Paper Money Devoted to the Study of Currency          Vol. LX       Nov/Dec 2021       No. 6  Whole No. 336  OFFICIAL PUBLICATION OF Society of Paper Money Collectors 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 • Oklahoma • Hong Kong • Paris SBG PM Nov2021HL 210931 America’s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM United States Paper Money Highlights from the STACK’S BOWERS GALLERIES Contact Us for More Information About Our November 2021 Auction West Coast: 800.458.4646 • East Coast: 800.566.2580 Info@StacksBowers.com • www.StacksBowers.com Official Auction of the Whitman Coin & Collectibles Winter Expo Expo Lot Viewing: November 16-19, 2021 • Baltimore Convention Center Auction: November 21-23, 2021 • Griffin Studios, Costa Mesa, CA Fr. 2301. 1934 $5 Hawaii Emergency Note. PMG Superb Gem Uncirculated 67 EPQ. Non-Mule. Fr. 1880-L*. 1929 $50 Federal Reserve Bank Star Note. San Francisco. PMG Very Fine 30. Fr. 1952-Ldgs*. 1928B $5 Federal Reserve Star Note. San Francisco. PMG Choice Uncirculated 64 EPQ. Fr. 1952-Llgs*. 1928B $5 Federal Reserve Star Note. San Francisco. PMG Very Fine 30. Fr. 1954-F. 1928D $5 Federal Reserve Note. Atlanta. PMG Choice Uncirculated 64 EPQ. Fr. 2053-Glgs. 1928C $20 Federal Reserve Note. Chicago. PMG Choice Uncirculated 63 EPQ. Fr. 1957-Lm*. 1934A $5 Federal Reserve Mule Star Note. San Francisco. PMG Extremely Fine 40. Fr. 1958-A*. 1934B $5 Federal Reserve Star Note. Boston. PMG Choice Uncirculated 64. Fr. 1958-Lm. 1934B $5 Federal Reserve Mule Note. San Francisco. PMG Choice Uncirculated 64 EPQ. Fr. 1959-Lm637. 1934C $5 Federal Reserve Mule Note. San Francisco. PMG Choice Uncirculated 63 EPQ. The “Gnat” Laguna Coast Registry and Rarity Collection Part I 415 Emergency Currency; Aldrich-Vreeland Act—Peter Huntoon T. D. Tinsley—Charles Derby An Unusual Theme—Roeland Krul Confederate Bond Documents From the 1880s—Steve Feller The Hereford National Bank—Michael Saharian Tying off the Star SNs on Series 1934 FRNs—Peter Huntoon SPMC History 1964 Legalization of Owning Gold Certificates—Peter Huntoon 429 437 406 422 426 440 461 Paper Money * Nov/Dec 2021 * Whole No. 336 400 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 Forrest Daniel 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 Clifford Mishler Judith Murphy Dean Oakes 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. Wismer From Your President Robert Vandevender 403 Editor Sez Benny Bolin 404 Uncoupled Joseph E. Boling & Fred Schwan 443 Chump Change Loren Gatch 449 Quartermaster Column Michael McNeil 450 Cherry Pickers Corner Robert Calderman 455 Obsolete Corner Robert Gill 458 Small Notes Jamie Yakes 460 New Members Frank Clark 405 Stacks Bowers Galleries IFC Pierre Fricke 400 Jim Ehrhardt 413 Lyn F. Knight 414 Vern Potter 420 PCGS Currency 421 Higgins Museum 428 DBR Currency 436 MI Scrip Book 436 Denly's 442 Fred Bart 447 Richard Whitmire 448 Bob Laub 453 ANA 454 FCCB 457 PCDA 481 Heritage Auctions OBC Fred Schwan Neil Shafer Paper Money * Nov/Dec 2021 * Whole No. 336 401 From Your President Robert Vandevender II We received great news that our periodical, Paper Money magazine was awarded the NLG Award “Best Not-For-Profit Periodical Small Circulation” in Rosemont, IL, August 2021 at the recent ANA convention. Many thanks to our Editor Benny Bolin and our contributors for this great achievement. This is a testament to the quality of the articles and columns you all submit. Thanks to the hard work and effort by our Editor Benny Bolin, Board Member Loren Gatch, and Vice President Robert Calderman, the index to articles in Paper Money magazine from Vol.1 to Vol. 60 is complete. It breaks down to 2400+ articles. 546--obsoletes, 517-Nationals, etc., etc. Most prolific authors M. Owen Warns--63, Forrest Daniel--75, Gene Hessler--81 and Peter Huntoon--270! It is searchable by author, category or by year. We are making a final decision on how to distribute this tool to the membership. This year I had the opportunity to attend the Long Beach Expo for the first time. The dealers I spoke with indicated that sales had been strong. The Long Beach show was interesting because it had not only numismatic items, but also had sections for both stamps and sports cards. Shortly after I left the hall, I received a text message from our Librarian Jeff Brueggeman informing me that they had called my name for a door prize. Sadly, I was not there to claim it. I heard it was an autographed jersey and not a numismatic-related item. Long ago, collector and dealer Tom Flynn and I were discussing if we should each go buy a note that a dealer had two left. Tom finally got up from his table and said, “I’m going to go buy one because my list of ‘wish I had’ is a lot longer than my list of ‘wish I hadn’t.” I got up with him and we proceeded to buy the two notes. However, on the other side, I think each of us has sold a note that we now wish we still had. The note that makes me lose sleep is one of the two known 1934 $500 Minneapolis star FRNs. Serial numbers 799 and 800 exist. The 799 note sold in the Heritage Auction this past Long Beach show. Years ago, I bought the 800 note from Tom Denly but at a show a few years later, I was convinced sell it to a dealer who wanted to own a consecutive pair of the notes. I have tried to keep track of who has my serial number 800. At the Long Beach show, my friend Jhon E. Cash was there and was kind enough to let me hold my old 800 note for a photo but was clear to mention that it is not for sale. With this being our 60th anniversary, our editor Benny asked each of us to reflect on how things have changed over the years. The thing that really comes to mind for me is how third-party grading has affected our hobby. There was a time when a 1928 or 1934 note with a counting crease in the upper right corner was ignored and considered a Choice CU or better note. Now, it is often a gamble that the note will come back as a 58 grade losing the CU classification. At first, I was opposed, as were many others, to third-party grading. Over time I realized that third-party grading had opened a whole new direction for the hobby. It made it safer for collectors to buy notes sight-unseen either at online bidding or dealer sites or from auctions than it was previously. But there are still plenty of un-slabbed notes out there that collectors shouldn’t overlook since the cost of submitting them to a third-party grading service often doesn’t make sense for the lower-priced notes. Thanks to efforts by our Vice President Robert Calderman, we were able to have an SPMC table at the South Carolina Numismatic Association show in Greenville, SC. We are now starting to discuss plans for the upcoming FUN Show in January. We hope to be able to have an SPMC table at that show as well. Officers & Appointees ELECTED OFFICERS PRESIDENT Robert Vandevender II  rvpaperman@aol.com  VICE‐PRES/SECʹY  Robert Calderman  gacoins@earthlink.net  TREASURER Robert Moon  robertmoon@aol.com  BOARD OF GOVERNORS Mark Anderson mbamba@aol.com  Robert Calderman    gacoins@earthlink.net  Gary Dobbins  g.dobbins@sbcglobal.net Matt Drais stockpicker12@aol.com Mark Drengson  markd@step1software.com  Pierre Fricke  aaaaaaaaaaaapierrefricke@buyvintagemoney.com  Loren Gatch   lgatch@uco.edu  William Litt  Billlitt@aol.com  J. Fred Maples  maplesf@comcast.net  Cody Regennitter  cody.regennitter@gmail.com Wendell Wolka                  purduenut@aol.com  APPOINTEES PUBLISHER‐EDITOR  Benny Bolin  smcbb@sbcglobal.net  ADVERTISING MANAGER  Wendell Wolka  purduenut@aol.com  LEGAL COUNSEL  Megan Reginnitter mreginnitter@iowafirm.com  LIBRAIAN  Jeff Brueggeman  jeff@actioncurrency.com  MEMBERSHIP DIRECTOR  Frank Clark  frank_clark@yahoo.com  IMMEDIATE PAST PRESIDENT  Shawn Hewitt  WISMER BOOK PROJECT COORDINATOR  Pierre Fricke  402 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  Editor Sez Benny Bolin Hello and happy fall everyone. Welcome to the anniversary issue of Paper Money. This issue was fun to put together, as I got to go back into the history of the SPMC and see things I had not seen before and to refresh some fond memories. Although I have been a member for thirty- seven years, seeing those first couple of formative years was great. I hope you all enjoy reading it as much as I enjoyed writing it. Let’s all work together and make the next sixty years as good for the hobby as these sixty have been for us. How can we do that? Keep talking up the hobby, educating, writing, presenting, anything to spread the word. Speaking of writing, I need some two or three of you to take on a challenge. I am in need of a couple of articles related to winter holidays for the next issue. Christmas, New Years, Kwanza, Hannukah, or the use of holiday symbols/characters on notes, etc. It seems that shows are back and some with and some without restrictions, but good time being had by all. Summer FUN was a success as was summer ANA and Long Beach has had good reports. In the not- so-distant future, FUN will be here, and it is shaping up to be just that— FUN! I want to commend our auction partners, Heritage, Stacks, Lyn Knight for keeping the hobby going in small part by having amazing auctions! Personally, not being able to attend auctions did not dampen my collection but did put a damper in my wallet! I just celebrated my 65th birthday on the 22nd of October. I did not want to sign up for Medicare as I have and want to keep my employer insurance but finding out all the ins and outs of declining was harder than signing up for it. I guess the government really wants your money however they can get it, even if you don’t want their product! Looking back on the SPMC and my 37 year history with the paper money hobby, I go back to why I am a paper guy. I started collecting coins in 1964 and decided to sell in 1982. I got one of Hugh Shull's catalog and was hooked. I started collecting South Carolin obsoletes for some reason I cannot remember, especially since I had only been to SC once. From that I branched out to fractionals and then to other area which ingriguted me, such as fractional look-a-likes, Heath counterfeit detectors and all literature related to fractional and South Carolina. This hobby is just amazing at what can be collected. One can really never get bored! One of my favorite things when I looked back at the SPMC history was seeing the sheer number of articles we had had and how many some of our members have worked on and published. It is truly amazing how connected some of our member are. So, throw some ribs on the grill and sit back and relax and go back in time and imagine you are at the Rendezvous enjoying those ribs with your dealer/collector friend and reminisce about fun times past. Until next time--have a safe and happy holiday season and a Happy New Year! 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 c o p y   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.  Benny Space  Full color covers  1 Time  $1500  3 Times  $2600  6 Times $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  225 403 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 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 09/05/2021 15322 Scott Sroka, Robert Vandevender 15323 Tom Nix, Pierre Fricke 15324 Ross Johnson, Cody Regennitter 15325 David Harper, Robert Vandevender 15326 William Carl Norris, Keith Bauman 15327 Grady Frisby, Mike Crabb 15328 Mark Bauer, ANA Ad 15329 Indunil Madhusankha Hewage, Website 15330 Ben Marler, Robert Calderman 15331 Christopher Martin, Website 15332 Michael Holt, Robert Calderman 15333 Frederick Lowndes, Website 15334 Paul Bowles, Website 15335 Greg Alexander, Robert Calderman 15336 Leo McGrath, 15337 Li Ng, Website REINSTATEMENTS None LIFE MEMBERSHIPS None MEMBERS 10/05/2021 15338 Howard Dewald, Robert Calderman 15339 Matthew Wallen, Website 15340 John Carr, Tom Denly 15341 Jacob Yanovich, Website 15342 Daniel Bloch, Fred Maples 15343 Mark Hotz, Robert Calderman 15344 Noel Rooney, Website 15345 Mark Schrader, Website 15346 Jesse Furry, Website REINSTATEMENTS None LIFE MEMBERSHIPS None Dues Remittal Process Send dues directly 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 * Nov/Dec 2021 * Whole No. 336 404 Emergency Currency: The Aldrich-Vreeland Act & Series of 1882 and 1902 Date Back National Bank Notes ELASTICITY A crippling problem with national bank currency was that the supply of it was limited to a fixed percentage of the capitalization of the national banks. Consequently the volume of it in circulation did not respond to the varying demands of business cycles. This deficiency went critical during the periodic money panics that gripped the nation because there was no mechanism by which national banks could temporarily pump needed currency into the economy to maintain liquidity and to offset hoarding. This problem doomed national currency so the elastic Federal Reserve currency system was invented to replace it. When demand for money was great, a business applied to a bank for a loan to fuel its needs. The loans were provided in the form of money that customers had deposited in the bank and national bank notes issued by the bank. If the officers of the bank wanted to increase the supply of money to loan, they had to hope customers would increase their deposits or they had to encourage shareholders to increase the capital of the bank so they could apply for more national bank notes. However, just as the need was greatest, other demands including hoarding were competing for the same dollars that depositors might have or for additional investment dollars that shareholders held. The Figure 1. Series of 1902 date back national bank note. Figure 1. Series of 1902 date back note. New design features were the modified security clause on the face that was altered to read “or other securities” and the prominent dates on the back. The Paper Column Peter Huntoon Paper Money * Nov/Dec 2021 * Whole No. 336 405 impulse of some shareholders was to have the bank sell its bonds so that their money could be freed up for more lucrative pursuits. These realities limited and even reduced the supply of national currency available for loans at exactly the time when demand for it was greatest. The result was a monetary stringency characterized by a scarcity of currency when it was needed the most. This caused interest rates to soar and business activity to unnecessarily contract. Business and bank failures spiraled out of control in the extreme. A mechanism was needed that would allow the bankers to accept sound instruments of debt from borrowers that could be used as short-term collateral for additional short-term issuances of national bank notes. The new currency in turn could be loaned to satisfy the temporary increase in demand for money. The mechanism had to allow the money supply to increase when required, but force it to decrease when not needed. The counterbalance could take the form of an extra tax targeted on the increased circulation. The concept that emerged was the following. Interest rates rose as the demand for money increased so bankers could charge more interest on additional national bank notes that they could draw against short term paper deposited as security. If the emergency increase in national bank note circulation was taxed at a higher rate, businesses could afford to pay the higher interest rates and the bankers could in turn afford to pay the higher tax on the notes. However as business demand for currency fell, interest rates also fell, so the bankers would reduce their additional emergency national bank note supply to avoid the higher tax. THE ALDRICH-VREELAND ACT Congress passed the Emergency Currency Act modeled on these principles and it was signed into law May 30, 1908. The act is commonly known as the Aldrich-Vreeland Act after its sponsors. The Aldrich- Vreeland Act was an experiment. It was originally set to expire June 30, 1914, but was extended to June 30, 1915, by Section 27 of the Federal Reserve Act of December 23, 1913. The Aldrich-Vreeland Act provided a mechanism that would permit banks to use securities other than U. S. government bonds to obtain short-term increases in their circulations. Two types of entities could apply for the additional currency: (1) groups of at least 10 banks formed into national currency associations and (2) individual banks. The following distills the workings of the act without detailing all the restrictions. Figure 2. Nelson W. Aldrich (left), who served from 1881 to 1911 and often referred to in the press as the General Manager of the Nation, was a Republican Senator from Rhode Island and principal author of the Aldrich-Vreeland Act. President Theodore Roosevelt signed the act the night it passed without a single favorable Democratic vote (Library of Congress photo). Republican Representative Edward B. Vreeland (right) of New York from 1899 to 1913 co-sponsored the Aldrich-Vreeland Act (Wikipedia photo). Paper Money * Nov/Dec 2021 * Whole No. 336 406 National currency associations were authorized to accept securities from a member bank and then to apply to the Comptroller of the Currency for additional circulation for that member bank. The association could apply for additional national bank notes having a value of no more than 75 percent of the cash value of the deposited securities or short term commercial paper. However if the deposited assets were acceptable local or state government bonds, the association could apply for national bank notes having a value of 90 percent of the market value of the bonds. Individual banks could apply directly to the Comptroller of the Currency for additional notes to be secured by state or local bonds. In such cases, the bank could receive notes up to 90 percent of the market value of the deposited bonds. The total amount of emergency currency that could be issued under this act was set at $500,000,000. This amount was subsequently raised to over $1 billion by a hastily passed amendment dated August 4, 1914, immediately following the outbreak of World War I in Europe. The tax structure was as follows. The tax on the ordinary circulation of a bank was set at 1/2 percent per year if it was secured by 2 percent U. S. bonds, or 1 percent per year for U. S. bonds paying more than 2 percent. However the tax on the emergency circulation was set at a rate of 5 percent per year for the first month and 1 percent per year for each additional month up to a maximum of 10 percent per year. Obviously, there was little incentive to keep the emergency notes in circulation after the need for them had passed. DATE BACK NOTES The Aldrich-Vreeland Act explicitly addressed a number of details pertaining to all national bank note issues. The following denominations were authorized: 5, 10, 20, 50, 100, 500, 1000 and 10,000. The security clause on the faces had to state “secured by United States bonds or other securities.” Highly significant was that the Comptroller of the Currency had to create a stockpile of such notes equal to fifty percent of the capital stock of each national bank as soon as practicable. These requirements meant the Bureau of Engraving and Printing had to alter the security clauses on all the existing Series of 1882 and 1902 face plates, design and prepare date back plates, and print the enormous quantity of notes called for. Passage of the Aldrich-Vreeland Act heralded the date back designs. Secretary of the Treasury George B. Cortelyou addressed this change in his 1908 annual report (Cortelyou, 1908, p. 45-46). The italics are mine. It was deemed advisable, also, that the backs of these notes should bear some suitable inscription connecting them with the new act and differentiating them from previous issues. This was readily accomplished on the plates of the series of 1902 by adding the numbers “1902-1908,” but as the series of 1882 had backs of an inartistic design, expensive to print, and bore the coats of arms of the different States, making it necessary to carry in stock a full supply for each State, it was considered to be an opportune time to prepare a new design for these backs, and new plates were accordingly prepared. This work commenced immediately after the passage of the act, the first back plate altered in accordance therewith having been send to press June 5, and the first delivery of the new currency made to the Comptroller of the Currency June 15, showing commendable promptness on the part of the bureau in the prosecution of the work. Work commenced at the Bureau immediately after passage of the act. Nearly 10,000 face plates had to be altered and $500,000,000 in notes printed as soon as possible (Ralph, 1908, p. 4). The first altered face went to press on June 5, 1908, and deliveries to the Comptroller began on June 15 consisting of 5-5- 5-5 Series of 1902 blue seal date backs, the first of which was the A1-1-A,B,C,D 5-5-5-5 sheet for The First National Bank of Beaver City, Utah (9119). The first Series of 1882 date back sheets were delivered to the Comptroller on August 1, 1908, including 5-5-5-5 and 10-10-10-20 sheets. The last of the Series of 1902 red seals were delivered December 15, 1908. Regular production of Series of 1882 brown backs ceased in on March of 1908, with the exception of the 10-10-10-10 combination which ceased on September 4, 1908. One late 10-10-10-10 brown back delivery to the Comptroller’s office occurred on March 22, 1909. The dimensions of the crash printing effort are revealed by the statistics for the fiscal year July 1, 1908 to June 30, 1909, during which the Bureau delivered a combined total of 19.6 million sheets of Series of 1882 and 1902 date backs having a face value of $745 million (Ralph, 1909, p. 11). Paper Money * Nov/Dec 2021 * Whole No. 336 407 The production of the Series of 1882 and 1902 date backs was accomplished rapidly by altering the existing face plates by adding the “or other securities” clause and advancing the plate letters. For example, a 10-10-10-20 red seal plate with letters A-B-C-A was altered to carry plate letters D-E-F-B along with the revised security clause. The dates, 1902-1908, were added to the Series of 1902 back plates. In contrast new Series of 1882 back plates were designed using only the borders from the previous brown back plates surrounding the 1882-1908 date. Both the Treasury and bank sheet serials reverted to 1 for every sheet combination issued by every bank. No $500, $1000 or $10,000 notes were ordered by the banks, so plates for those denominations never were prepared for either the Series of 1882 or 1902. Modification of the securities clause on the $20 Series of 1902 notes required a cute repair. Notice that they had to remove the word “The” from the flag-like flourish in front of the letter U in United in order to add the “or other securities” clause. This was just another annoying thing that had to be dealt with by the siderographers who had to alter the plates. Section 11 of the Aldrich-Vreeland Act stated: * * * the Comptroller of the Currency may issue national bank notes of the present form until plates can be prepared and circulating notes issued as above provided: Provided, however, That in no event shall bank notes of the present form be issued to any bank as additional circulation provided for by the Act. Consequently, the Comptroller could continue to issue existing red seals and brown backs until stocks ran out unless the bank specifically obtained emergency circulation under this act. Notice that all the existing banks eventually received date backs whether they issued emergency currency or not. EMERGENCY CURRENCY The first national currency association was organized in New York on July 18, 1908 (Comptroller of the Currency, 1936). However, the fact is no use was made of emergency currency before the original life of the Aldrich-Vreeland Act expired on June 30, 1914. When the provisions of the Aldrich-Vreeland Act were extended for another year to June 30, 1915, no one expected the banks to take advantage of it. As of January 1, 1914, 21 national currency associations had been formed but no applications were submitted for additional currency although periods of money stringency had existed in sections of the country that would have made an issue desirable (Kane, 1922, p. 445). The deterrent was the high tax on Figure 4. The plates were altered to carry the “or other securities” clause (bottom) when the Series of 1882 and 1902 face plates were altered into date back faces. Figure 3. Secretary of the Treasury George B. Cortelyou was Secretary of the Treasury when the Aldrich Vreeland Act was passed (Wikimedia photo). Paper Money * Nov/Dec 2021 * Whole No. 336 408 such currency. Kane states that occasional applications had been received for the emergency currency by individual banks willing to deposit bonds, but none was issued. World War I broke out in Europe at the beginning of August, 1914, and the situation changed radically. Kane (1922, p. 445-447), who at the time was serving as Deputy Comptroller, provides an insider's view of what transpired. Immediately preceding the declaration of war the resources of the banks in New York City had been heavily drawn upon to meet the demands incident to large exportations of gold to Europe and sales on the New York Stock Exchange of enormous amounts of American securities for foreign account. Further shipments of gold and sales of securities were anticipated. To prevent a general demoralization of the market the stock exchange was closed on the morning of July 31, 1914, and remained closed until December 12. * * * The New York Clearing House statement for August 1, 1914, showed that the reserves of the New York banks had been reduced $43,599,500 below the amount held the preceding week and that the deficiency in reserves amounted to $17,425,750. In May, June and July nearly $100,000,000 of gold had been exported to Europe. * * * At this juncture the Aldrich-Vreeland emergency currency measure proved of great aid to the financiers and bankers. Although this law had been in existence since immediately following the panic of 1907, it had never been utilized and probably never would have been had it not been for the grave emergency created by the European war. Figure 5. Value of outstanding national bank notes during the 1863-1935 note-issuing era. The Aldrich- Vreeland spike in circulation is obvious. Data from O’Conner (1936, p. 833). Paper Money * Nov/Dec 2021 * Whole No. 336 409 The Secretary of the Treasury realized the gravity of the situation, and on August 3 announced through the press that the Treasury Department was prepared to immediately issue to national banks in New York City $100,000,000 of additional currency authorized by this act. To facilitate the issuance of emergency currency, Congress, under date of August 4, 1914, amended the Act of May 30, 1908, authorizing the Secretary of the Treasury, in his discretion, to waive the provision in the original act, restricting the issuance of additional currency to national banks which had outstanding bond secured circulation equal to forty per cent. of their capital stock. The act was further amended to increase the amount of currency which a bank was authorized to issue from one hundred per cent. of capital and surplus to one hundred and twenty-five per cent. of capital and surplus, and repealed the provision limiting the total issue of such currency to $500,000,000. Immediately following these amendments to the law additional currency associations were rapidly formed in different sections of the country. On October l, 1914, forty-four of these associations had been organized, covering nearly every State. The number of national banks composing these associations aggregated 2102 and their capital stock and surplus amounted to $1,197,771,000. The total amount of emergency currency issued aggregated $382,502,645. The situation was further relieved by the New York Clearing House Association which, on August 3, 1914, commenced the issuance of clearing-house loan certificates. Between August 3 and October 15 following, $124,695,000 of these certificates were issued. The last of these certificates were cancelled on November 28, 1914, and on July 8, 1915, the entire Emergency Currency issues had been retired, except $171,703.11 issued to the First National Bank of Uniontown, Pa., which had failed and had been placed in the hands of a receiver January 18, 1915. After that date this emergency currency was provided for by the deposit of lawful money. A revised version of the emergency currency issues is provided by the Comptroller of the Currency (1936, p. 832-833). There were 45 national currency associations organized during the life of the Emergency Currency Act with a total membership of 2,197 banks. Forty-one of these associations, having a total membership of 2,129 banks, applied for and received additional circulation for 1,359 banks, or 61.85 percent of the total of such banks. * * * Securities deposited by the 1,359 banks with the 41 currency associations amounted to $585,864,391.94 for which they received additional circulation amounting to $385,533,715. In addition, eight banks, one not a member of any currency association received $910,500 additional circulation by depositing with the Treasurer of the United States, State or other municipal bonds permitted under the act. The total of all issues, therefore, was $386,444,215, representing 77.10 percent of the amount limited by the original act, and 25.87 percent of the amount ($1,493,902,390) which could have been issued under the amendment of the act of August 4, 1914. * * * The first application for additional circulation was approved August 3, 1914, * * * and the last application on February 5, 1915. * * * The first application for retirement was approved September 23, 1914, just 51 days after the first issue was approved. By July 1, 1915, all but one bank, which had become insolvent, had deposited the necessary amount of lawful money to retire their additional circulating notes. The tax collected on additional circulation amounted to $2,977,066.73. Some slightly different and additional statistics were provided by Williams (1915, p. 44-45). The last issuance of such currency was made on February 12, 1915. * * * The first issue of this emergency currency was made August 4, 1914, to banks in New York City. * * * The largest amount issued in any one week was for the week ending August 15 - $67,978,770. * * * The maximum amount outstanding at any one time appears to be $363,632,080, on October 24, 1914. * * * The largest amount retired in any one week was $45,144,798, which was redeemed in the week ending December 12, 1914. * * * This emergency currency was issued to 1,363 banks in 41 States, including the District of Columbia. * * * The only States in which emergency currency was not issued were the States of Maine, Vermont, Rhode Island, Delaware, South Dakota, Montana, Wyoming, Idaho, and Nevada. * * * Of the $386,444,215 emergency currency authorized to be issued, 57 1/2 per cent was secured by commercial paper, 14 per cent by State and municipal bonds, 28 per cent by miscellaneous securities, and approximately one-half per cent by warehouse receipts. The net impact of the emergency currency issues in 1914 and 1915 was to drive the total outstanding value of national bank notes to an all-time record high. The national bank note supply Paper Money * Nov/Dec 2021 * Whole No. 336 410 ballooned from about $700 million to $1.1 billion by the end of October, 1914. This circulation quickly contracted as the stringency passed owing to the high tax on the emergency issues. A list of the 45 national currency associations is presented in U. S. Treasury (1915, p. 55-56). DATE BACK REISSUES If you examine the data set compiled by Louis Van Belkum, which is the source for the national bank issuance data in the Kelly and Hickman-Oakes catalogs, you occasionally will find a reissue entry such as the following. The Arizona National Bank of Tucson, Arizona (4440) Series of 1902 blue seal date backs: 10-10-10-20 $130,000 worth; serials 1 to 2600 Series of 1902 blue seal date back reissues: 10-10-10-20 $41,900 worth; serials not available Series of 1902 blue seal plain backs: 10-10-10-20 $450,000 worth; serials 2601 to 11600 What happened, of course, is that the officers of the Tucson bank returned $41,900 worth of their emergency currency sheets to the Comptroller of the Currency and they were reissued to the bank at a later date. The reissues were a direct consequence of contracting their circulation after receiving an emergency issue of notes under the terms of the Aldrich-Vreeland Act following the outbreak of World War I in 1914 The effect of the reissues was to delay shipments of new notes for almost 2 years. Consequently The Arizona National Bank of Tucson continued to use Series of 1902 date backs until June 1920. Under normal circumstances its Series of 1902 date back printings would have run out a few years earlier. DISCUSSION Passage of the Aldrich-Vreeland Act on May 30, 1908, provided a mechanism that introduced elasticity into the national currency supply. However, only the gravest financial crises could trigger applications for emergency currency because the tax imposed on the emergency currency was too burdensome. The result was that the provisions of the act never were invoked by the banks to provide elasticity as needed during the normal annual business cycle or the longer-term recession-inflation cycles that plagued the economy. Consequently the national currency supply remained inflexible. The fact was that no currency ever would have been issued under the terms of the Aldrich-Vreeland Act was it not for the extreme financial crisis precipitated by the outbreak of World War I. Rather than tinker further with national bank currency, Congress established the Federal Reserve System in 1913 with its elastic currency, a move that ultimately rendered national bank currency obsolete. The Aldrich-Vreeland Act required that date back notes be prepared for every bank in the country regardless of whether they applied for emergency currency or not. However there was no legally mandated change in the currency once the Aldrich-Vreeland Act expired in 1915. Consequently, the date back notes in the Comptroller of the Currency’s inventory continued to be sent to the banks after the act expired. Furthermore, the “or other securities” face plates and existing stockpiles of pre-printed date back feed stock also continued to be used to print new notes at the Bureau of Engraving and Printing after expiration (Ralph, 1915; McAdoo, 1915; Malburn, 1915). REFERENCES CITED AND SOURCES OF DATA Comptroller of the Currency, 1863-1912, Receipts of national currency from the engravers: Record Group 101, U. S. National Archives, College Park, MD. Cortelyou, George B, 1908, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1908: Government Printing Office, Washington, DC, 539 p. Kane, Thomas P., 1922, The romance and tragedy of banking: Bankers Publishing Company, New York, 549 p. Malburn, William P., Mar 12, 1915, Letter to Bureau of Engraving and Printing Director Joseph E. Ralph establishing policy for the continued use of date back plates and notes: Bureau of the Public Debt Correspondence Files, Record Group 53, U. S. National Archives, College Park, MD (53:450/54/01/05 box 10, file K712). McAdoo, William C., Secretary of the Treasury, Mar 9, 1915, Memo to Assistant Secretary of the Treasury William P. Malburn authorizing the continued use of date back plates and date back notes pending legislated prohibitions against doing so: Bureau of the Public Debt Correspondence Files, Record Group 53, U. S. National Archives, College Park, MD (53:450/54/01/05 box 10, file K712). O’Connor, J. F. T., 1936, History and development of the national bank note: in, Seventy-Third Annual Report of the Comptroller of the Currency for the year ended October 31, 1935: Government Printing Office, Washington, DC, v. 1, p. 817-842. Paper Money * Nov/Dec 2021 * Whole No. 336 411 Ralph, Joseph E., 1908, Annual report of the Director of the Bureau of Engraving and Printing for the year ended June 30, 1908: Government Printing Office, Washington, DC, 24 p. Ralph, Joseph E., 1909, Annual report of the Director of the Bureau of Engraving and Printing for the year ended June 30, 1909: Government Printing Office, Washington, DC, 29 p. Ralph, Joseph E., Director, Bureau of Engraving and Printing, Mar 8, 1915, Letter to Secretary of the Treasury William McAdoo pertaining to the logistics and cost of replacing date back national bank notes: Bureau of the Public Debt Correspondence Files, Record Group 53, U. S. National Archives, College Park, MD (53:450/54/01/05 box 10, file K712) United States Statutes, Emergency Currency (Aldrich-Vreeland) Act of May 30, 1908, and Federal Reserve Acts of December 23, 1913 and August 4, 1914: Government Printing Office, Washington, DC. United States Treasury, 1915, Information respecting United States bonds, paper currency and coin, production of precious metals, etc.: Government Printing Office, Washington, DC., 106 p. Van Belkum, Louis, undated, Summary records by bank of national bank notes issued: unpublished. Williams, John Skelton, 1915, Annual report of the Comptroller of the Currency to the First Session of the Sixty-Fourth Congress of the United States: Government Printing Office, Washington, DC, v. 1, 242 p. Figure 6. Section 11 of the Aldrich-Vreeland Act required inclusion of the “or other securities” clause on the faces of the date back nationals; however, changing the backs to carry dates was carried out on the initiative of Secretary of the Treasury Cortelyou who took the opportunity to scrap the inartistic brown backs with their state coats-of-arms, which required maintaining costly inventories for each state. Paper Money * Nov/Dec 2021 * Whole No. 336 412 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 T. D. Tinsley, Teenage Soldier and Signer of Georgia Currency during the Civil by Charles Derby T.D. Tinsley’s signature is very familiar to collectors of Georgia currency during the Civil War. He signed nearly 800,000 notes with a face value of over $7 million. Many of these notes still exist today and are available to collectors at affordable prices. He signed them over a period of less than one year during 1864, when he was just 18 years old. This article tells the story of Theodosius Davies Tinsley and how he came to sign Georgia wartime notes. Aching to Fight and Getting the Chance T.D. Tinsley couldn’t wait join the fight for the independence of his home state and new nation. He decided it was time when his very close cousin, Charles DuBignon, returned to Georgia from France where he was in school, so that they could enlist together. Both were young – T.D. was 17 and Charles 18. Both T.D. and Charles came from privileged backgrounds. T.D. was born Theodosius Davies Tinsley on January 25, 1846, in Milledgeville, Georgia. His father, William Bowe Tinsley, was mayor of Milledgeville (1837-1838), Inferior Court Justice (1845), State Treasurer (1847- 1851), and Cashier of The Bank of Savannah (1851-1864). T.D.’s mother, Sarah Grantland Davies Tinsley, was daughter of Judge William Davies of the U.S. Circuit Court in Savannah. T.D. was even named after a Roman Emperor: Theodosius the Great, the last to rule the eastern and western parts of the Roman Empire. But his name was unwieldy, so he was called “T.D.” 1,2 Charles Fleming DuBignon was born in 1845 on the family plantation, Woodville, in Baldwin County.1,2 His father, Charles Joseph Poulain du Bignon, the son of a French Royalist who moved to Jekyl Island during the Napoleonic era, was a lawyer, president of Central Railroad and Banking Co., member of the Georgia legislature, and rich plantation owner when his father-in- law, Seaton Grantland, died. T.D. and Charles were cousins: Charles’ father was married to William Bowe Tinsley’s sister, Anne. In July of 1863, T.D. and Charles enlisted. T.D. entered as 1st Sergeant with Company A, 26th Battalion, Georgia Infantry, Walker’s Division, Army of Tennessee.3 Charles enlisted as Private with Company A, but in Phillips’ Legion.3 They were following the footsteps of other family members already in the Confederate army, so why wouldn’t the war be a grand adventure for young T.D. and Charles? The answer is told by T.D. 46 years later in his application for a soldier’s pension on Oct. 25, 1919: “I enlisted with Capt. Jno. B. Fair in Milledgeville, the latter part of July 1863 to join the 66 Ga. Regt., being organized by Col. J. Cooper Nisbet at Macon. When we reached Macon it was found he had 13 Companies, so three companies, including Capt. Fair’s, were formed into a Battalion, the 26th Georgia, and the Command given to Maj. Jno. Nisbet, Col. Cooper Nisbet’s brother. Fair’s Company was Company “A”, of which I was 1st or Orderly Sergeant….We organized in Macon in August 1863. Were sent to Atlanta, Ga. where we remained from Sept. 20th, 1863, to Oct 21st guarding prisoners from the front, from that point we were sent to Lookout Mountain to join General Braxton Bragg, Commanding the Army of Tennessee. I participated in the Missionary Ridge fight, and went into winter quarters with my Command at Dalton, Ga., from which point I was furloughed and was discharged at Savannah.” Paper Money * Nov/Dec 2021 * Whole No. 336 414 T.D. wrote in his petition that he left the Dalton winter quarters in January 1864 on a 15-day furlough due to illness and with approval of his division commander, Maj. Gen. William Henry Talbot Walker (Fig. 1). He wrote that while on furlough in Savannah after six months of service, he was discharged from the army and never returned to his unit. Charles’ fate was worse than T.D.’s. He was also in the Dalton winter camp but never left: he died on February 11, 1864, of meningitis. His body was returned to Milledgeville and buried in Memory Hill Cemetery. His death was “a grief from which his mother never fully recovered.”4 T.D. wrote in his 1919 petition, “I do not know of any member of my Company, Company “A”, 26th Ga. Bat., now living.” Nonetheless, his account of his wartime record was supported by a signed and notarized statement written 15 years earlier, on Sept 15, 1904, in Milledgeville, by his captain, John Fair. Fair’s letter stated that T.D.’s discharge was “honorable” and that “During the entire time he was with the Company, he did his full duty, and his conduct was such as to merit the approval of myself and other officers of the command.” How was T.D. discharged from the Army after only six months, with Sherman’s forces moving on Atlanta and the army in need of able bodied soldiers? Documentation of his furlough or discharge are not in public records. Company muster rolls for November and December of 1863 indicate that T.D. was paid by Captain Bomar on November 1st but not December and that he was “absent without leave.” That may have just been a clerical error, with the person taking this record unaware of his furlough. In any case, T.D. was soon working for the Georgia Treasurer, signing notes in Milledgeville. As T.D. wrote in response to the pension petition’s questions, “Were you actually present with your command when it was surrendered or discharged?” and “If you were not actually present, state specifically and clearly where you were. His answer: “No. At Milledgeville, Ga., in the service of the State.” One might hypothesize that T.D.’s father – former Georgia Secretary of Treasury and current cashier of a major bank in Savannah and with a summer residence in Milledgeville– played a role in helping his son transition out of the army and into a civil servant’s job in Milledgeville. T.D. spent the remainder of the war signing notes. But he added in his petition that he took part in the resistance against Sherman during his march to Savannah: “I might state in addition that when Sherman’s Army came through Georgia, I was made aide on the Staff of Gen. Henry C. Wayne, Adjutant General of Georgia, and served in that capacity with him until his Command reached Savannah. At the fight at Oconee Bridge I obtained his permission to go in the breastworks with the Marietta Cadets, where we held the bridge for two days.” Signer of Georgia notes As a clerk in the Georgia Treasury, T.D. Tinsley signed notes for Comptroller General, Peterson Thweatt, who served in that position from 1855 Figure 1. T.D. Tinsley’s commanding officers during the war. Left: Maj. Gen. Wm. H. T. Walker, his division commander in north Georgia. from July 1863 to Jan. 1864. Walker was shot and killed by a Federal picket on July 22, 1864, in Battle of Atlanta. Right: Gen. Henry C. Wayne, adjutant and inspector general of Georgia, who T.D. served as an aide during Sherman’s march from Milledgeville to Savannah. Wayne commanded Confederate troops at the Battle of Ball's Ferry at the Oconee River in Wilkinson County, on Nov. 23–26, 1864. Paper Money * Nov/Dec 2021 * Whole No. 336 415 to 1864. Most notes signed by T.D. were also signed by R. J. (Robert Julian) McCamy, who signed the Treasurer, John Jones. T.D. also co- signed with F. B. (Frank Barlow) Mapp. T.D. signed notes of eight denominations: 25 cents, $2, $3, $4, $10, $20, $50, and $100. All were engraved and printed by Richard H. Howell of Savannah. Altogether, Tinsley signed 785,500 notes worth $7,043,375 over about six months.5 Examples of notes that he signed are shown in Figure 2. The first notes that T.D. signed were the 25 cent notes (ML11, Cr 15). These notes were authorized by the Act of December, 1862, have the printed date of dated January 1, 1863, and were issued between June 30, 1863, and October 14, 1864.5 There actually were two varieties, differing in the size of the Georgia seal at the bottom center of each note (Fig. 2). A total of 898,900 of these 25 cent notes were issued, with 381,500 signed by T.D. These include plate letter A-E and serial numbers 27,601–27,900 and 28,501–35,000, and plate letters F–K (omitting I) for serial numbers 3,201–24,800, 44,301–67,000, and 105,901–131,100. All were signed by Tinsley and McCamy except for the 105,901-131,000 notes, which Tinsley co- signed with F. B. Mapp. No Tinsley–Mapp notes are known to exist today, probably because they were the last to be signed on Oct. 14, 1864 and not yet issued before they were destroyed by Sherman’s troops who occupied Milledgeville on November 13 5. The next notes that Tinsley signed were $2, $3, and $4, notes authorized by the Act of December 14, 1863, dated January 1, 1864, and issued between April 6 and August 30, 1864 (Table 1). All were plate letter A and signed by Tinsley and McCamy. There were a total of 99,000 $2 notes, 50,000 $3 notes, and 25,000 $4 notes. The next notes signed by Tinsley were $10, $20, $50, and $100 notes dated April 6, 1864, issued between April 30 and July 30, 1864. All were signed by Tinsley and McCamy. The $10 notes had plate letters A–K (no J) totaling 100,000 notes, and the $20, $50, and $100 notes were only plate letter A and numbered 75,000, 30,000, and 25,000 notes respectively. T.D. Tinsley was not the only member of his family to sign notes issued during the War. In fact, three other relatives signed notes. His father, William Bowe Tinsley, signed notes as “W. B. Tinsley” as the Cashier for The Bank of Savannah. Seaton Grantland Tinsley, his cousin once removed (son of his uncle, Thomas Garland Tinsley), signed many thousands of Confederate notes as “S. G. Tinsley”6 in 1861 and 1862. T.D. brother-in-law, Augustus Merritt (married to T.D.’s sister, Sarah Augusta Tinsley Merritt), signed in 1862 his own merchant notes in Griffin, Georgia, and several denominations of notes for the treasurer of the Inferior Court of the County of Spalding in 1862. After the War Soon after the war, T.D. and many of his brothers and sisters moved to Macon, where they engaged in the grocery business. T.D. and his older brother, Addison Reese Tinsley, became co-owners and junior partners with senior partner James Seymour in Seymour, Tinsley & Co. They hired as clerks two brothers William and Fleming. An advertisement for their business from 1868 is shown in Figure 3. In 1871, T.D. married Emma Seaton Ragland, of Denomination No. of Notes Value Issued ML11 Cr15 25 cent 381,500 $95,375 June 30 1863 to Oct 14 1864 ML24 Cr29 $2 99,000 $198,000 April 6, April 30, May 31, July 30, Aug 30 1864 ML25 Cr28 $3 50,000 $150,000 April 6, April 30, May 31, July 30, Aug 30 1864 ML26 Cr27 $4 25,000 $100,000 April 6 1864 ML28,29 Cr24/25 $10 100,000 $1,000,000 April 30, May 31, June 30, July 30 1864 ML30 Cr 23 $20 75,000 $1,500,000 April 30, May 31, June 30, July 30 1864 ML31 Cr22 $50 30,000 $1,500,000 May 31, June 30, July 30 1864 ML32 Cr21 $100 25,000 $2,500,000 April 30, May 31, June 30 1864 785,500 $7,043,375 Note Type TABLE 1. Georgia Notes Signed by T. D. Tinsley Paper Money * Nov/Dec 2021 * Whole No. 336 416 Figure 2. Notes signed by T. D. Tinsley. See Table 1 for information about these notes. Paper Money * Nov/Dec 2021 * Whole No. 336 417 Columbus, Georgia, daughter of Thomas Ragland, who owned The Columbus Enquirer newspaper. They had four children (William, Theodosia, Thomas, and Anna), three of whom lived into adulthood. After the death of James Seymour in 1877, the Tinsleys continued the grocery business as Tinsley Bros. & Co. By the mid 1880s, Tinsley left the family business and became partner in S. R. Jacques & Tinsley Co., a wholesale grocery (Fig. 4).7 The business flourished and T.D. prospered. He also engaged in other business ventures. One was a 1899 partnership with a Dr. Glover and S. R. Jaques to build the Juliette Milling and Glover Manufacturing Company, a cotton mill that produced string, twine, and yarn.8 In the same year, T.D. served on the board of directors of the Georgia Southern and Florida Railway Company, which operated between Macon and Palatka, Florida. T.D. gave back to his community, and for this he is perhaps best known. A lifelong cause was the Georgia Academy for the Blind, founded in 1852 and still operating. T.D. was for many years its secretary and treasurer. Figure 5 shows a letter written by T.D. in 1915, on stationary from Jaques & Tinsley Co., requesting the Academy’s monthly funds from the Governor of Georgia, John Slaton. Later, in memory of his passion for education, he was honored as the namesake of T.D. Tinsley Elementary School, which educated many Macon citizens over the years. This school no longer exists though another school, Northwoods Academy, was built on it site in 2009. Still standing today is T.D. home of many years – the North-Tinsley-Corn-Holliday House, 607 College Street, on the corner with Tinsley Lane (Fig. 6). The house was built in 1854 by Macon city council member Henry North.9 Tinsley purchased it in 1886 and renovated it with the Figure 3. Advertisement for Seymour, Tinsley & Co. from 1868. Figure 4. Receipt from the S. R. Jaques & Tinsley Co., wholesale grocers, from 1908. Figure 5. Letter from 1915, from T.D. Tinsley to Georgia Governor Slaton, requesting funds for the Georgia Academy for the Blind. Paper Money * Nov/Dec 2021 * Whole No. 336 418 help of famed Atlanta architect Neel Reed. Ernest and Pauline Corn owned the home from 1937 to 1984, and Peter Holliday since 1984. T.D. Tinsley died May 15, 1929, and is buried in Macon’s Rose Hill Cemetery with his wife and children. His tombstone reads, “Numbered with thy Saints in Glory Everlasting.” His legacy lives on through people, architecture, education, and numismatics. Acknowledgments. Many thanks to Mack Martin, for encouraging me to research the signers of Georgia notes and for enthusiastically sharing his vast knowledge of Georgia numismatics, and to Gary Doster for his support and comments on the manuscript. References 1 U.S. Censuses, 1860, 1870, 1880. 2 Georgia Archives, University System of Georgia. http://www.georgiaarchives.org 3 U.S. Civil War Soldier Records and Profiles, 1861-1865. 4 Cook, Ann Maria Green. 1925. History of Baldwin County, Georgia. Part V. Biographies. http://files.usgwarchives.net/ga /baldwin/history/other/gms276historyo.txt. 5 Martin, W. Mack and Kenneth S. Latimer. 2005. State of Georgia Treasury Notes, Treasury Certificates & Bonds. A Comprehensive Collector’s Guide. 6 Derby, Charles. “Seaton Grantland Tinsley, clerk for the Confederate Treasury Department and signer of Confederate notes.” Paper Money (March-April 2018), pp. 116-123. 7 Southern Cultivator and Farming, Volume 27. 1869. Publisher, Wm. and W.L. Jones, Proprietors. Athens, Georgia. https://prezi.com/oxc17upwhjc4/margos- barber-shop/Comer, Harriet F. 1996. History of Macon: The First One Hundred Years: 1823- 1923. The Macon Telegraph. 8 Harden, William. 1913. A History of Savannah and South Georgia, Volume. 2. Lewis Publishing Co., New York. 9 McConnell, Jo, and Crumbley, Sadie. 2002. Macon's Treasures Remembered: The Antebellum Years. Hallmark Publishing Company, Inc. Gloucester Point, Virginia. Figure 6. North-Tinsley-Corn-Holliday House. Top, in T.D.’s time (from Comer 1996). Bottom, in modern times.9 Paper Money * Nov/Dec 2021 * Whole No. 336 419 You Collect. We Protect. Learn more at: www.PCGS.com/Banknote PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2021 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC. PCGS Banknote is the premier third-party certification service for paper currency. All banknotes graded and encapsulated by PCGS feature revolutionary Near-Field Communication (NFC) Anti-Counterfeiting Technology that enables collectors and dealers to instantly verify every holder and banknote within. VERIFY YOUR BANKNOTE WITH THE PCGS CERT VERIFICATION APP An Unusual Theme: Pr oject PMG by Roeland Krul Disclaimer: Some of you may know me from the Paper Money Forum, where I’ve already elaborated a little about this recent project of mine. Some time ago I was sifting through my recent acquisitions. One note in particular caught my eye: An Indonesia 5 Rupiahs 1959. Pick 65 in PMG 66 Gem Uncirculated EPQ. I remember thinking “ooh that was close, a 65 in 66.” Minutes later I found a 10 Rupiahs in the same condition: P-66 in PMG 66. That was the beginning of this set. Could I find such a note for EVERY grade assigned by PMG? A nice challenge! It allows for some quick initial progress, some of the positions will probably be filled in with comparative ease. On the other hand a very tough challenge indeed, to get the full set. I immediately defined a few extra conditions, that could be dropped if things would become too difficult, and that would also allow for some later improvements:  I prefer Pick numbers, though numbers from other catalogs are OK  I prefer PMG slabs, though slabs from other TPG’s are OK  I prefer as many different countries as possible, although duplicates are OK  I prefer as many different years as possible, although duplicates are OK The only rock-solid condition is that the catalog number as indicated on the header, must match the grade on the header. Any letters will be ignored there, so e.g. Cat 53s in 53 EPQ totally qualifies as 53 = 53. And that was the birth of Project PMG: Pick Matches Grade (Paper Money Guaranty has nothing to do with this). As indicated before, initial progress was quick and everything was just peachy. First thing I did is set up a list of the numbers that I needed. OK I needed only 29 notes for every grade on the 70-point scale, that should keep things affordable. Well, somewhat. On the very first night I found a 66, then a 65 and 67, and later a 64 and 68. After a few days I found a 45 (Australia) and a 58 (Japan) but unfortunately both of these were cancelled by the sellers. And then it gets harder and harder and you run into all sorts of obstacles you’d never have thought about. Of course, affordability is a thing. But I quickly found that many notes were also “too cheap”: i.e. not worth grading in their specific condition. There are hundreds of different notes available cheaply with a catalog number of, let’s say, 40. But rarely slabbed, and even if slabbed, never in grade 40. For this set I have had to buy two notes as a proof / specimen (Portuguese Guinea 45 and Luxembourg 53) just because the issued note was too easy to find to have slabbed in that condition. Paper Money * Nov/Dec 2021 * Whole No. 336 421 Another problem: Some, no, many countries are too old: any affordable notes would have catalog numbers (way) over 70. Another problem: some grades are simply almost never assigned. Try to find a note in grade 61 for example. Yes they exist, but take a look on eBay: there are literally about a hundred times as many notes in grades 64 or 66 than there are in 61. And then you still want a catalog number 61. And even a bit affordable too, please (spoiler: I finally found one!). So yeah, many obstacles on the way. I’m “afraid” it’s going to take me many hours of sifting through stacks of notes on paper money shows, when they finally will be allowed to happen again. That too is going to be a tough job: on eBay there’s the option to filter by grade. Dealers at shows don’t do that. They filter by country. So I’ll have to make a list for potential candidates for the remaining positions to be filled. As of today, I have 23 out of 29 positions filled, and I’m actually very satisfied with that. It’s a set of very different but all very exciting notes really. The missing numbers are the low-balls 1, 2, 4, 6 and 8 and the high-end 70. Well, we all know how hard these can be. I actually did find an 8 on eBay but 10,000 (even Canadian) Dollars is just out of my reach unfortunately. Paper Money * Nov/Dec 2021 * Whole No. 336 422 Current status of the project What do I have? One note I’m very happy with is the 10: Confederate States of America 10 Dollars 1861. Criswell T-10 in Very Good-10. Denomination is also 10 Dollars: A Triple Play! Too bad it’s not a Pick number or a PMG slab, or even a unique country, but in this case that’s OK! Another Triple Play occurs on the 50 position. A note that TBB values at 6 Dollars in UNC. Well I just HAD to have it; we all know how this works. I ended up paying over 55 Dollars including shipping and taxes, and it’s still one of the cheaper elements in the set. Gr Country Denomination Year 10 CSA 10 Dollars 1861 12 Newfoundland 1 Dollar 1920 15 Bahamas 1 pound 1936 20 East African Currency Board 5 Shillings 1933 25 Siam 20 Baht 1935 30 St Pierre et Miquelon 1 Nouveau Franc over 50 Francs La Réunion 1960 35 Curaçao 1 Gulden 1942 40 CSA 100 Dollars 1862 45 Portuguese Guinea 100 Escudos 1971 50 Burma 50 Kyats 1959 53 Luxembourg 10 Francs 1967 55 Switzerland 20 Franken 1980 58 Canada 20 Dollars 1991 60 Canada 100 Dollars 1988 61 CSA 2 Dollars 1863 62 Canada 5 Dollars 2005 63 Afghanistan 10,000 Afghanis 1993 64 Canada 20 Dollars (has radar serial #) 2004/07 65 Egypt 20 Pounds (Replacement/Star note) 2009 66 Indonesia 100 Roepiah 1959 67 Netherlands 25 Gulden (Specimen Top/Pop) 1943 68 Venezuela 1 Bolivar 1989 69 Bahamas 1 Dollar 2001 Paper Money * Nov/Dec 2021 * Whole No. 336 423 Also worth mentioning are the 58 and 60 positions, as these are notes from the same series. A nice tandem within the set. Showing the reverse as the primary side because that’s where the serial numbers are. BCS knows what they’re doing, I have an opinion about it. Government of Newfoundland $1 NF-12B in Fine 12. Close calls Sometimes you find something that JUST doesn’t cut it. The initial Indonesia P-65 in PMG-66 could have been such a thing. I also once stumbled upon a Philippines P-11 in Fine-12, even from the year (19)12. Close, but no cigar. Finally I ran across a Canadian Pick-60 in UNC-60. But as it was a BCS slab, the Pick number wasn’t referenced on the header. It’s a BC- 23a in UNC-60. A total bummer. Help me! So I think by now I have reached what I could, and I call for your help. Do you have or know any note, from any country, for sale with catalog number 1, 2, 4, 6, 8 or 70 in matching grade? I’m sure interested! If so, please contact me on rkrul2000@yahoo.com. Thank you very much in advance!! Paper Money * Nov/Dec 2021 * Whole No. 336 424 Tying off the star serial numbers on Series of 1934 FRNs Newly unearthed documents found by the staff of the Bureau of Engraving and Printing Historical Resource Center provide the long-missing ending serial numbers for the star note printings for the Series of 1934 Federal Reserve notes. This information came to light in response to a series of requests for serial number data by co-author Russell. The ending serials for the regular production notes appeared previously in the early Shafer and Donlon small note catalogs, but were not reported in the O’Donnell or Schwartz-Lindquist catalogs. The last serial numbers for all the 1934 FRNs are listed on Table 1. In recent years, collectors have begun to define the classic small note era as the period when small- size notes were printed from 12- and 18-subject flat plates using wetted currency paper. The notes from that era are avidly collected because they are chock full of varieties and have rich eye appeal in higher grades. Consequently, new information for these classics is always warmly welcomed. The discovery of the Series of 1934 ending star note serials is but one more significant step in this quest. The piece of the puzzle came in the form of two yearly in-house BEP memos from a Mrs. Russell in the numbering division to Jack I. Lowd, superintendent of the Surface Printing Division, wherein she was reporting the serials printed during 1950 and 1951. The memos listed the final serials for both the regular and star notes for all denominations through the $100s. Our good fortune is that the memos survived. Production of the little used Series of 1934 $500s and $1000s was terminated in 1945. Co-author Russell previously obtained the star printings for those denominations from a 1949 typewritten compilation of small size notes also found by the personnel in the BEP Historical Resource Center a few years ago. The Series of 1934 FRNs were printed in batches as orders were received. Not all the final serial numbers on Table 1 were printed in 1951. In fact, about half the star note entries were printed in 1950. The last of some were printed before 1950; specifically, $50 Minneapolis, Kansas City and San Francisco and $100 Boston and Kansas City. In some cases, no orders were received in 1950 or 1951 for some varieties. In other cases, existing The Paper Column Willis Russell Peter Huntoon Figure 1. At last, ending serial numbers for the 1934 FRN stars! Heritage Auction Archives photo. Paper Money * Nov/Dec 2021 * Whole No. 336 425 stocks of star notes were sufficient to cover usage during those later years. No Series of 1934 $5000- or $10000-star notes were printed. Production of those denominations was so small, BEP personnel replaced misprints with make-up replacements bearing the identical serial numbers as those culled (Huntoon, 1984). The Series of 1934 was printed during the era when the Treasury signatures were an integral part of the intaglio face plates. The BEP routinely used those plates as long as they were serviceable after the Treasury signers left office. Consequently, the very last of some of the Series of 1934 FRN star notes may not have been printed from Clark-Snyder Series of 1934D plates. A comparison of the reported high serials in Schwartz-Lindquist hints that this may well be the case for some varieties. The 1934 FRNs comprised the workhorse currency of the nation. Federal Reserve notes represented 88.8 percent of the $25.6 billion dollars of currency in circulation at the close of the series in 1950 (Snyder, 1950, p. 631). All of the 1934s were pressed into circulation unlike the Series of 1928 FRNs where $4.5 billion weighing 178 tons were canceled after the close of that series because they carried the then obsolete gold redemption clause (Huntoon, 2112, p. 114). Not all the last of Series of 1934 FRN stars were used although serial numbers on surviving notes reveal that the vast majority were. Obviously, there would have been some unused remainders. The remainders were destroyed and their numbers are unknown. Neil Shafer pioneered the publication of printed serial number ranges in order that collectors could judge the relative rarity of the varieties. Decades ago, he discovered a typed BEP compilation made in the early 1960s of all the small size notes printed from the 1928 through 1950C series (BEP, 1953). He instantly realized that it was a treasure trove of numismatic data and used it as the basis for his A Guide Book of Modern United States Currency. This summary now resides in the National Archives in College Park, MD. Neil early on cooperated with competing small note cataloger William Donlon, who incorporated the same data in his catalogs. Stepping off from the BEP compilation, they would obtain updates from the BEP for subsequent Treasury signature combinations for successive editions of their catalogs. This useful tradition was carried forward by Goodman, Schwartz and O’Donnell. O’Donnell undertook a huge effort to collect low and high Table 1. Ending serial numbers for Series of 1934 Federal Reserve Notes. $5 $10 $20 $50 $100 $500 $1,000 $5,000 $10,000 Boston A805444000A A08724000C A53936000A A03468000A A03696000A A00058200A A00059000A A00006000A A00003600A New York B12704000D B83288000F B71320000B B19248000A B18364000A B00526800A B00496800A B00007800A B00007800A Philadelphia C15064000B C94760000B C67728000A C08004000A C03780000A C00072000A C00096000A C00000600A C00000600A Cleveland D98308000A D80700000B D97084000A D12184000A D03960000A D00154320A D00051000A D00001200A none Rechmond E07176000B E71000000B E18480000B E09216000A E06844000A E00093600A E00028800A E00001200A none Atlanta F04812000B F66884000B F79576000A F04020000A F04892000A F00103200A F00126600A F00001200A none Chicago G16640000C G02156000E G53964000B G10216000A G11368000A G00385200A G00279600A G00004800A G00003600A St.Louis H83792000A H23628000B H55064000A H02588000A H04236000A H00070800A H00054000A H00002400A H00001200A Minneapolis I26672000A I49132000A I24978000A I00836000A I01652000A I00025200A I00019200A none none Kansas City J44942000A J82740000A J45988000A J01812000A J03008000A J00079200A J00057600A J00001200A none Dallas K40684000A K80712000A K38604000A K01984000A K02480000A K00054000A K00036600A K00001200A none San Francisco L23776000B L28536000C L55176000B L08196000A L07808000A L00158400A L00099600A L00003000A L00001800A Boston A01052000* A02892000* A00588000* A00042000* A00038600* none A00001800* none none New York B03888000* B08344600* B01968000* B00168000* B00164000* B00004800* B00004800* none none Philadelphia C01500000* C02664000* C00732000* C00084000* C00042400* C00003600* C00004200* none none Cleveland D01284000* D02604000* D01080000* D00151600* D00064000* D00002400* D00001800* none none Rechmond E01428000* E02448000* E01452000* E00114800* E00092800* E00002400* E00001200* none none Atlanta F01380000* F02340000* F00912000* F00052000* F00072000* F00003300* F00005700* none none Chicago G02916000* G05772000* G01788000* G00108000* G00120000* G00004200* G00004800* none none St.Louis H01176000* H01780000* H00636000* H00048000* H00063600* H00002400* H00001800* none none Minneapolis I00372000* I00696000* I00300000* I00024000* I00031600* I00001200* I00001200* none none Kansas City J00568000* J01224000* J00516000* J00037200* J00043200* J00005400* J00003000* none none Dallas K00496000* K01112000* K00456000* K00029800* K00036200* K00001800* K00001200* none none San Francisco L01644000* L03432000* L01776000* L00102000* L00090400* L00005400* L00004200* none none Paper Money * Nov/Dec 2021 * Whole No. 336 426 reported serial numbers for each recognized variety instead of using the official beginning and ending serials for many varieties. This effort was especially useful when it came to star notes because the BEP routinely didn’t report those ranges. The low-high reporting was carried forward by Schwartz-Lindquist. Derek Moffitt’s website is the go-to place for issued serial numbers now because he continually updates his data base with the latest information posted by the Bureau as well as information on older series such as these 1934 series star serials that become available. Sources Bureau of Engraving and Printing, Jan 29, 1951 & Jan 21, 1952, Internal memos from Mrs. Russell, Numbering Division, to Jack I. Lowd, Superintendent, Surface Printing Division, listing serial number ranges printed for the previous calendar year: Bureau of Engraving and Printing Historical Resource Center, Washington, DC. Bureau of Engraving and Printing, 1949, A description of all classes of paper money issued since July 10, 1929 (Series 1928), revised as of December 31, 1949 (typewritten): Bureau of Engraving and Printing Historical Resource Center, Washington, DC, 122 p. Bureau of Engraving and Printing, circa 1953, Office of Budgets and Accounts, Summary Compilation of small size notes printed 1928-1950C, all classes (typewritten): Record Group 318, UD1, Entry P1, record locator 318:450/79/20/04 container 347, U. S. National Archives, College Park, MD. Donlon, William P., 1967, Donlon catalog United States small size paper money: Hewitt Numismatic Publications, Chicago, IL, 128 p. (later editions have serial number ranges) Goodman, Leon J., John L. Schwartz, Chuck O’Donnell, 1969, The standard handbook of modern U. S. paper money, 1970 edition: Harmer Rooke and Company, New York, 79 p. Huntoon, Peter, Mar-Apr 1984, Update on high denomination star notes: Paper Money, v. 23, p. 89. Huntoon, Peter, Mar-Apr 2012, Creation of money during the Great Depression, the greatest tectonic shift in Federal currency in U. S. history: Paper Money, v. 49, p. 90-120. Moffitt, Derek, http://www.uspapermoney.info/serials/ O’Donnell, Chuck, 1977, The standard handbook of modern United States paper money: Harry J. Foreman Inc., Philadelphia, PA, 342 p. (various subsequent editions) Schwartz, John, and Scott Lindquist, 2011, Standard Guide to small-size U. S. paper money, 1928-date, 10th edition: Kraus Publications, Iola, WI, 382 p. Shafer, Neil, 1965, A guide book of modern United States paper money: Whitman Publishing Company, Racine, WI., 160 p. Snyder, John W., 1950, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1950: Government Printing Office, Washington, DC, 745 p. Figure 2. An attractive Series of 1934 $1000 star note from the Atlanta district, for which a total of 4800 were printed between 1934 and 1945 when the denomination was discontinued. Heritage Auction Archives photo. Paper Money * Nov/Dec 2021 * Whole No. 336 427 Confederate Bond Documents from the 1880s by Steve Feller On page 4 of The New York Times of September 18, 1865 there appeared this curious tale on Confederate Bonds: By the British steamer we have this morning a very amusing report of a meeting of Confederate bondholders in London. These sagacious and far- sighted capitalists have come to the conclusion that it is time for them "to inquire into the circumstances under which the loan was contracted." We should think it was quite time to inquire. It has been usual for lenders of money to make such inquiries a little earlier -- if anything; but that is a matter of taste with which we have no right to interfere. We are a little more concerned in another proposition advanced at the meeting in question. It seems that one of the bondholders -- a Mr. CHAMBERLAIN -- has just been advised by one of Her Majesty's Counsel, learned in the law, that the "Federal Government" is liable for the whole Confederate debt! "morally and internationally liable!" The London Star, commenting on the proceedings of the meeting generally, says: "The chairman did not attend at the London Tavern, but kept his own chair at home. This did not disconcert the bondholders in the least, as the heaviest of them wore also found to be conspicuous by their absence. A wag called Mr. SEBAG suggested that many bondholders stayed away because they did not wish to exhibit themselves in a stupid position as holders of Confederate bonds. The remark caused general laughter, because no one ever suspected the men who had backed the South to be excessively shamefaced. Taking a leaf out of the Comic Blackstone,' Mr. CHAMBERLAIN stated the 'opinion' of one of the most able of Her Majesty's counsel, whose name was for obvious reasons not mentioned, who for equally obvious reasons was not in town, and whose opinion was not written, but merely the oral contribution of his overflowing humor. The learned counsel thinks the Confederate States cannot be regarded as having been in rebellion so as to make the loan void. The point of this witticism is manifest. It is not a bold attempt to cast historical doubts upon a recent event, as might at first might be supposed, but is a subtle mode of relieving the bondholders of all further trouble. If there was no rebellion to make the loan void there was no rebellion to make the loan necessary; and if there was no necessity for a loan, there is still less necessity for bondholders bothering about the repayment of money which could not possibly have been advanced. However, the facetious counsel exhibits the subject in a variety of aspects. Granted, he says, that there was a rebellion and a loan. The loan was granted to a de facto government, and another de facto government having come in its place, must morally and internationally accept its burdens. Charmed with the view thus enunciated, and probably believing the thing to be all serious, a bondholder with the appropriate name of Mr. GREEN, jumped up and proposed that they should at once throw themselves at the feet of the President and Mr. SEWARD." The logic of Mr. CHAMBERLAIN and Her Majesty's Counsel is altogether sublime. But why should not Mr. CHAMBERLAIN put in a claim against the Federal Government for the sinking of the Alabama, and the losses suffered by the blockade-running interests during the war? Before throwing themselves at the feet of President JOHNSON and Mr. SEWARD, our suffering British friends should make out a full account of their losses. The cotton loan makes but a fraction of the amount. When they have made up the bill in full let them appoint Messrs. SANDERS and TUCKER, of Montreal, and Mr. GREEN, of London, special agents for its collection. There is no use in doing things by halves. But almost three years later on July 9, 1868 the Fourteen Amendment to the United States Constitution was ratified. Section 4 states: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void. This clause made all payments by the United States to retire Confederate debt impossible. But there were more than 75,000 Confederate bonds in Europe with a face value of $CS 60,000,000. Many of these bonds were held by prominent people and it was decided in London that there was strength in numbers. A bondholder’s association grew up to store the bonds and press demands for payment. This even, temporarily, increased their value on the London market. Shown below is an 1883 certificate of deposit for these bonds in the amount of $CS 5,000. Paper Money * Nov/Dec 2021 * Whole No. 336 428 Figure 1: Face of Confederate Bond Receipt issued in London, for Confederate Bonds, December 1, 1883. Paper Money * Nov/Dec 2021 * Whole No. 336 429 Figure 2: Back of a December 1, 1883 $CS 5,000 receipt. These receipts are known in the standard reference on Confederate bonds, Comprehensive Catalog and History of Confederate Bonds (Second Edition), see image. In that volume it is noted that the receipts were issued in denomination of $CS 5,000 to $CS 100,000. Figure 3: Cover of Comprehensive Catalog and History of Confederate Bonds (Second Edition) by Douglas B. Ball and Henry F. Simmons, Jr. (BNR Press: Port Clinton, OH) 2015. Figure 4: Confederate Bond Receipt for $CS 10,000, https://scripophily.net/international.html Paper Money * Nov/Dec 2021 * Whole No. 336 430 Based on an overprint on some of the receipts the standard reference notes that the organization was called the British Bondholders’ Committee. The receipts come in at least two styles. Here is another dollar receipt that list the individual bonds deposited: There are sterling receipts of a different design as well as indicated on the back of the dollar bonds. Figure 5: Back of Confederate bond receipt indicating a third type of bond receipt, in sterling. The bonds were stored on the premises of the National Safety Deposit Box Company Limited, London, see below: Figure 6: One Victoria Street London was the headquarters of the National Safety Deposit Box Company Limited. It was built in 1873. Paper Money * Nov/Dec 2021 * Whole No. 336 431 A great ad for this company is shown below. Figure 7: Advertisement for the new storage facilities at the National Safety Deposit Box Company, Limited London. Not one foreign country recognized the Confederate States as an independent nation, However, Great Britain and France granted it belligerent status, which allowed Confederate agents to buy arms and other supplies such as printing materials for currency and stamps. The Confederate plan was to hoard cotton, drive up its price and have money for these purchases. However, this plan was a failure in part because of an ever increasingly successful blockade that the Union Navy imposed on Confederate ports. Still bonds were sold to investors and sympathizers in Europe. Perhaps the most famous of these were the Erlanger Cotton Bonds. Three million pounds worth ($CS 15,000,000) were offered but about half that total was actually sold with 7% simple interest with coupons attached to the bonds. The bonds were denominated in pounds and French francs at 100, 200, 500, and 1000 pounds or 2500, 5000, 12,500, and 25,000 francs and could be redeemed in cotton. The price of the bonds fluctuated as did the currency. However, when the value of Confederate currency fell to $1 in gold to $1500 in Confederate paper currency in Richmond on May 1, 1865 the bonds continued to trade in London for up to a few pounds each. This was because of the (false) hope that the United States would pay the debt. By 1871 the bonds were quoted at one pound each and they lay dormant until 1879 when the bondholders’ association took up the struggle. By around 1885 that hope too had faded. The 75,000 bonds remained in storage for the association, surviving German bombing in WWII as well as floods on the Thames River. Paper Money * Nov/Dec 2021 * Whole No. 336 432 Figure 8: 200-pound CSA Erlanger bond. Figure 9: Closeup of the back of the 200-pound CSA Erlanger bond. On the back of the bond are two over stamps. They say 1. SUBJECT TO AN AGREEMENT DATED 25 September 1871 ENTERED INTO BY THE THEN HOLDER HEREON WHICH AGREEMENT IS DEPOSITED WITH MESSRS SPAIN AND ANDREWES This is followed by what appears to be an address in East Central (E.C.) London. The address is hard to read since the overprint and the bond printing are overlapping. 2. CONTRIBUTION OF 1/3 PER CENT PAID TO LONDON & COUNTRY BANK NO. 340 (for this bond the storage fee was (0.00333)(200) pounds or 0.67 pounds or about $3.33.) Paper Money * Nov/Dec 2021 * Whole No. 336 433 Fast forward to 1987 when the bonds were found in storage and consigned to Sotheby’s. The auction was held on November 24, 1987. All of the bonds were sold in one lot and the bonds physical weight alone was about 4000 pounds! The bonds had a large bulk and occupied 30 card packing cases. The lot generated several bids and sold for $623,000 or about $8.30 each. Here is the original lot description: The Property of United Kingdom Trustees 1. A Major and Extremely Extensive Archive of Unredeemed Bearer Bonds Issued by the Confederate States of America between 1861 and 1864, comprising over 75,000 individual certificates for numerous Loans authorized by Acts if the Confederate Congress, all with their original integrally-printed coupons for interest payments intact as appropriate; the great majority carefully rolled into bundles (and therefore requiring flattening for individual examination or display), protected by brown paper wrappers dated circa 1883 and all now housed in 30 card packing cases, with excellent representation of scarce or rare as well as common types, a small proportion impaired by water staining , corrosion, or other damage but otherwise generally very well-preserved, a highly interesting and probably uniquely large group Offered as a single lot, this exceptional holding represents the entire surviving portfolio of Confederate Bonds controlled by United Kingdom Trustees since the 1880’s. The original objective of the Trustees, to obtain a degree of compensation in respect of the outstanding Southern States Debt following the American Civil War, has long since been abandoned. Figure 10 & 11: Front and back cover of the one lot Sotheby’s auction of some 75,000 Confederate bonds. Paper Money * Nov/Dec 2021 * Whole No. 336 434 Figure 12: When these bonds were sold on the secondary market they came with certificates of authenticity. These bonds are now in the secondary market and usually sell for tens to up to hundreds of dollars each; the Erlanger bonds being premium items and can exceed $1000. Ironically, the bond’s market value approaches and, in some cases, exceeds their face value! Paper Money * Nov/Dec 2021 * Whole No. 336 435 The 1964 legalization of owning Gold Certificates Purpose Owning gold certificates was legalized on April 24, 1964, by Secretary of the Treasury Douglas Dillon. This is the story behind his action. Gold Confiscation Order President Franklin D. Roosevelt issued executive order 6102 on April 5, 1933, the purpose of which was to require everyone to turn in their monetary gold to the local banks; that is, their gold coins not having recognize collector value, gold bullion and gold certificates. The banks would then forward these items to the Federal Reserve banks. The purpose of his order was to free up the gold that had been hoarded and to get it into the hands of the federal government where it could be used to inflate the currency supply and do some good. The order was issued a month and two days after FDR took office. It represented the first concrete step taken by the government to take the United States off the gold standard. The banking system in the country was imploding when FDR took office on March 3, 1933. At 1:00 am Monday March 6, thirty-six hours after being sworn in, FDR issued a proclamation ordering the suspension of all banking transactions. This launched a bank holiday that “would permit the country to calm down and allow time for the enactment of remedial legislation” (Burns 1974, p. 36-37). Secretary of the Treasury Ogden Woods, a Hoover appointee, knew bold action was required and had Treasury officials draft remedial legislation in advance of Roosevelt’s term. This bill, called the Emergency Banking Relief Act, was introduced to a joint session of Congress on March 9th and passed at 8:30 that evening without a single dissenting vote. Roosevelt’s confiscation order was promulgated under the authority conferred upon him by Congress in that act. Roosevelt’s confiscation order was followed by an executive order on August 28th prohibiting anyone other than a Federal Reserve bank to acquire, hold or export gold except under license. The Gold Reserve Act of January 30, 1934, withdrew gold and gold certificates from circulation and ceded title to the gold in the Federal Reserve banks to the United States. The Secretary of the Treasury was given authority through the legislation to issue rules and regulations to carry out these objectives. Henry The Paper Column Peter Huntoon Figure 1. Confiscation of this note along with two $10s by the Secret Service in 1963 set off a chain of events that led to the lifting of the ban on owning gold certificates Paper Money * Nov/Dec 2021 * Whole No. 336 436 Morgenthau Jr. assumed that post from Ogden Mills on January 1, 1934. Important to this discussion is that the authority to issue rules and regulations pertaining to gold remained vested in the Secretary of the Treasury thereafter. Holding of Gold Certificates Legalized C. Douglas Dillon was appointed Secretary of the Treasury by President John F. Kennedy on January 21, 1961. He remained in that office until April 1, 1965, under President Lyndon B. Johnson following the assassination of President Kennedy. Dillon amended the gold regulations on April 24, 1964, to allow the public to hold gold certificates. His rationale was laid out as follows in his final annual report to Congress as Secretary (Dillon, 1965, p. 95). An amendment to the Gold Regulations was issued on April 24, 1964. This amendment constitutes a general license for the holding of all gold certificates issued prior to January 30, 1934. It will ease the problems presented by collectors of paper money who wish to hold these historic pieces. A Modest Banker in Virginia Dillon’s monumental ruling in favor of numismatists did not materialize out of thin air. The backstory was developed and published by Edward Walter in Coin World (Walter, 2005). Here is that story. W. Earl Allen, a collector and president of the Bank of Chatham, Virginia, received a visit on October 29, 1963, a Tuesday, from Walter H. Young, a Secret Service agent based in Richmond. Agent Young advised Allen that he was in violation of the law by possessing three large- size gold certificates. Allen had some gold coins and the notes that he kept at the bank that he enjoyed showing to visitors. He was especially proud of the colorful gold notes, which had been given to him by close friends. How the Secret Service learned of the notes was not disclosed. Allen persuaded the agent to allow him to check on the matter with his friend William M. Tuck, a former governor of Virginia and current Congressional Representative from Allen’s district. The agent acquiesced and left without confiscating the notes. Upon being contacted by Allen, Representative Tuck immediately enlisted the help of senior Virginia Senator Harry Byrd. Within two weeks, Allen, Tuck and Byrd were well informed that indeed it was illegal for Allen to possess the notes. Allen wrote to Agent Young on November 18th advising that he acknowledged that the agent’s claim was valid and he would reluctantly turn the notes over to him. He received a reply dated December 11th from Special Agent in Charge Norwood G. Greene at Richmond requesting that he surrender the three notes directly to Greene. Allen sent them to Greene by registered mail on December 31st. No penalties were assessed because no criminal intent was involved. Included were two Series of 1922 Speelman-White $10s bearing serials K47390206 and K47390237, and one 1922 Speelman-White $100 N2033799. Senator Byrd happened to be chair of the Senate Finance Committee. Of course, he was very well connected with Secretary of the Treasury Douglas Dillon so when he brought the situation to Dillon’s attention, Dillon was amenable to considering it. Dillon agreed that the regulation against holding gold notes made little sense in 1963 and took swift action to remedy the situation. On April 23, 1964, Dillon had the Treasury Department prepare the following press release. Figure 2. Chatham, Virginia, banker W. Earl Allen’s pursuit of his confiscated notes initiated the lifting of the ban on owning gold certificates. Original photo appeared in the April 11, 2005, issue of Coin World, and is published with permission. Paper Money * Nov/Dec 2021 * Whole No. 336 437 Treasury Removes Restrictions on Untied States Gold Certificates Issued before 1934 The Secretary of the Treasury today issued Regulations removing all restrictions on the acquisition or holding of gold certificates which were issued by the United States Government prior to January 30, 1934. The main effect of this action will be to permit collectors to hold this type of currency. The restrictions which are being eliminated are considered no longer necessary or desirable. Under the laws enacted in 1934, these pre-1934 gold certificates are not redeemable in gold. They will, of course, continues to be exchangeable at face value for other currency of the United States. Upon receiving this good news, Allen wrote to Greene on May 1st asking if the notes could be returned. They were mailed back to him on June 1st. The formal amendments made to the gold regulations appear in Dillon (1964, p. 366-368), which can be viewed using this link. https://fraser.stlouisfed.org/files/docs/publications/treasar/AR_TREASURY_1964.pdf Sources Cited Act of March 9, 1933, An act to provide relief in the existing national emergency in banking, and for other purposes: Public Law 73-1, 73d Congress, H.R.1491 Burns, Helen M. 1974, The American banking community and New Deal banking reforms, 1933-1935: Greenwood Press, Westport, CT, 203 p. Dillon, Douglas, 1965, Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1964: U. S. Government Printing Office, 711 p. Walker, Edward, Apr 11, 2005, Banker's efforts strike gold: Coin World, p. 102-103. Figure 3. Senator Harry Byrd (left), chairman of the Senate Finance Committee, took the case of the ban on owning gold certificates to Secretary of the Treasury C. Douglas Dillon (right), who quickly lifted it in favor of collectors in 1964. Wikipedia photos. Paper Money * Nov/Dec 2021 * Whole No. 336 438 The Hereford National Bank / The First National Bank of Hereford – Charter #5604 by Michael Saharian My mouth began to water for a thick, juicy steak when I learned there was a city in America named for a breed of beef cattle. Hereford (HUR-furd) is located 48 miles southwest of Amarillo, in the southern portion of the Texas Panhandle in Deaf Smith County. Herefords have taken their name from the county of Herefordshire, a historic agricultural region of England where this breed has evolved. Early Hereford breeders moulded their cattle with the idea in mind of a high yield of beef and efficiency of production. More than 5 million pedigree Herefords exist in over 50 countries. Per the Texas State Historical Association, the first Herefords were introduced to America by politician Henry Clay in 1817. In 1876 some of the first Herefords arrived in Texas, and were introduced into the Panhandle in 1883. Enough bull! The Hereford National Bank was organized by a group of twelve businessmen, farmers and ranchers on September 29, 1900. The bank was chartered on October 23 and opened for business November 1, 1900. One of the 12 organizers and the first president of The Hereford National Bank was John Edward Ferguson (1858-1931), who was born in Sedalia, MO. A staunch Democrat, he was elected and served the county as judge in 1893-1894. In 1900 Judge Ferguson sold his ranch and became a resident of Hereford, where he began working for the bank. He resigned in June of 1905, but retained his stock and continued to make Hereford his home for many more years. Fagan J. Clinkinbeard (1875-1956) was the first cashier of The Hereford National Bank and one of the 12 organizers. After cashiering for only a year in Hereford, he resigned and in 1904 became cashier at the First National Bank of Norton, Kansas. He also worked at banks in Baxter Springs, KS and Windsor, MO. It appears Mr. Clinkinbeard’s first name was derived from his mother’s maiden name, Lila Fagan. A January 17, 1902, article in The Hereford Reporter stated “Cashier F. J. Clinkinbeard has resigned to accept a similar position much nearer to home. County Clerk F. B. Fuller, at the January 14th bank director’s meeting, was elected to fill the vacancy made by Mr. Clinkinbeard’s resignation.” Francis Bartow Fuller was born in Sugar Valley, Georgia on January 29, 1862. He was born while his father was killed fighting for the Confederate Army, and never saw his son. After riding the range for 15 years, Mr. Fuller was elected district clerk by the people of Hereford in 1898, serving in that capacity for four years. He then became interested in The Hereford National Bank, which he helped to organize, and held the position of cashier for five months. On July 4, 1902, The Brand newspaper reported “F. B. Fuller has resigned his position as cashier of The Hereford National Bank and accepted a position with the new banking firm Smith, Walker and Co.” From 1903-1907 Mr. Fuller was the cashier of The Western National Bank of Hereford, before moving to California, where he organized the El Centro National Bank. This financial institution of the Imperial Valley opened its doors March 6, 1909, and Mr. Fuller became its first and only president, before being absorbed by The Southern Trust and Commerce Bank of San Diego in 1920. At that time, he became vice-president of The Southern Trust, remaining in that capacity until his death on October 18, 1926. The second president of the bank was John Lee Fuqua (1866-1948), a native of Tupelo, MS, who assumed the duties of the office on July 1, 1905. During J. L. Fuqua’s presidency, on March 16, 1906, The Hereford Brand paper printed a front-page story reporting The Hereford National Bank will be changing their name, due to the increase in the volume of their banking business. The paper stated, “Their capital stock has been increased from $25,000 to $50,000 and the name of the institution has been changed to The First National Bank of Hereford, TX.” J. L. Fuqua continued as president with the newly named bank for 5 more years, before resigning in 1911 to trade cattle and dabble in the real estate market. Paper Money * Nov/Dec 2021 * Whole No. 336 439 The bank announced in October of 1902 that Cavitt Watson Dodson (1871-1964), who was born in Robertson, TX, had become the new cashier. Mr. Dodson remained with the bank for 7 years, until one Monday morning he did not appear at the window, leaving customers inquiring of his whereabouts. They learned he had placed his resignation in the hands of the bank officials some weeks ago, but same was not accepted and did not become effective until the time stated, which was May 21, 1909. When asked why he resigned, Mr. Dodson replied “I think I have served my time behind the bars and that I need the rest and change of work.” After the resignation of Mr. Dodson, the position of cashier was vacant for 18 months, when in December of 1910, J. J. Gallaher accepted the position of cashier. James Joseph Gallaher was born on a farm near Savoy, TX in Fannin County on February 29, 1872. When he was eight years of age, his father and sister were killed by a tornado. It was a priority of his father for his son to have a good education, which he did, when he graduated from Grayson College at Whitewright in 1891. During this time, he became an expert penman and a few years later was made a Mason. His first venture into business was as owner of a drug store in Savoy. His obituary appeared in the Waco News-Tribune on October 23, 1952, stating “His beautiful penmanship, much of it still evident in Masonic documents, took Mr. Gallaher out of the drug business. A banker glanced at a receipt the druggist had given him and told the young store owner: You belong in a bank. The drug store, which had been purchased by trading a farm, was sold and Mr. Gallaher went into the banking business.” Serving for two years as cashier of The First National Bank of Hereford, J. J. Gallaher resigned in February of 1913, but remained as one of the directors. He then became involved with a bank in McKinney, TX and in 1919, became the vice-president of The First National Bank of Marlin, TX. While in Marlin, Mr. Gallaher was elected as Grand Treasurer of the Masonic Lodge in 1936 and moved to Waco. One of his Masonic duties was in taking over the Grand Lodge Library and filling it with many rare volumes on Texas, much of which was compiled and catalogued by Mr. Gallaher. He died on October 22, 1952, in Marlin at the age of 80. Both bank titles issued 56,544 National Notes (1882 Brown Backs, Date and Value Backs, and Plain Backs), totaling $706,800. The First National Bank of Hereford issued 14,036 small size National Notes, totaling $167,270. Track and Price documents 14 large size National known for charter #5604 and 14 small size National known, all of which are the type 1 variety. No National Notes are documented in the census from The Hereford National Bank. Track and Price lists the 1902 $20 Plain Back note as the only large or small uncirculated National Note in their census. The note has the pen signature of cashier E. B. Posey, a native of Ellis County, TX. Ellis Benton Posey (1885-1957) started his banking career in 1905 as a janitor-bookkeeper at the Hollis, Oklahoma State Bank. He married Louella Fuqua (1885-1974), before coming to Hereford and accepting the position of bookkeeper at the First National Bank of Hereford in 1907. In June of 1909, Mr. Posey was elected as assistant cashier and promoted to cashier in February 1913. At the annual meeting of stockholders in March of 1917, E. B. Posey was chosen as active vice- president and his brother-in-law, A.S. Fuqua was elected as the new cashier. Absalom Stovall Fuqua, who was also the nephew of the past president J. L. Fuqua, resigned in 1918 after only one year with the bank. E. B. Posey relinquished his position as vice- president and once again, assumed the duties of cashiership until his resignation from the bank in April of 1936. From 1939 through 1947, he served as manager of the Hereford Chamber of Commerce, promoting diversification in Deaf Smith County during the 1940’s, and was instrumental in bringing major vegetable producers to the area. The note pictured was stamped signed by George Leith Muse (1873- 1954), who was the last president of The First National Bank of Hereford during the National Bank Note Era. Mr. Muse also served as deputy sheriff and county commissioner. Per his obituary, which appeared in the February 25, 1954, The Hereford Brand paper, “Starting out as a homesteader, Mr. Muse enlarged his interests until he Paper Money * Nov/Dec 2021 * Whole No. 336 440 became a rancher, was president of The First National Bank from 1917 until 1942; and was lead of the National Farm Loan Association in Hereford from 1938 until 1950, when he retired.” The bank continued to operate past 1935, showing steady growth up until 1959, when its assets were $10 million and its loans $5 million. In 1980, the bank was number five in the state in dollar volume of agricultural loans, at 35 million, with total assets of $81 million. In 1995 The First National Bank of Hereford consolidated under the charter of The First National Bank of Perryton, TX and under the title FirstBank Southwest, N. A. Today the bank operates under the name FirstBank Southwest. After a railroad passed through the area in the late 1890’s, a town called Blue Water was created. When postal authorities discovered there was already a town in Texas named Blue Water, settlers changed the name to Hereford in 1898. Because of the proximity to the railroad, residents of Deaf Smith County chose Hereford to replace La Plata as the county seat. Deaf Smith County was named after Eratus Smith, a noted Texas scout, guide, and indian fighter. On March 13, 1836, General Sam Houston dispatched Smith to San Antonio to determine the fate of the Alamo Garrison, where Mexican forces had killed all the Texas soldiers, including pioneer Davy Crockett. “Deaf” Smith earned his place among Texas heroes with his exploits in the final battles of the Texas Revolution. Simply known as “The Texas Spy”, Smith had a childhood disease resulting in his loss of hearing. From the town’s beginning, the plentiful groundwater supply was a major attraction to newcomers to the area, and in 1910 the first successful irrigation well was sunk in the Ogallala Aquifer. In 1948 Hereford began having the reputation as the “Town Without a Toothache”, when a local dentist attributed dental health in the area to natural fluoride in the water. The “Town Without a Toothache” was even an answer posed by Alex Trebek in a 1995 episode of Jeopardy. A surge in agricultural production came in the decade of the 1960’s with the building of a sugar refinery and the introduction of cattle feeding and related industries. With this surge, the population of Hereford rose from 6,750 in 1960 to 15,850 in 1980, per the United States Census. Speaking of population, there are more than 1 million cattle fed within a 50-mile radius of Hereford. Gratitude goes to all the past collectors who preserved this beautiful note from this small cow town in the big state of Texas. If a little, old lady ever asks you “Where’s the beef?”, tell her the “ Beef Capital of the World, Hereford, Texas!” Paper Money * Nov/Dec 2021 * Whole No. 336 441 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Soldiers as Entrepreneurs? About twenty years ago I heard about some GIs playing with unfinished 20 Reichsmark notes during the post-WWII occupation of Germany. The story was that they were spending the notes. The wartime notes remained legal tender until the 1948 currency reform, when they and the Allied military marks were replaced in the western sectors of Germany with series 1948 “special Army currency.” In the Soviet sector, notes were quickly decorated with revalidation stamps (gummed perforated postage-like labels) until the Soviets were able to print a new series of notes to replace the Reichsmarks and AM marks in their sector. There was not a lot of information to go with the rumors. Specifically, where had the illicit notes been obtained and how close to being finished were they? I began to examine closely every Rm20 note with the Siemens portrait that came into my hands. Finally at the ANA convention in Sacramento in 2011 a note showed up in Ralph Muller’s stock that was decidedly strange (figure 1). The note is definitely not all there. Figures 2 and 3 show the watermarks in a completed note of the period and the note in hand. They match, so the paper is legitimate (at figures 8 and 9 you can See Boling page 446 Location, location, location part two I was shocked to read of the passings of Fred Reed, Rocky Rockholt, and Gerome Walton in the previous issue. I knew all three. I suppose that is not a surprise since they were indeed, as the headline said, “Three Giants.” Fred recruited Joe and me to do this column. How many years ago was that? Too many of course, but it seems like it was only last month. [Our first column ran in September 2012—Joe.] Rather amazingly, I specifically remember the first Fred and Fred meeting. It was at a banquet or luncheon event at an American Numismatic Association convention. Not only do I remember the meeting, but I also have a photograph of the meeting! The photo includes many paper money personalities. The bad news is that I cannot find it. I have spent a long time looking for it. I know that I have a scan of it because I have used it here in Paper Money. Indeed, I think that Fred used it in a piece about the history of the society. When I find that photo, I will work it into a future column. Sorry. Fred was attending his first convention. He had very recently been hired by Coin World. I do not recall that Fred was particularly a paper money specialist at the time. Later he became enthralled with Civil War encased stamps. He dug deep into the subject and eventually authored the ultimate book on the subject with the straightforward title: Civil War Encased Stamps: The Issuers and Their Times: That New Metallic Currency. Fortunately in the aforementioned search I found the publicity photo that Fred had made of himself in Civil War uniform. Paper Money * Nov/Dec 2021 * Whole No. 336 442 Rocky Rockholt and I both collected too many things. Our interests intersected with Department of Agriculture food coupons—food stamps. It is an interesting little type of paper money. We had fun talking about and swapping coupons at Memphis paper money shows! Rocky is the subject of one of my favorite paper money travel stories. I do not remember the year, but it must have been in the 1980s. The first person I met in the hotel lobby was Rocky. We shared our mutual excitement about the event over a beverage. Rocky remarked how busy the hotel was and specifically how much busier it was than a week earlier. In response to the questioning look on my face, Rocky reported that he had been there at the hotel a week before. No, he did not have other business in Memphis, nor had he come a week early out of enthusiasm. He had simply made a mistake and traveled a week early. We laughed about his mistake every time we met thereafter. In all honesty, I am delighted to know someone else who made such a mistake because it helps me keep my own disasters in perspective. Surprisingly I also remember the first time that I met Gerome Walton. It was in 1978. I was tending my bourse table at the ANA convention. Gerome had just completed his monumental and now classic History of Nebraska Banking and Paper Money. We chatted for quite a while as he showed me highlights of his work. It was all quite remarkable for 1978. Of course I bought a copy of the book for myself and a few for resale. In more recent years I got more interested in national bank notes than I had been in 1978, and enjoyed talking about them with Gerome in Colorado Springs, where he taught the subject with Peter Huntoon at the ANA Summer Seminar. Over the decades since 1978, I have thought many times about how Gerome’s book took paper money catalogs to another level, and I used that as an inspiration to strive for more innovations. Fred, Rocky, and Gerome—thank you. Last time we talked about, among other things, collecting United States defense and war savings bonds like national bank notes, by state. After I caught my breath from working on that issue, I started thinking about what else do we, or might we, collect by state and territory? The answer was obvious, though it took me a bit to think of prisoner of war chits! During World War II, more than 400,000 prisoners of war were held in the United States. They were paid to work. The pay was in chits. We actually skirted this topic here in “Uncoupled” when we discussed checks paid to POWs upon repatriation. All of this is little-known to most Americans and not even particularly well known by paper money collectors! You certainly recognize by now that these are characteristics that attract me to collect something. In spite of the attraction, I have never been a serious collector of POW chits except for the home town chits—more on those later. Still, I have quite a few chits that I have accumulated because they are so darn interesting. Sadly, there is another aspect making this topic appropriate. SPMC member and POW chit collector (among many other things) Dan Freeland (1949- 2021) went to the great bourse in the sky on 17 April 2021. Dan was best known as a collector of Michigan national bank notes. He had an advanced collection thereof, which will appear in a future Lyn Knight auction. Obviously, I do not like the circumstances, but I look forward to having a catalog as a record of his collection. Dave Frank is the author, with Dave Seelye, of The Complete Book of World War II USA POW & Internment Camp Chits. When I asked Dave about Dan’s activities related to collecting POW chits, Dave sent me the following: Dan Freeland was a collector in many areas especially related to his home state of Michigan. I met Dan at the Summer Seminar military class in 2004. Knowing of my interest in POW chits, he asked if there were camps in Michigan and which ones issued chits. There were only two camps that issued chits, Owosso (only one known) and Fort Custer. Dan asked if I would help him find a Fort Custer chit. Six years later I found a few, and sold Dan one which eventually started him Paper Money * Nov/Dec 2021 * Whole No. 336 443 collecting POW chits. Dan soon realized that trying to collect everything would be very difficult, especially with other collectors like David Seelye, Larry Smulczenski, and Garry Arva already doing that. So Dan decided to try to collect at least one from every state that had a camp that issued chits. With my help and others, Dan was able to collect 41 of the 46 states that issued chits. He lacked only Alaska, Delaware, Ohio, Wisconsin, and Utah. On March 2, 2021 only a month before his passing he added Washington to his collection. When I first thought of the POW chit topic for this column, I thought that I could provide a service by giving you a list of the states where chits were issued. I knew that they were widespread, but I did not appreciate that 46 of the 48 World War II states had POW chit issues. The better approach is to give the bad news by telling you which states had no chits: Vermont and Nevada: no chits or claims to chits Montana: no chits in its own name, but 15 subcamps to the base camp in Rupert, Idaho. I told you last time about my problem (aka compulsion) with collecting my home town. I have been able to avoid the “entire state” compulsion, but for Port Clinton, Ohio, notes, that is another matter. Camp Perry, Ohio, is six miles west of Port Clinton. The post office for Camp Perry is Port Clinton. During World War II, when soldiers stationed at or passing through Camp Perry “went to town,” they went to Port Clinton. That just does not seem possible. Many fishermen and boaters vacation in Port Clinton today, but I am quite certain that soldiers going to town were not looking for fishing or boat rides. Camp Perry was the base camp sponsoring camps in Ohio and Indiana, and the only Ohio camp to issue chits. It took me a long time to find my very first Port Clinton national bank note, though I cannot tell you how many years. Compared to Camp Perry POW chits, national bank notes were easy. It took more than forty years of looking before I got an opportunity to obtain one chit! You can be sure that when I got the chance, I grabbed the two pieces—1 cent and 5 cents—that were offered! At least one 25 cents Camp Perry chit exists in a collection. More specifically, it is in the late David Seelye’s collection. Much of David’s holdings are being sold, but the POW collection is being held intact. When David Seelye was alive, I tried very hard to get that chit from him without getting close. If I ever get a chance at it, I will certainly let you know! Along the same line, if you run into any Camp Perry POW chits, please do contact me! Caution: Camp Perry also had PX chits. They do not have POW text. I have deliberately kept you waiting to find out about territorial POW chits. Yes, Alaska and Hawaii had chits, and examples are known from both although both were “discovered” only in the past ten years! Excursion Inlet, Alaska, is about 38 miles west of Juneau. The POW camp was not opened until 1945. No chits were known—or even rumored—until 2013. It was a classic “buy it now” moment. Dave Frank was sitting in front of his computer and as if by magic his eBay search thrust the listing before him. He bought it instantly. Only a few weeks later Dave was at MPCFest XIV. The buzz of the assembled throng was about the first ever Alaskan POW chit that had appeared and disappeared on eBay in less than a minute. I suspected that Dave was the buyer from the beginning. He has a sharp eye for POW chits and is a whiz on eBay. Still he denied it. He was scheduled to give a program (at MPCFest we call them staff briefings) having to do with prisoner of war money. The buildup could not have been better. He confessed his sin of misleading us and presented the Excursion Inlet chit! The discovery of the first Hawaii POW chits is similar to that of Alaska, with two important differences. The discovery was of a booklet rather than of a single chit. The booklet was found on eBay by Garry Arva. Garry sold sets to Dave Frank and a few other collectors. Additionally he sold some singles as well. Later Garry sold his Paper Money * Nov/Dec 2021 * Whole No. 336 444 POW collection to David Seelye and that is where the balance of the booklet went. The chits in question simply state “POW canteen check” and serial number 5381B. There is no indication of the issuing camp identity on the chit! The booklet cover is the critical piece of evidence, and there is only one of those, but it is immortalized in the Seelye/Frank book named above. I was about to write that this concludes the “location, location, location” theme when I thought of another possibility. If I can get it together, I will share it with you next time. Boling continued: also see the silk threads in the paper). But figures 4 and 5 show that the embossing over most of the watermark tab is missing from the unfinished piece. Figures 6 and 7 show that the finished note has a somewhat more colorful texture. Figures 8 and 9 show why—the variable tint used as an underprint is missing from the note in figures 7 and 9. What’s really unusual about this particular unfinished piece is that it has a serial number—and the font of that number is quite different from the finished piece (figure 10). Fig. 2 Fig. 3 Fig. 4 Fig. 5 Fig. 6 Fig.7 Fig. 8 Fig. 9 Paper Money * Nov/Dec 2021 * Whole No. 336 445 At figures 11 and 12 you can see the appearance that the serial on the spurious piece seems to have been printed through a piece of fabric. Figure 13 is the lower right corner of a sheet of the unfinished notes—lacking the serial number. Figure 13 is the way these notes are often seen. Others are fully trimmed, but otherwise not further finished. The serial numbered piece is the only one I have encountered. Typically these notes are described as proofs when offered for sale, but they are actually only part way through the manufacturing process. By the end of the war the Reichsdruckerei (equivalent of the US Bureau of Engraving and Printing) had been forced to sublet printing work to several commercial printers, both in Berlin (its home city) and in other locales. This information is contained in the digitized records of the Office of the Military Government of the United States (OMGUS), accessed by James Downey and made available to me in 2013. The only subsidiary printer assigned to print Rm20 notes who was able to actually perform the work before either being destroyed by air raids or overtaken by the surrender was E. Zander, in Berlin. The OMGUS records show that this company’s plant was occupied by Russian troops for some time. Since it was apparently in the part of Berlin controlled by the Soviets, I assume that non-Soviet investigators were unable to access it, which means that whoever placed unfinished notes into circulation were not GIs after all. The Soviets printed far more than their quota of AM marks and distributed them to the troops without regard to the damage that their spending would inflict on the recovering German economy. It is not unreasonable to believe that these partly- printed Reichsmark notes were part of that program—particularly the ones with serial numbers added, which gave them every appearance of legitimacy. If a second piece with a serial number appears, I will be interested to see if it matches mine. The “printed through fabric” numerals may actually have been applied by silkscreen, although nothing else in their microscopic appearance suggests that. Please watch for more of these almost- finished notes with the strange serial numbers, and contact me if you find one. Joeboling@aol.com Fig. 10 Fig. 11 Fig. 12 Fig. 13 Paper Money * Nov/Dec 2021 * Whole No. 336 446 REVIEW The Future of Money: How the Digital Revolution is Transforming Currencies and Finance, by Eswar S. Prasad* Any collector of paper money at some point hankers after broader discussions about the nature and significance of money. For the most part, such discussions in hobby and hobby-adjacent publications take two forms. Either they give a breathless account of some latest permutation in the world of crypto, or they bang on about the old-fashioned virtues of gold and silver in contrast to the inflationary perfidy of political authorities. Common to both kinds of writing is a suspicion or even contempt for what is archly labeled “fiat currency” or, in other words, the ordinary money that most people use on a daily basis, whether as coin, paper, or electronic bits. In these discussions, poor fiat currency either comes off as hopelessly obsolete or irremediably corrupted. It’s not that I’m allergic to either thesis. It’s just that, in the settings that I encounter them, such arguments sound too much like cheerleading for the writers’ favorite asset classes in which they might well have, so to speak, some pecuniary interests of their own. It is thus gratifying to encounter a book that promises a fair-minded tour d’horizon of how recent technological and regulatory developments are contributing to the advent of cashless societies. The emergence of Bitcoin, while an important part of this story, is only the beginning. For a lucid introduction to the proliferating varieties of crypto as well as central bank digital currencies (CBDCs), and to broader issues in financial technology (Fintech) and decentralized finance (DeFi), Eswar Prasad’s volume is the book for you. Prasad documents the ongoing changes that are rendering modern societies effectively cashless. Some of these changes will be incremental in significance, and some will be transformative. A lot of this depends on whether or not you already live in a rich country with stable money and a well-developed financial system. Whether Bitcoin and other brands of private crypto survive in a world of CBDCs remains to be seen. What may well be most significant development is not the emergence of any particular crypto asset, but the digital architecture that makes such assets possible. In particular, as Prasad explains, the distributed ledger technology of which blockchain is but one example will give rise to new and innovative forms of property ownership and smart contracting. Indeed, it is no stretch to imagine the market for collectibles being transformed by the advent of tradeable property rights in an underlying, and very expensive, tangible asset. In some not-so-distant future, an 1890 Grand Watermelon $1,000 bill might sit safely in some custodial vault while collectors/investors buy and sell fractional ownership shares in the note, the pattern of their transactions recorded and validated on a distributed online ledger. If this sounds slightly repugnant to traditionalists, recall that hobbyists are already quite happy to build online registry sets reflecting their collecting interests. It seems only a small step from that to constructing entire portfolios consisting of nothing but tradeable shares in various prestige numismatic collectibles. Cash is dwindling, and that makes me nervous. I did come away from Prasad’s book feeling slightly less queasy at the prospect of living in an increasingly cashless society. For one thing, physical cash is just too useful to ever really go by the wayside. I think of cash like I do the role of bicycles in our transportation network. For the most part, we prefer to get around using trains, planes, and automobiles. Still, there will always be some need for the simple versatility of pedal-pushing at the local level. Likewise, there will always be occasions for using paper and coins within the wider system of payments. I’m not unmindful of the libertarian skepticism regarding the competence or good intentions of governments when it comes to providing a well- functioning monetary system. The end of cash could give governments a degree of control over our lives that we may come to regret. Yet, accepting Dostoevsky’s dictum that “money is coined liberty” doesn’t necessarily imply that we could ever achieve complete freedom by forging a monetary system beyond any government’s control. It is a truism of economic sociology that the use of money substitutes for trust in human interactions. Yet as Prasad underscores in his account of cryptocurrency development, no private digital money can thrive without creating some structure of authority that would engender trust in the new medium. For all the self- policing ingenuity of cryptocurrencies’ distributed design, it will require some measure of legitimate, and decidedly un-anarchic, governance before Bitcoin and its imitators can scale up to be anything more than niche speculative fads or a means for paying off ransomware hackers. Until then, fiat currencies will remain the only game in town. *Harvard University: Belknap Press, 2021. $35 (446p) ISBN 978-0-674-25844-0. Chump Change Loren Gatch Paper Money * Nov/Dec 2021 * Whole No. 336 448 The front of the Type-40 Treasury note endorsed by Maj. G. R. Fairbanks, Quartermaster. image: Randy Shipley Maj. George Rainsford Fairbanks Hospital Quartermaster In early June of 2016 I had just received the first airlifted copies of my new book, Confederate Quartermasters, Commissaries, and Agents, and I drove my old Corvette coupe, sans air conditioning, from Colorado to the International Paper Money Show at Memphis, Tennessee. One of the new copies was reserved for Randy Shipley. We met at the show, and drove from Memphis to his home in Mooresburg, Tennessee. I enjoyed the hospitality of Randy and his wife, Angie, for several days, and we had long conversations on the deck of his house which overlooked verdant forests on hillsides rising steeply from the edges a vast lake. We watched bald eagles, bluebirds, herons, turtles, fireflies at night, and the many other critters which called this sparsely populated area home. Randy and I shared a deep appreciation for the history that you hold in your hand with a Confederate Treasury note. Randy was one of the five founding members of the Trainmen, and with his deep knowledge of the endorsements on the interest bearing notes, I had asked him to write the introduction to my book. One of his prized discoveries is a unique note signed by Maj. G. R. Fairbanks, Quartermaster to Atlanta area hospitals. It is also an exceedingly rare triple issue by a deputy collector, a commissary agent, and a quartermaster. The Quartermaster Column No. 21 by Michael McNeil Randy Shipley and Mike McNeil, June 2016, at Mooresburg, Tennessee. image: Angela Shipley Paper Money * Nov/Dec 2021 * Whole No. 336 449 This rare triple issue reads: “Sept 20 1862 W. T. Goodwin Dep(uty) Coll(ector) Issued Oct 17/ 62 C F Stubbs Com(mis)s(ary) ag(en)t CSA Issued May 4 1863 G. R Fairbanks Maj & QM” George Rainsford Fairbanks was born in Watertown, New York on July 5th, 1820 and died in Sewanee, Tennessee in 1906. He graduated from Union College at the age of 19 and studied law. After marrying Sarah Wright in 1842, he moved to Florida, taking a job as the Clerk of the Superior Court of East Florida. He learned Spanish to read the first-hand accounts of the early explorers of Florida, and in 1858 he published his first book, The History and Antiquities of the City of St. Augustine, Florida. Fairbanks later became involved in politics and was elected a Florida Senator.1 1862 Fairbanks was appointed on November 10th as a Major & Quartermaster reporting to Gen’l Braxton Bragg. Special Order 72, Article VII, dated December 24th at Murfreesboro, Tennessee, from Gen’l Geo. G. Garner, A.A.G., temporarily assigned Fairbanks to duty in the Inspector General’s Department and directed him to proceed to Vicksburg, Mississippi. 1863 A voucher dated March 11th at Atlanta, Georgia noted that Fairbanks received payment from Maj. J. F. Cummings for “the hire of A very rare triple issue by a depositary, a commissary agent, and a quartermaster. image: Randy Shipley George Rainsford Fairbanks, by G. P. A. Healy, 1858. image: The University of the South Paper Money * Nov/Dec 2021 * Whole No. 336 450 Negro Slaves,” whose owners were paid at the rate of $1.25 to $1.75 per day. On April 14th Maj. McMicken, Chief Quartermaster at Tullahoma, Tennessee, wrote that Gen’l Johnston had ordered Fairbanks to report to Gen’l Bragg for duty. In another letter of this timeframe Fairbanks noted that Gen’l Bragg had assigned him to duty as a Quartermaster to hospitals. Those hospitals were in Atlanta, Georgia, a city soon to be in the sights of Union General W. T. Sherman. 1864 On April 20th Capt. B. F. Bomar paid Fairbanks his salary for the months of September to December, 1863. Requisitions for forage placed Fairbanks in Atlanta during the period from September 23rd, 1863 to July 15th, 1864. These requisitions were paid by Quartermasters H. T. Massengale and J. G. Michaeloffsky (a name which came to life in Quartermaster Column No. 14). Sherman’s advance on Atlanta provoked an exchange between Fairbanks and Quartermaster Gen’l A. R. Lawton on August 13th in which Fairbanks had received a recommendation from Gen’l Johnston to relocate the hospitals; Chief Quartermaster McMicken agreed. The hospitals were moved south, near Macon, Georgia, and Fairbanks wrote a requisition for supplies at Ocmulgee (near Macon), Georgia. This was a prudent move as Sherman’s troops captured the railroad between Atlanta and Macon on August 31st, and Atlanta fell to Union forces on September 2nd. In a letter of September 17th Fairbanks noted that his appointment of November 10th, 1862, had yet to be confirmed by the Confederate Congress. Fairbanks wrote a long letter on November 5th on the status of the five hospitals moved from Atlanta and now located in tents in the Macon area, and that is the last time we hear from him in his National Archives file. 1865 Maj. Fairbanks’ commission was confirmed by the Congress on February 2nd, 1865. There are no parole documents in his file, but we know that soon after the war Fairbanks became a founder of The University of the South in Sewanee, Tennessee, and this brings us back to Randy Shipley. The wonderful images of Fairbanks featured in this column were licensed for use in the new book by DebbieLee Landi, the Director of University Archives and Special Collections at The University of the South. Randy and I drove to Sewanee to meet with Ms. Landi and present her with a copy of the book. She showed us the original survey drawings of the university done by Fairbanks in his own hand and gave us a tour of university. Fairbanks visited the university every year and lived in the cabin he built on the university grounds. George Rainsford Fairbanks was a very interesting man. He was an avid archeologist of the native peoples of Florida, a citrus magnate, a newspaper editor, an historian, an attorney, a politician, and hospital quartermaster. Randy Shipley was an accomplished archeologist and an attorney. Although he had a doctorate in law, he never used that title ― we just knew him as Randy. ◘ Carpe diem George Rainsford Fairbanks. image: The University of the South Paper Money * Nov/Dec 2021 * Whole No. 336 451 Notes and References: 1. Further biographical material on Fairbanks can be found at this website: www.floridahistorynetwork.com/feature--- fernandinas-renaissance-man. The reference to Fairbanks as a commissary officer in this website is in error; Fairbanks was a quartermaster and reported to the Quartermaster General. Commissaries reported to a separate department. 2. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, published by Pierre Fricke, Sudbury, MA, 2016. More research on G. R. Fairbanks can be found on pages 256-259. Atlanta, Georgia, roundhouse after Sherman’s Atlanta Campaign, by George N. Barnard, a photographer embedded with Sherman’s army. This photograph was originally published in 1866. Paper Money * Nov/Dec 2021 * Whole No. 336 452 Treasures from the Corn Husker State! by Robert Calderman   In this installment, we will visit the Midwest and feature a couple of small size rarities unearthed from the same state that sprouted Warren Buffett. If the greatest investor of all time calls Nebraska home, then you never know just how much gold is really hiding underneath all of that corn! It’s been said by so many that all of the best material has already surfaced and there will never be any more genuinely fresh notes that come out of the woodwork. Here in this column we’ve addressed this flawed concept ad nauseam and it never gets old beating down the naysayers with new exciting notes that have been hiding away, silently waiting for new homes with dedicated collectors that can ultimately appreciate how truly special they really are! Andy Timmerman, Senior Currency Specialist at Kearney Coin Center in Kearney, NE brought these two notes to my attention recently and I had to quietly pick my jaw up off the floor and be wary not to slip in the pile of drool pooling at my feet. Treasures abound in the small size paper money collecting arena. Star notes always draw a crowd, but once a collector has assembled their own galaxy of stars, some of these dedicated students are still not satisfied. Our collecting focus naturally tends to take shape slowly over time and often desires to seek a narrower path. Building type sets, denomination sets, and block sets, assembling district sets of Feds, even building registry sets of the finest known examples. These feats can take decades to assemble and create countless hours of excitement and collecting satisfaction. But wait, there’s more! Specialized small size varieties are another area that not only create a unique avenue of excitement, their paltry survivor rate generates a feverish following that cannot be contained by simply describing the category as competitive. Opportunities to collect “Unique” rarities in numismatics are typically few and far between, but when paper money varieties are on the table anything can happen. There are several small size varieties that currently exist with only a single known example to have ever surfaced. National bank notes are well known for these rarity occurrences on tiny or previously unreported towns. Hometown banknotes have a direct connection appeal when a town or state has specific meaning to collectors. However, Federal issues that were printed in vast quantities and shared a rather uniform appearance, took on a path of destruction, seeing heavy circulation as intended. Single digit survival numbers are a far more astounding occurrence on varieties where overall printing numbers were consistently in the millions, if not into the tens of millions on early issue small size notes. Paper Money * Nov/Dec 2021 * Whole No. 336 454 The first note we will take a look at is a five-dollar bp.637 mule on a Boston Federal Reserve note. The 1934B FRN series has always been popular since it features the signature of Secretary of the Treasury Frederick Moore Vinson who served a very short tenure at the tail end of World War II from July 23, 1945 to June 23, 1946. The $5 FRN series of 1934B produced over 73 million notes on eleven districts. Dallas was the only district to be excluded from the series. For some perspective, the preceding 1934A series produced nearly 400 million fives on only nine districts. This now allows us to see 73M as a significantly smaller number than at first glance! Out of this vast quantity of 1934B five-dollar bills printed, PMG has only graded the supremely coveted 637 mules on seven of the eleven possible districts with a scant sixteen examples on all districts combined! The VF30 Boston mule featured here is only the second PMG has ever handled with the other note reigning in only five points higher at VF35. Not only is this discovery out of Nebraska a tough note, it is downright rare on all accounts! What a treasure for a lucky collector to own one of only two known examples certified by PMG. If that note alone wasn’t enough to impress you, let’s look at one more ultra rare federal reserve note that recently crept out of the corn fields! Series of 1950 ten-dollar federal reserve notes were the very last of the twelve-subject sheets printed and issued for their denomination. Reformatting was taking place during this era to create a uniform plate size across all denominations. As a result, 1934D $10 Silver Certificates and 1950 $10 Federal Reserve Notes have both Narrow and Wide back plate varieties, including stars! Wide back plate numbers are identified by plate 1389 or lower and the Narrow variety are found with back plate 1390 and above. For the FRN’s, all twelve districts are known and available to collectors with both narrow and wide varieties. However, this is not the case when considering star notes. Not a single Kansas City narrow star note has been certified by either grading service up until now. The PMG AU58EPQ example featured here is the very first of its kind to grace its kingly frame onto the page you are holding right now (Or viewing on your device). Imagine trying to assemble a complete set of all twelve districts for one series and denomination. That seems reasonable. Then, adding to the set by including the additional blocks found within the districts that issued more than one. Now completely double up and add both narrow and wide varieties for each of these! Paper Money * Nov/Dec 2021 * Whole No. 336 455 Then hold on tight and start collecting all of the stars, one for each district. Finally …wait for it, collecting BOTH the wide and narrow star varieties. Twenty- four star notes for one series and denomination! Now imagine the albatross that for all intents and purposes doesn’t even exist. Imagine going on a journey that cannot possibly be completed. How long would it take for an unknown and desperately needed variety to surface? This KC star is that note!!! At the start, we talked about star notes being ever so popular in the small size category, and then we spoke about tough varieties lofting high atop the upper echelon tier of small size specialists. If we now simply combine these two scarce reagents and perform a bit of alchemy, we can produce rarities that often cannot be fully grasped in minds of the average casual collector. While this likely comes across as blatantly elitist, tough varieties by definition require significant study, determination, and an unwavering measure of perseverance for a collector to make the commitment of pursuing seemingly impossible notes on their want list. The knowledge gained over time by a diligent collecting student can ultimately become both their most valuable tool and the most traumatically frustrating facet of their collecting career as they continue deeper down the path searching for rarities. This ultimately makes every new addition and discovery note taste that much sweeter when an opportunity finally arrives to add a new trophy note to their advanced collection. 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 Recommended Reading: - Transition from Wide to Narrow Designs on U.S. Small Size Notes, Huntoon & Hodgson. Paper Money Sep/Oct 2006 Whole #245 - The Enduring Allure of $5 Micro Back Plates 629/637, Huntoon. Paper Money Sep/Oct 2011 Whole #299 Paper Money * Nov/Dec 2021 * Whole No. 336 456 The Obsolete Corner The Branch Bank of Tennessee by Robert Gill As you're reading this article, the Thanksgiving Holiday will be vastly approaching us. I hope you and your family have had a good year, especially with the Covid virus spreading around like it has. And also by now, the Long Beach show will have been completed. There sure are some nice sheets in it that I'm wanting. Hopefully, I'll be reporting on some of them in the near future. And now, let's look at the sheet that I'm sharing with you. In this issue of Paper Money let's go to the State of Tennessee and look at Knoxville's Branch Bank of Tennessee, which had a very interesting history during the Civil War. My sheet, being printed on the back of a remainder check from another bank (see the second scan), is a very rare one, and possibly unique. In his extensive study of Tennessee notes, Paul E. Garland, in his book, The History of Early Tennessee Banks and Their Issues, tells us The Branch Bank of Tennessee, located in Knoxville, was established in 1858 with a capital of $180,000. This branch, like the parent bank in Nashville, moved to many locations during The Civil War. On the 15th of April, 1862, Dr. J.G.M. Ramsey was appointed as Confederate Depositary Agent by Confederate States Secretary Christopher Memminger. He held this office simultaneously with the presidency of The Knoxville Branch throughout the War. The first move of the assets of this Branch occurred on June 20th, 1863, when Union Colonel William Sanders first appeared on the outskirts of Knoxville. On this occasion Ramsey hurriedly departed with the assets to Abingdon, Virginia. He returned to Knoxville a short time later. But on August 28th, 1863, Ramsey again left Knoxville, leaving his wife, family and a beautiful home that would be in ashes before he was to return. Union General Ambrose Burnside captured the city the following day. For the next few months the Bank's assets were kept in three different locations in the state. They were carried to Maryville, remaining there only overnight, and then to Loudon the following night. On August 31st Ramsey went to Athens, where the cashier of The Planters Bank Branch, T.A. Cleage, joined him in flight, taking the assets of The Planters Athens Branch with him. Ramsey had made prior arrangements with The Bank of Fulton, of Atlanta, Georgia, in case of an emergency. He arrived there, on September 2nd, 1863, by way of Cleveland, Tennessee, and Dalton, Georgia. In June of 1864 the assets were moved again, as it was evident that Atlanta would fall to Union General Tecumseh Sherman's army. From Atlanta, Ramsey carried the assets to Augusta, Georgia, and placed them in the vault of The Mechanics Bank of Augusta, for safekeeping. He conducted the affairs of the Bank as a Confederate Depositary Agent from Paper Money * Nov/Dec 2021 * Whole No. 336 457 the counting room of T.W. Fleming, a commission merchant and broker of that city. When Sherman turned his forces in the direction of Augusta, Ramsey departed for Charlotte, North Carolina. There, the Charlotte Mint became the new headquarters of The Knoxville Branch of the Bank of Tennessee. After Sherman turned his forces from burning Columbia and headed in the direction of Charlotte, Ramsey returned to Augusta. There, on April 26th, 1865, the last meeting of the Board of Directors of The Branch Bank of Tennessee took place. It was agreed that the combined assets of the parent bank and those of all the branches were to be moved to Texas, where General Kirby Smith's Army of the Trans-Mississippi Department would become the new home of the Bank. But before transportation could be arranged, Augusta fell and the assets were captured. Dr. B.R. Strong, the clerk of The Knoxville Branch, was allowed to accompany the funds on the trip to Nashville. They were then turned over to the new state authorities, and every dollar was accounted for. So there's the history of this struggling enterprise that became, like many others of its time, a casualty of the Civil War. How easy do we take for granted the banking system of our day, that it does not have to go thru what those institutions did back then. I invite any comments to my email address robertdalegill@gmail.com or my cell phone number (580) 221-0898. I always hearing from our members. So, until next time, HAPPY HOLIDAYS. Paper Money * Nov/Dec 2021 * Whole No. 336 458 $ m a l l n o t e $ Treasury Ends Issue of Large Denomination FRNs By Jamie Yakes Over 50 years ago, Treasury decided to end the issuance of large denomination Federal Reserve Notes. This press release was issued July 14, 1969: LARGE DENOMINATIONS OF CURRENCY TO BE DISCONTINUED The Treasury Department and Federal Reserve System announced today that the issuance of currency in denominations of $500, $1000, $5000 and $10,000 will be discontinued immediately. Use of these large denominations has declined sharply over the last two decades and the need for them appears insufficient to warrant the added cost of production and custody of new supplies. The large denomination notes were first authorized primarily for interbank transactions by an amendment to the Federal Reserve Act in 1918. With demand for them shrinking, printings of new notes for these denominations were discontinued in 1946, and the supply that was on hand at that time has now diminished to the point where continued issuance of such notes would require additional printings. Surveys have indicated that transactions for which the large denomination notes have been used could be met by other means, such as checks or $100 notes. Under the decision announced today all existing supplies of large denomination bills at the Federal Reserve Banks will be turned over to the Treasury for destruction as will circulation notes that find their way back to the Federal [Reserve] banks in the normal course of business. The Federal Reserve will continue to issue notes in denominations of $1, $2, $5, $10, $20, $50 and $100. Currency compises only about 25 percent of the nation’s money supply, the vast bulk of which is made up of demand deposits (checking accounts). According to the Treasury’s statement, large denomination notes had not been printed since 1946 and use of those notes had diminished over the following two decades. They were costly to design, print, and store, and Treasury could no longer justify those expenditures. The end for those majestic notes had officially come to an end. The amendment mentioned in the press release authorized large denominations for Federal Reserve Notes. Treasury had issued other classes in denominations greater than $100, notably gold and silver certificates and legal tender notes, from the 1860s until phasing those notes out in the early 1900s. * * * I would like to congratulate the Society of Paper Money Collector organization for 60 years of bringing paper money collectors together and making available the educational resources that many of those members have worked hard to bring to the hobby. The Society has given me a voice for many years and I’m especially grateful to the late Fred Reed and current editor Benny Bolin. I look forward to the next 60 years! Source Cited: 1. Treasury press release about ending issuance of large denominations, July 14, 1969. Record Group 53- Bureau of the Public Debt: Entry UD-UP 13, “Historical Files, 1913-1960,” Box 3, File K231. National Archives and Records Administration, College Park, Maryland. Paper Money * Nov/Dec 2021 * Whole No. 336 459 Enter these doors and…. take a short ride back into SPMC history! 460 That's The Way It Was (How the SPMC Was Born) By Hank Bieciuk, # 1 In 1961 we met in Atlanta a t the home of Blaise Danrone, an Atlanta attorney. Our needs and desires were cussed and discussed at length, but no one charged forward to grab the reins and lead the charge. I had come to Atlanta to introduce my book on Texas currency, and suddenly my name was suggested and nominations ceased! At that point, I was elected President and Editor of a non-existent organization and publication by acclamation. Lo and behold, SPMC was born. Amongst the duties of this new creation was the creation of a magazine, the publishing of it, finding contributors or articles, etc. Since I had full-rime employment and wrote a weekly column for Coin World, things were a bit hectic. Somehow, the magazine and I both survived for about two years when another Editor Barbara Mueller, took over. I am quite certain that during this time some toes were stepped upon and some egos were bruised. Such things do happen, and we were no different than anyone else. Be that as it may, many deserved recognition during this period. Who was the "founding father'' of the Society of Paper Money Collectors? That is very difficult to answer! All I can say is "that's the way it was." --Adapted from Paper Money. Jan/Feb 1993 According to Grover Criswell, the meeting to organize the SPMC took place in the basement of Atlanta coin dealer Blaise Dantone's house. The meeting consisted of all the paper money collectors who were interested in starting an organization. The formation of such a group had been discussed at the Boston ANA convention the previous year, and Blaise had asked that the meeting be held in his home. The outcome of the meeting was the appointment of a steering committee to draft the by-laws of this new organization to be named the Society of Paper Money Collectors. Positive reaction to the announcement of the new organization was immediate. Applications for membership came from collectors who had seen reports of the formation of the new group. Others found out about the SPMC from people who had attended Atlanta gathering, or heard about the SPMC from fellow collectors or dealers. Some of these new members come from the Society of Token, Medal & Obsolete Paper Money Collectors which then changed its name to the Token and Medal Society. SPMC treasurer Glenn Smedley established the first SPMC bank account in November, 1961, at Lawndale National Bank of Chicago. The SPMC was officially on its way! President Hank Bieciuk conducted SPMC's first official meeting during the joint 1962 ANA/CNA convention in Detroit. Approximately 100 members attended the Society's first annual meeting in Detroit. Much of the meeting dealt with ways the organization could enroll more members, and improve the quality of Paper Money. ꞏ How the First Five SPMC Member #s Were Assigned By George W. Wait, #5, HM5, HLM5 The holders of the first five numbers were the men who met during the 1960 ANA Convention in Boston to explore a paper group. Glenn Smedley should really be considered the father of the SPMC because prior to the 1960 ANA Convention, he wrote some of us and suggested we get together in Boston to explore the possibility of an organization. At the luncheon meeting were Messrs. Bieciuk, Blanchard, Criswell, Smedley and Wait. At that meeting we thought that someday we might have as many as 200 members! Doc (Julian) Blanchard assigned the first numbers. If I recall correctly, we offered #1 to Glenn Smedley since it was his original idea, but he modestly declined with the suggestion that the President and Vice President should have first consideration. Tom Bain was not an original officer, but he was made Second Vice President after the merger with the World Paper Money Club. Believe me, the early years were rough and many times our survival was in doubt, but we hung in, and now the Society has exceeded our expectations. Doc would be amazed! --Adapted from Paper Money. May/June 1986 Paper Money * Nov/Dec 2021 * Whole No. 336 461 How the SPMC logo came to be At the 1965, annual meeting in Houston, Texas, Society of Paper Money Collectors Board Members approved the initials "SPMC" as the short reference to the organization. Prior to this time, the numismatic press and many members had used the somewhat ungainly monogram SOPMC. At the 1972 annual meeting, a new emblem for the Society was shown to the membership. The emblem depicts currency being peeled from a printing plate. It was suggested by Forrest Daniel and executed by Brent Hughes. At the 1973 annual meeting, Secretary Vernon L. Brown recommended "that the date of founding, 1961, or the date of incorporation, 1964, be added to the emblem. After discussion the Board adopted adding the date of the society's organization, 1961. Forrest Daniel stated that the inspiration for the SPMC logo design probably came from his having been a tramp printer for many years until the trade disappeared about 1976. He thought the symbol should be the name of the Society circling a central design. The society monogram "SPMC" should be the dominant feature of the logotype and he came up with the idea to demonstrate the printing process by showing a proof of the monogram being pulled from an intaglio printing plate. Brent Hughes had added the "INC." to the name. The emblem was exhibited at the Annual Meeting in August 1972, and first appeared on the cover of Paper Money, Vol. l2, No. l (1973). When the Editor put the design on the cover of Paper Money, she suggested the following caption “The long promised official Society of Paper Money Collectors emblem drawn by Brent Hughes will be a reverse engraving concept adapted from the traditional intaglio printing plate for bank notes. It will be available in a useful variety of sizes for official stationery, publications, awards and' advertising.'' ed. note: a copy of the first cover with the new emblem is shown at the left as it was designed. Paper Money * Nov/Dec 2021 * Whole No. 336 462 The First Two Articles published in Paper Money Volume 1. "Underdog" Status of Paper Money, by Fred Marckhoff EXHIBITS AT CONVENTIONS This status of being an "underdog" is nothing new to the collector of paper money. It is evident at the meetings of the coin club, where he is usually outnumbered by 20 to 1, or even more. It is evident in the stocks of dealers, many of whom handle no pa per money of an y k ind. So it is only natural that the same sort of condition exists when a paper money collector brings his collection for exhibit at a convention. Seldom granted more than one category in spite of the many classifications, each type of paper money must compete against the other. Judging must be made among dissimilar objects, rather than similar ones. Is an excellent display of green backs better than an excellent display of colonials, or obsolete notes, or fractional currency? How is the decision made? Is it based on the monetary value of the material? Is it based on the gaudy, multi- colored beauty of the material? Or is it based on the judge's experience and appreciation of one type of pa per currency more than another? All of these factors as well as others must enter into the judging picture, false as they are, if the usual normal processes of comparing like objects cannot be followed. The second downgrading of a paper currency exhibit occurs in the usual actions of the judges through no personal fault of their own. To begin with, they are almost exclusively coin collectors, with the exceptions of the A.N.A. convention and the larger regional conventions. His general experience in coins is presumed to be sufficient to get by in the usual one category of paper money, despite his almost total lack of knowledge on this subject. To many, and possibly the judge himself, this single category of "Paper Money" is a relatively unimportant category anyway. How could he appreciate or even understand the numismatic value of a collection of paper 25 years in the making and perhaps complete, or almost complete, if he does not appreciate or understand the material itself? To such a judge a few rare large gold coins would no doubt receive a higher grading in his rating system. Perhaps the inclusion of points for the completeness of a collection in its own field would mean a fairer break to the really hard-to-put-together collection. It would be a necessity if the Paper Money exhibit is ever going to win a Best of Show Award. It would also eliminate the possibility of 7 or 8 coins from one country, attractively presented, from winning over an uncirculated complete set of Liberty Standing quarters, the former collected in a few years at most, the latter at least a ten- y e a r collecting effort. This actually occurred at one of the conventions. Because of the diversified nature of the problem, concerned as it is with many different people in many different places, its remedy is not an easy one. In addition to increasing the number of paper money categories, another corrective approach could be attained if certain experts in each field, including Paper Money, were appointed Certified or approved A.N.A. Judges, qualified to judge in their category at any Convention they attend. It would immediately improve the uniformity and standard of the Awards, and give a prestige to the Convention itself. It would be a definite boon to Paper Money collectors as "one of their own" would be judging their exhibits. Perhaps an even more satisfactory solution would be a "Paper Money Convention." An ultimate goal of unrestricted exhibit space for paper money collectors should be not considered unreasonable. It may become a reality within the next five years, now that our Society is organized and makes this one of our eventual aims. What a thrill to the specialist it would be to see 5 or more of the best collections of their special ty on exhibit, be it fractional currency, greenbacks, colonials, obsolete notes, foreign notes, military scrip, etc., on display at the same time and place. How soon will these possible goals be reached? Paper Money * Nov/Dec 2021 * Whole No. 336 463 Foreign Paper Money Classics, by Dwight Musser The word classic can be used indifferent ways, as can many other words in the English Language. It is used here, as one dictionary puts it, to mean "of the highest order." In the fields of literature, architecture and art, as well as in philatelics and numismatics, there are some generally accepted classics which are well known to those intimately acquainted with the subjects and to some extent to the public. Since the systematic collection and study of foreign paper money has become a recognized branch of numismatics, it would seem appropriate that some steps be taken to define and recognize the classics in this area. This is not to imply that some expert or official committee be commissioned to formulate a list of foreign paper money classics. Classics in any field are not proclaimed, dictated, legislated or decreed, but rather they earn the status of a classic by what they are and how they are accepted, respected and remembered. Time is almost always an element in determining a classic. It would be unwise to hastily recognize some classics in a field that was in its infancy. (Sometimes classics are the first of their kind, but in many cases their significance is not grasped until the passage of time has emphasized their importance.) But sufficient time has elapsed to at least suggest that some "high order" specimens of foreign paper money are worthy of consideration as either being or becoming classics. Extensive knowledge is another factor that cannot be overlooked. This simply means that many people must have a wide acquaintance with a subject before attempting to decide which works or objects are of the highest order. Without suggesting that either individually or collectively everything is known about foreign paper money, it does seem that enough is known to begin at least selecting some candidates for the world paper money hall of fame. Foreign paper money classics would not necessarily be selected or recognized on the basis of their appearance or craftsmanship. It is possible that a note might become a classic because of some unusually striking design, but not likely as this is primarily a matter of individual taste. There are so many notes that are skillfully engraved and beautifully printed that classic craftsmanship is common- place. It could be pointed out here that the great philatelic classic, the unique British Guiana stamp, is about as unattractive to the eye as anything could be. That, then, is involved in considering some classics in the field of foreign paper money? Certainly historical importance would be one thing. Some of the extremes might be another extremes in size, denomination, age or perhaps in design. It should be emphasized that a classic is not necessarily a rarity, but a rarity most likely will be a classic. And it is here, in determining which foreign bills are the most rare, that collectors can do the most, working together, to find out which notes should be considered classics because of rarity. Th is should not be a laborious process of taking endless counts and inventories. Actually it should be a lot of f un. Why cannot we begin by having collectors list what they think are some of their ra rest notes? The list should be small, say not over three items, consisting of the notes the collector believes to be the rarest in his collection. These nominations could be compiled and circulated among several of the most knowledgeable students of foreign paper money. They would doubtless recognize some as obviously not rare and could so indicate. The list should contain some however that would be likely prospects for highest honors. An all-out attempt could then be made to publicize the candidates and to challenge the entire numismatic field to prove that the selections are not truly rare. This process should result in discovering what are some genuinely rare specimens and would probably reveal the existence of a few unique notes as well. If this sounds like something worthy of our time and energy, if you would like to see such a project carried out, et your wishes, as well as your suggestions be known. Dwight L. Musser Paper Money * Nov/Dec 2021 * Whole No. 336 464 Musings, thoughts, remembrances and more from our past presidents From past president Wolka As a former President and, if memory serves me correctly, longest serving board member of SPMC, the catalog of memories is a multi-volume set! Some things have changed…. everyone got old! The fraternity of paper money collectors is a close knit one with most people maintaining their passion for the hobby long term. One of the attractions to me in the early going was meeting and making a large number of new friends who shared my interests. That process still goes on but is tempered by some of those early friends’ passing. Steve Taylor, Tom Bain, Amon Carter, Roy Pennell, John Hickman, Grover Criswell, Fred Reed, Austin Sheheen plus a host of others are fondly remembered and thanked for their contributions large and small to our hobby. The internet, a wonderful tool for collectors, is also a challenge as many present-day collectors no longer feel as much need to belong to clubs and organizations. Our challenge is to figure out ways to engage them where they are beyond just having a website. In recent years the Society has launched a number of initiatives to do just that. Over the years, our flagship Journal, always a key membership benefit, has grown in quality, size, and publication frequency. It routinely wins awards for excellence and attracts writers who want their work in a magazine that is nationally recognized and kept by most of its readers for future reference. All of this has happened in no small part thanks to the underappreciated and untiring efforts of our editors over the years. Volunteers like Barbara Mueller, Gene Hessler, Fred Reed, and Benny Bolin. They and others who worked behind the scenes are owed our thanks. One of the strengths of our Society has been its officers and Board of Governors. These men and, yes, women have, without exception, worked hard to do what is right for the Society and its members without acrimony or political infighting. Thanks to everyone who has participated in this way. It’s been a great run and I truly believe that our best days are still to come! From Frank Clark The Society of Paper Money Collectors is a great organization and I have enjoyed my membership immensely over the years as I joined in 1981. I have always been excited to receive my bimonthly issue of Paper Money through the years and the same still holds true today. We have had four first rate editors during those 40 years and they have brought us a top-notch journal with every issue. I have learned so much from the journal's contents that I cannot fathom not being a member of SPMC. If you collect United States paper money, you need to join the Society of Paper Money Collectors. SPMC is the best value in all of numismatics. Past president and long-time treasurer Mark Anderson adds Decades ago, at one of my early trips to the International Paper Money Show in Memphis [this was back when the IPMS was actually in Memphis], a very smart and charming lady named Judith Murphy inveigled me into attending a SPMC Board Meeting. Judith was a past President of the Society, had stayed on the Board, and was still quite active and supportive in its doings. Legendary Iowa dealer Dean Oakes was then the President of the Society, and by the time the proceedings were over, I was the organization’s new Treasurer. Over time, with thanks to Robert Moon for rescuing me from the finance job, this led to the Vice Presidency and Presidency [I followed the Bolin administration]. The Board has been kind enough to allow me to stick around and help where I can from time to time and it has been a great and long-lasting experience, full of wonderfully good times. I often wonder what the last 30 years of my life would have been like had Judith not approached me for candidacy. In this anniversary year, Benny has asked past presidents for observations about the last decades. Thinking on it, I believe that, for me, the most remarkable changes in the hobby and at the Society level relate to technology. When I started as Treasurer, all functions were paper based. All communication was by phone or written correspondence. Payment was by check [or cash!], period. We had no website. We didn’t take Paypal, etc. Technology has changed almost everything that collectors do in the hobby and how we do it, and due to some very tech-savvy presidents and other leaders, the Society has kept pace with remarkable added benefits for our members and how we convey them. [Not Bene: I am not tech-savvy, and take zero credit for what has been wrought, but stand in awe of those many who did do it]. The list of the changes over the decades is endless, but what has not changed is that most of us still collect and enjoy and study currency. We talk about it, and search for it, and access it, and buy it, and scurry around looking for research sources and good information, and “chat” about it, and make presentations about it. These are all routine Paper Money * Nov/Dec 2021 * Whole No. 336 465 processes, but they all used to be conducted in person, by travelling, and writing letters, and getting on mailing list and poring through those lists when they arrived in the mail and writing checks and mailing them and waiting for days and weeks for the delectable items to arrive. The fashions in which these things are conducted today, and the ease and speed with which they happen [read: instant gratification] would have seemed unfathomable during my presidency. Which, all kidding aside, is not so very long ago. In addition to improving the many forms of collector processes, there is so much more information, and data made available, via elegant and easy to use tools. This is obviously true for the hobby overall, but also true for the Society’s community. Just visit the website as a member and access all 60 years of the academic quality material published in our journal, without leaving your desk. And there are tools coming which will make what you are looking for even easier to find. Creation of the SPMC website was a mammoth undertaking, and if all it provided was access to Paper Money, that would have been massive. But, as Marisa Tomei’s character said in my Cousin Vinny, “There’s more!” The COVID pandemic has tested the hobby in unquantifiable ways, but, blessedly, it seems to me quite miraculous how small the impact on our services to our membership has been. Paper Money, the Society’s journal, and for me, our key benefit, was produced and delivered on time without interruption. As travel and meetings were significantly curtailed, the Board was able to continue its work thanks to e-mail and “Zoom” and other tools. Since my earliest collecting days [I’ve been at it over 50 years, which is hard to believe and harder to write], the social aspects and friendships generated out of the hobby have always been a key part of the hobby experience. And man, we are told, is a social animal. I don’t doubt this. But I have often wondered how much the social activities are a serendipitous outcome of the assembly by collectors in pursuit of the objects of their desire, and how much the socializing [historically] has been the means to the end - successful acquisition of the objects we desire, and the information and knowledge about them. I don’t mean to sound cynical, but the web has allowed us to learn and collect without any physical interaction whatsoever. I’m of a generation that grew up collecting face to face, but the COVID experience has made it quite clear that not only can the hobby be sustained in such a crisis, but it can grow! So, in the seismic shift department, we have come so far. The tools at our disposal are amazing, we have everything we need. We will have more. But what will we do with these tools? Will we move, as collectors, to our basements and pursue our hobby online and in increasing isolation? Or will we continue to chat and discuss and exchange info and images and finds in a virtual replication of the highly social framework and institutions on which the hobby was built? The future SPMC presidents will steward that experience. I’m looking forward to the future. Pierre Fricke adds the following Our hobby has come a long way in the past 20 years with more information, ease of contacting people, and more gatherings of more people enabled virtually. Here are some significant changes mostly for the better The internet/web has delivered a mechanism for us to share information, virtually meet people, buy and sell, and conduct meetings in a way and across a larger audience than was possible in the 1900s. This has accelerated the speed of doing business, meeting people, and learning about various niches of our hobby that was not possible in just the physical world. We’ve seen this in action to our benefit during the COVID-19 pandemic which has enabled our hobby to prosper even as in person events were curtailed. Our Society of Paper Money Collectors has built on this trend with an online Journal, online meetings, online obsolete database, education, ads, and other information. The downside to this is fewer or less well attended in person events, auctions, shows. Though the shows of late have been well attended by people looking to get out and about and see people face to face. The hybrid model of virtual and in person helps mitigate this as well. Our Society has continued to advance during these dramatic changes and challenging times. Paper Money Magazine is the best it has ever been with an updated format, color, and outstanding columnists, researched articles, and useful ads. Our website is a go to resource for beginners and experts alike. The board and officers work well together and are focused on further improvements and attracting new members using new channels like social media. It is an exciting time in the Society of Paper Money Collectors. Third party grading became the standard grading during the 2010s across most segments of US paper money for notes worth more than $100 or so. This has dramatically reduced the over grading and hiding repairs and other issues by the unscrupulous. Now third-party grading is note perfect, and I still like the old time more conservative circulated grading of yore, but they have done a good job making collecting safer for the newer and less technical graders Paper Money * Nov/Dec 2021 * Whole No. 336 466 amongst us. While they have put a safety net on paper money trading, they still do not completely reflect the eye appeal factors of notes such as trim and color as EPQ and PPQ are focused on technical aspects of the notes. Finally, the past few years has seen the rise of a desire to understand more fully our history as well as reposition it. Some of this is good. Some of it is politically motivated. I will say that those who say we didn’t learn about slavery and other uglier parts of our US history are wrong. I distinctly recall learning about slavery and the “Indian” wars in the 1970s both in Ohio in middle school and Louisiana in high school and the stories were not really different. And if you wanted more there were plenty of sources including various documentaries and books on Civil War military, civil society, as well as the “Roots” miniseries which graphically told the story of an African American family. The good news for us paper money collectors is that this renewed interest in and debates about history have sparked greater interest in numismatics at large and paper money more specifically where our past is most graphically illustrated – the great, good, bad and ugly – it’s mostly there save for the most horrific aspects. While we have our ancestor’s sins to understand and avoid repeating, the other thing to understand is that most all other nations and peoples also have their sins, and they are mostly the same over the thousands of years. But who has done as much good for as many people as the United States holistically? Have fun collecting paper money, enjoying the Society and the people you meet! Shawn Hewitt wraps it all up with this There are many ways one could reflect on the last sixty years of SPMC and paper money collecting. I will take this opportunity to focus on my observations of the major developments in the hobby itself. Let me start by saying this span of time exceeds my life. I am 57 years old and began collecting at age 10 in the summer of 1974. I discovered and joined SPMC in 1978 at the age of 14, thanks to Bob McCurdy, someone I considered a mentor during my teen years living in Southwest Florida. My experience began with a lowly Silver Certificate and has been a progression ever since. There have been three main transformations that matured the hobby over my lifetime. The first was the explosion of information, in no small part due to books on various specializations that were sponsored by SPMC in the early years. The advent of Haxby’s catalog on U.S. obsolete bank notes significantly pushed that genre forward by showing collectors what was available for them. Hickman’s tome on national bank notes was similarly foundational, except that Hickman further collected and shared census information. Tremendous research published in the SPMC journal PAPER MONEY over the course of decades nurtured those eager to learn. These books, articles and the census gave collectors the confidence they needed to warrant much stronger prices for true rarities. Interestingly, in later years – particularly after a peak in these markets in the 2000s – census information worked the other way and drew prices down when additional counts of very rare notes were recorded. Another unmistakable change of importance was the emergence of major auctions houses in the market. Heritage, Smythe, Stacks, Knight and others became the obvious place to sell rare new material that surfaced. It used to be that dealer tables at the International Paper Money show in Memphis were the feeding frenzy for great notes. Now, a seller risks the loss of great potential upside by choosing to price great material for direct sale, unless, of course, the seller is so bold as to ask “moon money” for his notes. It was much easier before auctions gained dominance for anyone to make “picks” at shops and shows, and that has taken away some of the personal excitement of the hobby, while at the same enabling collectors to obtain notes that they otherwise would not have heard about. With the auction houses came the need for an independent guarantor to testify as to grading, so third-party grading became pervasive. This also served to lend collectors confidence in their purchases, but sadly, this faith was sometimes misplaced if the wrong grading company was relied upon. The market eventually worked out the bad actors and third-party grading in recent years became reliable. Any note for which grade matters must be professionally graded to trade at its full potential. Of course, the internet greatly contributed to these changes, making auctions the popular platform, and allowing information to be so easily disseminated. To collectors my age or older, which likely represents the significant portion of the collecting demographic, you may say, “Thank you, Captain Obvious!” It’s the younger generation that may benefit from these insights, and who SPMC has been trying so hard to reach with its various outreach programs in recent years. I feel SPMC has been and always will be an indispensable part of the hobby, and as always, I encourage you to support SPMC and help its roster grow by recruiting new members. Paper Money * Nov/Dec 2021 * Whole No. 336 467 A couple of our governors added Cody Reginnitter writes The internet has made a huge impact on our hobby in the last 20 years. Social media sites have linked collectors from all over the world. We have online databases to check the rarity of our notes. Entire libraries are available with a click of a mouse. Some of the greatest strides have happened in the last decade. I can’t wait to see what is yet to come! Fred Maples adds In the past 20 years I’ve found the quality and quantity of online auctions to be quite impactful in our paper money hobby. Collectors can safely bid on notes from their own home, which expands the base of beginners, intermediate, and advanced bidders. Collectors can view high quality scans of notes for current and archived auctions. Heritage Auctions, Lyn Knight, Stacks Bowers, and others have all been successful in creating a fair, honest, and open marketplace with their online auctions. Two other groups are celebrating!! Congratulations to the IBNS on their 60th anniversary                 Congratulations to the Souvenir Card Collectors Society on their 40th anniversary!           Membership inquires U.S. us-secretary@theibns.org Europe, Africa, and Middle East uk-secretary@theibns.org Australia, East Asia, Indian Subcontinent aus-secretary@theibns.org   A membership form can be downloaded at www.souvenircards.org/join.html or contact Greg Alexander, SCCS Secretary, 3081 SW River View Dr., Pendleton, OR 97801. Paper Money * Nov/Dec 2021 * Whole No. 336 468 Thoughts from our Most Prolific Author Peter Huntoon is the most prolific author for Paper Money. Since first appearing in the 1970s, Peter’s article have been a mainstay in paper money, not only for the sheer number, but also the incredible topics, research and authorship. He has had over 270 articles published in the past almost 50 years! His incredible contact at such places as the BEP, the National Archives, just to name a few have provided him with a plethora of information that would otherwise be unknow to most. The society and its members as well as the hobby itself have greatly benefited from such a stalwart as Mr. Huntoon. Thank you Peter for all you have done for the hobby and the SPMC. INFORMATION AND EDUCATION Paper money collecting has enjoyed an accelerating explosion of information within the past couple of decades. Our community always has been characterized as sophisticated among the collector classes in that most currency collectors revel in knowing the stories behind their notes in contrast to simply filling holes in albums using checklists. The availability of information certainly has been facilitated by technology in the form of computers, scanners, etc., that allows for the accumulation and compilation of vast stores of data. The internet has allowed all types of information to become accessible and instantaneously available, thus democratizing the availability of knowledge. The ease with which we now can access information has been seized by many to create a flood of not only vast data compilations but serious research at rates never seen before. The SPMC through progressive management has maintained a frontline position in sponsoring the research as well as providing a platform to dissemination this information through its publications, digital newsletter, and web-based data bases. In addition, in recent years, its management has been increasingly proactive in organizing or otherwise supporting educational seminars at pivotal numismatic venues. This involvement is consistent with the SPMC bylaws, which state that the SPMC “is organized exclusively for educational purposes, and in furtherance of such purposes to promote, stimulate, and advance the study of paper money and other financial documents in all their branches along educational, historical and scientific lines.” A look at SPMC innovations in the last 20 years reveals how far we have come. Paper Money, the anchor of the society’s education program, is now publishing more pages than ever before under the exceptionally capable tutelage of editor Benny Bolin. Paper Money is recognized as the numismatic journal of record for paper currency and other paper monetary instruments. Significantly, all past issues of Paper Money have been digitized so they are readily available in downloadable pdf form. Past articles can be found with the SPMC search engine. Increasingly, subscribers are preferring digital over print delivery of the journal owing to its convenience and the fact that it requires no shelf space yet is always available. The society’s Bank Note History Project administered by Mark Drengson is the most comprehensive on-line resource in existence for searchable information, data and images pertaining to obsolete and national bank note issues. For example, the Banks & Bankers Database contains a page for every national bank chartered between 1863 and 1935 that lists all the key numismatic data associated with any bank and its currency issues including recently added hot links to images of proofs from the plates used to print large size notes for the bank. The Bank Note History Wiki is a crowd-sourced feature where bank histories and banker bibliographies are actively being achived. Another incredible data base maintained by the SPMC is the Obsolete Currency Data Base, a census of reported obsolete notes replete with illustrations. Other huge data bases have become available or have matured since the turn of the century. Foremost among them are these.  Digitized scans of the Bureau of Engraving and Printing proofs housed in the National Numismatic Collection.  Andrew Pollock’s massive yearly compilation of national bank presidents, cashiers, outstanding circulations and total resources from the annual reports of the Comptroller of the Currency.  National bank note census data provided by the National Currency Foundation and Price and Track. A huge advantage of digital data bases and digital publications is that they are rapidly becoming dynamic rather than static. Once you publish a book or print a magazine, the contents are set in concrete for better or worse. But discoveries, new insights and compilation of more data never cease. Thus, print materials age out and quickly become obsolete. Paper Money * Nov/Dec 2021 * Whole No. 336 469 In contrast, digitized material stored on a computer server can be updated in real time, thus making the latest version of it available instantaneously. This is dynamic publishing. All our major data bases are being updated constantly. Some of us update the articles we have written in digital form and provide the latest versions on demand at the speed of the internet. I feel this type of information management increasingly will become the norm. The driver for this is author ego manifested in a desire on the part of authors and creators to seamlessly reveal our latest findings and insights and, importantly, to correct our past mistakes and even typos! Today’s collectors can bury themselves in information of every stripe pertaining to their notes. This certainly adds to the enjoyment of owning them, lofting them from mere relics to vibrant survivors of human endeavor. The shared information enriches our entire numismatic community by marrying history to the objects we collect. The pace of the information explosion we are experiencing is drawing in new contributors and compilers. A look at Paper Money reveals that the pipeline of authors is growing and diversifying. The information explosion isn’t just ours, but is occurring across all disciplines so our writers are drawing on this diverse collective pool to bring us perspectives the likes of which have never been seen before. You can Google anything these days and come up with unexpected relevant nuggets. Every collector has a story to tell and our community welcomes their contributions. All of this reveals that the intellectual health of paper money numismatics is in excellent shape—never better than right now! Peter Huntoon Paper Money * Nov/Dec 2021 * Whole No. 336 470 Society Magazine Paper Money Thrives for Six Decades Arguably, the principal membership benefit of our Society is the magazine Paper Money. Since the founding of the society, it has been the common tie that binds all members interests together. The SPMC “Founding Fathers” established a quality journal to present members’ research, news, advertising and other information important to the membership, both individually and collectively. This is the 336th issue of Paper Money. The first two years of the publication saw it as a small work, with only a few articles and less than 40 pages growing gradually over the years to around 50 pages and then to an 80-page missive around the turn of the century, where it stands today. It changed from a quarterly publication schedule to a bi-monthly one in 1974. There have been eight individuals serve as editor of Paper Money with the longest tenured being Barbra Mueller from 1965-1976 and again from 1978-1984. Hank Bieciuk was the first editor and edited issues 1- 8, a total of 176 pages. Barbara Mueller then took over for the next 55issues, a total of 2568 pages. Doug Watson then took over and was editor for the next 12 issues, a total of 716 pages. He then returned to his previous position at Krause publications and Barbara Mueller once again took over and edited the next 36 issues for a total of 1960 pages. In total she edited 91 issues for a total of 4528 pages. Gene Hessler took over in 1984 until 1998. He edited 87 issues, 3636 pages. Marilyn Reback served for the next five issues, 176 pages. Fred Reed then took over and served from 1999 until the Jan/Feb issue of 2014 comprising 84 issues, 6162 pages. Due to unforeseen medical issues, I took over for Fred and have edited the last 48 issues, 3768 pages. During the course of the past 60 years and 336 issues, we have published over 18,000 pages. In that time, we have had 2,413 articles by members, not including president’s messages, columns, society news, meeting minutes, etc. We have published almost 550 articles on obsolete notes, over 500 articles on national banknotes, 231 articles on world notes, 127 articles on Confederate notes, 80 articles on fractional currency, and many other topics. Peter Huntoon has authored/co-authored 270 of those, Gene Hessler, 81, Forrest Daniel, 75, M. Owen Wars, 63 and Frank Clark 53. An almost innumerable number of other authors have also contributed. So, Paper Money is a healthy diverse, and robust publication. Who Are Our Members? Where Are We? Currently we have 1178 members. Of these, they are broken down to include 363 life members and 815 regular members. Of our life members, 12 have been bestowed an Honorary Life Membership for service to the society and hobby. We also have 178 members who have chosen the on-line only option. Currently, we have members in 44 states, the District of Columbia, the Virgin Islands, and Puerto Rico. We have 20 foreign members in 12 different countries, including Australia, Austria, Canada, Croatia, Hong Kong, Italy, Kuwait, the Netherlands, Norway, Serbia, Switzerland, and the United Kingdom. 11 of our foreign members hold life memberships. Unfortunately, we do not collect states/countries of residents of our on-line members, so these numbers may be different with them in the mix. Paper Money * Nov/Dec 2021 * Whole No. 336 471 SPMC Awards and Namesakes The naming of awards by the society is the way we can memorialize individuals and their contributions . It has the positive benefits of honoring the individual in perpetuity, it reflects (respects) his/her achievements which have benefitted us all greatly and it also brings credit to the organization based on the stature of the individual memorialized. The society values the hard work and extra effort that its members do to make the SPMC an exemplary organization. The society rewards members for their contributions through its awards program. The award program is designed for the purpose of publicly recognizing these individuals/groups in the areas of service, literary achievements and exhibiting. Nathan Gold Award SPMC’s highest award. Given yearly to an individual who has made a continuing contribution to the collecting of paper money and to the SPMC over a period of years although recipients need not be members of SPMC to be chosen. Nathan Gold was one of the country's foremost pioneers in paper money research. He was also a friend of Chet Krause's, and he sought to memorialize his friend’s contributions to the hobby' with the award, which originally was a rolled metal scroll mounted on a plaque. The award is voted on by the SPMC board of governors based on merit. Although it is often termed a lifetime achievement award, this honor may be presented more than once to a single .individual. Two-time winners are Grover Criswell, John Hickman, Judith Murphy, Gene Hessler and Fred Reed. Other past recipients of the award are: 1961 -Fred Marckhof 1962 -James Kirkwood 1963 -Arlie Slabaugh 1964 -Matt Rothert 1965 -Grover Criswell 1966 -William Donlon 1967 -Neil Shafer 1968 -Eric Newman 1969 -Charles Affleck 1970 -Raymond Toy 1971 -William Philpott 1972 -Arnold Keller 1973 -John Muscalus 1974 -Gene Hessler 1975 -Albert Pick 1976 -Louis Van Belkum 1977 -Mike Crabb 1978 -George Wait 1979 -Glenn Jackson 1980 -Chuck O'Donnell 1981 -Tom Bain 1982 -Peter Huntoon 1983 -John Hickman 1984 -Barbara Mueller 1985 -M. Owen Warns 1986 -William Higgins 1987 -Don Kelly 1988 -Roy Pennell, Jr 1989 -Chester Krause 1990 -Gene Hessler 1991 -Grover Criswell 1993 -Forrest Daniel 1994 -Martin Delger 1995 -John Hickman 1996 -Fred Reed 1997 -Brent Hughes 1998 -Milt Friedberg 1999 -Bob Kvederas, Sr & Bob Kvederas, Jr 2001 -Fred Reed 2003 -Douglas Ball 2004 -George Tremmel 2005 -Judith Murphy 2006 -J. Roy Pennell 2007 -Roger Durand 2008 -Austin Sheheen 2009 -John & Diana Herzog 2010 -Len Glazer 2011 -Allen Mincho 2012 -Tom Denly 2013 -Frank Clark 2014 -Benny Bolin 2015 -Mark Anderson/ Judith Murphy 2016 -Robert Moon 2017 -Wendell Wolka 2018 -Pierre Fricke 2019 -Cliff Mishler 2020 -Bruce Hagen Founders Award Developed at the 2004 IPMS board meeting, the award is designed to recognize an individual who has done a major service/contribution to the SPMC during the last calendar year. Based on merit and no requirement to have a yearly recipient. Recipients have been; 2005 – Wendell Wolka 2006 – Donlon, Wait, Smart 2008 – Gene Hessler 2009 – Bob Moon 2010 – George Tremmell 2012 – Shawn Hewitt 2016 – Lyn Knight 2017 – Andrew Shiva 2018 – Doug Davis 2019 – Andrew Pollock 2020 – Andy Timmerman Paper Money * Nov/Dec 2021 * Whole No. 336 472 Nathan Goldstein Recruitment Award It has often been said that new members are the "life blood" of an organization, and SPMC is grateful to members who "spread the gospel." Fortunately, through the years, a great many individuals have shared their enthusiasm for paper money and the society with hobby acquaintances. Recruiting was imperative at the onset of the SPMC and as luck would have it Charter Member #133, Nathan Goldstein II was on the Board of Governors in the early years. At the time he also penned the very popular column "Paper Money Periscope" i n Coin World. Goldstein laced his informative columns with references to SPMC, its benefits and our journal, Paper Money. At his own expense, he mailed Society brochures to hundreds of his readers who requested information on the Society. Nathan Goldstein labored intensively and successfully to recruit new members for the fledgling SPMC. Twice Society "Founding Fathers" honored him with Awards of Merit for his efforts and the board renamed the Vice-President’s recruitment award for Mr. Goldstein. The recipient of the most of these awards is Tom Denly who has won the award ten times! Forrest Daniel Excellence in Literature Award Given to honor an author(s) who have achieved literary excellence in the field of paper money writing. It is named in honor of Forrest Daniel who was a prolific author, being the second most prolific author of articles published in Paper Money. Mr. Daniel was charter member #121 who passed away in 2006. In his will, he bequeathed a sizable amount of money for use which the board decided to use to encourage and reward authors in Paper Money. Fred Reed was the first winner of the award in 2007 and subsequent winner are 2008 – Gene Hessler 2009 – Peter Huntoon 2010 – Don Kelly 2011 – Q. David Bowers 2012 – Pierre Fricke 2013 – Mark Tomasko 2014 – Dennis Tucker 2015 – George Tremmell 2016 – Boling/Schwan 2017 – Michael McNeil 2018 – Robert Gill 2020 – Loren Gatch D. C. Wismer Award Awarded to the author(s) of the best new book published that year. All books are eligible, and the winner is voted on by the members. This award's namesake David Cassel Wismer pioneered the cataloging of obsolete notes in the pages of The Numismatist. Although Wismer was deceased long before the founding of the SPMC, the board memorialized him and his efforts by naming this award for him. Given since 2005, the first winner was Wendell Wolka. The award also has one to two runners up awards bestowed as well. Dr. Glenn Jackson Award At its 1989, Board Meeting, Gene Hessler’s suggestion that SPMC name an award to honor the memory of Dr. Glenn E. Jackson, member #540 was approved. This award is open to any author in any numismatic publication for an outstanding article about bank note essays, proofs, specimens, and the engravers who created them. A dentist, Dr. Glenn Jackson was famous for his writings on engravers and vignettes in The Essay-Proof Journal, and for his exhibits displaying common usage of vignettes on a wide variety of syngraphic items. He was honored with the Nathan Gold Memorial Award, five Julian Blanchard Memorial Awards, and the inaugural 1980 SPMC Best of Show Exhibit Award.  B.M. Douglas Literature Awards When the SPMC was formed, Governor B. M. Douglas was a writer and offered to give a $10 gold coins as an award for the best articles published in Paper Money and a $2 ½ piece for the second-best article. Originally named the B. M. Douglas Literature Awards, these have now been divided into sub-categories that are voted on by the membership for the best articles published in Paper Money. Categories include Nationals, large and small size notes, confederate, world and miscellaneous categories. Paper Money * Nov/Dec 2021 * Whole No. 336 473 Stephen Taylor Best in Show Award At its November meeting, the SPMC board voted to name the best in show exhibit at the IPMS for Stephen Taylor, a 20-year governor for the SPMC. It is presented annually for the best exhibit at the International Paper Money Show on any paper money related subject. He was a leading advocate of sharing one's collection and hobby knowledge through speeches and exhibiting, put this philosophy into practice for many years taking his currency displays around the country at his own expense, and winning exhibits. He was the first winner of the U.S. paper money exhibitor ever to win the coveted ANA "Best of Show" Exhibit Award at Houston in 1978. He was also the first ever to win back-co-back ANA "Best of Show" exhibit awards for his U.S. paper money when he also won at St. Louis in 1979 for a completely different paper money exhibit. It was fitting that on the 25th anniversary of the award's origination, that the award was named for Stephen R. Taylor, who was so muchly associated the exhibiting of paper money for more than two decades. The first winner of the award was Dr. Glenn Jackson. Julian Blanchard Exhibit Award Awarded to the exhibit in Memphis (formerly a t ANA) which best typifies the relationship between proofs, specimens, essays, stamps, and bank notes and other syngraphic items. Notes may be of any kind and of any period or country. When Julian Blanchard (Charter Member #4) joined the SPMC, his express interest was "paper money and stamps with similar designs." He also pursued that interest with the Essay- Proof Society, of which he was President, with a particular zeal. He served SPMC as Vice President and Governor and was Awards Chairman when he died on Easter Sunday 1967. The award was established through a gift of Blanchard 's nephew, Charles F. (#401), who endowed the annual award in his uncle's memory. First presented in 1968, to George Wait, multiple winners have included Gene Hessler who has won it ten times, Walter Allan seven times and John Jackson six times. Paper Money * Nov/Dec 2021 * Whole No. 336 474 SPMC Officers Through the Years President Hank Bieciuk - 1961-1963 Thomas Bain - 1963-1965 George Wait - 1965-1969 Glenn Smedley - 1969-1971 J. Roy Pennell, - 1971-1975 Robert Medlar - 1975-1979 Wendell Wolka - 1979-1983 Larry Adams - 1983-1987 Roger Durand - 1987-1989 Richard Balbaton-1989 - 1991 Austin Sheheen- 1991 -1993 Judith Murphy - 1993-1995 Dean Oakes – 1995- 1997 Bob Cochran - 1997-1999 Frank Clark – 1999-2004 Ron Horstman – 2004-2006 Benny Bolin – 2006-2010 Mark Anderson – 2010-2014 Pierre Fricke – 2014-2018 Shawn Hewitt – 2018-2021 Robert VanDevender – 2021- Vice President Julian Blanchard - 1963-1965 William Donlon - 1965-1969 J. Roy Pennell - 1969-1971 Robert Medlar - 1971-1975 Eric P. Newman - 1975-1979 Larry Adams - 1979-1983 Roger Durand - 1983-1987 Richard Balbaton-1987-1989 Austin Sheheen - 1989-1991 Judith Murphy - 1991-1993 Dean Oakes - 1993-1995 Frank Clark - 1995 -1999 Wendell Wolka - 1999-2004 Benny Bolin – 2004-2006 Mark Anderson – 2006-2010 Pierre Fricke – 2010-2014 Shawn Hewitt – 2014-2018 R. VanDevender 2018-2021 Robert Calderman – 2021- Treasurer Glenn Smedley - 1961-1965 James Grebinger - 1965-1967 LT. Kopicki - 1967-1969 M. Owen Warns - 1969-1975 C. John Ferreri 1976-1979 Roger H. Durand 1979-1983 James Stone - 1983-1986 Dean Oakes - 1986-1993 Tim Kyzivat - 1993-1997 Mark Anderson – 1997-2006 Robert Moon – 2006- Secretary George Wait – 1961-1964 J. Roy Pennell – 1964-1967 Vernon Brown – 1967-1978 H. Wiggington – 1978-1979 A. R. Beaudreau – 1979-1981 Robert Azpiazu – 1981-1984 Gary Lewis – 1984-1986 Bob Cochran – 1986-1998 Fred Reed – 1998-2004 Bob Schreiner – 2004-2008 Jamie Yakes – 2008-2011 Benny Bolin – 2011-2016 Jeff Bruggeman – 2016-2020 Robert Calderman – 2020- Editor Hank Bieciuk – 1961-1964 Barbara Mueller – 1965-1976 Doug Watson 1976-1978 Barbara Mueller – 1978-1984 Gene Hessler – 1994-1998 Marilyn Reback – 1999 Fred Reed – 1999-2014 Benny Bolin – 2014- Paper Money * Nov/Dec 2021 * Whole No. 336 475 John & Nancy Wilson SPMC Personalities Some Gone but None Forgotten! Gene Hessler & Peter Huntoon  Mark & Burnett Anderson The Twin Smokestacks Tom Bain and Amon Carter, Jr. Judith and Claud Murphy Tom Denly and Fred Reed Texas Boys Bob Medlar & Frank Clark Matt Rothert signs his Arkansas book at IPMS Jim Haxby and Richard Balbaton Paper Money * Nov/Dec 2021 * Whole No. 336 476 Albert Pick & Forrest Daniel Grover Criswell Milt Friedberg Don Fisher Tom Denly Hugh Shull Memphis/Fishin’ Stalwart’s Ron Horstman & John Hickman John Hickman & Bob Cochran Long-time PM editor Barbara Mueller Long-time exhibit chair Mart Delger Paper Money * Nov/Dec 2021 * Whole No. 336 477 SPMC Souvenir Tickets and Cards 1965 ANA SPMC 1965 Souvenir Banquet Ticket Society of Paper Money Collectors 5th Annual Meeting and Dinner Friday, August 27, 1 9 6 5 Cocktails 6 p.m.-Nile Room, Shamrock Hotel Dinner 7 p.m.-Castilian Room, Shamrock Hotel H. N. Schwartz General Chairman No. 11 Price $5.00 1966 ANA SPMC 1966 Souvenir Luncheon Ticket 1970 ANA SPMC 1970 Souvenir Luncheon Ticket 1977 Memphis SPMC 1977 Souvenir Luncheon Ticket The earliest SPMC souvenir ticket discovered thus far admitted the bearer to a cocktail party and dinner at Houston 's Shamrock Hotel August 27, 1965, during the ANA convention. The ticket is uniface, printed in black on an off- white cardstock. Numbering was also overprinted in black. The ticket was perforated at the left end, presumably to cancel it. The stub may also have served a door prize purpose. The Society issued a special souvenir ticket for its 6th Annual Meeting and Luncheon at the 1966 Chicago ANA Convention. Bruno Rzepka handled the arrangements and Lou Goldstein did the printing at no cost to SPMC. Its face shows a 6 1/4-cent Scrip note issued by George T. Gilbert. Rochester, Ill., May 1, 1844. The ticket was printed in bronze on both yellow cardstock and buff colored paper. The back had society info on it. The serial number was in blue. The Meal was at 1230 in the Florentine Room of the Pick- Congress Hotel. Attendees at the Society's 10th Annual Meeting gathered at St. Louis' Chase-Park Plaza Hotel for an 11:30 reception and luncheon August 21, 1970. Souvenir tickets were offset printed in the form of an unissued c. 1852-7 Bank of America $3 proof note, originally printed by Toppan, Carpenter, Casilear & Co. The central vignette depicts Columbia and an eagle. At lower right, a female portrait on the original note is replaced by a visage of Glenn B. Smedley, the founder of SPMC and its then current president, a Chicago resident. Tickets were printed in black on light blue card stock. They were hand-numbered in red ink on the back, which provided meeting details. When the Memphis Coin Club took the plunge and sponsored the "First Paper Money Convention," at the Holiday Inn - Rivermont "overlooking the Mississippi River," one of the featured events was an "SPMC Luncheon - 12:30 Saturday." Convention name badges were over stamped in blue block letters "S.P.M.C." as admission tickets to the SPMC affair. The badge itself was offset printed on white, glossy card stock. It bears the legend: "Memphis Coin Club 'First Paper Money Convention'" in black, sans serif lettering. The note shown is a Third Charter $10 on the Southern National Bank of Memphis, charter #12 348. It bears a portrait of William McKinley. This issue set the standard for IPMS admission badges, as each successive issue has sported a different Memphis related note.  Paper Money * Nov/Dec 2021 * Whole No. 336 478 1980 Memphis SPMC 1980 Souvenir Breakfast Ticket 1983 Memphis SPMC 1983 Souvenir Banquet Ticket 1988 Memphis SPMC 1988 Souvenir Banquet Ticket 2000 Memphis SPMC 2000 Souvenir Breakfast Ticket 2001 40th Anniversary Reception Card 2010 Memphis SPMC 2010 Souvenir Banquet Ticket 2015 Memphis SPMC 2015 Souvenir Banquet Ticket MEMPHIS COIN CLUB For a fourth consecutive year, IPMS badges were overprinted as admission tickets to the SPMC affair. ln this case the badge bore a Second Charter $10 on the State National Bank of Memphis, charter #2127 with vignettes Franklin and Electricity (L) and America Seizing Lightening (R). The badge is offset printed in black on glossy white cardstock. The overprinting is in the familiar light blue block lettering, reading "S.P.M.C." Complaints about the size of the souvenir tickets the previous two years (they were imprinted on canceled stock certificates) led to imprinting a low value foreign note for a ticket. Employed for the souvenir tickets were I cruzeiro Central Bank of Brazil notes, that had been printed in green by Casa de Moeda da Brasil. The Society used cutdown, recycled souvenir cards for its J 988 Memphis Banquet ticket. A $100 B:mk of the State of Indiana note served as host for the souvenir of the June 25 affair. Banquet information is on the back with an intaglio printing documentation of a 4th issue 10-cent fractional note from the American Bank Note Company. Printed intaglio in brown and green, with the distinctive blue International Plate Printers, Die Sinkers an<l Engravers Union seal at the bottom of the card, these souvenir tickets were donated by Mean Bean, Lee Quast and John A. Parker. Signed by Frank Clark and Mark Anderson. Paper Money * Nov/Dec 2021 * Whole No. 336 479 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 further information, please contact: The Professional Currency Dealers Association PCDA • Holds its annual National Currency Convention in conjunction with the Central States Numis- matic Society’s anniversary convention. 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 on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com James A. Simek – Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 • email: nge3@comcast.net Heritage Numismatic Auctions, Inc. AB665, Currency Auctions of America AB2218 Paul R. Minshull #AU4563. BP 20%; see HA.com. 60258 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 1.5 Million+ Online Bidder-Members U.S. CURRENCY SIGNATURE® AUCTION Orlando – FUN | January 5-10, 2022 Highlights from Our Official FUN 2022 Auction View all lots and bid at HA.com/3586 For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or Currency@HA.com Serial Number 1 Key West, FL - $5 1882 Brown Back Fr. 472 The First National Bank Ch. # 4672  PMG Very Fine 30 Fr. 1960-J $5/$10 Double Denomination 1934D Federal Reserve Note PCGS Banknote Choice Uncirculated 64 PPQ Fr. 1850-L $5 1929 Federal Reserve Bank Note PMG Gem Uncirculated 66 EPQ Fr. 285a $10 1878 Silver Certificate PMG Choice Fine 15 Fr. 2071-K $20/$10 1974 Double Denomination Federal Reserve Note PCGS Banknote Choice Uncirculated 64 PPQ Arizona Territory, Tucson $1 Lord & Williams Remainder PMG Choice About Uncirculated 58