official journal of The Society of Paper Money Collectors World War I Emergency Money Hawaii Notes 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 • Philadelphia • New Hampshire • Oklahoma • Hong Kong • Paris SBG PM NovBalt21 PR 211201 America’s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Contact Us to Consign Your U.S. Paper Money! 800.458.4646 West Coast • 800.566.2580 East Coast • Consign@StacksBowers.com The Stack’s Bowers Galleries November 2021 Baltimore Auction T-1. Confederate Currency. 1861 $1000. PMG Very Fine 20 Net. Restoration, Stains. Realized: $28,800 Fr. 247. 1896 $2 Silver Certificate. PMG Superb Gem Uncirculated 67 EPQ. Realized: $38,400 Fr. 2200-G. 1928 $500 Federal Reserve Note. Chicago. PCGS Banknote Superb Gem Uncirculated 67 PPQ. Realized: $31,200 Fr. 41. 1862 $2 Legal Tender Note. PMG Gem Uncirculated 65 EPQ. Realized: $28,800 Fr. 374. 1890 $20 Treasury Note. PMG Superb Gem Uncirculated 67 EPQ. Realized: $81,000 Fr. 1957-LmH. 1934A $5 Federal Reserve Mule Star Note. San Francisco. PMG Extremely Fine 40. From the Laguna Coast Collection Part 1. Realized: $8,100 Fr. 96. 1869 $10 Legal Tender Note. PMG Superb Gem Uncirculated 67 EPQ. Realized: $66,000 Fr. 1132-I. 1918 $500 Federal Reserve Note. Minneapolis. PCGS Banknote About Uncirculated 50. Realized: $50,400 Now Accepting Consignments for the Spring 2022 Showcase Auction Auction: April 5-8, 2022 • Deadline: January 28, 2022 • Costa Mesa, CA PRICES REALIZED 25 Hawaiian Series Currency--Lee Lofthus 1861 Fantasy Corporation Notes—Charles Derby When Treasury Silver Collided w/Physics--Peter Huntoon Stoddard B. Colby-Register of the Treasury--Rick Melamed Series 1929 Overprinting Plate--Peter Huntoon 49 6 36 44 56 Groundhog Day for Numismatists--Lee Lofthus SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 1 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 3 Editor Sez Benny Bolin 4 New Members Frank Clark 5 Uncoupled Joe Boling & Fred Schwan 59 Chump Change Loren Gatch 64 Quartermaster Column Michael McNeil 65 Cherry Pickers Corner Robert Calderman 68 Obsolete Corner Robert Gill 70 Small Notes Jamie Yakes 72 Stacks Bowers Galleries IFC Pierre Fricke 1 Vern Potter 23 Higgins Museum 23 PCGS Currency 24 Fred Bart 42 Denly's of Boston 42 Lyn Knight 43 Richard Whitmire 48 Evangilsti 63 FCCB 73 Bob Laub 73 ANA 75 PCDA 83 Heritage Auctions OBC Fred Schwan Neil Shafer SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 2 Officers & Appointees ELECTED OFFICERS PRESIDENT rvpaperman@aol.com VICE-PRES/SEC'Y 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 Cody Regennitter cody.regennitter@gmail.com Wendell Wolka APPOINTEES PUBLISHER-EDITOR Benny Bolin smcbb@sbcglobal.net ADVERTISIN Wendell Wolka purduenut@aol.com LEGAL COUNSEL Megan Reginnitter mreginnitter@iowafirm.com LIBRAIAN Jeff Brueggeman MEMBERSHIP DIRECTOR Frank Clark frank_clark@yahoo.com IMMEDIATE PAST PRESIDENT Shawn Hewitt WISMER BOOk PROJECT COORDINATOR Pierre Fricke From Your President Robert Vandevender IIFrom Your President Shawn Hewitt Paper Money * July/August 2020 6 jeff@actioncurrency.com Welcome to a new collecting year and I trust everyone had a nice holiday. I would like to thank the various Past Presidents and other contributors who helped to make our Nov-Dec 60th Anniversary Paper Money issue special by providing their memories of how the society has progressed throughout the years. At the time of this writing, plans are in place for the SPMC to have a table at the Florida United Numismatist (FUN) show in January with several members volunteering to staff the table. At the show, the SPMC will also participate in the ANA’s Treasure Trivia Program where children can stop by our table, find the answer to a trivia question about paper money, and then be given a small prize. The theme this year will be about why some banknotes have a star in their serial number. Speaking of star notes, I recently saw a Canadian Devil’s Hair replacement star note $1 bill come up at auction. Although I didn’t bid on this one, I thought that would be an interesting item to own someday. A good friend of mine, Alan Bailey, bought a very nice one years ago and enjoyed showing it off after the purchase. I do have a few notes from countries other than the United States but it is a small group mostly consisting of special serial numbers, replacement notes, or another attribute that caught my eye. I was recently looking at items for sale at an online bidding site and was surprised to see how many old Department of Agriculture food coupons “food stamps” were for sale. At one time, it was not legal to own food stamps unless one was entitled to be on the program. In 2009, food stamps were demonetized and are now available to collect. Since food stamps were printed at the Bureau of Engraving and Printing, had serial numbers just like currency, and they also produced replacement star issues, the collecting of food stamps was a natural draw for some collectors. One challenge was to find a good example that hadn’t been torn out of the book but was fully intact. I recall being at many shows and seeing small groups of stealthy collectors sneaking around in the shadowed corners swapping items which I can neither confirm nor deny were food stamps. Today they are legal to own and collect and can readily be found online. I own only one food stamp so far, a $5 star replacement. I rarely see them offered at numismatic shows; perhaps not enough of them were saved to create a widespread collector base. If you are interested, in the May/June 2011 Paper Money magazine, Peter Huntoon and Tom Conklin wrote a very informative article on the subject. With the help of Governor Mark Drengson, the SPMC is working on the development of and sponsorship of a “Collecting Paper Money” wiki website. As the project proceeds, we will be seeking help from our membership to contribute to the content development. If you are interested in helping with the development of this exciting new project, please drop me an email. There is more to come on this topic! SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 3 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 Welcome to 2022! Well, I thought a good intro would be “it can’t get any worse than last year!” But on reflection, that is what I thought coming into 2021 from 2020. Also, just as the year was wrapping up and looking better—Bam, Ka Pow! Omicron hits! At least from all indicators this strain, while seemingly more easily spread has little to no effects for most. Oh well. I hope you are all doing well and staying well. It seems that vaccinations are the way to go and I, from a healthcare provider standpoint encourage all to get vaccinated. On to bigger and more fun topics—FUN! Hopefully if all fell into place from the effects COVID has/had on our printer to the mail service and holiday schedules, you will be reading this before or at FUN. For the first time in a long time, I will be attending it on Friday and Saturday as well. Shows before this have been very successful & it will be great seeing people and looking for wares (i.e., spending $). As we start out the new year, lets try to join together to make this hobby better. Think about sharing your experiences and your experience/knowledge with others through writing an article, doing an exhibit, giving a talk to your local coin club, or just mentoring a new collector. If we all work together, we can make this hobby the best it has ever been. I hope you enjoyed and maybe learned a lot of the SPMC history in the last issue. It was fun to put it together and I appreciate the input from our past presidents and others. It is amazing how much we have progressed in the last 60 years. This issue has several large articles in it. I normally don’t like to have too many large articles, but these were great. I have been to Pearl Harbor twice and it was very interesting learning about the WWII Hawaii notes. Mr. Lofthus is to be commended for such in- depth research—I hope you enjoy it. In that same vein, Rick Melamed found a lot of back information on S.B. Colby, whom we all know from his signing the notes. And finally, I am a big collector of South Carolina notes and of the notes Mr. Derby showed in this article, I had never seen before. And of course, Peter Huntoon’s article—need I say more. Congratulations to all our authors on a job WELL DONE!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 4 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 11/05/2021 15347 John Laney, Robert Vandevender 15348 John Shofner, Website 15349 Edward Stewart, Website 15350 Bernie Fleming, ANA Ad 15351 Lothar Maelzner, Website 15352 Joe Barringer, Robert Calderman 15353 Christopher McGugan, Andy Timmerman 15354 Phil Agee, Website 15355 Luigi Ferdinandi, Website 15356 Michael Luiz, Website REINSTATEMENTS None LIFE MEMBERSHIPS LM457 James Merritt, ANA Ad MEMBERS 12/05/2021 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. 15357 Alan Rosenberg, Tom Denly 15358 Mark Coughlan,Tom Denly 15359 John Babb, Robert Calderman 15360 William Seager, Tom Denly 15361 Ali Mehilba, Facebook 15362 David Parrish, Website 15363 Kelley Selph, Tom Denly 15364 Pretom Chakraborty, IBNS Member 15365 John Lostys, Baltimore Coin Show 15366 C. Roger Holland, Tom Denly 15367 Ryan Lam, Website 15368 Robert Powell, Robert Calderman 15369 Jack Klaus, Robert Calderman 15370 Thomas Mendenhall, Rbt Calderman 15371 Steven Moore, Robert Calderman REINSTATEMENTS None LIFE MEMBERSHIPS LM458 T. Wayne Edgeworth, member 10578 LM459 Stephen King, member 15040 SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 5 Hawaiian Series Currency Creation of the WWII Hawaii Overprint Notes Lee Lofthus June 2022 will mark the 80th anniversary of the introduction of the Hawaii overprint currency. After the bombing of Pearl Harbor on December 7, 1941, U.S. officials took steps to protect American financial assets in the Territory of Hawaii in the event the Japanese returned and invaded the islands. Hawaiian authorities worked with Treasury officials to create specially- marked notes that could be easily identified and declared worthless if they fell into the hands of the enemy. Variously referred to as WWII Emergency notes, Hawaii overprints, and Hawaiian dollars, they were officially called the Hawaiian Series upon release by Treasury Department, Federal Reserve and Territorial officials.1 This is the story of the Hawaiian overprint notes and the officials who created them. Keeping Dollars from the Axis “Keeping Dollars from the Axis” was the Treasury Department’s 1945 look-back description of its global efforts to keep U.S. dollars out of the hands of the enemy in World War II. The Treasury’s “Invasion Currency” report went on to say: “Even before we entered the war, this Government, through the Foreign Funds Control of the Treasury Department, took steps to prevent the Axis from using American currency which it looted when it overran the countries of Western Europe and other territories. * * *. After the attack on Pearl Harbor, Hawaii became a danger spot in our defense, and we could not be blind to the possibility that the Japanese might attempt to invade the Islands, as, indeed, they evidently intended to do when we stopped them at Midway. As a defensive measure, we introduced the Hawaiian dollar, which is simply regular United States currency with the word ‘Hawaii” overprinted in large letters. We exchanged all regular dollar currency in Hawaii for Hawaiian dollars, and we were then ready for the Japanese from the point of view of money. Had the Japanese conquered Hawaii, the distinctive Hawaiian currency would have made it possible to take appropriate measures to prevent the enemy from using this currency to any advantage.”2 SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 6 Martial Law Declared Martial law was declared in Hawaii by Territorial Governor Joseph B. Poindexter immediately after the December 7th attack.3 General Walter C. Short, then military commander in charge of Hawaii’s defense, and Lt. Colonel Thomas H. Green, went to see Poindexter at the governor’s office at Iolani Palace at approximately 10:30 a.m. on the morning of the attack. Honolulu was in chaos. The military men and the governor conferred on how to respond to the urgent situation. Hawaii’s territorial legislation in the form of the Hawaii Civil Defense Act of 1941—known by Green’s term as the “M Day Bill”—permitted Poindexter to declare martial law. M stood for mobilization. Sporadic firing was still occurring. After some discussion, Poindexter kept to himself for several minutes. He then told Short, “General, I have thought it through. I feel that the situation is beyond me and the civil authorities and I think the safety of the Territory and its citizens require me to declare martial law.” Poindexter was a former Federal judge. Green later described the governor’s tone as “if he were pronouncing a death sentence.”4 Poindexter asked Short if he concurred with the decision. General Short agreed. Green stayed with Poindexter and several attorneys from the governor’s staff to work out the details of the announcement. Green had worked on the M Day protocols and anticipated a need like this may Figure 1. Photograph taken by a Japanese pilot during the attack on Pearl Harbor. A Japanese dive bomber appears immediately in front of the aircraft taking the photo. Library of Congress, Prints and Photographs Section, Library of Congress Control Number (LCN) 2002695213. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 7 come. By afternoon on December 7, Green’s work had established the Office of the Military Governor. Poindexter phoned President Franklin D. Roosevelt with his decision, confirming the discussion with a telegram. Roosevelt formally replied on December 9th with the following radiogram.5 The Honorable Joseph B. Poindexter Governor of the Territory of Hawaii Territory of Hawaii: Your telegram of December seventh received and your action in suspending the writ of habeas corpus and placing the Territory of Hawaii under martial law in accordance with USC Title 48 Section 532 has my approval. Franklin D. Roosevelt General Short was appointed Military Governor of the Territory of Hawaii upon the declaration of martial law. In the first ten days of martial law, the Military Governor issued thirty- one directives, addressing the closing of civilian courts; rationing gasoline; prohibiting the sale of liquor; prohibiting radio broadcasts in foreign languages; requiring blackouts and the dark painting of automobile headlights; and, most importantly, prohibiting retribution against the alien Japanese Figure 2. Territorial Governors meet at the U.S. Capitol before the war. Joseph B. Poindexter of Hawaii is at left, Gov. Blanship Winship of Puerto Rico is center, and Gov. Lawrence W. Cramer, Virgin Islands, is at right. It was Poindexter who declared martial law in Hawaii Territory on the afternoon of December 7, and later helped the military authorities carry out the Hawaiian Series currency plans. Library of Congress, Prints and Photographs Section, LCN 2016872169. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 8 population in Hawaii. The same standard was applied to prevent abuse of Americans of Japanese ancestry. The majority of thirty-one orders were based upon drafts written by Lt. Colonel Green before hostilities erupted.6 Short was relieved of his post on December 17, 1941, recalled to Washington as the military sought to assign blame for allowing the U.S. military to be caught by surprise by the Japanese attack. General “Hap” Arnold replaced Short with General Delos C. Emmons.7 Short spent his remaining years trying to clear his name after being found to be derelict in his duty by a Presidentially-appointed fact-finding commission at the end of January, 1942 (the Navy’s Admiral Kimmel was similarly found derelict). Neither Short nor Kimmel was formally court-martialed. Short retired in February 1942, returned to active duty briefly in 1945/6, and died of heart disease in 1949. In 1999, the U.S. Senate passed a non-binding resolution that exonerated Short and Kimmel on the grounds they were not provided critical intelligence prior to the Pearl Harbor attack. Figure 3. General Emmons and his aide Lt. Colonel Thomas Green in Hawaii. Emmons was the Military Governor and endorsed Green’s bold plan to protect the U.S. currency in the territory by replacing it with specially marked bills. Photograph courtesy of Densho.org, from Hawaii War Records Depository hwrd1001, Archives & Manuscripts Department, University of Hawaii at Manoa Library. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 9 Emmons became Military Governor of the Territory of Hawaii after Short was relieved so he was governor during the battle of Midway. Emmons is credited with resisting calls for the mass removal of resident Japanese in the islands, often clashing with senior Navy officials, the Interior Department and the U.S. Attorney. He supported the formation of the 100th Infantry, the noted battalion of mainly Hawaiian “Nisei,” i.e., Americans born to parents of Japanese immigrants. Emmons served in Hawaii until June 1943, at which time he went to the Presidio in San Francisco and assumed command of the Western Defense Command. Martial Law in Hawaii remained in effect until October 27, 1944.8 Governor Poindexter served until August 24, 1942, long enough to issue the currency replacement orders, but was himself replaced when Roosevelt appointed long-time island Democrat Ingram Stainback to the position after Poindexter clashed with influential Department of the Interior Secretary Harold Ickes over the martial law declaration. Poindexter incurred Ickes’ wrath when he went directly to Roosevelt with the declaration, an act that doomed his chance to continue as governor. Emmons and Green On December 17, Short departed Hawaii, and General Emmons took over as Military Governor. Lt. Colonel Green continued as Executive in the Office of the Military Governor, thus affording Emmons the experience and expertise he brought to the job. Together, Emmons and Green issued 181 general orders through which they “collectively controlled much of civilian life and criminal law enforcement in Hawai'i until mid-1943.”9 Thomas H. Green was born in Cambridge, Massachusetts in 1889 and served in WWI in France. After WWI he obtained his Master of Laws degree from George Washington University in Washington, D.C. He became a military lawyer and was assigned to Hawaii in 1940 as Judge Advocate General. He was a legal advisor to General Short before the Pearl Harbor attack, and was a vital aide to General Emmons as Emmons took over. Green later became a brigadier general in May 1942 and later served as a Judge Advocate General in Washington, D.C.10 Green retired as a major general. Green’s invaluable personal papers yield a first-hand account of the Hawaii currency replacement plans at their creation. Green’s Idea for “Emmons Money” Green was an articulate attorney with a knack for administration. His first-person account after the Pearl Harbor attack “Martial Law in Hawaii, December 7, 1941–April 4, 1943,” resides in the Library of Congress in Washington, D.C.11 Green wrote: With the coming of the Blitz [as the December 7th attack was then called in Hawaii], it was presumed the Jap[anese] would follow up their advantage and that they would soon be coming up the beaches in force. * * * The fighting off and defeat of the Jap[anese] forces was the problem of the Army and Navy staffs, but the problem of preventing the invaders from getting anything of value, if they succeeded in landing, was mine [emphasis added]. If the invaders were successful, their first move would have been to loot the banks and thereafter sweat out of the local citizenry their funds, and their securities. It was my responsibility to see to it that should an invasion be successful, there would be nothing of value left which would be negotiable. My first plan contemplated that all money and securities would be destroyed at the first sign of imminent attack. The need for destroying currency was not fanciful. On the contrary, it was a matter of grave importance. For example, when the Jap[anese] caught the British at Singapore, they took over the entire British currency in the banks and upon the persons of the vanquished. Also, in Manila, the Filipinos were able to send out of the country one submarine load of gold. * * * The remainder of the metal money and currency in Manila was dumped into the local harbor. When the SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 10 Jap[anese] invaded, one of their first projects was to compel the Filipinos to dredge for that money. * * * A considerable amount of this submerged money was recovered and used by the Jap[anese] to augment their war chest. * * *. I was obsessed with the idea that something further must be done in the interest of security [for the currency]. I finally came up with the idea of exchanging United States currency for some other form of legal tender which, in the event of invasion, could be outlawed as legal tender and therefore defeat its use by an invader. I appreciated that any such plan would have to be approved by the United States Treasury. I began discussing the idea with my staff and decided upon a substitute paper money which would be red in color instead of green. I began calling it “Emmons money.” I took up the matter with General Emmons who scoffed at the idea of calling the substitute money “Emmons money” but he told me to go ahead. I then consulted Governor Poindexter who was the direct representative of the Treasury Department in the Territory. He heartily approved the idea and gave me advice on how to proceed. We were fortunate in having in Honolulu Alfred B. Tree, a Treasury agent who had an unusual knowledge of United States currency. He was a brilliant young man. * * * We gave him the task of convincing the Treasury Department of the necessity for our plan on substitution of money. It was not that the Treasury Department was expected to resist, but from my experience in the War Department I knew that one familiar with the procedures of a Department * * * can get fast action. Mr. Tree had whatever it took because the Treasury promptly approved the plan in principle and action to implement it started at once. The First Currency Problem & General Orders No. 51 The first problem Poindexter, Emmons and Green faced wasn’t replacing the U.S. currency, it was having any currency at all.12 In the aftermath of December 7, Hawaiians withdrew their money out of the banks to protect it, fearing the Japanese would invade and, as they did in other conquered areas, seize the banks and all the currency. Commerce was threatened as the availability of currency dried up in the Islands. Hawaiian Currency    Key Events Timeline   December 7, 1941 – Pearl  Harbor Attack   January 9, 1942 – Emmons  issues General Orders No. 51 to  stop currency hoarding   March 4, 1942 – failed second  attack on Honolulu by Japan   Early March 1942 – Treasury  officials from Washington visit  Hawaii to finalize currency  replacement plans    June 4‐7, 1942 – U.S. Navy  defeats Japanese carrier fleet in  the Battle of Midway    May and June 1942 – BEP  prepares Hawaiian Series    June 25, 1942 – Green and  Poindexter issue orders  requiring replacement of  regular currency with Hawaiian  Series overprints   July 15, 1942 – deadline for  exchanging regular U.S.  currency for Hawaiian Series  notes   October 21, 1944 – Treasury  announces the revocation of  the Hawaiian currency  regulations   September 2, 1945 – formal  surrender ceremony marking  the end of WWII in the Pacific.   SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 11 Hawaiian residents withdrew their money in great quantities. The problem was exacerbated by the fact the banks also had to satisfy the large demand for paying the sailors on the ever-arriving U.S. Navy ships. Green described how the sailors would all too quickly spend their pay in Hawaii, but the business owners secreted the cash away, avoiding the banks. In the first week of January 1942, Green was visited by a group of alarmed Hawaii bankers who were desperate to replenish the cash supply on the Islands. The bankers told Green they felt there was plenty of cash in the Territory, but it was being hoarded. They asked Green to get the Army and Navy to assist in flying over loads of cash. Green responded that the Army and Navy needed their flights for military purposes, but that he would think the problem over and reply in the morning. Green’s idea the next morning initially “frightened and astonished” the bankers. He proposed that the Military Governor issue an order prohibiting the withdrawal of more than $200 per month and forbid the holding of cash in excess of $200 per person, with exceptions for certain businesses and other special circumstances. This became General Orders No. 51, issued January 9, 1942, effective January 12, 1942. General Orders No. 51 had what Green called an instantaneous response. Between the 9th and the 12th of January, over $1.5 million in cash was returned to the banks. Green described daily queues as locals lined up to redeposit their cash so very quickly over $20 million had been redeposited. In Green’s words, “Some of the money deposited was in the form of gold certificates long outmoded by the Treasury, and much of the money was moist and even wet, indicated it had recently been excavated.” While Green noted that some of the compliance with Orders No. 51 was based on fear of punishment, Green credited the overall compliance with the Order to the public’s trust in the “integrity and intelligence” of General Emmons. With the circulation problem in the Islands temporarily solved, Green turned his attention to his currency replacement idea along with the myriad other administrative details of organizing Hawaii’s life during wartime. Japan’s Second Hawaii Attack Despite the destruction wreaked by Japan’s December 7th attack on Pearl Harbor, in early 1942 the Japanese military recognized the U.S. was quickly rebuilding its Pacific fleet and that key shipyard repair facilities and fuel reserves were left undamaged in the first attack. America’s industrial might was on full display as shipyards quickly mounted an all-out repair campaign to get damaged Navy ships back in action and make the Pearl Harbor naval station and docks serviceable again. To put the American navy base truly out of action, the Japanese military audaciously sent two long-range seaplane bombers, Kawanishi H8Ks, on a 4,800 round trip flight to bomb key Navy targets on Oahu. The attack was known as Operation K.13 The planes took off from the occupied Marshall Islands and were refueled by submarines northwest of Hawaii. They reached Oahu in the pre-dawn hours of March 4, 1942. The planes carried four 550-pound bombs each. U.S. radar spotted the planes and sent fighters to intercept them, but the seaplanes evaded interception in the pre-dawn darkness. Sending just two planes hardly duplicated the massive December 7th attack, but with their 550-pound bombs they could have done major damage to the U.S. shipyards and repair efforts. But the darkness and poor weather made it impossible for the Japanese pilots to locate their military targets. One plane’s bombs landed in the Honolulu hills while the other was believed to have dropped its bombs in the harbor or ocean without doing any damage. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 12 The significance of the second attack was two-fold. Militarily, it disclosed key Japanese intentions and tactics, information the U.S. Navy took advantage of in planning its next actions, including the Midway campaign. And, relevant to the Hawaiian Series currency story, it was a stark reminder to Emmons, Green, and the U.S. Treasury that Hawaii remained vulnerable to Japanese attacks and that a potential Hawaii invasion was very real. Green picks up the timeline again at this point: “Early in March 1942, a Treasury detail came to Hawaii from Washington to close the deal with us whereby regular currency would be exchanged for specially printed paper money. The agreement was consummated and some twenty million dollars of regular currency” was to be exchanged for the specially marked bills. The fresh news of the second attack had to be front and center in the minds of Green and the visiting Treasury officials as they made their plans. Figure 4. Japanese Kawanishi H8K “flying boat” bomber in process of being shot down in 1944. Two similar H8K seaplanes were used by Japan on March 4, 1942 to attack Pearl Harbor a second time. The attack failed when the planes failed to locate their military targets due to poor weather and visibility. Photograph courtesy of National Archives and Records Administration via Naval History and Heritage Command, Hampton Roads, VA. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 13 Back in Washington In Washington D.C., Treasury officials were mobilizing to get the new Hawaii currency ready. Secretary of the Treasury Henry Morgenthau, in his Annual Report in 1942, described how “the new series for Hawaii” carried “the distinctive overprint ‘Hawaii’ in bold-face type.” Morgenthau reported that “The Hawaiian currency replacement program resulted from the careful study of Hawaiian currency problems by the Treasury, War, Navy, and Interior Departments in collaboration with Hawaiian civil and military authorities.”14 Bureau of Engraving and Printing and Federal Reserve Actions The wartime Treasury Department, despite Green’s creative idea for printing red-inked “Emmons money,” opted for a simpler currency replacement solution. The Bureau of Engraving and Printing had its hands full with the demands of the war, working overtime printing war bonds and new war savings stamps, not to mention printing billions of pieces of new currency as the economy expanded during the war. The BEP had no time to prepare expensive new currency plates. The BEP’s plight was severe enough that the Federal Reserve Board discussed the situation, noting that the BEP “is having great difficulty in obtaining personnel with adequate skill to produce the large volume of the various securities now needed by Treasury and the increasing volume of paper currency needed to meet the demands of the public.”15 In addition to worrying about BEP capacity, Treasury wanted an economical Hawaii solution as well, given the tremendous burden of financing the war in both Europe and the Pacific. Ever-responsive, BEP director Alvin Hall discussed the solution in his annual report for 1942, saying “In the latter part of the [fiscal] year (i.e., Spring 1942) special orders were received for the overprinting of silver certificates and Federal Reserve notes with the word “Hawaii” on the back and face. Large skeleton type was used for the back overprinting, which was in black ink, and small type for each end of the face, also in black. The serial numbers and seal were printed in brown ink.”16 By using existing currency types and opting for overprinted Hawaii markings and brown seals, BEP inexpensively accomplished the government’s goal of producing visually distinctive currency that could be isolated and demonetized if seized in an invasion. Having decided to use existing currency types with overprints, the next Treasury decision was what denominations were needed to support the circulation in the Territory. The workhorse Series 1935A silver certificates Figure 5. Treasury officials approached the Federal Reserve Board to discuss use of FRNs for the needed higher denomination notes for Hawaii. Ultimately, $5, $10, and $20 FRNs were issued, all from the Federal Reserve Bank of San Francisco. Image courtesy of Heritage Auctions. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 14 would do the job for $1 bills, while Treasury officials approached the Federal Reserve Board to propose use of Federal Reserve notes for the higher denominations. On Tuesday, May 26, 1942, the Federal Reserve Board met in Washington, D.C. On the agenda was discussion of the Hawaii currency replacement. George Barnes, Assistant to the Treasurer of the United States, had informed the Federal Reserve officials that “the military and civil authorities in Hawaii are anxious that steps be taken to withdraw all paper currency now in circulation and replace it with currency which would have distinctive markings. The Treasury has considered the suggestion and proposed to over-print the word ‘Hawaii’ in outline letters across the reverse side of the currency, and the word ‘Hawaii’ in bold face type at each end on the face of the currency.”17 Barnes said that Treasury had proposed printing $3,000,000 in Hawaii $1 silver certificates, and asked the Board if it was agreeable to printing $5 million in $5 Federal Reserve notes, $6 million in tens, and $11 million in twenties, all on the Federal Reserve Bank of San Francisco. The San Francisco Federal Reserve Bank officials concurred via telephone. The closing text of the Board’s minutes reveal a last surprise. Board Governor Menc S. Szymczak, who had previously met with Barnes, advised the Board that “A sample of the $10 Federal Reserve note of the Federal Reserve Bank of San Francisco with the proposed over- printing is now in my possession and I shall be glad to show it to interested members of the Board.   Figure 6. In Washington, Alvin Hall, BEP Director, left, readied the new overprinted designs in May and June, 1942. Federal Reserve Board Governor Menc S. Szymczak, right, met with Treasury officials regarding the use of Hawaii overprinted Federal Reserve notes for the high denomination need in the Territory. Szymczak raised the matter at the Board of Governors meeting May 26, 1942. Images courtesy of the Library of Congress, Prints and Photographs Collection, LCN 2016862146 and LCN 2016872460. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 15 The military authorities in Hawaii are particularly anxious that this proposed exchange of currency be kept strictly confidential until the exchange is actually made.” Hall reported that “On June 8, 1942, a special order for $5.00, $10.00, and $20.00 notes for the Federal Reserve Bank of San Francisco overprinted ‘Hawaii,’ comprising $22,000,000 valuation, was received from the numbering section and delivered to the Treasurer of the United States.” This was the first order for the high denominations, as proposed by Barnes to the Federal Reserve Board in late May.18 Fiscal year 1942 ended June 30, 1942. Hawaii Series $1 silver certificates delivered that year were 250,000 12-note sheets of Series 1935, or 3,000,000 notes.19 These were the first $1 Hawaii overprints; specifically, the Y-B block notes numbered Y68 628 001B to Y71 628 000B. Green’s Reaction Back in Hawaii, upon viewing the newly arriving Hawaii overprints, Green said “When the new paper money arrived I was disappointed as I hoped that it would be red in color and have ‘Emmons’ written all over it. The new bills were similar to the ordinary bank note except that the seals and the numbers were printed in brown ink instead of green and the bills bore the word ‘Hawaii’ in black on both sides. It was explained to me that the printing of red money would require prohibitive changes in normal Treasury practice and processes. The new bills worked out well, in fact there was an immediate demand for the new currency and the transfer from the old to the new was made without incident.”20 Actually, as we will soon see, the “without incident” observation omitted the Hawaii authorities dealing with some unexpected issues. The Hawaiian Series Currency Orders – the Money Exchange Begins On June 25, 1942, Green, now a brigadier general, in his capacity as Executive to the Military Governor, signed General Orders No. 118. The Orders granted Territorial Governor Poindexter the authority to issue regulations regarding the issue of U.S. currency in Hawaii Territory. Anyone convicted of violating the regulations could be fined not more than $5,000 or imprisoned for not more than five years, or both. Green’s order set in motion a series of follow-on orders and regulations, most notably Poindexter’s Hawaiian Territory Executive Order of June 25, “Regulations Relating to Currency.” (See Figure 7). “Effective at once, all United States currency now in circulation in the Territory of Hawaii will be withdrawn from circulation and will be replaced with new United States currency prepared for the Territory of Hawaii by the United States Treasury Department.” Going on to describe the overprints, Poindexter stated “Such currency will be referred to in these regulations as “United States currency, Hawaiian Series.” Regular U.S. currency was to be exchanged at banks at no cost to the holder by July 15, 1942. Coordinating bulletins were issued by the Federal Reserve and the Treasury Department in Washington issued a press release highlighting the new Hawaiian currency exchange program. In Hawaii, Green was quoted, saying “As I see it, this program is an additional step in the defense of Hawaii, and it seems a logical corollary to the other defensive measures which have been and are being undertaken. One of its great merits is that the distinctive markings will make the currency easily identifiable and readily accessible in the event of emergency.”21 Destroying the Exchanged U.S. Currency Part of the mass currency replacement plan was sending the exchanged regular U.S. currency back for redemption and destruction in Washington. However, officials soon thought that plan both too risky and too costly. Air transportation was needed for troops and materiel, and fears over a ship carrying tens of millions of dollars being captured by the enemy outweighed the desire to follow the usual Treasury redemption process in Washington. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 16 Figure 7. First page from Territorial Governor Poindexter’s currency order of June 25, 1942. Residents of Hawaii had until July 15, 1942 to exchange their currency for the new overprint notes. From the Federal Reserve Bank of Dallas, District Notice, July 1942, Dallas, Texas. Image courtesy of Fraser, Federal Reserve Bank of St. Louis. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 17 Given the risks, Green worked to obtain Treasury’s approval to destroy the currency on Oahu. Once approval was obtained, the problem then was how to destroy the regular U.S. currency. In Green’s words, “As the old bills came into the banks they were exchanged for new bills and then bundled up and destroyed in the incinerators of mortuaries. All of this was done with the full cooperation of Governor Poindexter and was under careful scrutiny by a committee composed of a local banker, a Treasury representative, and a junior Army officer. Applications for the last named post were numerous and it was not until I learned of the practice of lighting cigarettes from bills of large denominations that I understood the desirability of such duty. This ritual was enjoyed, especially by young officers who had little prospect of handling, much less burning, bills of large denominations.”22 The destruction job did not go quite as smoothly as Green described. Evidently the tightly packed bricks of currency were so dense that the Nuuanu mortuary furnace on Oahu was charring the bricks rather than completely burning them. As a fallback, the military approached the ‘Aiea sugar mill and asked to use the refinery furnace at the plantation on the outskirts of Pearl Harbor.23 The sugar mill had furnaces with large drafts and big combustion chambers, so were well suited to the challenge. The manager of the plantation later related how the military came out with its heavily guarded procession of money trucks with their sirens howling.24   Offensive Use 1943 through 1945 The currency exchange plan worked well, and Hawaii dollars became the norm for use in the Pacific theatre of the war. Originally conceived as a defensive measure, the Hawaii overprints were later used in the forward areas as American military gains continued to push back the Japanese military. At the May 13, 1944 meeting of the Federal Reserve Board of Governors, the Board was asked to approve the printing of another $70 million in Hawaii overprint San Francisco Federal Reserve notes. This large request, sought long after the threat to Hawaii itself had passed, was made by Treasury Undersecretary Daniel Bell, who indicated a substantial portion of the new notes were needed by the U.S. Navy for its operations. This 1944 request was almost triple the original Hawaii FRN order from June 1942.25 The Hawaii $1 silver certificates also were in big demand later in the war. In fact, the BEP’s delivery of $1 Hawaii overprints during fiscal year 1944 (July 1, 1943 to June 30, 1944) was almost double the total delivered in fiscal years 1942 and 1943 combined.26 The Treasury, War, and Navy Departments issued a joint statement describing such use on February 9, 1944, saying: The American marines, sailors, and soldiers who have been driving out the Japanese from their Central Pacific strongholds have brought with them for their use and for the use of the inhabitants of these islands the ‘‘Hawaiian dollar,” [which] is being used to facilitate the offensive against the Japanese-held islands thousands of miles from Hawaii in the direction of Tokyo. * * *. The distinctive characteristics of the “Hawaiian dollar” are of equal value for offensive purposes as well as defensive. * * *. It would have been possible, of course, to achieve practically all of the advantages of the use of the “Hawaiian dollar” by the use of the yellow seal currency used in North Africa, Sicily, and Italy. It was felt, however, that since these Central Pacific islands have closer direct military and financial relations with Hawaii than with the mainland and since the “Hawaiian dollar” has all the advantages of the yellow seal currency, it was preferable to use the “Hawaiian dollar” in the Central Pacific operations.27 The Hawaii overprints were not meant to be long-term invasion or occupation currency, leaving that task late in the war to money such as the Victory Series pesos in the Philippines and special Dutch guilders, for example, in other areas liberated by the Allies. Rather, their use in SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 18 forward Pacific areas was analogous to the use of the yellow seal dollars as a “spearhead currency.”28 Revocation On October 21, 1944, the Treasury Department announced the revocation of the Hawaiian series currency and securities regulations. Treasury said “This action brought to an end the financial ‘scorched earth’ program in Hawaii. * * *. With the danger of invasions definitely removed, the precautionary measures prescribed by the regulations are no longer necessary and hereafter unperforated securities and ordinary United States currency may be marketed and circulated in Hawaii.”29 The Federal Reserve Bank of New York, in its Circular No. 2858, November 1, 1944, advised member banks that “it will not be necessary to continue the use of the specially marked currency in Hawaii and in other Pacific areas. The specially marked currency will be allowed to continue to circulate in these areas and to circulate in other places (including the continental United States) until it is retired in the normal course of operations as it becomes unfit for further circulation. In the meantime, the supply of this currency still on hand will be used to supply the circulation needs in Hawaii, after which the currency needs of Hawaii will be supplied through regular currency issues as heretofore.”30 Allowing the notes to circulate in the continental mainland, rather than destroying unused supplies, contributed to the high availability of new notes to collectors today, particularly given the late-war printing of 15,000,000 SC block $1 notes, quantities of which dribbled into circulation for years after the end of the war. Figure 8. Government officials arranged for the exchanged currency to be burned at the large furnace at the ‘Aiea Sugar Plantation nearby Pearl Harbor after unsuccessfully attempting to burn it at a local mortuary, Photo courtesy of Welcome to Aiea, https://aiea96701.wordpress.com/about/ SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 19 Brigadier General Green, who worked assiduously to create the emergency money after the Pearl Harbor attack, was reassigned to the mainland in April 1943. Writing later, Green reminisced that “While the need for ‘Emmons money’ ceased with the termination of the hostilities with Japan, the money is still in use and I have personally received some of the bills in charge in various parts of the United States.”31 Numismatics The Hawaii overprints have a dedicated collector following. The $1 silver certificates are often collected by block, with a set consisting of the YB, ZB, AC, CC, FC, LC, PC, and SC blocks plus five runs in the *A block. Twenty-five sheets of $1 FC block silver certificates were released, some of which have been cut.32 Several remain to delight collectors.33 The $5 Hawaii overprint Federal Reserve notes were printed in both Series 1934 and 1934A varieties. All are LA or L* blocks. Most Series 1934 $5 are mules, with the non-mule being scarcer. $5 star notes are rare. The $10 FRNs are LA, LB, and the scarce L* blocks. The $20 FRNs are LA and L* blocks that come in several varieties. Series 1934 and Series 1934A $20 notes are found as mules and non-mules, and both series include the late-finished back plate 204 variety. $20 star notes are very scarce. Printage totals can be found in the standard numismatic references.34 A full discussion of Hawaiian Series printings, serial numbering and varieties appears in Huntoon, et al. (2008).35  Figure 9. A rare Hawaii overprint error. Minor overprint placement shifts, both face and back, can be found on Hawaii notes with some regularity, but a doubled overprint such as on this $20 Federal Reserve note is a major attention-getting rarity. Image courtesy of Heritage Auctions. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 20 Harry Forman, a noted Philadelphia coin dealer, reminisced in 1978 about buying hoards of Hawaii $1 notes over the years. He bought 1,000 notes from a fellow dealer in 1956 at the price of $1.05 per note. The notes had come from the Federal Reserve Bank of Philadelphia. In the early 1960’s, Forman obtained 2,000 new $1 Hawaii overprints from dealer Robert Friedberg.36 A Maui news outlet reported large hoards found in strange places. $100,000 in Hawaii notes were found in 1980 by someone painting an attic. The same outlet reported an elderly woman bringing some $45,000 in circulated Hawaii notes into a bank to sell, but was told she should simply spend them since they were worn.37 A Treasure Remaining to Be Found? Green leaves us with one more tantalizing story. Green said he obtained the first four $1 bills of the new Hawaiian series, exchanging four regular dollar bills for them. Green asked General Emmons to sign each note and Green complied. Green then sent the four notes to Admiral Chester W. Nimitz and requested that Nimitz sign the notes, keeping one for himself. Of the three remaining, one was to be given to the adjutant general of the Army for historical purposes, one was for Emmons and one was to be kept by Green. Nimitz signed the four bills, but returned all four to Green, telling Green to find a constructive use for the fourth note. Nimitz told Green his currency interests were focused on his “yen” for Japanese notes found on enemy planes.38 This author is unaware any of these four autographed notes reaching the numismatic market. Acknowledgments Much of the personal narrative of the aftermath of the December 7th attack and the subsequent creation of the Hawaii currency replacement program came from the papers of retired Major General Thomas H. Green. Green’s manuscript can be found at the Library of Congress in Figure 10. Waikiki beach during the war. Photographs like this showing the barbed-wire beach defenses were censored during the war. Image courtesy of the Bishop Museum/Desoto Brown. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 21 its entirety at http://www.loc.gov/rr/frd/Military_Law/pdf/Martial-Law_Green.pdf Chapter XXIII, “Money” covers the Hawaii currency program. Biographical information on Emmons and Green came primarily from the Densho Encyclopedia, Densho.org, a non-profit organization that preserves and shares the history of the WWII incarceration of Japanese Americans, including digitally preserving source materials of historic value. Sources Bishopmuseum.org. Bishop Museum, Honolulu, HI, 2021. Bulletin of the Treasury Department, April 1945. U.S. Treasury, Washington, D.C. 1945. Bureau of Engraving and Printing, Master Printing Ledger by Series and Fiscal Year, Record Group 318/450/903/007/01-02, Entry 54, Miscellaneous Records 1872-1950. National Archives at College Park, MD. Densho Encyclopedia, “Delos Emmons,” Densho.org website. Seattle, WA, 2021. Densho Encyclopedia, “Martial law in Hawaii,” Densho.org website. Seattle, WA, 2021. Densho Encyclopedia, “Thomas H. Green,” Densho.org website. Seattle, WA, 2021. Federal Reserve Bank of San Francisco, “Hawaiian Series Currency,” Monthly Review, October 1944, San Francisco, CA, 1944. Federal Reserve Bank of Kansas City, “Currency in U.S. History,” Federal Reserve Bank of Kansas City, 1995, https://fraser.stlouisfed.org/title/6030. Forman, Harry, “Emergency notes turning up in hoards.” Coin World, May 24, 1978. Amos Press, Sidney, OH, 1978. Gilbert, R.R., President, Federal Reserve Bank of Dallas, November 27, 1942. [Bulletin regarding Hawaiian Series Currency and related orders]. Dallas, TX, 1942. Green, Thomas H, Major General, USA (Ret) “Martial Law in Hawaii, December 7, 1941–April 4, 1943,” Chapter XXIII “Martial Law Declared.” Library of Congress, Washington, D.C. Huntoon, Peter, with collaboration by James Downey, James Hodgson, Donald Medcalf and James Simek, “U.S. Hawaii & North Africa-Sicily Military Currency,” Paper Money, May/June 2008, pp. 196-223, Vol. ILVII, No. 3, Whole Number 255. Society of Paper Money Collectors, SPMC.org. Loproto, Mark, “Operation K: A Second Pearl Harbor Attack,” March 5, 2020, Pearl Harbor.org. Honolulu, HI. 2020. Morgenthau, Henry Jr., Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year ended June 30, 1942, p. 46. U.S. Government Printing Office, Washington, D.C., 1943. Morgenthau, Henry Jr., Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year ended June 30, 1944, p. 383. U.S. Government Printing Office, Washington, D.C., 1945. Morrill, Chester, Secretary, Board of Governors, Federal Reserve System Meeting Minutes, for Board meetings of May 26, 1942, pp. 1061-3; July 10, 1942, pp. 1398-9; August 11, 1942, p. 1605; May 13, 1944, pp. 751-2. Federal Reserve Board, Washington, D.C. Noyes, Dina, “Tracing the History of WWII Hawaii Currency,” Mauitime.com. Maui, HI, June 10, 2010. Olson, Wyatt, “Japan’s little-known 2nd surprise attack on Hawaii failed in more ways than one.” Stars and Stripes, Stripes.com, March 1, 2018. Othman, Frederick C. “Money Meant Little to Hawaii Right After Pearl Harbor Attack,” Washington D.C. April 24, 1945. Schwartz, John, and Scott Lindquist, Standard Guide to Small-Size U.S. Paper Money 1928 to date, 10th Edition. Krause Publications, F+W Media, Iola, WI, 2011. Sproul, Allan, President, Federal Reserve Bank of New York, Circular 2547, “United States Currency, Hawaiian Series,” November 19, 1942. New York, NY, 1942. Sproul, Allan, President, Federal Reserve Bank of New York, Circular 2858, “Revocation of Hawaiian Currency and Securities Regulations,” November 1, 1944. New York, NY, 1944. Young, Peter T. “Emmons Money,” ImagesofoldHawaii.com, January 9, 2019. Endnotes 1 U.S. Treasury Department, Press Release No. 32-36, July 7, 1942; Federal Reserve Bank of New York, Circular 2547, November 19, 1942; “Regulations Relating to Currency,” J. B. Poindexter, Governor, Territory of Hawaii, June 25, 1942. 2 Bulletin of the Treasury Department, April 1945, page A-3, “Invasion Currency.” U.S. Treasury Department, Washington, D.C., Office of the Secretary. 3 Major General Thomas H. Green, USA (Ret) “Martial Law in Hawaii, December 7, 1941 – April 4, 1943,” Chapter X, “Martial Law Declared.” Thomas H. Green papers, Library of Congress, Washington, D.C. 4 Ibid. 5 Ibid. 6 Ibid. 7 Ibid. 8 Ibid, “Martial Law in Hawaii.” July 22, 2020. 9 Ibid, “Delos Emmons.” July 2, 2020. 10 https://en.wikipedia.org/wiki/Thomas_H._Green SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 22 11 Major General Thomas H. Green, USA (Ret) “Martial Law in Hawaii, December 7, 1941–April 4, 1943,” Chapter XXII “Money.” Thomas H. Green papers, Library of Congress, Washington, D.C. 12 Ibid. 13 Mark Loproto, “Operation K: A Second Pearl Harbor Attack,” March 5, 2020, Pearl Harbor.org, https://pearlharbor.org/operation-k-a-second-pearl-harbor-attack/ 14 Annual Report of the Secretary of the Treasury for Fiscal Year 1942, p. 46. 15 Federal Reserve Board Meeting Minutes, Washington D.C., May 26, 1942, pp. 1061-2. 16 Bureau of Engraving and Printing Annual Report 1942, Surface Printing Division report, p. 24. 17 Federal Reserve Board Meeting Minutes, Washington D.C., May 26, 1942, pp. 1062. 18 Bureau of Engraving and Printing Annual Report 1942, Federal Reserve Vault Division report, p. 18. 19 Bureau of Engraving and Printing Annual Report 1942, p. 42. 20 Major General Thomas H. Green, USA (Ret) “Martial Law in Hawaii, December 7, 1941–April 4, 1943,” Chapter XXIII “Money.” Thomas H. Green papers, Library of Congress, Washington, D.C. 21 Office of the Governor of Hawaii, Foreign Funds Control, Honolulu Territory, Press Release, June 25, 1942. 22 Major General Thomas H. Green, USA (Ret) “Martial Law in Hawaii, December 7, 1941–April 4, 1943,” Chapter XXIII “Money.” Thomas H. Green papers, Library of Congress, Washington, D.C. 23 Dina Noyes, “Tracing the History of WWII Hawaii Currency,” Mauitime.com, June 10, 2010. 24 Frederick C. Othman, news article “Money Mean Little to Hawaii Right After Pearl Harbor Attack,” April 25, 1945. 25 Federal Reserve Board Meeting Minutes, Washington D.C., May 13, 1944, pp. 751-2. 26 Bureau of Engraving and Printing, Master Printing Ledger by Series and Fiscal Year, National Archives at College Park MD, Record Group 318/450/903/007/01-02, Entry 54, Miscellaneous Records 1872-1950. 27 Joint Statement by the Treasury, War, and Navy Departments relative to the special Hawaiian series of United States Currency, February 9, 1944. Treasury Annual Report, Exhibit 45, p. 383, for the Fiscal Year Ending June 30, 1944. 28 Joint Statement of the Treasury and War Departments August 17, 1943, discussion of yellow seals as “spearhead” currency. Treasury Department Annual Report 1944, p. 382. 29 Treasury Department press statement, October 21, 1944, reprinted in Federal Reserve Bank of New York, Circular 2858, November 1, 1944. 30 Federal Reserve Bank of New York, Circular 2858, November 1, 1944. 31 Major General Thomas H. Green, USA (Ret) “Martial Law in Hawaii, December 7, 1941–April 4, 1943,” Chapter XXIII “Money.” Thomas H. Green papers, Library of Congress, Washington, D.C. 32 John Schwartz and Scott Lindquist, Standard Guide to Small-Size Paper Money, 10th Edition, Appendix I, pp. 346 and 352. 33 Heritage Auctions, Auction Archives, HA.com, September 2021. 34 John Schwartz and Scott Lindquist, Standard Guide to Small-Size Paper Money, 10th Edition. 35 Peter Huntoon, et al, Paper Money May/June 2008, pp. 196-223. 36 Harry Forman, “Emergency Notes Turning Up in Hoards,” Coin World, May 28, 1978. 37 Dina Noyes, “Tracing the History of WWII Hawaii Currency,” Mauitime.com, June 10, 2010. 38 Peter Young, “Emmons Money,” ImagesofoldHawaii.com, January 9, 2019.   SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 23 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 The 1861 Fantasy Corporation Notes: Printed by James Lucas & Son, Baltimore by Charles Derby The set of ten1 “Corporation notes” (Figs. 1, 2) was printed in 1861 just after the start of the Civil War. They are quite attractive and colorful, with multiple vignettes including stamped images on the reverse. These Corporation notes have the appearance of being issued by local governments in Southern towns that actually existed (Branchville SC, Charleston SC, Cheraw CS, Columbia SC, Chattanooga TN) with one exception (Fort Valley NC)2,3,4,5,6,7. But these issues were neither valid issues nor imitations of valid issues (counterfeits). Rather they were contemporary “fantasy” or “bogus” issues, though researchers disagree as to whether they were intended to circulate as money8. Because these notes lack an imprint indicating the printer’s name, who produced them and why has been a mystery. In this article, I offer an answer to these questions, based on multivariate analysis that compares features of these fantasy notes with those of currency printed in the same year by printers in the North and South. All evidence points to Lucas & Son of Baltimore, MD, who also contemporaneously printed notes for the valid Corporation of Winchester VA9 (Fig. 3). I also argue that Lucas & Son printed these notes without intending on fooling Southerners into believing they were valid but as a means of profiting from the sudden interest at the onset of the war in all things Southern by printing these novelty items. Similarities between Fantasy Corporation Notes and Winchester Corporation notes The main line of evidence supporting Lucas & Son as the printer of these fantasy Corporation notes comes from similarities in these appearance of them and Lucas & Son’s Corporation of Winchester notes. 1. Both are printed for “Corporations” in the Southern states. 2. Both have same general layout. 3. Both have identical text: “Issued under the Act of the Corporation of [date, which is variable]”….”Due by the Corporation of [name, and denomination]…“Payable in [state] bank notes by the Treasure to bearer, on presentation of these due bills, in sums of Five Dollars” followed by signature lines for cashier and treasurer. 4. Both have the same year of issue: 1861. 5. Both have two versions that differ in the date: one with the entire date printed and the other with a hybrid of printed and handwritten date. More specifically, the Corporation of Winchester notes have “1861” printed on all; some also have a printed month and day of “July 15” and others have a handwritten month and day of “June 24.” The fantasy Corporation notes have “1861” printed on all; some also have a printed day and month (which varied across the notes), and two notes (Fort Valley Type 1 and Chattanooga Type 1) have a handwritten month and day. I hypothesize that Lucas first printed the hybrid date Winchester and fantasy notes, followed by a later issue of the fully printed dates. Consistent with this hypothesis is that both hybrid-date fantasy notes are extremely rare and have their city name stamped on the reverse, whereas all fantasy notes with fully printed dates are common and have a vignette on the reverse. 6. Both use the same five colors: Winchester Fantasy Color Green 10¢ Fort Valley Type2 Red 15¢ Charleston Blue 25¢ Columbia / Chattanooga Type1 Brown 50¢ Branchville Black $1 Fort Valley Type1/Cheraw/Chattanooga Type2 Same 5 Colors Used for Lucas Winchester and Fantasy Notes SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 25 Figure 1. Five of the ten fantasy “Corporation notes.” SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 26 Figure 2. Five of the ten fantasy “Corporation notes.” SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 27 Figure 3. Five denominations from the Corporation of Winchester, Virginia, printed by Lucas & Sons of Baltimore, Maryland. Only the fronts are shown because they are uniface. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 28 7. Both use many of the same vignettes (and of the same size), with a coincidence rate that is exceedingly high. A total of 20 vignettes are used on the 15 fantasy and Winchester notes. Eight of these 20 vignettes (40%) are shared by at least one of the fantasy notes AND at least one of the Winchester notes: Beehive, Woman with Rose, Jocelyn (ship), Hunter with Rifle, Slaves with Cotton, Dog Head, Woman with Bundle, and Train in Oval. In fact, 4 of these 8 shared vignettes are used on more than two notes (beehive, hunter with rifle, slaves with cotton, dog head). For such a small number of notes, this overlap is extraordinarily high compared with other series of notes. 8. Although many of the vignettes on the fantasy and Winchester notes were used on other notes produced in the North and South at the time, each vignette also had numerous variations due to different engravers and printers producing similar but not identical images. An analysis of the varieties for each vignette shows that the fantasy and Lucas notes used the exact same variety, different from all the others, consistent with the idea that Lucas & Son made both sets. Two examples are shown here: Woman with Rose, and Slaves with Cotton. Figure 4 shows six variants of the Woman with Rose vignette. The images in the Corporation of Fort Valley and Lucas & Son’s Corporation of Figure 4. Six varieties of the Woman with Rose vignette. Top, left to right: fantasy Corporation of Fort Valley T2; valid Corporation of Winchester 15¢ (Lucas & Son), Fredericktown Savings Institution (Draper, Welsh & Co.). Bottom, left to right: contemporary facsimile of Corporation of Winchester (Samuel Upham, VA-W2/A in Tremmel10, crude copy of the Upham facsimile of Corporation of Winchester (unidentified printer, VA-W2/C in Tremmel10), Merchant A. H. Wylie (Wm. F. Murphy & Sons). SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 29 Winchester are identical, and even the Upham facsimile of Lucas & Son’s note is very similar to these10. But these war-time notes are of much poorer quality than the original by Draper, Welsh & Co. The second example of variants within a vignette is six examples of Slaves with Cotton (Fig. 5). The images in the Corporation of Columbia and Lucas & Son’s Corporation of Winchester are identical. The others differ from these two and each other in various ways including the background, foreground, and people. In summary, these eight similarities between the fantasy Corporation notes and the Corporation of Winchester notes make a compelling case that Lucas & Son of Baltimore printed these fantasy notes. But who were Lucas & Son? Figure 5. Six varieties of the Slave with Cotton vignette. Top, left to right: Corporation of Columbia T1, valid Corporation of Winchester 50¢ (Lucas & Son), Bank of Morgan, Georgia $2 (Baldwin, Bald & Cousland, NY 1850s: note background, unlike the above). Bottom, left to right: Geo. W. Gregor & Co., New Orleans (W. R Smith, Engraver), Macon Savings Bank, 1863 (Blanton Duncan, Columbia SC), Shelby County, TN $5 (Henry Seibert). SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 30 James E. Lucas and John D. Lucas Lucas & Son, Baltimore Printers, was the team of James E. Lucas and his son John Deaver Lucas. James Lucas was born on May 10, 1795, in Baltimore, to John Lucas (1763– 1814) and John’s second wife, Sarah Deaver (1768–1833)11,12,13. James Lucas was a long standing and highly successful printer in Baltimore. After apprenticing, James formed a printing business in 1820 with Emanuel Kent Deaver (1798–1844)14. For the next 14 years, Lucas & Deaver was a prolific printer of diverse jobs in Baltimore and surrounding areas. Two of their jobs stand out. In 1831, they printed the blockbuster book, The Confessions of Nat Turner, the Leader of the Late Insurrection in Southampton, VA, by Thomas Gray (Fig. 6). In ca. 1840, they printed 12½ and 50 cent scrip for Annapolis merchants Bryan & Nicholson15 (Fig. 7). Upon Emanual Deaver’s death in 1844, James continued his business with the aid of son-apprentice John Deaver Lucas, who was the second oldest son of James and his wife Nancy Margaret Brown (1808–1887)16. James used the imprint “James Lucas” through the end of the 1840s, after which the imprint became “Lucas & Son” or “James Lucas & Son” (Fig. 8). Over the next 20 years, Lucas & Son became one of Baltimore’s premier printers. Among their Figure 7. Scrip note for 12½ cents issued by Bryan & Nicholson of Annapolis, MD, bearing the printer’s imprint “Lucas & Deaver, Printers, Baltimore.” They also printed a similar 50 cent note15. Figure 6. Confessions of Nat Turner, printed by Lucas & Deaver in 1831. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 31 noteworthy publications was “The Mission of South Carolina to Virginia” published in 1860 by C. G. Memminger, who was to soon become the Secretary of the Confederate Treasury but at the time was in Virginia as special commissioner from South Carolina. This publication was Memminger’s address to the General Assembly of Virginia on January 19, 1860, making the case that Virginia should join South Carolina in pushing away from the Union and potentially forming a Southern confederacy17. Lucas & Son printed other Civil War scrip besides the Corporation of Winchester notes. One bearing their imprint is a 5 cent note for Queen Ann’s County, Maryland15 (Fig 9). Several other notes from Maryland which lack an imprint (Fig. 9) are also suspected of being printed by Lucas & Son, for the same reasons as enumerated earlier about the fantasy Corporation notes. Thus, Lucas & Son have the distinction of printing money for both the North and the South, reflecting their residence in a border city and state of Baltimore, Maryland. James died on December 8, 1873, in Baltimore at age 78, and was buried in Greenmount Cemetery. His obituary reflects his social standing, stating that “there was a large attendance of friends of the deceased, including Mayor Vansant and Members of the Association of Old Defenders and of the Masonic Lodge, to which the deceased belonged, though in compliance with his well known wishes that there should be no display at his funeral, the societies did not attend in a body. [He was] a citizen so venerable and…esteem for him always increased with length of acquaintance, and that his deeds of charity were frequent18. Upon James’ death, John took over the business and ran it alone until his death of a heart attack in 1893 at age 62. John was apparently a chip off the old block: “After the death of his father he succeeded to the management of the business, in which he engaged very successfully, accumulating a snug fortune and becoming known as one of Figure 8. Order form and receipt for “James Lucas & Son, Job Card and Label Printers, Baltimore. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 32 the shrewd, keen business men of [Baltimore]…Few have won the unqualified esteem and warm friendship of others to so great a degree…he was genial and companionable, even when the pressure of business duties was greatest, and under all circumstances maintained the uprightness of character and probity of conduct that were ever among his noticeable traits”19. Why Did Lucas & Son Print These Fantasy Corporation notes? The famous Samuel Curtis Upham reprinted notes – called facsimile notes – of valid issues of some Southern institutions including corporations10. These facsimiles have printed signatures, serial numbers, and dates, whereas the valid issues typically had handwritten ones10. Upham said he produced these notes because they were popular with Figure 9. Known and suspected scrip and checks printed Lucas & Son. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 33 collectors and thus profitable. Upham later produced versions of these same notes that lacked signatures, serial numbers, and dates, probably with an intent to pass as counterfeits and do harm to the Southern economy10. Upham also printed fantasy notes including the famous Confederate “Female Riding Deer” notes. Upham may have even intended these to circulate as valid issues in the South, for which he was criticized and threatened in the South10. With this information of Upham in mind, I speculate that Lucas & Son printed their notes, which mostly had printed signatures, dates, and serial numbers, as a commercial venture and not with political machinations in mind. In fact, some of the Corporation of Columbia SC notes (Fig. 1) were clearly intended for Northern collectors since they bear the red stamp “Sample of Old Jeff Lucifer’s Bonds” referring to what the Northerns thought of Confederate president Jefferson Davis. Another reason to think that this series of notes was a commercial product is that the printed month and day on them cover every month between April and August (April 19, May 3, June 28, July 2, August 2, August 7), which might reflect a monthly issue of these to satisfy the interests of contemporaneous collectors. Ironically, Samuel Upham himself made a facsimile of Lucas & Son’s valid Corporation of Winchester 15¢ note (Fig. 10), and an unidentified printer even made a very crude knock-off of Upham’s knock-off (in Tremmel10, VA-W2/A and VA-W2/C, respectively). Poetic justice, all around. References and Footnotes 1 There is a variant of the Corporation of Columbia SC note with the “Slave with Cotton” vignette, not shown here and not listed in Sheenen 2002, that might be considered the 11th note in this series. This variant corrects the two errors on the version shown here which has the “C” in “CAROLINA” displaced downward, and the “Ten Dollars” shifted left next to “of.” 2 Sheheen, Austin M., Jr. 1960. South Carolina Obsolete Notes. The First Comprehensive Listing of State, Broken Bank, Town, City, Railroad and Miscellaneous Other Notes. A. M. Sheheen Jr.: Camden, SC. 3 Sheheen, Austin M. Jr. 2003. South Carolina Obsolete Notes and Scrip. Midlands Printing. 4 Garland, Paul E. 1983. The History of Early Tennessee Banks and Their Issues. Multi- Print, Inc., Hampton, VA. Figure 10. Upham facsimile of Lucas & Son’s fantasy Corporation of Winchester 15 cent note, with Upham’s imprint at the bottom edge. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 34 5 Schafluetzel, Dennis, and Carson, Tom. 2019. Tennessee Obsolete Paper Money 1800 – 1959. Adams Lithographing Co., Chattanooga, TN. 6 Horner, Paul, and Roughton, Jerry R. 2003. North Carolina Numismatic Scrapbook, Vol. 1, No. 9: p. 9. 7 Derby, Charles. “Alabama State Fractional Currency: Printing Sequence and a Variant of the 50 cent Note.” Paper Money (Nov-Dec 2015), pp. 384-393. 8 Austin Sheheen (1960) wrote that the South Carolina notes “are believed to be either contemporary with the periods indicated or very shortly afterwards. There was no authorization for their issue and they were probably issued for patriotic reasons. They can be classified as bogus." Horner and Roughton (2003) pointed out that the Fort Valley NC note is not from a real town or city. They also wrote that notes in this series are “spurious notes and…contemporary with the period, namely issued during the Civil War to deceive the recipient of these bogus notes.” Garland (1983) wrote that the Corporation of Chattanooga note “could be a fantasy note” and Schafluetzel & Carson (2019) agree, adding that these notes “may have been issued to defraud the public.” 9 Littlefield, Richard, and Jones, Keith. 1992. Virginia Obsolete Paper Money. Virginia Numismatic Association, Annandale, VA. 10 Tremmel, George B. 2007. A Guide Book of Counterfeit Confederate Currency. Whitman Publishing. 11 U.S. Censuses 12 Ancestry.com 13 A familial relationship between James’ mother and his business partner is suggested by their shared last name of “Deaver,” but this has not been confirmed. 14 Schneidereith, Bill. History of Printing in Maryland and Baltimore 1682 to Present. http://static1.1.sqspcdn.com/static/f/162458/ 3854351/1250213029280/Notes_History+of +Printing+in+Maryland+and+Baltimore+16 82+to+Present+-+Bill+Schneidereith+7-22- 09.pdf?token=FQHQjU0BGcWRYazOFsBe 8VKm3qw%3D 15 Money & Banking in Maryland. Part One: A Brief History of Commercial Banking in the Old Line State (Stuart R. Bruchey and Eleanor S. Bruchey); Part Two: A Catalogue of Maryland’s Paper Money, 1790-1865 (Denwood N. Kelly, Armand M. Shank Jr., and Thomas S. Gordon). Maryland Historical Society, Baltimore. 1996. 16 James and Nancy had at least nine children: Thomas Brown Lucas (1828– 1901), John Deaver Lucas (1831–1893), Mary Ann H. Lucas (1833–1858), unknown son (1835–1839), Samuel Lucas (1837– 1897), Eleanor Jane Lucas (Merriman) (1840–1911), James Brown Lucas (1843– 1925), Harry P. Lucas (1847–1893), and Charles H. Lucas (1849–after 1910). Several sons followed in James’ footsteps as printers, including Samuel and Charles, but only John Deaver was named as James’ partner. 17 Crenshaw, Ollinger. 1942. Christopher G. Memminger's Mission to Virginia, 1860. Journal of Southern History Vol. 8, No. 3, pp. 334-349. 18 The Sun newspaper, Baltimore, MD, Thursday, December 11, 1873. 19 Genealogy and Biography of Leading Families of the City of Baltimore and Baltimore County, Maryland: Containing Portraits of Many Well Known Citizens of the Past and Present. Chapman Publishing Co., New York and Chicago 1897. https://archive.org/details/genealogybiograp 00chap/page/298] Acknowledgments: Thanks to Bill Gunther, Paul Horner, Mike McNeil, and Greg Ton for comments on drafts of the manuscript, and to Austin Sheehen for his groundbreaking research on the South Carolina fantasy notes and his encouragement on this project. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 35 When Treasury Silver Collided with Physics You all know that silver certificates were backed by silver held by the Treasury. If you desired, you could redeem your silver certificate for a silver dollar that contained 0.7734 Troy ounce of silver that was worth $1 at the then fixed rate of $1.2929 per ounce. For decades the U. S. Treasury was a primary buyer of silver thanks to various silver purchase acts passed by Congress so it owned an enormous stock of the metal. In January 1942, at the start of World War II, that lode amounted to 86,000 tons, of which somewhat over 39,000 tons were earmarked for backing $1,657,000,000 worth of silver certificates then in circulation (Wheeler, 1983). You also know of the Manhattan Project operated by the U. S. Army Corps of Engineers that was launched in September 1941. The project was under the direction of General Leslie Groves, who was charged with producing an atomic bomb, if possible. So, what does this have to do with the Treasury stockpile of silver? Let’s look into a little physics to see where this is going. German scientists already had demonstrated that vast quantities of energy were released when a light isotope of uranium (U235) spontaneously fissioned. The number 235 is the total number of neutrons and protons in the nucleus of the atom; specifically, 92 protons each with a positive electrical charge that give the atom its chemical character and 143 neutrons that have no charge. Each has the same mass, so the nucleus has a mass of 235. When one of those atoms fissions, it breaks into two smaller atoms and 1 to 3 neutrons fly off. If one of those neutrons hits the nucleus of another U235 atom, it causes that atom to become unstable and it fissions. Testing revealed that in pure masses of U235, once a fission occurred more neutrons were produced by subsequent fissions of other U235 atoms than were lost so it was theoretically possible if several pounds of U235 could be concentrated into a small space, it would constitute a critical mass wherein a chain reaction of fissioning U235 atoms would create a huge explosion. The Paper Column Peter Huntoon Figure 1. Thanks to the monetization of silver and various silver purchase acts passed by Congress, the U. S. Treasury had thousands of tons of the stuff, more than what was required to back these notes at the start of WW II. The Manhattan Project borrowed some 14,666 tons from that hoard to make big magnets. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 36 The problem was that most naturally occurring uranium is in the form of a heavier isotope of uranium; specifically, U238. It simply doesn’t fission when bombarded with the low energy neutrons given off by fissions of U235. Instead the neutrons are soaked up by the U238 nuclei and it becomes U239. What is desired is a critical mass of U235 in which the rate of production of neutrons from the fission of the U235 atoms is greater than they are soaked up by U238 atoms, soaked up by the smaller atoms produced by previous U235 fissions or simply lost to space beyond the mass. When a crucial mass is achieved, neutrons will quickly saturate the mass and set off more and more of the U235 fissions so the energy is released quickly. Naturally occurring uranium consists of 99.3 percent U238. If Groves and his scientists were going to make a bomb, they had to greatly increase the ratio of U235 to U238 so the mass would sustain a chain reaction. Groves took no chances. He had his scientists pursued every technology they could devise to separate as much of the U238 from the U235 until the enriched U235 would blow. One idea that they had that became the primary method used to create the first uranium bomb, which was the bomb that was dropped on Hiroshima, was magnetic separation of the isotopes. The concept was simple. There is a mass difference of 3 neutrons between U235 and U238, so they used that 1.2 percent difference to separate them. What they did was to create uranium tetrachloride by chemically combining chlorine with the uranium. Uranium tetrachloride is a solid that was ionized into a Figure 2. Winding silver bands around rectangular forms at the Allis-Chalmers No. 7 shop in Milwaukee to create the conducting coils for the donut-shaped magnets in the racetrack assemblies at the Y-12 magnetic separation plant in the Clinton Engineering Works near Oak Ridge, Tennessee. Photo from MDH (1945). SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 37 plasma by heating. This stripped off the electrons from the molecules laying bare the uranium nuclei with their positive electrical charges equal to their 92 protons. The plasma was then directed through a strong electromagnetic field produced by a magnet where the uranium was pulled toward the negative pole of the magnet owing to its positive charge. The arc that the U235 traveled was tighter (curved more) than that containing U238 because the U235 has less mass owing to having three fewer neutrons. The two isotopes were then collected separately. The technique was primitive, slow—one molecule at a time, and energy intensive. But it worked, so it was employed. The industrial scale process that they devised required two successive stages to separate the U235 to the required purity needed to make a bomb. The purified U235 that they collected from the first run was used as the feed stock in the second run in order to further purify it. The result was enriched sufficiently that it could be fashioned into a critical mass. Groves needed both enormous magnets and a huge electrical supply. He and his team quickly settled on a site near Oak Ridge, Tennessee, along the Clinch River close to the hydroelectric power generators operated by the Tennessee Valley Authority in the dams along the Clinch River and downstream Tennessee River. There they built the Y-12 plant to house the operation. Magnets traditionally are constructed by winding insulated copper wire around an iron core, which when electricity is passed through the wires magnetizes the iron and you have a magnet. Ernest Lawrence, the scientist behind the design of the facility, initially calculated that he would need the world’s largest magnets, each 250 feet long requiring thousands of miles of copper wire windings. Lt. Col. Kenneth Nichols, Groves’ procurement officer, immediately ran into a materials problem. Copper already was a critical war material needed in vast quantities for bullet and shell casings and any number of other military applications such as wiring in airplanes. There wasn’t enough of it available. Why not silver? It is a better conductor of electricity than copper! Nichols looked around and in short order realized that the largest stock of silver in the country resided in the U. S. Treasury. Nichols (1987, p. 42) wrote “As a result, on August 3 [1942] I visited Assistant Secretary of the Treasury Daniel Bell. He explained the procedure for transferring the silver and asked, ‘How much do you need?’ I replied, ‘Six thousand tons.’ ‘How many troy ounces is that?’ he asked. In fact, I did not know how to convert tons to troy ounces, and neither did he. A little impatient, I responded, ‘I don’t know how many troy ounces we need but I know I need six thousand tons–that is a definite quantity. What difference does it make how we express the quantity?’ He replied rather indignantly, ‘Young man, you may think of silver in tons, but the Treasury will always think of silver in troy ounces.’” When the smoke cleared, Secretary of the Treasury Henry Morgenthau authorized the loan of silver to the Manhattan Project with the stipulation that it would be returned after the war. A formal agreement to that effect was entered into on August 29, 1942, between Secretary of War, Henry L. Stimson, and the Secretary of the Treasury with Herbert E. Guston signing on behalf of Secretary Morgenthau. Ultimately the Treasury released 14,666 tons for use by the Manhattan Project. The arrangement was launched with this letter (MDH, 1945). Figure 3. Bands of Treasury silver used in magnets that were built to separate U235 from U238 awaiting deployment in the Y-12 plant, Oak Ridge, Tennessee. UPI photo. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 38 The Honorable, The Secretary of the Treasury Dear Mr. Secretary: In connection with my letter to you of today requesting the transfer of custody of 6,000 tons of silver to the War Department to be used as a substitute for copper, may I advise you that the important project, the use for which this silver is desired, is a highly secret matter. At this time the interests of the Government do not permit my disclosing the nature of the use. The silver is desired for use on property which will be Government-owned, it will be adequately guarded at all times, and the use is of such a nature that the silver will not be consumed and will be available for return at the expiration of the use. The use of the silver which is contemplated not only will relieve a substantial amount of other critical materials for use in the effort but is in itself of the utmost important to the prosecution of the war. Sincerely, Henry L. Stimson Secretary of War 8-27-42 Robert Miller, a priorities and expediting officer under Nichols, recalled the following (Oak Ridger, 2006): The first shipment of silver bullion was made from the West Point Depository [NY] in October 1942 to the Defense Plant Corporation at Carteret, New Jersey. There the silver bars were reformed as cylindrical Figure 4. One of the oval racetrack magnet assemblies at the Y-12 facility powered by the Tennessee Valley Authority’s hydroelectric generators in its nearby dams. UPI photo. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 39 billets. Then another secret trip, this time across New Jersey to the Phelps Dodge copper plant at Bayway [Elizabeth, NJ] where the billets were rolled into strips 5/8 of an inch thick, three inches wide and 40 feet long. A third stage to the journey sent the newly rolled strips to Milwaukee, where the Allis Chalmers Company wound them with wooden insulation around giant steel spools and encased them in another steel unit. The completed units, resembling 19 square foot doughnuts were then shipped to the Y-12 Plant. At Y-12 workers drilled holes in the bars, preparing them for assembly, over paper to catch the expensive core drillings. Surprisingly, no silver was lost or stolen and even close to 28 years later (June 1, 1970) when the last 70-ton shipment of silver was returned to the Treasury’s West Point Depository only 1/10 of one percent of the silver was not returned. Another account related by Jones (1985, p. 133) provides additional interesting detail. The silver, in 1,000-ounce bars, was moved by guarded truck to Carteret, New Jersey, where it was cast into billets, and then to Bayway, New Jersey, where it was extruded into strips 5/8’s of an inch thick, 3 inches wide, and 40 to 50 feet long. From Bayway, under the protection of Manhattan District guards, the coiled strips were moved by rail freight to the Allis-Chalmers plant in Milwaukee. There, some 258 carloads of silver were fabricated into coils and bus bars, then sealed into welded casings, and finally shipped on open, unguarded flatcars, by various routes and on irregular schedules to the Clinton Works [Oak Ridge, TN]. The Y-12 magnetic separation plant produced the bulk of the enriched U235 that was used to fabricate the atomic bomb that was dropped on Hiroshima. The bomb was a rather simple device that was called Little Boy. It consisted of a one-shot gun-type mechanism where a cylinder-shaped slug of U235 that served as a bullet was shot at a solid rod consisting of a second mass of U235. At the instant that the cylinder surround the rod, a critical mass was achieved and the whole exploded. Figure 5. Lt. Col. Kenneth Nichols (Atomic Heritage Foundation photo on the left) arranged the loan of Treasury silver to the Manhattan Project with Assistant Secretary of the Treasury Daniel Bell (Library of Congress photo). SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 40 The design was considered to be so foolproof, the very first test of it occurred after the bomb left the bomb bay of a B29 bomber called the Enola Gay over Hiroshima. It detonated 1,900 feet above the ground at 8:16 am on the morning of August 6, 1945. The terrible fission explosion that resulted consumed less than 1.7 percent of the 141 pounds of uranium that was in the bomb before the critical mass blew itself apart (Wikipedia). The bomb tested at the Trinity site on July 16, 1945 near Alamogordo, New Mexico, was of an entirely different much more complex design in which the fissile fuel was plutonium-239, not U235. A bomb of that design was dropped on Nagasaki on August 9, 1945, after they were certain that it would work from the Trinity test. The plutonium was produced in a reactor in another of Groves’ plants, that one in Hanford, Washington, that didn’t require Treasury silver. At war end, an accounting of the “disposition of 427,814,149.02 Fine Troy Ounces withdrawn from the Treasury was as follows: 399,449,618.38 F.T.O. were wound in magnet coils; 3.915,274.20 F.T.O. were installed as busbar; 24,293,608.05 F.T.O. were returned to the Treasury as bullion bar converted from scrap; and 155.648.39 F.T.O. were lost during processing” (MDH, 1945, p. 6.3-6.4). In tons, 14,666 were borrowed and 5.3 tons were lost. The losses amounted to a mere 0.036 percent of the amount borrowed. Figuring the silver at $1.2929 per troy ounce, instead of having to purchase $553 million worth of it, the Manhattan Project only had to reimburse the Treasury for a little over $201,000 worth of the metal that was lost in processing. The fact is, magnetic separation of U235 from U238 turned out to be an inefficient and cumbersome process. Gaseous diffusion and liquid thermal diffusion processes under simultaneous development began to bear fruit. By the end of the war, enriched uranium from the gaseous diffusion facility at Oak Ridge was providing the bulk of the feed stock to the second stage magnetic enrichment separators. The first stage separators were shut down as obsolete at the close of the war. Of course, it took years to dismantle the Y- 12 facilities and recover the silver. In 1963, Secretary of the Treasury Douglas Dillon advised the Senate Committee on Banking and Currency that some of the silver was still in the hands of the Atomic Energy Commission (Dillon, 1964, p. 404). Incidentally, the Government has no hidden stockpile of silver other than the silver indicated as being in the monetary and free stocks of the Treasury. A certain amount of silver, 64.7 million ounces, is presently on loan to the Atomic Energy Commission for nonconsumption uses, but this silver is part of our silver stocks which are included in the present backing for silver certificates. Thus, it is not an extra amount of silver available to meet our coinage needs. Notice that although the silver was in magnets at Oak Ridge, it still was counted as part of the monetary stock used to back silver certificates in 1964! Figure 6. Little Boy being loaded into the Enola Gay on Tinian Island on its way to Hiroshima. Wikipedia photo. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 41 References Cited and Sources of Data Dillon, Douglas, Apr 29, 1963, Statement by Secretary of the Treasury Dillon before the Senate Committee on Banking and Currency on silver: in, 1964, Annual Report of the Secretary of the Treasury on the State of the Finances for the Fiscal Year Ended June 30, 1963: U. S. Government Printing Office, 774 p. Jones, Vincent C., 1985, Manhattan, the Army and the Atomic Bomb: Center for Military History, U. S. Army, Washington, DC, 660 p. Nichols, Kenneth D., 1987, The Road to Trinity: Morrow, 401 p. Manhattan District History, Sep 15, 1945, Book V—Electromagnetic Plant, vol. 4—Silver Program: https://www.osti.gov/includes/opennet/includes/MED_scans/Book%20V%20- %20%20Electromagnetic%20Project%20-%20Volume%204%20-%20Silver%20Progra.pdf Wheeler, Keith, 1983, The Fall of Japan: World War II, v. 37, Time-Life Books, 207 p. Historically Speaking column, May 16, 2006, Miller key to obtaining Y-12’s 14,700 tons of silver: The Oak Ridger, Oak Ridge, TN. https://en.wikipedia.org/wiki/Atomic_bombings_of_Hiroshima_and_Nagasaki https://www.atomicheritage.org/history/isotope-separation-methods https://www.globalsecurity.org/wmd/intro/u-electromagnetic.htm https://www.nrc.gov/materials/fuel-cycle-fac/ur-enrichment.html SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 42 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 Procedure for Identifying the Manufacturer that Made a Series of 1929 Overprinting Plate Purpose The purpose of this article is to provide a procedure that will allow you to identify the manufacturer of the overprinting plate used to print the bank information on any Series of 1929 national bank note. Series of 1929 Overprinting Plates Three different manufacturers made the typographic overprinting plates that applied the black bank information to Series of 1929 national bank notes. Most of the overprinting plates were made by Barnhart Brothers & Spindler, a Chicago firm that was awarded a contract by the Bureau of Engraving and Printing to supply all the overprinting plates. The BBS plates were called logotypes, which were cast using a hard metal alloy. BBS couldn’t keep up with the demand for plates during the startup of the series, so the Bureau of Engraving and Printing contracted with the Government Printing Office to make interim electrotype plates using forms prepared at the Bureau. The first GPO stopgap overprinting plates were finished August 26, 1929. The 1,375th required to meet the mid-October deliveries of notes to the Comptroller arrived October 16th (BEP, Aug-Nov, 1929). A handful of GPO plates were made from then into early 1930 to cover expedited orders received from the Comptroller of the Currency bringing the grand total of GPO plates to 1,380 (Hall, 1930, p. 22). The GPO plates were used only for the first printing for the affected banks. The reason was that electrotype plates were soft so in prolonged use, the nickel-faced, lead-alloy-backed type would wear poorly and deform under the demanding conditions attending use on the BEP overprinting presses. In contrast, the BBS logotypes were four times harder. The GPO plates were succeeded by BBS logotypes in due course as deliveries of the logotypes caught up. The notes printed from the BBS plates had the same bank signatures but the layouts differed. The earlier notes in these pairs often have larger signatures so the variety is popularly known as the large- signature variety. The quality of the GPO overprints as judged by the crispness of the images was superior to that of the BBS logotypes. Of the three types of overprinting plates, the GPO plates came in second in terms of the number made. Series of 1929 notes were printed for 6,996 banks before the series was terminated in 1935. The Paper Column by Peter Huntoon Figure 1. This Mesa note has a very common BBS overprint. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 44 Consequently, GPO plates were made for just under 20 percent of the total. The Bureau also made inhouse chrome-coated copper plates beginning in 1930 to accommodate rush orders and later to cover unfulfilled orders when the parent firm of BBS was caught up in bankruptcy proceedings. The last of these was made in 1935. The BBS and BEP plates came in sets of six 1-subject plates that were mounted on the bed of the overprinting press. In contrast, the GPO plates were single 6-subject plates. In-depth coverage of this topic appears in Huntoon and Simek (2014) including illustrations of all the different fonts and sizes used by the various manufacturers. Screening Procedure Follow the stepwise procedure presented on Table 1 to determine which manufacturer made the plate used to overprint the bank information on any Series of 1929 national bank note. Table 2 is a list of every bank for which BEP plates were made. Sources Cited Bureau of Engraving and Printing, Aug-Nov, 1929, Daily reports on national currency program: Record Group 53, Bureau of the Public Debt, Series K Currency, U. S. National Archives, College Park, MD. Hall, Alvin W., 1930, Annual report of the Director of the Bureau of Engraving and Printing for the fiscal year ended June 30, 1930: U. S. Government Printing Office, Washington, DC, 51 p. Huntoon, Peter, and James A. Simek, Jan-Feb 2014. Series of 1929 overprints: Paper Money, v. 53, p. 3-32. Figure 2. This Havelock note sports the most common GPO overprint. Notice that the left charter number is low as well. Heritage Auction Archives photo. Figure 3. This Cotulla note bears the highest charter number to appear on a BEP overprinting plate. See Table 2. Heritage Auction Archives photo. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 45 Table 1. Work stepwise down this list in order to determine the plate manufacturer for the plate used to overprint the bank information on any Series of 1929 national bank note. 1. Overprint is BEP if bank charter number is listed on Table 2. 2. Overprint is GPO if any one of the following five conditions is met: a. charter numbers are crisp and sharp, and the numbers 1, 2, 4, 5 and 7 exhibit well-defined serifs. b. left charter number is unusually low, c. bank is Pastel Series Bold Condensed, d. town is Gothic Bold Condensed, e. bank is 12-pt American Very Condensed with tightly packed letters, town is 11- or 12-pt Caslon Shaded Bold, state is 6-pt Pastel Series Bold, letters appear crisp and sharp, bank is 1 or 2 lines, and overprint appears darker than usual. 3. All other overprints are BBS. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 46 Table 2. List of BEP Series of 1929 overprinting plates. The plate is BEP regardless of bank title. Charter State Town Charter State Town 1 PA Philadelphia 13330 NY Rochester 452 NJ Freehold 13335 CA San Marino 963 NY Troy 13368 CA Vallejo 1027 NY Lyons 13375 CA Pacific Grove 1335 NY Amsterdam 13380 CA Salinas 1816 IL Rockford 13385 ND Valley City 2076 NJ Dover 13388 FL De Land 3312 NY Gloversville 13406 KS Liberal 4887 PA Reading 13441 NY Buffalo 8574 OR Tillamook 13443 TX Henderson 8645 TX Houston 13457 OH Defiance 8813 MN Appleton 13460 SD Britton 9652 UT Salt Lake City 13482 TN Greeneville 10209 OK Hennessey 13483 SD Chamberlain 10345 OR Eugene 13487 WI Phillips 10357 CA Bakersfield 13493 NY Odessa 10583 TN Erwin 13501 ND Garrison 10911 IL Ava 13505 WV Gary 10923 NY Walden 13509 WV Charleston 10948 NY Croghan 13510 CA Hollister 11036 MT Wolf Point 13512 WV Welch 11177 KS Beaver 13513 MI Manistique 11207 MD Baltimore 13523 NC Lenoir 11212 MN Hastings 13525 IL Smithton 11305 MI Wakefield 13526 TX Hamphill 11378 ND Napoleon 13527 OK Pawhuska 11397 OK Tonkawa 13530 NJ Haddon Heights 11658 NJ Beach Haven 13531 IN East Chicago 11687 MN Farmington 13537 NJ Kearny 11735 IA Rake 13539 TN Knoxville 11766 AL Fairfield 13540 NJ Linden 11784 NV Eureka 13548 NY Plattsburg 12061 CA Monterey Park 13555 TX Blooming Grove 12545 CA Los Angeles 13558 MA Reading 12599 VA Wytheville 13561 MN Madison 12663 NJ Hawthorne 13562 TX Colorado 12690 NJ Clifton 13563 NY Sidney 12788 NY Patchogue 13572 TX Pearsall 12941 MN Mahnomen 13585 PA Charleroi 13030 PA Elkins Park 13589 SD Viborg 13039 NJ Trenton 13601 KS Alma 13057 WA Gig Harbor 13612 KY Harrodsburg 13075 MN Detroit Lakes 13616 WI Oconomowoc 13098 CO Denver 14025 NY Oxford 13103 TN Nashville 14169 PA Sykesville 13150 OH Jewett 14201 PA Delta 13151 PA Lansdowne 14211 SC Spartanburg 13215 NJ Point Pleasant Beach 14219 PA Erie 13216 IL Chicago 14250 PA Hamburg 13219 NY Buffalo 14258 IN Linton 13231 WV Point Pleasant 14295 WV Wellsburg 13296 NY New York 14302 TX Cotulla 13321 IA Des Moines SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 47   Stoddard B. Colby—Register of the U.S. Treasury (1864-1867) by Richard Melamed The signatures of Francis E. Spinner (Treasurer of the U.S.) and Stoddard B. Colby (Register of the Treasury) grace the bottom of most 3rd issue fractional notes. While Francis Spinner’s career and life are well documented, there is a surprising dearth of information on the life of Stoddard Colby. A search on the ANA and SPMC databases revealed little personal information. This article will attempt to correct that oversight & recount his fascinating story. Who was Stoddard Benham Colby (1816-1867) and what was the career and personal pathways that ultimately led him to the Treasury? We discovered he had a successful career but suffered through personal tragedies. Colby’s family traces back seven generations to Anthony Colby (1605-1660) who resided in New England eventually settling in Salisbury, N.H. Stoddard B. Colby was born in Derby, Vermont on February 3, 1816. He was the second son of Nehemiah and Melinda Colby. His father was a storekeeper and postmaster in Derby for nearly 30 years – a position that would assume some financial comfort, enabling the family to pay for Colby to attend law school. Some of the records indicated that Nehemiah was also a captain. Checking with his direct descendant (Stoddard’s great-great-great granddaughter - Anne Sibert Buiter - Professor of Economics, Birkbeck, University of London) – she believes he may have been in the local militia. Ms. Buiter also speculated that Nehemiah was a judge since he is referred to as “Hon.” on his gravestone. Colby was mentored by several very successful lawyers/politicians, indicating that he was a bright young man. He was educated in Derby, VT and prepared for college by studying in the office of attorney Timothy P. Redfield. Redfield (1812-1888) was an American lawyer, politician, and judge. He was a member of the Vermont Supreme Court from 1870 to 1884. Judge Redfield imparted a thorough training of young Colby, especially in the Greek and SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 49 Latin languages, in which his young pupil had special aptitude. Colby graduated from Dartmouth College in 1836 (he was in the top of his class as a Phi Beta Kappa) and studied law in the office of the William Upham. Upham was a distinguished lawyer from Montpelier, VT who eventually became a U.S. Senator. Upham overcame severe personal setbacks on his road to a successful career. When he was a teenager, Upham’s hand was amputated in a farming accident. After Colby’s internship, he was admitted to the bar in 1838, & practiced law in Derby until 1846. In 1840, Colby was elected to a single term in the Vermont House of Representatives from 1841 to 1843. At that time, he moved to Montpelier and opened a law practice with Lucius B. Peck. The two practiced law together for 17 years, during which time Colby became Vermont’s state's attorney for 2 years. Colby and Peck were quite active in various Vermont County and Supreme Courts, serving as counsel in important suits throughout the state. Both lawyers were considered top notch and were well regarded. Peck said of his partner: “Mr. Colby was a finished orator and always charmed with beautiful language, give him a case with neither law nor fact on his side and he would win when another man would never dream of trying it." Colby married Harriet Elizabeth Proctor (1819-52) on February 11, 1840, and they had four children:  -Jabez Proctor Colby (1840-1893). Jabez was a mail route agent.  -Laura Melinda Colby (1844-1921) She married Brig. Gen. Asa Bacon Carey.  -Edward P. Colby (1845 CIRCA -1869) Lieutenant E. P. Colby of the 11th US Infantry, shot himself in the head with a pistol on 31 Dec 1869 in Jefferson, Texas.  -Lucien Redfield Colby (1851–1854) Harriet’s younger brother was Redfield Proctor (1831- 1908). Redfield, also a Vermont resident, was 15 years younger than Colby. The brothers-in-law had a lot in common. Both were graduates of Dartmouth and each were accomplished lawyers with political ambitions. Before Redfield started his long and distinguished career, he enlisted in the Union army during the Civil War. He served in the 3rd Vermont Regiment, the 5th Vermont Volunteers, and the 15th Vermont Volunteers - which he commanded at Gettysburg rising to the rank of Colonel. He served as Vermont Governor (1878-80) and as Secretary of War under Benjamin Harrison (1889-91). Redfield left the Cabinet post to become a U.S. Senator from Vermont (1891- 1908) – a position he held until he died. In the fall of 1855, Colby ran for Lt. Governor of Vermont. It was a four-party race (Whig, Democrat, Temperance and Republican). Colby, running as a Democrat, lost to Republican Ryland Fletcher (who later became Governor of Vermont). Fletcher was a successful farmer and livestock breeder. He was a staunch abolitionist and anti-immigration advocate. Colby ran also ran unsuccessfully for the U.S. House of Representatives in 1856. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 50 Colby reached the pinnacle of his career when he was appointed to the office of Register of the Treasury on August 12, 1864. Colby was only the second person to be named Register. He succeeded Lucius E. Chittenden (see the chart at the end of this article for the complete list of U.S. Registers). Colby moved to Washington, D.C. to oversee this important federal post at the Treasury. While he was appointed to the position, it wasn’t until several months later that Colby was confirmed by the Senate. The letter shown was written and signed by Colby and sent to John G. Nicolay (Lincoln’s private Secretary) inquiring about his nomination for Register. The letter reads as follows: My Dr Sir: Has my nomination gone to the Senate? Or will it go today? Senator Foot proposes to have it acted upon this afternoon. Please inform me if it will be forwarded & obliged. JB Colby - Register Unfortunately, it was a position he held for only three years. Colby was diagnosed with bilious derangement and succumbed on September 23, 1867. The term refers to a liver disorder, but in the 19th century diagnosing afflictions was far from an exact science. One assumes the diagnosis was a vague reference to an unknown gastrointestinal disease. To be thorough: in other obituaries he was also diagnosed with typhoid (which is also a gastro-intestinal disease). The illness lasted for five weeks and he spent his final days in his home in Haverhill, New Hampshire. Colby was only 51 years old; his life sadly cut short. THE HENRY CLAY STEAMSHIP DISASTER On a hot summer day on July 28, 1852, Colby and his wife Harriet boarded the Henry Clay steamship for a cruise on the Hudson River. The Colby’s never expected that the excursion would end in a horrific tragedy – the drowning of Colby’s wife Harriet. Steamships were considered an upscale way to travel and catered to a prosperous clientele - they were a common sight on the Hudson River, often cruising between New York City and Albany. The Henry Clay was on the higher end of luxury steamships. It was almost 200 feet in length, could accommodate 350+ passengers, had a double paddle wheel, and contained elegant parlors for the passengers. With little legal regulation and no certifications required for the crew, the steamship industry was freewheeling with little regard for safety or the unnecessary stress they could put on the physical infrastructure of the ship. Fierce competition between rival boats resulted in frequent races on the river. As a result, fires from overtaxed boilers were not uncommon - just months before the Henry Clay disaster, more than 100 Mormon immigrants were killed when the boiler aboard the Missouri River steamer Saluda exploded. On this fateful day, the Henry Clay engaged in a ship race with a rival ship – The Armenia. With a reputation as one of the swiftest ships on the Hudson, the Armenia rapidly gained on the Henry Clay which resulted in a collision. It did not cause any appreciable damage – but nonetheless left the passengers quite unnerved and led to many complaints to the crew. The dangerous and foolhardy practice of ship racing was a result of greed and hubris. How much hubris? Henry Clay co-owner Thomas Collyer assured the passengers they were in no danger after the collision and the ship’s clerk was reported to have said he “wished people would mind their own business.” After the collision, the Armenia backed off and the Henry Clay resumed the trip at high speed. With the Henry Clay pushed to the max, the extra stress on the boiler might have caused it to explode (though some accounts theorized that the doors on the boiler’s furnace were not sealed tightly, allowing flames to lash out and set fire to the wooden ship). Regardless of the reason, flames quickly spread to the upper decks, engulfing the entire middle section of the ship in a roaring blaze. Most passengers were told to head aft, while others fled to the bow. The ship’s pilot turned the steamship toward the river’s east bank, where the burning vessel ran aground on an estate at Riverdale, near what is now the Bronx-Yonkers line. Passengers on the bow made the short leap to the beach below, but those huddled at the stern were still in deep water. Forced to choose between a wall of flames and the Hudson, many jumped overboard and drowned in the turbulent river. Others managed to make it to shore on their own or were aided by other survivors and bystanders. While Colby was pulled from the water, his wife Harriet perished, a victim of drowning. Approximately 80-100 died from the steamship fire. Former New York City Mayor Stephen Allen was among the dead, as was Andrew Jackson Downing, a famous landscape architect of the era who planned the grounds of the U.S. Capitol and the White House. Others included Caroline DeWint, Downing’s mother-in-law and a granddaughter of the nation’s second president (John Adams), and Maria Hawthorne, sister of the Nathaniel Hawthorne - author of SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 51   “The Scarlet Letter.” The Henry Clay’s three owners and the ship’s officers were charged with manslaughter for creating a dangerous situation by racing the Armenia. All were acquitted. Exacerbating the situation, the Henry Clay only had two lifeboats. With many prominent families on board and fierce public pressure for laws ensuring safer travel, Congress finally passed stricter safety standards (the Steamboat Act of 1852) to rein in the maverick steamship industry. In 1851, more than 1,000 people had died in steamboat accidents. In 1853, that number fell to 45. Think of how painful it must have been for Colby to return home and tell his 4 young children that their mother had been killed. Below is a heart wrenching letter written by Colby to his mother-in-law, Betsey Parker, on July 31, 1852, that recounted the tragedy. The letter was written to be shared among friends. The original letter was transcribed by Anne Sibert Buiter's mother, Margaret L. Sibert, who Ms. Buiter described as an amazing genealogist. That letter, and many others written by Colby, are still in family’s possession. Friend____: July 31, 1852 The last sad service to the remains of my dear, dear Harriet was attended yesterday at 2 o'clock, afternoon. It may be some days before I see you, and I will write the particulars of that fatal scene as my crushed heart will permit. Our party, consisting of myself and wife, J.W. Ellis, wife and sister, left Albany, for N.Y. city by the steamer Henry Clay about 7, a.m., on Wednesday morning. We went upon the promenade deck for the better view of villages and scenery along the shore. We were not many miles out before I discovered the "Armenia", a rival boat, coming down behind and apparently gaining upon us. I then feared racing, but had been strongly assured at Albany, by reliable persons, as we supposed, that no racing would be allowed, and I hoped it was so. But not long after, I noticed that the landings of our boat were affected with great haste, and passengers were passed off and on with dangerous rapidity. At one of our landings, the third one, I think, the Armenia passed us. Our boat was behind for some distance and only got alongside the other as were nearing Kingston - then the two boats ran side by side, at times very close, and at length the bows were in contact. A hand on the Henry Clay put out a fender against the wheelhouse of the Armenia to prevent closer collision, and, in that position, we ran for some distance. The passengers were greatly disturbed, and were generally standing up on the upper decks, when some official of the boat came up and passed around them saying "there was no danger," and that they were "not racing," and urging all to step to the opposite side of the deck to ease off the boat. I then appealed to him to stop this and not run us into danger. He repeated with greater emphasis, we were "perfectly safe," "no danger," and "all would be right if the passengers stepped to the other side as he requested," - this was done and the Henry Clay went ahead. After this occurrence we concluded to leave the boat and go ashore; but the other boat did not come up with us afterward and was finally lost sight of. The circumstance quieted our fears and we felt quite secure for some hours before the fire, - in the meantime many of the passengers took dinner. About the time we passed Yonkers, I left my wife sitting in the ladies' saloon where she had been most of the day, and went on the promenade deck where were the others, Mr. Ellis and his ladies. Within 20 minutes I think, after I went up, there was a cry and smoke forward - about the center of the boat - and at once I started to go below for my wife, and alas! she was gone!! I screamed for her, - in vain, the saloon which was filled with ladies when I left it - was empty - and the hot flames and smoke were pouring through it, in a torrent. I ran outside on the guard - there was the whole horror of a hundred deaths at once - all who had left the saloon had gone over the sides in utter panic and despair. My wife was not to be found, and it was plain that the alarm and the fire were felt in the saloon before those on the upper deck were aroused; and it now seems that many had gone overboard before the boat struck. I hoped that she might have gone forward and reached the shore. That hope prevented me from plunging into that cauldron of death. It only remained for me to get off the boat. The fire below prevented going forward from the lower deck where I then was. I went up the stairs on the promenade deck - it was then cleared of people - the fire had nearly covered it - but a space on the starboard side allowed me to pass it and to reach the shore - the last one who escaped by going forward, I think, for the fire, at that instant, enveloped the whole width of the boat. - There was no small boat on the Henry Clay, I am sure, or if there was, it was not used, nor was it in sight. Help came after some time from some vessels in the river; two boats came but the fire allowed no near approach to the wreck. The bodies of those who went over before the boat stopped were doubtless first found. My wife was found some rods from the stern of the boat and up the stream from the boat. She must have fallen in at the first fright, as her position would have been down the stream if she fell after the boat stopped. Her seat in the saloon was next to the door, and it was but a few steps from that to the guard out of which so many rushed to perish. Her dress and person were in no way touched by the fire or heat. She seemed as if life was not gone - but all effort to restore her SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 52 was made that could be, on such a shore, away from houses and accommodations. The precious spark had fled and with it, in a moment, all my earthly hopes. Could I but have been with her, and died with her, or heard her last word, it had seemed a milder fate. I had left her, at her request, to have me to go on deck and lose the views of the shores as we neared N. York. She preferred not to go up as the breeze was strong and she had some headache; besides, I think the fright in the morning really induced her to prefer the Saloon. Sure _"There's a Divinity that shapes our ends -Rough hew them how we will" That the managers of the boat were grossly, culpable, nay criminal, can be demonstrated, and whatever shall be the verdict of the coroner's jury, upon their conduct, I shall ever blame myself for periling that dear life in the control of such reckless men. It was 3 o'clock when the fire took. At 8 o'clock, the Hudson R.R. Road train stopped for us and took us to the city where the officers and agents gave every attention to the sufferers in their power. At the [] I found the proprietor, Mr. Howe ready with every attention; and my friend Hon. D. A. Smalley, who was a guest, then devoted most of the night to my [] and returned with me the next day to Vermont in charge of the remains. Such kindness to all who have felt keen distress [] know how to appreciate. It is with great difficulty that I am writing this sorrowful, heart-rending narrative but suppose many of our friends will be anxious to hear more directly than through the newspapers. Your affectionate friend {S.B. Colby} Three years later on July 12, 1855, Stoddard remarried to Ellen Cornelia Hunt, of Haverhill, NH. The marriage produced two children, Ellen Rebecca and Frank Moore Colby. Unfortunately, we could not find her image. However, Ms. Buiter was able to find a letter that described Stoddard’s second wife. Ellen, affectionately called Nell, was a beautiful girl. Colby was smitten after meeting her and they wed. When Colby died, Ellen was left with little money and two young children to raise – but she managed as best as she could. Colby’s three surviving children with first wife Harriet were all in the 20’s (note: Harriet and Stoddard’s youngest child Lucien died just before his 3rd birthday). Colby and Ellen's son Frank Moore Colby became a well-known editor, essayist and writer. Unfortunately, Frank was only 2 years of age when his father passed away. Frank’s sharp sense of humor made him quite popular. Here are several of his clever witticisms: Every improvement in communication makes the bore more terrible. Men will confess to treason, murder, arson, false teeth, or a wig. How many of them will own up to a lack of humor? Many people lose their tempers merely from seeing you keep yours. Early in his career, Frank Moore Colby taught history and economics at Columbia University, Amherst College (Mass.), and NYU. To supplement his income, he began writing and then editing encyclopedias – which became his lifelong career. Colby wrote 4 books and was published in many magazines, including Bookman, The New Republic, and Vanity Fair. After his death, his popularity rose with the publication of The Colby Essays (1926). COLBY’S SIGNATURE ON LARGE SIZED NOTES/FINANCIAL INSTRUMENTS Colby’s signature is found on early 1860’s large sized notes. 1st row: $500 and $50 Interest Bearing notes. 2nd row: a $20 Compound Interest and an Original $1 National Bank note. 3rd row: Lazy Deuce $2 NBN and a $5 Original NBN. 4th row: $20 Original NBN and $100 Gold Note. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 53 To the left is an interesting financial instrument that contains Colby’s portrait and signature. This could be a coupon bond and its diminutive value suggests as much. At bottom right is a December 2, 1865 Treasury Warrant signed by both Colby and Spinner. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 54 The item on the right is a Colby signed $100 U.S. Coupon Bond. Though the bond is dated 1861, it was not signed until at least 1864 when Colby assumed the position of Register. Many of the obituaries of Stoddard Colby’s life depict a man of great character, kindness and culture. His knowledge of ancient Greek and Latin point to a gentleman of superior intellect. Colby was a great American who devoted a portion his life in service of our country. His name rightfully stands next to Francis Spinner on the earliest issues of U.S. currency. Much thanks to Stacks/Bowers and Heritage for their use of the currency images. Also, to fractional experts Benny Bolin, Jerry Fochtman and Mike Marchioni for their help in the research. Thanks to my son, Dr. David Melamed for his help in editing and thanks to the Library of Congress for much of the newspaper articles (New York Herald, Weekly National Intelligencer - Washington DC). Finally, a great debt of gratitude must be extended to Stoddard’s great-great-great granddaughter, Professor Anne Sibert Buiter, with all her insights into the Colby family. LIST OF U.S. REGISTERS OF THE TREASURY (1861-1923) Register of the Treasury is an officer of the U.S. Treasury Department. In 1919, the office of the Register became the Public Debt Service which, in 1940, became the Bureau of the Public Debt. The Register's duties included filing the accounting records of the government, transferring and cancelling federal debt securities, and filing the certificates of US-registered ships. The signature of the Register of the Treasury was found on almost all United States currency until 1923, along with that of the Treasurer of the United States. Many if not all of the names on the chart will be well known to currency collectors, since they appear on federally issued currency and financial documents of that era. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 55 Groundhog Day for numismatists By Lee Lofthus Punxsutawney, Pennsylvania, had a population of 10,311 in the 1920 U.S. census when Series 1902 Plain Back notes, such as illustrated above, were in circulation. The current population is roughly 6,000. Located about 90 minutes northeast of Pittsburgh, Punxsutawney gains national attention each February 2nd on Groundhog Day, when Punxsutawney Phil attempts to outperform the National Weather Service with his annual weather prediction. Punxsutawney had four note-issuing national banks, one of which, the First National Bank (3030), pre-dated the original Punxsutawney Groundhog Day celebration. Groundhog Day in Punxsutawney dates back to 1886, and the choice of Gobbler’s Knob as the prediction site dates to 1887. The idea came from a local newspaperman, likely influenced by earlier German folklore that, naturally, linked hedgehogs and weather prediction. The First National Bank (3030) was chartered in 1883. Two other national banks opened within months of each other in 1901: the Punxsutawney National Bank (5702) opened in February, and the Farmer’s National Bank (5965) opened in September. The Farmer’s bank lasted only until 1908, and the First National liquidated soon after in August 1909, absorbed by the Punxsutawney National Bank (5702). The closing of two national banks in slightly over a year’s time made room for the October 1910 founding of the County National Bank (9863). The County NB and Punxsutawney NB both issued notes through Figure 1. This Series 1902 plain back carries the “or other securities” clause from a face plate originally paired with date back notes. Author’s collection. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 56 the end of the national era in 1935. Punxsutawney large size notes are scarce. The FNB notes are unreported; Farmer’s NB has two brown backs reported; and the Punxsutawney NB and County NB each have about nine or ten known. The latter two banks are both common in small-size, Figure 2. $20 Series 1882 date back from The Punxsutawney National Bank. By the time the bank opened in 1901, the town of Punxsutawney had been celebrating Groundhog Day at Gobbler’s Knob for 14 years. Image Courtesy Heritage Auctions. Figure 3. The two-subject $50/$100 face plate proof for the Series 1902 date backs for the FNB of Punxsutawney (3030). No notes are reported. The bank’s first notes were Series 1882 brown backs, displaying the charter date of August 15, 1883. The bank’s Series 1902 red seal and date back notes carried the extension date August 8, 1903. Smithsonian Institution ID NU.297219.034878. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 57 however, not surprising given each carried healthy circulations for small town banks. The Punxsutawney NB had a circulation of $125,000 in 1934, and the County NB’s circulation was $100,000. According to History.com, the National Climate Data Center and the Canadian Weather Service each rate the accuracy of Punxsutawney Phil’s annual predictions at about 50 percent. It is unknown whether professional jealousy is a factor in the ratings. Serious numismatists will avoid collecting notes that show signs of paw prints or gnawed edges. Groundhog history from History.com February 2, 2021, “Groundhog Day: History and Facts” and Groundhog.org, the website of the Punxsutawney Groundhog Club. Bank data from Don C. Kelly, National Bank Notes, 6th Edition (2008), and Louis Van Belkum, National Banks of the Note Issuing Period 1863-1935 (1968). Population data from the U.S. Census Bureau. Author’s groundhog postcard by E.C. Kropp Co., Milwaukee, Wisconsin. Author’s County NB postcard from Feight’s Drug Store, Punxsutawney, 1914. Figure 4. A view of the County National Bank on the eve of World War I. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 58 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan A Cautionary Tale At a local show this year a dealer had an East Caribbean States note that he did not understand. It was washed out on the face and blank on the back (figures 1 and 2). I examined the note at 20x and determined that it is a digital copy. In figure 3 you can see the vertical parallel scan lines created by the inkjet copier or printer when the piece was made. See Boling page 62 Location, location, location, eh? We have been discussing paper money collecting by state without even mentioning national bank notes. That would be too easy! Specifically, we discussed defense and savings bonds and prisoner of war chits. This time we have another twist. I want to move north and consider collecting World War II Canada by province! It is possible—just barely— to collect Canadian war (victory) bonds and POW chits by province, but these would make very small collections. Most Canadian Victory bonds were bearer bonds having no information as to person or place of purchase. Most of the Canadian POW chits are identifiable as to province of issue, but a collection based on province of issue would be small. In spite of these restrictions, there is a great opportunity to collect World War II Canada by province in the form of war savings certificates (WSC). Canada issued a huge number of WSC from 1940-1946. The certificates were issued in denominations $5 - $500 in two general design types and many varieties. Most importantly for today, they were sold in all nine provinces. Joe and I were interested in Canadian war savings certificates even before any were known in collections! In the late 1980s and early 1990s we were working very hard on what became World War II Remembered. One of the innovations of the new book was the inclusion of war finance documents. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 59 We knew that Canada had war savings stamps— they were listed in stamp catalogs. In addition to the stamps, I had found sales materials explaining that the stamps could be exchanged for war savings certificates. That set me on the hunt to find WSCs. It is remarkable how difficult it was. I wrote to every Canadian dealer whom I could find (numismatic and philatelic). It took a long time to find just one certificate. You can imagine how excited I was when a dealer offered me my first WSC. After the excitement, the reality set in. Of course the seller wanted more than I thought that it was worth, but arguments are weak when you have never before even seen another example. Of course I bought it, and yes, it was too expensive. Thirty years later (with the help of the internet) you can buy three of the $5 certificates for what I paid for that first one, but I was happy. By the time that we were actually working on the manuscript for Remembered, I had found a few more pieces. They were enough to develop a robust listing for the $5 certificates. We knew that there were three major types and many varieties of each type. My favorite variety was the change in annual purchase limit from $500 to $600. This change was hidden in the small print on the back of the certificates. If you look in Remembered, you might be impressed at the depth of our listings for the $5 certificates. You might also be appalled that we listed $10, 25, 50, and 500 denominations as “not observed”! Amazingly, we had an image of a $100 certificate. It was (is) an ugly, low quality, piece, but we were proud to have found it for inclusion. Here is how I would summarize availability of WSCs by denomination today: $5 common, $10 scarce, $25 very scarce to rare, $50 very rare (one reported), $100 very rare (two reported), $500 none reported. It is the availability of the $5 certificates that makes it possible to collect WSCs by province. Indeed, I suggest that the availability demands collecting by province! As a bonus for Paper Money we will illustrate a type and denomination set while discussing the certificates by province. War savings certificates were sold in all nine war- time provinces. That is an assumption that is easy to make. I am pleased to say that we can prove that in the most basic way—examples from all nine provinces are known in collections (we will show you all of them). We have less convincing evidence for the assertion that availability of certificates seems to be approximately proportional to the war-time populations of the provinces. Certificates from smaller provinces are more desirable and worth a premium. Here are the 1944 provincial populations from The World Almanac 1944: Alberta (796,169), British Columbia (817,861), Manitoba (729,744), New Brunswick (457,401), Nova Scotia (577,962), Ontario (3,787,655), Prince Edward Island (95,047), Quebec (3,331,882), Saskatchewan (895,992). Alberta (population 796,169 This open-design certificate was printed by R. L. Crain although it is all but impossible to see on this image (in very pale blue directly under the seal at bottom center). These certificates were usually delivered by mail on a monthly basis. The 1946 issue date is obviously very late. The serial number block is TH2. Crazy collector that I am, that leaves what I consider a collectable repeater(ish) serial! British Columbia population 817,861 This design type is generally called the “planes and tanks” design, although ships are also included in the design. This is the only reported $50 certificate and has an appropriately low serial number. Manitoba population 729,744 There is not a lot to comment on for this certificate from Manitoba’s largest city Winnipeg. Note the double decker serial number block. This layout was used for issuing certificates using an accounting machine. In those cases the top serial number was filled in by the machine with a number that matched the serial number that was printed by Crain. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 60 New Brunswick population 457,401 The $25 denomination is scarce in all design types. This certificate displays several interesting characteristics. Note the lines at center used to guide entry of issuing data. This design type was printed exclusively by Burt Business Forms Limited. Note also that the day of issue (15) was printed as part of the certificate. Nova Scotia population 577,962 This is the most worn certificate that I have ever seen. If it were a $5 certificate it would not be worthy of a place in most collections, but since it is a $100 certificate it is worthy of a place in any collection. Surprisingly two examples of this denomination are known in collections. I get a kick out of showing you both of the reported pieces (they are not mine). Ontario population 3,787,655 As you would expect, overall certificates are common from Ontario, but $10 certificates are surprisingly scarce. A few collectors (so far) are interested in small towns. If you are interested in small provinces, why not small towns? Porquis Junction, Ontario certainly qualifies. There are some entries on the internet for Porquis Junction, but I cannot determine if it is even still a community. Prince Edward Island (PEI) population 95,047 PEI had the lowest provincial population and it seems to be the key to a provincial collection. This example would be quite unremarkable except for the province of issue. Note again that the serial number was repeated at the time of issue. Note the number 58807 to the left of the name and below the date. The exact (or even approximate) purpose of this number is not known. My guess is that it is an account number for Emily Le Lacheur. Quebec population 3,331,882 Quebec was only slightly smaller than Ontario in 1944. This is a rather routine certificate at first glance, but it does have a few interesting things going for it. The serial number is not doubled but there is an unknown number that might be the account of Kathleen McGaffey. It has a late (July 1946) issue date. The omission of the second serial number and the late issue date could be related. Stanstead, Quebec certainly qualifies as a small town, with a ca 1949 population of 856! There is one more important thing. The certificate was printed by R. L. Crain. This company printed most of the war savings certificates. While this is true, certificates with the imprint R. L. Crain Limited are rare. This variety was discovered by the late, great collector Dan Freeland. Saskatchewan population 895,992 We finish our survey of provincial war savings certificates with this spectacular $100 piece. The Crain imprint shows very nicely on this piece; compare it with the R. L. Crain imprint above. I like the issue date of a large denomination being on the IRS tax due date, but as you know, I am easily amused! We have another small town here. Really small. Plunkett, Saskatchewan is not listed in my 1949 geographic dictionary, but it is SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 61 listed on Wikipedia as having a 2006 population of 75. Even if it were several times that during the war (certainly a possibility), that is a really low number. That concludes our survey of provincial war savings certificates. I can hear a few of you yelling “Territories, what about the territories?!” I have deliberately avoided mentioning the Northwest Territories and the Yukon. I wanted to build up to the ultimate pieces. The war time populations were 12,028 and 4,914! Not only are no examples known, I think that there is a very good chance that none will be found. Certainly the discovery of an example from either territory would be spectacular news. The Tenth Province? What am I talking about, a tenth province?? Remember my story at the start of this column about finding my first war savings certificate and having to pay too much? Many years after that experience and quite a few years ago I was at a large show. I think that it was an ANA convention, but it might have been something else. A friend found me on the floor and dragged me enthusiastically and with a strong sense of urgency to the table of a dealer from Canada. He said something to the dealer like “This is the guy! Show him the piece.” The fellow showed me the piece shown below. At the same time my heart about jumped out of my chest and I laughed too. A Canadian war savings certificate made out to an address in Michigan! Such a piece had never occurred to me. Of course this build up does not lead to a strong negotiating position. The final little twist is that I paid the same for the two pieces—the ca 1992 and ca 2005. Both were more than they should be, but found a happy home. The Real Tenth Province Of course Canada has ten provinces, but Labrador and Newfoundland did not become a province until 1949. During the war, Labrador and Newfoundland issued their own war savings certificates. I do not think that I will ever have another excuse to explore them here in Paper Money, so I will discuss them a little bit here. The collecting history of the Newfoundland certificates parallels that of the Canadian certificates. Both were all but unknown to collectors but in the internet age, quantities have been found and spread to collections across the continent. I have only one tip or plea. I am looking for a certificate issued in Labrador! On the surface it sounds like that should at least be easier than finding a Canadian territorial certificate. I wish that it were so. The estimated 1942 population of Labrador was 4850! Ouch. Canadian collector Dick Dunn helped with images. Thank you, Dick. Boling continued; Figure 4 shows the same letters in original full color intaglio on a genuine note. In fact, that part of the main title on the face of the good note is in progressive intaglio—the color changes as one moves from one part of the design to an adjacent one, all on the same press in the same printing pass. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 62 Figures 5 and 6 show the face and back of a genuine note (the one that was used to create figure 4). The dealer’s story about how he came upon the uniface note was also enlightening. It seems that he had two pieces in lightly circulated condition, and he wanted to improve them. So he immersed them in water preparatory to ironing them, and walked away for a while. When he returned, one note was unchanged (except for having been drenched), but the other had no back and only black outlines on the face. Before dunking them he had no idea that one of his pieces was a color copy (and it still did not occur to him until I examined the copy and informed him of the digital artifacts on it). But why do the black lines (and other design elements) of figure 1 appear on the face while there is almost nothing on the back? The only printing on the back is an occasional very pale impression of pastel color (not photographable), which presumably was left behind when most of the ink washed off. If the light is right, one can also see some of the remaining image on the face (now all in black) manifesting itself on the pale back. My experience has always been that inkjet inks are not colorfast in water—that they will run when wetted— while laser toner (plastic baked onto the paper) shows no damage from being wetted. Clearly some inkjet copiers use a black pigment that is waterproof after drying. The only logical reason I can see for lack of any image on the back of the copy is that the face and back of the copy were made on different devices, one of which has black ink that contains no colorfast-in-water component. The moral—if you are going to wash notes, make sure you know what their fabric is before you proceed. Spider Press For Sale! This Spider Press manufactured by the National Bank Note Company from the 1850s is truly a piece of history. It is in very good condition for its age. Though it is a heavy machine, forklift capability is available at the pickup site. It is currently selling for $9,500. If interested, contact Rob Evangelisti at (856) 275-3080. You can also contact Rob via email at Rob232238@aol.com. Thank you! SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 63 All the News That’s Fit to Search It was about twenty years ago that I first began to take a serious look at the banking and financial history of Oklahoma. During the early 1930s, the Sooner State had been an enthusiastic adopter of “stamp scrip”, that odd experiment in local money whereby communities around the country put out their own scrip notes that required stamps to be affixed as they circulated. I wanted to uncover all those forgotten ventures in Oklahoma and describe them in a single account. Doing this required me to spend long hours at the Oklahoma Historical Society in Oklahoma City. The facilities there house not just the OHS’s research archives but the jewel of its collections, an extensive microfilmed depository of newspapers from all 77 of the state’s counties. While I had an idea of the extent of Oklahoma’s stamp scrip experiments, the only way to really know where they had occurred was to work my way through as many newspapers as possible between the years 1932-34. Back then, in the earliest years of the internet, most newspapers were not yet available online, let alone searchable as historical series. Thus I was faced with the daunting slog of hand-cranking my way through reel after reel of microfilm, illuminated by some finicky overhead projector whose lens never focused the text quite the way I wanted it to. Moreover, while some of those microfilm readers did have more modern electrical controls, I was never able to get to the OHS facilities early enough during the day to snag one of the good machines. It was always the rotating contingent of genealogists—crusty old pros who, unlike me, knew their way around and knew what they were doing—who invariably beat me to them. Eventually, I got that project done and the world now knows about Oklahoma stamp scrip, though I did have to get my arm surgically re-attached after it fell off from over-cranking. Twenty years later I’m returning to those newspaper resources, but for a different project: contributing to the database of banks and bankers connected with the Bank Note History Project. Armed with a ten-page, single-spaced list of some 550 note- issuing Oklahoma national banks (piece of cake!) I have gone back to trawling through the newspapers, seeking basic biographical information about the bank officers active in Oklahoma during the National Banking Era. Twenty years later, the experience of newspaper research is so utterly different that I thought it merits some description in case anyone else wants to embark on similar work for their own states. Generally speaking, newspaper digitization into searchable online databases has happened in several ways. First has been the digitization efforts of major newspapers of record: the New York Times, Wall Street Journal, Washington Post, and others. Archives of such publications are available either through subscriptions to the individual newspapers, or through library databases that consolidate access to multiple sources in a single search engine. The database vendor managing most such newspapers is Proquest. A second resource for digital newspapers is Google, that venerable tech affiliate of the Alphabet holding company. Along with scanning entire libraries and making available full-text publications that are out of copyright, Google has created Google News Archive, a large if somewhat haphazard library of newspapers that are searchable by keyword. A third source to turn to are commercial companies that offer searchable historical newspaper databases, available by subscription. First and foremost is Newspapers.com, which many users know because of its affiliation with the genealogical site Ancestry.com. A similar site, Genealogybank, has its own complement of newspapers. In addition, Newspaperarchives.com represents a third, standalone source for newspapers. While there may be overlap between the three in terms of coverage, it seems that each database does contain distinct offerings. In terms of functionality, I have found Newspapers.com to be the best for searching and clipping articles, but that may be just because of my greater familiarity with it. A fourth and final source for online newspapers can be found in the many state-level historical societies across the country that have pursued their own digitization projects. The ones I have explored don’t require creating accounts and, unlike some public library sites, are open to any user. Many of these state sites participate in, and have been funded by, a joint project of the Library of Congress and the National Endowment for the Humanities called Chronicling America. These repositories can be accessed either through the state historical website, or through the Library of Congress itself. If anybody is familiar with other sources in addition to these, do let me know! In later columns, I will share my two cents about the best ways of accessing scanned magazines, journals, and even books from the same time periods covered by the newspapers. Chump Change Loren Gatch SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 64 The front of the Type-41 Treasury note endorsed by M. J. M. Mason, Acting Commissary of Subsistence. image: Roger Adamek Capt. M. J. M. Mason ACS to Gen’l N. B. Forrest In a recent Quartermaster Column we looked at the endorsements of Gen’l Nathan Bedford Forrest’s Chief Quartermaster. We will now look at the rare endorsement (R13+) of Gen’l Forrest’s Assistant Commissary of Subsistence, Capt. M. J. M. Mason, a man who rose from the rank of Sergeant to Captain, and another example of Gen’l Forrest’s willingness to promote capable enlisted men. Nowhere in the files of the National Archives do we learn the full name of M. J. M. Mason. He may have been related to Maj. Richard M. Mason, a quartermaster in the service of Gen’l Forrest. “MJM” enlisted on March 10th, 1862, at Memphis, Tennessee, as a Private reporting to Company B of the 3rd Regiment (Forrest’s) Tennessee Cavalry. This unit had a very complex history. At the beginning of the 20th century the National Archives started organizing their Confederate material, creating what I call summary cards of military appointments and orders. These cards were printed up in quantity for the different regiments, and at the bottom of the cards of some units, there appear concise summaries of the renaming and reassignment of these units. The complex history of Mason’s unit printed at the bottom of one of the cards in his file is illustrated. The Quartermaster Column No. 22 by Michael McNeil The histories of some Confederate units were very complex. M. J. M. Mason’s unit is here described on a summary card in his file in the National Archives. Mason’s career followed that of Gen’l Nathan Bedford Forrest. image: Fold3.com SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 65 The illustrated Treasury note was endorsed before Mason received his commission, and it omits the rank of Captain, which he later received. The initials of his title “ACS” here mean “Acting (instead of ‘Assistant’) Commissary of Subsistence.” The endorsement reads: “Issued M J M Mason ACS Mar 25/ 63” 1862 Mason was appointed to the Commissary Department on April 27th as a Commissary Sergeant. Forrest’s Cavalry had fought in the Battle of Shiloh earlier that month. A pay voucher dated for March and April noted that Mason reported to Maj. G. V. Rambout, ACS, who served Gen’l Forrest’s Cavalry. Mason signed a voucher for food supplies at McMinnville, Tennessee, on July 26th, and Forrest’s Cavalry fought at the First Battle of Murfreesboro that month, just west of McMinnville. To get an idea of the scope of supplies needed to feed a regiment, Mason signed a voucher on September 11th at Hartsville, Tennessee, for 20,500 pounds of bacon and 20,850 pounds of flour. Forrest conducted raids in Tennessee, Kentucky, and Mississippi in late 1862 and early 1863. Mason’s vouchers located him in late 1862 at La Vergne, Murfreesboro, and Columbia, all in Tennessee. A muster roll dated from September to December 1862 noted that Mason had never been paid. 1863 Mason signed a voucher for large quantities of subsistence stores at Columbia, Tennessee, on February 15th, and he signed this voucher as “ACS” or Acting Commissary of Subsistence and without rank prior to receiving his formal commission. Mason also used that title on a receipt of funds for payment of telegraphs at Kingston, Tennessee, on August 3rd. One of these telegraphs was sent to Colonel Oladowski, a key supplier of ordnance and the commanding officer of W. H. McMain, the Military Storekeeper we met in an earlier column. Forrest’s Cavalry fought at the Battle of Chickamauga in late September. Mason finally received pay at that location on August 5th from George Dashiell, Pay Quartermaster to Gen’l Forrest. He was paid as a Private at the rate of $12.00 per month while serving in the capacity as an Acting Commissary of Subsistence, a job which paid $140.00 per month with the rank of Captain (a Major received $162.00 per month). On August 13th Mason was at last appointed as a Captain and Assistant Commissary of Subsistence by Gen’l Forrest. In his recommendation of Mason to James Seddon, Secretary of War, Forrest wrote: I would most respectfully request that M. J. M. Mason be appointed Captain in the Commissary Department. He has been acting in that Department in my Command for the past seventeen months, and has evinced energy, capacity and reliability and I cheerfully recommend his appointment and hope that it may meet your approbation. The cover of the letter to Seddon bears an interesting exchange with Forrest’s commander, Gen’l Braxton Bragg, who wrote, “Respectfully received. Gen’l Forrest will designate what position he deems Mr. Mason to fill. If there are any vacancies in his command, reply how it occurred.” Forrest replied, “I have but one bonded officer Maj. G. V. Rambout, as Commissary of Division. Am entitled to Commissary with rank of Captain and respectfully ask that Mr. Mason be appointed that position.” This terse exchange reflected the tension between Forrest and Bragg. Forrest once said of Bragg, when failing to pursue Union forces after the The rare endorsement of M. J. M. Mason, an Acting Commissary of Subsistence to Nathan Bedford Forrest. image: Roger Adamek SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 66 Confederate victory in the Battle of Chickamauga, “What does he fight battles for?” President Lincoln had a similar opinion of Gen’l Meade after the Union victory at Gettysburg. An interesting comment was appended by Giles M. Hillyer, Chief of Subsistence, to the cover of Mason’s recommendation. Hillyer wrote to the A. A. Gen’l on August 25th, Maj. Rambout unquestionably needs a Commissary, to make sales to Officers, issue to detachments, escorts,.... An Acting Commissary might be assigned today for this purpose, to report to Gen’l Forrest, or a new appointment at large be made.... The necessity of such extra officer is greater in the Cavalry, than in any other branch of the Service. 1864 Forrest’s recommendation of Mason finally paid off. A report dated March 7th at Forrest’s headquarters in Tupelo, Mississippi, noted that Mason was a bonded officer and Assistant Chief Commissary of Subsistence. Forrest was a shrewd observer of human nature, recognized talent where he saw it, and promoted men who would otherwise not have been given the opportunity. The records for Mason, like those of other officers who reported to Forrest, are sparse and probably a reflection of the fast movements of the cavalry which made Forrest so feared. There are no further records, but those interested in the history witnessed by Mason can find some of it in the website referenced in the notes. 1865 The last record is a parole document signed by Mason at Gainesville, Alabama, on May 10th, the date at which Forrest’s remaining men were paroled. Nearly all officers who signed Union paroles used their rank and title; Mason simply signed his name. The Commanding Confederate general who signed Mason’s parole added Mason’s rank and title under his signature. ◘ Carpe diem Notes and References: 1. Nathan B. Forrest. Useful background information on Nathan Bedford Forrest places M. J. M. Mason’s career in perspective: en.wikipedia.org/wiki/Nathan_Bedford_Forrest 2. McNeil, Michael. Confederate Quartermasters, Commissaries, and Agents, published by Pierre Fricke, Sudbury, MA, 2016. More research on M. J. M. Mason can be found on pages 436-439. M. J. M. Mason’s parole document at Gainesville, Alabama, dated May 10th, 1865. Mason signed his name with no rank or title, which is unusual for a commissioned officer. Mason’s rank and title were added in the bolder hand of the Confederate general signing this document. image: Fold3.com SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 67 by Robert Calderman Superb Narrow Sighting Confirmed!  A heretofore mythical Sasquatch crept out of the forest recently and completely flew under the radar making one lucky collector the newest official Narrow King. Trophy notes within the small size category take on all sorts of shapes and sizes. The five-dollar denomination has an incredible array of specialized options for collectors to sink their teeth into, figuratively of course, making it no surprise our newest supreme trophy note bears Lincoln’s portrait! It is always a special moment when collectors find opportunities to add rarities to their collections at gift prices that leave them speechless and questioning reality. “Is this the Matrix, or did I really just win this auction lot… at that price??” To date, PMG has only certified seven examples in all grades of the coveted Narrow Face $5 1934C NY Federal Reserve Notes. Only six narrow plates were used (Fp.298-303) to print this very scarce variety of Feds found solely on the New York district. Collectors are generally more aware of the narrow face variety found on 1934C $5 Silver Certificates. While the SC’s only had four narrow face plates (2028-2031), vs. six on the NY FRN’s, there have been over seventy narrow SC examples certified by PMG. Ten times the number of known Feds! When we dig deeper and look at the quality of known notes, there has previously been just one single uncirculated example of a narrow face NY FRN, a 65EPQ that sold seven years ago via Lyn Knight Auctions. The example pictured here is a newly graded and exceptionally phenomenal 67EPQ featuring narrow face plate #302. This is a shocking grade for such an incredibly tough small size variety. In comparison SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 68 again to the SC’s, out of the 73 narrow notes at PMG only one example on the Q-A block has achieved superb gem 67EPQ status. Combining scarce varieties with ultra-high grades, we can clearly observe what constitutes an ultimately rare small size trophy note. Wide to Narrow 1934C $5 Federal Reserve Note Identification So what is a note like this narrow face NY FRN in 67EPQ actually worth? The coin world so often claims that a piece is only worth what the last example realized. In the land of paper we have a vastly different landscape on our canvas to take into view. When only seven examples of a variety in total have been certified, public sales are often few and far between and definitive value tends to be rather foggy. In the past three years, Heritage Auctions has sold catalog number Fr.1959-Bn four times, and Stacks Bowers Auctions has sold this Friedberg number twice. Six recent sales with only seven total examples graded in just three years seems to be an extreme amount of turnover for a variety that should be very tightly held by collectors! Digging deeper we find that one specific example graded AU55 traded hands a shocking four times within just twelve months! This is more than enough to create confusion amongst both collectors and speculators, which are more often than not tentative on purchasing an elite member of the ever so esoteric team of small size curiosities. Singling out this AU55 example, the recent sales are as follows: $1620 (08/2020), $1920 (10/2020), $1050 (01/2021), $1500 (08/2021). These sales are all surprisingly consistent and average in at $1523. Recent sales on other examples include a VF 30EPQ at $900 (04/2020) and a different AU55 example, consecutive to the AU55 we just discussed at $2280 (09/2019). Then just a few short weeks ago, seemingly out of nowhere, a superb gem comes out of the woodwork and finds its way into a regular weekly auction. What a huge opportunity for collectors to own a single finest piece of ultimate rarity! Again, how on earth do we value such a monster note? One collector I spoke with said he’d gladly pay ten thousand dollars for this 67EPQ had he known well in advance it was being offered. So is that what this note recently sold for? Did someone pay double? Or was this offering the ultimate deal of the century for one lucky collector? I think we should let you decide for yourself. This amazing trophy note brought $1,620 on 11/30/2021. 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: - Plate Comparison Images in this article are from: The Transition from Wide to Narrow Designs on U.S. Small Size Notes between 1947–1953, Peter Huntoon and James Hodgson. Paper Money Sep/Oct 2006 Whole #245 - Fr.1959-Bn PMG 67EPQ image courtesy of Heritage Auctions www.ha.com SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 69 The Obsolete Corner The Bank of Bennington by Robert Gill Hello paper money lovers. By the time you read this article the Holidays will be over and the New Year will be here. I hope that you and your family had a very good time during this special time of the year. As for my family and I, we are dealing with some health issues, but we were still able to be together and make some good memories. And hopefully the Covid Virus will start becoming less of a threat. And now, let's look at the sheet from my collection that I'll be sharing with you in this article. In this issue of Paper Money let's go to the State of Vermont and look at The Bank of Bennington. You can see in the scan of the four-note sheet that it has some very unusual denomination notes on it. Long ago there were a few of these sheets that had survived, but because of the past "cutting craze" that has happened to Obsoletes, very few of them remain intact. And notice the second scan. The two-note high denomination sheet is very desirable, as very seldom does one come on the market. As for the history of this old Institution, over the years I've had a difficult time coming up with anything. But fortunately, because of one of our Society members, I have some good history to report on. A grateful thank you goes out to William Hancuff, from Virginia, for the research that he did on this old Bank. On October 18th, 1825, Stephen Hinsdill and others submitted a petition for the incorporation for a bank in Bennington, Vermont. After two years of effort, on October 25th, 1827, the bill to incorporate The Bank of Bennington passed. The bill specified it would be in the Village of Bennington, with $100,000 capital, and the charter would expire on January 1st, 1841. On March 4th, 1828, the stockholders appointed several Directors of the Corporation... Joseph Burr, Noadiah Swift, David Robinson, Jr., Stephen Hinsdill, Nathan Bottum, Luman Norton, and Martin Deming. Joseph Burr was elected President, but died the next month, on April 14th, 1828. He was succeeded by Noadiah Swift, a physician in the lower part of the Village of Bennington. Stephen C. Raymond, from Manchester, was appointed First Cashier, and served that capacity thru 1836, when replaced by Joseph Hinsdill, the brother of Bank Director, Stephen Hinsdill. The Bank was highly successful and paid very good dividends for several years. In 1836, there was a change in management, and although the Bank's charter was not due to expire until 1841, the Bank officers sought to have their Bank re-chartered for twenty years. However, there was a stumbling block. The public had become concerned about some financial shenanigans in which the President and Cashier were involved. This seriously impacted the re- chartering effort, which was finally approved on November 10th, 1840, but only for three years. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 70 The next year the Bank seemed to collapse all at once. On November 1st,1841, it suspended specie payment, and the next day its bills were selling at a discount of between 50% and 60% in New York. Just a short time later, on November 27th, the Chancery issued an injunction against the Bank, and appointed General Henry Robinson and Honorable Nathan Bottum as Receivers. At its failure, the Institution had an outstanding circulation of $169,902. It is known that the men who organized the Bank were all interested in the growth of the community, and were involved in a variety of businesses in addition to the Bank. One historian has written that this interest in so many different areas probably contributed to the failure of The Bank of Bennington. So there's the history behind this old bank. It's fascinating to me that these old notes have survived, and even more so, when we can understand why they came into existence to start with. As I always do, I invite any comments to my personal email address ertdalegill@gmail.com or my cell phone number (580) 221- 0898. So, until next time.... HAPPY COLLECTING. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 71 $5 San Francisco Late-Finished Face 52 By Jamie Yakes Five-dollar San Francisco Series of 1934A face 52 is one of four late-finished Series of 1934A Federal Reserve Note (FRN) faces reported to collectors in 2017.1 The others were $5 New York 58, $5 Philadelphia 39, and $10 New York 169. Each plate originally was a 1934 master plate that in 1938 the Bureau of Engraving and Printing (BEP) altered to a 1934A master plate to use as a template for making other 1934A plates. They finished each plate in 1944 as a production plate and used them for regular sheet printings. The New York $5 and $10 and Philly plate have been profiled previously in this column. Plate 52 is profiled here. The process of making intaglio printing plates involved masters, bassos, and altos. Masters served as templates for producing altos, which were intermediaries lifted from the masters with designs in relief as opposed to the incuse designs on masters. Bassos were plates lifted from altos after depositing metal onto them, and were exact replicas of the master plates used to make the altos. Most bassos were cleaned, polished, and etched with plate serials, and logged into the plate vault for use as production plates. Some instead were reserved as master plates. The BEP began face 52 as $5 San Francisco Series of 1934 plate 2 on November 15, 1934. They produced it from alto 1199, which had been lifted from steel intaglio master face plate 1 on November 8. They designated plate 2 the electrolytic master basso and used it to prepare five altos from November 21 to December 4, and four more in late 1935 and early 1936. Altos from plates 1 and 2 would serve to produce all 1934 $5 San Francisco production faces. In January 1938, the BEP began etching macro serial numbers on finished plates2 and designating them Series of 1934A. On June 10, 1938, they altered plate 2 to a 1934A by etching an “A” after each “SERIES OF 1934” located on all 12 subjects. They reassigned it plate serial 52, which was the first serial for $5 1934A San Francisco faces, and designated it the 1934A master basso. Aside from the different sizes of plate serials, bassos destined to become 1934s or 1934As had identical designs, and conveniently nothing else needed to be altered, deleted, or added in the process. In July 1938, the BEP lifted four altos from 52, which spawned all 1934A San Francisco production plates made through June 1945, inclusive of serials 53-146. The BEP had produced a new $5 San Francisco steel master (face 129) in June 1944 and a new electrolytic basso (face 138) in October, but never used altos produced from them to make production bassos. (Face 138 was lifted from an alto produced from face 129). The BEP certified San Francisco face 52 as a production plate on November 7, 1944, and added it to the routine press plate rotation. They sent it to press for two short press runs in November and December 1944, a four-week run in April and May 1945, and a final eight-week run from November Figure  1.  The  G  position  note  from  the  proof  sheet  of  $5  1934A  San  Francisco  late‐ finished face plate 52. In the selvage is the plate number 30859, ‘EI’ denoting the plate  as electrolytic  iron, and a triangle denoting the plate a master.  (National Numismatic  Collection).  SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 72 1945 to January 1946. It was used alongside 1934A faces 80-114. The BEP dropped face 52 from press on January 23, 1946, a month before they began using Series of 1934B $5 San Francisco faces. They canceled it on December 31, 1946. Face 52 notes will have L-A serials above 70 million and possibly L-B serials. This is based on this author’s observations of 1934A notes with plate serials used concurrently with face 52. Overprinting of Hawaii brown seals and serial numbers ended prior to June 30, 1944, so all notes will have green seals and serial numbers. The L-A and L-B blocks contain reported 1934A back plate 637 mules.3 Back 637 was a $5 master basso for 10 years until finished as a production plate on November 10, 1944 with micro serial numbers.4 It had numerous press runs between June 23, 1945 and June 14, 1949, and sheets wound their way to face printings for $5 legal tender notes, silver certificates, and FRNs. The BEP had been using back 637 prior to the final press run for face 52 and sheet stock would have been available to mate with that face. No matter the back, notes from face 52 have not been reported. Sources Cited 1. Yakes, Jamie. “Altered 1934A $5 and $10 Federal Reserve Note Master Plates.” Paper Money 56, no. 1 (2017, Jan/Feb): 54-56. 2. Huntoon, Peter. “Origin of macro plate numbers laid to Secret Service.” Paper Money 51, no. 4 (2012, Jul/Aug): 294, 296, 316. 3. Author’s census. 4. Yakes, Jamie. “The Extraordinary First Ten Years of Micro Back 637.” Paper Money 55, no. 3 (2016, May/Jun): 212-215. References Record Group 318-Bureau of Engraving and Printing: Entry P1, “Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s,” Containers 144 (12-subject bassos) and 147 (1934 FRN plate histories). National Archives and Records Administration, College Park, Maryland. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 73 $1 SC Series 1928-B V51000208A This note is from the first printing of $1 SC Series 1928-B notes delivered on March 31, 1932. Records document 24,000 notes were delivered, with the first six sheets (72 notes) delivered as uncut. This note is considered the 208th note printed. It is unknown if any additional $1 SC 1928-B notes were printed using the VA block since all known notes are from this first printing. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 74 An Index to Paper Money, Volume 60, 2021 - Whole Numbers 331-336 Compiled by Terry A. Bryan Yr. Vol. No. Pg. Boling, Joseph E., (Uncoupled columns) Another OSS Counterfeit, (with Fred Schwan) (Burma JIM) ................................................ 21 60 334 304 Art from Warrington—Part 4, (with Fred Schwan) ................................................................. 21 60 331 56 More From Warrington, (with Fred Schwan) ............................................................................ 21 60 332 158 More From Warrington, (with Fred Schwan) ............................................................................ 21 60 333 226 Soldiers as Entrepreneurs? (with Fred Schwan) ........................................................................ 21 60 336 442 Warsaw Uprising Propaganda—NOT, (with Fred Schwan) ................................................. 21 60 335 380 Bryan, Terry A. Obsolete Currency Counterfeiters: Doty & Bergen, Part 1: A Counterfeit Tale Of Two Cities, (Kansas, Delaware counterfeit Obsoletes) .............................................. 21 60 333 196 Obsolete Currency Counterfeiters: Doty & Bergen, Part 2: Saints or Sinners?, .................. 21 60 334 274 Obsolete Currency Counterfeiters: Doty & Bergen, Part 2, Errata, ....................................... 21 60 335 399 Thomas Macdonough, Naval Hero, ............................................................................................ 21 60 332 120 Zouaves!, (Obsolete Currency vignette) ..................................................................................... 21 60 331 62 Bruyer, Nick Act of 1863 Gold Certificates, with Peter Huntoon, Doug Murray ....................................... 21 60 331 6 U.S. Treasury Notes of the Mexican War, 1846-1848, ............................................................ 21 60 332 86 William D. Nutt: Asst. Treasurer, USA—Acting Treasurer, CSA, ...................................... 21 60 335 356 Calderman, Robert (Cherry Picker’s column) Collecting Notes That Shouldn’t Even Exist!, ........................................................................... 21 60 332 148 A Golden Opportunity!, ($10 Gold Certificate) ......................................................................... 21 60 335 390 The Prodigal Bison Returns…On a Star!, .................................................................................. 21 60 333 233 Rising Tides Lift All “Paper”, ($2 Silver Certificate) ............................................................... 21 60 334 318 Treasures from the Cornhusker State, (Sm. FRN rarities) ....................................................... 21 60 336 454 An Unlikely Pair!, ($500 FRN) .................................................................................................... 21 60 331 68 Clark, Frank Albert Lea, (Minnesota NBN) ...................................................................................................... 21 60 334 282 CONFEDERATE AND SOUTHERN STATES CURRENCY Confederate Bond Documents From the 1880s, Steve Feller ................................................. 21 60 336 428 Edmund Bacon Williamson Apperson, Assistant Register & Bond Signer for the Confederate Treasury, Charles Derby ................................................................................. 21 60 333 188 My 17-Year Hunt: The 3154 Note Survey on T-64 CSA $500 Notes, Steve Feller ......... 21 60 333 211 T.D. Tinsley, Teenage Soldier & Signer of GA Currency During the Civil War, Derby. 21 60 336 414 William D. Nutt: Asst. Treasurer, USA—Acting Treasurer, CSA, Nick Bruyer ............... 21 60 335 356 William Fraser White, a Newly Identified Asst. Register & Bond Signer For the Confederate Treasury, Charles Derby ................................................................... 21 60 335 341 COUNTERFEIT, ALTERED & SPURIOUS NOTES Obsolete Currency Counterfeiters: Doty & Bergen, Part 1: A Counterfeit Tale Of Two Cities, Terry A. Bryan (Kansas, Delaware counterfeit Obsoletes) ................. 21 60 333 196 Obsolete Currency Counterfeiters: Doty & Bergen, Part 2: Saints or Sinners?, Bryan ...... 21 60 334 274 Derby, Charles Edmund Bacon Williamson Apperson, Assistant Register & Bond Signer for the Confederate Treasury, ............................................................................................................ 21 60 333 188 No County for Old Men, or Their Money, Robert Tuggle & the 1862 Notes from Campbell County, Georgia, .................................................................................................. 21 60 331 29 T.D. Tinsley, Teenage soldier & Signer of Georgia Currency During the Civil War, ....... 21 60 336 414 William Fraser White, a Newly Identified Asst. Register & Bond Signer, .......................... 21 60 335 341 Young Selma Entrepreneur Madison Jackson Williams & His Alabama Paper Money . 21 60 332 126 Drengson, Mark The SPMC Bank Note History Project, Part 2,.......................................................................... 21 60 332 142 SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 76 ENGRAVERS & ENGRAVING AND PRINTING Early Polymer Luminus with Color Watermarks from Domtar, Roland Rollins ............... 21 60 335 352 Early Web Currency Proofs, Peter Huntoon .............................................................................. 21 60 333 218 $5 Series of 1882 NBN Title Block Layouts, Doug Walcutt ................................................. 21 60 334 250 Falater, Lawrence Five Great Hoards of Michigan Mining Scrip, (with Dave Gelwicks) ................................. 21 60 333 202 Feller, Steve British POW and Internee Camp Money, ................................................................................. 21 60 332 106 Confederate Bond Documents From the 1880s, ....................................................................... 21 60 336 428 My 17-Year Hunt: The 3154 Note Survey on T-64 CSA $500 Notes… ............................ 21 60 333 211 The Numismatic Side of the Siege of Mafeking, ...................................................................... 21 60 335 372 Gatch, Loren (Chump Change Column) David A. Schulte & the Mutual-Profit Coupon System, ......................................................... 21 60 331 46 The Future of Money by Eswar S. Prasad (book review) ....................................................... 21 60 336 448 Mapping Money (Maps on money) ............................................................................................ 21 60 331 72 Paper Money Fifty Years Ago (PM journal, hobby trends) .................................................... 21 60 335 387 Should We Collect Exographica? Yes, Let’s! .......................................................................... 21 60 333 225 Thoughts of a Vaccine Spring (Pandemic & Collecting) ........................................................ 21 60 332 156 Two Cheers for Commemorative Currency (“Numismatic Products”) ............................... 21 60 334 309 Gelwicks, Dave Five Great Hoards of Michigan Mining Scrip, (with Lawrence Falater) .............................. 21 60 333 202 Gill, Robert (Obsolete Corner Column) The Bank of Salem, (New York) ................................................................................................. 21 60 334 310 The Blackstone Canal Bank, (Rhode Island) ............................................................................. 21 60 332 150 The Branch Bank of Tennessee, ................................................................................................... 21 60 336 457 The Brunswick & Albany Railroad Company, (Alabama) .................................................... 21 60 333 236 The City of Omaha, (Nebraska) ................................................................................................... 21 60 331 10 The Erie & Kalamazoo Railroad Bank, (Michigan, Ohio) ..................................................... 21 60 335 388 Gunther, Bill “James Bond” and his 1862 City Savings Association of Mobile, (Alabama) ................... 21 60 334 285 “New Site” Was a Damn Sight Better Than the Old Site: The Story of New Site, Ala .... 21 60 332 135 Hodgson, James $1 SC Series 1935-B M005796670—Rare 1935-B MD Block, .......................................... 21 60 334 315 $100 FRN Series 1934-A, A00029003*, ................................................................................... 21 60 335 363 $10 SC Series 1934-A *01492085A—Face Plate 209, .......................................................... 21 60 335 363 Huntoon, Peter (The Paper Column) Act Authorization Date Change on Series of 1907 $10 Gold Certificates, .......................... 21 60 334 266 Act of 1863 Gold Certificates ........................................................................................................ 21 60 331 6 Danish and American National Banks in the Virgin Islands, .................................................. 21 60 334 292 Early Web Currency Proofs, ......................................................................................................... 21 60 333 218 Emergency Currency: Aldrich-Vreeland Act & Series 1882 & 1902 Date Back NBNs . 21 60 336 405 The End of Silver Certificates, ...................................................................................................... 21 60 335 328 50th Anniversary! The End of Legal Tender Notes, .................................................................. 21 60 331 36 50th Anniversary of the Discovery of the Ella Overby Hoard, Starbuck, MN .................... 21 60 332 113 The Impact of WW I on Gold Certificates & The Origin of the Series of 1922, ............... 21 60 333 178 The 1964 Legalization of Owning Gold Certificates, ............................................................... 21 60 336 436 Origin of Series of 1907 $10 Gold Certificates & $5 Legal Tender Notes, ......................... 21 60 334 100 Plate Letter Placement Glitches on Parker-Burke Series of 1907 Gold Certificates, ......... 21 60 335 350 Tying Off the Star Serial Numbers on Series of 1934 FRNs, ................................................. 21 60 336 425 INTERNATIONAL. CURRENCY British POW and Internee Camp Money, Steve Feller ............................................................ 21 69 332 106 Danish and American National Banks in the Virgin Islands, Huntoon, Schroeder ............ 21 60 334 292 Early Polymer Luminus with Color Watermarks from Domtar, Roland Rollins ............... 21 60 335 352 SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 77 The Numismatic Side of the Siege of Mafeking, Steve Feller ................................................ 21 60 335 372 An Unusual Theme: Project PMG, Roeland Krul (Match Pick # with Condition #) ........ 21 60 336 421 Krul, Roeland An Unusual Theme: Project PMG,. ............................................................................................. 21 60 336 421 Lofthus, Lee Senate Bill 3288, (re: New Treasury Currency) ........................................................................ 21 60 331 61 McNeil, Michael (The Quartermaster Column) Major Angus G. Quaite .................................................................................................................. 21 60 331 66 Capt. Griff P. Theobald .................................................................................................................. 21 60 332 152 Capt. James A. Wilson ................................................................................................................... 21 60 333 240 Maj. Charles S. Severson ............................................................................................................... 21 60 334 312 Capt. B. F. Lovelace ........................................................................................................................ 21 60 335 393 Maj. George Rainsford Fairbanks ................................................................................................ 21 60 336 449 Maples, J. Fred The American National Bank of Baltimore, MD, Charter 4518, ........................................... 21 60 331 44 The Second National Bank of Chestertown, MD., Charter #4327, ....................................... 21 60 332 124 Melamed, Rick Fractional Images on Stamps (or Stamp Images on Fractionals), .......................................... 21 60 333 170 Pop Art Icon Robert Dowd: Currency as Art, ............................................................................ 21 60 335 364 Postage Currency Sheets with Associated Note, ....................................................................... 21 60 331 53 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY British POW and Internee Camp Money, Steve Feller ............................................................ 21 60 332 106 The Numismatic Side of the Siege of Mafeking, Steve Feller ................................................ 21 60 335 372 Murray, Doug Act Authorization Date Change on Series of 1907 $10 Gold Certificates, ......................... 21 60 334 266 Act of 1863 Gold Certificates, with Peter Huntoon, Nick Bruyer .......................................... 21 60 331 6 Plate Letter Placement Glitches on Parker-Burke Series of 1907 Gold Certificates, .......... 21 60 335 350 Nyholm, Douglas “Deseret Currency Association” Discovery $10 Engraving Plate, ........................................ 21 60 331 22 OBSOLETE NOTES & SCRIP David A. Schulte & the Mutual-Profit Coupon System, Loren Gatch ................................. 21 60 331 46 “Deseret Currency Association” Discovery $10 Engraving Plate, Douglas Nyholm ....... 21 60 331 22 Five Great Hoards of Michigan Mining Scrip, Lawrence Falater, Dave Gelwicks ........... 21 60 333 202 “James Bond” and his 1862 City Savings Association of Mobile, Bill Gunther (Ala.) ..... 21 60 334 285 “New Site” Was a Damn Sight Better Than the Old Site: The Story of New Site, Ala .... 21 60 332 135 No County for Old Men, or Their Money, Robert Tuggle & the 1862 Notes from Campbell County, Georgia, Charles Derby ....................................................................... 21 60 331 29 Obsolete Currency Counterfeiters: Doty & Bergen, Part 1: A Counterfeit Tale Of Two Cities, Terry A. Bryan (Kansas, Delaware counterfeit Obsoletes) ................. 21 60 333 196 Obsolete Currency Counterfeiters: Doty & Bergen, Part 2: Saints or Sinners?, Bryan ...... 21 60 334 274 Obsolete Currency Counterfeiters: Doty & Bergen, Part 2, Errata, Terry A. Bryan .......... 21 60 335 399 The Second National Bank of Chestertown, MD, Charter #4327, J. Fred Maples ............ 21 60 332 124 Thomas Macdonough, Naval Hero, Terry A. Bryan ............................................................... 21 60 332 120 Young Selma Entrepreneur Madison Jackson Williams & His Alabama Paper Money . 21 60 332 126 Zouaves!, Terry A. Bryan (Obsolete Currency vignette) ......................................................... 21 60 331 62 PAPER MONEY IN MOVIES, ART, and TV Pop Art Icon Robert Dowd: Currency as Art, Rick Melamed ............................................... 21 60 335 364 Rollins, Roland Early Polymer Luminus with Color Watermarks from Domtar, ........................................... 21 60 335 352 Russell, Willis Tying Off the Star Serial Numbers on Series of 1934 FRNs, (with Peter Huntoon) .......... 21 60 336 425 SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 78 Saharian, Michael The First National Bank of Forest City—Charter# 5518, (Pennsylvania) ........................... 21 60 332 138 The Hereford National Bank/the FNB of Hereford—Charter #5604, (Texas) ................... 21 60 336 439 Schroeder, Steve Danish and American National Banks in the Virgin Islands, (with Peter Huntoon) .......... 21 60 334 292 Schwan, Fred (see Boling, Joe, Uncoupled columns) SOCIETY OF PAPER MONEY COLLECTORS. SPMC History, Sixtieth Anniversary (Special Section of 20 Pages) ..................................... 21 60 336 460 U.S. NATIONAL BANK NOTES Albert Lea, Frank Clark, (Minnesota) .......................................................................................... 21 60 334 282 The American National Bank of Baltimore, MD, Charter 4518, J. Fred Maples ............... 21 60 331 44 Danish and American National Banks in the Virgin Islands, Huntoon, Schroeder ............ 21 60 334 292 Emergency Currency: Aldrich-Vreeland Act & Series 1882 & 1902 Date Back NBNs . 21 60 336 405 50th Anniversary of the Discovery of the Ella Overby Hoard, Starbuck, MN, Huntoon ... 21 60 332 113 The First National Bank of Forest City—Charter #5518, Michael Saharian ....................... 21 60 332 138 $5 Series of 1882 National Bank Note Title Block Layouts, Doug Walcutt ....................... 21 60 334 250 The Hereford National Bank/the FNB of Hereford—Charter #5604, Michael Saharian 21 60 336 439 U.S. LARGE and SMALL SIZE NOTES 50th Anniversary! The End of Legal Tender Notes, Peter Huntoon....................................... 21 60 331 36 Fractional Images on Stamps (or Stamp Images on Fractionals), Rick Melamed .............. 21 60 333 170 Postage Currency Sheets with Associated Note, Rick Melamed ........................................... 21 60 331 53 Senate Bill S.3288, Lee Lofthus (re: New Treasury Currency) .............................................. 21 60 331 61 FEDERAL RESERVE NOTES Early Web Currency Proofs, Peter Huntoon .............................................................................. 21 60 333 218 $100 FRN Series 1934-A, A00029003*, James Hodgson ..................................................... 21 60 335 363 Tying Off the Star Serial Numbers on Series of 1934 FRNs, Russell, Huntoon ................ 21 60 336 425 SILVER AND GOLD CERTIFICATES Act Authorization Date Change Series 1907 $10 Gold Certificates, Huntoon, Murray .... 21 60 334 266 Act of 1863 Gold Certificates, Peter Huntoon, Doug Murray, Nick Bruyer ....................... 21 60 331 6 The Impact of WW I on Gold Certificates & The Origin of the Series of 1922, Huntoon 21 60 333 178 The 1964 Legalization of Owning Gold Certificates, Peter Huntoon ................................... 21 60 336 436 $1 SC Series 1935-B M005796670—Rare 1935-B MD Block, James Hodgson ............ 21 60 334 315 Origin of Series of 1907 $10 Gold Certificates & $5 Legal Tender Notes, Huntoon ........ 21 60 334 100 Plate Letter Placement Glitches Parker-Burke 1907 Gold Certs, Murray, Huntoon .......... 21 60 335 350 $10 SC Series 1934-A *01492085A—Face Plate 209, James Hodgson ............................ 21 60 335 363 TREASURY NOTES 50th Anniversary! The End of Legal Tender Notes, Peter Huntoon....................................... 21 60 331 36 Origin of Series of 1907 $10 Gold Certificates & $5 Legal Tender Notes, Huntoon ........ 21 60 334 100 U.S. Treasury Notes of the Mexican War, 1846-1848, Nick Bruyer .................................... 21 60 332 86 Walcutt, Doug $5 Series of 1882 NBN Title Block Layouts ............................................................................. 21 60 334 250 Yakes, Jamie (Small Notes column) This $5 Is More Than Meets the Eye, ($5 FRN) ....................................................................... 21 60 333 239 Treasury Ends Issue of Large Denomination FRNs, ............................................................... 21 60 336 459 SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 79 Paper Money Jokes Cuz I needed one more page to make the right number of pages. A duck tries to walk into a bar... ...but he is stopped by the bouncer. "One-dollar cover," says the bouncer. The duck has a bill, so he waddles right in. …Five minutes later, a turtle tries to walk into the bar. "One-dollar cover," says the bouncer. The turtle has a greenback, so he walks right in. …Five minutes after that, a skunk tries to walk into the bar. "One-dollar cover," says the bouncer. The skunk walks away disappointed, for he only had a scent. What type of currency will Superman never accept? Krypto-currency Did you know that chicken strips are a new form of currency in some areas? They’re considered legal “tender” Why are banknote printing machines absurd? Because they make no cents I really tried to embrace change. But to be honest, I still prefer banknotes. Bad money What is the difference between an angry rabbit and a counterfeit dollar bill? One is bad money, and the other is a mad bunny. I collect coins and old paper money. For our anniversary, my wife surprised me with a $1,000 bill! Unfortunately, it was from Fendi, for a pair of shoes. What did the clerk say to young Muhammad Ali when he tried to purchase an elaborate Christmas present? You're cashless, Clay. A musician died while smoking weed from a dollar bill... At least he went out on a high note If I glued dollar bills to my sneakers, what would you call them? Cashews Why won't Americans switch to a dollar coin? They're afraid of change. Nigerian man found dead in his flat with $45million cash He spent the last 10 years trying to share it, but no one replied to his emails. SPMC.org * Paper Money * Jan/Feb 2022 * Whole No. 337 80 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National Currency and Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcda.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the International Paper Money Show, as well as Paper Money classes and scholarships at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Bea Sanchez – Secretary P.O. Box 44-2809 • Miami, FL 33144-2809 (305) 264-1101 • email: sol@sanchezcurrency.com DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  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 PLATINUM NIGHT® & SIGNATURE® AUCTIONS FUN – Orlando | January 5-7, 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 Fr. 1218g $1,000 1882 Gold Certificate PCGS Extremely Fine 40 Fr. 1132-J $500 1918 Federal Reserve Note PMG Choice About Uncirculated 58 Fr. 179 $100 1880 Legal Tender PMG About Uncirculated 55 Fr. 2221-K $5,000 1934 Federal Reserve Note PMG Choice Uncirculated 64 EPQ From the BREA Collection Fr. 127 $20 1869 Legal Tender PCGS Banknote Gem Uncirculated 66 PPQ Serial Number 1 Key West, FL - $5 1882 Brown Back Fr. 472 The First National Bank Ch. # 4672 PMG Very Fine 30 Heritage Numismatic Auctions, Inc. AB665, Currency Auctions of America AB2218 Paul R. Minshull #AU4563. BP 20%; see HA.com. 60259