-specific items are missing from a generic full-face roll so when one is used to refurbish a portrait, it has no impact on the bank-specific items that are on the plate such as the charter numbers, bank title and Treasury signatures. A legitimate question is how could the siderographer accidentally use an obsolete roll? Wouldn?t they have gotten rid of them when the 1902 plain backs came along in July 1915? The answer is no. There were many perfectly serviceable ?or other securities? plates that were in concurrent use all the way to the end of the series in 1929 because the decision had been made to continue using them until they wore out. Consequently, when the portraits on one of them started showing wear, the siderographers had to use a roll with the obsolete clause to re-enter them. Those old rolls were lurking around waiting for the opportunity for someone to mistakenly use one like happened here! The point is that in the affairs of men, if it can happen, it will. This represents a remarkable occurrence and to my knowledge it is unprecedented. The only way it could have been discovered was for some collector like Dave to obtain several notes from the same plate and notice the oddity among them. Carefully think this situation through because it cuts two ways. In this case a siderographer rolled in an obsolete ?or other securities? clause onto a plate with ?deposited with the Treasurer.? One could just as well have accidentally used a modern roll and rolled in ?deposited with the Treasurer? onto one of the still serviceable ?or other securities? plates. The definitive evidence for either is finding two notes from the same plate with different clauses. The question is, was this St. Louis case a one-time occurrence or are more awaiting discovery? Table 2. Production data for the 10-10-10-10 Series of 1902 blue seal plain back sheets for The National Bank of Commerce in St. Louis, Missouri, charter 4178, during the period when the QQ-RR-SS-TT plate was in use. Receipt by Comptroller Sheets Treasury Sheet Serials Bank Sheet Serials Reported Notes Oct 13, 1915 1000 N215584-N216583 546666-547665 Oct 14, 1915 1000 n/a 547666-548665 Oct 15, 1915 2000 N218284-N220283 548666-550665 549381 high MM-NN-OO-PP Oct 16, 1915 1000 n/a 550666-551665 Oct 18, 1915 1000 n/a 551666-552665 Oct 19 1915 2000 n/a 552666-554665 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 160 Oct 20, 1915 1000 n/a 554666-555665 Oct 22, 1915 QQ-RR-SS-TT certified Oct 29, 1916 MM-NN-OO-PP canceled Nov 4, 1915 1000 N234559-N235558 555666-556665 556120 low QQ-RR-SS-TT Nov 5, 1915 1000 N235559-N236558 556666-557665 Nov 6, 1915 1000 N236559-N237558 557666-558665 Nov 8, 1915 1000 N237559-N238558 558666-559665 Nov 10, 1915 1000 N238559-N239558 559666-560665 Nov 11, 1915 1000 n/a 560666-561665 Jun 15, 1916 1000 N454291-N455290 561666-562665 Jun 16, 1916 1000 N456691-N457590 562666-563665 Jun 19, 1916 1000 N452591-N463590 563666-564665 Jun 20, 1916 1000 N464591-N465590 564666-565665 Jun 21, 1916 1000 N467991-N468990 565666-566665 Jun 22, 1916 1000 N471241-N472240 566666-567665 Jun 23, 1916 1000 N476416-N477415 567666-568665 Jun 24, 1916 1000 N478316-N479315 568666-569665 Jun 26, 1916 1000 N480441-N481440 569666-570665 Jun 28, 1916 2000 N482691-N484690 570666-572665 Jun 30, 1916 1000 N487941-N488940 572666-573665 Jul 3, 1916 1000 N492076-N493075 573666-574665 Jul 5, 1916 1000 N495411-N496410 574666-575665 Jul 6, 1916 3000 N498411-N501410 575666-578665 576309 normal July 8, 1916 QQ-RR-SS-TT re-entered with wrong securities clause Jul 22, 1916 1000 N502811-N503810 578666-579665 Jul 25, 1916 1000 N507611-N508610 579666-580665 Jul 26, 1916 1000 N509961-N510960 580666-581665 581410, 581615, 581652 errors Jul 28, 1916 1000 N512611-N513610 581666-582665 Jul 31, 1916 1000 N514111-N515110 582666-583665 Aug 1, 1916 QQ-RR-SS-TT altered where securities clause corrected Aug 1, 1916 1000 N516761-N516760 583666-584665 Aug 2, 1916 1000 N517861-N518860 584666-585665 Aug 11, 1916 1000 N518861-N519860 585666-586665 586400 normal Oct 4, 1916 1000 N569361-N570360 586666-587665 Oct 5, 1916 1000 N572031-N573030 587666-588665 Oct 9, 1916 1000 N574581-N575580 588666-589665 Oct 10, 1916 1000 N579031-N580030 589666-590665 Oct 11, 1916 2000 N582531-N584530 590666-592665 Oct 12, 1916 2000 N586031-N588030 592666-594665 Oct 16, 1916 1000 N595131-N596130 594666-595665 Oct 17 1916 1000 N598631-N599630 595666-596665 Oct 18, 1916 1000 N603231-N604230 596666-597665 Oct 20, 1916 UU-VV-WW-XX certified Oct 28, 1916 QQ-RR-SS-TT canceled Nov 3, 1916 1000 N619681-N620680 597666-598665 Nov 4, 1916 1000 N622681-N623680 598666-599665 Nov 6, 1916 2000 N623681-N625680 599666-601665 599895 high QQ-RR-SS-TT, 600369 low UU-VV-WW-XX Nov 8, 1916 1000 N626781-N627780 601666-602665 Nov 9, 1916 1000 N628781-N629780 602666-603665 Nov 10, 1916 1000 N631281-N632280 603666-604665 Nov 11, 1916 1000 N633281-N634280 604666-605665 Nov 13, 1916 1000 N634281-N635280 605666-606665 Nov 14, 1916 1000 N636881-N637880 606666-607665 Nov 15, 1916 1000 N641381-N642380 607666-608665 Nov 16, 1916 1000 N642381-N643380 608666-609665 Nov 17, 1916 2000 N645881-N647880 609666-611665 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 161 References Cited and Sources of Data Bureau of Engraving and Printing, 1875-1929, Certified proofs lifted from national bank note face plates: Division of Numismatics, Smithsonian Institution, Washington, DC. Bureau of Engraving and Printing, various dates, Record of National Currency face plates: Record Group 318, (450/79/18/02 container 112 & 03 container 118), U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, various dates, National currency schedules of work to be delivered: Record Group 101, (550/63/01/03 box 1), U. S. National Archives, College Park, MD. Comptroller of the Currency, 1863-1935, National currency and bonds ledgers: Record Group 101, (550/901/12/04 & 05 vols. 18, 20, 24) Huntoon, Peter, Jan-Feb 2015, The national bank note Series of 1882 and 1902 post-date back transition: Paper Money, v. 54, p. 4-19 Meet Matt Draiss?Candidate for SPMC board My name is Matt Draiss and I am a 22-year old coin dealer, bank historian, promoter, and collector from Athens, NY. My love affair with paper money started when I was about 16. I was buying and selling coins but was unaware of just how deep the field of national/obsolete/scrip bank notes was. I began to talk to my mentor in rare coins, Bill Panitch, of Albany, NY, about the concept of local currency. He introduced me to Bob Moon, who has been my mentor in national bank notes for several years. These two men, along with Russell Kaye, helped me start and accumulate a collection of knowledge, bank notes, and contacts within the field. For a short time, I was interested in collecting all of New York state, but at the advice of Wendell Wolka, I narrowed down my interest in collecting to just Greene County, New York. We have the usual handful of national banks, obsolete banks, and merchant scrip issues. I am working on building as complete of a collection as possible by variety, signature, and type. I believe that if I was given the honor and privilege of serving the SPMC board of governors in 2019 that I could make a difference. You see, being 22 and a promoter in the coin industry, I have an enormous amount of energy! We need to boost the interest of the younger generations, as well as the pedestrian public, to realize that "bank notes in your backyard" is an incredible part of history that is undervalued, under-collected, and under-studied. Most people have no clue that local currency is even a concept. My goals are to: 1. Listen to the SPMC membership about what changes should be done. You will have been the one to put me in office, so you are my boss! 2. Assist the board with routine tasks split among the current officers. 3. Specifically be involved with the obsolete bank note database in obtaining files, pictures, and editing information. This would be focused on my specialized area of New York state, along with soliciting donated content from other state collectors. 4. Encourage the collecting masses to join SPMC as a member and to realize the fun of currency collecting. 5. Have fun doing all of this! My professional experience with numismatics has been working in the wholesale trading department of a major northeastern coin company, building my business of Matt Draiss Rare Coins, and numerous internships with several top coin dealers. I have conducted numerous award-winning presentations and reports on national and obsolete bank notes. In 2010, I was awarded the Dr. Benjamin Sartoris Award from the Albany Numismatic Society for a talk given about obsolete bank notes. In 2017, I was awarded 1st place in the Kenneth Bressett Young Numismatic Literary Contest for my research report on the Greene County National Bank of Hunter, an unreported, red-seal only issuing national bank. I have done promotions on the national level to recover one of these notes. In 2018, I was awarded 3rd place again in the Bressett Award for my research report on the Mountains National Bank of Tannersville. I was honored to share with the Cairo Historical Society this past summer a lecture about the local currencies of Greene County. If elected to the SPMC board, I promise to serve YOU! #MakeNationalsGreatAgain #MattyD2019 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 162 HONG KONG SHANGHAI LONDONMUNICH SARASOTA Collect With Confidence Worldwide For more information, visit: NGCcoin.com PMGnotes.com NGC and PMG have earned the trust of collectors and dealers worldwide through their unrivaled expertise, stability and integrity. Together, the companies have certified more coins and paper money than any other grading services, and operate the largest network of global submission locations. In fact, NGC and PMG now operate more than 82,000 square feet of purpose-built offices dedicated to expert certification services, including expanded locations that recently opened in Hong Kong and Munich. As part of the Certified Collectibles Group (CCG), NGC and PMG share a long-term management team, as well as the financial backing to support their industry-leading guarantees of authenticity and grade. That?s strength and stability you can trust. 20 GLOBALLOCATIONS 50 GRADINGEXPERTS 47,000,000 COLLECTIBLES GRADED 46 YEARS OF COMBINEDINDUSTRY LEADERSHIP 19-CCGPA-4959_CCG_Ad_NGC_PMG_Stability_PaperMoney_MayJune_2019.indd 1 4/1/19 11:14 AM Duplicated Back Plate Serials of Series 2009A $100 Federal Reserve Notes By Joe Farrenkopf The first Series 2009A $100 Federal Reserve Notes were serialed in October 2011 at the Western Currency Facility in Fort Worth, Texas. An oddity of Series 2009A production at Fort Worth was the pairing of some Series 2009A face plates with back plates from the previous Series 2009. Those pairings resulted in some ?duplicated? back plate serials of Series 2009A notes. Plate Making The portrait, vignettes, lettering and borders that make up the design of a note are engraved on separate dies and are then put together like a puzzle to form a master die, which is a single image of the complete face or back of a note. The master die is used to make individual molds that are exact replicas of the master image; those molds are then used to reproduce the master image multiple times (32 or 50 depending on the denomination) to create a master plate. Engravers next cut in additional items into the master plate such as series, quadrant numbers and signatures. Finally, from that master plate, hundreds of identical printing plates are made, with each note image an exact match of the master die. Plate Serials On each printing plate, a small serial number is engraved inside every note image to identify the plate from which the note image was produced. For example, Fig. 1 is a Series 2009A $100 note with back plate serial 558. Figure 1: Face and back of a Series 2009A $100 Federal Reserve Note plus a close-up of the lower right back of the note showing plate serial 558. Prior to the introduction of new currency designs with Series 1996, back plates were not created for or assigned to any one series; back plate serial numbering did not reset regularly, and plate serial numbers simply increased sequentially over time independent of series changes. Starting with Series 1996, each new series has been assigned its ?own? set of back plates, commencing with 1 at the start of a new series. Thus, a back plate engraved with plate serial 1 was created specifically for Series 2009 $100 notes. Likewise, when production of Series 2009A began, a back plate engraved with plate serial 1 was created specifically for Series 2009A $100 notes. (More correctly, two back plates with plate serial 1 were produced ? one for the facility at Fort Worth and one for the Eastern Currency Facility in Washington, DC.) ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 164 Because every note image on a printing plate was made from the same master die, all of the engraved design details match on every note produced from that plate. The plate serials, which are not engraved into the master plate but are added last only to each individual printing plate, are positioned in generally the same location on each note image but can exhibit slight variations from one note image to the next and from one plate to the next. For example, Figure 2 depicts two Series 2013 $10 notes from Fort Worth face plate 23. The top note is from plate position B3 while the bottom note is from plate position C3. Notice how the spacing between the quadrant letter and plate serial on the note from plate position C3 is wider than the spacing on the note from plate position B3. Figure 2: Two Series 2013 $10 Federal Reserve Notes printed from Fort Worth face plate 23. Note how the spacing between the quadrant letter and the plate serial is not the same for both notes. Now consider that every note printed from the same plate position on the same plate will exhibit no variation in the location of the plate serial. That is, all Series 2013 $10 notes printed from Fort Worth face plate 23, plate position C3, will exhibit the same wide spacing between the quadrant letter and the plate serial. Similarly, the plate serials of all notes printed from the same back plate will be identically positioned, like those of the two Series 2013 $5 notes from plate position B3, serials MD70679230B and MD73937546B, shown in Fig 3. Figure 3: Two Series 2013 $5 Federal Reserve Notes from plate position B3 and with back plate serial 213. Both notes have back plate serial 213, as shown in figure 4. Notice how both the plate serial and design elements in the border scrollwork are in perfect alignment because both notes were printed from the same back plate. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 165 Figure 4. Close-up of the lower right back of two Series 2013 $5 Federal Reserve Notes from plate position B3 and with plate serial 213. Note how the border design and plate serials align exactly. That consistency is what makes it possible to detect that certain Series 2009A $100 notes from the same plate position and bearing the same back plate serial were actually printed from different plates. Series 2009A $100 Notes with Back Plate Serial 112 Figure 5 depicts two Series 2009A $100 notes from plate position A4, serials LB92068403E and LK56835799A. Figure 5: Two Series 2009A $100 Federal Reserve Notes from plate position A4 and with back plate serial 112. Both notes have back plate serial 112, as shown in Figure 6. However, notice that while the design elements in the border scrollwork are in perfect alignment, the plate serials are not. That misalignment reveals that despite being from the same plate position and bearing the same back plate serial, the two notes were actually printed from different back plates. Indeed, the top note was printed from a Series 2009A back plate while the bottom note was printed from a Series 2009 back plate. To understand how this came about, it is necessary to look briefly at the chronology of the colorized $100 note. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 166 Figure 6. Close-up of the lower right back of the two notes shown in Figure 5. While the border design of both notes aligns exactly, the plate serials do not. The reason is that the top note was printed from a Series 2009A back plate while the bottom note was printed from a Series 2009 back plate. Series 2009 $100 Federal Reserve Note Production Serialing of the new colorized $100 Federal Reserve Note began as Series 2009 in February 2010 at both the Fort Worth and Washington, DC, printing facilities. Those notes were initially expected to be put into circulation a year later,1 but production problems delayed their release for nearly five years beyond their initial expected release. According to an October 2010 press release from the Federal Reserve Board of Governors, the issue date of the redesigned $100 note would be delayed while the Bureau of Engraving and Printing worked to resolve problems related to newly incorporated ?cutting edge? anti-counterfeiting technologies that evidently contributed to ?sporadic creasing of the paper . . . which was not apparent during extensive pre-production testing.?2 In addition to finding a solution to eliminate the sporadic creasing of the paper, the BEP also had to find a mechanism to inspect approximately 1.1 billion of the new colorized $100 notes that the Federal Reserve Board had refused to accept due to quality concerns.3 In order to meet the continuing high demand for $100 notes, the BEP reverted in late 2010 to producing the previous design while it searched for solutions to fix the problems with the new colorized design. The BEP continued, meanwhile, to produce small quantities of Series 2009 $100 notes as it tested potential fixes. By late summer 2011, the BEP was ready once again to ramp up production of the new colorized design. The last Series 2009 $100 notes were serialed in September 2011, and the first notes of a new Series 2009A were serialed in October 2011. Although the note design and signatures had not changed, the BEP designated those notes as a different series to represent a new production cycle.4 In accordance with that new series designation, plate serials started over at 1. Simultaneous production of both the old and new design $100s continued for almost a year and a half, although production of Series 2009A was significant during that time. Especially notable was the month of September 2013 when the BEP serialed 191 runs of $100 notes, as compared with a more typical monthly volume on the order of 20 to 40 runs; the scheduled release date of Series 2009A notes was fast approaching. Although Series 2009A was the second series of colorized $100 notes, on October 8, 2013 it became the first such series to be released into circulation. Notes from the previous Series 2009, most of which had been serialed between February 2010 and October 2010, had been set aside until the BEP could implement a mechanism to examine notes individually to determine which ones would meet the Federal Reserve Board?s quality standards. In 2014, the BEP installed its Single Note Inspection (SNI) system, which allowed for individual notes to be inspected and problem notes culled, leaving only good notes for issuance into circulation. First reports of those good Series 2009 $100 notes finally reaching circulation began to occur in late 2015. In 2016, the BEP estimated that approximately 0.6 billion of the 1.1 billion notes that the Federal Reserve Board did not accept back in 2010 would be deemed satisfactory to the Federal Reserve5 and eventually issued. It is notable that more than three years after Series 2009 $100 notes began to be released into circulation, no regular notes from the earliest production of the series appear to have been satisfactory to the Federal Reserve; based on data recorded from observed notes in circulation, regular notes serialed from February 2010 through about mid- ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 167 April 2010 are absent from the data. At the opposite end of the series, notes serialed after October 2010 (save for a single run serialed at Washington, DC, in June 2011) are absent from the data. Series 2009 Back Plate Serial Numbers of Fort Worth $100 Notes Of Series 2009 $100 notes produced at Fort Worth, plate serial numbers of observed regular notes that ultimately entered circulation range from 34 to 103 (face) and from 22 to 84 (back) (see figure 7). Plate change record logs from the BEP show, however, that back plates higher than 84 were used at Fort Worth. In particular, plates 85 through 101 were on the presses from late August 2010 through June 2011, the time period when the BEP had largely halted production due to the paper creasing problem. Those plates collectively printed more than 33.1 million sheets, enough to serial 33 100,000-sheet runs, which happens to be the number of runs serialed at Fort Worth after October 2010. Given that no notes serialed at Fort Worth after October 2010 have appeared in circulation, it would seem that 84 is the highest Series 2009 Fort Worth back plate to be found . . . except for the oddity of some Series 2009A face plates being paired with some Series 2009 back plates. BEP plate change record logs show that in April and May 2012, Series 2009 $100 back plates 102-105-107-108 were together on the press at Fort Worth; those plates were subsequently replaced by Series 2009 $100 back plates 109-110-111-112, which were together on the press in May and June 2012. But how could that be given that the last Series 2009 $100 notes had been serialed more than six months earlier in September 2011? It turns out that sheets that were back-printed using those eight plates were then face-printed with Series 2009A face plates as part of Series 2009A production. Meanwhile, the BEP also prepared Series 2009A $100 back plates with plate serials 102, 105, 107, 108, 109, 110, 111 and 112. BEP plate change record logs show that in September and October 2012, Series 2009A $100 back plates 103-104-105-111 were together on the press at Fort Worth and that Series 2009A $100 back plates 106-108- 109-110 and 112-113-115-116 were on the press in October and November 2012. (Series 2009A back plates 102 and 107 were never used.) That means six back plate serials ? 105, 108, 109, 110, 111 and 112 ? exist for both series and are found in two different groupings of Series 2009A Fort Worth notes, one group produced using Series 2009 back plates and the other group produced using Series 2009A back plates. How to Determine the Series Plate from Which a Note was Printed It is difficult to distinguish with the naked eye the series plate from which a note with back plates 105, 108, 109, 110, 111 and 112 was produced. The location of the back plate serial is essentially the same for both series, although under magnification like that seen in Figure 6, minor placement differences may be detectable. Instead, the simplest way to know if your note was printed from a Series 2009 back plate or a Series 2009A back plate is by the serial number block or face plate serial. That?s because $100 notes with Series 2009 back plates 105, 108, 109, 110, 111 and 112 were serialed in May through August 2012 while $100 notes with Series 2009A back plates 105, 108, 109, 110, 111 and 112 were serialed several months later in October through December 2012. Table 1 identifies the FRB Figure 7: A close-up of the face and back of a Series 2009 $100 Federal Reserve Note showing face plate serial 103 and back plate serial 84. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 168 and blocks where back plates 105, 108, 109, 110, 111 and 112 have been observed and lists those blocks by the series plate used; the table also identifies the range of face plate serials paired with those back plates. Table 1 ? Blocks where Series 2009A $100 Fort Worth notes with back plate serials 105, 108, 109, 110, 111 and 112 have been observed. Back?Plate?Serial? Series?2009?Back?Plate? Series?2009A?Back?Plate? 105? LEA,?LKA,?LLA,?LLB? LBC,?LBD? 108? LEA,?LKA,?LLA,?LLB? LBC,?LBD,?LBE? 109? LEA,?LIA,?LJA,?LKA,?LKB? LBD,?LBE? 110? LEA,?LIA,?LJA,?LKA,?LKB? LBD,?LBE? 111? LEA,?LIA,?LJA,?LKA,?LKB? LBC,?LBD? 112? LEA,?LIA,?LJA,?LKA,?LKB? LBD,?LBE,?LBF? Face?Plate?Serials? 44?to?75? 110?to?149? And thus it is worth noting that while Series 2009 $100 notes from Fort Worth exhibit back plate serials as high as 84, in fact the highest Series 2009 $100 Fort Worth back plate serial to be found is actually 112 ? it?s just that one has to look for that back plate on Series 2009A $100 notes. Acknowledgements Great appreciation goes to Derek Moffitt for reviewing this article and providing astute editorial advice. Sources 1. Bureau of Engraving and Printing, ?U.S. Government Puts Public Education for New $100 Note into High Gear,? news release, July 21, 2010, https://www.bep.gov/pressrelease72110.html. 2. Board of Governors of the Federal Reserve System, ?Federal Reserve announces delay in the issue date of redesigned $100 note,? news release, October 1, 2010, https://www.federalreserve.gov/newsevents/pressreleases/other20101001b.htm. 3. Board of Governors of the Federal Reserve System, 2011 Annual Report: Budget Review, https://www.federalreserve.gov/publications/budget-review/files/2011-budget-review.pdf. 4..USPaperMoney.Info, ?Series 2009A $100,? accessed March 7, 2019, http://www.uspapermoney.info/serials/f2009ah.html. 5. Board of Governors of the Federal Reserve System, 2016 Currency Budget, December 16, 2015, https://www.federalreserve.gov/foia/files/2016Currency.pdf. 6. Bureau of Engraving and Printing, ?U.S. Currency: How Money is Made,? accessed March 7, 2019, https://www.moneyfactory.gov/howmoneyismade.html. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 169 Albania 1 Lek 1976 by David Lok Rozafa Castle in the city of Shkoder Albania is a country whose land has been long fought over and whose people have proven repeatedly that they were there to stay. They have had many invasions and occupations, and yet the people still claim their land as their own, no matter who may have thought they were in charge at the time. One of the major cities in Albania is Shkoder, located about 17 miles inland from the Adriatic Sea, in the Northwest border of Albania, along the shore of Lake Skadar (Shkoder), which is shared with the country of Montenegro. The Bojana River flows from Lake Skadar into the Adriatic Sea, past Rozafa Castle which is located to the southwest of Shkoder atop a hill between the Bojana and the Drin Rivers. Shkoder was first inhabited in the Bronze Age (3000 BC ? 1200 BC). The fortress ruins atop the 430-foot hill are mostly left over from the last build up by the Venetians who held the area from 1396-1478. Yet the hillside had a fortification much earlier than that. The hillside and the fortress have provided a nearly impregnable haven for the people of Shkoder many times, as the country was invaded and under siege. A large part of the reason that Albania was fought over was its location and proximity to the rest of Europe and the Italian peninsula. The river emptying into the Adriatic Sea, north-east of the heal of Italy?s boot, was one of the best places for military forces to congregate while trying to conquer the rest of Europe, or to try and stop an invading force. In times of peace, it proved to be a viable port to cut short longer trade routes on land. Recorded military actions in the area around Shkoder included the Roman invasion in 168 BC. In order to secure trade routes, the area was colonized and became known as the Roman province of Illyricum. As it was an important town along a favored trade route, the Romans also started minting coins in Shkoder between 211-197 BC. This would enable them to exchange coinage with their trading partners, likely in the Roman?s favor. Nevertheless, being under Roman rule didn?t put an end to the military action and violence. While many wars would continue to plague most of Europe, the turbulent history of military conquest for the important trading port ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 170 around Shkoder would continue far longer than in most of the rest of the continent. In 1101, there was a Crusade that included Shkoder. In 1214, after the Fourth Crusade, it was conquered by the frighteningly named ?Despotate of Epirus?. In 1396, Venice tightened their control of the trade route and took over Shkoder. While under the Venetian occupation, Shkoder had their hilltop fortress reinforced in an effort to dissuade future attempts by others to take over the port city. Their reinforcement and updating of the already ancient fortress would prove to be an important asset in the near future against the Ottoman Sultan Mehmed the Conqueror. Mehmed earned the title ?Conqueror? for a reason. He already had an impressive list of important conquests before heading to Shkoder, including important kingdoms such as Constantinople, Serbia, Morea, Wallachia, Bosnia, Moldavia, etc. Mehmed the Conqueror eventually made his way to Shkoder in 1478, and settled in for a siege, setting up camps, and sacking other nearby cities. This siege was to turn out to be one of the most important for the struggle of power and control between the Europeans and the Ottomans. The trade routes not only controlled the goods and money, but also the culture, religion, and political influence in the area as well. However, the Rozafa Fortress stood high on the hill, right in Mehmed?s way. Most Albanians in the area fled the approaching Ottoman army, fleeing into the mountains or into the castle itself. About 1,600 men, along with a few women, were inside the fortress, awaiting the onslaught from the Ottoman forces that some say were more than 300,000 in number. The siege began with a 19-day long bombardment of artillery on the fortress. The Ottoman cannons were cast onsite and lobbed cannon balls as heavy as 830 pounds at the Rozafa fortress walls. The constant two-week long bombardment must have been catastrophic for the defenders. After the artillery fire stopped, the Ottomans stormed the fortress but were beaten back five times. The castle, situated high and well placed for defense, along with its reinforced walls, weathered the attacking army, causing the Ottoman forces many more casualties than they were inflicting. Despite their advantageous position within Rozafa Castle, the demoralizing effects of artillery and the dwindling supplies and food made it clear that a truce needed to be made. In January 1479, the Venetian and Albanian forces surrendered. The small number of defenders held out valiantly against the Ottoman army, but given the overwhelming force of the attackers, it would never have been able to outlast them. A peace agreement was signed between the Ottomans and the Venetians, officially surrendering Shkoder to the Ottoman Empire, as long as the citizens were unharmed. Venice was also forced to pay 100,000 Ducats for war reparations, and an additional 10,000 ducats annually to continue trading in the area. The remaining defenders of the fortress castle were allowed to return to Venice or to Shkoder. While under Ottoman control, Shkoder remained an important city for trade and strategic purposes. Albania and the City of Shkoder would remain under Ottoman control for 434 years when, in 1913, during WWI, it was captured by forces from Montenegro. In 1916, it was Map showing Europe and the location of Albania and Shkoder. Rosafa Castle Ruins. Photo by Peter Fen?a on Foter.com / CC BY-NC-ND ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 171 occupied again, this time by the Austro- Hungarian army, and then by France in 1918, as WWI ended. During WWII, it was invaded by Italian forces, and then occupied by German forces when Italy succumbed to the Allies. After WWII, Albania found itself tied to the Communist leadership of the Soviet Union. It remained an independent country, but under the heavy influence of Soviet leadership. Ties strengthened between Albania and China in the 1960?s, when China slowly opened up to some eastern European countries and the international connection helped bolster Albania?s place within the Iron Curtain. When communism failed throughout the Soviet Union and Eastern Europe, Albania was able to voice more of its own will and democratic reforms took place. Though now in ruins, Rozafa Castle still sits on the hilltop of Shkoder, and is a popular tourist destination. There is a famous legend concerning Rozafa Castle and a woman who was buried within its walls. Three brothers were on the hilltop and trying to build the castle. Each day they worked hard, piling stones on top of each other, making strong walls. When their lunch was brought to them at the top of the hill by one of their wives, they would take a break and then continue to work until the day?s end. They would rest through the night, but in the morning when they returned to their castle, all their hard work was undone, and the stones lay back on the ground. Day after day they worked, and night after night, all their hard work was undone. Frustrated, the brothers sought the advice from an elder, who told them they needed to make a sacrifice, and entomb someone within the walls. Unless this was done, said the wise old man, the castle could not be built. The brothers agreed to make a sacrifice, but they could not decide who should be buried within the castle walls. After much discussion, they agreed that it must be one of their wives. They decided that whomever it was that brought their lunch the next day would be the one that would be sacrificed. They swore to each other that they would be silent to their wives about this agreement, to be fair to each other and not to frighten their wives away. The three brothers returned home that night, but only the youngest kept his word and did not tell his wife of the plan. The two other brothers broke their promise to each other, and told their wives not to deliver their lunch the next day. The next day as the brothers all met at the castle and started again to rebuild the walls they watched eagerly to see who would bring them their mid-day meal. When they finally saw a female figure approaching, the two older brothers were relieved, but the younger brother?s heart sank. It was his beloved wife, Rozafa. The youngest brother explained to his beloved the pact the three of them made, and that she was to be sacrificed within the castle walls. The devoted wife listened to her husband and, knowing that there was nothing she could do, agreed. She was, however, worried about their infant son, who needed a mother?s love and care, so she agreed to be sacrificed as long as her conditions were met: Leave my right eye exposed Leave my right breast exposed Leave my right hand exposed Leave my right foot exposed For the sake of our newborn son So that when he starts crying Let me see him with one eye Let me caress him with one hand Let me feed him with one breast Let me rock his cradle with one foot May the castle breastwork be walled May the castle rise strong May my son be happy. Rozafa Castle from the Skoder Valley Photo by Ed from Ohio-Foter.com / CC BY-NC-SA ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 172 View of Shkoder from Rozafa Castle Photo by Burn Osoleil on Foter.com / CC BY-NC-SA https://en.wikipedia.org/wiki/Rozafa_Castle https://en.wikipedia.org/wiki/Shkod%C3%ABr https://www.tripadvisor.com/Attraction_Review-g303166-d2705349-Reviews-Rozafa_Castle-Shkoder_Shkoder_County.html https://invest-in-albania.org/the-legend-of-rozafa-buried-in-the-foundation-of-a-castle/ https://theculturetrip.com/europe/albania/articles/the-legend-of-rozafa-castle-in-albania/ https://commons.wikimedia.org/wiki/File:Monedha_Labeate.jpg A guide to the Ancient World by Michael Grant ISBN 0-7607-0425-2 The front of the banknote shows a couple appreciating their harvest. Rozafa Castle is commemorated on the back of Albania?s 1 Lek banknote issued in 1976. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 173 The Yellowstone-Merchants National Bank of Billings, Montana by Frank Clark The Yellowstone National Bank was organized in June 1891 with charter number 4593. I believe it was named for the Yellowstone River Basin that covers much of Montana and also extends into North Dakota and Wyoming. The Merchants National Bank was chartered in March 1909 and it received charter number 9355. The Yellowstone with a capital of $100,000 and the Merchants with a capital of $250,000 consolidated on October 7, 1921 with a total capital of $350,000. The name settled on for the consolidated institution was the Yellowstone-Merchants National Bank and its charter number was 4593. It was also decided that they would occupy the quarters of the old Yellowstone National Bank. The officers of the combined bank was a mixture from both charter numbers. Chairman of the Board Lewis C. Babcock was formerly the president of the Yellowstone. Other officers who moved over from the Yellowstone were Vice President W.A. Selvidge, Vice President W.L. Clark and Assistant Cashier F.E. Hanley. Officers from the Merchants who remained with the new consolidated title were President Roy J Covert, Vice President Charles M. Bair, Vice President Edroy H. Westbrook, Vice President George M. Hays, Cashier Dean A. White and Assistant Cashier W.J. Tobin. The Yellowstone-Merchants would voluntary liquidate on October 23, 1923. Its circulation was assumed by the Midland National Bank of Billings, charter number 12407. This is a rare bank title as both Track & Price and the National Bank Note Census list the same two notes and that does not include the $20 that accompanies this article. Both of the two previously enumerated notes are $10 1902 Plain Backs and they both last appeared at auction in 2005. Bibliography: Kelly, Don C. National Bank Notes Sixth Edition. Oxford, Ohio: The Paper Money Institute, Inc., 2008. Van Belkum, Louis. National Banks of the Note Issuing Period 1863-1935. Chicago: Hewitt Bros. Numismatic Publications, 1968. "Montana Banks Consolidate." Bankers Magazine, September 1921, page 613. The Yellowstone-Merchants National Bank $20 1902 Plain Back. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 174 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 Register of the Treasury Signature on U. S. Currency Purpose and Overview The purpose of this article is to explain the role of the Register of the Treasury and why the signature of the Register of the Treasury was replaced by that of the Secretary of the Treasury on Treasury currency at the startup of the small note era in 1928. Register of the Treasury The office of the Register of the Treasury came into being as an officer in the Treasury Office under the Continental Congress in 1780 (Walston, 2013). The office was carried over to the United States Treasury Department by the enabling act providing for the Treasury passed by the First Congress in 1789. The duties of the Register grew to keep all accounts of receipts and expenditures of public money and of all debts due to or from the United States, sign and issue government securities, and take charge of the registry of vessels under United States laws (Black?s Law Dictionary). For decades the Register held the most important bookkeeping position in the Treasury. The Register reported to the Secretary of the Treasury, a cabinet position. Power and prestige in the executive branch falls off with distance from the President, thus, the Register was in the enviable third tier. The scope of the work and the status of the Register?s office was diminished through legislation and reorganizations over the decades following the Civil War as various responsibilities were transferred to other divisions within Treasury. The debt management functions were transferred to a newly titled Division of Loans in 1868, the latter being renamed the Division of Loans and Currency in 1876. Congress created the Bureau of Navigation within the Treasury Department in 1884 to consolidate administration of laws pertaining to shipping, so that bureau absorbed many of the functions pertaining to vessels previously handled by the Register?s office (Walston, 2013). The Dockery Act of 1894, which centralized accounting functions, transferred the duties and records relating to documenting the receipt and expenditure of public funds from the Register?s office to a new entity within the Treasury Department called the Division of Bookkeeping and Warrants. This narrowed the scope of the Register?s duties primarily to recording the issuance of bonds and other securities. However, his office continued to have a role in the redemption of Treasury currency. Lee Lofthus & Peter Huntoon Figure 1. The Signatures of the Register of the Treasury and Treasurer of the United States were used to convey the authority and obligation of the Treasury on U. S. currency from the inception of the legal tender issues beginning in 1862. Heritage Auction Archives photo. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 176 Three distinct Treasury offices were involved in redemptions of Treasury currency at the time. The Division of Redemption in the Treasurer?s office received currency from the sub-treasuries and banks. They sorted and counted it by class and denomination. The notes were then cut in half lengthwise as a protection against theft. The lower halves were sent to the Secretary of the Treasury?s Division of Loans and Currency and the upper halves were sent to the Register?s office where each verified the counts. Once the three counts were reconciled, the halves were sent to the Destruction Committee. The Register?s office also was responsible for counting fractional currency that came to the Treasury for redemption. The verification count performed by the Register?s office was discontinued June 16, 1913. This terminated the Register?s involvement with currency operations. At this point, William S. Broughton, Assistant Chief of the Division of Loans and Currency, pointed out that it seemed inappropriate for the Register?s signature to continue to appear on currency (Broughton, Nov 24, 1913). In 1919, Secretary of the Treasury Carter Glass, a Woodrow Wilson appointee, effected a reorganization of the Department of the Treasury in order to better handle the greatly increased work load imposed on it by World War I. To this end, he established the Fiscal Assistant Secretary, who reported directly to him, to oversee three administrative divisions: a newly created Commissioner of the Public Debt as well as the existing Comptroller of the Currency and Commissioner of Accounts and Deposits. The Register of the Treasury, Division of Loans and Currency and other debt officers were placed under the supervision of the Commissioner of the Public Debt (Glass, 1920, p. 239-242). Subsequent to the creation of the Division of Public Debt, the Treasury Department recommended to Congress in 1920 that the Register should cease to be a Presidential appointee with Senate confirmation. Instead, the position should be a civil service position where the candidate would be appointed by the Secretary of the Treasury and would report to the Commissioner of the Public Debt (Houston, 1920, p. 42). Implementation of the recommendation was delayed so Harley V. Speelman became the last of the Presidentially-appointed Registers, being confirmed by the Senate January 23, 1922. William S. Broughton was named the first Commissioner of the Public Debt on November 16, 1919 and served in that capacity until he retired in 1945 (Cantor and Stabile, 1990). Newly installed Secretary of the Treasury Andrew W. Mellon changed the name of the Division of Public Debt to Public Debt Service in 1921 to reflect its growing responsibilities (Walston, 2013). The mission of the Public Debt Service was to supervise the sale and redemption of Treasury and Federal Reserve debt as well as the issuance and redemption of Treasury currency. Broughton?s Division of Loans and Currency assumed the massive World War I Liberty Loan Bond program that previously had been administered by the Register. Broughton had a primary role in everything pertaining to currency including currency design during his tenure. Figure 2. Series of 1914 Federal Reserve notes were the first U. S. currency to carry the signatures of the Secretary of the Treasury. The Federal Reserve Act of December 23, 1913 gave the Secretary of the Treasury authority over the form of the notes and it was deemed at the time that those were the logical signatures to convey that the notes were the obligation of the Federal government. Heritage Auction Archives photo. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 177 Secretary of the Treasury Andrew Mellon made sweeping changes to the organization of the Department in 1923 by creating a new position called the Undersecretary of the Treasury who oversaw a lieutenant called the Assistant Secretary in Charge of Fiscal Offices. Broughton?s Public Debt Service answered to this Assistant, and the Register in turn answered to Broughton as before. The Register had become a civil service position with greatly diminished responsibilities and was now buried within the executive hierarchy. The Office of the Register finally was abolished in 1956, and its remaining duties were assumed by the Public Debt Service. Patronage The Register of the Treasury was appointed by the President until the early 1920s so it was a plumb patronage position often used for political advantage by the President and party in power to appeal to specific constituencies. Post-Civil War Republican presidents beginning with James Garfield in 1881 awarded the office to accomplished blacks to solidify black loyalty to the party. It thereby became the highest executive office held by blacks during that era. Blanche K. Bruce, a senator from Mississippi, was the first and continued to serve under President Arthur after Garfield?s assassination. He was appointed again by President McKinley in 1898 after a hiatus of a dozen years. The complete list is the following. Register Official Term of Office Republican President Blanch K. Bruce May 21, 1881-June 5, 1885 Garfield, Arthur December 3, 1897-March 17, 1898 McKinley Judson W. Lyons April 7, 1898-April 1, 1906 McKinley William T. Vernon June 12, 1906-March 14, 1911 Taft James C. Napier May 18, 1911-March 31, 1913 Taft The practice ceased abruptly when Democrat Woodrow Wilson assumed the Presidency in 1913. Wilson installed fervent southern segregations into a couple of key cabinet positions including Secretary of the Treasury William G. McAdoo. McAdoo presided over the segregation of the U. S. Treasury including the BEP. Register James Napier, who resigned in protest, was replaced by Gabe E. Parker, a part-Native American Choctaw from Oklahoma. Register?s Signature on Currency There are two classes of U. S. currency: Treasury currency and bank currency. Treasury currency is currency that Congress authorized the Secretary of the Treasury to issue. It included demand notes (1861-1862), legal tender notes (1862-1971), gold certificates (1863-1934), silver certificates (1878-1963) and Treasury notes (1890-1893). Congress also authorized the issuance of bank currency, which encompassed national bank notes (1863-1935) and Federal Reserve notes (1913-present). Federal Reserve bank notes, an emergency supplemental currency with backing similar to national bank notes, were current during 1915-1923 and 1933-1934, with additional uses of stocks of fit and previously unissued small size Federal Reserve bank notes during 1942-1943. The difference between these classes of currency was who was obligated to redeem the notes into legal money. The Treasury itself carried the obligation for all Treasury currency. The bankers were obligated in the case of the bank currency, although ultimate liability for Federal Reserve notes rests with the United States. Beginning with legislation authorizing the issuance of $50,000,000 in demand notes passed July 17, 1861, Congress specified that the notes be ?signed by the First or Second Comptroller, or the Register of the Treasury, and countersigned by such other officer or officers of the Treasurer as the Secretary of the Treasury may designate.? This was immediately amended by a supplemental act passed August 5, 1861 that stipulated that the notes be ?signed by the Treasurer of the United States, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Treasurer, and countersigned by the Register of the Treasury, or by some officer of the Treasury Department, designated by the Secretary of the Treasury, for said Register.? A large force of clerks was hired to hand sign the demand notes on the behalf of the Treasurer and Register. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 178 The important point is that it became established early on that the Register and Treasurer were the designated officials who signed currency on behalf of the government. The selection of those two officials made sense at the time because the Treasurer placed Treasury currency into circulation and the Register was charged with recording it as a liability on the government?s books. The Acts of February 25 and July 11, 1862 authorizing the issuance of legal tender notes solidified this tradition by stating that those issues ?shall bear the written or engraved signatures of the Treasurer of the United States and the Register of the Treasury.? In the case of national bank notes, the Acts of February 25, 1863 and June 3, 1864 provided ?notes shall express upon their face that they are secured by United States bonds, deposited with the treasurer of the United States, and issued under the provisions of this act, which statement shall be attested by the written Figure 3. The decision to use the Secretary of the Treasury?s signature on small size notes was approved by Secretary Mellon on May 12, 1928 while Register W. O. Woods? and Treasurer Frank White?s signatures were current. See Figure 4. Heritage Auction Archives photo. Figure 4. Plates for small size $1 Series of 1928 silver certificates began to be made November 3, 1927 with a large ONE to the left that carried the then customary signatures of Register W. O. Woods and Treasurer Frank White (top). A new master plate was begun July 10, 1928 after the use of the Register?s signature was dropped that bore the signatures of Secretary A. W. Mellon and newly appointed Treasurer H. T. Tate, and production plates began to be certified on July 25th. However, the design was abandoned in September 1928 (Huntoon, 2007). National Numismatic Collection photos. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 179 or engraved signatures of the treasurer and register, and by the imprint of the seal of the treasury.? Thus, the tradition was established for using the signatures of the Register and Treasurer on bank currency as well. Subsequent legislation creating Treasury currency was mixed on the issue of authorizing signatures. The Act of March 3, 1863 providing for first gold certificates contained language similar to the earlier acts that specified the use of the Register?s signature. Other legislation was silent on the issue, such as occurred with the Bland-Allison Act of February 28, 1878 that authorized the first silver certificates. More commonly, though, authority over the design of the notes was given to the Secretary of the Treasury, thus by default yielding to the Secretary discretion over the signatures. The Federal Reserve Act of December 23, 1913 gave the Secretary of the Treasury discretion over all aspects of the design of Federal Reserve notes except for labeling the districts from which they were issued; specifically, ?Such notes shall be in form and tenor as directed by the Secretary of the Treasury under the provisions of this Act and shall bear the distinctive numbers of the several Federal reserve banks through which they are issued.? By 1913, owing to the diminished role the Register had with respect to currency, it seemed appropriate to observant Treasury officials to use the signatures of the Treasurer and Secretary instead of the Register. Secretary of the Treasury William McAdoo signed off on the concept so his signature and that of Treasurer John Burke appeared on the first Series of 1914 Federal Reserve notes. This represented the first appearance of the signature of the Secretary of the Treasury on U. S. currency. In contrast, Federal Reserve bank notes issued under the authority of Section 18, of the Federal Reserve Act of December 23, 1913, retained the signatures of the Register of the Treasury and U. S. Treasurer as signers for the government. National bankers could sell bonds they used to secure their circulations to Federal Reserve banks thus allowing the Federal Reserve banks to replaced those national bank note circulations with an equal amount of Federal Reserve bank notes. Section 4 of the Act stated: ?such notes to be issued under the same conditions and provisions of law as relate to the issue of circulating notes of national banks secured by bonds of the United States.? This language was used to grandfather the use of the Register and Treasurer signatures onto the Federal Reserve bank notes consistent with the language in the National Bank Act. The same logic carried over to the Series of 1929 Federal Reserve bank notes authorized by the Emergency Banking Relief Act of March 9, 1933 Signature Change Public Debt Service Commission Broughton, who was a primary behind-the- scenes official involved with Secretary Andrew Mellon?s initiative to reduce the size of the currency, began arguing forcefully in 1927 that the Register?s signature on Treasury currency should be replaced by that of the Secretary of the Treasury on the coming small notes. His central point was that the Secretary was the chief financial officer of the nation and as such ?It seems to me most appropriate for an obligation of the United States to be given in the name of the Secretary? (Broughton, May 20, 1927). Besides, at this point the Register was no longer involved with any aspect of currency issues, either Treasury or bank currency. Broughton continued to press for the use of the Secretary?s signature on the coming small notes in a March 17, 1928 memo to Henry Herrick Bond, President Coolidge?s appointee to Assistant Secretary of the Treasury in charge of Fiscal Affairs. He pointing out the precedent for using the Secretary?s signature on Federal Reserve notes. He followed up on May 5th by pointing out that although the Legal Tender Acts Figure 5. William S. Broughton, Commissioner of the Public Debt, was the primary person behind the move to replace the signature of the Register of the Treasury with that of the Secretary of the Treasury on small size Treasury currency. U. S. Treasury photo. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 180 specified that the Register?s signature should be used, subsequent legislation stated that United States notes ?shall be in such form as the Secretary may deem best.? Broughton was of the opinion that this sweeping statement effectively gave the Secretary discretion over all aspects of currency designs including the signatures, so Treasury could disregard the Register provisions in the early acts. A Treasury lawyer, initials indecipherable, wrote a memo to Bond on May 7th affirming that Broughton?s take regarding the use of signatures on Treasury currency was correct, but the law pertaining to national bank notes left no ambiguity that the Register?s signature had to be used on them. Furthermore, the legislation authorizing Federal Reserve bank notes implied but did not spell out that the Register?s signature should be used on them as well because they ?shall be issued and redeemed under the same terms and conditions as national bank notes.? Broughton noted in his memo of May 5th to Bond that Secretary Mellon ?stated he would prefer not to make the change. Mr. Hall [Director of the Bureau of Engraving and Printing] and I, however, felt the matter was of sufficient importance to present to you for such further consideration as you may deem appropriate.? On May 15, 1928 Andrew Mellon, Secretary of the Treasury, signed off on replacing the signature of the Register with that of the Secretary on the small size Treasury currency in the historic document shown as Figure 10 that is transcribed below. Figure 6. Secretary of the Treasury Andrew W. Mellon (left), Director of the Bureau of Engraving and Printing Alvin W. Hall (standing) and Assistant Secretary of the Treasury in charge of Fiscal Affairs Henry Herrick Bond (right) inspect sheets of the new small size currency. Each was instrumental in bringing the conversion to small size currency to fruition in 1929. Library of Congress photo. Figure 7. The Woods-Tate Register-Treasurer signature combination was the last to be used on large size Treasury currency and it was used only on $1 Series of 1923 silver certificates. Register W. O. Woods went on to become Treasurer in 1929. Heritage Auction Archives photo. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 181 Treasury Department Assistant Secretary WSB [William S. Broughton] Washington 5/16/28 May 12, 1928 MEMORANDUM TO THE SECRETARY At the present time three kinds of United States currency, namely, United States notes, gold certificates, and silver certificates, are issued with the engraved facsimile signatures of the Treasurer of the United States and Register of the Treasury. The signature of the Register of the Treasury is not required by law and inasmuch as the Secretary of the Treasury is charged with these issues and the Treasurer is the active agent for the issue it is more logical that the signatures of the Secretary and the Treasurer should express the obligations of the United States. In connection with the issues of the new small sized currency it seems appropriate to revise the matter of signatures so that all currency with the exception of National bank notes will have the same signatures. I accordingly recommend for your approval replacing of the engraved facsimile signatures of the Treasurer of the United States and the Secretary of the Treasury on United States notes, gold certificates and silver certificates, instead of the signatures of the Treasurer of the United States and the Register of the Treasury. Henry Herrick Bond Assistant Secretary APPROVED: May 15, 1928 A. W. Mellon Secretary of the Treasury Register Continued to Sign Bank Note Currency The authorization to replace the Register?s signature with that of the Secretary could not apply to bank currency because the Register?s signature was specifically called for in the National Bank Act. Consequently, the Register?s signature continued to be used on the Series of 1929 national bank notes, even though such use in the words of Broughton was an anachronism. Someone in the Treasury Department could have petitioned Congress to pass a resolution or act to amend the language in the National Bank Act, but there is no record that anyone wanted to press the issue. When the Emergency Banking Relief Act of March 9, 1933 was passed that called for the immediate release of supplemental Federal Reserve currency, Commissioner Broughton and BEP Director Alvin W. Hall turned to the existing blank national bank note stock that was in inventory at the BEP. The Federal Reserve bank information was hastily overprinted on it. There was no hesitancy in using that stock in part because the emergency currency was secured by the deposit of collateral similar to that used for national bank currency and the earlier large-size Federal Reserve bank notes. The national bank note stock carried the signatures of a Register and Treasurer as required by law for bank currency. This fact may well have tilted the selection of the national bank note stock over Federal Reserve note stock for use for the emergency issues. End of an Era The last printings of currency with the Register?s signature occurred on the last Series of 1929 Figure 8. $1 Series of 1928 silver certificate plates with the revised design, where the Treasury seal was overprinted to the left, began to be made on October 2, 1928. They carried the signatures of Treasurer H. T. Tate and Secretary A. W. Mellon. The notes began to be released into circulation on January 10th, 1929. National Numismatic Collection photo. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 182 national bank notes printed in early 1935 before that class of currency was phased out then. However, only about a third of the Series of 1929 Federal Reserve bank notes printed in 1933-4 were issued during the banking emergency. The rest of it along with fit notes removed from circulation after the emergency remained in government vaults. Ultimately, as an economy measure, those stocks were released between the last days of 1942 and early 1944 to alleviate a currency shortage that developed during World War II (Huntoon and Lofthus, 2010). These late releases gave the Register?s signature a reprieve before use of that signature on currency faded into history. References Cited Bond, Henry Herrick, May 12, 1928, Memorandum from the Assistant Secretary to Secretary of the Treasury Andrew W. Mellon, requesting authorization to replace the Register of the Treasury signature on Treasury currency with that of the Secretary of the Treasury: Bureau of the Public Debt correspondence files, Series K Currency, K724.5, Record Group 53, U. S. National Archives, College Park, MD. Broughton, William S., Assistant Chief, Division of Loans and Currency, November 14, 1913, Memorandum to the Chief Clerk of the Division of Loans and Currency reporting on the findings of a committee charged with examining the control over the reserve vault in the Treasury: Bureau of the Public Debt correspondence files, Record Group 53, box 17, U. S. National Archives, College Park, MD. Broughton, William S., May 20, 1927, Memo from the Commissioner of the Public Debt to Assistant Secretary of the Treasury Charles S. Dewey arguing for replacement of the Register?s signature with that of the Secretary of the Treasury: Bureau of the Public Debt correspondence files, Series K Currency, K724.5, Record Group 53, U. S. National Archives, College Park, MD. Broughton, William S, March 17, 1928, Memo from the Commissioner of the Public Debt to Assistant Secretary of the Treasury Henry H. Bond pointing out the precedent of using the Secretary of the Treasury?s signature on Federal Reserve notes: Bureau of the Public Debt correspondence files, Series K Currency, K724.5, Record Group 53, U. S. National Archives, College Park, MD. Broughton, William S, May 5, 1928, Memo from the Commissioner of the Public Debt to Assistant Secretary of the Treasury Henry H. Bond pointing out that the introduction of the coming small size notes afforded a convenient opportunity to preplace the Register of the Treasury?s signature with that of the Secretary of the Treasury on Treasury currency: Bureau of the Public Debt correspondence files, Series K Currency, K724.5, Record Group 53, U. S. National Archives, College Park, MD. Cantor, Jeffrey A., and Donald R. Stabile, 1990, Biography, William S. Broughton, first Commissioner of the Public Debt, 1919- 1945: in, A history of the Bureau of the Public Debt 1940-1990: Government Printing Office., p. 213-215. Glass, Carter, 1920, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30: U. S. Government Printing Office, Washington, DC. Houston, Daniel F., December 6, 1920, Estimates of appropriations for service of the fiscal year ending June 30, 1922 (annual budget request of the Executive Branch sent to Congress): U. S. Government Printing Office, Washington, DC. Huntoon, Peter, Sep-Oct 2007, The Series of 1928 design that failed: Paper Money, v. 46, p. 323-328. Huntoon, Peter, and Lee Lofthus, Jan-Feb 2010, The World War II issuance of Series of 1929 Federal Reserve bank notes: Paper Money, v. 49, p. 12-22. United States Statutes, Government Printing Office, Washington, DC. Unknown, May 7, 1928, Memo from a Treasury staff lawyer to Assistant Secretary of the Treasury Henry H. Bond spelling out the legislated requirements for Treasury signatures on U. S. currency: Bureau of the Public Debt correspondence files, Series K Currency, K724.5, Record Group 53, U. S. National Archives, College Park, MD. Walston, Mark, 2013, Birthplace of Bureaus, the United States Treasury Department: Treasury Historical Association, Washington, DC, p. 107. Figure 9. The signature of the Register of the Treasury already was on the generic faces of Series of 1929 national currency, which helps explain why that stock was used to print the emergency Federal Reserve bank notes in 1933-4. Heritage Auction Archives photo. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 183 Figure 10. The decision to replace the Register?s signature with that of the Secretary of the Treasury on the coming small size Treasury currency was rendered on May 15, 1928 in this historic Treasury Department memo prepared by Assistant Secretary Henry Herrick Bond that was signed by Secretary of the Treasury Andrew W. Mellon and initialed in the upper right corner by Commissioner of the Public Debt William S. Broughton. Photo of the document in the U. S. National Archives. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 184 A Confederate Train Note Date Set by Michael McNeil Collectors often specialize in subtle varieties of Confederate Treasury notes, and among these specialists W. Crutchfield Williams, II, stands out. Probably the world?s foremost authority on Confederate Train notes, otherwise known as Types-39 and -40, he carefully assembled and documented a collection of these notes by date of issue. He used Raphael Thian?s Register of the Confederate Debt as his reference, an invaluable resource to serious collectors of Confederate Treasury notes originally published in 1880 and republished by Dr. Douglas Ball in 1972.1 The label ?Train? notes by collectors is an obvious reference to the central vignette of a steam engine and passenger cars, a vignette seen on many other contemporaneous bank notes and bonds in both the North and the South. The Train notes were interest-bearing at 7.30% per year, hence their other nickname, ?seven-thirty? notes. The Treasury-note Bureau hand-signed these notes for the Register and Treasurer and hand-dated them on the front. These dates are recorded by Thian in the Register along with their respective serial number runs. Images of those dates and serial numbers in Thian?s Register can be seen in Figure 2. The Register was compiled by Thian from the original, hand-written registers of the Confederate Treasury- note Bureau. Thian and his clerks experienced some issues when transcribing these registers and one of those issues showed up as a serious problem for Crutchfield Williams. After spending years he failed to find a note with the date of July 11th, 1862 on the front of a note; see the red arrow in Figure 2 at the end of this article. He appealed to the Trainmen, a group of collectors and dealers with deep experience in these notes, and no one had a note dated July 11th. After careful Figure 1, the Confederate Treasury Type-39 note, dated July 25th, 1862, serial number 22348, which resolved an error in Thian?s Register and completed a date set of these notes. Image courtesy Randy Shipley and W. Crutchfield Williams, II ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 186 observation by Crutchfield of what was probably thousands of notes, he came up empty-handed for the date of July 11th. Eventually he discovered a note, Figure 1, with a serial number of 22348, which was in the correct range for Thian?s listing of July 11th for serial numbers 22301-22400; but this note was dated July 25th, 1862 and signed by W. T. Snead for Register and A. S. Watts for Treasurer. On page 38 of the Register, Thian lists Snead and Watts as having signed serial numbers 22001-22500 and this note fits the run. As it turns out, Crutchfield correctly predicted that the error of the date listing was Thian?s. The author had the great fortune to examine some microfilms, which were in the original possession of Philip Chase, passed on to Dr. Douglas Ball, and are now in the possession of Pierre Fricke. These films contained images of portions of the original, hand-written registers of the Treasury-note Bureau. Although the focus was poor and the contrast was terrible, they are a priceless resource. In addition, they provide strong evidence that the original registers may still exist in the National Archives. Page headings of the original Register can be seen in Figure 3, with column headings on the left for the Officers of Register ?A. W. Gray,? the Officers of Treasurer ?T. L. Crouch,? an illegible heading, and the date on the note ?Sept. 2nd, 1861.? On the right we see columns for the start and end of the serial number run ?24701 to 27800,? the total number of notes signed ?3000,? the face value of each note ?$5,? the total dollar value of the notes ?15000,? the plate position or plen of the note ?H,? and the date these notes were signed. From this evidence, we can deduce that these were Type-33 notes, which appear on page 28 of Thian?s Register, under Figure 3, headers of pages in the original, handwritten Register of the Confederate Debt Figure 4, Register entries for July 25th, 1862, signed by A. S. Watts and W. T. Snead, showing the ditto marks which Raphael Thian?s clerks interpreted as July 11th. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 187 the heading ?$5-H to K (number black).? Of interest is that the Bureau kept track of each plen separately, even though multiple plens, H to K, were signed on the same sheet with the same serial number. The sheets were cut apart and the notes then separated by plen in serial number runs of 100 each. As luck would have it, the author found images of the Train note issues in Chase?s microfilms. Figure 4 shows cropped images of the entries for A. S. Watts, for Treasurer, and W. T. Snead, for Register, on July 25th, 1862. The first entry for July 25th (second line on the right) lists serial numbers ?22,101 to 22,200.? The next line lists the serial number run of interest, ?22,301 to 22,400,? and then we see ditto marks, where the middle ditto mark is larger and looks much like the number ?11.? This is the source of Thian?s typographical error in his published version of the Register, vindicating Crutchfield?s theory that he had, indeed, completed a date set of Trains. There are no notes dated July 11th. The serial numbers incorrectly attributed by Thian to that date are correctly dated July 25th and are signed by Snead and Watts. Collectors who specialize in Train notes can make this correction in their volume of Thian?s Register. The author has noted another discrepancy (red arrow) for the September 23rd date of issue. Notes have been observed by the author bearing this date and the serial numbers 52717, 52828, and 52877, extending the range of the serial number runs listed for that date. Finally, although the Register lists January 8th, 1863 as the last date, it is well known to collectors that notes exist with dates on the front as late as July 16th, 1863. Randy Shipley has noted that all such notes dated January 16th fit the run 69401-69500.2 NOTES: 1. Thian, Raphael Prosper. Register of the Confederate Debt, Quarterman Publications, Lincoln, MA, 1972, 190 pages. 2. Shipley, Randy. Personal communication to the author, February 2017. Mr. Shipley has noted that all notes observed by him and dated January 16th, 1863 fitted this serial number run and were signed by A. W. Gray for Treasurer and W. Hancock for Register. Thian?s Register, page 38, shows these men signing all notes in serial numbers 69001-69500. It is interesting that the serial number run 69401-69500 is not listed on page 37 of the Register under the date of January 16th, 1863. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 188 Figure 2, serial number runs and dates of issue for Type-39 and Type-40 Treasury notes. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 189 The Life of Hiram Vail and the Obsolete Notes produced for his Banking & Collection Office in Amenia, New York by Charles J. DiComo, PhD In this issue of Paper Money, I will explore the life of Hiram Vail, the proprietor of the Banking and Collection Office of Amenia, New York, as denoted on the obsolete currency being highlighted in this article (Figure 1). Figure 1. 5 Cents Note (98 x 54 mm design), Hiram Vail?s Banking and Collection Office, Amenia, N.Y., Nov. 1st, 1862, No. ?3207? in black ink, signed ?H Vail?. Hiram Vail (1797-1869) was an influential resident of Amenia, New York - located ~90 miles north of New York City along the Connecticut border in the northeastern corner of Dutchess County. He was born on 10 March 1797 in Beekman, Dutchess Co., NY to Israel Vail (1774-1823) and Charity Hall (1775-1850), one of nine children. On 22 November 1821, he married Matilda Doughty (~1802-1886), and they had three children: Caroline M. Vail (1822-unk.); Elizabeth Ann Vail (1826-1852); and Albert Doughty Vail (1835-1898). The first mention of Hiram?s involvement in the local community was his appointment as Postmaster of Verbank in Dutchess Co., NY on 23 April 1835 (Figure 2). In 1837, he was appointed as an Agent of the Dutchess County Mutual Insurance Company for Union Vale, which meant he could receive applications for insurance. He subsequently took on the role of a Surveyor for Union Vale from 1838 to 1842 and then for Amenia in 1843 (Poughkeepsie Eagle, Dec. 15, 1838, pg. 3; Aug. 05, 1843, pg. 4). Figure 2. U.S. Appointments of U.S. Postmasters: Hiram Vail, Verbank, Dutchess Co., N.Y. 1835. Hiram?s most noteworthy appointment came in 1840 when he took the role the 2nd Steward of the Amenia (Methodist) Seminary (Figure 3). He succeeded 1st Steward David Clark and held the title for 18 years until 1858. Interestingly, he was an original trustee of the Seminary when it opened its doors in the autumn of 1835 on Cook?s Hill under the direction of a 23 Trustee Board. It was here at the Seminary that he was affectionately referred to as good old ?Uncle Hiram? (if students were orderly and respectful, but mischievous and idle were likely to learn his honest estimate of them). According to many, he held the school together. His wife Matilda was also a friend of the students. In 1888, the Seminary closed its remarkable history after fifty-three years, having enrolled students from every State in the Union, and at one time students from the Island of Cuba and South America. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 190 Figure 3. The Amenia Seminary, Amenia, NY. Built in 1835; it was directed by the Methodist Church and had a high reputation and many noted graduates. During his tenure at the Seminary, Hiram managed to keep himself quite active across the region. He served as Postmaster (PM) in Amenia from 8 June 1841 to 19 October 1844. My research shows that he replaced Elijah D. Freeman, who had been removed from office (Poughkeepsie Eagle, 09 Jul. 1841, pg. 2). Postal records show that Hiram was well compensated in his first two years as PM, earning $254.69. Following his postal duties, Hiram was ready to enter the world of politics and became the Amenia Town Supervisor, with neighbors George Conklin (?44) and Luke Stanton (?45) as his town clerks. He then attended the Dutchess County Whig Convention in the spring of 1846 (New York Tribune, Apr. 08, 1846, pg. 4), and for the next two years was a Member of the Whig Central Committee of Dutchess County. He must have missed his time as Amenia Postmaster, when for a second time on 2 May 1849 he was granted the position and held it for nearly four years until 5 April 1853 (Figure 4). Figure 4. U.S. Appointments of U.S. Postmasters: Hiram Vail, Amenia, Dutchess Co., N.Y., 1841 ? 1845. It was during this stint as PM that we see Hiram enter the banking world. In 1850 he is listed as ?Cashier, Dutchess County Bank, Amenia, Capital $50,000.? in Bankers? Magazine and Statistical Register (Vol. 5, Jul. 1850?Jun. 1851, pg. 1033). Hiram moved up the ranks quickly, whereby 1851 he is listed as ?President of Dutchess County Bank, Amenia? in The New York City Directory for 1851-1852 (10th Publication, NY Doggett & Rose, 59 Liberty, pg. 68). Hiram was now a pillar in the Town of Amenia. In 1852 with 10 other local men, he formed the Amenia Times Association Company and began publishing the ?Amenia Times? (Figure 5), a weekly paper which ran for many years with famous Biographer, Editor, Essayist, Journalist, Lecturer, and Poet Joel Benton (1832-1911) as Editor. In 1912, the Amenia Times was renamed the Harlem Valley Times and only a few years ago ceased being published. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 191 Figure 5. Masthead of the Amenia Times, Vol. V, No. 30, October 22, 1856. It is worth noting that Hiram maintained his 2nd Steward position at the Amenia Seminary until 1858 (an 18 year stint). His role as President of the Dutchess County Bank of Amenia ended after a 12 year stint when the bank closed in November of 1863, with Capital of $50,000; Circulation of $72,696; and Security in N.Y. stock. In the Annual Report of Banking in the NYS Section, Table 7 on page 63 is a list of Banks which closed business, withdrawn their securities, given bond for the redemption of notes presented within six years, name of owner or principal in bond, and of the sureties, and the time when obligation to redeem outstanding circulation will expire. Table 7 is reproduced below: Name of Banks Location Principal in Bond Residence Securities in Bond When Time to Redeem Expires Dutchess County Bank Amenia Hiram Vail Amenia John K. Mead, Henry W. Peters, A.P. Mygatt Nov. 6, 1863 Prior to the close of the Dutchess County Bank, Hiram established a ?Banking and Collection Office? in Amenia as evidenced by the issuance of notes. The earliest note I am aware of, and which I recently acquired in late-2017, is shown in Figure 6. It is a 25 Cents note on thin grey, unwatermarked paper, with a printed design measuring 85 x 48 mm and was most likely locally printed. There is a central agricultural-themed design showing a plow, pitchfork, rake, wheat shafts and a barn in the distance flanked by two hollow ?25?s. This note is dated October 1st, 1862 and payable to ?the bearer TWENTY-FIVE CENTS, in current funds, when like checks are presented to amount of ONE DOLLAR? at the Bank of Pawling. Pawling, ~22 miles south of Amenia along Route 22, which served as a drover?s road since before the American Revolution, has a rich history from the early 18th century when Quaker settlers purchased the land known as "The Oblong? to the Army Air Corp Convalescent hospital created from the Pawling School and Green Mountain Lakes Camp during World War II. From an online search of the Heritage Auctions archive (www.ha.com), I have located 5? and 10? notes from this series with the analogous central design. Figure 6. 25 Cents Note (85 x 48 mm design), Hiram Vail?s Banking and Collection Office, Amenia, N.Y., OCT. 1st, 1862, No. ?157? in magenta ink, signed ?Hiram Vail?. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 192 This October 1862-dated note is not listed in the 1894 illustrated 4th edition of the Standard Paper Money Catalog (Scott Stamp & Coin Co, New York, NY), suggesting it might not yet have been discovered. What are listed in the 1894 4th edition are the 10? note in Figure 7 and the impressive uncut sheet in Figure 8. Figure 7. 10 Cents Note (98 x 54 mm design), Hiram Vail?s Banking and Collection Office, Amenia, N.Y., Nov. 1st, 1862, No. ?1452? in magenta ink, signed ?H Vail?. The listing in the 1894 4th edition Standard Paper Money Catalog is reproduced here: Amenia. Hiram Vail?s Bkg and Collection Office (on Bank of Pawling). 1862. Nov. 1.: 5? Train r.; 5? Female and shield. (wrong, see 50?); 10? Horses r.; 25? Cattle l.; 50? Train r. (wrong listing, it is Female & Shield l.) Figure 8. Uncut Sheet of Hiram Vail's Banking and Collection Office Notes, Amenia, N.Y. Nov. 1st, 1862 (shown with permission of Robert Gill). ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 193 Hiram Vail had sheets of 12 printed for his November 1862-dated Banking and Collection Office notes in four denominations (5?, 10?, 25? and 50?), with four different scenes (a Train, Horses, Cattle, and a Female with Shield, respectively); where the 5? and 10? were in quadruple per sheet and the 25? and 50? were in duplicate. He utilized the well-known lithographers and publishing firm of Snyder, Black and Sturn, located at 92 William Street in NYC (Figure 9). These notes are an evolution in quality and design from his earlier 5?, 10?, and 25? notes. Figure 9. Lithographer and Publishing Firm ?Snyder, Black and Sturn, 92 William St. N.Y.? notation on Hiram Vail's Banking and Collection Office Note, Amenia, N.Y. Nov. 1st, 1862. My research has revealed that Hiram Vail was a prominent figure in the Town of Amenia who had a rich life filled with accomplishments, charitable work and service; as a husband and father; with careers as a Surveyor, Steward, Town Supervisor, Publisher, Postmaster and Banking President. He passed on 23 October 1869 at age 72 in Amenia and was interred at the Amenia Island Cemetery. His wife Matilda passed on 4 January 1886 nearly 17 years later and is buried alongside him (Figure 10). Figure 10: Headstone of Hiram Vail (1797-1869) and Matilda Doughty (~1802-1886). Amenia Island Cemetery, Amenia, Dutchess Co., NY. In closing, Hiram left for us these beautiful artifacts to research and study. In my collection I have ~12 ?H. Vail? signed and magenta-numbered 5? and 10? notes from November of 1862. At the time of publication, I have not seen a 50?-signed note from the November 1862 series, nor been able to locate a 50? note from the October 1862 series, presuming it exists. I would be most interested in hearing from those wishing to share examples from their collection. Acknowledgements The author wishes to thank Robert Gill for encouraging me to join the SPMC and for sharing his uncut sheet of Hiram Vail?s Banking and Collection Office obsolete notes. Additionally, the author credits the Amnenia Historical Society (http://ameniahs.org/), in particular Betsy Strauss, for kindly providing detailed census and demographic information on the Vail family. Any errors or an omission is the author?s responsibility. He can be contacted at charlesdicomo@gmail.com. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 194 In Memoriam Steve Whitfield Col. Steven Kent Whitfield 78, (U.S. Army, Retired) passed away on Monday, March 4th after a long illness. He was born in Providence, RI to George E. & Grace K. Whitfield in November 1940. He proudly served 26 years as an officer and engineer in the U.S. Army. During his military career he attended Ranger School, Airborne School, Command General Staff College, completed two tours in Vietnam, and was awarded 2 Bronze Stars, the Silver Star, the Legion of Merit Medal, the Meritorious Service Medal, the Army Commendation Medal, Defense Service Medal, Vietnam Campaign and Service Medals. Upon retiring from the military, he continued his work in the engineering field. He was a passionate historian and numismatist and is a published author on these topics. Steve was SPMC LM#249 and served the society as a governor from 1982-87 and again from 1995-2001. He was the recipient of an Award of Merit in 1980 and 1991, a literary award in 1992 and Best of Show exhibit award in 1982 He was the author of the Kansas Obsolete Notes, an SPMC publication in 1980 and a revision Kansas Paper Money, an Illustrated History in April 2009. Steve will be buried with honors at Arlington National Cemetery in Washington, D.C. Dottie Freeman Dorothy "Dottie" Freeman (nee Monteith), of Chester Heights, PA, formerly of Glenolden, PA, passed away peacefully, after a long battle with cancer, on April 1, 2019 at the age 81. Dottie is survived by longtime partner Allan Teal behind whose table she was seen at many shows. Her knowledge of the notes in the cases and her general bright, happy mood will be sorely missed. During high school Dottie was a member of the field hockey team, participated in the band as a majorette, and enjoyed weekend dances at Holy Cross. She was a proud graduate of the 1955 class of Glen-Nor, the last graduating class. Post high school, she worked at the Delaware County National Bank where she met her future husband Frank Freeman. Antiques came into Dottie's life in the 1960's. Dottie had found her niche. She was an avid collector and accomplished dealer. Randy Shipley James Randall ?Randy? Shipley, 66 of Mooresburg, TN, peacefully passed on February 26, 2019 at Holston Valley Medical Center following a lengthy illness. A long-time CSA and obsolete currency dealer, he was a fixture at many shows and will be missed by many. He was a 1971 graduate of Dobyns Bennet High School, attended Emory and Henry University, and completed his law degree at Memphis State University. He had a deep love of archeology, history and baseball. He was preceded in death by his parents, Frank and Mildred Poore Shipley; brother, Dane Shipley. Randy is survived by his wife, Angela Graham Shipley; daughter, Amy Shipley; son, Nathan Shipley and wife Rhea Myerscough; grandsons, Danny and James; sister, Karen Andis and husband Bobby; niece, Ashley. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 195 Styles of Paper Money Collecting by Ed Zegers, SPMC #2676 I have observed several Styles of Paper Money Collecting over the past the past 55 years (1963 ? 2018). I personally started collecting Paper Money when the US Government decided to remove silver from the circulating US coins. That decision was followed up by the Bureau of Engraving and Printing (BEP) in Washington, DC, replacing all denominations of Silver Certificates (SC) to the Federal Reserve Note (FRN). This change was done during an era when the public could easily go directly to the Treasury Cash Room in the Treasury Department in Washington, DC and exchange SC?s for silver coin(s) or packets of silver shavings. I soon learned that the new Green Seal notes that I was seeing were from/for the ?Richmond? (#5) district and that they could be traded for other FRN district notes (1 ? 12). At first, I was able to get new notes from local banks, probably because the government was actively removing all SC?s from circulation. I began by answering ads in the Coin World publication and trading with other collectors in the twelve Federal Reserve Districts. Back then I exchanged (at face value) with guys who wanted special styles of notes on crisp uncirculated stock from the BEP uncirculated 100-note packs. It was fun back then as the collectors from across the country were as interested as I was. Exchanges were at face value and the postage was only $.05, with a letter mailed by 5pm in Washington, DC and it would reach New York City (NYC) by 10am delivery the very next day! I learned that there are as many styles of collecting as you can imagine. Some collectors search for low serial numbers or high serial numbers; trips (3) quads (4), quints (5), up the line thru solid (8), some with 4 the same digits in the start, middle, or end, and some with birth-day or special dates, district ending numbers (1 ? 12), radars, etc. After a while error notes began to appear, then the Barr signatures, COPE processing, and WEB-Printing notes and now anything goes and it does not surprise me. I think by now you can get the picture. I settled on collecting the Star Replacement Notes and Engraving Errors. As time and the FRN Series advanced (1963 > 2017) there was more and more to look for. I was fortunate that my collection of $1 FRN notes were both covered within stars. Today I want to discuss one interest of error note collecting. Back in October of 2014, the Bureau of Engraving and Printing facility in Washington, DC printed Series 2013 $1.00 Star Replacement notes for the #2 New York ?B? Federal Reserve District. At first, the DC note range was a short run of 250 thousand notes (Short-Run). Then in November, BEP printed 6.4 million additional notes with the serial range from 3.2 million through 9.6 million (in normal 3.2m star-note runs). Other than the small amount of the production for the first run, nothing seemed unusual. That is until June and July of 2016 when the BEP second southern facility at Fort Worth, TX printed three full runs of 3.2 million $1 notes for the #2 New York ?B? Federal Reserve District Series of 2013 starting with serial number one (1) and ending at the 9.6 million mark. It was not long after the BEP Monthly Production report published in July 2016 that the interested collecting community realized that these serial numbers overlapped each other and that two $1 Star-notes with the exact same serial numbers for the same #2 New York ?B? Federal Reserve District were possible. This brings me to the reason for writing this report. Several fellow collectors (4) and I have been searching for the items and trying to assemble a matched pair of $1 Star- replacement $1 FRN?s with one being printed by the DC facility and the other by the Texas, FW facility. In our eyes, this pair would certainly be a collector?s dream as it would show a pair of Error Star-notes with the same serial numbers with only difference being a small ?FW? appearing on the Face Plate Serial Number. I believe that this opportunity has never happened before? So, we agreed to start recording and sharing data for each of the notes that we found. We now have about 1500 serials in our data base. Two of the four contributors do not use a computer and tracking is tediously done by myself and another, from reports by phone or letter for data for each of the new finds and then added to the master list which is in a Microsoft Excel spreadsheet form. (Note: we will be happy to exchange data with other interested collectors). I am happy to tell you that as of December 22, 2018, my friend Richard McAllister of NYC has come as close to achieving that pairing... His 2013 #2 New York ?B? Federal Reserve District notes are five (5) digits apart? B0753 0005* DC and B0753 0010* FW! (see scan below) If you desire to share in this interesting search project, please contact dollarsavr@aol.com for data exchanges. An Update Gentlemen, Gentleladies, Collectors, and Dealers (and the few that are trying to make a fast-buck on YouTube), today is January 26, 2019 and I need to update my previous discussion about the United States $1 series 2013 double printing Error for the New York district ?B- Star.? After many months and years and the searching of hundreds of thousands of Federal Reserve Notes looking for a ?Matched-Error-Pair? of 2013 B-Star Replacement Note serial numbers, one from the DC plant and the other ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 196 from the Fort Worth facility. I can now report that my small group of five dedicated and ambitious searchers have found an almost-set. It was discovered in the list of 1776 serials recorded by us. Our group of dedicated collectors is from around the United States and has finally captured two notes which may just be the closest to a ?Matching-Pair? as might ever be found. The two notes were first reported for our data- records, then shipped to me for scanning, so I know that they really do exist! As fate would have it, Jay Cook and Richard McAllister each offered their latest B-* note data for recording and then when the data was assembled and examined these serials emerged; B0699 4077*, Face Plate Position A1, Face Plate Serial FWA107, and Back Plate serial 90 found in New York and B0699 4078*, FPP A1, FP Axx, and BPxx found in Takoma, Washington. The other data/team members are Karol Winograd in Jacksonville, Florida, Gregory McNeal in Kingwood, Texas, and myself from Maryland. Our previous pair (with a 5-digit separation) have now been bettered, BUT, there is still an opportunity to match-a-pair! Dollarsavr@aol.com The left note is the #2 New York item that was printed in DC and the right Fort Worth note has the small ?FW? located on the Face Plate Serial Number in the lower right corner. The left note is the #2 New York item that was printed in FW and the right note in DC. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 197 FRACTIONAL PLATE NUMBERS ON SPECIMEN NOTES by Rick Melamed In previous issues of the FCCB Newsletter and the SPMC Paper Money Magazine we explored plate numbers on regular issue fractionals in great detail, focusing mainly on inverted/mirrored sheet plate numbers and 4th issue seal plate numbers. One area not researched, however, is the plate numbers found on Specimen notes. This article will explore that area of research, as well as Proofs, Essays and Experimentals. Plate numbers were the accounting method that the U.S. Treasury employed to keep track of the plates used in note production. There was only one plate number per fractional production plate, and they were generally positioned on the selvedge or in strategic quadrants, so when the sheets were cut into individual notes, they were usually trimmed away. Usually but not always. Some escaped the scissor by sheer luck and some survived because of the obvious appeal in preserving a plate number when cutting the sheet into individual notes. Plate number notes on non-regular fractionals are scarce. Like regular issue fractionals, plate numbers on Specimens are found in the nether regions of the note; in the corner or in the margin. When they do arise, it?s only on wide margin Specimens; we have found no plate numbers on any narrow margin variety (though a few examples show up Experimentals). We urge any member of the FCCB or SPMC having an image of a Specimen, Essay, Proof or Experimental plate number not contained in this article to please send an image to me at riconio@yahoo.com. We would gladly post any new images in an upcoming issue. I?d like to take a moment to expound on the beauty of Specimen fractionals. In some ways, Specimens were the proof coins of fractionals from that era. Aside from testing design concepts, it was an opportunity for the U.S. Treasury to showcase their workmanship. A well preserved wide margin Specimen fractional is a thing of beauty. Colors are more vivid and the sharpness of the impression elevates the overall quality to the next level. A gem Grant Sherman Specimen is truly an artistic triumph. As for the number of plates used and their sequencing, we are fortunate that Martin Gengerke discovered a backup journal at the U.S. Treasury to give us that detail. The full charts are available in Rob Kravitz?s book A Collector?s Guide to Postage & Fractional Currency ? 2 Edition ? 2012. The charts contain complete plate number information on the 2nd and 3rd issue. 1st Issue: There are no example of plate numbers on 1st issue wide-margin Specimens. 2nd Issue: Of the 353 plates used for the 2nd issue, only 23 plates were used for specimens. 8 of the 353 plates were considered auxiliary plates. 2nd issue Specimens with plate numbers are scarce; only 9 varieties are known to exist. Specimen Plate Number 5?: 1, 7, 334 (Obv); 4, 335 (Rev); The 5? obverse only displays a partial plate #334. Check out the mirrored #335 and regular plate #7 on the 5? reverses. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 199 Specimen Plate Number 10?: 12, 84, 336 (Obv); 3, 88, 337 (Rev) The 2nd issue 10? obverse contains plate #2. Note how the frame line crosses over the actual plate number. Is that sufficient evidence that the plate made its way to the engraver with the sheet plate number already incised? It seems unlikely that the plate number would be engraved onto an area that was already designed. Specimen Plate Number 25?: 4, 286, 116, 339 (Obv); 8, 345 (Rev). Shown is a #8 on the 25? reverse. For the obverse an inverted plate #339 and ? of a plate #4 are shown. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 200 Specimen Plate Number 50?: 4, 5, 341 (Obv); 6, 113, 123, 342 (Rev) From F.C.C. Boyd?s personal collection (later part of the John Ford collection) is a captivating 2nd issue 50? obverse with plate #5 in the lower right corner. The 50? reverse has plate #6. Two examples of 2nd issue Experimentals with partial plate numbers are known. Since Experimentals were produced before the regular issue was released, it is assumed separate plates were used. 3rd Issue: 3 Cents: Specimen Plate numbers: 10 and 69 (WM Obv, dark curtain); 14, 70 (WM Rev); 71 (WM Obv, light curtain). Only five plates were used in the production of 3? Specimens. A plate #10 on this 3? dark curtain specimen is extremely scarce. Only 3 examples are known. No 3? reverses were found containing a plate number. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 201 5 Cents: 5? Specimen Plate number: 3, 7, 19, 62 (Rev); 1, 14, 18, 32, 61 (Obv). The green and red reverses both have plate #19; the obverse shows #18. 10 Cents: On 3rd issue 10? Specimens, the following plate #s were used: Specimen Plate number: 2, 9, 23, 66, 71, 128 (Obv); 3, 11, 17, 64, 130 (Rev). The obverse Specimens shown have plate #71 and #9 The 10? obverse has plate #71 in the lower right corner. Spinner?s flashy signature intersects the ?7?. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 202 The 10? Specimen has an inverted #11 in the upper right corner. The tails on the ?11? numeral have flags which explains the existence of an invert. A red reverse with an inverted #11 exists as well. This 10? obverse proof is an exquisite and desirable note (Milt #3P10F.2b). These examples without the bronze surcharges are very rare; found only in proofs and in Presentation books. The mirrored plate #9 on bottom margin is icing on the cake. This example pedigrees to Boyd/Ford. The 10? reverse (Milt #3E10R.2) is a rare proof note printed on Bristol board, a thick cardboard material. About 5 examples are known. In the upper left corner is plate #30; a number used for regular issue (#30 was not used for Specimens). ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 203 Specimen notes were sometimes printed in sheets of eight; some were made in sheets of twelve. Examples that have a plate numbers rotated 90?, were eight subject sheets. Five notes were stacked horizontally and three notes were flipped 90? and stacked vertically. The plate number was in the middle area of the sheet. In rare occurrences (as shown on the Grant/Sherman and Fessenden below) the plate number on a single vertical note is captured resulting in the numeral flipped on its side. 15 Cents (Grant/Sherman): The Grant/Sherman?s used 19 plates for their production. Just plates 1, 2 & 3 were used for the wide margin; hence, the only exhibiting plate numbers. Since they were never made for regular issue, they only exist as Specimens. It would have to wait until the 4th issue before the 15? denomination was produce for the general stream on commerce. Plate numbers: 1 (WM Rev); 2 (WM Obv); 3 (WM Obv - printed signatures); 4, 6, 7, 10, 11, 16, 17, 18, 19 (NM Obv); 4, 5, 8, 9,12, 13, 14, 15 (NM Rev). Plate #2 on the upper right corner is hand signed by Jefferies/Spinner. The plate #3 shown is a printed Colby/Spinner signature. The pair of Grant/Sherman reverses exhibiting plate #1 is fascinating. The top note has the plate #1 rotated 90?. By observing the position of the ?1? we can deduce that the vertical positioning of the note was in the right column of the sheet (of 8). The 2nd example has a regular plate #1 positioned normally indicating it was cut from the sheet?s left column of horizontal notes. The juxtaposition of the ?1? from normal to rotated is a delightful fractional anomaly. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 204 25 Cents: Plate numbers on Fessenden Specimens are exceedingly rare. A total of 150 plates were used for the 25? Fessenden. Just 10 were used for Specimens. Specimen Plate number: 1, 4, 13, 72, 85, 116 (Obv); 8, 12, 72, 84 (Rev). The Fessenden Specimen reverse has plate #12 in the upper right corner. The note on the left (green) and on the right (red) have the exact same plate numeral design indicating that the same plate was used for red and green reverses. These at the only known plate numbers of Fessenden Specimens. The Fessenden obverse has the #13 rotated 90? to the right. By its position, we can deduce that the note was cut from a vertical column of 3 notes. It is interesting to observe that Grant/Sherman reverse with the rotated plate number shown on the prior page was positioned on the right side of the sheet; the Fessenden shown here has the vertical column on the sheet?s left side. The 2nd obverse is a partial plate #13 in the upper left corner ? with only the ?3? visible. Not being rotated means it would have been a horizontal note from the right side of the sheet. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 205 50 Cents: Plate numbers on Spinner and Justice Specimens show up with a little more frequency. The #17 & 42 Spinner obverse and #15 reverse are scarce but several examples of each exist. Spinner Obverse Plate Number: 17 (Printed Sig.), 41, 42. Justice Obverse Plate Number: 16 (Printed Sig.), 19, 76, 87, 93 Type 1 Reverse Plate Number: 6, 15, 70, 88; Type 2 Reverse Plate Number: 21 (Note: Treasury plate number charts for plate #5 do not indicate if used for Spinner or Justice Specimen obverses) The printed signature on the Spinner obverse with plate #17 is a nice example, as is the autographed version with plate #42. Plate number examples on Justice obverses are scarcer than their Spinner counterpart. The only known occurrences are on the #93 & #16 shown on the left. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 206 Only one plate was used for the Type 2 reverse. Wide margin Type 2 Specimen reverses are exceedingly rare; a total of 4-5 are known to exist. The Boyd/Ford example showing plate #21 is likely unique. The added bonus is that it was signed by James Gilfillan, the 13th Treasurer of the United States; serving from 1877-1883. It is fortunate that Gilfillan dated his signature indicating the years he was Treasurer. It is also indicative that he signed the Type 2 reverse well after the Specimen was issued and considerably after fractional currency was taken out of production. Only 5 plates were produced for 3rd issue 50? reverses. 4 plates were used for the Type 1 reverse. Shown is a prominent #15 on both a green and red back. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 207 4th Issue There are no Specimens nor plate number charts for the 4th (and 5th issue). However, there were proof plates made and a few of those have plate numbers. They were all printed on India paper and mounted on cardboard. None of them have the red Treasury seals. For the sake of space, we are showcasing just the proof. Plate numbers on Specimens are quite rare and considerably undervalued. We had to peruse over 1,000 notes to find as many as we did. We are not likely to increase the identified count very much, since narrow margin Specimens never exhibit plate do numbers. Thanks must be extended to Stacks Bowers and Heritage for their wonderful auction archives that contain a great wealth of information and high quality images. They make any researcher?s job a whole lot easier. Also, thanks to my son David and his assistance in editing. The 15? Columbia obverse is the final note design (less the red seal). It displays plate #1789 on the top. The sequence of the 4th issue proofs (1789, 1802 and 1796) is indicative of an overall 4th issue numbering system. These are as rare as can be, most likely 1-2 pieces are known with the wide margin. It is unfortunate that we do not have proofs for the Dexter, Stanton of 10? Liberty. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 208 U n c o u p l e d : Paper Money?s Odd Couple Joseph E. Boling Fred Schwan Word War I (part 4) Continuing where we left off, we move to the realm of official counterfeiting. This is state-on- state activity?one government counterfeiting the notes of another. Britain counterfeited one German homeland note that I am aware of, but I have never found an example. It was the common 20 marks note dated 21 April 1910, SCWPM #40b, with serial numbers F3530xxx. The silk threads at the right end of the note are printed rather than being buried in the paper, and the note itself is presumably also lithographed, rather than being principally intaglio. If one of you readers finds one, please let me know. But Britain also counterfeited a note of a German colony in Africa. Remember the movie The African Queen? The action took place in German East Africa. The two people on the Queen were trying to destroy or damage a German gunboat on Lake Tanganyika (renamed Lake Wittelsbach for the story). In real life, the German garrison was cut off from its currency supply in Berlin and had to print notes locally. Eventually they were forced to take to the woods, where they continued to print very crude one-rupee notes that they called buschnoten. The British chose to counterfeit a locally- produced 20-rupien note. This was not hard to do, since they had the same kinds of printing equipment locally available that the Germans had. Figures 1 and 2 are the face and back of an original German note. The printed serial number on the back (0363) matches the hand-written number on the face. The signatures are hand-signed. Figures 3 and 4 are one of the British counterfeits. Notice that the serial on the back is not repeated correctly on the face. The signatures are printed and are not the same as on the handsigned note. I don?t know the significance of that; twenty individuals signed the bush notes. See Boling Page 211 Errror MPC I like error notes. Most everyone does, I think. There is at least one person who does not like errors from the Bureau of Engraving and Printing. Many years ago?I think it was in the 1970s?I attended a presentation at a paper money show. It probably was in Memphis, but I am not sure of that either. I do remember the presentation. Bob Leuver was the director of the Bureau of Engraving and Printing and the speaker at the event. He introduced his talk by lamenting the glee with which we collectors treated errors. He said that errors should be shunned in favor of beautiful, well- produced notes! I understand this idea from his point of view, but I really like MPC errors. Forgive me Bob. At least from a pure numerical point of view most MPC errors were printed by contractors rather than by the BEP itself. Overall MPC errors are scarce. They are much more scarce than corresponding errors in silver certificates, Federal Reserve notes and the like. Basically, that is because as part of the life cycle of military payment certificates, series were withdrawn and destroyed. Errors routinely went into the incinerator upon conversion. Of course, we can analyze MPC errors in the same way we do for other types of paper money. We can consider them by the type of error, such as inverted back or mismatched serial numbers and the like. With MPC, I think that we can also do some generalizations by series. I have never really thought about this before, so I will try to figure it out as we go, but first a few overall comments. At a minimum, there are some cherry-picking opportunities by series. Before I go there, I need to elaborate a bit on the overall rarity of MPC errors. While most of the types of errors that you would expect to find do exist, some of the classics have not been reported in ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 209 any collection and very possibly do not exist even if some of them likely were printed. No double denomination military payment certificates are known in collections. MPC were never printed with more than one denomination to a sheet, so double denominations?if any exist?were created by mingling sheets of backs before printing the faces rather than by simply rotating a sheet. Mismatched serial numbers are fairly common in FRNs and other types, but unknown in MPC. In addition to the matter of conversions, most MPC had only one serial number so no mismatches could occur. Of course, the difficulty of finding a mismatch is compounded by the difficulty of noticing it even if you have one in your hands. Now let us try the series-by-series analysis. We will do this in two parts. We will cover the series that were printed by contractors now and the BEP printed series next time. Series 461 was printed by Tudor Press in great haste in 1946. It was also printed in large numbers, yet I do not know of a single error in this series. Series 471 was printed only a few months later by Tudor Press. I only know of one error in collections for this entire series. It is a fractional note that is missing the entire red face printing. This is a particularly interesting error, but not for a reason that you are likely to suspect. Color-missing fakes are also known. Those have probably been created by removing the red ink with solvents. In such cases, the red ink is missing from both sides, a telltale sign that the note has been manipulated. The possibility of having a color missing from both sides of a note is miniscule. Series 472 was printed in 1947 by Tudor. This is an important series. Errors in this series are relatively common even if they are minor. The notes are often found with the image area a bit off center. This off-center aspect might cause you to pass the note for your type collection but look at the edge of the paper very closely. Does the adjacent note show however slightly? If so, put it in your error collection! Such minor errors are usually simply spent by other collectors of United States paper money, but they are loved by MPC collectors! There is more. Five-cent replacements are relatively common for this series. Do this same inspection for replacements, they too can be found with a bit of the adjacent note! You certainly want to add any of those to your collection! Series 481 was printed by Tudor Press and Forbes Lithograph. It is very similar to Series 472 in that it has some minor errors. Be sure to look at the position numbers of the fractional denominations. They drift a bit. If the number touches the frame design of the note, it qualifies as a keeper. Just as with the Series 472, this error can be found on replacements! Of course, I really like those. Series 521 was printed by Forbes Lithograph. I only know of one error for this series, but it is a good one and it makes a good point. The error in question is the fifty-cent denomination with the back registration substantially off from top to bottom. More than one example of this error from the same sheet are known! The point is that it is Series 471 $1 with letterpress text shifted up Series 472 with adjacent note showing at bottom (above) and at left (below) Position number (56) shifted right ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 210 important to flip notes over and look at the back. As boring as this is, it can be worth the effort. Series 541 was again printed by Tudor Press. Most extant MPC errors are from this series. Joe picked a fractional note from circulation in Japan that had a bit of the adjacent note showing. I think we might have looked at this piece in the past. The errors range from minor things like drifting position numbers as with the Series 481 above to missing serial number and more. Partially turned digits are fairly common this this series on both regular and replacement certificates. A $10 certificate is known without a serial number at all.. a serial number at all. This concludes the series that were printed by contractors. Next time we will look at the series (and errors) that came out of Washington. Boling continued; Figure 2 Figure 3 Series 521 50 cents face correctly aligned with shifted back Series 541 replacement with elements obstructed. Series 541 replacement w/letterpress text shifted left. Series 541 replacement with partially turned numeral. Series 611 famous invert with inverted face tint. Notice the halo effect above the portrait caused by the inverted blue tint. Figure 1 Figure 4 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 211 Apparently, whoever was numbering the British notes turned the stack over and started with the number that had been visible on top of the pile, running backwards thinking that he was duplicating the numbers on the backs, but actually running in the opposite direction. Thus, at best only one of the British fakes would have a properly matching number from back to face (if the pile contained an odd number of notes). Whether they realized their error is not known to me. What is known is that the counterfeits are very scarce. Well, maybe not so scarce. Rosenberg thought that the high-grade examples with mismatched serials were modern replicas unless they showed a particular plate flaw. What you see in figures 3-4 is one that he considered to be a replica for collectors. Figure 5 is a copy of the page from Die deutschen Banknoten ab 1871 (4th edition). On the upper note of that pair, notice the black spot on the outside of the wirework frame at left. Rosenberg believed that the original British plate had that defect, which was not repeated by the modern counterfeiter. Rosenberg?s catalog has now been taken up by Hans-Ludwig Grabowski. The fifth edition of the book says that the high-grade pieces in the market are remainders liberated from a British source in the 1970s, and the black spot is not mentioned at all. I will continue to look for a piece with the black dot. Notice that the serial number of the ?fake? in figure 5 (4916) is within the same strap of 100 notes as my piece (number 4995). Moving a few hundred miles northeast, we come back to the Ottoman Empire. We last discussed them when we looked at the Gallipoli overprints of the second series Bradbury treasury notes. There is also a relatively common counterfeit of a Turkish 10 livres note of the period. This fake is usually attributed to the British; I have never seen any period documentation one way or another. The original note is fairly scarce. It went through several dates, and five printings of the date that was counterfeited, with the 2nd-5th being indicated by an added cartouche on the back showing which printing the note came from. Figures 6 and 7 are of the only genuine example of the correct date that I have been able to acquire; it happens to be of the fourth printing (quatrieme emission in a pentagon at left back). Figure 8 shows the watermark in a genuine example of a better grade piece of a different date (the watermark in my rag is pretty faint). Figures 9 and 10 are of the alleged British counterfeit; note the dieuxieme emission (second issue [printing]) in a box at the left end of the back. Figure 11 shows it on a light box?no watermark, but several areas of mold in the paper are visible. If you are buying one of these, try to get a piece with minimum mold and foxing. When buying this without benefit of a light source, there is also a plate diagnostic that is fairly easy to see in most images (but it is on the back, so if your vendor does not show you the back, just Figure 5 Figure 6 Figure 7 Figure 8 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 212 walk away). On a genuine note the small numerals ?10? in Roman and Arabic script within the six small stars in the left edge read correctly from the inside of the note, looking out. Figure 11 On the counterfeit, they are inverted?they read correctly from the outside of the note looking toward the center. See figures 12-13 (figure 12 being the genuine note). Figure 12 Figure 13 Next issue we stay in the Middle East and look at Persian overprints on German notes. Once rare, these are now easy to find?if you will settle for a fake overprint. Editor Sez I hope as you read this issue of Paper Money, that you are already making plans to attend this year?s edition of the International Paper Money show in Kansas City. Lyn Knight and his staff have been working diligently to put on another blockbuster show. Unfortunately, for the first time in 35 years, I will not be at the show. I am a nurse at Allen High School and the choir is doing a ten-day tour of Italy and they want me to go along. I love history and a free tour to Rome, the Vatican, Florence, Venice and my favorite? Pompeii! While it will be sad not to be with you at the show, can you really blame me? I hope not! Back to KC, I know it will be great. Bob Moon and Bob Vandevender have been working hard to improve the exhibit experience (see last issue for details and an app). Peter Huntoon has put together another great speaker series including; Joseph Boling?WW I Resulted in Many Emergency Paper Money Issues?and the Counterfeiters Followed Right Along Nick Bruyer?The First U.S. Demand Note (It's not what you think!) Robert Calderman?Introduction to Small Size U. S. Currency Collecting Steve Carr?First Names on Ks National Bank Notes Mark Drengson?Launch of the SPMC National/Obsolete Bank Note History Project Ray and Steve Feller?Money of Neutral Nations in World War II Pierre Fricke?A tales from each side of the Civil War: United States Demand Notes and Mysterious CSA Fantasy Issues Peter Huntoon?Nuclear Silver: When Treasury collided with Physics Roger Urce?Japanese Puppet Banks in China Jamie Yakes?Small-Size 12-Subject Changeover Pairs What an absolutely great line-up. Thanks and congrats to Peter for another great job! Many people commented that the last issue was the best they may have ever had the privilege of reading. I agree and give all the credit to our wonderful authors and columnists. Please vote for them at www.spmc.org/vote. Reward their efforts! The outlook remains great for the quality. I have great articles on Isle of Man Internment Camp money; Counterfeit $100 notes; Quaker Bankers, just name a few?Exciting times ahead!! Figure 9 Figure 10 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 213 The Quartermaster Column No. 6 by Michael McNeil Most people look beyond their own self interest and act to protect the groups to which they belong. But some actions, even those altruistically motivated, have unintended consequences, and sometimes the consequences are dire. Such is the history of Capt. John H. Jones, Assistant Quartermaster to the 19th Regiment South Carolina Infantry. The 19th South Carolina Infantry was organized during the winter of 1861- 1862.1 John H. Jones enlisted at Camp Hampton on January 3rd, 1862 as a 2nd Lieutenant in Company H (with many men from the Abbeville District), and by May 25th he was detailed as an Acting Assistant Quartermaster (acting without bond). The unit participated in the Corinth Campaign during April to June and the Kentucky campaign from August to October, at which time Jones was promoted to Capt. & AQM. The Battle of Stones River at Murfreesboro, Tennessee, the location of the court-martial of Capt. John H. Jones, Asst. Quartermaster of the 19th Regiment South Carolina Infantry. image courtesy Wikipedia wagons to haul commissary stores, and among those were wagons belonging to the 19th Regiment. In an act of loyalty to his unit, Capt. Jones retrieved his wagons returning them to his unit?s yard, and for this action he was court- martialed. He was convicted on December 23rd and relieved of his command. Illuminating documents relating to this court martial are found in Jones? files in the National Archives. Brig. Gen?l. Samuel McGowan (with no connection to the 19th SC Infantry) wrote a letter on Jones? behalf on The back of the Type-41 Treasury note with the endorsement of John H Jones on a date only 10 days after he was formally relieved of his commission as a Captain and Assistant Quartermaster by court- martial. image: McNeil The 19th Regiment was involved in the st June 22nd, 1863, laying out the details of the issue in which it strongly appears that Jones acted in good faith. By June 24th, 1863 Jones had returned to South Carolina and signed a sworn statement before the Magistrate of the Abbeville District Court House: ?I John H. Jones, lately a Capt AQM in action at Murfreesboro from December 31 , 1862 to January 3rd, 1863. Some time prior to that engagement, an officer had commandeered the 19th Regt S(outhern) C(arolina) V(olunteers) do solemnly swear, that, in the Court Martial lately held at ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 214 Murfreesboro Tennessee, before which I was tried for issuing an order that my wagons, should return to my camp, I did not, nor did I intend to, plead guilty to ?the specification? charging that I ?knowingly & willfully disregarded the orders etc. ?At the trial I expressly refused to plead guilty to the specification. Using in the Court these very words ?Gentlemen I can not plead guilty to the specification, because the order I issued was not a wilfull disregard of orders? & I entirely deny that I have ever done a wilfull wrong. I thought I was only doing my duty. If it was wrong to issue the order for my own wagons, it was an unintentional error.? A note was written on July 29th, 1863 on the cover of the court martial proceedings, stating that ?Upon review of the proceedings by the Secretary of War (James Seddon), the sentence was set aside, by reason of their informality, & a new trial awarded Capt. Jones.? Jones had apparently given up hope by this time, and the note of July 29th continues, ?He has never reported, so that a new trial could be given him...after his dismissal, and has never been heard of since. The original record has been lost or mislaid.? The intervention by high ranking officers in favor of Jones continued, and none other than Gen?l Braxton Bragg, commander of the Army of the West, wrote Special Order No. 237 on September 3rd, 1863 stating that, as the court martial had been set aside by the Secretary of War, Capt. Jones ?...is hereby released from arrest, and will rejoin his regiment.? A letter of September 4th, 1863 from Col. J. F. Pressley, commander of the 10th and 19th South Carolina Regiments, sheds light on Jones? attitude after his dismissal: ?Yesterday I received notice that Capt. J. H. Jones AQM 19th SCV...had been restored to duty and ordered to report to his Regt. As the Regt now has two AQMs I would beg...the Gen?l commanding...as to what I should do with them [the two AQMs]. ...Capt. Jones left the service and went to his home in Jolene on the 21st day of January 1863. ...During the whole of that time [from January to September] he gave no notice to the Regt that he was even attempting to be reinstated. I would therefore recommend that he be placed in some detached duty as I have nothing of substance for him to do.? Gen?l Braxton Bragg, Commander of the Army of the West and close friend of President Jefferson Davis. image courtesy Wikipedia ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 215 Jones was placed in other commands in Virginia. In 1864 he served at a horse infirmary camp and at Rockfish Depot, Nelson County, on the Orange and Alexandria Rail Road. Jones? last purchase, approved by Gen?l R. E. Lee, was for the procurement of forage. His last document, a travel expense voucher, was dated November 19th, 1864 at Petersburg, Virginia. Petersburg would be the focal point of the collapse of Lee?s army and the fall of Richmond the following spring. Only two examples of Treasury notes endorsed by John H. Jones are known. The illustrated endorsement reads: issued Jany 31 1863 Jno C H Jones aaqm CSA Both the illustrated example and the discovery note bear the same date and the inclusion of an extra initial ?C? in his signature, which is not found on any other documents. These two notes were perhaps received by Jones in his termination pay?note the date of issue of January 31st, just ten days after Col. Pressley stated that Jones ?left the service and went to his home.? Note also that Jones did not use his former title of ?Capt.? The story of Capt. John H. Jones is a cautionary lesson in unintended consequences. It is also a lesson about success? who you know is usually much more important than what you know, and Capt. Jones had the support of one of the Confederacy?s highest ranking generals. The author found the illustrated note at the Kansas City International Paper Money Show on a holdered note which failed to mention the endorsement, and which should have been known to the holdering establishment (they own two of the author?s books on these endorsements). This rare endorsement was purchased for the value listed on a white sticker, the value of a typical note in decent condition. Knowledge is power. ? carpe diem Notes: 1. See the detailed history of the 19th South Carolina Infantry at www.researchonline.net/sccw/unit151. 2. The image of Gen?l Braxton Bragg is courtesy of Wikipedia, By Unknown, restoration by Adam Cuerden, image from the United States Library of Congress. 3. The image of the Battle of Stones River, courtesy of Wikipedia, in the Public Domain, United States Library of Congress. 4. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, pp. 369-372. The front of the Type-41 Treasury note endorsed by John H. Jones, former Capt. & Asst. Quartermaster of the 19th Regiment South Carolina Infantry. image: McNeil ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 216 Central States Numismatic Society 78th Anniversary Convention April 24-27, 2018 (Bourse Hours ? April 24 ? 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 by?Robert?Calderman? Adventures?in?Plastic!? ???If?you?have?been?at?the?paper?money?collecting?game? for? a? year? or?more,? chances? are? you? own? at? least? one? Slabbed?note.??If?you?ve?fancied?yourself?a?rag?picker?for? more?than?a?decade,?and?unless?you?ve?been?living?under? a?rock,?you?probably?have?dozens?of?third?party?graded? notes.? ?For? those?select? few?collectors?who?count?their? entombed?notes?by?the?hundreds,?you?might?just?be?a?life? member?of?the?SPMC!??If?not,?it?s?time?to?face?the?reality? of?the?situation.?You?love?collecting?paper?money?and?it?s? time?to?make?those?volunteers?that?run?the?SPMC?table? at? countless? shows? across? the? country? proud? by? upgrading?your?membership!? ???I?travel?to?a?ton?of?coin?shows?across?the?country?each? year? and?while? I? occasionally? hear? grumbles? of? disdain? about?TPG?s?and?the?good?old?days?before?they?existed,? these?murmurs?are?increasingly?in?the?minority?as?it?will? soon? be? an? amazing? two? decades? since? the? currency? market? experienced? its? first? grading? company? appearance.??More?than?three?million?notes?from?across? the?globe?have?now?been?graded?and?it?is?hard?to?argue? that?the?overall?impact?hasn?t?been?a?positive?one.??TPG?s? offer? snazzy? holders? to? protect? our? notes? for? future? generations?and,?more?importantly,?they?have?created?a? standard? in? the? industry? helping? both? dealers? and? collectors? identify? notes? quickly? and? easily,? allowing? bourse? transactions? to? take? place? at? a? lightning? pace!? Now?less?time?is?wasted?arguing?over?which?example?is? truly?XF?vs.?VF+?or?the?dramatic?value?disparity?and?risk? of? determining? if? a? note? is? a? Superb?Gem?or? an?AU58!? Third? party? graded? notes? ultimately? give? collectors? a? safety?net.?Protecting? them? from?getting?hosed?buying? raw?notes?with?advertised?grades? that?have?been,? let?s? say,?exaggerated?by?unknowledgeable?or?unfortunately? by?unscrupulous?dealers.?? ??With? all? that? said,? the? old? adage? still? holds? true? and? carries?over?from?the?coin?world,??Buy?the?Note?not?the? holder.?? ?Surprisingly,?even? if?a?note? is?already?slabbed? there?are?occasionally?huge?opportunities?for?keen?eyes? to?spot?treasure.? ?Let?s?examine?a?$10?Silver?Certificate? that,? while? already? graded,? became? a? prized? trophy? hiding?in?plain?sight! Online?seller?s?photo?of?a?1934A?$10?Silver?Certificate?graded?CU64EPQ? ???1934A?$10?Silver?Certificates?are?a?plentiful?issue?with? close?to?43?Million?notes?printed.??In?this?condition,?the? popular? Greensheet? guide? values? the? above? Fr.1702? example? at? $165? and? while? this? note? might? appear? innocuous,?there?is?more?to?the?story!??PMG?has?graded? 241?examples?with?29?notes?at?the?64EPQ?level?and?a?? hefty?82?notes?graded?higher!??For?the?value?seeking?type? note?collector?64Q?is?the?sweet?spot?for?a?CU?note.? ???Looking?closely?at?the?Insert?on?the?PMG?holder,?we?see? that?it?is?100%?correct.??The?label?identifies?the?Friedberg? number,?Type,?Serial?Number,?and?even?the?SN?Block?and? signature?combination?are?properly?displayed.? ?At?$195? the?online?retailer?offered?this?note?to?the?world?on?their? ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 218 predominantly?coin?plagued?website.??The?picture?above? is?low?resolution?and?exactly?how?I?saw?the?note?on?my? computer? screen.? ?What?makes? this? example? a? trophy? note?are?the?two?tiny?numbers?at?the?bottom?right?hand? corner?on?the?face?of?the?note.??It?s?hard?to?make?them? out?but?all?you?need?to?know?is?1934A?$10?SC?s?will?all? have?three?digit?face?plate?numbers?unless?they?are?one? of?the?two?coveted?Late?Finished?Plate?#?s?86?or?87.??Both? LFP?and?rare?mule?varieties?are?the?caviar?of?the?small?size? collecting?world.? ? Brought? on? by? cost? saving?measures? during?WWII,?retired?plates?that?were?only? intended?to? be?kept?for?reference?were?once?again?placed?back?into? rotation? creating? numerous? and? heavily? sought?after? varieties.??For?diehard?collectors,?a?set?of?notes?cannot?be? truly?complete?without?the?major?varieties!? ???You?may?be?pondering,?why?was?the?variety?not?listed? on?the?TPG?holder???When?submitting?notes?for?grading,? many?collectors?miss?the?fact?that?there?is?a?column?on? the? submission? form? specifically? designated? for? variety? attribution.??The?grading?company,?in?this?case?PMG,?did? their? job?and?accurately?and?conservatively?graded?this? example.??I?would?anticipate?the?submitter?had?no?idea? that?this?$10?SC?was?something?extra?special.??The?online? retailer?was? also? unaware? since? their? sales? description? had?no?mention?of?the?LFP.??In?a?perfect?world,?all?TPG?s? would?magically? know? every? possible? variety? on? every? piece?of?currency?from?every?country?on?the?planet.??This? is?a? little? too?much?to?ask?for? in?my?mind?and?with?the? volume?of?notes?coming?in?the?door?and?going?through? grader?s?hands,?there?are?surely?more?varieties?out?there? waiting?to?be?found.?? ???At? the? next? major? show,? I? resubmitted? the? silver? certificate? back? to? PMG? and? for? a? very? reasonable? re? holder? and? variety? attribution? fee,? the? note? is? now? displayed?above?in?all?its?glory.??As?a?LFP?#86?variety,?the? population?of?graded?examples?are?few?and?far?between.?? While? this? plate? number? can? be? found? on? circulated? examples? for? a? modest? premium,? uncirculated? specimens?are?decidedly?rare.???PMG?has?graded?a?total? of?only?sixteen?notes?in?all?grades?and?? incredibly?only?three?examples?in?64EPQ?with?none?? higher!? This? note? which? appeared? common? and? lackluster?before?now?instantly?reaches?the?lofty?heights? of?Top?Pop?Registry?status!??Auction?records?are?slim?to? none?for?these?rare?birds?and?on?an?average?day,?in?my? opinion,? this? note?would? easily? fetch? a? cool? $1,000.? ?A? staggering?increase?of?500%?above?the?original?purchase? price? offered? on? the? coin? dealer?s? website.? ? For? the? dedicated? collector,? studying? these? varieties? can? be? extremely?rewarding.??Happy?hunting!? ???Do?you?have?a?great?Cherry?Pick?story?that?you?d?like?to? share?? Your? note? might? be? featured? here? in? a? future? article?and?you?can?remain?anonymous?if?desired!??Email? scans?of?your?note?with?a?brief?description?of?what?you? paid?and?where?it?was?found?to:?gacoins@earthlink.net. Re?holdered?note?now?displaying?the?Late?Finished?Plate?Variety? ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 219 When Institutions Fail Next to my office desk is a bookshelf, and on the very top sits a haphazard pile of old red books? literally, ?Red Books?, or Guide Books to United States Coins, by one R. S. Yeoman. Rather than residues of my misbegotten youth, these volumes I got at some library book sale, and then promptly ignored. Inspired (or at least made to feel guilty) by Marie Kondo?s decluttering philosophy, I?ve been casting an appraising eye around my office, asking the Kondo question: Does anything in this room, books or otherwise, ?spark joy?? And the answer is, I have absolutely no idea, unless you find joy, as I do, in the act of hoarding itself. As a publishing venture, the ?Red Book? is, of course, alive and kicking, even if Richard S. Yeoman himself has been gone for over thirty years. More than a mere book, the Yeoman volume is a fixture of the hobby. It?s what I would call an institution, in the sense that it orients collectors around a list of desirable objects and their possible prices. It may not be the most informed authority on specialized numismatic topics, but in one volume, it represents the best general introduction to the hobby in the United States. In particular, the Red Book signals to those people, young and old, who have not yet taken up the pastime: this is what collecting United States coins is all about. The importance of institutions like the Red Book appears most apparent when I imagine what would happen to the hobby if that volume somehow went away. Two recent developments more relevant to the paper money field raise similar issues. The first is the Chapter 11 bankruptcy filing of F + W Media, while the second is the demise of PCGS Currency, a major third-party grader of paper money. Both are examples of institutions failing. I want to discuss the publisher in these paragraphs, and the grader in a subsequent column. F + W Media is, of course, the company that had acquired Krause Publications in 2002. Whether because of bad luck, bad strategy, or bad management, F + W Media has failed, and the status of its stable of collector-oriented publications is now in doubt. This includes such stalwarts as Numismatic News, Bank Note Reporter, and of course the various volumes of SCWMP. We don?t yet know what bankruptcy will mean for these brands. Chapter 11 could bring the reorganization, sale, or outright liquidation of F + W?s properties. No one publication is necessarily indispensable, but the Krause catalogs come closest to representing a collective benefit to the hobby. It?s not their prices that are important (these change); it?s the reference and attributive functions that these catalogs provide. In particular, the ?Pick numbers? that the Krause catalogs record for existing notes, and generate for new issues, literally define the hobby in the sense that they guide readers towards what to collect in the first place. While there might be better alternatives to the Pick scheme, what makes it valuable is that everyone treats it as authoritative. Up to now, the Pick numbering system has outlived Albert Pick, Just as Friedberg numbers have outlived Robert Friedberg. Hugh Shull built on the system created by Grover Criswell. Yet if such continuity were to be interrupted, I fear that a basic support for the hobby would begin to erode. I don?t want to sound hysterical about the problem. Paper money collecting has all sorts of niches that have generated plenty of guide books to orient their fans. Auction house catalogs also play a role, particularly when it comes to the attribution and provenance of pricier stuff. Organizations like the SPMC do their part by crowdsourcing online compendia like the Obsoletes Database Project. It makes a difference if a catalog covers material that is specific to an historical era. Stale catalogs are still perfectly serviceable if the type of collectible is, in principle, fixed. As a long-time devotee of depression scrip, I rely on the Mitchell- Shafer catalog even though it is well over thirty years old. Its prices are now irrelevant, but the context and attributions it provides are still indispensable. However, what about parts of the hobby that are more dynamic, and require up-to-date revisions? The various Krause catalogs serve to assimilate the flood of new coin and currency issues that the world generates every year. Each item gets its number, and each one of those numbers in a sense defines and extends the boundaries of the hobby for the benefit of all collectors. If that service were no longer provided, then the enterprise of collecting would, ever so slightly, begin to lose its focus. In addition, the longer that service wasn?t there, the fuzzier would everything notaphilic appear to be. (to be continued) Chump Change Loren Gatch ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 220 $ m a l l n o t e $ Mills?s Letter Details Mellon?s Two Signatures By Jamie Yakes One of my earliest columns discussed a change made to Secretary Andrew Mellon?s signature used on early small-size currency.1 There were two distinct styles, and the obvious difference between them is the longer tail on the ?n? on the earlier signature. The BEP paired them exclusively with the signatures of different treasurers: The earlier with Mellon and the latter with Woods. A one-page letter from Undersecretary of the Treasury Ogden L. Mills to William P. G. Harding, Governor of the Boston Federal Reserve Bank, described the change.2 His letter is pictured here. Notes: 1. Yakes, Jamie. ?Mellon?s Two Signatures.? Paper Money 50, no. 4 (2011, July/Aug): 301. 2. Mills, O., Undersecretary of the Treasury, letter to W. Harding, Governor, Federal Reserve Bank of Boston, October 30, 1929, regarding changes to Secretary Mellon?s signature. Record Group 53-Bureau of the Public Debt: Entry UD-UP 13, ?Historical Files, 1913- 1960,? Box 12, File K723. National Archives and Records Administration, College Park, Maryland. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 221 The Obsolete Corner The State of North Carolina by Robert Gill By the time you are reading this, spring will be upon us. I am sure glad the cold weather is over. Even though our Southern Oklahoma Winter was relatively mild, it still played havoc with my arthritic body. I guess it's just part of growing old! Since my last article, the Obsolete World received a real treat. During the first week of March, Stacks Bowers Galleries auctioned a collection of thirty-seven uncut sheets of Illinois currency. Not only were virtually all of the sheets probably unique, but many of the notes comprising them are listed in the Haxby reference as SENC (Surviving Example Not Confirmed). It was a real fun time for me to compete with other collectors / dealers in trying nab a few new prizes. I was able to acquire five of them. I would liked to have been successful on more, but considering the group hammered for over $100,000 with the buyer's fee added, I felt very fortunate to do as well as I did. But now, let's look at the sheet from my collection that I'm sharing with you in this issue of Paper Money. That is an incredibly rare sheet issued by the State of North Carolina during the Civil War. My good friend Hugh Shull, in his book, A Guide Book of Southern States Currency, tells us that in November of 1789, North Carolina became the 12th state to ratify the Constitution of the United States of America. Because of sentiment to the "Southern Cause", state delegates met at a convention in State Capital, Raleigh, on May 20th, 1861. They voted to dissolve the State's association with the Union by repealing the State's ratification of the Constitution. On the next day, May 21st, North Carolina was admitted to the Confederate States of America. State of North Carolina Treasury Notes were issued during the Civil War years of 1861 thru 1865. These were authorized by a total of fourteen acts of the North Carolina General Assembly, and ordinances enacted by the Secession Convention. In several cases, previously authorized amounts were subsequently altered or annulled. In many cases, issued notes of the same type were authorized by as many as three different acts and ordinances. Of the $13 million authorized, only about $7.8 million was actually issued. As you can see in the scans of my sheet, it has a couple of stunning traits. First of all, with the exception of the common Louisiana sheets, the high denomination is very rarely seen, in sheet form, on any of the old banks during obsolete days. And notice in the second scan there is a North Carolina bond on the backside. Because of a scarcity of paper in the South during the War Between the States, it was common practice to print paper money on the backside of paper that already had something printed on one side. The rarity of this sheet cannot be expressed enough. According to Hugh, my sheet, and the one that is pictured on the back cover of his book, are the only two known to exist. In addition, until my sheet became known, it was not known what the bond looked like, as the other existing sheet was printed on the backside of the coupon-portion of a bond. And to add to the rarity, even "singles" from this issue are scarcely encountered. So there it is. A true cornerstone of any Southern States Collection, and one that I'll enjoy owning for many years to come. As I always do, I invite any comments to my personal email robertgill@cableone.net or my cell phone (580) 221-0898. Until next time, HAPPY COLLECTING. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 222 ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 223 The Bank Note History Project by Mark Drengson As part of its educational mission to promote the study and appreciation of paper money and related financial history, the Society of Paper Money Collectors (spmc.org) is sponsoring the Bank Note History Project. The purpose of the Bank Note History Project is to stimulate research and help organize historical information related to U.S. bank notes that were issued during the National Bank Note Era (1863-1935) and Obsolete Bank Note Era (1782-1866). This project is focused on two of the primary historical aspects of these 'Hometown' bank notes: The Banks that issued them, and the Bankers who signed them. The Bank Note History Project consists of two online components: The Banks & Bankers Database and the Bank Note History Wiki. The Banks & Bankers Database is a structured, searchable database with historical data on all 14,348 National Banks that were chartered between 1863 and 1935. It also includes all of the Presidents & Cashiers listed in the OCC reports from 1867-1935, as well as many other potential bank note signers (VPs & Asst Cashiers) based on data from Bankers Directories, etc. Many Obsolete Banks and Bankers from 1782-1866 are also available with more being added over time. A Search website provides an easy-to-use interface into the data with links to the Bank Note History Wiki (as well as other online sources) to make that historical information for Banks and Bankers easily available. The search website requires SPMC membership to access the database. The Bank Note History Wiki is a crowd-sourced, searchable content website (very similar to Wikipedia) for creating and organizing historical information on the National and Obsolete Banks & Bankers from 1782- 1935. This is a Public/Open access Wiki, so anyone can View the information. Users who have set up an account on the wiki website (with a confirmed email address) are allowed to add new pages or Edit existing wiki pages. The Bank Note History Wiki is primarily focused on two topics: Bank Histories and Banker Biographies. Featured Bank Notes illustrate this by providing a link to the issuing Bank's History page, as well as links to the Bio pages for the signing Bank Officers. A Bank Note History Home page can also be setup for each State, focusing on the Banks, Bankers and Banking History of that State. Visit the Bank Note History Project now to see who signed your bank notes! Mark Drengson will be giving a talk introducing the Bank Note History Project at p.m. Saturday at the Kansas City/IPMS show on June 15. 2019 IPMS--KC Join us at the International Paper Money Show in Kansas City June 13-16 Sheraton KC at Crown Center?816-841-1000 Exhibits, speakers, bourse and all the fun and education a paper money enthusiast can imagine. ??s? contact Doug Davis Doug@IPMSkanascity.com ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 224 President?s Column May/June 2019 It?s that time of year when preparations are underway for the International Paper Money Show in Kansas City. In my President?s Column one year ago, I outlined a multitude of reasons of why you should attend, so I will refer you to that if you have still not decided to make the trip. Instead, I will try to get you up to date on what is new. We are excited, as there have been some changes in the works for how we do exhibits at the IPMS, with respect to judging and awards. The previous issue of our journal covered these changes, and they are on the website as well. Our hope is that these changes will draw interest in more and higher quality exhibits at our main forum. Be sure to make contact with our exhibit chairman, Robert Moon (robertmoon@aol.com) for more information on showcasing your collection. You may have noticed that the Bank Note History Project is now live. See the press release in this issue with more details. This is a tremendous resource in particular for national bank note collectors, allowing them to identify signers of their notes and further research national banks of interest. In addition to the raw data, which is searchable, there is also the wiki portion of the project that is essentially a Wikipedia of the subject. As a user, you can both read and make contributions. Be sure to check out the special workshop that Mark Drengson will have at the IPMS to demonstrate the site and explain how you can make the most of it. I?d also like to ask for your participation in voting for literary awards and registry sets of the Obsoletes Database project. In each and every issue of Paper Money we bring you the highest quality research and articles in the hobby. I was especially impressed with the recent January/February issue. All of our authors devote a lot of time to their work, so it?s the least we can do, to spend a few minutes and acknowledge this effort by casting votes for your favorite articles. Just the same, the registry sets on ODP are a great way to learn and appreciate banknotes. Voting for both of articles and sets can be done on our website, at www.spmc.org/vote and www.spmc.org/obs/set-registry. As you get ready for IPMS, be sure to purchase your tickets in advance for the SPMC Breakfast online at our website (www.spmc.org), under the Outreach tab. The tickets this year honor Hall of Fame inductee Peter Huntoon with a youthful portrait and look really great. You get one of these with your purchase. Also, sign up for the free FRB KC Tour. Participants last year were rather impressed with our customized tour, and got to see a lot of notes you don?t see every day. The link to sign up is also under the Outreach tab on our home page. Details of all the IPMS Kansas City events can be found on the SPMC calendar at www.spmc.org/calendar. With that said, I hope you will come to Kansas City for the IPMS, and stop by our club table to say hello. I?m looking forward to it! -Shawn ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 225 WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK?SPMC MEMBERSHIP DIRECTOR NEW MEMBERS 03/05/2019 14895 Andrew Loulis, Frank Clark 14932 Philip Block, Website 14933 Larry LaFerriere, Pierre Fricke 14934 Jerome Biedny, Frank Clark 14935 David G. Kantor, Tom Denly 14936 Warner Talso, Frank Clark 14937 Allan Maierson, Gary Dobbins 14938 Benjamin Simpson, Website 14939 Bob Pearson, Gary Dobbins 14940 Matt Foltz, Patrick Heller 14941 Joe Corrado, Website 14942 Peter Lesnik, ANA Ad REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 04/05/2019 14943 Aaron Taylor, Website 14944 Charles Hill, Website 14945 Jorge Gonzalez, Website 14946 Forest US, LLC, Website 14947 Shawn Christensen, Robert Calderman 14948 Peter S. Walters, Robert Calderman 14949 George Balazs, Robert Calderman 14950 Peter Rizzardi, Minneapolis Coin Show 14951 Gerald Chase, Pierre Fricke 14952 Roland Rollins, BNR 14953 Bruce Ramer, ANA Ad 14954 David Gersten, ANA Ad 14955 Robert Sutton, Frank Clark 14956 Frank Doran, Jeff Brueggeman 14957 Philip DeAugustino, Frank Clark 14958 Dan Guthrie, Website 14959 Ed Godfrey, Tom Denly REINSTATEMENTS None Life Memberships None Reward our authors and columnists! Vote for your favorite articles and columns that appeared in Paper Money in 2018. Go to www.spmc.org/vote. You must be a member and only one vote per category per member. Voting is open May 1-31. Also vote for your favorite obsolete registry set in the obsolete database. Go to www.spmc.org/obs/set-registry. Voting is also open May 1-31. ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 226 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 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 WANTED: Republic of Texas ?Star? (1st issue) notes. Also ?Medallion? (3rd issue) notes. VF+. Serious Collector. reptexpaper@gmail.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 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 Wanted DC Merchant Scrip. Looking for pre-1871 DC merchant scrip (Alexandria, Georgetown & Washington). Send photo/price/ description to tip001@verizon.net. $ MoneyMart $? ___________________________________________________________Paper Money * May/June 2019 * Whole No. 321_____________________________________________________________ 227 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 83/4 X 141/2 $23.00 $101.00 $177.00 $412.00 National Sheet--side open 81/2 X 171/2 $24.00 $108.00 $190.00 $421.00 Stock Certificate--end open 91/2 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 * May/June 2019 * Whole No. 321_____________________________________________________________ 228 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 and Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcda.com for dates and location. ? Encourages public awareness and education regarding the hobby of Paper Money Collecting. ? Sponsors the John Hickman National Currency Exhibit Award each June at the International Paper Money Show, 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. ? Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Bea Sanchez ? Secretary P.O. Box 44-2809 ? Miami, FL 33144-2809 (305) 264-1101 ? email: sol@sanchezcurrency.com Jackson, MS- State of Mississippi $100 Jan. 8, 1862 Cr. 1Ab PMG About Uncirculated 53 Searcy, AR- H.K. Abernathy $2 Sept., 1862 Rothert UNL Extremely Fine-About Uncirculated Richmond, VA- Virginia Treasury Note $100 Aug. 13, 1861 Cr. 1 Jones VT02-06 PCGS Apparent Choice About New 55 Scottsville, VA- Bank of Scottsville $10 April 18, 1861 G18b Jones BS15-28 PCGS Very Fine 25 Visit HA.com/241621 to view the collection or place bids online. Selections from The Leonard Glazer Collection of Civil War Dated Currency & Related Items New Orleans, LA- Louis Hubert / Confederate States Bakery $1 PCGS Choice New 63 Tintypes of Triple-Armed SoldiersCivil War Sixth Plate Tintype of a Western Theater Federal Infantryman Paul R. Minshull #16591. BP 20%; see HA.com. 52955 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 U.S. CURRENCY INTERNET AUCTION April 24-May 30, 2019 | HA.com/241621