Paper Money - Vol. LX - No. 3 - Whole #333 - May/June 2021

"OL ,X- _No. 3 'WHOLE _No. 333 MAY/ ?UNE202t Www .SPMC.Ofl'i 1550 Scenic Avenue, Suite 150, Costa Mesa, CA 92626 ? 800.458.4646 470 Park Avenue, New York, NY 10022 ? 800.566.2580 Info@StacksBowers.com ? StacksBowers.com California ? New York ? New Hampshire ? Okalhoma ? Hong Kong ? Paris SBG PM ANA2021 Cons 210331 America?s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Contact Us to Consign Your U.S. Paper Money! 800.458.4646 West Coast ? 800.566.2580 East Coast ? Consign@StacksBowers.com Consign Alongside these Highlights from The Stack?s Bowers Galleries Official Auction at the ANA World?s Fair of Money? August 10-14, 2021 ? Rosemont, Illinois Consignment Deadline: June 10, 2021 Fr. 129. 1878 $20 Legal Tender Note. PCGS Banknote Superb Gem Uncirculated 67 PPQ. From the Tarzan Collection Part II. Fr. 263. 1886 $5 Silver Certificate. PMG Choice Uncirculated 64 EPQ. From the Tarzan Collection Part II. Fr. 375. 1891 $20 Treasury Note. PMG Gem Uncirculated 65 EPQ. From the Tarzan Collection Part II. Fr. 1180. 1905 $20 Gold Certificate. PCGS Banknote Superb Gem Uncirculated 67 PPQ. From the Tarzan Collection Part II. Fr. 150. 1863 $50 Legal Tender Note. PCGS Banknote Extremely Fine 40. From the Tarzan Collection Part II. Fr. 341. 1880 $100 Silver Certificate. PCGS Banknote Extremely Fine 40. From the Tarzan Collection Part II. Fr. 893B. 1914 Red Seal $10 Federal Reserve Note. New York. PCGS Banknote Superb Gem Uncirculated 67 PPQ. From the Tarzan Collection Part II. Fr. 1220. 1922 $1000 Gold Certificate. PMG Choice Extremely Fine 45. From the Tarzan Collection Part II. Fr. 187j. 1880 $1000 Legal Tender Note. PMG Very Fine 30 Net. Restoration. From the Tarzan Collection Part II. Fr. 367. 1890 $10 Treasury Note. PCGS Banknote Gem Uncirculated 66 PPQ. From the Tarzan Collection Part II. Fr. 1132-K. 1918 $500 Federal Reserve Note. Dallas. PCGS Banknote Choice Extremely Fine 45 EPQ. From the Tarzan Collection Part II. Fr. 2221-E. 1934 $5000 Federal Reserve Note. Richmond. PMG Choice About Uncirculated 58 EPQ. From the Tarzan Collection Part II. a_oM_om            W?????&??????????? ??? ^??????? ?????????>????d?????????????????K???????D????? 32%R[6DQ$QWRQLR7;SLHUUHIULFNH#EX\YLQWDJHPRQH\FRPZZZEX\YLQWDJHPRQH\FRP $QGPDQ\PRUH&6$8QLRQDQG2EVROHWH%DQN1RWHV IRU VDOH UDQJLQJ IURPWRILYHILJXUHV 178 Fractional Images on Stamps--Rick Melamed The Impact of W W I on Gold Certificates--Peter Huntoon Edmund Bacon Williamson Apperson--Charles Derby Five Great Hoards of Michigan Mining Scrip--L.awrence Falater & Dave Gelwicks Doty & Bergen--Obsolete Currency Counterfeiters--Terry Bryan Early Web Currency Proofs--Peter Huntoon218 188 Survey of T=64 C SA $500 Notes--Steve Feller Paper Money * May/June 2021 * Whole No. 333 165 187 In Memoriam--Steve Jennings 177 New SPMC Governor--Mark Drengson 170 196 202 211 Contents, Advertisers, Hall of Fame Columns Advertisers SPMC Hall of Fame The?SPMC?Hall?of?Fame?recognizes?and?honors?those?individuals?who? have?made?a?lasting?contribution?to?the?society?over?the?span?of?many?years.? Charles Affleck Walter Allan Doug Ball Joseph Boling F.C.C. Boyd Michael Crabb Martin Delger William Donlon Roger Durand C. John Ferreri Milt Friedberg Robert Friedberg Len Glazer Nathan Gold Nathan Goldstein James Haxby John Herzog Gene Hessler John Hickman William Higgins Ruth Hill Peter Huntoon Don Kelly Lyn Knight Chet Krause Allen Mincho Judith Murphy Chuck O?Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert Herb & Martha Schingoethe Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. Wismier From Your President Shawn Hewitt 167 Editor Sez Benny Bolin 168 New Members Frank Clark 169 Chump Change Loren Gatch 225 Uncoupled J. Boling/F. Schwan 226 Cherry Picker's Corner Robert Calderman 233 Obsolete Corner Robert Gill 236 Jamie Yakes 239Small Notes Quartermaster's Column Michael McNeil 240 Stacks Bowers Galleries IFC Pierre Fricke 165 Lyn F. Knight 195 Dave Gelwicks 210 Bob Laub 224 Whitman Publishing 232 Jim Earhardt 235 Higgins Museum 235 ANA 243 Verm Potter 244 FCCB 244 Denly's of Boston 244 Fred Bart 244 PCDA 245 Heritage Auctions OBC Fred Schwan Neil Shafer Paper Money * May/June 2021 * Whole No. 333 166 From Your President Shawn Hewitt This will be my final column as president, as in June my second two-year term will expire, and we will install new leadership at SPMC. I am honored to have had the opportunity to serve our organization. I?d like to reflect upon what we?ve accomplished over the last several years. Firstly, we?ve made a major revision of our website, which is now a Content Management Systems, meaning that all our membership management is in the cloud. Collectors can join and maintain their membership entirely on the website and view current and all past journals on that platform. It also hosts a calendar of events ? largely maintained by member Jim Phillips ? and many other features that add value to your membership. Also, on the website, we?ve created the Obsoletes Database Project (ODP), which is our long-term vision to catalog all U.S. obsolete bank notes and scrip. Once a state is set up, you can enter in your notes from that state and upload pictures. It is a platform where you can keep a detailed inventory of your collection, as well as enter those notes and collections in annual competitions. As this is a long-term project, we?re still in need of experts for many states that are not yet set up; so, if this interests you, and you are willing to help, please contact me and we can get you going. Yet another feature on the website is our Bank Note History Project, managed by our data guru, Mark Drengson. This is a repository for valuable information about the banks that issued currency, including banks and bankers, and much more. Visit our website for more information. Over the last few years, we?ve also made a major effort to expand our education, research and outreach, which we call ERO. This includes seminars, sponsorship for paper money research projects of all kinds, and setting up at major regional shows when we are not restrained as we presently are with COVID. I?m proud to say that many of our board members are very active in promoting the hobby and Society, whether it?s hosting a table at shows, reaching out through social media, exhibiting their collections, speaking at various seminars, or writing articles and content for our journal Paper Money. Board member Loren Gatch is to be especially commended for his weekly News & Notes newsletter freely available to our members. A significant recent effort is the overhaul of our journal. While Paper Money has always been the gold standard for research on U.S. paper money, last year we gave our journal a beautiful makeover. I could not be more pleased with the effort. Finally, one last highlight I?d like to touch upon is the launch of our first ever Zoom-based membership meeting and speaker event. We accomplished this on February 27 with seven speakers and nearly 60 in attendance for each of the talks. I expect that we will do this more frequently, but perhaps with shorter duration events. All our presentations were captured on video and are available on the SPMC Facebook page. On a final note, sadly, I must inform you of the passing of my friend and board member Steve Jennings. Steve was involved with the hobby for many years and truly had a passion for currency and related banking items, especially real photo postcards of banks. We chatted for many hours at shows over the years, particularly during those slow hours, and I will miss him greatly. I am pleased to announce that Mark Drengson will occupy the Board of Governors? seat vacated by Steve. Mark submitted the ten required letters of recommendation, and the board recently brought his nomination to a vote. I have been encouraging Mark to do so for a long time, especially given his commitment to our online projects, and now the timing was right. Mark, welcome to the Board. But now, it?s time for me to pass the torch to the next administration. I will stay involved with the Society as long as I can contribute to its mission. It?s been a pleasure serving SPMC. Officers & Appointees Robert Vandevender II rvpaperman@aol.com Bob Moon robertmoon@aol.com BOARD OF GOVERNORS mbamba@aol.com g.dobbins@sbcglobal.net lgatch@uco.edu Billlitt@ APPOINTEES PUBLISHER-EDITOR smcbb@sbcglobal.net LIBRARIAN Jeff Brueggeman jeff@actioncurrency.com MEMBERSHIP DIRECTOR frank_spmc@yahoo.com IMMEDIATE PAST PRESIDENT WISMER BOOK PROJECT COORDINATOR Paper Money * May/June 2021 * Whole No. 333 167 Terms and Conditions The Society of Paper Money Collectors (SPMC) P.O. Box 7055, Gainesville, GA 30504, publishes PAPER MONEY (USPS 00-3162) every other month beginning in January. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Robert Calderman, Box 7055, Gainesville, GA 30504. ?Society of Paper Money Collectors, Inc. 2020. All rights reserved. Reproduction of any article in whole or part without written approval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the editor. Accepted manuscripts will be published as soon as possible, however publication in a specific issue cannot be guaranteed. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the editor for duplication and printing as needed. ADVERTISING All advertising on space available basis. Copy/correspondence should be sent to editor. All advertising is pay in advance. Ads are on a ?good faith? basis. Terms are ?Until Forbid.? Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. To keep rates to a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera-ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Full color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page color 500 1500 3000 Full page B&W 360 1000 1800 Half-page B&W 180 500 900 Quarter-page B&W 90 250 450 Eighth-page B&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non- standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8? beyond trim for page head, foot, and front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2? Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriate material or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads but agrees to reprint that portion of an ad in which a typographical error occurs. Editor Sez Benny Bolin Benny Are we there yet? Huh? Daddy are we there yet? This is an oh- so familiar saying that many of us remember from long road trips of yesteryear. Now, it has a new meaning--are we at the end of the worst-re:COVID-19? While there are a lot of encouraging signs, I, as a 40 year medical professional urge you to not let your guard down. Continue to social distance (albeit a bit closer), wear your mask and get your shot(s). Maybe if we all do this, we can start back to going to shows this summer. Wouldn't that be great? This issue starts with yet another notice of the passing of a stalwart of our hobby--LM and Governor Steve Jennings. My and the entire board and hobby offer our condolences to his family. Local and regional shows show a promise of coming back to reality so hopefully big national ones will follow suit. It has been different in the hobby this past year, doing it all virtually virtual. It has been fun, just not the same. I offer my thanks and praises to the auction houses who have been able to provide us with some sense of normalcy and have done a great job providing us an outlet to see/buy some great notes, albeit at the detriment of my wallet. Be on the lookout very soon for an announcement on the SPMC website about voting for the best articles, books and columns published during 2020 in Paper Money. Reward our wonderful writers and researchers for their hard work in providing us a small outlet to continue this hobby we all love. We also welcome a new member to our Board of Governors. Many of you know Mark Drengson already and his work with the different databases. He will be an exceptional addition to the board. This is the 60th anniversary year of the SPMC. If times were normal, at the IPMS, we would have a big celebration but we will come up with some other way(s) to celebrate. The first issue of Paper Money was published as the Winter issue of 1961. It was 18 pages long and in total black and white! This issue is 84 pages long with many color pictures--what a progress we have made. I am hoping to do a 60th anniversary issue for the November/December issue. It won't be as grand as past anniversary issues, but I am hoping it will have a lot of cool information and a reflection of how far the SPMC has come. Some of you have asked about a comprehensive index to PM. I think this is a good idea and some of the board members are helping me with this. I hope it will be done and posted on the website in the summer. It will be a simple index of articles, but it will be very usable. So, until next issue--stay safe and well. Paper Money * May/June 2021 * Whole No. 333 168 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The Annual Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by- laws and activities can be found at our website-- www.spmc.org. The SPMC does not does not endorse any dealer, company or auction house. 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. A parent or guardian must sign their application. Junior membership numbers will be preceded by the letter ?j? which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES?Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership?payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date, which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK SPMC MEMBERSHIP Director NEW MEMBERS 03/05/2021 15233 Steven Schoenberger, Website 15234 Charles Gregoire, Robert C. 15235 Philip Byrnes, Website 15236 David Russo, Website 15237 Armon McPherson, Tom Denly 15238 Kris Oyster, Robert Calderman 15239 Larry ONeal, Website 15240 Andrea Barbon, Website 15241 James Hill, Website 14242 Sergio Correa, Website 14243 W. Lee Mackewiz OD, Website 15244 Richard Nicolen, Robert Calderman 15245 Kenneth Margicin, Website 15246 Morland Fischer, Frank Clark 15247 James Paul Beachboard, Frank C. 15248 David J. Stringfellow, Tom Denly 15249 Fritz Kliphuis, ANA Ad 15250 Robert Nippert, Website 15251 Reilly Hammond, Frank Clark 15252 Jscob Williams, Website 15253 David Helfman, Website 15254 John Monk, Tom Denly 15255 Bill Rountree, Website 15256 John Patrick, Robert Calderman 15257 Robert List, Frank Clark 15258 Jean Shahnasarian, Frank Clark 15259 Leo Lavault, Tom Denly REINSTATEMENTS None LIFE MEMBERSHIPS LM451 James Anthony De Falco, Website LM452 Dennis Schafluetzel, former member #9149 LM453 Sharon Brueggeman, Jeff Brueggeman LM454 Dustin Johnston, former member #12475 NEW MEMBERS 04/05/2021 15260 Steven Mengler, Don Kelly 15261 Wayne Smith, Tom Denly 15262 Michael Choquette, Website 15263 Bob Martin, Website 15264 Omeed Azizirad, Website 15265 Michael A. Masse, Tom Denly 15266 Daniel Marrin, Tom Denly 15267 Barry Willhoite, Website 15268 Don Carroll, Tom Denly 15269 Ron Nagata, Tom Denly 15270 Chris Su, Website 15271 Michael Gomes, Wendell Wolka 15272 Jon Sorensen, ANA Ad 15273 Jay Krumholtz, Frank Clark 15274 Todd England, Clark REINSTATEMENTS None LIFE MEMBERSHIPS None Dues Remittal Process Send dues to Robert Moon SPMC Treasurer 104 Chipping Ct, Greenwood, SC 29649 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. Paper Money * May/June 2021 * Whole No. 333 169 FRACTIONAL IMAGES ON STAMPS (or Stamp Images on Fractionals) by Rick Melamed When researching fractional currency, it is often good to approach the subject from a different perspective. A fresh angle often leads to an interesting article. I recently came across a stamp of Samuel Dexter whose image from the Fr. 1379, 4th issue 50? fractional is well known. So, it got me to thinking; since the design of 1st issue postage currency was based directly on U.S. postage stamps from that era, how many portraits of those who graced fractional currency also appear on postage or revenue stamps? Quite a few! Today our currency and coins bear the images of America?s political all-stars. Great Presidents like Washington, Lincoln and Jefferson have their images on many issues of stamps, coins and currency. But in the 19th century, there were many images on circulating currency from somewhat less lofty perches such as allegorical figures, noted politicians and people of achievement. Robert Walker, Samuel Dexter, William Meredith and William Crawford were accomplished politicians, but probably less than 5% of Americans are aware of their existence. Hence their portraits on stamps are rather limited. For this article, I attempted to find the same (or similar) images found on fractionals as on stamps. I also endeavored to locate stamp images from the 19th century and as close to the issue dates of fractionals (1862-1876). The success rate was good, and the bonus is I found something new to collect. However, I did take some liberties when it came to Columbia, whose allegorical image is found on the 4th issue 15? fractional. Whenever possible, we used Scott numbers to identify the stamp. 1st ISSUE POSTAGE CURRNECY NOTES In 1861, the U.S. Postal Service issued a 5? stamp with Jefferson?s portrait (Scott 67) and a 10? stamp with Washington?s portrait (Scott 68). During this time the shortage of circulating coinage was so severe that citizens were forced to adopt clever ways to make change since coins were not available. By 1862, postage stamps were in use as a coin substitute. It was a short term and unsustainable solution since stamps were not meant for repeated use. U.S. Treasurer Francis Spinner solved this crisis by creating postage currency. He used these period stamps as the portrait design to create the 1st issue of postage currency. For the 25? and 50? denominations, Spinner simply quintupled the amount of stamp images. Paper Money * May/June 2021 * Whole No. 333 170 2nd ISSUE FRACTIONALS: 5?, 10?, 25? & 50?. 3rd ISSUE FRACTIONALS Spencer Clark, the first Superintendent of the National Currency Bureau (today known as the Bureau of Engraving and Printing), is not found on any stamp. Clark, who at that time was already under investigation for embezzlement, fraud and sexual harassment put his own image on the 3rd issue 5? fractional. Talk about an ego! Considering the scandals surrounding his political life it is not surprising Clark?s image was never placed on a stamp. Inexplicably, the great Francis Spinner, U.S. Treasurer and the inventor of fractional currency whose image graces one of the 3rd issue 50? denominations, also never had his image placed on a postage stamp. This is quite unfortunate since Spinner was a great American patriot as well as a political celebrity in the 19th Century. 3? Washington. On the 3rd issue 3? fractional we found a nice similarity on the red 2? stamp (Scott 707). Issued in 1932, the stamp marks the 200th anniversary of Washington?s birth. The original image was created by the famous Washington portrait painter, Gilbert Stuart. Note on the fractional the body is straight, and the head is slightly turned; on the 2? red stamp Washington?s body and head are turned to the viewer?s left. The portraits are very similar. A 12? period stamp (Scott 90) issued in 1867 closely approximates Washington?s fractional portrait and year of issue; however, the President?s body is turned to the viewers left... more so than the fractional. On the 2nd issue fractional, only Washington?s portrait was used on all 4 denominations. Washington?s portrait on the 1st issue faces towards the viewers left; on the 2nd issue the portrait faces to the right. The ?1861 24? postage stamp shown (Scott 70) closely resembles Washington?s 2nd issue portrait. Paper Money * May/June 2021 * Whole No. 333 171 10? Washington. On the 10? fractional, Washington?s portrait is again turned to the viewer?s right. Rather than show a similar bust, we chose a 2? carmine example with a regal profile (Scott 634). . 15? Grant/Sherman. The 1863 15? Grant/Sherman fractional specimen sought to commemorate two of the Union Army?s great generals: Ulysses S. Grant and William Tecumseh Sherman. The only stamp found containing both portraits was this 3? 1937 purple example (Scott 787) that also included General Philip Sheridan. The Grant/Sherman depictions are very similar to the fractional. A more mature General Sherman appears on an 8? stamp (?1895 Scott 225); not surprisingly, General Grant?s portrait appears on many stamps like the olive colored 8? stamp (Scott 560) from 1923. 25? Fessenden. The 3rd issue 25? fractional contains the image of William Fessenden, who as the leader of the Republican Senate during the Civil War was renowned for his financial acumen. After Lincoln?s strenuous recruiting campaign, the President was finally able to convince Fessenden to take the Secretary of the Treasury cabinet post. Although his term was short, Fessenden tenure was a great success as he found many creative ways to raise the desperately needed funds to keep the Union Army going?something his predecessor, Salmon Chase, could not do. There are no U.S. issued postage stamps of Fessenden, but his image does appear on quite a few series of IRS issued revenue stamps used on tobacco, cigars and distilled spirts. The images on the fractional and tobacco stamp are identical. Paper Money * May/June 2021 * Whole No. 333 172 50?. Alas, no Spinner stamps; but we did find a semi-decent stamp match on the Justice note. On both the 25? newspaper & periodical stamp (Scott PR118) and the fractional, Lady Justice is hoisting a scale in the air declaring justice above all. But just in case she has a sword and shield to defend her virtue. Note that both shields display bald eagles. On the fractional she is sitting; the stamp has Justice striding upright proud and erect. We?ve enlarged the stamp relative to the fractional to show its details. This stamp series commemorates newspapers and periodicals and were in use between 1865 and 1898. There are 12 different Justice periodical stamps ranging from 1? to $100 in an array of colors. The 1863 $50 Interest Bearing Note bears the exact same image as found on the Justice fractional. 4th ISSUE FRACTIONALS 10? Liberty. The 10? fractional featuring Liberty?s allegorical portrait was first released to the public in 1869. I could not find any stamp with a similar image. Mostly because Lady Liberty was not the icon she became in 1886 when the Statue of Liberty was unveiled in New York Harbor. Since 1920, every stamp issued featuring Liberty?s likeness was that of the iconic statue. We did locate a non-statue Liberty stamp that was issued in 1875, before the statue was erected. This blue 2? IRS stamp (Scott R152) contains a vibrant profile depicting her Ladyship. On both the fractional and stamp, Liberty is wearing a cap adorned with a laurel. Paper Money * May/June 2021 * Whole No. 333 173 15? Columbia. The 15? fractional portrays Columbia, who is an allegorical personification of the United States and the New World. Images of Liberty after her statue was unveiled largely displaced Columbia as the female symbol of the United States. Closely aligned, Lady Liberty can be viewed as a derivative of Columbia. Images of Columbia on federally issued currency are found on the 4th issue 15? fractional, early issue $20 National Bank Notes and on the $50 Demand Note from 1869. Since being usurped by Liberty, Columbia?s image was not found on any stamps. Please pardon the pun, but we have taken some ?liberties? in trying to match Columbia?s portrait to a stamp. The 1914 IRS issued Documentary revenue stamp (Scott R244) technically is attributed to Lady Liberty. But since Liberty and Columbia are somewhat interchangeable we have included this stamp; you will notice both portraits shown contain a headdress with a laurel and stars above the forehead. A completely different depiction of Lady Columbia (with the headdress of laurel and stars) is shown on this $50 Demand note. 25? Washington. We will bypass the 4th issue 25? fractional since the portrait of Washington is the same as used on 2nd and 3rd issue fractionals. 50? Lincoln. Charles Burt?s portrait of President Lincoln on the 50? fractional is inspiring. The way Lincoln?s distant gaze peers into the future and how it is balanced against the large red Treasury seal, makes this one of the most desirable fractionals ever produced. However, matching Burt?s fractional portrait to a stamp proved to be quite challenging. Most stamps issued depict Lincoln facing to the viewers right. Lincoln first appeared on the following 15? U.S. stamp in 1866 (Scott 77); a year after his assassination. I viewed over 40 different styles of U.S. postage stamps and found none portray Lincoln in a ? portrait positioned to the viewer?s left. The only one close was the 1962 issued stamp of the former President from the African nation of Rwanda. We were able to locate an 1875 IRS issued revenue stamp of Lincoln in a similar ? pose (but it?s a different image). Lincoln?s image is probably one of the most replicated in our country?s history. Fred Reed, former editor of the SPMC Paper Money magazine, wrote a teriffic book in 2009 entitled Abraham Lincoln: The Image of His Greatness containing just about every image of Lincoln out there. Paper Money * May/June 2021 * Whole No. 333 174 50? Stanton. Edwin Stanton, Secretary of War during the Civil War, has his portrait on the fractional shown. Stanton is only found on one U.S. postage stamp (Scott 138); a 7? profile issued in 1871 (2 years after his death). A blue Navy Department stamp (Scott O39) using the same profile was issued in 1873. A very similar, but not exact, image of Stanton was used on the 1890 $1 Treasury note. Paper Money * May/June 2021 * Whole No. 333 175 50? Dexter. Samuel Dexter was the Secretary of War and Secretary of the Treasury under John Adams and Thomas Jefferson at the turn of the 19th century. His image is found on the 4th issue fractional and shown are stamps bearing his exact likeness on an IRS issue 3? revenue stamp from 1940 (Scott R290) and 3? silver tax stamp (Scott RG60). 5th ISSUE FRACTIONALS - All 3 men depicted on 5th issue fractionals served as Secretary of the Treasury. 10? Meredith. William Meredith was the Secretary under Presidents Zachary Taylor and Millard Fillmore. Meredith is not found on any postage stamps, but an exact duplicate of his image can be found on the $20 IRS issued revenue stamps issued in 1940. Shown is a green stock transfer stamp (Scott RD110) and red documentary stamp (Scott R429). 25? Walker. Robert Walker, the Treasury Secretary right before Meredith served under Presidents James Polk and Zachary Taylor from 1845-1849. Like Meredith before him, the only stamp images made were on the $10 IRS issued revenue stamps. Shown are the green stock transfer stamp (Scott RD224) and red documentary stamp (Scott R640) issued in 1940. The images are an exact reproduction. Paper Money * May/June 2021 * Whole No. 333 176 50? Crawford. William Crawford had a long and distinguished political career. He served as Secretary of the Treasury under Presidents Madison and Monroe (1816-1825) and as Secretary of War under James Madison from 1815-1816. As with Walker and Meredith, Crawford?s image is not found on any U.S. postage stamp, but a very similar image on the fractional can be found on the 10? green stock transfer stamp (Scott RD121) and 10? red documentary stamp (Scott R294) issued in 1940. Please excuse any potential Scott numbering errors; I am a dilettante on stamp cataloguing. In many cases there are several Scott numbers for the same basic design accounting for minor differences. Writing this article was quite an enjoyable experience. In the process, I have developed a keener appreciation of stamp collecting and have purchased my first stamp reference. While there are a lot of inexpensive stamps for a couple of dollars, prices on some of the 19th postage stamps can run into the thousands for a gem example. Special thanks to Eric Jackson for his use of revenue stamp images and to Heritage for the currency images. Meet Mark Drengson, New SPMC Governor Mark Drengson was born and raised in Pipestone, Minnesota and graduated from St. Olaf College in Northfield, Minnesota. From there he ?went west? to California to help form Step1 Software Solutions, a company that provides business software and support services to janitorial supply distributors in the U.S. and Canada and is still going strong more than 40 years later. As a database programmer, he has been involved in several currency-related data projects, including the SPMC Obsoletes Database Project and the SPMC Bank Note History Project. Mark has been collecting and researching National Bank Notes since 2003 and is looking forward to helping SPMC move this great hobby forward. Paper Money * May/June 2021 * Whole No. 333 177 The Impact of WW I on Gold Certificates and the origin of the Series of 1922 Abstract The United States adopted a monetary system based on a gold standard in 1900. Shortly after the United States declared war on Germany in 1917, Congress, President Wilson and the U. S. Treasury instituted policies to conserve the monetary stock of gold in possession of the country. One reality of this program was to get the gold out of the hands of the citizens and into the reserves of the Treasury, particularly the Federal reserve banks. No gold coins were minted during 1917-1919. No gold certificates were printed during fiscal years 1919-1921. In the meantime, Congress awarded legal tender status to gold certificates in 1919. Consequently, when the printing of gold certificates resumed in fiscal year 1922, they now bore a legal tender clause, which gave rise to a new series; specifically, the Series of 1922. Introduction Much of the material presented herein is quoted verbatim from the annual reports of the Secretaries of the Treasury. Those Secretaries were the principal officers charged with formulating and carrying out the Federal policy pertaining to conserving the monetary gold resources of the country. Consequently, their reports provide an insider?s perspective. I have included their remarks that directly explain why and how The Paper Column Peter Huntoon Figure 1. The gold certificate Series of 1922 was created in order to display a legal tender clause after gold certificates had been awarded legal tender status by Congress through the Act of December 24, 1919. The clause appears under the large overprinted XX to the left of Washington?s portrait. The delay between the act and series dates was due to the fact that gold certificates were not printed during fiscal years 1919 through 1921. Heritage Auction archives photos. Paper Money * May/June 2021 * Whole No. 333 178 the Federal policies impacted the mintage of gold coins and the printing of gold certificates. I omitted material that is outside the scope of this article, wherein such omissions are indicated by * * *. The period of time we will be concerned with spans 1914 through 1922, which bridged the presidencies of Democrat Woodrow Wilson and Republican Warren Harding. The key dates associated with World War I upon which the statements in this article pivot are the following. War began in Europe July 28, 1914 U. S. entry into the war April 6, 1917 End of the war November 11, 1918. The Secretaries of the Treasury who were responsible for the gold policies that were carried out and their periods of service were the following. Under President Wilson: William G. McAdoo March 6, 1913-December 15, 1918 Carter Glass December 16, 1918-February 1, 1920 David F. Houston February 2, 1920-March 3, 1921 Under President Harding: Andrew W. Mellon March 4, 1921-February 12, 1932 W. G. McAdoo ? Secretary?s Report ? Fiscal Year ending June 30, 1917 (p. 26-27) The Act of June 15, 1917, vested in the President the power to prohibit by proclamation the export from this country of any article mentioned in such proclamation except at such time and under such regulations as the President might prescribe. Accordingly the President on September 7, 1917, issued a proclamation to the effect that- * * * Coin, bullion, and currency shall not, on and after the 10th day of September, in the year one thousand nine hundred and seventeen, be exported from or shipped from or taken out of the United States or its Territorial possessions * * * By Executive order of the same date the President directed that the regulations, orders, limitations, and exceptions prescribed in relation to the exportation of coin, bullion, and currency be administered by and under the authority of the Secretary of the Treasury, and upon the recommendation of the Secretary of the Treasury prescribed regulations providing that application for permission to export coin, bullion, or currency much be filed with a Federal reserve bank, which would transmit the application to the Federal Reserve Board. The board, subject to the approval of the Secretary of the Treasury, was authorized to permit or refuse the exportation. * * * At the time of issue of the above proclamation the United States was practically the only large country freely parting with the precious metals, and as a result there was a tendency to transfer to New York by means of exchange operations balances due by foreign countries and to export gold from the United States in payment of such balances. In these circumstances it became necessary for the protection of the gold reserve of the United States to place restrictions on the export of gold. In the exercise of these powers no obstacle has been placed in the way of the free exportation of silver bullion or silver coin of foreign mintage, nor upon the export of Untied States notes, national-bank notes, or Federal reserve notes, nor upon Canadian silver coin or currency; but exportation of gold has not been permitted except in those cases in which unusual circumstances have seemed to justify the issue of licenses for its export. * * * The Act of June 15, 1917, the basis for the foregoing, was a draconian measure entitled ?An Act To punish acts of interference with the foreign relations, the neutrality, and the foreign commerce of the United States, to punish espionage, and better to enforce the criminal laws of the United States, and for other purposes.? Title VII of the act labeled ?Certain Exports in Time of War Unlawful,? which was completely open-ended, was employed to embargo the export of gold. The embargo on the export of gold was lifted June 9, 1919. D. F. Houston ? Secretary?s Report ? Fiscal Year ending June 30, 1920 (p. 181-182) Gold Payments Since the beginning of the war it has been the policy of the Treasury to conserve gold and discourage its circulation; and this policy has not changed with the cessation of hostilities or the removal of the Paper Money * May/June 2021 * Whole No. 333 179 embargo on the exportation of gold. It is just as important as ever that gold, which is the foundation of our reserves and the backbone of all credit transactions, should be concentrated in the Federal reserve banks as reserve and for use in the settlement of balances growing out of international transactions. It is the desire of the Treasury that the conservation of gold should continue and that there should be no revival of the use of gold coin or gold certificates for pay rolls and everyday transactions generally, in which it servers no useful purpose. The circulation of gold coin and gold certificates tends to dissipate the reserves. The circulation of gold coin involves a considerable loss due to abrasion, which is avoided by having the gold carried in the vaults of the Federal reserve banks and the Treasury. In accordance with this policy, persons requesting gold are invited to accept other currency instead, but gold has not been, and will not be, refused to persons who, after giving consideration to the Treasury?s policy, demand it and are entitled to receive it by reason of the presentation and surrender of gold obligations. Wherever gold is demanded it is furthermore the Treasury?s policy to pay out available, but not new, gold coin in the denomination of $20 and gold certificates of large denominations, and to avoid so far as possible the use of gold coin in denominations of $5 and $10 and gold certificates in the denomination of $10, though such denominations will not be refused if demanded. Payments of $2.50 gold pieces, however, will not be made, inasmuch as no gold has been coined in this denomination for many years, and there is no available supply in Treasury offices. It is the view of the Treasury that the demands for gold coin for domestic use or for export should be satisfied by the issue of double eagles, of which an ample supply has been and will be maintained. Gold certificates By the act approved December 24, 1919, gold certificates were made legal tender in the payment of all debts and dues, public and private. A. W. Mellon ? Secretary?s Report ? Fiscal Year ending June 30, 1921 (p. 89-90) The increase in the stock of gold in the country is much greater than for any previous period of equal length, Since 1914 there have been two important periods of heavy gold imports, the years 1915, 1916, and early part of 1917, when the allied nations were paying for war supplies from America, and the past 12 or 15 months. Between these periods there was about a year, from April, 1919, through March, 1920, when the United States was liquidating debts in South American and the Far East, and during that time there was a large excess of exports. * * * * * * Figure 2. Graph showing the mintage of gold coins by year from 1900 to 1933. The 1917- 1919 hiatus resulted from the gold conservation policy adopted by the Treasury attending WW I. Data from the annual reports of the Directors of the Mint. $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 19 00 19 02 19 04 19 06 19 08 19 10 19 12 19 14 19 16 19 18 19 20 19 22 19 24 19 26 19 28 19 30 19 32 Gold Coin Mintage by Year Paper Money * May/June 2021 * Whole No. 333 180 * * * at the present time 80 per cent of the monetary stock of gold in the United States is in possession of the Federal reserve banks. The gold in the country has gravitated toward the Federal reserve banks since our entrance into the war in 1917, when the policy of gold conservation was adopted. During the war period gold conservation was of vital importance as a protection to the growing credit structure, and even in peace times gold is most efficient when concentrated in the form of bank reserves and for use in international transactions. With the increased importation of gold, the liquidation of bank loans, and the general improvement in credit conditions during the past year, the pressure for the concentration of gold no longer exists, but the demand for gold for internal circulation is relatively slight and the increased stock of gold in the country has naturally been reflected in the reserves of the Federal reserve banks. Neither the Treasury nor the Federal reserve banks maintain any restrictions on gold payments, and gold may be had freely on demand in exchange of gold obligations. The wholesale movement of gold to the Federal reserve banks is readily, if not simplistically, understood as follows. When gold was received into the Treasury, the Treasury could pay for that gold with an equal value of gold certificates and must by law have deposited on a one-to-one ratio bullion or gold of that value into its reserve for the redemption of those certificates. If a Federal reserve bank acquired the same amount of gold, it could pay for that gold with Federal reserve notes, which also were redeemable in gold coin of that same value. However, Federal reserve notes required backing of only 40 percent gold, part of which was deposited with the Treasurer, so each dollar?s worth of gold owned by the banks could serve as the backing for and thus the creation of $2.50 dollars? worth of Federal reserve notes. Very obviously, the incentive throughout the Treasury was to move the gold to the Federal reserve banks because it created more money in the hands of the banks. The relevant sections of the Federal Reserve Act of December 23, 1913, that authorized this structure were the following. Subsection (a) in Section 14, labeled ?Open-Market Operations? that enumerates the powers of the Federal reserve banks,? states: $0 $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000 $1,400,000,000 1 9 0 0 1 9 0 2 1 9 0 4 1 9 0 6 1 9 0 8 1 9 1 0 1 9 1 2 1 9 1 4 1 9 1 6 1 9 1 8 1 9 2 0 1 9 2 2 1 9 2 4 1 9 2 6 1 9 2 8 Large Size Gold Certificates Printed by Fiscal Year Figure 3. Graph showing the production of large size gold certificates by fiscal years 1900 through 1929. The 1919-1921 hiatus resulted from diminished demand owing to curtailment of gold note circulation as the Treasury continued to implement its gold conservation policy beyond the end of WW I. Data from the annual reports of the Directors of the Bureau of Engraving and Printing. Paper Money * May/June 2021 * Whole No. 333 181 To deal in gold coin and bullion at home or abroad, to make loans thereon, exchange Federal reserve notes for gold, gold coin, or gold certificates, and to contract for loans of gold coin or bullion, giving therefor, when necessary, acceptable security, including the hypothecation of United States bonds or other securities which Federal reserve banks are authorized to hold. Section 16 labeled ?Note Issues? states: Every Federal reserve bank shall maintain reserves * * * in gold of not less than forty per centum against its Federal reserve notes in actual circulation * * * if such Federal reserve notes have been redeemed by the Treasurer in gold or gold certificates, then such funds shall be reimbursed to the extent deemed necessary by the Secretary of the Treasury in gold or gold certificates * * * A. W. Mellon ? Secretary?s Report ? Fiscal Year ending June 30, 1922 (p. 71-73) * * * It is estimated that at the present time the United States holds from 45 to 50 per cent of the world?s stock of monetary gold, as compared with about 23 per cent prior to the outbreak of the war in 1914. * * * As in previous years, practically all of the gold imported during the past 12 months has found its way into the Federal reserve banks. * * * and at the present time approximately 78.9 per cent of the monetary stock of gold in the United States is included in the reserves of the Federal reserve banks. * * * The Treasury has within the past year resumed the payment of gold without demand and has thus done everything within its power to restore the free and unrestricted circulation of gold. On March 18, 1922, the Secretary of the Treasury issued the following statement: The Secretary of the Treasury announces that the Treasury has now resumed payments of gold certificates in ordinary course of business without demand, and that the Federal reserve banks throughout the country will be guided by a similar policy in making current payments for Government account. This action removes the last artificial restriction upon gold payments in this country, though gold has at all times during and since the war been freely paid out by the Treasury and the Federal reserve banks whenever demanded in payment of gold obligations. This marks a return to the traditional policy of the United States of paying out gold certificates freely with other forms of currency, and a compliance with the spirit, as well as the letter, of the act of March 14, 1900, as amended, under which the Secretary of the Treasury is charged with the duty of maintaining the parity of all forms of money with gold. Although gold certificates have been paid out freely by the Treasurer since March [1922] of this year, and to some extent by the Federal reserve banks in making current payments for Government account, $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 $3,500,000,000 1 9 1 5 1 9 1 6 1 9 1 7 1 9 1 8 1 9 1 9 1 9 2 0 1 9 2 1 1 9 2 2 1 9 2 3 1 9 2 4 1 9 2 5 1 9 2 6 1 9 2 7 1 9 2 8 1 9 2 9 Large Size Federal Reserve Notes Printed by Fiscal Year Figure 4. Graph showing the production of large size Federal reserve notes by fiscal year 1915 through 1929. The Federal Reserve Act of 1913 required backing of Federal reserve notes by 40 percent of their face value in gold. The result was that gold flowed to the Federal reserve banks, Federal reserve note circulation soared, and the available national credit grew robustly to support the war effort. This graph does not illustrate Federal reserve note circulation but rather the demand for the printing of those notes following the establishment of the Federal reserve banking system in December 1913. Data from the annual reports of the Directors of the Bureau of Engraving and Printing. Paper Money * May/June 2021 * Whole No. 333 182 there has been no increase in the amount held outside of the Treasury. The [gold] certificates which have been issued by the Federal reserve banks have come from their own holdings or have been obtained by exchanging gold certificates of large denominations for those of smaller denominations more suitable for use in everyday transactions. In this way the amount of gold certificates in circulation outside of the Federal reserve banks has materially increased without requiring the setting aside of additional gold as security therefor. Under the law one-third of the gold held against gold certificates must be in the form of coin. In anticipation of an increase in the amount of gold certificates outstanding, and in order to build up the reserve stocks of the Treasury and the Federal Reserve banks, the coinage of gold has been resumed at the mints. Between April 1 and November 1 of this year the amount of gold coin held in the Treasury increased from about $32,000,000 to about $119,000,000. Coincident with the resumption of current payments in gold certificates and the coinage of gold was the resumption of the printing of gold certificates. As gold certificates had been made legal tender in 1919, the new certificates carry the legend, ?This certificate is a legal tender in the amount thereof in payment of all debts and dues public and private. Acts of March 14, 1900, as amended and December 24, 1919.? The Big Picture There were several different classes of coins and currency in circulation in the United States in the 1890s. Let Charles G. Dawes, the Comptroller of the Currency, explain the exact status of them (Dawes, 1899, p. 55): Gold coin, standard silver dollars, subsidiary silver, minor coins, United States notes, and Treasury notes of 1890 have the legal-tender quality as follows: Gold coin is legal tender for its nominal value when Figure 5. Federal reserve notes were redeemable for gold. However, they required only 40 percent backing of gold reserves in comparison to 100 percent for gold certificates, so once the Federal Reserve Act passed, moving gold reserves to the credit of the Federal reserve banks was far more efficient for increasing the money supply. The result was rapid concentration of gold reserves within the Federal reserve banks and a corresponding explosion of Federal reserve note emissions. The change from red to blue seals and serial numbers on the notes was made in August 1915 because the red inks faded. Heritage Auction archives photos. Paper Money * May/June 2021 * Whole No. 333 183 not below the limit of tolerance in weight; when below that limit it is legal tender in proportion to its weight; standard silver dollars and Treasury notes of 1890 are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract; subsidiary silver is legal tender to the extent of $10, minor coins to the extent of 25 cents, and United States notes for all debts, public and private, except duties on imports and interest on the public debt. Gold certificates, silver certificates, and national- bank notes are nonlegal-tender money. Both kinds of certificates, however, are receivable for all public dues, and national-bank notes are receivable for all public dues except duties on imports, and may be paid out for all public dues, except interest on the public debt. The following four paragraphs are from Huntoon and Yakes (2012). Gold certificates, silver certificates and national bank notes had not been accorded legal tender status by Congress when Dawes wrote his treatise. So what good were they? The answer is that all were readily convertible into coin, which was legal tender. In the case of gold and silver certificates, the actual coin represented by the notes was on deposit in the U.S. Treasury waiting to be exchanged for the note if requested. National bank notes were convertible into legal tender notes, which in turn were convertible into gold at the Treasury as well. All these non-legal tender currencies therefore were as good as gold. Knowing this, why would you go to the bother of converting the notes to coin when you could more conveniently handle the paper? The fact that Congress hadn?t specifically designated these currencies as legal tender didn?t hinder the willingness of the public to accept them. They circulated without resistance because they were redeemable for something people considered to have value. Passage of the Gold Standard Act of March 15, 1900, entitled ?An Act To define and fix the standard of value, to maintain the parity of all forms of money issued or coined by the United States, to $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 19 00 19 01 19 02 19 03 19 04 19 05 19 06 19 07 19 08 19 09 19 10 19 11 19 12 19 13 19 14 19 15 19 16 19 17 19 18 19 19 19 20 19 21 19 22 19 23 19 24 19 25 19 26 19 27 19 28 19 29 19 30 M illi on s o f D oll ars Gold in the Treasury LT&TN Reserve Gold Certs FR Notes General Total Figure 6. Graphs tracking the quantity and distribution of gold in the U. S. Treasury by fiscal year from 1900 to 1930. When you examine these curves you won?t be seriously removed from reality if you think: LT & TN reserve = required gold backing for outstanding United States Notes and Series of 1890 Treasury Notes; Gold Certificates = 1 for 1 gold backing of gold certificates; FR Notes = 40 percent gold backing for Federal Reserve Notes; General = unencumbered working gold account within the Treasury. Notice that the U. S. Treasury benefitted significantly from the horrors of World War I. The credit expansion possible by the introduction of Federal reserve currency?at the expense of the more rigorously backed gold certificates?was a major factor in financing U. S. involvement in the war. Data from the annual reports of the Secretaries of the Treasury. Paper Money * May/June 2021 * Whole No. 333 184 refund the public debt, and for other purposes? built our gold standard on gold coin, which was legal tender. However, that act did not accord legal tender status to gold certificates, the sentiment being why bother, the two are interchangeable. Treasury officials in 1919 decided that although cosmetic, it was appropriate to grant legal tender status to gold certificates so they proposed the legislation that was passed December 24, 1919, that did so. However, at that time, Federal reserve notes had not been accorded legal tender status. This was remedied by Roosevelt?s New Deal Treasury with passage of Title III in the Agricultural Adjustment Act of May 12, 1933, which stated: ?Such notes and all other coins and currencies heretofore or hereafter coined or issued by or under the authority of the United States shall be legal tender for all debts public and private.? This sweeping clause gave equal status to all money authorized by Congress; but by then, all of it was redeemable in legal tender currency, which was a fiat currency representing outstanding circulating Civil War debt. Postscript An amendment to the Federal Reserve Act passed September 16, 1918, authorized $500, $1,000, $5,000 and $10,000 Federal reserve notes, which came out as the new Series of 1918. The primary reason for printing them was to encourage bankers to swap them for gold coin and gold certificates that they were holding in their reserves so that the gold would flow to the Federal reserve banks. These notes never were intended for general circulation, although they certainly could circulate. Instead they were designed to be easy to count when used as bank reserves. Circulars went out to member banks in each of the Federal reserve districts such as the following from the Richmond district, which is self-explanatory. Figure 7. The Series of 1922 utilized the previously current gold certificate designs, which in the cases of the $100s and $500s were designs dating from the Series of 1882. No $5000 or $10000 Series of 1922 gold certificates were made. Heritage Auction archives photos. Paper Money * May/June 2021 * Whole No. 333 185 April 24, 1919 Subject?FEDERAL RESERVE NOTES IN LARGE DENOMINATIONS To Banks and Trust Companies of the Fifth Federal Reserve District You are hereby advised that the Federal Reserve Bank of Richmond and the Baltimore Branch are now prepared to furnish Federal Reserve Notes in the following denominations: $500, $1,000, $5,000 and $10,000. A number of banks are holding Gold Certificates of large denominations, instead of Federal Reserve Notes, for the reason that hitherto Federal Reserve Notes in large denominations were not obtainable. As such Federal Reserve Notes can now be obtained in any desired quantities, the necessity for continuing to hold Gold Certificates no longer exists, and any bank holding Gold Certificates or Gold Coin will be preforming a distinct service to the Government by exchanging such Certificates and Coin for Federal Reserve Notes. * * * Any bank in this District may ship to the Federal Reserve Bank of Richmond (or the Baltimore Branch) Gold Coin and Gold Certificates and obtain in return Federal Reserve Notes of any denominations desired. The expense of shipment both ways will be borne by the Federal Reserve Bank of Richmond, * * *. Until further notice, all Gold Coin (of the United States) shipped to this Bank or its Branch, will be accepted at face value, provided it is not mutilated and the loss in weight, if any, is clearly due to abrasion from use. * * * Respectfully, George J. Seay Governor Figure 8. High denomination Federal reserve notes were not intended for circulation, they were created primarily for use as easily counted bank reserves. Heritage Auction archives photos. Paper Money * May/June 2021 * Whole No. 333 186 References Cited Dawes, Charles G., 1899, Annual report of the Comptroller of the Currency to the First Session of the Fifty-Sixth Congress of the United States: Government Printing Office, v. 1, 864 p. McAdoo, William G., 1917, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1917: Government Printing Office, Washington, DC, 797 p. Houston, David F., 1920, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1920: Government Printing Office, Washington, DC, 1604 p. Huntoon, Peter, and Jamie Yakes, Jan-Feb 2012, New Deal changes to the legal tender status of currency: Paper Money, v. 51, p. 7-20. Mellon, Andrew W., 1921, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1921: Government Printing Office, Washington, DC, 1067 p. Mellon, Andrew W., 1922, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1922: Government Printing Office, Washington, DC, 976 p. Seay, George J., Governor, Apr 24, 1919, Federal reserve notes in large denominations: Federal Reserve Bank of Richmond, circular No. 88. United States Statutes, various dates, Government Printing Office, Washington, DC. In Memoriam Steve Jennings Sadly, I must inform you of another loss to the SPMC. Board member and long-time collector/dealer Steven Richard Jennings passed away on March 4, 2021 from a non-COVID-19 related illness. Steve was born on May 5, 1943 in Freeport, Illinois. He taught for 42 years at Highland Community College n Freeport. He obtained his Bachelor?s degree in 1966 from Western Illinois University. He furthered his education and earned a PhD in Management and Labor Relations from Northern Illinois in 1976. In 1964. Steve opened Jennings Coin & Stamp in Freeport and with his son, Matthew, opened a second shop in 1992. He is life member #103 of the SPMC and served for the last six years as a Governor. He was also a 60-yr life member of the ANA. The board mourns the loss of this great gentleman and extend our prayers and sympathies to his family. Paper Money * May/June 2021 * Whole No. 333 187 Edmund Bacon Williamson Apperson, Assistant Register and Bond Signer for the Confederate Treasury by Charles Derby By law, the Register of the Treasury was responsible for recording the Confederate debt, which included signing treasury bonds and bond coupons, treasury notes and warrants, transfer drafts, and other debt- associated documents. In the initial months of the Confederacy, the Register himself signed most of these documents, but after mid-1861, other staff in the Register?s office primarily assumed these jobs. Indeed, an impressive cadre of men and women signed Treasury notes1,2,3 and bond coupons4, but the signers of the bonds themselves were a select few4. Who were these men ? and indeed, it was only men ? who signed bonds? Christopher G. Memminger, as Secretary of the Confederate Treasury, appointed two Registers: Alexander Clitherall and Robert Tyler. Clitherall was the first Register, but he held that position only from February to the end of June 1861, so he signed only those bonds authorized by the Act of February 28, 1861. Clitherall?s successor, Tyler, who was the son of U.S. President John Tyler, served as the second Register, from August 1861 until the end of the war, so he signed many documents. Charles T. Jones, who was the Treasury?s second chief clerk of the Register5, was also appointed Acting Register so that he could sign documents when the Register was unavailable. Jones did so frequently in 1861 and sporadically in 1862 and early 1863, but by then, the Treasury formed a new position, Assistant Register, whose responsibilities including signing bonds. Three men served in that position: Charles Alexander Rose, E. Apperson, and William Fraser White.6 Rose was appointed in 1863, and he signed many bonds from 1863 until the end of the war. Apperson?s appointment apparently began around mid-1864 since his signature appears on bonds issued from then until the end of the war. White?s appointment was the last, probably by Memminger?s successor, George Trenholm6. E. Apperson stands out among these Confederate Treasury officials as the only person who has not been identified3. Until now. This article is about Edmund Bacon Williamson Apperson, the elusive ?E. Apperson,? second Assistant Register of the Confederate Treasury and signer of Confederate bonds. The Bonds of E. Apperson, Assistant Register of the Confederacy Confederate bonds signed by E. Apperson in 1864 and 1865 are listed in Table 1, according to Ball and Simmons3. Examples of bonds with Apperson?s signature are shown in Figure 1. Apperson also initialed bonds as the recorder, with examples shown in Figure 2. Edmund Bacon Williamson Apperson Edmund Bacon Williamson Apperson, shown in Figure 3, was born to James Patterson Apperson and Ann Williamson Apperson in 1813 in Charles City County, in eastern Virginia. He descended from several Paper Money * May/June 2021 * Whole No. 333 188 lines of founding Virginian families ? Bacon, Williamson, and Apperson. For example, from the Bacon lineage, Captain Edmund Bacon (1654-1705), brother of Nathaniel Bacon (leader of Bacon?s Rebellion), is one of E. B. W. Apperson?s ancestors, as is King Henry I of England some 32 generations removed7. Edmund?s only brother was James Lawrence Apperson (1819-1880), who became quite wealthy and famous in Richmond as a businessman, banker, and auctioneer primarily of real estate but also of slaves with the firm Goddin & Apperson. E. B. W. Apperson most often signed documents ?E. B. W.? and that is also how he was most often referred to in records, but he was apparently called ?Edmund? by his peers since that is the second most common name used, including in his obituary8. Edmund might have used ?E. B. W.? to distinguish himself from other Edmund Appersons, since that name was used by others in eastern Virginia, including the father-in-law of Martha Savage Morecock Apperson (herself a signer of Confederate Treasury notes), but that Edmund Apperson (1775?1857) died before the war so he could not be the E. Apperson who signed Confederate bonds. By 1840, Edmund B. W. Apperson built his home in Charles City County, near the James and Chickahominy Rivers, but he also owned land in neighboring James City County. One Table 1. Confederate Bonds Signed by E. Apperson Act of February 11, 1864 Fifteen Million Loan: Type 155 (B-285), issued Jan.-March 1865 Act of February 17, 1864 6% coupon bonds, Confederate seal vignette, printed date 1st March 1864 Type 158 $500 (B-304, 305, 306, 307, 308, 308a, 309, 311, 312) Type 159 $1000 (B-317, 318, 319, 320, 322, 323, 323a, 324, 325, 326, 327, 328, 329, 330, 330a) 4% Call Certificate, handwritten date 1864 Type 170 $20,000 (B-350) Type 172 $100,000 (B-352/353 [short printed denomination & even serial number]) 6% coupon bonds, Confederate sergeant in front of tent vignette, printed date 1st April 1864 Type 177 $1000 (B-360) 6% nontaxable call certificates, Man at a turnstile vignette, handwritten date 1864 or 1865 Type 178 $100 (B-362, 363) Type 179 $500 (B-364, 365) Type 180 $1000 (B-366, 367) Type 181 $5000 (B-368, 369) 6% bonds, Old Customs House of Richmond vignette, from Act of March 23, 1863, but converted by Act of February 17, 1864, and handwritten date and issuance in 1864 or 1865 Type 185 $1000 (B-374) Type 186 $100 (B-375) Act of June 13, 1864 8% bonds, Sailor by shore with Confederate flag vignette, printed date 1st July 1864 Type 190 $500 (B-382) Type 192 $1000 (B-384) Paper Money * May/June 2021 * Whole No. 333 189 Figure 1. Confederate Treasury bonds signed by E. Apperson as Assistant Register. Clockwise from bottom left: Type 155 (B-285), Type 159 (B-317), Type 177 (B-360), Type 178 (B-367), Type 186 (B-375), and Type 190 (B-382), Type 172 (B-352/353). ? Paper Money * May/June 2021 * Whole No. 333 190 of his Charles City farms was called Yarmouth. He began as a planter and merchant. Around 1840, Edmund married Martha Elizabeth Rebecca (Marable?)?? Morecock, a widow and also from Charles City. She was born in 1811 and had at least three children by her first husband: Ann Virginia, Louisa S. (born ca. 1833), and John William Morecock (born 1839). The lives of Edmund and Martha during the next 17 years in Charles City were grand. By 1850, Edmund was a successful merchant with $10,000 real estate. Besides his farms, he owned and ran a general store ? Figure 3. Edmund Bacon Williamson Apperson Figure 4. Edmund Apperson?s daughter Marie Louise ?Rilu? Apperson (Trigg).? Figure 2. Treasury bonds Type 159 (B-329) initialed ?E A? by E. Apperson as recorder. The bond on the left was signed for the Register by Charles A. Rose, but the bond on the right was signed by Apperson himself. Apperson also initialed and signed in this way other Type 159 bonds (B-325 and 327).? Paper Money * May/June 2021 * Whole No. 333 191 Apperson?s Store ? in the Mount Zion and Rustic communities near Morris Creek, from 1850 to 1871. The store became a community gathering spot that also served as the post office (with him as postmaster), courthouse, and voting precinct9,10,11. As his business grew in the decade before the Civil War, so did his standing and civic engagement in the community. During this time, he served as Sheriff of Charles City County (1852), Justice of the Peace (1856, 1857), Commissioner (1857), and delegate to the secession convention (1860)12,13,14. Edmund and Martha had at least eight children between 1841 and 185615. One of their daughters, Marie Louis ?Rilu? Apperson (Trigg), is shown in Figure 4. But personal tragedy struck in 1859, when Martha died. Whether it was for that reason, or the growth of his business, or both, Edmund decided to move to Richmond and expand his business there. In 1860, he offered for his Yarmouth farm and house, with 1000 acres located in James City County on the Chickahominy and Yarmouth Rivers, for sale or exchange for real estate in Richmond16. He moved to Richmond, where in the 1860 census he was listed as a grocery and commissions merchant owning $9,000 in real estate and $26,000 in personal estate.? Then the war began, and it brought hardship to Edmund as it did so many other Virginians. He supported the war, and even did business with the Confederacy. Documents17 show that he received $120 on March 20, 1862, for providing the services of his schooner Annie Cole18 for transportation of lumber on the James River. Two months later, he sold two mules, one horse, and a wagon for $500, and in February 1864, he sold 220 springs for $120. In 1863 and 1864, Edmund hired out three of his male slaves, each at $25-30 per month, to the Chimborazo Hospital in Richmond19. Undoubtedly, he did more business with the Confederate government. Figure 5. Receipt signed by ?EBW Apperson? for sale of one horse, two mules, and a wagon to a Confederate quarter master in Richmond in May 1862. Enlargements of the ?EBW Apperson? signature on a Confederate receipt and an ?E Apperson? signature on an 1864 Confederate bond are very similar, supporting the identification of Edmund Bacon Williamson Apperson as the Assistant Register to the Confederate Treasury.? Paper Money * May/June 2021 * Whole No. 333 192 These documents provide the crucial evidence that Edmund Bacon Williamson Apperson is our E. Apperson, Assistant Register of the Confederate Treasury. Figure 5 shows one of these receipts from 1862, and a comparison of the signature on it by ?EBW Apperson? against the signature on one of the 1864 Confederate bonds by ?E. Apperson.? The signatures are highly similar,?particularly the ?E? and ?Apperson.? Only the ?A? differs, and this could be because in the ?E Apperson? signature the ?E? flows into the ?A? with no break, whereas in the ?EBW Apperson? signature, there is a break between the ?EBW? and ?A.? In any case, this signature evidence, plus the cumulative historical and biographical evidence putting our E. B.W. in Richmond at this time, overwhelmingly supports the case that Edmund Bacon Williamson Apperson signed these Confederate bonds. In December 8, 1863, Edmund married again, to Letitia Ann Newman Brown. Like Martha, Letitia had been married before, in 1836, to Samuel T. Brown, and she had at least one child by that marriage20. Edmund and Letitia had one child together, born in 1865: Mary Adelaide Apperson. In 1864, Edmund had another personal loss ? his step- son, John Morecock, died. John was a planter in Charles City County who joined the Confederate army at the beginning of the war and served in Co. H, 5th regiment of the Virginia cavalry. John was wounded at Brandy Station in 1863, and though he survived that injury, he was killed in action at Front Royal, Virginia, on August 30, 1864, at 26 years old. By the end of the war, Edmund was struggling financially. He was supporting a large family, and his income was devastated. In 1866, he was working as an auctioneer, possibly with his brother21. By 1870, he had returned to Charles City County with Letitia and his many children and was a farmer with only $1000 real estate and $100 personal estate. He could not make ends meet, and so he was forced to file for bankruptcy in Charles City in January 186922 and again in Richmond in April 187123. As part of his bankruptcy agreement, three of his parcels of land ?two in Charles City County and one in James City County ? were auctioned24. Things continued to spiral downward. Sometime during this time, Letitia died. In 1877, he listed his job as a bookkeeper25, in 1880 grocery clerk26, and1889 clerk27. Edmund died on May 15, 1891, at 78 years old. The next day, after funeral services at St. John?s Church led by Reverends Preston G. Nash and Lewis William Burton, Edmund was buried in Hollywood Cemetery28. His obituary on the front page of the Richmond Dispatch that day remembered him as he surely led his life: ?Mr. Apperson was of that class known as the Old Virginia gentleman and was greatly esteemed and respected by all who knew him?7. Acknowledgments. Many thanks to Amy Trigg Adkison ? descendent of Edmund and Martha?s daughter, Marie Louise Apperson ? for providing documents about the Apperson family, and to Hank Simmons and Mike McNeil for sharing images of bonds and commenting on the manuscript. References 1 McNeil, Michael (2003) The Signers of Confederate Treasury Notes 1861-1865. A Catalog of Their Signatures. Michael McNeil, Publisher, Nederland, Colorado. 2 Thian, Raphael P. (1972) Register of the Confederate Debt. Quarterman Publications, Inc., Lincoln, Massachusetts. 3 Derby, Charles (2018) Seaton Grantland Tinsley, clerk for the Confederate Treasury Department and signer of Confederate notes. Paper Money March/April 2018, Whole No. 314: 116?123 Paper Money * May/June 2021 * Whole No. 333 193 4 Ball, Douglas B., and Simmons, Henry F. Jr. (2015) Comprehensive Catalog and History of Confederate Bonds. 2nd edition. BNR Press, Port Clinton, Ohio. 5 The chief clerk was responsible for verifying that bonds were recorded in the treasury registers, which he did by signing or initialing bonds in the bottom left. Thus, the signatures or initials of the two chief clerks, Henry Dickson Capers (who was in the position for the first year of the Confederacy) and Charles T. Jones (who served after Capers for the remainder), are found on some bonds. 6 Derby, Charles. (manuscript) William Fraser White, a newly identified Assistant Register and bond signer for the Confederate Treasury. 7 Amy Trigg Adkison, personal communication. 8 ?Death of Edmund Apperson? in Richmond Dispatch, May 16, 1891, page 1. 9 Acts of the General Assembly of Virginia, 1850?1851. Richmond, Virginia: William F. Ritchie, Public Printer, 1851. 10 Table of Post Offices of the United States on the First Day of January, 1851. Washington D.C.: W. & J. C. Greer, Printers. 11 Charles City County Historical Markers, https://charlescity.org/learn/historical- markers/county-historical-markers/. Accessed December 21, 2020. 12 Elliott and Nye?s Virginia Directory and Business Register, 1852. 13 Richmond Times Dispatch, May 18, 1856, page 5. 14 Governor?s Message and Annual Reports of Virginia, 1857, Volume 1, page 27. 15 Children of Edmund and Martha Apperson were Sarah Ellen (1841-1848), Marie Louise (1842-1922), Ann Elizabeth (1843-1928), Lucy Williamson (1845-1931), Theodosia Rebecca (1847-1927), Robert Burley (1852-?), Martha Christian (1854- 1838), and Ella Bacon (ca. 1856-1931). 16 Richmond Daily Dispatch, August 1, 1860, page 3. 17 Documents in the National Archives, accessed through fold3.com in December 2020. 18 The Annie Cole was a central player in an interesting legal case in 1874 at the U.S. Circuit Court of the Eastern District of Virginia. The case involved an 1872 accident wherein the Annie Case was damaged and sank, and the owners sued for the cost of lost cargo and for raising and repairing the schooner. The case was published in: U.S. Circuit Court, District of Virginia. The Steamer Oler. The American Law Register (1852-1891). Vol. 23, No. 5, New Series Volume 14 (May, 1875), pp. 300-305. 19 List of Employees of Chimborazo Hospital, 1861-1865. CivilWarRichmond.com, accessed December 21, 2020. 20 The child of Letitia and Samuel Brown was Elizabeth P. Brown, born in 1850. 21 U.S. City Directories, Richmond, Virginia, 1866. 22 Richmond Daily Dispatch, January 1869. 23 Alexandria Daily State Journal, April 17, 1871. 24 Alexandria Daily State Journal, July 8, 1871, page 4. 25 U.S. City Directories, Richmond, Virginia, 1877. 26 1880 U.S. Federal Census. 27 U.S. City Directories, Richmond, Virginia, 1889. 28 Annals of Henrico Parish, by Rev. L. W. Burton, St. John?s Protestant Episcopal Church, Richmond, Virginia, 1904. Paper Money * May/June 2021 * Whole No. 333 194 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 Obsolete Currency Counterfeiters: Doty & Bergen Part 1: A Counterfeit Tale of Two Cities by Terry A. Bryan Notes ostensibly made for the Delaware City Bank in Kansas are among the most interesting fakes in the Obsolete Currency series. Delaware City, Kansas may have been a real estate developer?s dream, but it never met expectations. There was never any bank there; there were businesses, a church, and a steam ferry across the Missouri River. River trade was its sole reason for being, inasmuch as the backcountry was too rough for good road access. A post office was established in 1855. By 1870 the entire Township of Delaware boasted only 1,641 residents, a small part of populous Leavenworth County. The town did not contribute much to the township numbers. It remains only as one of Kansas? many ghost towns. Spurious notes for the Delaware City Bank, Kansas form an odd series. $1 from the first series has printed 1854 date and hidden ?KAN? in the shrubbery. Delaware is a common place name in Kansas mostly because the Delaware Indians were moved to reservations there in the 1830s. The Lenni-Lenape tribes in the East Coast Delaware River lands were called the Delaware Indians by white authorities. Development forced their migration to Ohio lands and their later removal to Kansas. There is a Delaware River in Kansas and many Delaware Streets in cities. Northeastern Kansas was a terrible place in the 1850s. ?Free Staters? and pro-slavery forces clashed, and many areas were strongholds of local militias. One raid resulted in some buildings in Delaware City being burned. ?Ruffian outrages? occurred in many places. Pro-slavery at the beginning, the land to be Delaware City was purchased by a group of Free Staters in 1857, and a hotel was established along a road south out of Leavenworth. A promotional ad for the development specified shorter distances from the Missouri River for freight service to various towns, including touting a shorter road distance to inland Lawrence. The broadside did not specify the 35-mile distance to Lawrence, only that the landing saved 5 miles, compared to upstream Leavenworth. The Delaware Town Company of Lawrence, Kansas sold stock to investors to get the development going. That same year, a company of Free State local militia was organized in Delaware City to police election balloting. The town?s outline is shown on an 1870s railroad map of Kansas. However, it is noted elsewhere that the place had only one or two houses in 1870. Delaware Township, Kansas map shows a street grid on the Missouri River south of Leavenworth. Anything that was ever there is now gone. Paper Money * May/June 2021 * Whole No. 333 196 The Delaware Town Company sold lots in the development of Delaware City in 1857. The Kansas State Historical Society states that a street grid exists in some form, and it is shown on the contemporary county map. Google Maps? shows coordinates for the place name, but exactly nothing on unnamed dirt roads and on featureless satellite images along the Missouri River south of Leavenworth. The red Google pushpin specifies ?Delaware City?; properties of the Kansas and Federal Penitentiaries encroach on the area. Perhaps engineering the River course has wiped out any sign of the place. Modern Corps of Engineers? maps show the ?Delaware Bend? in the Missouri, but the banks are completely undeveloped on both sides. The author polled adjacent homeowners by mail and paid a visit to the area after IPMS 2019. The River is not visible from any public road, and residents are unaware of any sign of the former development. One resident at the banks of a named creek that flowed through Delaware City did not know that the tiny watercourse had a name. There is simply nothing left, nor much local enthusiasm to go searching. Doty and Bergen of New York, by attribution, are presumed to have manufactured bank notes for an imaginary bank in Delaware City, Kansas dated during the time that the town was being developed. There is no way to know the exact year of manufacture. It was not unreasonable for a faraway legitimate engraver and printer to fulfill such an order. The notes that survive today are relatively high-quality productions. One odd feature of the designs was an effort to minimize the word ?KANSAS? or ?KAN.? While the notes all feature a hidden reference to Kansas, the state name printed in the lower center has been altered. The plates had two references to Kansas on each note; printed notes retain an inconspicuous Kansas location, and a second mention of the state has been eradicated?on every note examined. Ease of alteration of the state name to another state appears to be the motive for the inconspicuous Kansas lettering. Notes may have been passed unchanged as Kansas notes (category: spurious), but all survivors observed have the second ?Kansas? or ?KAN.? bleached or blotted out (category: spurious, altered). A few examples of these versatile fakes are known to have more major alterations, including increasing the printed denominations (category: spurious, altered, raised all in one note!). All, or the great majority, of these notes were apparently created to be passed as notes from the Delaware City Bank in the State of Delaware. The dual nature of these notes has gotten them listed under two states in the Haxby reference. The State of Delaware town had a prosperous bank during the peak of canal operations. The building still stands prominent in the little town. Delaware City, Delaware was also a riverside town, the river being the Delaware River. It was the eastern terminus of the Chesapeake & Delaware Canal laid out in the 1820s. The word ?city? proved to be overly enthusiastic once railroads cut into canal trade, but the town persists. Most recent census data have the Delaware town about the same size as the population of the entire 1870 township that contained the failed namesake in Kansas, about 1,650. The Chesapeake & Delaware Canal had locks and a towpath (on right). The modern Canal bypasses Delaware City with heavy ship traffic. Paper Money * May/June 2021 * Whole No. 333 197 The failed optimism of the development of Delaware City, Kansas was based on Missouri River trade to railroads and a primitive inland road system. The grandly-named Delaware City, Delaware hitched its hopes to canal business. The Chesapeake & Delaware Canal remains as one of the busiest canals in the U.S., based on the number of ship transits. Early boosters of this 14-mile project were some Founding Fathers, notably Ben Franklin. The advantage of joining the Delaware River with the Chesapeake Bay was stimulated by early surveys that mapped the proximity of the two waterways across the narrow part of the DelMarVa Peninsula. Delaware City, Delaware and Chesapeake City, Maryland remain as quiet villages at either end of the Canal. The entrance from the Delaware River is now south of town after elimination of the historic lock system and straightening the waterway by the U. S. Army Corps of Engineers. The Chesapeake end of the Canal features a museum with original pumping equipment for the former locks. Both ?city? ends of the C&D Canal are tourist destinations for old buildings, cute shops and nice restaurants. The Delaware City Bank (Delaware) was established in 1849, during a profitable period in canal operations. The Bank continued conservative ethical operations, and it converted to a National Bank (#1332) in 1865. Probably because of its out- of-the-way location, it was the target of counterfeiters. Very few genuine notes are known, and some notes previously identified as counterfeits compare well with genuine plates which still exist. Fraudulent Kansas bank notes would not have troubled the Delaware firm much, not being seen locally. For whatever reason, counterfeiters singled out this small Delaware bank. of bad notes of remote banks. The tellers and cashiers had to decide on ?foreign? paper. If a question remained it was easy to reject the note and debit the account of the depositor, or simply hand the note back to an unfamiliar customer. Counterfeits did not much affect the bottom line of the bank, in other words. The Delaware City Bank (Delaware) issued $1, $3, $5, $10, $20, $50 and $100 notes. It was the only bank in town. The high point of business and trade occurred during the Civil War. Fort Delaware, in the middle of the Delaware River opposite the town had developed into a huge masonry fort with powerful naval cannon. During the Civil War, it was a major Union Military prison. Delaware City was the supply point for the Fort and prison?and an escape route for Confederates heading south. Fort Delaware is a magnificent tourist attraction accessible by boat excursions from Delaware City today. Gigantic Fort Delaware became a Union prison during the Civil War. Excursions are popular to the Fort on its Delaware River island off Delaware City. Paper Money columnist Joseph E. Boling examined Delaware, Kansas counterfeits and found them to be intaglio-engraved work. They compare well with most spurious obsolete notes. Although Haxby attributes these Kansas notes to the firm of Doty & Bergen, this determination is not explained in the Kansas section. The engravers were apparently legitimate businessmen on a smaller scale than the familiar firms. Bowers? Whitman Encyclopedia of Obsolete Currency does not include the attribution at all. A rare genuine $2 note from the Delaware location with a portrait of John Quincy Adams. Plates exist for this bank?s notes. The small bank was a target for counterfeiters. Most state-chartered banks did business in a small area, and they likely saw few bad notes come over the counter. Their problem was with disposition All of these Kansas notes are spurious. There was never a real bank. Haxby designates notes from non-existent banks as ?genuine? with the prefix letter G. They are genuine notes for the bank by that interpretation, although the whole enterprise is a fantasy. One cannot argue with the systematic cataloging of notes in Haxby; it is a magnificent work. The irony of the ?G? rating is not lost, however. The Delaware City, Kansas notes are odd. There are two series, one with the printed date of 1854 (1855 appears on slightly altered notes for Paper Money * May/June 2021 * Whole No. 333 198 another bank fraud, see below). The other series prints 185- and examples are filled in for 1858, rarely 1859. The general appearance of the first series is more characteristic of notes from the 1840s. The second series gives more of an 1850s impression. The first series of spurious Kansas notes is dated 1854. This is the $2 from the series of $1, $2 and $5 notes. Five dollar spurious Kansas note. All the first series have ?KAN? in the bushes. Ten dollar Kansas counterfeit, first series. Merely the $1 with adroit pasting of tens in the right places. The first series includes two minor varieties of $1, a $2 and a $5 denomination. The plate may have been for $1-$1-$2-$5, but all the plate letters are ?B?. Ones of the first series are also found raised to Tens. The second series contains only $1 and $2 notes. The Kansas designation on all the notes is hidden away. All of the first series notes have ?KAN.? concealed in the shrubbery under the upper right counter. Haxby incorrectly notes this shrubbery word to be ?KANSAS?, and ?KANSAS T.? elsewhere, but it is just the abbreviation. All these notes had ?KAN.? below the word ?DELAWARE? in the lower center (1854 series) or ?KANSAS? below ?DELAWARE CITY? in the center (185- series). This state name has been erased on all known notes, and curved lines conceal the former location on some. Observation of about 20 examples of series 1 notes and 10 examples of series 2 proves that all of them have had erasures from the bottom center (above the little bear or eagle vignette). A few notes show clear remnants of the letters. The second series of Kansas notes all have ?KANSAS? in the right margin line above center. The majority of these notes have had the location concealed by convenient ink blots, careful trimming and erasing, or by artful tearing to simulate normal wear. Only a few of these notes retain the subtle KANSAS intact, but it is difficult to see. ALL these Kansas spurious notes have been altered by erasure of ?KAN? or ?KANSAS? from the lower center. Here, a faint remnant of the letters is visible. Notes of the second series ($1, $2) have ?KANSAS? up the right margin line for ease of concealment with ink blots or adroit tearing. One dollar of the second series of fakes. Dates are printed 185- on these, and KANSAS is along the right margin l ine above center. These are mostly dated 1858. Two dollars from the second series. The portrait is Elias Budinot. This note was the basis for a number of alterations to several state locations. Notes of the first series ($ 1, 2, 5, 10) have ?KAN? in among the decorative vines around the upper right counters. It is open to speculation as to why make the location so obscure. Paper Money * May/June 2021 * Whole No. 333 199 This is very odd. Why manufacture notes from sophisticated engraved plates and make the location poorly visible? It appears that the notes were printed for the sole purpose of passing as State of Delaware notes. Why bother to put any ?KANSAS? or KAN.? on any of the notes? One idea is that a legitimate engraver might accept a print job wherein the notes contain complete information. An eastern bank note company would have no information that the bank itself was a fraud. Another possibility is that a criminal engraver could reasonably state to police that he thought it was an honest commission from a distant bank. Haxby lists these notes under both Kansas and Delaware. Perhaps they could be passed as Kansas notes in the East and Delaware notes in the West. The evidence that all have been altered suggests that Delaware was the main target of the fakers. They were not manufactured in either state, and they have no relationship to any legitimate Kansas bank, nor do they resemble genuine Delaware notes. The Haxby numbers for these notes are: $1 KS-20G2 DE-10A5 (1854 series) Two types, subtle differences. $1 KS-20G4 DE-10A10 (185_ series) $2 KS-20G6 DE-10A15 (1854 series) $2 KS-20G8 DE-10A20 (185_ series) $5 KS-20G10 DE-10A25 (1854 series) $10 KS-20G12 DE-10A30 (1854 series) Raised KS-20G2,DE-10A5 Collectors have little trouble finding the Kansas/Delaware notes. The $1 KS-20 G2 and $2 KS-20 G8 are the most available. Ironically, a youth book on the history of money show a Kansas spurious note as the sole example of Obsolete Currency. Easton, Kansas about 20 miles northwest of Delaware City, Kansas, also had an imaginary bank, complete with bank notes. The $1, $2 and $5 notes of the 1854 Del. City series were altered by changing the printed date to Sept. 20, 1855 (Haxby KS-25G2, G4, G6, G8 raised $1 to $10). The date change might have been necessitated by the change of the community?s name and the establishment of the Easton post office in 1855. Fakers also removed ?Established on Specie Basis? from the top edge, and removed ?DELAWARE/KANSAS? and the bear vignette. The lower center now shows a sheaf of wheat below ?EASTON?. ?KAN? is still hidden in the upper right shrubbery. These Easton versions are misstated in Haxby to be altered from Delaware City, Delaware notes, and the Delaware City, Kansas notes appear on the same page. Haxby omits the Doty & Bergen attribution in the Delaware state note listing. The Bank of Easton, Maryland was also the victim of Kansas counterfeits. Haxby lists a $2 note of the 1854 series as MD-180 A5. All the ?EASTON? notes are altered from Delaware City, Kansas notes. Noting the different fonts used for ?EASTON? (Kansas and Maryland) proves that the paper notes were altered and not the plate. The Haxby reference to an altered plate is incorrect. Confused yet? To summarize: New York engravers Doty & Bergen are implicated in the production of spurious notes. Notes were printed for a non-existent bank in Delaware City, Kansas, designed for easy alteration to a legitimate bank in Delaware City, Delaware and to others. All these ?Kansas? notes have a reference to Kansas erased, plus a concealed state name. All are spurious AND altered notes. The bi-state nature of the fakes creates catalog confusion. [Part 2 of this article (in an upcoming issue of Paper Money) lists the Doty & Bergen notes represented in the Haxby reference.] References Special thanks to Joseph E. Boling for his generous advice and expertise. Adler Planetarium Collection, internet archive. Bowers, Q. David. Obsolete Paper Money. Whitman: Atlanta, 2006. Bowers, Q. David. Whitman Encyclopedia of Obsolete Paper Money, Vol. 8. Whitman: Pelham, 2017 Dillistin, William H. ?Bank Note Reporters and Counterfeit Detectors?. Numismatic Notes and Monographs. Am. Numismatic Society, Vol. 114, 1949. Gelinas, Paul. Wonder Book of Coins & Currency. New York, 1965. Gray, Ralph D. The National Waterway. U. of Illinois Press: Urbana. 1989. Haxby, James A. United States Obsolete Bank Notes. Krause: Iola. 1988. Ingleman, Anna. Indian Place Names of Kansas. 1908: Thesis. Kansas State Historical Society. Union Pacific RR map, Delaware City promotional ad, Delaware place names list, www.KSHS.org digital archives. The Corps (Army Corps of Engineers, Philadelphia District history). Paper Money * May/June 2021 * Whole No. 333 200 Osmun, C.E. Wismer, ?Engraved Bank Notes?. The Numismatist, Vol. 74, Jan. p. 37 Rockholt, R.H. Minnesota Obsolete Notes a n d Scrip. Society of Paper Money Collectors, 1973. Scharf, J . Thomas. History o f Delaware . Richards, Philadelphia. 1888. University of Kansas Territorial Kansas Project at www.territorialkansasonline.org Wait, George W. Wait. Maine Obsolete Paper Money and Scrip. Society of Paper Money Collectors, 1977. Whitfield, Steven. Kansas Bogus and Questionable Bank Notes. Paper Money #67 Jan/Feb 1977, pp. 32-33. Whitfield, Steven. Kansas Obsolete Notes a n d Scrip. Paper Money, 1980. Whitfield, Steven. Some Notes on Early Kansas Banks. Paper Money, Vol. 11 #42, p. 70. Wolka, Wendell, et.al. Indiana Obsolete Notes and Scrip. Society of Paper Money Collectors, 1978. 50th Annual New York International Numismatic Convention The NYIN convention will once again be held at the Grand Hyatt New York, located at 109 East 42nd Street, between Park and Lexington Avenues January 7-16, 2022. The Grand Hyatt also enjoys a direct indoor connection to Grand Central Station. The roster of educational presentations has expanded to include a program by Dr. Bruce Smart, Collecting World Paper Money: Banknotes of the Belgian Congo. A graduate of the University of Missouri at Kansas City, Smart went on to earn a Ph.D. in chemistry in 1970 from the University of California at Berkley. He had a 35-year career as a scientist and in corporate research management for the DuPont Company, retiring in 2005. Dr. Smart is a 53-year member of the American Chemical Society and a Fellow of the American Association for the Advancement of Science. Dr. Smart?s collecting interests started in 1995 and he began a specialization in world notes in 2000. He has served as a consultant, cataloger and show representative for R.M. Smythe and Company as well as Spink USA. He currently consults for Heritage Numismatic Auctions. He is a member of the International Bank Note Society, the Society of Paper Money Collectors and the New York Numismatic Club. Spink & Sons has held two charity auction sales of his banknote collections: ?The Bruce Smart Collections of the Middle East & North Africa? in 2016 and ?The Bruce Smart Collections of British Commonwealth ? Parts One & Two? in 2017. He continues to collect Kansas City. Missouri national banknotes as well as adding to his major collection of Belgian Congo material. His reading interests focus on Central African exploration in the 19th century. Kevin Foley, Bourse Chairman for the NYINC said, ?World banknote collecting is an especially strong and growing segment of the rare currency collecting field. Dr. Smart is recognized as a serious and accomplished researcher in the field of his NYINC presentation, which will certainly be enhanced by the depth of his knowledge of Central African exploration. I?m especially pleased to have him participate in our 50th Annual Convention educational efforts.? Bourse dates for the NYINC will be Thursday through Sunday, January 13-16. The NYINC website, www.nyinc.info, includes a listing of participating dealers, the full schedule of events and a ?Hotel Reservations? tab that enables site visitors to access a dedicated NYINC reservations page on the Hyatt website. Room rates for the NYINC begin at $189. Dealers interested in bourse space at the foreign and ancient specialty event can contact Foley at (414) 807-01116, or via e-mail at kevinsfoley.kf@gmail.com. Paper Money * May/June 2021 * Whole No. 333 201 FIVE GREAT HOARDS OF MICHIGAN MINING SCRIP by Lawrence Falater and Dave Gelwicks Scope Collectors of mining scrip have very few resources to help find the records, details or documents summarizing the types or variations of scrip printed, issued, cashed or cancelled. This article will describe how one such resource found and purchased FIVE GREAT HOARDS OF MICHIGAN MINING SCRIP. America Moves West As statehoods developed in the early 1800?s, Ohio and Michigan were contesting some 468 square miles of land known as the ?Toledo Strip? on the southwestern shore of Lake Erie. The solution assigned this acreage to Ohio. Michigan was assigned 9000 square miles of land from the Wisconsin Territory, described by one legislator as ?a barren and valueless tract in the land of perpetual snows.?1 As these ?valueless tracts? were explored (mid-1840) and understood, they became famous for both copper and iron mining as well as huge forests for timbering. This area today is known as Michigan?s Upper Peninsula. The growth in America continued westward from the original eastern cities of Boston, New York and Philadelphia. The affluent families settling in America were looking to spend their wealth and the news of the discovery of copper and iron in Michigan was spreading. Claims for Michigan land were easily obtained at this time and explorers and miners with grandiose ideas were flocking to find eastern financiers. Most of the money invested in the early copper mines came from family money from the three named eastern cities. Since the money and banking were from the east, most of the corporate offices remained in there. Most stock certificates and scrip were printed in the eastern print shops near the booming financial and banking districts, and sent to the mines. The archives at each eastern corporate office had a great influence on what old or historic mining paper items would be available to the philatelic and scrip collectors after the mines ran their respective tenures to closure. Finding such items intact is another challenge. Figure 1 Map of the Upper Peninsula of Michigan2 Paper Money * May/June 2021 * Whole No. 333 202 Copper and Iron Mining in Michigan There are many resources and a seemingly infinite number of books, literature and reports available to tell the history of the mining escapades in Michigan?s Upper Peninsula. The five mining companies presented in this article have a brief history, a display of at least one note and a Lawrence Falater quote regarding the purchase of each hoard of notes. Copper was found in the northernmost portions of the Keweenaw Peninsula that juts into the southern boundary of Lake Superior. The iron mines were centered approximately 100 miles to the southeast of the copper mines, also near the Lake Superior southern shore. Copper mining and smelting maximized in the pre-industrial era, as copper was needed for the bottom of ships, eventually for electrical components and then for armaments for the wars. Following the Civil War and WWI, the miners were pushed for record productions to keep up with growth and expansion everywhere. Michigan copper production slowed greatly after WWII as copper was discovered in the western United States. Western copper mining development, available at lower costs per ton, contributed to lowering copper prices nationally. The Keweenaw copper mines all eventually closed, the pumps were turned off and the mines filled with groundwater throughout the last 150 years. The Marquette Iron Range remains active today with iron ore still shipping throughout the lake freighter season from the Marquette loading dock. Only one company, Cleveland Cliffs, still operates today, (further details are presented below). As the mines closed, their paperwork was sent to their respective corporate eastern offices, was destroyed or became historical archives somewhere. Some records were left in the desks and buildings of the mining companies as owners shut the doors and walked away. Some were taken by former employees to their homes and have been disposed of or sold by their children or grandchildren who know of no use for these often damp, moldy, unorganized mining records of grandpa?s past. Finding Michigan Mining Scrip Each serious collector of anything has a mentor, supplier or vendor to whom they turn for that next prized possession or bit of knowledge about an item the collector has just ?discovered.? Initially, unbeknownst to the collector, the supplier may have owned that piece previously or knew the person(s) who did! That is exactly how these two authors were introduced as supplier and customer thirty years ago. Most, if not all, mining scrip collectors in Michigan know of Lawrence Falater. One could safely say that, if you have a piece of scrip similar to those shown below, it may have been owned by him at one time. Supplied by Falater, customer Dave Gelwicks? collection of, and interest in, Michigan mining scrip continued to grow. Falater took annual trips to the Upper Peninsula towns, looking for pieces of history which he either kept for his own personal collection or took to the market via his relentless mail and phone marketing efforts or his small- town auction Saturdays held long before eBay?s founders were born. This supplier/customer relationship soon grew in respect of each other?s knowledge and talents in the collecting arena, leading to mentorship and an ever-evolving friendship. Surely there are others with similar relationships with supplier Falater. From this relationship, Gelwicks heard stories of FIVE GREAT HOARDS OF MICHIGAN MINING SCRIP and kept asking more and more questions. The questions then became multiple annual requests (years) to put the history of acquiring these hoards in writing. Falater?s 2019 personal thoughts are presented below, indented in bold italicized print and marked LF. Five great hoards of Michigan mining scrip appeared during the 20th century from the following companies: Central Mining Company Delaware Mining Company Iron Cliffs Company Pennsylvania Mining Company Quincy Mining Company The company headquarters for these mines were located in the eastern United States, primarily in Boston, New York and Philadelphia, where these archives were each accumulated. Eventually these archives were dispersed, long after mining activities ceased. These hoards each entered the philatelic marketplace due to Internal Revenue stamps bought and placed on much of the scrip. The numismatic currency market had to wait until the philatelic market had been satisfied. LF-1 Paper Money * May/June 2021 * Whole No. 333 203 Notes with revenue stamps (Figures 2a and 2b) would have earned a higher selling price in the philatelic market. However, many notes were not stamped and were of less interest to the philatelists but of great interest to Michigan mining scrip collectors. President Lincoln signed the Tax Act of 1862 creating the Office of Internal Revenue, leading to revenue stamped paper. This tax payment could be shown on the check by adhesive stamps, stamped paper, vellum or parchment. Initially the tax was 2? per each $20 on checks of $20 or more.3 This particular tax ended in 1883. Revenue stamps are affixed to the notes in Figures 2a, 5b, 6a, 6b, 7, 9, 11 and 12. From age and mishandling, many revenue stamps have been lost from their respective notes. Glue residue remains, and can be seen, in the revenue stamp box shown in Figure 8. CENTRAL MINING COMPANY During the 1950?s I was employed by Earl Schill, a downtown Detroit coin, stamp and paper money dealer. I can recall selling the common $5 and $10 notes for $3.00 each. He did not have any of the other denominations ($1, $2 or $15) for sale. The person selling these to Schill apparently wanted more money for these scarcer denominations so he did not purchase any. There were mixed bundles of the $5 and $10 denominations of both the large- and small-sized notes as shown in Figures 3a, 3b, 4a and 4b. I believe these notes were wholesaled at $100.00 per bundle of 100. Unfortunately I was not yet keenly interested in Michigan paper as I was very engrossed with my large cent collection and my recently completed Indian Head cent collection. Apparently no stock certificates were available in this archive. There are only two known stock certificates existing from this mine. LF-2 Figure 2a-OFFICE OF THE Iron Cliffs Company, NEGAUNEE, L.S. MICH. May 3, 1870 Sight Draft No. 357 Size: 8.5" x 3.5" Figure 2b- Cancelled revenue stamps from Figure 2a. 85? of tax stamps covered $1700 Paper Money * May/June 2021 * Whole No. 333 204 The Central Mining Company had its mine in the Eagle Harbor area of Michigan?s Keweenaw Peninsula, known to many as the Copper Country. John Robinson, a Central stockholder, led the 1855 expedition to dig their first pit mines deeper than 500 feet in lands surrounded by the Winthrop, Northwestern and Copper Falls Mining Companies. During their operations, large pieces of native copper were found in masses of almost pure copper. Their production peaked at some 2,000,000 pounds of copper in 1882. The once copper-rich Central land was picked clean; the town and mine closed in late 1898 and never re-opened.4 A collector of both, Falater referenced both scrip notes and stock certificates in his comments. Some of the referenced archives, which contained hoards of mining scrip, also had some stock certificates but they were only found sparingly, not in hoard quantities and not detailed in this article. Figure 3a- THE CENTRAL MINING COMPANY Eagle Harbor, Mich. January 1, 1864 Sight Draft No. 5751 Size: 6" x 2.5" Figure 4b- THE CENTRAL MINING COMPANY Eagle Harbor, Mich. June 27, 1868 Sight Draft No. 4428 Size: 7" x 3" Figure 4a- THE CENTRAL MINING COMPANY Eagle Harbor, Mich. December 30, 1865 Sight Draft No. 775 Size: 6" x 2.5" Figure 4b- THE CENTRAL MINING COMPANY Eagle Harbor, Mich. November 30, 1867 Sight Draft No. 4305 Size: 7" x 3" Paper Money * May/June 2021 * Whole No. 333 205 DELAWARE AND PENNSYLVANIA MINING COMPANIES Both of these archives were at one time in the possession of a very prominent revenue stamp collector named Joyce. His vast holdings included both of these hoards as the Delaware was a reorganization of the financially troubled Pennsylvania Mining Company. His holdings were also dispersed to the revenue stamp enthusiasts. Eventually, after all the philatelists had purchased the desired pieces, California coin dealer John Helleva acquired the remaining scrip and sold it to me. Stock certificates of both Pennsylvania and Delaware Mining Companies, as well as a few from the Conglomerate Mining Company (the successor to the Delaware), were also part of this hoard. The stock certificates were sold to prominent revenue stamp dealer Eric Jackson, who advertised them for sale. I purchased quite a few of each and sold them very quickly. When I attempted to order more, I was told that they had all been sold! There were also a very few pieces of La Belle Smelting Works and Wyoming Mining Company scrip included. LF-3. Figure 5a-PENNSYLVANIA MINE MICHIGAN. Kewenaw (sic) County. February 9, 1864 Sight Draft No. 1402 Size: 7.5" x 3.25" Figure 5b-Office Pennsylvania Mining Company of Michigan. GIRARD NATIONAL BANK PHILADELPHIA. June 26, 1865 Check No. 1639 Size: 7.25" x 3" Figure 6a-Delaware Mine MICHIGAN. Keweenaw County. June 23, 1865 Sight Draft No. 1138 Size: 7.5" x 3.25" Paper Money * May/June 2021 * Whole No. 333 206 Figure 6b-Office Delaware Mining Company of Michigan. WESTERN NATIONAL BANK PHILADELPHIA. May 23, 1865 Check No. 178 Size: 7.25" x 3" Figure 7-OFFICE OF THE LA BELLE SMELTING WORKS. Mendota (Lac La Belle), Mich. March 22, 1866 Sight Draft No. 206 Size: 7.75" x 3.75" Figure 8- Wyoming Mine MICHIGAN. Keweenaw County. August 10, 1865 Sight Draft No. 11 Size: 7.5" x 3.25" In 1861 a group of Philadelphia investors acted quickly to purchase all assets of the Northwestern Mining Company, becoming the Pennsylvania Mining Company of Michigan. The former company owned much of the land surrounding the Central Mining Company described previously. Men named Henszey, Day and Hill were chosen to run the mine. Day and Hill were prior employees who spoke so highly of the land and area that a huge stamp mill was built at La Belle Smelting Works before a pound of copper was produced. By 1863, 720 acres and 4000 shares were divided among stockholders in a new company called the Delaware Mining Company under the same management. This group also created the following companies: New Jersey Mining Company (1863), Maryland Mining Company (1864) and Wyoming Mining Company (1866), all on their Keweenaw County lands.5 A close comparison of the Pennsylvania, Delaware and Wyoming sight drafts and checks shows their similarities. At least three (Figures 5a, 6a and 8) were printed by T. Sinclair?s lith. Phila. By 1876 expenses greatly exceeded income and this group of companies was absorbed by the bondholders and reorganized again in 1881 as the Conglomerate Mining Company. Within a period of 34 years, the Delaware Mine lands were worked by five different companies: North-West Mining Association, North-West Mining Company of Michigan, Pennsylvania Mining Company of Michigan, Delaware Mining Company and Conglomerate Mining Company.6 The Delaware Mine remains open for public tours.7 Paper Money * May/June 2021 * Whole No. 333 207 IRON CLIFFS COMPANY This archive is believed to have been acquired by Baltimore philatelist Robert K. Richards as late as the 1970?s. Philatelists sought out the many scarcer varieties of revenue stamps or imprinted revenue impressions on the drafts. There were a great number of varieties, some of which were quite valuable. I recall Richards sending me quite a few with minimal costs. My good collector friend Charlie Verhooven, a former Monroe, Michigan banker, and I appreciated Richard?s generosity. Unfortunately, it appears that no Iron Cliffs stock certificates were included in this archive. LF-4 Figure 9-OFFICE OF THE Iron Cliffs Company, NEGAUNEE, L.S. MICH. November 21, 1871 Sight Draft No. 970 Size: 8.5" x 3.5" Iron Cliffs Company was organized in 1865 by a group from New York lead by Samuel Tilden, opening their first shaft as the Barnum Mine in Marquette County near Negaunee, Michigan. By 1879 the ?New Barnum Shaft? was dug near Ishpeming, Michigan, renamed the ?Cliffs Shaft? in the late 1880?s. During this same period, men from Cleveland, Ohio formed the Cleveland Iron Company and a group from Jackson, Michigan formed the Jackson Iron Mining Company. In 1891 under the leadership of W.G. Mather, the Iron Cliffs, Cleveland Iron and Jackson Iron Mining Companies merged to form the Cleveland-Cliffs Iron Company. The mine became the largest hematite producer in the United States and is still known today as the publicly traded company CLF. 8 In 2018 Cliffs broke ground in its largest monetary endeavor to produce hot briquetted iron, from the same Marquette ore shipped to their latest facility on the southern shore of the Maumee River in Toledo, Ohio. QUINCY MINING COMPANY The Quincy Mining Company group was the last archive I acquired. It came from an eastern stamp dealer whose name escapes me today. It probably consisted of a fraction of the original hoard. Included were $10 and $20 denominations in color. Also there were drafts with a small mining scene vignette on the left in multiple varieties with various written amounts. I probably only acquired a small portion of the original archive. LF-5 Figure 10-QUINCY MINING CO. Hancock, Mich. March 25, 1870 Sight Draft No. 13855 Size: 7.5" x 3". Q.M.Co. watermark in white Figure 11- QUINCY MINING CO. Hancock, Mich. February 25, 1870 Sight Draft No. 13156 Size: 7.5" x 3? Q.M.Co. watermark in white Paper Money * May/June 2021 * Whole No. 333 208 Figure 12-OFFICE QUINCY MINING COMPANY Quincy Mine, Lake Superior. October 1, 1869 Sight Draft No. 5923 Size: 7.5" x 3.25" Struggles continued for almost ten years following the 1846 organization of this company that became known as ?Old Reliable? because of its continuous string of dividend payments after its precarious start. The mine is located on Quincy Hill in Hancock, Michigan on the ground containing the Pewabic Lode of copper. In the mid-1800?s many companies were organizing to gain the mineral rights of lands known to contain portions of the Pewabic Lode. Over the next 62 years, the Quincy Mining Company would purchase the following mining companies: Pewabic (1891), Pontiac (1895), Mesnard (1897) and Franklin (1908).9 Quincy mined copper from 1856-1947. Underground tours are still offered today by the Quincy Mine Hoist Association.10 There were undoubtedly other archives or partial archives dispersed but the facts are lost to history. Approximate quantities which I acquired included: 4,000 Delaware Mining Company 4,000 Pennsylvania Mining Company 3,000 Quincy Mining Company 11,000 notes total Other than a few pieces in my personal collection, about 25 pieces remain available for sale or trade. LF-6 Authors? Summary and Challenge The authors attempted to preserve one small piece of history as remembered from a senior currency collector. What story, or personal history, do you have which should be documented for future reference? Please get the details and document them this year, as we do not know the time or the hour. Regards, LF & DG Notes and References 1. Great Lakes Seaway Review, October-December 2018, Harbor House Publishers, Boyne City, MI. 2.Michigan Map. Indian Land Cessions in the United States. Eighteenth Annual Report of the Bureau of 3. ?Collecting Revenue Stamped Paper?, Woodworth, Don, The American Stamp Dealer & Collector, September 2019, American Stamp Dealers Association, Inc., Centre Hall, PA. 4. ?Central Mine - Copper Ghost Preserved in Michigan?, Alexander, Dave, Legends of America, updated November 2019. https://www.legendsofamerica.com/mi-centralmine/ 5.Annual Report of the Commissioner of Mineral Statistics of the State of Michigan, for 1880. Lansing, W.S. George & Co., State Printers and Binders, 1881. 6. The Copper Mines of Ontonagon County Michigan, Kaminski-Hamka, T., Copperlady Press, Lake Linden, MI, 2011. 7. http://www.keweenawheritagesites.org/site-delaware_mine.php 8. Celebrating 150 Years: Cleveland-Cliffs Inc., 1847-1997. Osborne, Richard J., Custom Publishing Group, 1997. 9. Quincy Mining Company: A Look at the Architecture and Communities of the Quincy Mining Company. The Copper Press, Calumet, MI, 1978. LF 1?6: Personal recollections and notes of Lawrence Falater, Allen, MI, August, 2019. 10. https://www.quincymine.com, 2019. Paper Money * May/June 2021 * Whole No. 333 209 Paper Money * May/June 2021 * Whole No. 333 210 My 17 Year Hunt: The 3154 Note Survey on T-64 CSA $500 Notes What Was the Last Note Issued? Another Update by Steve Feller A. Introduction to this update on the T-64 CSA note survey For over 17 years I have been keeping track of the serial numbers on Criswell T-64 Confederate States of America $500 Stonewall Jackson notes [1,2,3,4,5,6,7,8,9]. In this article, an expanded update done on November 29, 2020, I report on serial number information from 3154 examples of this truly historic issue. In earlier articles in Paper Money [4, 5, 6, 7, 8] I reported on observations from 2711 (March 25, 2018), 2363 (December 25, 2015), 1847 (November 18, 2012), 1641 (July 16, 2011) and 976 notes (as of September 15, 2007); in addition, I reported earlier data that contained the first 604 observations (as of December 23, 2005) [4]. The serials have ranged between 3 and 38386. I remain convinced that serial 38386 is near to or might just be the very last note issued from this type. This assertion remains the focus of this update. Figure 1: Is this the last CSA note issued? Note the serial number 38386. Thomas Jonathan ?Stonewall? Jackson graduate of West Point and veteran of the Mexican War taught at Virginia Military Institute (VMI) for over ten years before the civil war. At VMI he became Professor of Natural and Experimental Philosophy and Instructor of Artillery. In today?s language this would be physics with a specialty in artillery. His teaching was poor and his students found him rigid in his approach of rote memorization. Figure 2: Lieutenant General Thomas Jonathan ?Stonewall? Jackson (Wikipedia). This appears to be the photograph used to make the image on the T-64 note. It was taken a week before he was mortally wounded. From VMI Jackson enlisted in the Confederate army after Fort Sumter, See Figure 2 for a war photo of him. In the war he served with distinction and fervor until he was accidently shot by his own men on May 2, 1863. He died eight days later. As Jackson was dying, Robert E. Lee sent a message through Chaplain Lacy, saying: "Give General Jackson my affectionate regards, and say to him: he has lost his left arm but I my right." Paper Money * May/June 2021 * Whole No. 333 211 The T-64 notes ended up with plain backs as originally the seventh series of CSA notes were to have the ornate chemicograph backs but the plates for the backs were lost in the Union blockade of the South (curiously stamps were also sent from London?s Thomas delaRue and some were captured while some made it through the blockade). While fairly basic ?bluebacks? were then used on the backs of most denominations the Type-64 $500 has a plain back like the 50 cents, $1, and $2 notes. However, it has a classic face, which was meant to be a memorial to the fallen general. Figure 3: Original back to be used on T-64. This is a reprint made by Philip Chase in several printings in the 1950s (the note shown was from a packet copyrighted by Chase in 1959). The plates currently reside in the Smithsonian Institution. The printing process produced a chemicograph by the printer S. Straker and Sons, London. B. A Statistical Look at the T-64 CSA Note The data from the 3154 note survey are summarized in Tables 1-2 and Figures 4-5. Table 1: Number and Rate of T-64 Notes Surveyed Date Notes Seen to Date Change Change/day November 29, 2020 3154 443 0.466 March 25, 2018 2711 348 0.424 December 25, 2015 2363 516 0.456 November 18, 2012 1847 206 0.419 July 16, 2011 1641 665 0.475 September 15, 2007 976 372 0.589 December 23, 2005 604 November 29, 2020- December 23, 2005 (5453 days) 2550 0.468 The average serial separations for the current 3154 and the previous 2711 note surveys are 12.2 and 14.2 as we continue to add more precision to the data. A measure of the amount we could expect the average to vary is known as the standard deviation and is 14.1 currently and was 16.3 for the last set of results. This means that more than half of the separations will fall within +/- 14.1 of the average separation of 12.2 (yes, I know the numbers go slightly below zero, this is a result of the distribution not being a perfect bell-shaped curve). Very few separations fall 2 or 3 standard deviations from the mean; for example, a mere 3 pairs of notes are 100 or above serials apart with a high of 130. This compares to 6 pairs and 12 pairs of notes separated by more than 100 serials for the last two survey reports of 2711 and 2363 notes. This means that it is reasonable to say that the final serial seen, 38386, likely will not be more than a standard deviation, 14, or so off from the true end serial. As more numbers are observed we are likely to get surer of this. Next, we come to the relative frequency of the notes. This is defined by the number observed divided by the total number printed. Three versions of the notes were identified by Grover Criswell: Type 489, 489A, and 489B [9]. Paper Money * May/June 2021 * Whole No. 333 212 These were supposedly delineated by serial regions of dark, light, and dark red printings but it is not precise. The data are shown in Table 2: Table 2: Number and Frequency of T-64 Notes Seen in the last two surveys. Serial Range # Printed Type # Seen Frequency 3/25/18-11/29/20 Freq. chng 1-6000 24000 489A 454 0.0189 59 0.0024 6001-33000 108000 489 2157 0.0200 298 0.0028 33001-38386 21544* 489B 543 0.0252 86 0.0040 Total 153544* 3154 0.0203 443 0.0026 Serial Range # Printed Type # Seen Frequency 12/25/15-3/25/18 1-6000 24000 489A 395 0.0165 48 6001-33000 108000 489 1859 0.0172 246 33001-38386 21544* 489B 457 0.0212 54 Total 153544* 2711 0.0177 348 *In this table it is assumed that Type 489B notes ceased production with the last serial observed, 38386. We see in the Table 2 Type 489B have survived with the most frequency (29% more than the averages of the other types) whereas Types 489 and 489A are observed with almost the same relative frequency. The average separation between serial numbers is now 12.2 while Type 489B is only 9.9. The full variation in the change of one serial number to the next is shown in Figure 4. This shows almost no systematic trend and the slope of the best fit line is just 0.000089. The intercept of 14.0 is the average serial change for the lowest serial numbered notes. This falls to about 10.5 for the highest serial numbered note of 38386. Figure 4: Differences between adjacent pairs of serials. The solid brown line is the best fit. Its equation is y = -0.000089x + 13.960156 with an R? = 0.005023. Another way to look at these data is to plot the serial number versus the note observation out of the 3154 notes. This is shown in Figure 5. The graph is quite linear indicating an unbiased sample (it means there are no large unexplained gaps or such). This is also indicated by an R2 of 0.9977. The slope of 12.31 is nearly the same as the average serial separation. 0 20 40 60 80 100 120 0 10000 20000 30000 40000 Ch an ge Serial?Number T?64:?Change?from?one?serial?to?the?next? 3154?Notes??11?29?20 Paper Money * May/June 2021 * Whole No. 333 213 Figure 5: Serial numbers (blue) in order with the fit equation (red dots) being y = 12.31x + 700.78 with R? = 0.9977. Note the linear result indicating no serious gaps in the data. The four serial letters, A,B,C,D are more or less equal in frequncy, see the next graph, Figure 6. Figure 6: Numbers of serial letters observed after 3115 notes. The slight variation is from the presence of some hoards in the data, B is favored for this reason. Raphael Thian gives two related pieces of information in his classic and important book, Register of the Confederate Debt [10]. First, the serial number with the last recorded signature combination for the T-64 notes is 32900. Second, the last observed serial number by Thian was 37607 and he indicates his data are incomplete, although he had access to thousands of Confederate notes. Once again, from this it is reasonable to suppose that the last observed serial of 38386 is near or perhaps at the end of the issued notes. Another bit of information may be gleaned from the 3154, 2711, 2363, 1847, 1641 and 976 observed serials from the last six survey sampling periods. I looked at the last six groups of one thousand serials (this constitutes the entire range of Criswell 489B notes, these often come with the marvelous dark red ink) and counted how many notes there were in each group of a thousand serials. I observed the following in Table 3 and Figure 7: 0 10000 20000 30000 40000 50000 0 1000 2000 3000 4000 Se ria l?N um be r Note?Number Serial?Numbers?of?T?64? $500?CSA?for?3154?Notes? 0 100 200 300 400 500 600 700 800 900 A B C D Nu mb er Serial Letter Number of Notes with Serial Letters A,B,C, and D for Type 64 CSA $500 after 3154 Note Observations Paper Money * May/June 2021 * Whole No. 333 214 Table 3: Numbers of Type 489B Notes Observed Group of Thousand Serials Notes in Each Observed Set 976 1641 1848 2363 2711 3154 33001-34000 30 47 53 62 74 89 34001-35000 32 64 69 80 91 118 35001-36000 34 56 62 81 91 111 36001-37000 39 49 61 97 106 118 37001-38000 35 49 53 63 71 76 38001-38386 (Last Note) 13 15 17 20 24 31 Total Type 489B Notes 183 280 315 403 457 543 Fraction of Type 489B 0.188 0.171 0.170 0.171 0.169 0.172 Fraction of 489B 38000+ 0.0134 0.0091 0.0092 0.0085 0.0089 0.0098 Figure 7: Number of notes observed for 1000 serial number intervals for Type 64-B notes. Note the abrupt cutoff. For the current data set Type 489B notes (with the range of serial numbers 33001 to 38000) there is on average 102.4 observed notes per 1000 serials with a variation, 76 to 118, in the numbers observed. The sudden drop to 31 serials above 38000 is a clear indication that the serials stopped abruptly in 1865. Extrapolating the rate of observed notes of 102.4 per 1000 to the range above 38000 and using the fact that 31 notes have been observed above 38000 leads to a predicted end of the serial range to be 38000 + (31/102.4)*1000 or 38303. This is fairly close to 38386 indicating again that 38386 is near to the last of the serial numbers. The last six surveys, shown in Table 4, predict the final serial numbers to be: Table 4: Predicted Last Serial Numbers and Difference to Observed 38386 Based on the Trend of Type 489B Notes. 976 1641 847 2363 2711 3154 Notes Predicted Last Serial 38442 38283 38283 38260 38277 38303 Predicted Last Serial -actual Last Serial 56 -103 -103 -126 -109 -83 0 20 40 60 80 100 120 140 33001- 34000 34001- 35000 35001- 36000 36001- 37000 37001- 38000 38001- 39000 Nu mb er Serial Range 1000 Serial Number Ranges Type 489B after 3154 Notes Seen Paper Money * May/June 2021 * Whole No. 333 215 Table 5: Runs of Serial Numbers for T-64 CSA $500 notes Incidentally, it is possible to see runs of serial number by plate letter (A-D) indicating survival of original hoards. The most notable ones are seen in Table 5: Shown below in Figure 8 is the note with serial number 8; it is my lowest serial numbered note. Also shown here is a scarce remainder note, Figure 9. Figure 8: Serial 8C of T-64 $500. Figure 9: Remainder note for Type 64 $500 (Heritage). Plate Letter Serial Range A 35770-35798 B 7810-7821 22227-22237 23051-23060 C 22114-22129 35766-35777 D 5529-5534 32019-32090 Paper Money * May/June 2021 * Whole No. 333 216 C. Conclusions I conclude with still more confidence than I had in the last reports in Paper Money [4,5,6,7,8] that the illustrated note shown here with serial 38386 must be very near the end of the run for the T-64 notes. It is surely the case that the serial 38386B note featured in this article is from near the end of the war and, to my knowledge it has the highest known serial number for a T-64 $500 note. If another note was found above 38386 a close estimate of its serial number would be within one standard deviation of the mean change. This yields a range of possible high serials from 38386 to 38400. I continue my study. The rate of new notes being found is holding remarkably steady for the last 2000+ notes at just under a note every two days. This implies that there remain quite a few notes left to observe. It is likely there are hundreds but more likely thousands to go. Of course, there are many T-64s in collections, institutions, and especially the Smithsonian Institution with its world?s largest repository of Confederate currency which it inherited from the Rebel Archives [11]. Thus, it is quite likely that there are at least four to five thousand or more surviving T- 64 notes out there. Anyone who desires it can surely obtain one on any day of the week from a currency dealer or from E-Bay (beware counterfeits; they are easy to discern in most cases). Since this is the scarcest note from the seventh series imagine how many notes survive from this series. That number is surely, at least, in the hundreds of thousands if not millions. If readers have additional serial number and letter reports I would be pleased to receive them at sfeller@coe.edu. Each article generates several new observations that are sent to me. Update to the Update As of April 14, 2021, the notes observed have reached 3209, a gain of 55 since November 29, 2020. This corresponds to 55 extra notes seen out of an additional 136 days or 0.404 notes per day, slightly lower than the rate up to November 29. D. Bibliography [1] S. A. Feller, ?The Criswell Type 64 Confederate States of America $500 Note,? I.B.N.S. Journal, 42(3) 2003 27-33. [2] S.A. Feller, ?The Criswell Type 64 Confederate States of America $500 Note: A Statistical Update,? I.B.N.S. Journal, 43(2) 2004 54-55. [3] S.A. Feller, ?Is This the Last Confederate Note Issued?,? I.B.N.S. Journal, 44(4) 2005. Pp. 31-32. [4] S.A. Feller, ?A Survey of Nearly 1000 Type-64 CSA $500 Notes,? Paper Money XLVII (1) Whole Number 253 2008 11-18. [5] S.A. Feller, ?1641 Note-Survey Update on Type-64 CSA $500 Notes: What was the last number Issued,? Paper Money L (6) (Whole Number 276) 464-476 (2011). [6] S.A. Feller, ?1847 Note Survey on Type- 64 CSA $500 Notes: What Was the Last Note Issued?: A Brief Update,? Paper Money LII (4) (Whole Number 284) 116-118 (2013). [7] S.A. Feller, ?2363 Note Survey on Type- 64 CSA $500 Notes: What Was the Last Note Issued?: Another Brief Update,? Paper Money LV (2) (Whole Number 302) 118-121 (2016). [8] S.A. Feller, ?My Over 15 Year Hunt: A 2711 Note Survey on T-64 CSA $500 Notes: What Was the Last Note Issued?: A Detailed Update,? Paper Money LVII (3) (Whole Number 315) 180-185 (2018). [9] Criswell, Grover C., Comprehensive Catalog of Confederate Paper Money (BNR Press: Port Clinton, OH) (1996). [10] Thian, Raphael P. Register of the Confederate Debt (Quarterman Publications: Boston) 1972. [11] Reed, Fred Shades of the Blue and the Grey, Bank Note Reporter, July 2011. Paper Money * May/June 2021 * Whole No. 333 217 Early Web Currency Proofs A web press is a press that prints images on a continuous roll of paper called a web. This contrasts with printing on individual sheets of paper. Web presses have the advantage of great speed so their use for currency production has been a Holy Grail objective of Bureau of Engraving and Printing management for many decades. The Bureau began modern development work on web presses in 1983, which culminated in the purchase of the Alexander Hamilton Web Currency Press, a 120-foot-long custom-built web printing system manufactured by the Hamilton Tool Company of Ohio. The machine was used to produce $1 Federal Reserve notes, but serious technical difficulties and excessive spoilage rates that reached 28 percent were not readily overcome. The Bureau spent $32 million on the project as of mid-1995 without achieving operational success. Consequently, the press found itself squarely in the sights of Congressional overseers who directed the Bureau to suspend work on the project in a Treasury, Postal Service and General Government Appropriations Bill report. The curtain was drawn on the project in 1996 and the press was sold in 1997. Limited quantities of Series of 1988A, 1993 and 1995 $1 Federal Reserve notes reached circulation from the press. They are very readily distinguished because their faces don?t carry plate position identifiers, but instead have a lone plate serial number in the lower right corner. They have become classic numismatic ions owing to their distinctive character and brief production life. Numismatic son-father team Bob Kvederas Jr and Bob Kvederas chronicled every aspect of the Hamilton press and the varieties produced from it in a series of definitive catalogs. The culmination of their efforts was the invaluable 2nd edition of The Standard Handbook of $1 Web-Fed Test Notes, 1988A, 1993, 1995. The information above came from that book. The Bureau?s brush with the Hamilton press was not their first attempt to adapt web printing technology to currency. The fact is that they had been dabbling with the idea for decades. Benjamin F. Stickney, the Bureau?s mechanical expert, began drawing up plans for such a press as early as 1909. A machine made to his specifications that could print from intaglio plates was built by the Universal Telegraphic Company in Baltimore and became operational at the Bureau beginning in 1914 (BEP, 1962). That press bore his name. The development of the Stickney press was carried out as a low-profile endeavor to avoid inflaming labor opposition not only at the Bureau but within the printing trade in general. The Stickney press was used to print postage stamps, the first being 2-cent ordinary coil stamps featuring a profile of Washington facing left that began to be sold in Post Offices on June 30, 1914 (Collins, 2012). In time, larger Stickney presses were made and they produced the lion?s share of postage and revenue stamps through 1957. They numbered 29 and the last of them was decommissioned on March 15, 1962 (Agris, 1987; BEP, 1962). Of course, new generations of higher speed web presses replaced the Stickney?s; the first bearing the names Huck and Cottrell after their manufacturers. They were used for stamp production, but of course interest in using them for currency production never was off the horizon. The following information about them is taken from BEP (1962, p. 167-169) and Agris (1987, p. 4-9). Two of the Stickneys were taken out of production and installed in the BEP development lab so that engineering work could be carried out to develop a new generation of higher speed web presses. The ultimate objectives were to print from dry web paper using fast-drying heat-set inks, and to utilize multiple colors. The Paper Column Peter Huntoon Paper Money * May/June 2021 * Whole No. 333 218 Figure 1. Upper left and lower right corners of a plate proof from a 14-subject plate made for a Stickney web-fed rotary press. The format was 2 subjects across and 7 down. The heavy lines in the left and right margins are electric eye guidelines, wherein the vertical dashes on the right are oriented in the feed direction of the web. Plate number 164809 is adjacent to the upper left corner of the proof. Paper Money * May/June 2021 * Whole No. 333 219 The Huck Company of New York City delivered an improved press to the Bureau in 1950 based on this work. This machine was perfected to the point that in 1952 it produced its first stamp, the 3-cent bi- color International Red Cross commemorative. Bids were solicited by the BEP for five similar production presses. That competition was won by the Cottrell Company of Pawcatuck, Connecticut, and the Cottrell machines were delivered in late 1955 and 1956. The Huck and five Cottrell presses then served as the workhorse stamp presses for more than 25 years, when a fire destroyed several of them. The last Cottrell was taken out of service on November 20, 1985. The Cottrells operated at triple the production rate of the Stickneys. A nine-color second generation Huck web press was acquired in 1968. Eventually it was taken out of service in 1978, having been plagued with high spoilage rates. Experiments to determine if the various web presses could be used for currency production were undertaken outside the glare of the press. Presses considered were the Stickneys, Cottrells and second- generation Huck. Fortunately, a handful of certified proofs have been found scattered among the 305,000 proofs that were turned over to the National Numismatic Division that bear silent witness to experimentation along these lines. There are three sets of such $1 face proofs respectively certified June 3, 1954, March 25, 1969 and April 30-May 14, 1969. Each set represents plates made respectively for Stickney, Cottrell and Huck presses. Notations written in the margins reveal the intended presses for the plates, so I have reproduced them exactly as they appear. Stickney Press Plates $1 silver certificate 14 subjects, 2 across, 7 down plate numbers-plate serial numbers 164809-8083 and 164810-8084 certified June 3, 1954 margin notations: (Steel) Experimental Printing $1 S.C. Face Ser. 1935A on Bi-color Rotary Web Fed Press Curve (14 sub. - Elec Eye) Cottrell Press Plates $1 Federal Reserve note 14 subjects, 2 across, 7 down plate numbers 170694 and 170695, no plate serial numbers certified Mar 25, 1969 margin notations: Exper. Cottrell Exper. - non security plates for Cottrell Press for printing $1 F.R. note Face - 14 sub Huck Press Plates $1 Federal Reserve note 18-subjects, 3 across, 6 down each row of 3 subjects has a separate plate number five plates numbered upward from the bottom: certified Apr 30, 1969 170714-170713-170712-170711-170710-170709 certified Apr 24, 1969 170721-170720-170719-170718-170717-170716 certified Apr 24, 1969 170732-170731-170730-170729-170728-170727 certified May 14, 1969 170744-170743-170742-170741-170740-170739 certified May 14, 1969 170756-170755-170754-170753-170752-170751 margin notations: Paper Money * May/June 2021 * Whole No. 333 220 Experimental - non Security plate for 9 color Huck Press - 3 sub each number I found no back proofs for any of these presses so it is safe to assume that corresponding back plates were not made. Figure 2. Upper right and lower left corners of a plate proof from a 14-subject plate made for a Cottrell web-fed rotary press. The format was 2 subjects across and 7 down. Plate number 170894 is in the far upper right corner of the sheet. Paper Money * May/June 2021 * Whole No. 333 221 Additional Details All three of the presses utilized two curved intaglio plates that fit around the cylinder of the press. The experimental Stickney currency plates were made in 1954. Those for the Cottrell presses and second- generation Huck press were made in the spring of 1969. An eye-catching characteristic of the experimental currency proofs are the electric eye markings in the sheet margins. There are two types of electric eye marks. A series of bold dashes progresses vertically down the sheets in the direction of the movement of the web through the press. Horizontal lines called frame lines by philatelists occur in the opposite margin and were used by light-sensitive sensors to actuate perforators that punched holes between the stamps. The purpose for the frame lines on the experimental currency plates is uncertain. Their use on the Stickney and Cottrell plates appears to have been solely for gaging alignment and possibly to actuate cutting of sheets from the web; however, this is speculation. Four frame lines occur adjacent to each row of subjects on the Huck plates and they are separated from those in the next row by a wide space. If the top and bottom lines adjacent to the subjects are used as trim lines, the notes come out perfectly centered with nice margins in the vertical direction. There is a bit of ambiguity about the character of the Huck experimental currency plates. Good descriptions exist for the Huck plates used for stamp production, at least for the early Huck plates. The Huck stamp plates consisted of 30 small, thin plates stretched across the printing cylinder. The Images of ordinary postage stamps on these plates were oriented on their sides in strips 4 high and 20 across. The joints between the plates collected ink that printed as very distinctive joint lines that appeared between every forth row of stamps in the direction of travel of the web. The $1 FRN proofs lifted from the Huck plates are notable for the huge vertical separations between the rows of notes and the fact that each row of three notes has a separate plate number. This arrangement speaks to multiple plates mounted on the drum, each containing 3 notes. In this scenario, the wide vertical spacings were left so that images of notes weren?t split by joint lines had they been arranged with normal spacing. However, this does not jibe with the margin notes on the Huck proofs that reveal that the plates were large and consisted of 6 rows of 3 notes. Furthermore, there are no vestiges of joint lines as should be the case if each row of notes was on a separate plate. This reveals that the currency plates were large and mounted two at a time on the press rather than 30 at a time for postage stamps. However, the large plate size does not explain the large vertical separations between the subjects. Too bad they didn?t produce actual notes from these plates. Talk about Broadway margins! How would the grading services deal with those? Even though the 1954 experiments with web-fed currency production did not bear fruit, coincident developments involving dry paper and quick drying ink did. The first dry printed notes were $1 Series of 1957 silver certificates carried out on newly acquired high-speed Giori 32-subject sheet-fed rotary presses. Findings The findings presented here add a totally new chapter to our knowledge of the development and implementation of web-fed printing technology for U. S. currency. Web press technology for printing from intaglio plates was invented at the Bureau of Engraving and Printing, and was used for the production of postage and revenue stamps. It is clear from the proofs in the Smithsonian holdings that Bureau management wanted to extend this technology to the production of currency. The first attempt seems to have been made in 1954 when plates were made for the Bureau?s then venerable Stickney presses. Interest bubbled up again in 1969 after the new generation Cottrell presses had proved their worth for stamp production and a second-generation Huck press was being tested. Currency plates were made for both of those presses at that time. The 1954 plates were made at the end of Alvin Hall?s long tenure as BEP director. Hall had navigated the Bureau through more radical technological innovations than any other Bureau director. His successor in 1954 was Henry Holtzclaw, a former Bureau mechanical expert and designer who led the program to develop electric eye perforators in the 1930s. Paper Money * May/June 2021 * Whole No. 333 222 Figure 3. Upper right and lower left corners of a plate proof from an 18-subject plate made for the second- generation Huck web-fed rotary press. The format was 3 subjects across and 6 down. Notice that each row of three has its own plate number in the right margin. The heavy lines in the left and right margins are electric eye guidelines. Paper Money * May/June 2021 * Whole No. 333 223 James Conlon was director during the 1969 Cottrell and Huck plate making experiment. He had come up from serving as Chief of the Office of Currency and Stamp Manufacturing. His tenure as director was notable for procurement of high-speed sheet-fed currency presses, installation of prototype currency overprinting and processing equipment and advanced high-speed multi-color presses for printing stamps. It comes as no surprise that work on web-fed currency production occurred during the tenures of these men. References Cited and Sources of Information Agris, Joseph, 1987, The transportation coils and other plate number coil issues: Eclectic Publishing, Houston, TX, 332 p. Bureau of Engraving and Printing, 1962, History of the Bureau of Engraving and Printing, 1862-1962: U. S. Government Printing Office, Washington, DC, 199 p. Bureau of Engraving and Printing, 2004, A brief history of the Bureau of Engraving and Printing: BEP Historical Resource Center, 30 p. Bureau of Engraving and Printing, undated, Certified proofs from intaglio plates: National Numismatic Collection, National Museum of American History, Smithsonian Institution, Washington, DC. Kvederas, Bob Jr., and Kvederas, Bob, 2004, The standard handbook of $1 web-fed test notes, Series 1988A, 1993, 1995: privately printed, 147 p. Collins Jr., Harold B., 2012, A categorization of marginal markings, rotary plate production, part IIIa, sheet stamps: The United States Specialist, Journal of the United States Stamp Society, p. 411-425. Figure 4. Stickney web-fed intaglio stamp press. The shiny cylinder in the center is the plate drum. The web is fed from a roll of paper in the large drum to the lower right. It passes out-of-view upward and over the inside top to a wetting mechanism above the plate drum. The wetted paper is the white paper descending downward toward the plate cylinder where it is printed. It then passes to the back, then up and over the top of the machine where it is dried. It then tracks downward in full view where it wraps under the machine to a gumming mechanism below and behind the print cylinder, passes over the long table in the back, which houses the gum drying unit, and is taken up on a spool at the far end. The roll of paper feeding upward below the print cylinder is plate wiper paper that is taken up out-of-view behind and below the plate cylinder on the back side. The stamps were perforated and cut on a separate, slower machine. BEP photo. Paper Money * May/June 2021 * Whole No. 333 224 Should We Collect Exographica? Yes, Let?s! Earlier this March, Neil Shafer published a little piece in Numismatic News entitled ?Let?s Collect Exographica!? that reminded readers just how broad a field the collection and study of fiscal paper can be. ?Exographica? represents, to Shafer, the vast array of non-currency paper ephemera including ?checks and other fiscal documents, tickets for lottery, train, bus and trolley, railroad passes, political convention tickets, exposition items, depression and panic scrip, food stamp change, advertising notes, coupons of all sorts, most engraved issues, receipts, military passes, political and propaganda pieces, bonds and stock certificates, souvenir cards, diplomas, autographs on notes, insurance forms, awards, and virtually any other kind of collectible paper piece you can think of.? Back in 1992 Shafer coined the term ?exographica? on the model of Russ Rulau?s ?exonumia?. Alas, time has not been kind to this particular neologism. A routine Google search reveals almost no use of the term as Shafer intended. Inventing new words is always a hit-or- miss thing, especially when they suggest something else. While etymologically reasonable enough, I can?t help but think that ?exographica? implies some affinity for unusual (probably Japanese) pornography. Likewise, I half wonder if stamp collecting?s problems over the years have in part due to the possibility that ?philately? simply sounds to the average person like something Bill Clinton was particularly good at. Nonetheless, even if we don?t use the word exographica, we all indulge in it gladly, Japanese or not. As my own pieces in Paper Money show, I?m a major fan of cigar and other premium coupons, political ?funny money?, and emergency monies of various sorts. To me, there are three key ingredients to what makes an attractive class of collectibles. First, there has to be a significant backstory to motivate my interest. This could be the corporate history of the United Cigar Company, the monetary disruptions of the Great Depression, or political events (like elections) that have occasioned the issue of propaganda notes. Second, there should enough variety across different examples to making collecting them a challenge. Third?and this really is just me? they have to be cheap. I recently lost an eBay bidding war over a single cigar coupon that sold for north of $70, which gives you some idea of where my price points lie (this column is called ?Chump Change?, after all). One type of financial ephemera that I?ve been favoring as of late are bank checks and their financial kin. I recently acquired several impressive drafts from the early 1900s on the R.S. Battles Bank of Girard, PA, available on eBay for under $10. No price point problem there! As for backstory, checks, drafts, certificates of deposit, and other negotiable instruments are as fully important as money itself in the history of finance. Yet, while paper currency tends towards abstract anonymity, these other instruments that often substitute for money are invariably personalized in a way that money is not. From the bank that issued them to the people who used or received them, negotiable instruments in all their variety reflect the transactions of specific individuals for specific needs. Even the very technical aspects of check collection and clearing are reflected in the endorsements and stamps that accumulate on a processed check. Finally, as for variety, the hardest part is deciding upon a collecting theme in the first place. Focusing on the United States alone, you can simply collect by state (I began with Oklahoma), or by type of bank (private, state or national?the last perhaps to complement your national bank note collection). Or, by type of revenue stamp (philately!), by portraits, or by vignettes. Or by industry (railroads); by individual company (Coca-Cola, for example); and even by celebrity autograph. Currently, I?m working on sets of Montgomery Ward and Sears customer refund checks whose denominations range from one cent to one dollar. Your collecting theme can be as fully weird as you are. One downside to check collecting is that you won?t get rich doing it. Back when the International Paper Money Show was an actual event that you physically went to, my go-to purveyor of collectible checks was the late Steve Jennings, founder of the Rockford (Illinois) Coin and Stamp Shop and a member of the SPMC?s Board of Governors. As Steve once explained, it was the very uncertainty about the potential supply of checks that inhibited the development of a collector?s market in them. After a certain point, he averred, nobody would want to pay out good money for them if their investment could be ruined just because another box of cancelled checks was found in grandma?s attic. After all, my beautiful R.S. Battles drafts bear dates between 1885 and 1915?a full thirty years? worth of time for ample supplies of them to have been secreted somewhere. Chump Change Loren Gatch Paper Money * May/June 2021 * Whole No. 333 225 U N C O U P L E D : PAPER MONEY?S ODD COUPLE Joseph E. Boling Fred Schwan More from Warrington This will be the last installment for a while showing the new inventions of the Warrington faker. He has not stopped creating, but his most recent fantasies fall into this issue?s range of countries. Before proceeding, I need to make a correction to last issue?s column. I said that the letter H was not used in Greek. Either I was looking at a defective table of letters, or I simply overlooked this one. It is the uppercase form of the letter eta, and was used correctly in the fantasy overprint described at figure 118 in that issue. Thanks to reader Gregory Gajda for pointing this out. Warrington is still selling as citygroundhero-6, using the name Irvin Santiago in Leicester, England, but he is still shipping from S. Alseyo in Warrington. eBay and Paypal have changed their interface. One no longer gets to see the identification in Paypal of the person who is getting the payment. They say only that a payment was made to eBay, and of course eBay is very cagey about revealing any contact information for their sellers. Thus I can no longer confirm that this seller is using the Paypal account of Sameir A?lseyuote, but since the return address on the envelopes continues to be S. Alseyo at a Warrington postal code, it would be a good bet. Whenever he decides to change his eBay seller name again, it will be tougher to pin him down if he also changes his postal address. I will resume numbering at 129, following figure 128 that closed my last column. Before doing that, let me draw your attention to something I had missed before. Figure 75, published in October last year (and repeated here as figure 75b), showed a coat of arms on the watermark window of a Singapore $10 note issued 1967-70. That same note (same serial number) had been sold by Mr. A?lseyuote previously without the decorative coat of arms. See Boling page 228 Military Banking Facilities A system of military banking facilities (MBF) was established at about the same time as the military payment certificate (MPC) system. Throughout the MPC era, the two systems were used together in currency control operations. Military banking facilities continue to operate even though MPC use was discontinued in 1973. In 1945 General Dwight Eisenhower met with Ralph Reed, president of American Express Banking Corporation. Reed offered the company?s overseas offices to assist military special services officers in scheduling towns in Europe for rest and relaxation. In 1946 military finance officers were in need of safekeeping facilities and financial services to offer the occupation forces. Chase Manhattan Bank, First National City Bank (New York), Bank of America, Morgan Guaranty Trust, and American Express were asked to provide financial services to military members on installations overseas. First National City Bank and Bank of America both chose to concentrate in the Far East, while American Express and the Chase Manhattan Bank opted to specialize in Europe. The agreement between the Treasury Department and the banks guaranteed that the banks would not operate at a loss. This was necessary because the banks would be providing valuable services but would also be operating under restricted conditions that might not generate a profit for the bank. The first Treasury-licensed, reimbursable overseas bank was opened in Frankfurt, Germany in 1947. This can be considered the birth year of military banking facilities, although American Express offices had been providing bank-type services earlier in the 1940s. Since that time hundreds of offices have opened around the globe as the need arose. Some of the banks were open for only a short time. Others have been in continuous operation for many years and have very Paper Money * May/June 2021 * Whole No. 333 226 nice, perhaps elaborate, facilities. It is difficult to determine exactly how many facilities have been in operation since 1947. For example, at least 25 banking offices operated in Vietnam, but some of the facilities were mobile and were open at different locations for differing lengths of time. Even today small offices exist that provide services only a few hours per month. The operation of the banks has been continuous since 1947, but the regulations and modes of operation have been evolutionary. Not all of the details are known, but the combination of Treasury, military, and banking interests inevitably caused conflicts. In recent years the MBF system has been closely examined. In 1975 the General Accounting Office made a detailed study of the system. At that time 213 facilities were in operation, employing 2,300 people, maintaining 307,000 individual accounts, and operating at a loss of $8.8 million annually. In 1977 the loss rose to $13.5 million. These losses were covered by the United States Treasury. As a result of the audit and other studies, control of the MBF system was transferred to the Department of Defense in October 1977. All concerned parties, Treasury, Defense, and the banks, agreed that the change was to the advantage of the service people using the banks. Changes in the military banking facility system continue. American Express has assumed the operations of the MBF in Korea, which previously had been operated by Bank of America. On 3 November 1980 American Express relinquished control of 17 facilities in the United Kingdom, Iceland, and Guam to the National Bank of Fort Sam Houston, San Antonio, Texas. These offices were the first MBF operated by the Fort Sam Bank. Much later, the bank took over operations in other areas from American Express. Later still, Merchants National Bank and Trust Company of Indianapolis, Indiana operated many of the banks and in 1996 NationsBank (which had acquired the National Bank of Fort Sam Houston) accepted a five year contract to operate MBF, which are now called community banks. Military banking facilities were also changing to keep pace with banking practices in the civilian community. Many MBF now offer automated tellers and other new services. The military system is of interest to numismatists for many reasons. As the financial arm of thousands of service people, the banks are important to the individual customers and the economy. The banks also generate some very interesting items for collectors. Checks, of course, are the most significant of these. Obviously some and probably many customers of the first American Express military banking facility in Frankfurt in 1947 wanted to have checking accounts. This created some dilemmas for officials, because customers were authorized to use only MPC and local currency. If the checks were denominated in dollars, they might be sent to the United States and redeemed for United States dollars, thus defeating, or at least circumventing, the currency control objectives of the MPC system. Therefore, the use of the earliest checks was restricted to payees who were also MPC users. The checks are boldly marked ?NOT NEGOTIABLE? and were officially called ?orders? instead of checks (see the cover of the AMEX book and the order on the same account, illustrated). Because of the restrictions, the orders were of limited practical use. Later (probably in the early 1950s), checking accounts were allowed and somewhat liberalized, but were still of only limited utility until the 1970s. Paper Money * May/June 2021 * Whole No. 333 227 Initially, MBF checks from areas where MPC were used were payable only in MPC and could not be sent outside the area of MPC use. Each check had a statement limiting the use of the check. (see additional examples of checks at end of article). Some of the restrictions were lifted in 1970 or 1971 so that MBF checks from areas where MPC were in use could be sent outside the area. These later checks were payable only in MPC when presented within an area using MPC, but were payable in dollars (?greenbacks?) when presented in the United States. This change made checking accounts at military banking facilities much more useful to military personnel. For collecting purposes there are several different categories of checks. The first and rarest is payment orders as described above. Checks payable only in MPC are called type I MPC checks. Those that could be sent outside areas using MPC and redeemed for dollars are called type II MPC checks. Checks issued today and earlier in areas not using MPC are simply called MBF checks. The change from type I to type II checks does not seem to have been made at the same time throughout the MBF system. At least as early as 1968, checks written in Vietnam could be sent to the United States and redeemed for dollars even though they could be exchanged only for MPC in Vietnam. At the same time, checks written in Korea could not be redeemed in the United States for dollars. There is another interesting difference in restrictions. MPC checks written in Korea could be cashed (for MPC only) in Korea, Japan and the Philippine Islands. They could not be cashed at all in Vietnam. However, a similar check written in Vietnam could be redeemed for MPC in all of the above areas as well as in Vietnam. Collecting checks drawn on MBF is interesting and can be a challenging task. Since all MPC checks are obsolete, they must be obtained from people who had accounts when MPC were in use. In spite of this it is not too difficult to obtain a few type II MPC checks. Locating type I checks is considerably more challenging. This is particularly true of checks prior to about 1960 and from areas that did not have large military populations. It should be easy to find MBF checks from recent years, but it is not nearly as easy as it seems. The scarcity of such checks is matched by the scarcity of collectors for them! I will be happy to take any extras off your hands. Boling Continued: He first sold it on 19 January 2020 for ?16. Maybe it had a defect on the back (he rarely shows both sides of a note); for whatever reason, he had it in stock again, and added the coat of arms. The piece then sold on 1 March 2020 for ?70?a handsome markup. This is his M.O. with these artistic additions?take a low-value note (usually in high grade) and add his magic to make it more attractive to bidders. As I have said before, assume that ANY overprint he offers is going to be spurious. If it is in a catalog, he will be offering it correctly attributed. If it is not in a catalog, he may have invented some description for the overprint. In the case of the Singapore note at figure 75b, he simply called it a ?commemorative issue.? Proceeding with figure 129. That is a Kuwait ?liberation commemorative.? He has copied the monochrome coat of arms on the same note in living color. Figure 130 is a Lao note with an unidentified scene on the watermark window. Figures 131-132 are both Libyan notes with coats of arms added. The first he labeled as Libya Arab Republic; the second as Tripoli commemorative issue. The addition to the Tripoli piece is in pale yellow that may be hard to see in the magazine. Remember that almost all of his work is inkjet. He has used at least three different printers. He does have some real rubber Figure 129 Figure 75 Figure 75a Figure 130 Paper Money * May/June 2021 * Whole No. 333 228 stamps (not digital images) that he also uses to enhance notes? salability. Figure 133 is a Macao note with a Portuguese coat of arms added. Figures 134-136 are Nazi propaganda pieces printed on the backs of 1923 inflation notes. The first is encouraging German soldiers to enjoy themselves in Paris. The last two are anti-Semitic rants. Figure 137 is a Nigerian note with added coat of arms. Figure 138 was labeled ?commemorative issue.? I welcome a reader to tell me what was being commemorated. Figures 139-40 are two versions of a Czarist 25 ruble note decorated with coats of arms of royalty and proletariat. Figure 141 is a propaganda piece, but I do not know what event was being celebrated. Changing continents, figures 142-144 are Republic of Vietnam notes with three fantasy coats of arms (including one that would never appear on a Republic note). Figure 142 was labeled as a Saigon commemorative issue; 143 simply said ?commemorative issue;? and if 144 was labeled, I failed to record it. The black arrow pointing to the center of the overprint was not put there by me. Figure 134 (left) Figure 135 (right) Figure 136 (right) Figure 131 Figure 132 Figure 133 Figure 137 Figure 138 Figure 139 Figure 140 Figure 141 Figure 142 Figure 143 Figure 144 Paper Money * May/June 2021 * Whole No. 333 229 Figure 145 was labeled ?Prs [President] Siska Stevens.? I presume the coat of arms belongs to Sierra Leone. Figure 146, Solomon Islands, is another case of copying the monochrome coat of arms on the note in full (attractive) color. Figures 147-8 are an example of fabricating a cataloged note (under Tahiti) that has a high catalog value. If the enlargement is clear enough, you may be able to make out parts of Bora-Bora in the postmark (which is inkjet). But he has used the wrong note as the host of the ?overprint;? it should say Papeete, not Noumea. He sold this note twice, for ?30 and ?52. Figure 149, from Taiwan, has a coat of arms bearing the Nationalist sun; I don?t know the significance of the tiger. It was described as a Sun Yat Sen commemorative. Figure 150 is another to add to the many different seals that have been used on Thai notes (see the December 2020 issue for eleven of them). It is close to, but not identical to, figure 92 in that issue. Figures 151-152 show two Ugandan coats of arms. Figure 151's added arms say ?Bank of Uganda? at the bottom, and do not match the one at the other end of the note. It was labeled ?Kampala commemorative.? Figure 152?s added arms do match the one at the right of figure 151 and the very small arms on the other side of the holographic strip on note 152. And our last piece (figure 153) is a note of Uruguay with a coat of arms bearing the legend Con Libertad ni ofendo ni temo??With Freedom I do not offend nor fear,? an unofficial motto of Uruguay. Next issue I will present a newly discovered OSS counterfeit of Japanese invasion money for Burma. If you tuned in to the MPCFest this month, you will have already heard about it. Figure 147 Figure 148 Figure 145 Figure 146 Figure 150 Figure 151 Figure 152 Figure 153 Figure 149 Paper Money * May/June 2021 * Whole No. 333 230 Awards at MPCFest XXII/ZFest 2 Fest XXII/2021 is now in the history books, and it is time to honor those honored for their work in this specialized field of numismatics. We are pleased to announce honorees in four categories. Insofar as poker is certainly associated with the military, and chips are eminently collectible, a poker tournament is traditional at Fest. This year?s online contest was put on by Pokerstar. The champion is Brad Schwan, noted poker player and several year winner of the poker bracelet. Runner up was Dick Dunn, defending the honor of Canada. We salute these intrepid players. If you keep up on trivia games, you will certainly follow March Madness*, the annual trivia contest of Fest. In the 22 year history of Fest, 2020 is the only year when March Madness* was unable to be held. By tradition, 3-time winners no longer compete, retiring in glory to serve as mentors and coaches. The champion in 2019, 2018, and 2016 was Fred Schwan, so he has now retired to a life of ease. (Hah!) This year saw a major upset. Jeff Daniher, this year?s winner, is a first time Fest participant. His cool demeanor and quick thinking took him through a challenging series of questions to defeat a strong field of opponents, both long time Festers and those newer to the fellowship. The runner up is Dean Neald, from Canada. Many who come to Fest do so for the opportunity to share new research and findings, their own or that of others. Shepherded by the skilled hands of Ray Feller, co-training officer and co-author of Silent Witnesses with her father, Steve Feller, 19 individuals presented using the Zoom format. Each of the 19 individuals was eligible to be selected by secret ballot as winner of the Bob Olson Award, presented annually to the most outstanding presenter. The award commemorates Bob Olson, a Fester who died several years ago. Bob presented every year at Fest because of his dedication to sharing numismatic knowledge with others. His presentations were carefully crafted and he sought each year to improve his skills over the previous year. Not a ?natural? presenter, as some are, he was there every year to share his work and love of the subject with the rest of us. He is sorely missed. This year four individuals are honored. In fourth place is Jayson Salibay, MD, presenting on Philippine emergency and guerrilla currency of World War Two. Two individuals tied for second place; each having won previously. Jim Downey presented on Sgt James Plummer, former Japanese prisoner of war, and the numismatic material he was able to bring home from the camps and Steve Feller, who presented on Siege of Mafeking notes from the Boer war. And finally, this year?s Bob Olson Award winner, David Frank. Dave is the author, with David Seelye, of The Complete Book of World War II USA POW & Internment Camp Chits. His briefing this year gave us the story of one of his major numismatic challenges: locating a note from the Stutthof concentration camp in Poland, the smallest camp and last to be liberated. This very moving presentation, illustrated with many rare photographs and other images, gave a clear picture of life in this most dreadful of the camps, as well as of an exceedingly rare note. The highest award of the military numismatics seminar is the Ray Toy medal. Ray Toy was the leader in the field of Allied and Axis military currency through the 1960s and 70s. He collected, researched, studied and wrote on the subject throughout this period. The four editions of his catalog are the basis for collectors today. By Fest tradition the previous recipient announces the award and makes the presentation as the culmination of a Fest?s formal events. The 2019 recipient was Harold Kroll, one of the originators of Fest, and one of only three people to have attended all 22 Fests. (The other two were Fred Schwan and Larry Smulczenski). Because of the unique circumstances of the 2020 Fest, no Ray Toy Award was given. However, the announcement of this year?s co-recipients was a definite high point. The MPC Fest XXII/zFest II 2021 recipients of the Ray Toy Award are Kathy and Dan Freeland. France check, ?Type 1 MPC check? ?Modern MBF Check? Paper Money * May/June 2021 * Whole No. 333 231 To order, please call toll-free: 1-800-546-2995 Online: www.whitman.com Email: customerservice@whitman.com Mention code: SPMC at checkout to receive FREE SHIPPING | Expires 9/01/2021 FREE SHIPPING This richly illustrated volume is a combined history of Whitman Publishing and the Guide Book of United States Coins, along with a biography of R.S. Yeoman and a warmly personal autobiography of author Kenneth Bressett. Paper-money collectors will find much to learn about: Behind-the-scenes views of the Whitman offices. Insight on Wayte Raymond?s currency books. Glenn Smedley?s 1951 list of ?Books to Buy or Borrow.? Yeoman?s observations on paper-currency collectors. Paper money circulating during the Great Depression. Collecting in the 1940s and 1950s. The pioneering work of Neil Shafer. Whitman?s ?Black Books.? Stories about Aubrey Bebee, Grover Criswell, Eric P. Newman, B. Max Mehl, the Friedbergs, Chet Krause, Clifford Mishler, and other paper-money collectors, dealers, and writers. With hundreds of photographs, many never before published. ? Hardcover ? 352 pages ? 8.5"x11" $39.95 Available June 2021 ? ORDER NOW! FOR MEMBERS OF THE SPMC A Penny Saved Large Size Type United States Currency is unquestionably the hottest ticket in the paper money hobby. Nothing has changed much in recent decades as the size, artwork, and variety of types and denominations seize both seasoned and newbie collectors with an equally potent hypnotizing power. Out of all the, reasonably available, large size types the U.S. has produced, the Bison note seems to lead the pack in popularity! While it might just be splitting hairs on a buffalo?s back trying to decide the overall large size fan favorite. There is no question that this epic and timeless design on the 1901 $10 Legal Tender note featuring Lewis and Clark, a strong and proud American Bison beast, and a stunning Mrs. Liberty on the back all make for a must have note for every lover of antique paper money! Approximately 149 million bison notes were printed over nine different signature varieties. Less than 8,000 individual survivors have been observed, keeping prices on a steady increase over the years as demand continues to grow, squeezing the available supply. Mules can be found on both the Fr.121 Elliott-White and Fr.122 Speelman-White varieties. The latter variety being of significant interest, with a massive disparity of roughly 6% mules vs. non-mules. Of the nine possible signature combinations, star notes are only known on six of them. The current star note survival count tallies in at only 141 unique notes vs. near 8,000 non-star examples ?wow! Digesting these statistics, if you own a Bison note already, you should really consider adding a star note to your want list? or organizing your own heard, if you have both the guts and healthy pocketbook required for the challenge. The first bison star note I had the pleasure of purchasing came into my hands less than a decade ago during the summer of 2012 in the relentlessly hot and sticky South, way down in Louisiana. My wife and I were working in the area and decided to stay a few extra days to enjoy the food, music, and people of New Orleans. By far, it is one of our favorite cities in the South and we?ve frequented the Crescent City dozens of times over the years. If you haven?t had the Rabbit and Sausage Jambalaya Supreme at Coop?s Place on Decatur ?then boy you ain?t been livin?. My spouse wanted to spend the day at local antique shops in-between the hot rain, steaming asphalt, and flooding streets of the French Quarter. I of course begrudgingly accommodated her wishes. We met 22yrs ago and I am unquestionably one very lucky guy. Shopping for a full day is not one of my strong suits; instead I?d say it is borderline kryptonite. It?s well worth it though to compromise and make your better half smile. About two thirds into the day, we happened upon a unique shop that was geared a little more to my liking with an inventory on display weighing heavily on guns, knives, and coins? stuff that she wasn?t near as keen on. I was more than happy to spend the rest of the day there, and happened to notice just a little bit of paper way back in a dusty case in the corner of the shop. No prices were visible on any of the merchandise, and a bison star The Prodigal Bison Returns?on a Star!? by Robert Calderman Paper Money * May/June 2021 * Whole No. 333 233 immediately caught my eye. I told my wife that the note would easily be priced at well over two thousand dollars, but why not ask to see it anyway. She could see how big my eyes got when I walked into the place, and after spotting the bison star, I was like a five-year-old on Christmas morning. We flagged down an employee who happily assisted us and rounded up the key to get into the display case. When he handed me the beat-up note housed in a thick oversized acrylic currency holder, I was absolutely shocked when I turned it over and looked at the reverse. On the back was a price tag of $650! I tried unsuccessfully to keep my composure while stupidly pointing out that the note had a star in the serial number. Here I was, displaying the polar opposite of a solid poker face, and I was blatantly showing my cards to the rest of the table? I like poker and this was not a shining moment for me. The guy helping me could obviously tell I was drooling over the note and his response was, ?Oh the star doesn?t mean anything on large size notes.? Whaaaat?? I took a moment to gather myself, never anticipating a response like that, and now quickly realizing that my earlier foot in mouth incident was moot and well behind me, I attempted to play it cool. ?Oh, okay. So have you had this one for a while?? I said, voice cracking in the process. Whatever his response was is now completely lost on me because all I could hear was the little devil and angel on each of my shoulders both screaming simultaneously, ?Buy the damn note!? I boldly asked if the boss man might consider $550 for the note. He left for 10min or so, with the note, and I wondered if I had now made grave mistake number two! I got greedy and the supervisor will now surely notice the mistake and undoubtedly the ensuing response was to be something along the lines of, ?Well, I?m very sorry to tell you this sir, but this note wasn?t priced correctly and unfortunately it is not for sale at this time?. Nope, paranoia aside the end result was dynamite! Offer accepted, and $550 out the door. For the rest of the day I felt like the king of the world! My primary collecting focus at the time was exclusively small size five-dollar varieties (And it still is to this day) and knowing the big score I had just made on the bison star, I decided to let it be free to roam the open plains. I quickly sent it off to PMG for grading, listed it on eBay as a 10-day auction starting at 99c, and let it ride. To my pleasant surprise, it sold at nearly three times what I had paid, and now I could go shopping to add something new to my collection! This is what cherry picking is all about. Study relentlessly and search unceasingly. With time and dedication, significant opportunities will present themselves if you are diligent and a little lucky too! To my utter shock, just a few weeks ago, this exact same star note was offered for sale on the internet at virtually the same price I had sold it for over nine years ago! I couldn?t resist the opportunity to once again own the very first Paper Money * May/June 2021 * Whole No. 333 234 Bison Star I?d ever purchased! It has made a significant journey selling on eBay at least once, and then at major auction with Heritage, and who knows how many times privately, but now my bison bull has returned home. From the gun shop down in the Big Easy it traveled all over the country, and ultimately came back to graze once again on familiar ground. 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. Paper Money * May/June 2021 * Whole No. 333 235 The Obsolete Corner by Robert Gill The Brunswick and Albany Rail Road Company To all my paper money loving friends, I hope you are as glad as I am that Spring has arrived. Here in Southern Oklahoma we survived February's Winter blast that hit the nation. But now my tomatoes are planted and doing fine, and I have high hopes in landing a few good Obsolete sheets during the year. I hope that you are able to reach your goals this year for your collection. And now, let's look at the sheet that I'd like to share with you. In this issue of Paper Money let's go to the state of Georgia and look at a very rare sheet. And that is on The Brunswick and Albany Rail Road Company. As singles, these notes are fairly common. But in sheet form, I know of only one other. And to add to its rarity, it was printed in a seldom seen format, that being as a three-note sheet. And also, as seen in the second scan, its backside is very elaborate. By the time the Civil War had started, The Brunswick and Florida Rail Road had completed grading to Albany and beyond, toward Eufaula, Alabama. Passing through what is today Brantley County in 1860, about sixty-five miles of track was laid from Brunswick to Waresboro. In 1863, a critical shortage of steel moved the Confederate Government to nationalize the line, which was largely owned by northern investors. The rails were removed for use elsewhere in the Confederacy. Renamed The Brunswick and Albany Railroad Company in 1869, the line was again in operation to Waresboro by 1870, and work was underway to extend the rails to Albany. At the helm of this grand enterprise was railroad entrepreneur Hannibal I. Kendall, who was from the New England area. Promoting the road as the ?Union Pacific of Georgia?, Kimball envisioned the last and perfecting link in a ?great trunk line from the Pacific?. After organizing the original investors of the defunct Brunswick and Florida Rail Road, and claiming damages of over $3,000,000, including claims against the state for the 1863 Confederate rape of the old line to Waresboro, Kimball succeeded in obtaining authorization to issue paid up stock to former bond holders. In 1869, Georgia granted endorsement in new bonds in the amount of $15,000 per mile. The newly named Brunswick and Albany Rail Road was completed to Albany, and graded all the way to Eufaula by the end of 1871. But typical of the pattern of Reconstruction railroads in Georgia, the line immediately fell upon hard times. Bankruptcy happened in 1872 after one of its bonds was nullified by the Georgia General Assembly. It defaulted after only six months of operation, and entered into receivership. Sales under foreclosure occurred in 1873. The Brunswick and Albany Rail Road Company was reorganized in 1882 under its new name of The Brunswick and Western Railroad. So there's the history that I've been able to uncover on this short-lived enterprise. If you can add anything to it, I sure would like to hear from you. As I always do, I invite any comments to my cell phone number (580) 221-0898, or my personal email address robertdalegill@gmail.com So until next time, I wish you HAPPY COLLECTING. Paper Money * May/June 2021 * Whole No. 333 236 Paper Money * May/June 2021 * Whole No. 333 237 Paper Money * May/June 2021 * Whole No. 333 238 $ m a l l n o t e $ This $5 Is More than Meets the Eye By Jamie Yakes At first, the Dallas note shown below appears to be a normal Series of 1934 $5 Federal Reserve Note with a blue-green seal. After all, blue-green seal Dallas $5s are a common type for the variety. But this note has two things going for it that make more than just common. First, it?s not the typical blue-green seal $5 with a macro back, but the much rarer type with a light-green micro back. This type is infrequently encountered and must not be confused with the earlier yellow-green seals with the same backs, nor the later blue-green seals with much darker micro 637 backs. Series of 1934 $5 blue-green seal, light- green micro backs were printed in two phases. The BEP printed complete sheets with faces and backs in 1935-37, and then stockpiled those sheets for four years as they shifted production among various denominations and put a hold on production of any $5 Federal Reserve Notes. In 1941, they resumed production of $5s and pulled those stockpiled sheets and sent them straight to the numbering division. In the interim years (1938-40), the BEP implemented numerous changes to the design features of Federal Reserve Notes that would alter the appearance of that type by 1941 from how they had appeared in 1937. And because there weren?t many of the stockpiled $5 sheets?perhaps only a few hundred thousand for all districts combined?the BEP created a rare variety in the early 1940s when they finished those light-green back sheets with blue-green seals and serial numbers. Data compiled on this type by this author had previously shown that sheets for every district were consumed by 1942. But late in 2020, Larry Thomas posted a note on the Paper Money Forum website (www.papermoneyforum) that contradicted that finding. His note is the $5 Dallas note profiled here with serial K31698338A and face 8 and back 742. The second thing going for this note is the serial number: The BEP applied it in 1947, during Series of 1934C production, and five years later than any other note known for the variety. The BEP last used the face in May 1937 and canceled the back in July 1938. Those dates prove the note came from a stockpiled sheet. The 1947-vintage serial number proves at least some of those yellow-green micro back Dallas sheets remained unfinished for years after the bulk of sheets for this district had been numbered. It?s possible that unnumbered sheets from other districts lasted into the 1934B and 1934C serial number eras. Thomas?s find is a spectacular discovery that rewrites the history of early $5s. His Dallas note is part of the bigger tale about the 1934 $5 blue-green seal, light-green backs to be told in a future column. Paper Money * May/June 2021 * Whole No. 333 239 The front of the Type-40 Treasury note endorsed by Capt. James A. Wilson, ACS. The serial number of this note, Ae 57154, is very close to the serial number of another recently found example, Ae 57152. image: Pierre Fricke Capt. James A. Wilson, ACS 8th Kentucky Cav., Morgan?s Brigade Randall Smith, a dedicated collector and researcher of Confederate Treasury notes with rare endorsements, recently sent me an image of an endorsement which was extremely difficult to decipher, much less identify. The endorsement included the clear rank of Captain and title of ACS (Assistant Commissary of Subsistence). After spending more than a day in the National Archives files on the Fold3.com website, I found privates, a colonel, an artillery sergeant, a quartermaster, and eventually, a commissary in many different units with what I assumed was the correct name of James A. Wilson. I finally found the correct officer, but not before going down frustrating ratholes in the research.1 Then I discovered that I had already written up research on this name in 2016, and it was wrong! Randall Smith had sent me images of a second example of this endorsement with a serial number extremely close to the original example. Here is the discovery endorsement from Pierre Fricke: ?Issued by Capt. J. A. Wilson ACS March 1st 1863? Here is the second, and identically endorsed example, courtesy of Randall Smith: My original research had identified an AQM (Assistant Quartermaster) and had tried to justify this with the known rare examples of officers who have acted as both an AQM and an ACS. The signature examples from Fold3 documents were also not a stellar match. This was my attempt to use a shoehorn for the identification, and it is a great example of the perils of such scholarship ? mea maxima culpa. What is exciting about the new research is that Wilson was an Assistant Commissary who served with John Hunt Morgan. We have now identified the endorsements of both the quartermaster and the commissary who served Morgan?s Raiders.2 The Quartermaster Column No. 18 by Michael McNeil Paper Money * May/June 2021 * Whole No. 333 240 James A. Wilson?s documents are found on the Fold3.com website in the Confederate Civil War category in several different files. Only the files in the Eighth Regiment Kentucky Cavalry represent the James A. Wilson who endorsed the illustrated Treasury note; the other files contain a mixture of a great many different men of the same name.1 1862 Wilson enlisted on September 10th as a Private in Company A of Clarke?s 4th Regiment Kentucky Cavalry at Fayette County (the unit would be later renamed the 8th Regiment). Exactly one month later he was appointed as a Captain and Assistant Commissary of Subsistence to the 2nd Brigade of Morgan?s Cavalry. The promotion of a Private to the rank of Captain is rare. Most officers were the product of elite families of wealth and political power. Rare exceptions to this custom have been noted in the commands of John Hunt Morgan and Nathan Bedford Forrest, men of daring vision who valued talent regardless of social status. 1863 Wilson was taken prisoner at Morrison Station, Tennessee, on April 21st, sent to a military prison in Louisville, Kentucky on May 2nd, and forwarded to the Fort Delaware Prison, Delaware, on May 8th. He was paroled at Fort McHenry, Maryland, and exchanged on May 21st. In very short order Wilson was again taken prisoner on June 14th at Cynthiana, Kentucky. With less than a month between his release and recapture, the Union seemed more determined to constrain Wilson and sent him to Johnson?s Island, near Sandusky, Ohio, a prison situated on a small island on Lake Erie with a reputation for harsh winters. During his transport on the steamer Maple Leaf to that prison Wilson made his escape. And less than two weeks later on June 22nd he was back in action, signing a pay voucher for $1,078.00 for the period from October 10th, 1862 to May 31st, 1863; in the section where he would have noted when and where he was last paid, Wilson crossed this out and wrote: ?I have not received pay since my appointment.? The military, of course, provided Wilson with food and clothing, but working without pay for eight months in a dangerous job shows the commitment of men like Wilson. Vouchers which would have recorded where, when, and what he bought are represented by only a single document for four green beef hides at Graysville, Georgia, on October 2nd. Morgan?s Raiders moved fast, very fast. Presumably there was little time for record keeping. This scarcity of vouchers and the renumbering of his regiment were factors which made Wilson?s documents hard to find and his identification very difficult. The record does not show if Wilson accompanied John Hunt Morgan on his famous raid into Ohio during the period from June 11th to July 26th when he invaded southern Indiana and pushed into northern Ohio, striking fear into the citizens in the North. It is unlikely that he did so, as Morgan?s Raiders essentially lived off the spoils of the lands they invaded. Morgan was eventually forced to surrender in northeastern Ohio, but made his escape from prison along with his officers back to the Confederacy on November 27th. Wilson?s capture at Cynthiana, Kentucky, on June 14th also suggests that he was not a part of this raid into the North (Morgan?s Raiders drove northwest of Bardstown to cross the Ohio River, while Cynthiana was further to the east of this action). 1864 In a letter written on January 8th at Decatur, Georgia, Wilson appealed for help to formalize his commission as a Captain and ACS with a promise to obtain a bond. On January 28th Col. A. R. Johnson, Commanding Morgan?s Cavalry, sent an appeal to James A. Seddon, Secretary of War, listing Wilson?s achievements, asking that he be promoted to Major, and noting that he ?has recently become a victim to Northern cruelty.? The Appointment Office of the Adjutant & Inspector General?s Office, which was obviously trying to prevent paying for more officers than were needed, sent a comment to Brig. Gen. Jno. H. Morgan at Abingdon, Virginia, asking ?to know what has become of Maj. W. P. Elliott, who still appears on our record as Com?sy of his Brigade.? Morgan replied, ?This application was made in consequence of Maj. Elliott?s being in prison, and there being no one to fill the vacancy.? There is no further record of Wilson?s military career. 1865 Wilson signed an Oath of Allegiance on June 14th, 1865, which described him as aged 32, six feet tall with a florid complexion, dark hair, and grey eyes. Although the first identification of this officer was a grievous error, we have now likely found the real story behind the enigmatic signature of Capt. J. A. Wilson, ACS. ? carpe diem Paper Money * May/June 2021 * Whole No. 333 241 Notes and References: 1. National Archives files for James A. Wilson are found on the website Fold3.com. The bulk of Wilson?s documents are found in the files for Civil War (Confederate)/ Civil War Service Records Confederate Kentucky/ Eighth Cavalry, Ti-Y. Other documents can be found in the files for Civil War (Confederate)/ Civil War Service Records Confederate Miscellaneous, which contain documents for many different men of the same name, J. A. Wilson and James A. Wilson. A few documents are also found in the files for Civil War (Confederate)/ Civil War Service Records Confederate Officers, again with a mixture of documents for different men of the same name. Wilson noted the 4th Regiment on his documents, but none of his documents are found in that file, which made his identification very difficult. When I discovered that the unit was renamed the 8th Regiment Kentucky Cavalry, it all fell into place. 2. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, published by Pierre Fricke, Sudbury, MA, 908 pages, 2016. Research on D. H. Llewellyn, the Quartermaster for John Hunt Morgan, can be found on pages 416-420. 3. Wyllie, Arthur. Confederate Officers, PDF published by Arthur Wyllie, 2007. Capt. James A. Wilson, ACS does not appear in Wyllie?s list of officers, which he compiled from the Journal of the Confederate Congress and their approvals of commissions for officers. Wilson was promoted from the rank of Private to Captain, apparently without the approval Congress. This is understandable when considering the fast-moving tactics of John Hunt Morgan, who, like Nathan Bedford Forrest, apparently promoted men on merit and did not wait for the slow approval of Congress. The fact that men like Wilson were paid as officers is testament to the political power of men like Morgan and Forrest. Wyllie does in fact list a man named James A. Wilson, but this is a different man with the rank of Colonel. A pay voucher signed by Capt. J. A. Wilson, ACS on June 22nd, 1863, just days after his escape from the Union Steamer Maple Leaf. Note Wilson?s comment on his escape just below his signature. image: Fold3.com 4th (later named the 8th) Regiment Kentucky Cavalry, Morgan?s Brigade ?I have not received pay since my appointment? ?Escaped from the Maple Leaf? Paper Money * May/June 2021 * Whole No. 333 242 Paper Money * May/June 2021 * Whole No. 333 244 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 U.S. CURRENCY SIGNATURE? AUCTION June 24-25, 2021 | Dallas | Live & Online Fr. TN-14b $10 Act of February 24, 1815 Treasury Note Fully Issued Triple-Signature PMG Choice Very Fine 35-Unique Boston, MA - $100 Original Fr. 454 The New England NB Ch. # 603 PMG Very Fine 20. Fr. 831 $50 1918 Federal Reserve Bank Note PMG Choice Extremely Fine 45 Fr. 1132-G $500 1918 Federal Reserve Note PMG Very Fine 30 Fr. 212 $50 1864 3 Year Interest Bearing Note PMG Very Fine 20 Net. Ex: Anderson & Grinnell Petaluma, CA - $20 1874 Series 1875 Fr. 1157 First National Gold Bank of Petaluma Ch. #2193 PMG Choice Extremely Fine 45-Ex: Anderson The Mike Coltrane Collection Part 2 Offered Unreserved View the online catalog and bid at HA.com/3583 Inquiries: Dustin Johnston | Vice President and Managing Director, Currency | 214-409-1302 | Dustin@HA.com Paul R. Minshull #16591. BP 20%; see HA.com 60255 DALLAS | NEW YORK | BEVERLY HILLS | SAN FRANCISCO | CHICAGO | PALM BEACH LONDON | PARIS | GENEVA | AMSTERDAM | HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.25 Million+ Online Bidder-Members