official journal of The Society of Paper Money Collectors Puting the Pieces Together America’s Oldest and Most Accomplished Rare Coin Auctioneer 1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626 • 949.253.0916 • Info@StacksBowers.com 470 Park Ave., New York, NY 10022 • 212.582.2580 • NYC@StacksBowers.com 1735 Market St., Ste. 130, Philadelphia, PA 19103 • 267.609.1804 • Philly@StacksBowers.com 84 State St., Boston, MA 02109 • 617.843.8343 • Boston@StacksBowers.com Info@StacksBowers.com • StacksBowers.com California • New York • Philadelphia • Boston • New Hampshire • Canada • Hong Kong • Paris SBG PM NYINC2023 Ellicott 230101 Stack’s Bowers Galleries Presents The Ellicott Collection Featured in the January 2023 NYINC Auction January 13-15, 2023 • New York, NY LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Contact Us For More Information Today! West Coast: 800.458.4646 • East Coast: 800.566.2580 • Info@StacksBowers.com COLOMBIA. Estado Soberano de Panama. 3 Pesos, 1867. P-S188. PMG Extremely Fine 40. COLOMBIA. Estado Soberano de Panama. 1 Peso, 1870. P-S186r. Remainder. PMG Extremely Fine 40. COLOMBIA. Banco de Panama. 10 Pesos, ND (ca. 1869). P-S723. PMG Choice Extremely Fine 45. PANAMA. Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22cts. Color Trial Specimen. PMG Choice Uncirculated 64. PANAMA. Banco Central de Emision de la Republica de Panama. 5 Balboas, 1941. P-23s. Red Specimen Variety. PMG Choice About Uncirculated 58 EPQ. PANAMA. Banco Central de Emision de la Republica de Panama. 10 Balboas, 1941. P-24s. Blue Specimen Variety. PMG Uncirculated 62. COLOMBIA. Estado Soberano de Panama. 10 Pesos, 1866. P-S189. PMG Very Fine 30. COLOMBIA. Banco de Panama. 20 Pesos, ND (ca. 1869). P-S724r. Remainder. PMG Very Fine 30. PANAMA. Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22s. Red Specimen Variety. PMG Choice Uncirculated 64 EPQ. PANAMA. Banco Central de Emision de la Republica de Panama. 5 Balboas, 1941. P-23s. Blue Specimen Variety. PMG Choice Uncirculated 64 EPQ. PANAMA. Banco Central de Emision de la Republica de Panama. 20 Balboas, 1941. P-25s. Blue Specimen Variety. PMG Uncirculated 62. COLOMBIA. Banco de Panama. 1 Peso, ND (ca. 1869). P-S721ar. Remainder. PMG Very Fine 30. COLOMBIA. Banco de Panama. 5 Pesos, ND (ca. 1869). P-S722r. Remainder. PMG About Uncirculated 55 COLOMBIA. Estado Soberano de Panama. 2 Pesos, 1866. P-S187. PMG Very Fine 25. PANAMA. Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22a. PMG About Uncirculated 55. PANAMA. Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22s. Blue Specimen Variety. PMG Gem Uncirculated 65 EPQ. PANAMA. Banco Central de Emision de la Republica de Panama. 1 Balboa, 1941. P-22s. Specimen. PMG Choice Extremely Fine 45. PANAMA. Banco Central de Emision de la Republica de Panama. 5 Balboas, 1941. P-23a. PMG About Uncirculated 50. PANAMA. Banco Central de Emision de la Republica de Panama. 10 Balboas, 1941. P-24a. PMG About Uncirculated 55. PANAMA. Banco Central de Emision de la Republica de Panama. 20 Balboas, 1941. P-25s. Red Specimen Variety. PMG Gem Uncirculated 65 EPQ. PANAMA. Banco Central de Emision de la Republica de Panama. 10 Balboas, 1941. P-24s. Red Specimen Variety. PMG Choice About Uncirculated 58. PANAMA. Banco Central de Emision de la Republica de Panama. 20 Balboas, 1941. P-25a. PMG Very Fine 25. 21 Philadelphia #1 Postal Note Enigma--Bob Laub & Kent Halland Arizona Series 1929 National Bank Notes--Peter Huntoon Mr. President--May We?--Benny Bolin Replacement Notes of T-39 & T-40 Notes--Enrico Aidala Monster Notes of Raza Shah Pahlavi-------Roland Rollins 38 6 34 36 49 Channel Island Internees--Steve Feller 56 U.S. Lt. Frank Filley's 50c Note--Charles Derby 76 2022 Paper Money Index SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 1 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 Hank Bieciuk 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 Editor Sez New Members Uncoupled Chump Change Quartermaster Cherry Picker Corner Obsolet Corner Small Notes Robert Vandevender 3 Benny Bolin 4 Frank Clark 5 Joe Boling & Fred Schwan 60 Loren Gatch 67 Michael McNeil 68 Robert Calderman 70 Robert Gill 72 Jamie Yakes 74 Stacks Bowers Galleries IFC Pierre Fricke 1 Bob Laub 15 Tom Denly 19 Fred Bart 19 Lyn Knight 37 PCGS-C 48 FCCB 55 DBR Currency 55 Higgins 73 ANA 75 Tony Chibbaro 80 Evangelisti 80 PCDA 83 Heritage Auctions OBC Fred Schwan Neil Shafer SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 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 Draiss 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-E Benny Bolin smcbb@sbcglobal.net ADVERTISING MANAGER Wendell Wolka purduenut@aol.com LEGAL COUN Megan Reginnitter mreginnitter@iowafirm.com LIBRAIAN Jeff Brueggema 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 Robert Vandevender II maplesf@comcast.net purduenut@aol.com SEL n Greetings: I trust everyone had a nice Thanksgiving and Christmas and are ready to start a new exciting year of collecting! Our Editor, Benny, urged us to complete our articles early in December to allow for this edition of Paper Money to make it to our membership before the FUN show in January. It seems like it has been a recurring theme this year and I am sad to once again comment on the passing of one of our Life Members, John DeRocker, this past month. John was a good friend and was always in the search for a new perfect note for his incredible collection. We will miss seeing John at upcoming shows and our thoughts go out to his family. Much of the last part of my November was spent sorting notes for my next submission to third-party grading. The ongoing submission project takes much more effort than I originally thought it would. I am still awaiting the return of a batch of notes I submitted last July. While sorting this new stack, I came across a note that wasn’t listed in the Friedberg Paper Money of the United States book, 22nd Edition. I would like to think that this event would be an exciting moment for a collector, to find that previously undocumented item, something new to the census! But it was obvious I had not “discovered” the latest front-page news and note for our hobby, but simply had uncovered a minor editorial omission with FR 2182F*, a $100 FRN 2006A Atlanta star note, not being on the list. I sent Arthur Friedberg a quick note along with a picture of the note letting him know of the needed correction. The search for the “big find” will have to continue! I continue to enjoy seeing the various currency posts on social media sites. There are many knowledgeable people contributing a wealth of information on those forums. There are also many newcomers posting pictures of notes they have found and often ask questions about any significance they may have. I hope our various members will continue to encourage the new participants to explore the resources provided by the SPMC and to consider membership. The plans for SPMC participation at the FUN show are being finalized and both our General Membership meeting and Breakfast are listed on the official FUN website schedule. With this being our first time holding our annual meeting at the FUN show, there are likely to be some growing pains, but we will work through them. Please stop by the SPMC table for a visit. If you haven’t purchased your breakfast tickets yet, they are available at our website. I look forward to seeing many of you there. 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 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 Welcome to the New Year. I hope it has started off well for everyone. Mine started off playing nurse (isn’t that my full-time job already?) to my wife who had her second knee replacement in three months. Now that she has two new ones, I have to find a way to either say yes ma’am more often or learn how to run faster! It has been a mild, albeit wet, beginning of winter here in Texas. I hope it does not come at us with another snowmageddon like in the past, but this is Texas, so I am confident it will change and rather quickly. I am in so much anticipation of the upcoming FUN show. I will be there Friday and part of the day Saturday if all went well with Kim’s surgery. It will be so much fun getting back to some sense of normalcy with the general meeting, board meeting and the SPMC breakfast and Tom Bain raffle. Getting to hand out awards in person and the fun of emcee Wolka’s banter will be great. I am at a point in my collecting life that there will be very little there for me to buy so it has become a time of random reacquaintance and making new friends. I recently got word of the passing of one of my all-time favorite people and mentor—Doug Hales. I will always cherish the memory of at Milt Friedberg’s collection was going to auction at the ’97 FUN, Doug and his wife Coila opened up their home for me to stay in so I could have extra money at the auction. Just sitting around the living room talking and learning was monumental! Barbara Gregory, the editor for the CSNS journal, THE CENTINEL, sent me an email and said that she is looking to add a quarterly paper money column relating to the Central States Region (Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin)--encouraged but not required. If you are interested, contact Barbara at editor@CSNS.org. I am still in need of short to semi-short articles (1-4 pages) to balance out a number of large articles like those in this issue. Write about anything paper related and see your name as a by- line. Come on and join the fun and help us win the best club periodical award from the NLG for the third year in a row! I hope to see you all at FUN. If you are around, stop by our club table and say hi and if you see me roaming, stop and have a Pepsi with me! 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 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 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. NEW MEMBERS 11/05/2022 15493 Michael Carter, PMF 15494 Douglas Bell, Website 15495 Zoe WaltersWebsite 15496 Keith Williamson, Website 15497 Stephen Frasher, Frank Clark 15498 Nate Butler, Frank Clark 15499 Steve Patat, Robert Moon 15500 Ash Harrison, Robert Calderman 15501 Mike Carroll, Website 15502 Charles Holmes, Website 15503 Thomas Knight, Website REINSTATEMENTS None LIFE MEMBERSHIPS 0464 Derek Higgins, former #15071 0465 Liran Max Renert, Website NEW MEMBERS 12/05/2022 15504 Robert Cassling, Robert Calderman 15505 Nancy Patterson, ANA Ad 15506 Peter Martin, Robert Calderman 15507 Gary Tinley, ANA Ad 15508 Dale M. Batko, Robert Calderman 15509 David Ward, Robert Calderman 15510 Timothy Thornton, Robert Calderman 15511 Berklin Johnson, Website 15512 Dennis Hengeveld, Website REINSTATEMENTS None LIFE MEMBERSHIPS None SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 5 The Philadelphia Serial #1 Postal Note Enigma (Putting the Puzzle Together) By Bob Laub and Kent Halland The Philadelphia #1 Postal Note puzzle. Image by the authors. Introduction: The Philadelphia Postal Note bearing serial number 1 had eluded collectors for nearly five decades. It resurfaced in 2020 along with an accompanying hand-written letter from Charles F. Macdonald, Superintendent of the U.S. Postal Money Order System. In the letter, the Postal Note is presented to congressman Henry H. Bingham as a souvenir. Some of the attributes of this enigmatic #1 Postal Note puzzled us, so we decided it would be fun to spin a theatrical tale about how it came to be. The story is intertwined with numerous facts and a bit of conjecture. The chronological timeframe for this puzzling note is the first week in September of 1883.That’s when the government began issuing U.S. Postal Notes. An ample supply of the soon-to-be-released Postal Notes had already been delivered to the 6,316 operational Postal Money Order Offices in preparation for their initial release date: Monday, September 3rd. The Philadelphia Postal Money Order Office was one of those locations—and is where the note in question was issued. Philadelphia was the largest city in Pennsylvania and the second most populated in the United States well into the 1880’s. Pennsylvania, statewide, was very active in issuing Postal Notes. From 1883 until 1894, 4,650,152 notes were purchased at post offices throughout the state. That lofty number made the state the fifth most prolific issuer of Postal Notes, directly behind New York, Illinois, Iowa, and Ohio. Setting The Stage: In a theatrical play or modern movie, there tends to be some form of stage with a backdrop showing the key elements that help tell the story and entertain the audience. In this story, the main stage is the Philadelphia Post Office in 1883. The building was located at 426-428 Chestnut Street, adjacent to the U.S. Customs House. It was four-story stone structure bearing the words “Post Office and U.S. Courts” above the third-floor arched windows on its facade. The postal operations had been in this building since 1863 and the employees were anticipating a move to the massive new post office building. The new building had been under construction since 1873 at Ninth & Chestnut Streets and was expected to be completed in early 1884. Philadelphia Post Office of 1863-1884. M. P. Simmons image, circa 1868. Digitally enhanced by the authors. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 6 Introduction of and Biography of the Cast Members: Henry Harrison Bingham, Honorable Republican Congressman from Pennsylvania. Henry H. Bingham served in the Union Army during the Civil War and was awarded the Congressional Medal of Honor for his actions during the Battle of Gettysburg. He served as Philadelphia’s postmaster from March 18,1867 through November 19,1872. After his tenure as Postmaster, he entered politics and was later elected a Republican Congressman from Pennsylvania. Of significant importance to the development of the Postal Note, he submitted Report No. 927, to accompany H.R.5661 during the 1st Session of the 47th Congress in 1882. This report suggested the Money Order was preferred but required a lot of clerical labor. Therefore, the Postal Note was proposed for “making remittances of inconsiderable sums by mail”, but with less security. A model of the proposed Postal Note was included on the Henry Harrison Bingham. Image: Public Domain. last page of that report. During his 34 years in office (1878-1912), Bingham served as Chairman of the Committee on the Post Office and Post Roads, and on the Committee on Expenditures in the Post Office Department. He passed away on March 22, 1912. Bingham County, Idaho, created on January 13, 1885, was named for him. This honor was bestowed upon him due to his long-standing friendship with William Bunn, Idaho’s Territorial Governor, and a fellow Philadelphian. Charles Francis Macdonald, Superintendent of the Money Order System. Known as “The Father of the Money Order System”, Dr. Charles Francis Macdonald was appointed as Superintendent in the late summer of 1864. His first objective was to develop and implement the Money Order System that commenced operations November 1,1864. To say he was successful would be an understatement of his monumental achievement. Little is known of his personal life or career before or after his tenure as Superintendent. From what we’ve gleaned from various newspapers and other documents, we believe he was born in Massachusetts in 1828 or 1829. He worked as a doctor, schoolteacher, and as a Union soldier before entering government service during the final year of President Franklin Pierce’s administration. Macdonald began his government career as a clerk in the Treasury Department in about 1857. By 1861 he was promoted to the position of Principal Clerk of the Post Office Finance Department, then to Chief Clerk of that department within three years. He excelled in that position, leading to his appointment as the inaugural Superintendent of the Post Office Department’s new Money Order System in 1864. In the late 1870’s to early 1880’s he was called upon again—in his capacity as Superintendent, to research various systems and recommend a replacement for the fractional currency that was discontinued in 1876. In his November 7,1881 Report to the Postmaster-General, he proposed his version of a “Postal Order.” His design evolved into the Postal Note concept proposed in the House of Representative bill H.R. 5661, approved by Congress, and signed into law on March 3,1883. The new legislation required implementation of the Postal Note system within six months. Again, Macdonald succeeded. The first Postal Notes were issued on Monday, September 3, 1883—exactly six months later. Macdonald remained dedicated to the Money Order System until his resignation in June of 1893, when he requested appointment as U.S. Consul in Hamilton, Ontario. Upon his death on July 8,1900 (many documents erroneously state the year as 1902), he bequeathed $2,000 to the United States to be used by the Postmaster General for the improvement of the Money Order System. It took Congress 13 years to formally accept the gift through the Act of October 22, 1913. Henry Shippen Huidekoper, Philadelphia Postmaster. During the development and introduction of Postal Notes, the Philadelphia postmaster was Henry S. Huidekoper (July 22,1880 – November 16,1885). Mr. Huidekoper was a graduate of Harvard College. Upon graduation, he accepted a commission as Captain in the Union Army. He was then promoted to the rank of Lieutenant Colonel, and finally to Colonel with the 150th Pennsylvania Infantry. Dr. Charles Francis Macdonald. Vignette from a proof of a 1916 Post Office check. Image enhanced by authors. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 7 While fighting at the Battle of Gettysburg, (July 1-3,1863) he was twice wounded, and had his right arm amputated. For his actions during the battle, he was awarded the Congressional Medal of Honor. According to the citation for the medal, “While engaged in repelling an attack of the enemy, [he] received a severe wound of the right arm, but instead of retiring remained at the front in command of the regiment.” While under different circumstances, Henry S. Huidekoper and Henry H. Bingham were recipients of the Congressional Medal of Honor. The Congressional Medal of Honor is the highest award for valor in action against an enemy force that can be bestowed upon an individual serving in the Armed Services of the United States. Since its’ inception, July 12, 1862, only 3,517 Medals have been awarded, with almost half (1,522) related to the Civil War. Colonel Huidekoper attempted to rejoin the Union Army but was forced to resign due to his injuries. In 1870, Huidekoper accepted an appointment as Major General in the Pennsylvania National Guard, and in 1877 was sent to help end a severe railroad strike in Pennsylvania. In 1879, he compiled and published the Manual of Service, which became an accepted authority on military matters. During his years as Postmaster, he is credited with having organized and carried through the one-ounce measure for letters instead of the former half-ounce. After leaving the post office, he was employed by the Metropolitan Telephone and Telegraph Company, 1886 to 1887, and then by the Bell Telephone Company, 1887 to 1913. He also served as one of the overseers of Harvard College from 1898 to 1910. His death came on November 9, 1918, in a Philadelphia hospital at the age of 79. Interment is in the Greendale Cemetery in Meadville, Pennsylvania. Clerk “P”, Philadelphia Postal Money Order Office clerk. This unidentified clerk was one of approximately 310 clerks tasked with various postal duties within Philadelphia’s main post office in September of 1883. It is unknown whether Clerk “P” was a man or woman but was employed as a Money Order Office clerk. By law in 1883, all Money Order Office clerks could not perform regular postal duties such as selling stamps or handling mail. Their sole responsibility was to issue and redeem Money Orders and Postal Notes, or perform the clerical duties related to those transactions. Clerk “P” was stationed at the Money Order Office window on September 3rd, 1883, as evidenced by the initial “P” just to the right of the clerk-signed signature of H. S. Huidekoper on all but two Postal Notes issued on that day (more on those notes later). What is very interesting and likely a result of what happens in this story; there are no examples of a Clerk “P” initial on any Philadelphia Postal Note issued after that day! Clerk P’ initial written on September 3, 1883. Cropped from Postal Note #63. The Props Philadelphia’s First Booklet of Postal Notes: Each of the 6,316 post offices designated as Money Order Offices received up to 20 booklets of the Type I notes prior to the first day of issue, September 3, 1883. The booklet quantity delivered to an office was dependent on its annual revenue. As one of the busiest post offices, Philadelphia likely received 20 booklets, or a total of 10,000 Postal Notes. The Type I notes were more distinct than the latter types, as they were printed on yellow bank note paper. (All later types of Postal Notes were printed on a light grey paper.) All the nation’s first Postal Note booklets contained 500 notes. Each booklet was bound with hardboard covers and held 250 pages with two Postal Notes per page. The notes were arranged one above the other in the form of unsevered pairs with a horizontal perforation between them. A vertical perforation was at the left to facilitate separation of each note from its corresponding stub, which remained in the booklet for recordkeeping. Of significant importance was the Special Notice to Postmasters printed on the front cover of all initial booklets. The notice was from Dr. Charles F. Macdonald, Superintendent of the Postal Money Order System. The message explicitly stated the Postal Notes were not to be issued before September 3, 1883. The primary text of Dr. Macdonald’s order printed on the front cover read: “The POSTAL NOTE BUSINESS will commence on SEPTEMBER 3, 1883. UNDER NO CIRCUMSTANCES WHATEVER ARE ANY POSTAL NOTES TO BE ISSUED FROM THIS BOOK BEFORE SEPTEMBER 3, 1883.” The date specified was the official first day of issue. Henry Shippen Huidekoper. Image: Public Domain. Image enhanced by authors. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 8 Image of a first-day Postal Note booklet cover. Although from a different post office, Philadelphia’s booklet cover would have been the same. Image courtesy of Kent Halland. The Philadelphia Postal Note, serial #2: Most Postal Note collectors can easily identify the “first day of issue” as Monday September 3, 1883. The same may also hold true for the “last day of issue”, being Saturday June 30, 1894. To date, no Postal Note has been found with an issue date beyond June 30, 1894. Many collectors might assume no Postal Notes were dated prior to September 3,1883. They will be surprised to learn that assumption is incorrect. Philadelphia Postal Note #2. Image courtesy of Bob Laub. Image of date stamp on serial #2. Cropped from the previous image. About 11-years ago, a Type I Postal Note issued at the Philadelphia Post Office surfaced at auction. Not a rarity by itself, a note issued at this location is considered relatively common. The note has a red serial #2 and clearly legible M.O.B. (Money Order Business) date stamp of “SEP 1, 1883”. As is often stated “the devil is in the details”, and the date on this note is an interesting anomaly to say the least! Due to Dr. Macdonald being so specific regarding the official first day of release, it is highly unlikely this was done intentionally. It was probably the result of a simple clerical error by the postal clerk forgetting to change the date from the previous Saturday on the date-stamping tool. The #2 note shows a second clerical error. It was punched for January instead of 1883 due to improper positioning of the hole punch. A simple mistake, but a mistake, nonetheless. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 9 The Philadelphia Postal Note, serial #6: Almost a year after the #2 note sold, another low serial number Type I Philadelphia note was offered at auction. That note is serial #6 and it too, has a premature issue date. The date impressed on the #6 note is very faint and almost illegible. Fortunately, using modern imaging technology, enough of the original date stamp was made visible by digitally enhancing it to show “SEP 1, 1883” as the date of issue. Imagine a busy clerk stamping the date on multiple Postal Notes in what seemed to be a never-ending line of anxious customers on that first day of issue. To save time, they likely did not replenish the ink on the date-stamper between each note—or perhaps for several notes. That may be why the #2 note is well-inked and the #6 note has a very faint impression. One question remains: How many other low serial number notes from Philadelphia were issued with the incorrect September 1st date error before the mistake was realized on that 3rd day of September in 1883? With the issue date on the #2, and #6 notes both being September 1st, a safe assumption might be at least the first six notes were issued with the wrong date! Obviously, if the #1 note was dated that way as well, it could not be presented to congressman Bingham because that would show a blatant disregard of Dr. Macdonald’s order. As you will see later in the story, the date mistake posed a problem. Philadelphia Postal Notes #2 and #6 are dated two days prior to the official date of operations. They are clearly in violation of Macdonald’s order printed on the front cover of the first booklet of Postal Notes. Both notes are important props in this story. The #2 and #6 notes, each issued for just one cent, are likely souvenirs. Postal Notes issued for amounts between one cent and five cents are generally considered to be keepsakes of the era. Modern-day collectors are thankful so many of our Victorian era predecessors had a collecting urge and acquired these early souvenirs. To put this in perspective, of the 2,207 Postal Notes currently in the census (as of June 30, 2022), fully 1,699 were issued as souvenirs with values from one cent through five cents. That number accounts for about 77% of all known surviving notes. (All issued notes required a three-cent clerical fee in addition to the value of the note.) Image of date stamp on serial #6. Image by authors and enhanced at http://retroreveal.org/ The Clerk’s Date-Stamper: Date-Stampers were either handheld or desktop inking devices initially purchased by individual postmasters, who were then reimbursed for that expense. This resulted in a variety of different stamping designs being used. (Starting in about 1891, the government provided the date-stamping tools to ensure uniformity of the design impressed on all Money Orders and Postal Notes.) Prior to each day’s business, it was the responsibility of the postmaster or one of the Money Order Office clerks to adjust the date-stamping tool to reflect the present date of operation of that office. The Presentation Letter: This letter was penned by C. F. Macdonald, Superintendent of the Money Order System to serve as the formal presentation of the Philadelphia Post Office serial #1 Postal Note to Congressman H. H. Bingham. Likely, the serial #1 souvenir was offered in recognition of Bingham’s service as Philadelphia Postmaster and as the chairman of the congressional committee responsible for the birth of the Postal Note. This was not a token gesture, this was a very important expression of appreciation from one esteemed, high- ranking individual of honor to another. Philadelphia Postal Note #6. Image courtesy of Bob Laub. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 10 The brief letter reads as follows: Post Office Dept. Office Supt. of Money-Order System. Washington, D.C. September 5th, 1883. Sir: I beg to transmit, herewith, as a specimen and souvenir, Postal Note #1, issued at Philadelphia, PA., on Washington, D.C., which I beg you to accept with my best wishes. Very Truly, yours, C.F. Macdonald Superintendent Hon. H.H. Bingham, Philadelphia, PA. The Enigma. The Philadelphia Postal Note, serial #1: Image of the Philadelphia, Pennsylvania Postal Note #1. Image courtesy of Bob Laub. The Philadelphia Postal Note #1 is the featured prop in this story. We will hypothesize how this note originated and present some of the puzzling facts about it that are not evident to the casual observer. We’ll also explain how various pieces of this puzzle were analyzed to unravel this enigma. Act I: The Request Act I, Scene 1: Dr. Charles F. Macdonald requests the souvenir. As the inaugural date of the new Postal Note System approached, Dr. Macdonald decided to honor Henry H. Bingham with a very special item—the Postal Note bearing serial number 1 from Philadelphia. This first note represents Bingham’s service as Philadelphia’s former postmaster in the (soon to be vacated) old building. But more importantly, it is in recognition of Bingham’s work as the Chairman of the Committee on the Post Office and Post Roads in the 47th Congress. Bingham was instrumental in taking the Postal Note from concept to a legislated reality. Macdonald and Bingham knew each other professionally for many years. In his position as Superintendent of the Money Order System, Macdonald corresponded with Bingham regarding the Money Order Office operations at Philadelphia while Bingham was postmaster. Then, during the development and legislative tasks of the Postal Note, they worked together to write the rules and complete the concept that would serve as the model for the Type I design. On an unknown date in August, Dr. Macdonald delivered to Philadelphia postmaster, Henry H. Huidekoper, his request for the first Philadelphia Postal Note to be issued on September 3, 1883. He specified the note should be issued for 12 cents and payable in Washington, D.C. (where Bingham holds a seat in Congress). He informed Huidekoper that Henry H. Bingham would be the recipient and emphasized the Postal Note should be sent to his office immediately upon issue, so he can send it to the Congressman as quickly as possible. Macdonald’s confidence in Huidekoper’s execution of the request was unwavering, given the postmaster’s impeccable credentials, so he set the matter aside to await the arrival of that Postal Note. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 11 Act I, Scene 2: Henry Huidekoper acts on Macdonald’s request. Huidekoper received Macdonald’s request and took note of the date the Postal Note will be issued, its denomination, the location of the paying office, and the intended recipient. He clearly understands the urgency of delivering the serial #1 Postal Note immediately after it is issued. A stickler for detail and aware of Macdonald’s order on the cover of the first booklet of Postal Notes, Huidekoper knows that the note cannot be prepared until the official first day of issue. A few days before the inaugural date, Huidekoper acquired the first booklet of Postal Notes and filled-in the requisite information on the upper note of the first page. That note was serial #1, the note for Dr. Macdonald—but he did not date-stamp it. The note cannot be date-stamped until Monday, September 3, 1883, because Postal Regulations prohibit pre-dating or backdating any document. There had also been requests for other first-day notes from individuals known to Huidekoper, so he filled-in the information and signed some other notes as well. Huidekoper summoned his most trusted clerk, Clerk “P”, and relegates to him (or her), the responsibility of placing the date stamp on the first few Postal Notes before any business is conducted on the morning of September 3rd. When complete, the Postal Notes are to be brought to his office for distribution to the intended recipients. Most importantly, he mentioned the serial #1 note will be sent to Dr. Macdonald. Knowing the task is in good hands with Clerk “P”, Huidekoper set the matter aside to tend to his other responsibilities. He plans to send the completed Postal Notes to the intended recipients once Clerk “P” brings them to his office. Macdonald’s request will be attended to first. It will go out in the first mailbag to Washington on September 3rd. Act I, Scene 3: The Clerk prepares the souvenirs. Monday, September 3, 1883, was shaping up to be a busy day. The curiosity seekers had been waiting for the Money Order window to open so they could purchase their first-day, low serial number souvenir of the new Postal Note. Clerk “P” arrived earlier than usual to prepare for the inaugural release. Before doing anything else, a final review of the instructions for issuing Postal Notes was performed to ensure everything would be done correctly. Clerk “P" knows the first few Postal Notes must be date-stamped and delivered to Postmaster Huidekoper before opening the Money Order window for business. At a desk away from the Money Order window, Clerk “P” removed each of Huidekoper’s Postal Notes from the booklet and was surprised to find notes 3 and 4 were not filled in. Perhaps the first and second pages stuck together? No matter, there was no time to ask. With a steady hand and keen eye, the date stamp was pressed on each of Huidekoper’s signed notes with great care to center it in the upper circle bearing the instructional text: “Date Stamp of Issuing Office”. With the signed Postal Notes now bearing the date stamp and with ample time to deliver them to Huidekoper, Clerk “P” gives the notes a cursory view. In horror, Clerk “P” observed a grave mistake! They had forgotten to change the date-stamp! It was still set to Saturday’s date, September 1, 1883—and that is the date on the Postal Notes ever so carefully prepared for Huidekoper! Knowing this could lead to immediate dismissal from employment, Clerk “P” had to decide what to do. Should Huidekoper be informed of this blunder, or should an attempt be made to fix the mistake and hope nobody in the chain of command would notice? Act II: The Deception Act II, Scene 1: The spurious note is contrived. The clock was ticking. Huidekoper was waiting for the Postal Notes, patrons were lined up at the Money Order window, and it was almost time for the post office to open. Clerk “P” immediately set to work with the date-stamper, changing the day number from a “1” to a “3” to prevent further errors. Attention then turned to the Postal Note destined for Dr. Macdonald. With the utmost care, Clerk “P” tries aligning the date-stamper, now with the correct date, directly over the existing, incorrect date stamp on the serial #1 note. Slowly and carefully, the impression is made. Clerk “P” examines the result and sees the double date and misalignment of the two date stamps. This would not get past Huidekoper—and surely, not past Superintendent Macdonald. Fortuitously for Clerk “P”, setting right there on the desk was the booklet of Postal Notes, and on the second page was the blank note with serial number 4. An idea was born. Clerk “P” tore the #4 note from the booklet and got busy. Taking out their pocketknife, the deception began. In the early morning light shining through the window, the tip of the knife scraped away. Ever so gently, the adjustment was made. Clerk “P” was sure this contrivance would pass. Just a couple more things needed to be done. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 12 The next step was simulating Huidekoper’s writing for the location of the redeeming office, Washington, D.C., and luckily, an example of the postmaster’s writing was on the original #1 note. With the work nearly done, the date stamp, now showing September 3, 1883, was impressed on the face of the note. To complete the deception, Clerk “P” signed Huidekoper’s name to closely resemble that of the postmaster—but unconsciously by habit, placed an initial “P” just to the right of the signature, indicating it was clerk-signed. With no time to attempt a correction of the other signed notes, Clerk “P” pocketed the botched #1 note and delivered the substitute #1 to postmaster Huidekoper. To prevent Huidekoper from discovering the date error on the other notes, Clerk “P” offered to address and mail the remaining souvenirs so the postmaster could concentrate on other important matters. Huidekoper agreed, and the Postal Notes with the wrong dates were sent to the intended recipients with no one except Clerk “P” aware of the date mistake. Clerk “P” remained stationed at the Money Order window, issuing at least 159 more Philadelphia Type I Postal Notes that day, confident everything had worked out well. Act II, Scene 2: The souvenir travels to Congressman Bingham. Postmaster Huidekoper, after accepting the (spurious) #1 note from Clerk “P ” and sending the other notes in the clerk’s care, gave the Postal Note a cursory glance, then penned a short letter to Superintendent Macdonald to accompany the souvenir. With no reason to suspect anything was amiss, he sent the letter and doctored Postal Note to Dr. Macdonald in the morning mail. The Postal Note arrived at Dr. Macdonald’s office on the morning of September 5th. He read Huidekoper’s note, then looked at the souvenir Postal Note. It had the serial #1 as requested, but something did not seem right. He couldn’t quite put his finger on it. He was burdened with pressing issues at Money Order Offices across the country that required his immediate attention. Despite the well-written instructions provided, many Money Order offices were experiencing problems when issuing the new Postal Notes. With little time to study the #1 note, Macdonald wrote his presentation letter, enclosed it with the Postal Note and mailed both to Congressman Bingham at his residence in Philadelphia. (The 48th Congress was not in session in Washington, D.C, so Bingham was at home.) Act II, Scene 3: The Postal Note and letter fade into history. Henry. H. Bingham was quite pleased with the souvenir Postal Note and the letter. He displayed both for a while as a conversation piece, then tucked them away for safekeeping. After he died, the two items likely passed to one of his heirs. The whereabouts of this historic pair for 88 years after Congressman Bingham received them remained a mystery. Then the letter and the Postal Note surfaced as lot number 1513 in the Robert A. Siegel Auction Galleries sale held on May 25th, 26th and 27th of 1971. It was the last lot of the auction and hammered for the tidy sum of 32 dollars. Excerpted image from the Robert A. Siegel Auction Galleries 396th sale catalog of May 1971. After appearing in the Siegel auction, the two documents disappeared from public view until reappearing, still together, as lot 1290 in the Schuyler J. Rumsey Philatelic Auctions, Inc. Public Auction No. 94, which ran from December 14th to 17th, 2020. Several potential bidders were focused on that auction item, knowing the historic significance of Macdonald’s letter and the Postal Note. The sleuths saw something else. C. F. Macdonald’s presentation letter to Congressman H. H. Bingham. Image courtesy of Bob Laub. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 13 Act III, The Discovery Act III, Scene 1: The puzzling enigma is recognized. From their computer screens 1,650 miles apart, Bob and Kent (the Sleuths) eyed the auction to be held in San Francisco. Both had spotted the note when it appeared in the pre-auction listing, but as friendly competitors for Postal Notes, they surely did not want to alert each other of the presence of this magnificent piece of history. Individually, and unknown to each other, they also spotted the most evident feature suggesting something was not right with the serial #1 note. Being familiar with Postal Notes, both knew all notes bearing serial #1 were in the upper position on the first page in a booklet. Their curiosities were piqued. This note had an unlikely attribute. It had a perforated upper edge whereas that feature should be on the lower edge. Only an even-numbered note would have perforations at its upper edge! Image of upper section of Postal Note #1 with perforations evident at left end of upper edge. Image by the authors. Both knew there were more anomalies with that Postal Note. It was an enigma deserving much more study, so both Bob and Kent wanted that note! The bidding began with both authors participating. When the hammer dropped, Bob was the victor. For months after that, Bob and Kent corresponded by trading plausible explanations and factual details to unravel the mystery of this enigmatic note. There were many puzzle pieces to be studied. Act III, Scene 2: The first piece of the puzzle. The date. Philadelphia Postal Note #2 clearly shows the September 1st date stamp error, and both sleuths knew it. So how could the note with serial #1 be date-stamped two days after the serial #2 note? Unknown to Kent, Bob had the Philadelphia note with serial #6 in his collection. That note was also dated September 1st, so Bob knew with certainty that something was amiss. Conversely, and unknown to Bob, Kent knew much more was wrong with the #1 Postal Note they had competed for. Act III, Scene 3: The second piece of the puzzle. The plate position. Before the Rumsey auction commenced, Kent analyzed everything he could about the #1 note shown in the auction listing. From his research regarding the plates used for producing all Types of Postal Notes, he knew there were eight Postal Notes printed on each sheet, with the notes arranged in two columns of four notes. One column contained plate positions designated with letters A, B, C, and D, and the other with E, F, G, and H. The printed sheets of eight notes were quartered into pages of two notes each before adding the serial numbers and binding into booklets. This sequence resulted in predictable pairs of plate position letters on each page of notes in a booklet. The only possible pairs of plate position letters on a two-note page are A-B, C-D, E-F and G-H. Two glaring facts were immediately seen by Kent. First, the #1 note had plate position F, and so did the #2 note. That was impossible! The two notes should have sequential plate position letters. Additionally, the #1 note could not bear plate position F because it was the top note on a booklet page. It could only bear position A, C, E, or G. Puzzle piece for date digit “3”. Image courtesy of the authors. Puzzle piece for plate position “F” Image courtesy of the authors. Those were not the only observations regarding the printing plate used for the #1 note. Act III, Scene 4: The third piece of the puzzle. The plate number. Homer Lee’s printing facility had multiple steam printing presses operating simultaneously 20 hours per day to meet the August 15 deadline. The contract required having thousands of booklets of Postal Notes competed and ready for delivery to all Money Order Offices across the United States on that date. Bob and Kent knew each printing press used a different printing plate. As the sheets were completed (prior to the third printing and subsequent quartering), they were stored in the Postal Note Agency’s vault located on the SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 14 Puzzle piece for plate number “18.” Image by the authors. premises of the Homer Lee Bank Note Company. This was done for obvious security reasons. The constant addition of new sheets to stacks of finished sheets, then the pulling of needed sheets from those stacks resulted in an interleaving of sheets with different plate numbers before the sheets went to the third printing. This mix of plate numbers from page to page is seen when studying postal notes issued from the same booklet and was nothing to be concerned with. Regardless of what sheets were used to assemble a booklet, the quartering process ensured each pair of Postal Notes on a page in a booklet exhibited identical plate numbers. During his pre-auction study, Kent noticed the #1 note was printed using plate 18, whereas the #2 note was printed with plate 21. Another impossibility! Image showing plate position “F” and plate number 18 of the serial #1 note. Image showing plate position “F” and plate number 21 of the serial #2 note. Being from the same page in a booklet, any pair of Postal Notes could not have the same plate position letter, nor could they have different plate numbers! The #1 note, an odd-numbered note, exhibited the plate position letter of an even-numbered note, so this spurious note must have been created from an even-numbered note. But which one? A closer look was needed. Act IV: Putting the Puzzle together Act IV, Scene 1: The final piece of the puzzle. The serial number. After realizing the Postal Note must have been an even-numbered note originally, Bob and Kent, after extensive discussions, surmised the most likely candidate was the #4 note if a single-digit serial number was altered. But that was not the only possibility. If any other even-numbered note from the first booklet was used, it would have more than one digit, so there should be evidence of a removed digit. The Postal Note showed no visible trace of a second digit before or after the doctored “1”. With no access to more specialized equipment to detect removed digits, the #4 note was chosen for this play. Both sleuths knew all Postal Notes were numbered sequentially using a rotary Puzzle piece for serial “1” Image by the authors press which applied each unique serial number consecutively. A study of joint pairs of Postal Notes suggested each two-subject page was serialized using manual registration of the rotary press to the approximate location for the serial number on each note on a page. This is evident by the varying locations of the serial numbers from one page to the next in the same print run of notes. (Philadelphia’s first print run is estimated at 10,000 notes.) What does not change is the serial numbering mechanism used in serializing a print run of Postal Notes for a specific post office. Because of that, comparisons of the right-most digit of the serial number should exhibit the same font shape and style as the right-most digit on all other notes ending with the same digit. For example, the “1” of serial number 1 and the right-most “1” of Philadelphia notes with serial numbers 131 and 431 should be identical because they are all from the same booklet and print run. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 15 Comparing the serial numbers of those three notes shows the suspect serial #1 note has a different shape. Instead, its shape more closely resembles the “4” of note #431. Close-up of serial #1 Close up of serial #131 Close up of serial # 431 With the difference seen in the above images, the likely candidate was undoubtedly a note with the right-most digit being a “4”. The only known surviving Philadelphia postal note with a serial number ending with a “4” is the serial #804 note. While not from the same booklet as the #1 note, it is from the same serializing print run. Close‐up of serial #1 Close‐up of serial #804 When comparing the shape of the upper-left serif of the “1” of the spurious serial #1 note with the diagonal bar of the “4” on the serial #804 note, it is obvious that the slope of the upper-left serif is that of a “4”, and not of a “1”. A closer inspection of the spurious “1” digit reveals abrasion at the left of the “4” where parts of the diagonal and horizontal bars of the “4” were removed. Notice too, the remnant of the horizontal bar of the “4” to the right of the vertical bar. As convincing as the single-digit #4 theory was, the possibility of another note being altered was discussed in detail. Moving on to other candidates, the sleuths considered other serial numbers, filtering out all that would not fit the characteristics of the altered note, using these criteria: 1) The note could not be an odd-numbered note, based on the plate position letter of the altered note. 2) The note could not have a “1” in its serial number because the faker would have chosen to keep the “1” rather than convert a “4” into a “1”. This filtered out all notes in the range 10-19 and 100-199. 3) The note could not be any serial number that did not contain a “4”. 4) The note could not be any of the reported surviving notes that contains a “4” in their serial number. 5) The note could not be the lower note from a page for which the upper note is known—and that upper note’s plate position is NOT an “E”. For example, note #345 is known and has plate position “A”; therefore, note #346 is excluded because it must have plate position “B”. 6) Since postmasters were prohibited from pre-dating or post-dating date stamps on any given day, all notes dated September 4th and later can be eliminated from the list of candidates. (This may be a risky assumption.) The #220 note is the first known issued on September 4th, so it, and subsequent notes are excluded. This filtering resulted in a list of additional candidates shown in the table below. Table of Serial Number Candidates for the Altered Philadelphia Serial #1 Serial # Serial # Serial # Serial # Serial # Serial # Serial # Serial # 24 34 40 42 44 46 48 54 64 74 84 94 204 None of the candidates are known to have survived, so it is possible one of them may have been used to create the nefarious #1 note. For now, the #4 is the best candidate. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 16 Close-up of signature on serial #6. Act IV, Scene 2: A telling detail—the signature. One of the last details the sleuths discussed was the writing and signature on the spurious serial #1 note, and how it differs from what is on the #2 and #6 notes. They decided to look at another known note, the Philadelphia #63 for comparison to see what and actual “Clerk “P” signature looked like. Close-up of signature on serial #2. Close-up of signature on serial #6. Close-up of signature on serial #1. While not handwriting experts, they clearly saw similarities in characters of notes #2 and #6. Those differed from the corresponding characters in note #1. Moreover, the note #1 has characters that more closely match those of note #63. Compare the loops on the right vertical stroke of the “H” characters on all the notes. A full bottom loop evident on notes #2 and #6 but missing on notes #1 and #63. Also, compare the “r”. Again, the differences are evident. The final detail—and perhaps the most telling, is the presence of the “P” just to the right of the signature on notes #1 and #63. The “P” is not on notes #2 and #6! Close-up of signature on serial #63. Bob and Kent surmised the notes #2 and #6 were indeed, signed by postmaster Huidekoper, and notes #1 and #63 were penned by Clerk “P”. But why would Huidekoper sign notes #2 and #6, but delegate signing of the most important presentation piece to his clerk? That made no sense. Surely, Huidekoper was completely unaware that his signature was not on the doctored note. Act IV, Scene 3: The completed puzzle With all the puzzle pieces and odd details put together, we believe we’ve solved the mystery of this enigma. After studying the perforation location, plate number, plate position letter, serial number, and signature, there is absolutely no doubt that this is not the original Philadelphia serial #1 note. The actual events that transpired in the creation of this note may forever remain a mystery. The location of the original #1 Postal Note, the one with the September 1st date, is also lost to time. The greatest likelihood: it was destroyed by Clerk “P” to cover-up their scheme and perhaps save their job. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 17 The Philadelphia #1 Postal Note puzzle complete. Image by the authors. Curtain Call: Thus ends our mystery play. Charles F. Macdonald, Henry S. Huidekoper, and Henry H. Bingham, men of standing and honor in the early 1880’s, were unwitting victims. Clerk “P”, in our studied opinion, was the culprit. Only more research and a bit of luck will reveal if our clerk got away with their deception on September 3rd, 1883. We hope you have enjoyed the fruits of our research. You are invited to direct any comments, suggestions, or alternate theories regarding this enigma to Bob Laub at briveadus2012@yahoo.com or Kent Halland at proeds@sbcglobal.net. Introducing the authors Robert (Bob) Laub, Sleuth #1. Many collectors and dealers know him as “Bob in New York”. Bob is an enthusiastic Postal Note collector and recognized specialist of both Postal Notes and Fractional Currency. He has authored or co-authored several published articles about Postal Notes since he began collecting them 20 years ago. He authored an article in the 22nd edition of Paper Money of the United States by Arthur L. and Ira S. Friedberg. Bob is a life member of the Society of Paper Money Collectors (SPMC), a life member of the Fractional Currency Collectors Board (FCCB) and also a member of the Postal Order Society of the United Kingdom (POS). Kent Halland, Sleuth #2. Kent is a life member of the American Numismatic Association (ANA), the Texas Numismatic Association (TNA), the Society of Paper Money Collectors (SPMC), and the Combined Organization of Numismatic Error Collectors of America (CONECA). He serves as treasurer of his local coin club and is a member of other numismatic and philatelic organizations. Kent discovered his first Postal Note in 2009. Since then, he has co-authored numerous articles (he prefers to collaborate with others to expand the scope of the subject being presented). Most of all, he enjoys—almost to a compulsive level, researching Postal Notes. He is constantly searching for obscure data and information about the notes, the offices that issued them, and the issuing postmasters. Acknowledgements The authors wish to express thanks to the many members of the Society of Paper Money Collectors (https://www.spmc.org/) and the Paper Money Forum (https://www.papermoneyforum.com/) who suggested methods of analyzing bank note paper for evidence of alteration. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 18 Sources: 1) Robert A. Siegel Auction Galleries, Inc., 396th Sale Catalog, May 25th, 26th, 27th, 1971, New York, NY 2) Schuyler J. Rumsey Philatelic Auctions, Inc., The Fall Sale, Public Auction No. 94 Catalog, December 14-17, 2020, San Francisco, CA 3) Official Register of the United States, Volume II, Government Printing Office, July 1883 4) Henry H. Bingham. Retrieved from: https://en.wikipedia.org/wiki/Henry_H._Bingham 5) Henry S. Huidekoper. Retrieved from: https://en.wikipedia.org/wiki/Henry_S._Huidekoper 6) Post Office Reports for the Fiscal Year Ending June 30, 1916, pp 177-178, Government Printing Office, Washington, D.C., 1917 7) Louis Melius, The American Postal Service, History of the Postal Service from the Earliest Times, National Capital Press, Inc., Washington, D.C., 1917 8) The Evening Star (Washington, DC), June 22, 1883 9) The Phoenix Pioneer of Phoenix, British Columbia, August 4, 1900 10) The Philadelphia Medical Journal, July 14, 1900 11) National Museum of American History. An enhanced rendition of C. F. Macdonald’s vignette is seen in his biographical section. The original vignette appears on the upper half of a pair of Post Office checks. A proof copy of that pair of Post Office checks can be seen at the National Museum of American History website: https://americanhistory.si.edu/collections/search/object/nmah_1584964 12) United States Post Office Department, The United States Postal Money-Order System: A Survey of the System for the Purpose of Ascertaining Its Condition and Advancing Its Efficiency and Economical Administration, Post Office Department, 1915 13) Paper Money of the United States, A.L. and I.S. Friedberg, 22nd edition. Pages 253-256 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 19 SPMC Festivities at FUN Make Plans Now to Attend! Our IPMS Activities of the past are now starting back up at WINTER FUN!!! Thursday, Jan 5th we will have a general membership meeting— see FUN schedule for location Friday, Jan 6th, we will have a BOG meeting. Saturday, Jan 7th will be our fun activities in the Convention Center—N330AB.  8a--we will have our Breakfast and Tom Bain Raffle with our Master of Ceremonies—Wendell Wolka.  At this time we will also present our literary and other awards and announce our 2022 Hall of Fame class. As always, our raffle will have BIG prizes, surprises, mystery boxes and a very special GRAND PRIZE we will “Mix ‘em Up!” Price of entry includes a newly designed & collectible breakfast ticket. Watch the website on ticket ordering information. We will be finished by 10a so all can go to the bourse. We also encourage all to place a Paper Money (or related) exhibit. As always, we are soliciting raffle prizes. If you have something to donate, contact me at smcbb@sbcglobal.net and I will arrange how to get it to us. Remember, these are tax deductible. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 20 Arizona Series of 1929 National Bank Notes Purpose and Introduction The objective of this piece is to profile the Series of 1929 notes from Arizona from the perspectives of the numbers and timing of notes issued to the various banks, the bank information overprint varieties on the notes, and the relative scarcity of the notes. Along the way, some of the interesting situations that impacted the issuances of the notes during the small note era or that contributed to some of them being saved will be documented. A total of 420,022 small-size notes were issued from eleven banks making Arizona the third smallest issuing state in the union after Alaska and Nevada. My interest in Arizona notes stems from having lived there during my formative years. My family migrated to Tucson from New Jersey while I was in high school in 1959. I began collecting paper money in a serious way when the $1 Federal Reserve notes were introduced in 1963 while I was an undergraduate at the University of Arizona. It didn’t take long to discover national bank notes so I spent the next 45 years avidly pursuing the notes from the state. I continue to maintain a census of the reported specimens. Thumbnail Banking History Arizona began her national banking history as a late starter in 1882 with the organization of The First National Bank of Tucson, Territory of Arizona (2639). This bank issued Arizona’s only Series of 1875 notes. The firm was the successor to the Jacob Brothers Mercantile Company that began operations in Tucson in 1867. The brothers Lionel and Barron developed a currency exchange business in which they bought legal tender and national bank currency for between 65 and 85 cents per dollar. The paper was sent to their father Mark in San Francisco who sold it for between 86-1/2 and 89 cents for gold. The gold went to Tucson and the cycle repeated (Stanley, 1971). The Jacob brothers entered the loan business in order to extend credit to their customers so they eventually organized The Pima County Bank in 1879 to facilitate their operations. This bank was nationalized as The First National Bank of Tucson. However, operation under a national charter proved to be too restrictive, so the bank was liquidated three years later in 1885 and reorganized as the Bank of Tucson under a territorial charter. Figure 1. Series of 1929 Flagstaff note issued by a bank with a modest circulation of $50,000 that was liquidated in January 1931, thus creating a rarity. The Paper Column Peter Huntoon SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 21 The Bank of Tucson was successful and in 1887 it was merged with The Bank of D. Henderson to become The Consolidated Bank of Tucson. In 1890 they once again obtained a national charter under the title of The Consolidated National Bank (4287). The Consolidated National Bank grew into the largest note-issuing enterprise in the state. Its Series of 1929 issues alone totaled 175,602 notes representing 42 percent of the Arizona total. However, the great depression just about killed the bank off. Late in the depression The Consolidated National Bank was purchased for a pittance by the rapidly growing Valley National of Phoenix (14324) (Hopkins, 1950). A few other banks in the state were following similar courses, weaving back and forth between federal and territorial or state charters, undergoing mergers, moves and ultimately establishing extensive branch networks. Branching was possible because Arizona has very liberal branch banking laws that directly contributed to the heady financial and population growth that has characterized Arizona since World War II (Schweikart, 1982). One phenomenal success story was that of The Valley Bank and Trust Company of Phoenix, the forerunner to The Valley National Bank of Phoenix. The Valley National was chartered in 1935 with number 14324 just four charters beyond the last of the note-issuing banks in the country. It is the largest of the branch banking systems in the state and today enjoys the status of being among the largest banks in the west. The bank gobbled up many competitors, including the following Series of 1929-issuing banks and converted them into branches: Prescott (13262) in 1932 before the Valley Bank and Trust Company was nationalized, Tucson (4287) in 1935, Nogales (6591) in 1945 and Winslow (12581) in 1946. In addition, it acquired the non-Series of 1929-issuing First National Bank of Douglas (6633) in 1937. The First National Bank of Arizona at Phoenix (3728) also grew through mergers. In 1957, it absorbed The Bank of Arizona, founded in 1877 in Prescott when Prescott was the territorial capital. The Bank of Arizona was the first chartered bank in the Territory thus allowing First National Bank of Arizona to claim roots as the oldest bank in the state (Hughes, 1971). In 1937 the bank corralled its competitor, The Phoenix National Bank (4729) through a merger. The Phoenix National Bank itself had just recently taken over The Tempe National Bank (5720) in 1935. One of the most interesting recent stories of meteoric growth involved The First National Bank of Holbrook (12198). It was the smallest note-issuing bank during the small-note era with a $10,000 circulation consisting of $5 notes. In 1960, management opened their first branch in Snowflake. They next entered into an invaluable agreement with the Navajo Nation giving them a franchise to operate the only branch banks on Navajo lands in Arizona. The bank was renamed First Navajo National Bank, Holbrook on July 15, 1962, and they opened Figure 2. Map showing the locations of towns that hosted Series of 1929 note-issuing banks in Arizona. Table 1. Populations of the Arizona towns in 1930 that hosted Series of 1929 issuing banks. Town Population Flagstaff 3,891 Holbrook 1,115 Mesa 3,711 Nogales 6,006 Phoenix 48,118 Prescott 5,517 Tempe 2,495 Tucson 32,506 Winslow 3,917 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 22 their first tribal branch in Window Rock a month later. This was followed by non-tribal branches in Winslow and Kingman within a year giving them diverse coverage in northern Arizona. The Bank of Tucson in southern Arizona, founded in 1959, merged with Navajo National in 1968 yielding in the process Great Western Bank and Trust Company, Tucson. Great Western merged with Pioneer Bank of Arizona, Phoenix, in 1969, which had branches in central Arizona, yielding a state-wide presence. The new entity retained the Great Western title with headquarters in Phoenix (Huntoon, 1981). The continued concentration of banking services into fewer and fewer behemoth regional and national corporate systems that characterized the evolution of that industry during the last two decades of the 20th century swallowed up Great Western’s Arizona branch system. Today, the former Holbrook branch is owned by Wells Fargo Bank, N.A., the convoluted details of that transformation being beyond the scope of this article. Before delving into the notes, remember that during the 1929-1935 era, Arizona was a sparsely populated state that had gained statehood in 1912. Notice on Table 1 that even Phoenix and Tucson barely classified as small cities, whereas today both are centers of sprawling metropolitan areas. Series of 1929 Issuances Of the 30 national banks chartered in Arizona between 1882 and 1935, only 14 were in operation during the 1929 to 1935 period. Eleven issued Series of 1929 notes and are listed on Table 2. The three banks listed on Table 3 relinquished their circulation privilege in accord with provisions in legislation establishing the Federal Reserve System passed December 23, 1913 or in a June 21, 1917 amendment. Figure 4. Nogales is a major port of entry from Mexico that hosted this bank. It was organized in 1903 by Prospero Sandoval, a Mexican banker from Guaymas, as The Sandoval National Bank of Nogales, formerly P. Sandoval & Co. established in 1899. Figure 3. This Holbrook bank was Arizona’s smallest issuer creating rarities exacerbated by the fact that the bankers issued only $5s, which had the highest attrition rate once placed in circulation. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 23 The Arizona banks had $1,025,000 worth of large-size nationals in circulation when small-size notes were introduced in June 1929 (Van Belkum, 1968). Table 4 reveals that Arizona national bank note circulation initially grew through the Series of 1929 era, then dropped after the bank holiday in 1933. Table 5 summarizes the numbers of each type and denomination issued. No $50s or $100s were issued. Type 2 notes account for only 12 percent of the total, noticeably lower than the national average. Overprint Varieties Three entities manufactured the plates used by the Bureau of Engraving and Printing to overprint the bank information on Series of 1929 notes. The information was overprinted on half sheets consisting of six notes. The same plate or sets of plates made for a given bank was used for all the denominations. Table 2. Summary histories of the Arizona Series of 1929 note-issuing national banks. 3728 Phoenix The National Bank of Arizona at 11120 Flagstaff The First National Bank of First National Bank of Arizona at (Jul 17, 1926) organized Sep 1, 1917 organized Jun 4, 1887 chartered Dec 28, 1917 chartered Jun 18, 1887 liquidated Jan 7, 1931 4287 Tucson The Consolidated National Bank of successor Arizona Central Bank, Flagstaff predecessor Consolidated Bank of Tucson 11130 Mesa The First National Bank of organized Mar 15, 1890 predecessor Mesa City Bank chartered Apr 15, 1890 organized Jan 7, 1918 liquidated Feb 1, 1935 chartered Jan 16, 1918 successor The Valley National Bank of Phoenix suspended Jun 24, 1932 4729 Phoenix The Phoenix National Bank receivership Jun 27, 1932 organized Mar 12, 1892 affairs closed Sep 30, 1936 chartered Apr 20, 1892 depositors paid 87.72% consolidated Oct 30, 1937 12198 Holbrook The First National Bank of successor First National Bank of Arizona at Phoenix The First Navajo National Bank (Jul 15, 1962) 5720 Tempe The First National Bank of organized Apr 12, 1922 organized Jan 4, 1901 chartered May 11, 1922 chartered Feb 16, 1901 consolidated Oct 1, 1968 liquidated Jun 29, 1935 successor Bank of Tucson successor The Phoenix National Bank 12581 Winslow The First National Bank of 6591 Nogales The Sandoval National Bank of predecessor Union Bank & Trust Company, Winslow The First National Bank of (Dec 16, 1903) organized Sep 8, 1924 predecessor P. Sandoval & Co., Nogales chartered Sep 24, 1924 organized Jan 3, 1903 liquidated Jun 30, 1946 chartered Jan 24, 1903 successor The Valley National Bank of Phoenix liquidated Sep 29, 1945 13262 Prescott First National Bank in successor The Valley National Bank of Phoenix organized Sep 10, 1928 11012 Nogales The Nogales National Bank chartered Dec 3, 1928 predecessor Santa Cruz Valley Bank and Trust Company, Nogales liquidated Mar 25, 1933 organized May 15, 1917 successor Valley Bank and Trust Company, Phoenix chartered Jun 15, 1917 suspended Nov 30. 1931 receivership Dec 11, 1931 affairs closed Dec 15, 1935 depositors paid 61.56% Table 3. Arizona banks that could have issued Series of 1929 notes but didn't take out circulation during the small note era. Years President Cashier 6633 Douglas The First National Bank of organized Jan 5, 1903 1929 B. A. Packard A. B. Packard chartered Feb 17, 1903 1930-2 B. A. Packard E. E. Friday 1933-4 B. A. Packard E. W. Graves 1935 E. W. Graves C. S. Tompkins, Jr. 10998 Florence The First National Bank of organized May 5, 1917 1929-2 J. H. Zellweger F. H. Thorpe chartered May 18, 1917 conservatorship Mar 30, 1933 receivership Dec 5, 1933 11559 Phoenix The Commercial National Bank of organized Oct 16, 1919 1929 T. G. Norris F. McNichol chartered Dec 26, 1919 1930 T. G. Norris L. G. Galland liquidated Jul 30, 1931 successor Arizona Bank, Phoenix SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 24 Figure 5. The smallest issuance of type 2 $20 notes in Arizona came from this modest bank in Tempe located east of Phoenix, 528 notes to be exact. . Figure 6. Winslow, like Holbrook, both in the Little Colorado river drainage basin on the Colorado Plateau, is along both US 66 and the Santa Fe Railroad immediately south of the Navajo Nation of northern Arizona. The Winslow bank issued notes printed from more overprinting plates and denomination varieties than any other Arizona bank. Table 4. Circulations on December 31 for the Arizona Series of 1929 note-issuing banks. Town Ch. No. 1929 1930 1931 1932 1933 1934 Issue Suspended Phoenix 3728 $300,000 $300,000 $300,000 $300,000 $300,000 $296,800 Tucson 4287 $300,000 $300,000 $400,000 $400,000 $400,000 $200,000 Phoenix 4729 $150,000 $150,000 $150,000 $500,000 $402,000 $150,000 Tempe 5720 $12,500 $12,500 $12,500 $35,000 $50,000 $50,000 Nogales 6571 $100,000 $100,000 $100,000 $100,000 $100,000 $100,000 Nogales 11012 $48,500 $49,340 $48,860 Dec 2, 1931 Flagstaff 11120 $50,000 $50,000 Jan 2, 1931 Mesa 11130 $100,000 $100,000 $100,000 $100,000 Jun 27, 1932 Holbrook 12198 $9,340 $10,000 $10,000 $9,820 $9,580 $10,000 Winslow 12581 $49,040 $48,920 $50,000 $50,000 $49,160 $50,000 Prescott 13262 $30,000 $30,000 Mar 17, 1934 Totals $1,119,380 $1,120,760 $1,171,360 $1,524,820 $1,340,740 $856,800 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 25 Barnhart Bothers & Spindler was awarded the contract for all the plates. Theirs were called logotypes and they came in sets of six identical 1-subject plates that were mounted together on the press. BBS experienced difficulty in meeting the deadlines for supplying their plates in 1929 so, as a stopgap measure, the Bureau of Engraving and Printing contracted with the Government Printing Office to supply conventional 6-subject electrotype plates for the affected banks. Later in the series, when the Bureau received rush orders or even later when American Type Founders Company—the parent firm of BBS— went into bankruptcy, the Bureau of Engraving and Printing made its own plates. The BEP plates consisted of sets of six identical 1-subject chrome-plated copper plates. The plates made by the respective manufacturers are herein labeled BBS, GPO and BEP. No BEP plates were made for the Arizona banks. A new set of plates was made each time anything changed on the bank overprint including changes in one or both bank signatures. In the case of the stopgap GPO plates, the signatures were identical to those on the backordered BBS plates. Only the first Series of 1929 printing was made from the GPO plate in the cases where they were used. They were employed for Nogales (11012), Flagstaff (11120), Mesa (11130), Holbrook (12198) and Winslow (12581). Figure 7. The top note in this Mesa pair was overprinted from a stopgap GPO plate in late 1929, followed by overprints from the backordered set of BBS plates. Notice that the bank signatures are the same. Table 5. Numbers of issued Arizona Series of 1929 notes by type and denomination. Den Type 1 Type 2 Total Face Value $5 120,006 17,412 137,418 $4,122,540 $10 179,922 25,754 205,676 $12,340,560 $20 70,008 6,920 76,928 $9,231,360 totals 369,936 50,086 420,022 $25,694,460 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 26 Table 6. Series of 1929 overprinting plate varieties used to print Arizona national bank notes with dates when the notes were sent from the Comptroller of the Currency's office to the banks and numbers of each reported as of 2021. Ch No Town Serial Range No Notes Mfc President Cashier Inclusive Dates Shipped Rep't 3728 Phoenix First National Bank of Arizona at Series of 1929 type 1 10-10-10-10-10-10 1 - 8780 52,680 BBS C. H. McKellips C. T. Washburn Sep 7, 1929 - Dec 29, 1933 41 20-20-20-20-20-20 1 - 2576 15,456 BBS C. H. McKellips C. T. Washburn Sep 19, 1929 - Dec 9, 1933 40 Series of 1929 type 2 10 1 - 12867 12,867 BBS C. H. McKellips C. T. Washburn Dec 29, 1933 - May 25, 1935 15 20 1 - 3052 3,052 BBS C. H. McKellips C. T. Washburn Jan 12, 1934 - May 25, 1935 7 Total 84,055 Total 103 4287 Tucson The Consolidated National Bank of Series of 1929 type 1 5-5-5-5-5-5 1 - 15412 92,472 BBS T. N. McCauley P. E. Leatherman Sep 11, 1929 - Sep 15, 1933 35 10-10-10-10-10-10 1 - 7838 47,028 BBS T. N. McCauley P. E. Leatherman Sep 11, 1929 - Aug 19, 1933 28 20-20-20-20-20-20 1 - 2626 15,756 BBS T. N. McCauley P. E. Leatherman Sep 26, 1929 - Aug 10, 1933 52 Series of 1929 type 2 5 1 - 6204 6,204 BBS T. N. McCauley P. E. Leatherman Sep 15, 1933 - Jan 16, 1934 7 10 1 - 3132 3,132 BBS T. N. McCauley P. E. Leatherman Sep 25, 1933 - Feb 13, 1934 1 20 1 - 1248 1,248 BBS T. N. McCauley P. E. Leatherman Oct 5, 1933 - Feb 26, 1934 30 5 6205 - 12388 6,184 BBS T. N. McCauley E. W. Clayton Jan 16, 1934 - Jun 11, 1934 0 10 3133 - 5859 2,727 BBS T. N. McCauley E. W. Clayton Feb 13, 1934 - May 24, 1934 2 20 1249 - 2099 851 BBS T. N. McCauley E. W. Clayton Feb 26, 1934 - Jun 11, 1934 5 Total 175,602 Total 160 4729 Phoenix The Phoenix National Bank Series of 1929 type 1 10-10-10-10-10-10 1 - 4136 24,816 BBS L. H. Chalmers J. H. Calvert Sep 14, 1929 - Jul 18, 1933 26 20-20-20-20-20-20 1 - 3974 23,844 BBS L. H. Chalmers J. H. Calvert Sep 25, 1929 - Jul 27, 1933 57 Total 48,660 Total 83 5720 Tempe The Tempe National Bank Series of 1929 type 1 10-10-10-10-10-10 1 - 874 5,244 BBS C. Woolf T. A. Anderson Oct 18, 1929 - Mar 19, 1934 4 20-20-20-20-20-20 1 - 246 1,476 BBS C. Woolf T. A. Anderson Dec 25, 1929 - Jan 13, 1934 6 Series of 1929 type 2 10 1 - 1572 1,572 BBS C. Woolf T. A. Anderson Mar 28, 1934 - Apr 12, 1935 1 20 1 - 528 528 BBS C. Woolf T. A. Anderson Apr 10, 1934 - Apr 24, 1935 1 Total 8,820 Total 12 6591 Nogales The First National Bank of Series of 1929 type 1 10-10-10-10-10-10 1 - 3444 20,664 BBS O. H. Herold T. Richardson Oct 25, 1929 - Jan 25, 1934 14 20-20-20-20-20-20 1 - 884 5,304 BBS O. H. Herold T. Richardson Oct 25, 1929 - Jan 25, 1934 17 Series of 1929 type 2 10 1 - 3752 3,752 BBS O. H. Herold T. Richardson Jan 25, 1934 - Mar 15, 1935 2 20 1 - 845 845 BBS O. H. Herold T. Richardson Feb 16, 1934 - Mar 27, 1935 1 Total 30,565 Total 34 11012 Nogales The Nogales National Bank Series of 1929 type 1 10-10-10-10-10-10 1 - 614 3,684 GPO A. M. Gillespie F. M. Lynch Oct 21, 1929 - Dec 12, 1930 1 20-20-20-20-20-20 1 - 212 1,272 GPO A. M. Gillespie F. M. Lynch Oct 11, 1929 - May 11, 1931 2 10-10-10-10-10-10 615 - 955 2,046 BBS A. M. Gillespie A.F. Kerr Dec 12, 1930 - Nov 18, 1931 0 20-20-20-20-20-20 213 - 263 306 BBS A. M. Gillespie A.F. Kerr May 11, 1931 - Nov 23, 1931 0 Total 7,308 Total 3 11120 Flagstaff The First National Bank of Series of 1929 type 1 5-5-5-5-5-5 1 - 795 4,770 GPO M. J. Riordan A. F. Grimmell Oct 12, 1929 - Dec 17, 1930 1 10-10-10-10-10-10 1 - 407 2,442 GPO M. J. Riordan A. F. Grimmell Oct 30, 1929 - Dec 17, 1930 1 20-20-20-20-20-20 1 - 110 660 GPO M. J. Riordan A. F. Grimmell Dec 9, 1929 - Dec 3, 1930 0 Total 7,872 Total 2 11130 Mesa The First National Bank of Series of 1929 type 1 10-10-10-10-10-10 1 - 1216 7,296 GPO J. J. Fraser L. H. Van Spanckeren Oct 12, 1929 - Nov 18, 1930 5 20-20-20-20-20-20 1 - 408 2,448 GPO J. J. Fraser L. H. Van Spanckeren Dec 9, 1929 - Dec 17, 1930 4 10-10-10-10-10-10 1217 - 2340 6,744 BBS J. J. Fraser L. H. Van Spanckeren Nov 18, 1930 - Jun 18, 1932 19 20-20-20-20-20-20 409 - 646 1,428 BBS J. J. Fraser L. H. Van Spanckeren Jan 31, 1931 - Jun 3, 1932 1 Total 17,916 Total 29 12198 Holbrook The First National Bank of Series of 1929 type 1 5-5-5-5-5-5 1 - 1032 6,192 GPO T. E. Taylor J. R. McEvoy Sep 20, 1929 - Jul 11, 1932 2 5-5-5-5-5-5 1033 - 1116 504 BBS T. E. Taylor J. R. McEvoy Jul 11, 1932 - Oct 28, 1932 0 5-5-5-5-5-5 1117 - 1434 1,908 BBS L. C. Henning J. R. McEvoy Oct 28, 1932 - Jan 8, 1934 0 Series of 1929 type 2 5 1 - 2332 2,332 BBS L. C. Henning J. R. McEvoy Jan 8, 1934 - May 17, 1935 2 Total 10,936 Total 4 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 27 Every different overprint variety that is found on every denomination in the Series of 1929 issued by an Arizona bank is listed on Table 6. The table contains a wealth of useful information including the issued serial numbers, manufacturer of the overprinting plate(s), bank signers, and the inclusive dates during which the notes were shipped to the banks from the Comptroller of the Currency’s office in Washington, DC. The type 1 notes were printed in sheets of six with an identical serial number on each note on the sheet, whereas the type 2 notes were consecutively numbered. You can obtain the type 1 sheet or type 2 note changeover serial numbers between the different varieties for each affected denomination from Table 6. Lastly, I have provided the number of reported notes from each variety as well as each bank as of 2021 on Table 6. Notice that there are some zeros in the variety listings. Tucson (4287) Signers Cashier Parker E. Leatherman was discovered to be a petty thief who embezzled funds from The Consolidated National Bank of Tucson to support high living characterized by late nights, wine, women and song. On orders of bank president T. N. McCauley, he was fired, heavily sedated after a suicide attempt, coerced into signing a confession and whisked out of state to El Paso and replaced by F. W. Clayton in the Table 6, continued. Ch No Town Serial Range No Notes Mfc President Cashier Inclusive Dates Shipped Rep't 12581 Winslow The First National Bank of Series of 1929 type 1 5-5-5-5-5-5 1 - 744 4,464 GPO R. C. Kaufman J.B. Richey Sep 27, 1929 - Nov 26, 1930 1 10-10-10-10-10-10 1 - 414 2,484 GPO R. C. Kaufman J.B. Richey Oct 22, 1929 - Feb 5, 1931 3 20-20-20-20-20-20 1 - 142 852 GPO R. C. Kaufman J.B. Richey Oct 5, 1929 - Jan 6, 1931 2 5-5-5-5-5-5 745 - 1502 4,548 BBS R. C. Kaufman J.B. Richey Nov 26, 1930 - Jul 14, 1932 3 10-10-10-10-10-10 415 - 728 1,884 BBS R. C. Kaufman J.B. Richey Feb 26, 1931 - Sep 6, 1932 2 20-20-20-20-20-20 143 - 228 516 BBS R. C. Kaufman J.B. Richey Jan 6, 1931 - Sep 13, 1932 2 5-5-5-5-5-5 1503 - 2020 3,108 BBS R. C. Kaufman A. S. Brayman Jul 14, 1932 - Jan 12, 1934 2 10-10-10-10-10-10 729 - 938 1,260 BBS R. C. Kaufman A. S. Brayman Sep 6, 1932 - Jan 5, 1934 2 20-20-20-20-20-20 229 - 272 264 BBS R. C. Kaufman A. S. Brayman Sep 13, 1932 - Oct 30, 1933 1 Series of 1929 type 2 5 1 - 2692 2,692 BBS R. C. Kaufman A. S. Brayman Jan 12, 1934 - May 28, 1935 3 10 1 - 1704 1,704 BBS R. C. Kaufman A. S. Brayman Jan 22, 1934 - May 21, 1935 4 20 1 - 396 396 BBS R. C. Kaufman A. S. Brayman Jan 29, 1934 - May 13, 1935 4 Total 24,172 Total 29 13262 Prescott First National Bank in Series of 1929 type 1 5-5-5-5-5-5 1 - 340 2,040 BBS G.V. Kirkwood P. H. Miller Dec 10, 1932 - Dec 16, 1932 8 10-10-10-10-10-10 1 - 275 1,650 BBS G.V. Kirkwood P. H. Miller Oct 24, 1932 - Mar 2, 1933 7 20-20-20-20-20-20 1 - 71 426 BBS G.V. Kirkwood P. H. Miller Oct 24, 1932 - Jan 18, 1933 0 Total 4,116 Total 15 Grand Total 420,022 Grand Total 474 Figure 8. Series of 1929 notes from this Nogales bank are particularly rare because the bank was modest in size and failed in 1931, having issued the series for only two years. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 28 summer of 1933. Clayton had previously signed as cashier on Series of 1902 notes issued from The National Bank of Arizona at Phoenix (3728) during the period 1920 to 1924. Consequently, Clayton’s signature appears on the last of the issued Consolidated type 2 notes. Notes also were printed for the bank with a new president- cashier combination of C. T. Knapp-H. Holbert in June 1934 but never sent because the Comptroller’s unissued stocks of McCauley- Clayton notes had not been depleted by the time the bank was liquidated on February 1, 1935. As for Leatherman, he returned to Tucson for his trial that began April 1, 1936 on specific charges of abstracting $1,503.64 between December 1932 and June 1933. His lawyers mounted a spirited and creative defense against the federal prosecutors’ case ultimately putting Leatherman on the stand where he explained that his actions were carried out on orders for, and to the benefit of, former president McCauley who claimed he needed the money for lobbying purposes. McCauley, by then, had sold his 90 percent interest in the bank and moved to Los Angeles. At the time of the trial, McCauley avoided being found by federal agents who were attempting to serve him with a subpoena to appear. People acquainted with him advised that he was somewhere in the east despite the fact that his personal physician stated that his health was too poor to allow him to travel. The jury acquitted Leatherman and he returned to his new home in Indiana. (Arizona Daily Star, all). Figure 9. Parker E. Leatherman (Arizona Daily Star, Apr 5, 1936). Figure 10. Two notes from the Consolidated hoard of type 2 $20s that exhibit a signature change of the cashier from P. E. Leatherman to E. W. Clayton in 1933. The Serial A001248 note is the last of the $20s to bear Leatherman’s signature. It is doubtful that A001249 was in the hoard. To date, no changeover pair between bank signature combinations has been reported from any bank in the nation. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 29 Small Issuers When you move away from Arizona’s big three issuers; specifically, Tucson (4287), Phoenix (3728) and Phoenix (4729), you find that the Series of 1929 notes from the other banks are scarce to rare. A primary indicator of rarity is the number of notes that were pressed into circulation. Not surprisingly, notes from Flagstaff (11120), Nogales (11012), Holbrook (12198) and Prescott (13262) are highly prized rarities. The fact is, small notes from Flagstaff (11120), Nogales (11012) and Holbrook are considerably rarer than their large-size counterparts. The rarity of the Prescott issues was exacerbated by the short issuing life of the bank, which was only 4-1/2 months. The Prescott bank was organized in 1928 but its officers didn’t take advantage of their circulation privilege until 1932. A big factor in the rarity of the Holbrook issues is the fact that the bank circulated only $5s, which wore out quickly and were more thoroughly redeemed. By October 31, 1935, 93.7 percent of all $5 Series of 1929 nationals issued across the country already had been redeemed. This compares to 85.8 and 69.6 respectively for the $10s and $20s. Another revealing indicator of rarity is the circulation that was outstanding from the bank. Annual circulation data are presented on Table 4. It is important to observe the trends in the circulation over time. The number of notes that get salted away in hoards tends to be a function of how much was outstanding and for how long. In the case of Tempe (5720), the circulation reached $50,000 in 1933-4, a relatively short period. The scarcity of 1929 notes from the bank tends to be more reflective of the lower earlier longer- lived circulations. Scarcity was exacerbated if a bank failed or was liquidated. The National Bank Redemption Agency in the Treasurer’s office redeemed the notes from non-current banks even if they were fit for use, whereas fit circulated notes were returned to the operating banks for reuse. Hoards The rarity equation can be dramatically upstaged by a hoard. As expected, notes from The Consolidated National Bank of Tucson are the most common of Arizona’s small notes. However, the Consolidated type 2 $20s are enormously over represented. Only 2,099 were issued, yet we have recorded 32 specimens as of this writing, most of which are uncirculated or nearly so. This represents a survival rate of one note for every 66 issued, and the full count of existing survivors is not yet in. The abundance of uncirculated or nearly so type 2 $20s from The Consolidated National was the result of a hoard. Most of the known high-grade specimens are from one shipment sent to the bank by the Comptroller of the Currency’s office on February 26, 1934. This shipment contained $20 type 2 serials 1067 through 1269. For years during the early and mid-1960s those notes leaked into Tucson’s cash drawers as an old woman spent her 1934 vintage hoard. Once in October 1965, five or six reached a teller at the Southern Arizona Bank in downtown Tucson. Luckily, I came in shortly thereafter. At other times they appeared singly. I bought nine from various sources, but never connected with the women who was spending them. I estimate that less than half of the notes the woman spent have reached the numismatic market. The others are salted away all over Tucson. I used to pay between $30.00 and $37.50 for them when I was living there in the 1970s. Significantly, the shipment from which the hoard was derived contained the $20 type 2 A001248/A001249 changeover pair between the McCauley-Leatherman and McCauley-Clayton signature combinations. I owned A001248 without knowing its significance and sold it at the time at my cost of $30 to Cirino Scavone, a particularly helpful teller who spotted notes for me over many years as they passed through his hands. He had retired to Alaska with the note by the time many years later when I discovered from the National Currency and Bond Ledgers what it was. I bought it back in 1992 for $350 hoping A001249 would eventually turn up. However, the group it was from within the hoard consisted of a run of at least 19 sequential notes from the F-plate position on the sheets from which they had been cut. It is apparent that A001249 from the A-position went its separate way to oblivion in 1934. You will notice from Table 2 that only 6,920 type 2 $20s were issued in Arizona. They should be a very scarce type, but they are available because of the Consolidated hoard and in high grade to boot. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 30 Notes from First National Bank in Prescott (13262) should be among the rarest of Arizona’s 1929 issues owing to the combined influences of the small number issued and short duration of the issue. However, the bank is now represented by nine singles and one sheet, so its 1929 notes are far over represented. Most of these notes came from the numismatic hoard assembled by pioneer collector Col. E. H. R. Green, son of Hettie Green, the witch of Wall Street. Famed early collector/dealer George Blake purchased number one sheets for Green on a commission basis from bankers across the country as they received their first shipments. After the Colonel died in 1936, some of the sheets were sold at 15% over face to collectors but most were cashed in at The Chase National Bank of New York in 1948 and immediately turned in to the Federal Reserve Bank of New York for redemption. The cashier at the New York Fed offered them at face to the other Federal Reserve cashiers with the suggestion that they be offered back to the banks of issue. Many followed this route so are here with us today. It is apparent that someone, possibly Albert A. Grinnell himself, obtained the $5 and $10 Prescott sheets prior to their being turned in to the Chase bank. The $5 sheet was in the famous Grinnell collection auctioned in 1946 from which it was purchased directly or indirectly by William P. Donlon (Bluestone, 1944-6, lot 538). Donlon sold the sheet as part of a complete state collection of Series of 1929 sheets to an unknown party in 1955, only to repurchase the set intact ten years later. Next Donlon sold the set to Johnny O. Baas in 1967. Baas in turn sold the set to David J. Levitt on January 7, 1971 with only minor substitutions. The Prescott $5 sheet always stayed with the set and currently resides in the extensive sheet holdings of the Levitt estate. The $10 sheet was cut up years ago so the six notes went to the four winds. I subsequently have recorded only three of them, and owned two. I purchased D000001A from Donlon’s November 15, 1974 sale, lot 366, and C000001A from Frank Nowak, when I bought his Arizona Collection, in March 1980. Undoubtedly the number one $20 Prescott sheet was purchased by Green, but it was likely redeemed owing to its high face value. It, or notes from it, should have shown up by now if it is still extant. The significance of the Prescott sheets is the fact that they represent 12 CU notes that account for 12/15ths of the reported total from the bank. The three others represent an expected yield from a bank with the statistics of the Prescott bank. The Prescott $5 sheet is the only sheet reported from Arizona. Missed Type and Signatures in Phoenix The Phoenix National Bank (4729) never issued type 2 notes even though its circulation going into 1935 was a substantial $150,000. That $150,000 is only part of the story. The circulation figures on Table 4 reveal that the bank entered the 1929 era with a $150,000 circulation, but this was increased to an astounding $500,000 by late 1932. This heyday did not last. The bankers contracted their circulation as the depression wore on. They sold bonds on August 8, 1933 and June 5, 1934 to reduce their circulation back to the $150,000 level. Figure 11. Had it not been for Col. Green, notes would be practically unobtainable from this bank that issued for only 3-1/2 months in 1932-3. The $5 and $10 number 1 sheets survived disposition of his estate and the $5 sheet still survives in uncut form. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 31 Money from the bond sales was placed by the U.S. Treasurer in his redemption fund to retire the excess $350,000 in outstanding notes. The redemptions precluded any chance for type 2 issues because the rate of bond sales was more rapid than the rate of redemptions between 1933 and 1935. $199,540 worth of outstanding notes were retired between August 8, 1933, when the first bond was sold, and July 25, 1935, when records ceased. This amounted to 40 percent of the peak $500,000 circulation. However, the outstanding remainder of $300,460—$6,720 in large size and $293,740 in small-size—was still considerably greater than the bonded $150,000 circulation. The type 2 issues never had a chance. In fact, no type 2 notes were even printed. This eliminated any possibility for the H. J. Coerver-J. H. Calvert signature combination that became current in 1934 during the latter part of the type 2 era so no plates were made for that combination. Series of 1929 type 1 notes from The Phoenix National Bank are common by Arizona standards but are seldom found in grades better than fine. In fact, a true fine specimen is a worthwhile addition to any collection. The last sheets shipped to the bank bore type 1 $10 serial 4136 on July 19, 1933 and type 1 $20 serial 3974 on July 27, 1933. In an interesting footnote to this story, two-thirds of the type 1 $20s reported from the bank—all in circulated grades— are from two shipments sent from the Comptroller’s office on August 30 and 31, 1932 to cover the $350,000 in bonds that were purchased to raise the banks circulation to half a million dollars in 1932. Those bond purchases were primarily covered by $20s. Perspective A total of 420,022 Series of 1929 notes were issued by the Arizona banks having a face value of $25,694,460. However, the peak circulation for the Arizona banks reached a bit over only $1,500,000 near the end of 1932. This fact reveals that the vast majority of the notes that were issued already wore out and had been replaced before the series ended in 1935. Is it any surprise that some of the varieties listed on Table 6 haven’t been found? Circulation is brutal on currency. Once a note left the issuing bank, that was its death knell. The notes that survived to be collected represent flukes of fate that allowed them to be scavenged from circulation immediately or rather shortly after they left the banks so that they could be spared. 0 20 40 60 80 100 120 140 160 1929 1930 1931 1932 1933 1934 1935 N u m b er R ep o rt ed Figure 12. The Phoenix National Bank didn’t issue type 2 notes because the bankers sold $350,000 of their $500,000 dollars’ worth of securing bonds in 1933-4 and less than $350,000 of their notes were redeemed from circulation before the series ceased in 1935. Figure 13. Number of reported Series of 1929 notes from Arizona versus the year they were sent to the banks by the Comptroller of the Currency. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 32 References Cited and Sources of Data Arizona Daily Star, Mar 31, 1936, Leatherman to be tried here: p. 2. Arizona Daily Star, Apr 1, 1936, M’Cauley fails to appear for banker’s trial: p. 1,10. Arizona Daily Star, Apr 3, 1936, M’Cauley’s offer to hush evidence told in Leatherman case: p. 1,6. Arizona Daily Star, Apr 4, 1936, Leatherman’s trial may get to jury today: p. 1,8. Arizona Daily Star, Apr 5, 1936, Leatherman acquitted of charges: p. 1, 11. Bluestone, Barney, 1944-6, Catalogue of the original celebrated Albert A. Grinnell collection of United States paper money: Syracuse, NY [7 catalogs reprinted by William T. Anton and Morey Perlmutter, 1971, in one volume, privately printed, 651 p. plus prices realized]. Bureau of Engraving and Printing, 1929-1935, Series of 1929 national bank note billing ledger for overprinting plates in charter number order: Record Group 318, U.S National Archives, Collect Park, MD. Comptroller of the Currency, 1863-1935, Annual reports of the Comptroller of the Currency: U. S. Government Printing Office. Comptroller of the Currency, 1863-1935, National currency and bond ledgers: Record Group 101, U.S. National Archives, Washington, DC. Donlon, William P., Nov. 15, 1974, Mail bid sale of the Thomas F. Morris collection and additional consignments: William P. Donlon, Utica, New York, 104 p. Hopkins, Ernest J., 1950, Financing the frontier, a fifty-year history of The Valley National Bank 1899-1949: Valley National Bank. Phoenix, AZ, 271 p. Hughes, Paul, 1971, Bank notes: First National Bank of Arizona, Phoenix, AZ, 80 p. Huntoon, Peter, 1981, The First National Bank of Holbrook, Arizona, a little bank that made it big: Paper Money, v. 20, p. 202- 207. Schweikart, Larry, 1982, A history of banking in Arizona: University of Arizona Press, Tucson, AZ, 253 p. Stanley, G., 1971, Merchandizing in the southwest, the Mark I. Jacobs Company of Tucson, 1867 to 1875: American Jewish Archives, v. 23, p. 86-102. Van Belkum, Louis, 1968, National banks of the note issuing period, 1863-1935: Hewitt Brothers Numismatic Publications, Chicago, IL, 400 p. Figure 14. Only 12 percent of the Series of 1929 notes from Arizona consisted of type 2 notes, so the result is that many are great rarities from the small banks. Nice specimens such as this from one of the large banks are highly revered. Table 7. Reported Series of 1929 number 1 notes. 4387 Tucson The Consolidated National Bank of $5 A000001A vf $10 A00000A au 12581 Winslow The First National Bank of $10 A000001A vg 13363 Prescott First National Bank in $5 A000001A-F sheet cu $10 C000001A cu $10 D000001A cu $10 E000001A cu SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 33 Mr. President—May we? by Benny Bolin Sometimes when a researcher is scouring over files for their research, they come across something very interesting and noteworthy, but outside their scope of expertise. That is what happened in 2017 when Lee Lofthus was researching small or large size note information at the National Archives. He came across file K-422.2 titled Destruction of Redeemed Fractional Currency. He made a copy of the file and gave it to me at the 2017 Kansas City show to do more work on and to possibly publish (sorry it has taken so long Lee). The story starts in March 1937 when Assistant Treasurer Marion Bannister decided to see if there was relief for collectors wanting to buy redeemed fractional currency. She sent a question dated March 3, 1937, to U.S. Treasurer W. A. Julian stating “This office is frequently in receipt of requests from collectors of rare issues of currency for specimens of fractional currency but under the section of the Code above quoted such fractional currency when redeemed by this office is required to be destroyed.” She was referring to Title 31, Section 407, United States Code which stated “Fractional currency presented for redemption shall be redeemed in any moneys the Treasury not otherwise appropriated, and, when so redeemed, shall be destroyed. (June 21, 1879, c.34, 21 Stat. 30; July 22, 1876, No. 17, 9.1, 19 Stat. 215.)” As usual, things move slow in Washington, D. C. and on August 13, 1937, Acting General Counsel, Clarence V. Opper sent another inquiry to Treasurer Julian asking if the department had the authority of sell fractional currency Marion Glass Bannister-first woman to be Assistant Treasurer 1933-1951. William Alexander Julian U.S. Treasurer June 1933-May 1949. received by her office for redemption to collectors of currency. He referenced the Act of April 17, 1876, 19 Stat. 33 which stated the Secretary was required to redeem fractional currency and Section 1 of the Act of July 22, 1876, 19 Stat. 215 which stated “and said fractional currency, when so substituted, shall be destroyed.” He further iterated that there was no clear authority in the statutes whereby the Treasurer can be given administrative authority to sell to collectors or to otherwise reissue any of the fractional currency received in remittances to the Treasury for redemption.” And then sadly for us as collectors Opper stated “Accordingly, and in view of the fact that it has been the general practice of the Treasury Department for many years to destroy redeemed fractional currency, it would seem preferable not to sell to collectors of fractional currency received by the Treasurer for redemption, even though such fractional currency were to be preserved, as for example for government collectors, rather than being destroyed as heretofore.” Treasurer Julian sent a letter on November 5, 1937, to Secretary of the Treasury, Henry Morgenthau, Jr., recommending that until this matter was further clarified, that his office was “authorized to retain in his custody, uncanceled, subject to such future disposition as may be finally determined upon, all fractional currency received by him.” It seems that this request was granted when Secretary Morgenthau wrote back to Mr. Julian on January 5, 1936, that “you are advised that all fractional currency received by your office should be redeemed and retired from circulation in accordance with the law quoted in the letter” but with no requirement or it to be destroyed. Henry Morgenthau, Jr. U.S. Secretary of the Treasury Jan. 1934-July 1945. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 34 M(ichael). E. Slindee, administrative assistant to the Treasurer, and previously the Superintendent of the National Redemption Agency, sent a letter to Mr. (John W.) Pehle (a lawyer for the Treasury Department) detailing what amounts of fractional currency was held in the Treasurer’s cash in the Currency Redemption Division at the close of business January 26, 1938, as follows; Denomination Amount Pieces 3 cents $.66 22 5 cents 4.30 86 10 cents 54.10 541 15 cents 6.15 41 25 cents 116.50 466 50 cents 164.00 328 $345.71 1484 An inter-office communication was sent from William S. Broughton, Commissioner of the Public Debt to Mr. Opper on January 29, 1938 detailing the amount of fractional currency that had been destroyed since 1880. He listed the outstanding total of fractional to be $15,590,888.37 with $8,375,934.00 listed as lost or destroyed as of the Act of June 21, 1879 for a total outstanding of $7,214,954.34. This seems inconsistent with what collectors of fractional have always thought was outstanding which was around $2,000,000. He clarified this by saying in December 31, 1920 the amount of fractional carried on the books was reduced by $4,842,066.45 that was “estimated to have been irrevocably lost or destroyed in circulation.” He finished by stating that in the October 31, 1937, debt statement, the amount of fractional currency in the area marked “Debt bearing no interest” was $1,979,033.75. On February 5, 1938, Secretary Morgenthau penned a note to President Franklin Delano Roosevelt that read “I attach hereto a description of the quantity of fractional currency (shinplasters) which the Treasury has on hand. Ordinarily the Treasury would destroy this. However because of the special value this currency may possibly have as historical or collectors’ item, the policy has been adopted of holding it intact pending further developments. It is my intention to bring the subject to your notice again after the ultimate disposition of all the “Gold Cases” (argued for the U.S. by Clarence Opper). In the meantime I am advising you merely as a matter of interest and information and not, for the moment, for the purpose of obtaining your instructions. As of further possible interest, I also attach various samples of this currency.” Franklin Delano Roosevelt 32nd President of the U. S. Atty. General Homer Cummings (L) and Senator Duncan Fletcher, Chair of the Senate Banking and Currency Committee, July 11, 1935, discussing the gold clause cases A note is in the file dated 2/10/38 stating “Mr. (Herman) Oliphant took to Secy today. Secy signed, kept original, the initiated carbon and one extra carbon.” That letter was proofed, and a few changes were made with pencil and strike through. On February 13, 1938, a formal letter of the above was sent to President Franklin D. Roosevelt. The story comes to an end here with no response that can be found from President Roosevelt. However, on May 5, 1938, a memorandum was done stating that $316.95 in fractional currency had been destroyed in February, but that future redeemed fractional currency would be held pending further developments. Many thanks are given to Mr. Lee Lofthus for entrusting these documents to me and for realizing they were special and needed to be further investigated. Also to Mr. Lofthus, Peter Huntoon and Rick Melamed for proofing and offering suggestions. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 35 The Monster Banknotes of Reza Shah Pahlavi by Roland Rollins For those topical collectors of currency, the theme of monsters has probably never been considered. After all, I could find only 3 very similar notes from Iran depicting a monster – and these with the motif not being prominent part of the notes. The only other banknote found is a sea monster depicted prominently on an 1894 & 1897 100 Kroner note from the Kalmar Enskilda Bank of Sweden (P-S291). Of course notgeld issues may well include some as well. The Iran notes depict Darius the Great stabbing Ahriman monster (from a relief in Persepolis) at the top center and Reza Shah Pahlavi at right on the front (see location arrow). Mount Damavand, the highest peak in Iran and Western Asia is shown on the reverses of all 3 notes. In Zoroastrian texts and mythology, the three-headed dragon Aži Dahāka was chained within Mount Damāvand, there to remain until the end of the world. One could conclude it is no coincidence both sides of these notes depict monsters. The Ahriman monster most often appears in Persian history and lore as a demon, God’s adversary in the Zoroastrian religion. Persepolis was the ancient ceremonial capital of the second Iranian dynasty, the Achaemenid Empire. The site was declared a UNESCO cultural world heritage in 1979 – one of the earlier such inscribed sites. Archaeological evidence suggests that the earliest remains of Persepolis date from around 518 BC. It was Darius the Great who built the monumental terrace, stairways, and the great palaces in this royal city. They are decorated with sculpted friezes and columns. The 1,000 Rial notes were all produced by Thomas De La Rue in SH1316-1317 (1937-1938). The differences causing different catalog numbers are color, angle of the image of the Shah, and notes with and without French text “Banque Mellié Iran” on the reverse. The Pick numbers are P-S37, P-S38, and P-S38A. Now, collecting World Heritage Sites on banknotes like these notes – that’s a rather large collection to aspire to complete! Most world currency collectors already own many such notes, whether they know it or not. Few bank notes indicate their images are World Heritage Sites. You can check the worldheritagesite.org for a complete list of sites. As a bonus, these notes may eventually be “2-fers” – two sites depicted on one banknote. Mount Damavand is on the tentative list for inclusion as a World Heritage Natural Site! Figure 2 P-S38As front Figure 3 P-S38As reverse front Figure 1 View from Persepolis SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 36 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 Replacement Notes among Type-39 and Type-40 Confederate Currency by Enrico Aidala, M.D. The Type-39 (T-39) Confederate note was the first interest bearing $100 note to be issued in large quantities by the Confederacy. These notes paid a 7.3% annual interest rate, double that of the First Series notes of Montgomery and Richmond. The note shows the vignette of a train with easily visible steam from the safety valve and a milkmaid on the left. These notes were regularly issued from May 5th to August 15th, 1862, and printed by different printers. The Type-40 (T-40) note was the second interest bearing $100 note issued in quantities by the Confederate Treasury Department. 214,400 notes were issued, dating from August 9th, 1862 to January 16th, 1863, all of them printed by Mr. James T. Paterson in Columbia, South Carolina. The design of the Type-40 note is almost identical to the train on Type-39 notes with the exception that the steam from the safety valve is very diffuse. In 1861 the Confederate States Congress decided to begin issuing treasury notes (paper currency) and the responsibility for manufacturing, finishing, and distributing this currency fell to the Secretary of the Treasury, Charlestonian Christopher G. Memminger. Instead of creating a government-run engraving and printing operation, Memminger decided to contract with private printing firms and created a Treasury Note Division of the Treasury Department to manage these contractors. Initially, these firms and their printing plants were in the Confederate capital, Richmond, and included Keatinge & Ball, Blanton Duncan, Hoyer & Ludwig, and others. In order to ensure consistency in the notes, Memminger later decided to have only one firm, Keatinge & Ball, do the engraving, and in 1863 the printers were required to use plates engraved by Keatinge & Ball to produce the treasury notes. By early April 1862, Union General George B. McClellan had transported his troops to the lower end of the Virginia peninsula and moved within 65 miles of Richmond. The possibility that Richmond might fall caused great concern within the Confederate government. So, on April 18th, 1862, Memminger gave orders to move the Treasury Note Division to Columbia which was well away from the front lines and considered safe. He requested that the contractors relocate their currency printing operations to South Carolina’s capital city. Two of the firms, Blanton Duncan and Keatinge & Ball, agreed; the other printing firms in Richmond declined to make the move south. By the end of May 1862, Columbia had become the center of Confederate treasury note production with three firms carrying out contracts from printing plants: Blanton Duncan, Keatinge & Ball, and James T. Paterson. A fourth firm, Evans & Cogswell, was added in early 1863. James Thomson Paterson was a Scottish immigrant who practiced dentistry in Augusta, Georgia, prior to the Civil War. By early October of 1861, Paterson was in Richmond, Virginia, where he served on the Board of Managers of the Georgia Hospital in Richmond. During that time in Richmond, he became interested in engraving and printing. When the Richmond firm of Hoyer & Ludwig declined to move to Columbia with the Treasury Note Division, Paterson bought out their treasury note contracts and their equipment. He moved the equipment to Columbia and set up a printing plant where he printed treasury notes from May of 1862 until April of 1864 when he lost his contract with the Treasury Note Bureau. Hoyer & Ludwig printed the Type-39 Treasury notes only in the first five days of issue (May 5th- May 9th, 1862). Later, moving to Columbia, the printer of the Type-39 note was J. T. Paterson (with his imprint at the lower left) from the next day of issue, June 4th, 1862 until August 1st, 1862. A new imprint, J. T. Paterson & Co, was written at the lower right from the end of July 1862 to the end of the issuance of the T-40. Notably, the two Paterson designs show a period of overlapping, as evidenced by the serial numbers. All the Type-40 Treasury notes, issued from August 9th, 1862, were regularly printed by J. T. Paterson & Co, Columbia S.C. with the imprint written at the lower right. (see Figure 1) SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 38 Figure 1 Printer names on Type-39 and Type-40 Confederate notes. These images are the keys in identifying the order of issue. The image at top is the imprint of Hoyer & Ludwig Richmond, VA, commencing May 5th, 1862. The image in the middle is the imprint of J. T. Paterson Columbia, S.C. placed at the lower left of the note, commincing June 4th. The image at bottom is the imprint of J. T. Patterson & Co. Columbia, S.C., placed at the lower right of the note, commencing July 21st. th The group of collectors and researchers which the author belongs to, called the Trainmen (www.CSATrainmen.com), is focused on the study of Confederate Currency we describe as CSA Trains (T-39 and T-40) and Hoers (T-41). One of the very first Trainmen projects was the study of the cross-over period between T-39 and T- 40 Confederate notes by listing dates and serial numbers. The cross-over dates range from August 9th to August 15th, while according to serial numbers it ranges from #30001 plate Aa to the serial number run #33801-33900. The first T-40 identified is #30001 plate Aa, dated August 9th, printed by J.T. Paterson & Co and signed by A. S. Watts for Treasurer and by W. T. Snead for Register (see Figure 2). To date, no one has come up with a T-40 dated August 8th, or with a lower number. Regarding the last T-39 notes, we can distinguish them by date and serial number. These notes paid 7.30% annual interest and collectors often label them as “Trains,” due to the plate’s vignette, or “seven-thirty” notes. T-39 and T-40 were classified as different types by Criswell. The listing of issue dates, signers, serial numbers and plate letters can be found in the Register of the Confederate Debt by Raphael Thian, reprinted from the original in 1972, under Hoch’s Quarterman Publications, which is the most commonly known and used source today. For dates, the last T-39s belong to the runs dated August 15th and printed by J. T. Paterson & Co: they are #32401-32500 signed by W. G. Allen / C. S. Taylor, #32901-33000 signed by W. F. Hoge / C. W. Keim, #33301-33500 signed by H. C. Williams / J. M. Kinney, and #33701-33800, signed by A. S. Watts for treasurer and by W. T. Snead for Register. For serial numbers, the last T-39s belong to the run #33801-33900 printed by J. T. Paterson & Co. Serial #33805 plate Aa was dated August 14th, and the Trainmen identified a higher #33864 plate Ad (image not available--see Figure 3). Figure 2 First known T-40 with diffuse steam: #30001 plate Aa, August 9th, printed by J.T. Paterson & Co imprint at lower right, signed by A.S. Watts/ W.T. Snead (image courtesy of Mr. Roger Adamek). SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 39 Figure 3 Examples of last dated T-39s: #32988 plate Ab on August 15th, 1862, and the higher serialized #33805 plate Aa on the earlier date of August 14th, 1862. The key point is that within the cross-period August 9th to August 15th both T-39 and T-40 designs were regularly printed and issued and many examples of both types may be clearly identified. Outside this period the printer J. T. Paterson supplied only the T-39 design before August 9th, 1862, and only the T-40 design after August 15th, 1862. The T-39 design disappeared, meaning it was no more regularly printed and used, after August 15th, 1862, and no T-39 has been found with the date August 16th or with a serial number from the run commencing #33901. For years, among collectors, these dates and serial numbers were well-defined. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 40 But in the last few years a small number of genuine T-39 Confederate notes appeared with some details which suggested to the author and the Trainmen group that we could consider them as Replacement Notes. In the modern era, the issuing of banknotes is a very controlled process. Every banknote, every serial number and, for most printers, every watermark is accounted for. Material control starts with the raw materials and goes throughout the printing and shipping steps. Errors should be removed during the several inspections made at each step. Applying the serial number is usually the last printing step. Serialization is still done at most printers with old-style mechanical tumblers in large, complex numbering box systems. As quality control finds defective notes in the printing process after the serial number has been overprinted, they are taken out and their serial numbers are written down. In the presence of an error, the notes, and even whole sheets, are destroyed, and if the banknote is already marked with a serial number, it is replaced and put into circulation but identified in a different manner, so that the total number of banknotes being printed stays the same in each production batch. These are the Replacement Notes. Some printers create a set of “Z” series notes with the replacement serial numbers, while the USA has used Stars to identify replacement notes. Central Bankers and printers take such efforts in controlling every single step, because everything from the banknote paper to partially printed banknotes are the easiest way for a counterfeiter to produce and pass unauthorized banknotes. The control of the paper and the accounting for every scrap becomes very important to the overall security. A reasonable actual estimate of the frequency of error and replacement notes is 1 to 4 notes per 100,000 notes. We know that during the issue process of interest-bearing notes (T-39 to T-40) in 1862-63, the sheets of $100 notes were printed and delivered by the printing house of J. T. Paterson (later J. T. Paterson & Co.), through the office of Joseph Daniel Pope, in Columbia, South Carolina, and then to the Treasury-note Office in Richmond, Virginia. Here the sheets, checked and counted at every step, were at first numbered and signed for Treasurer, then subsequently dated and signed for Register. Finally, after cutting the sheet into the eight single notes, they were put in circulation. We have no documentation or data about the processing of errors during the printing and issue sequence. From Thian’s Register the only detail we know is the advisory that the notes #67801-68200 were destroyed on January 24th, 1863, but the reason why this happened is, at the moment, unknown. Figure 4 T-39 Replacement Note #37933 Ag, dated August 23rd, 1862, signed by T. W. Bell/ W. B. Walston SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 41 It is otherwise very reasonable to assume that during the printing and issue process some errors could have arisen. Notes with different missing hand-written data such as days, entire dates, serial numbers, left or right signatures and both signatures missing are known, and I personally have seen many examples of these errors; I own some of these notes in my collection. These errors were either not noted or simply allowed in an issue process which was both precise and also very fast due to the demands for vast sums of money by the war. In other cases it is possible that errors were corrected with new notes issued by the same clerks with the same serial numbers during the working day. Obviously, if a sheet of notes was replaced with another new sheet with the same design, meaning a T-39 with a T-39 or a T-40 with a T-40, there is no possibility for us to recognize it. To our knowledge, no specific mark as a replacement note was applied or was needed. But if the sheet was replaced with another sheet with a different design, the replacement may be noticed and identified. I will focus on three specific runs of these interest-bearing notes. T-40, as well as T-39 notes, were printed on sheets of eight notes, with plate positions from Aa to Ah. A run of 100 sheets, as all of the T-40 notes were grouped, accounted for 800 notes ready to put in circulation. On August 23rd, 1862, four T-40 runs #37901- 38300 were signed by T. W. Bell for Treasurer and by W. B. Walston for Register. The run #37901- 38000 shows, at the moment, one known Replacement Note #37933 Ag with the T-39 printed design (see Figure 4) Figure 5 T-39 Replacement Notes #40373 Ab and #40378 Aa, dated September 1st, 1862, signed by M. M. Young/ M. C. Riggs SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 42 On September 1st, 1862, four T-40 runs #40101-40500 were signed by M. M. Young for Treasurer and by M. C. Riggs for Register. The run #40301-40400 shows, at the moment, two known Replacement Notes #40373 Ab and #40378 Aa with the T-39 printed design (Figure 5). On September 12th, 1862, four T-40 runs #44301-44700 were signed by H. C. Williams for Treasurer and by J. M. Kinney for Register. The run #44401-44500 shows, at the moment, six known Replacement Notes, #44439 Aa, #44442 Aa, #44444 Aa, #44449 Aa, #44452 Aa, and #44452 Af with the T-39 printed design (Figure 6). These nine notes are the nine Replacement Notes I am describing in this paper; one was issued 8 days after the cross-over period between the T-39 and T-40 regular issues, two were issued 15 days after the last known sheets of T-39, and the other six almost one month after the last T-39. (Table 1 summarizes the chronology of printing and type designs). First of all, the notes are all authentic, not contemporary counterfeits. They all match nicely in Thian’s Register. The notes were checked by expert collectors among Trainmen and three of them (#44444, #44449 and #44452 Af) are holdered by PCGS or PMG. Figure 6 T-39 Replacement Notes, dated September 12th,1862, signed by H. C. Williams/ J. M. Kinney (#44439 Aa, #44442 Aa, #44444 Aa, #44449 Aa, #44452 Aa and Af) SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 43 Figure 7 T-39 #24980 Ae, dated August 1st, 1862, signed by R. Bain/ J. H. Harris: an example of the last known run #24901-25000 with the imprint of J. T. Paterson, Columbia S.C. written at the lower left. A nice detail of both August 23rd and September 1st T-39 Replacement Notes is the verification of the J. T. Paterson, Columbia S.C. imprint as written at lower left on a T-39. This is the first design by J. T. Paterson and the sheets with the left printed name were used from June 4th until August 1st, 1862. The last known J. T. Paterson note with this imprint belongs to the run #24901-25000 and is #24980 Ae signed by R. Bain for Treasurer and by J. H. Harris for Register (Figure 7). Among the Replacement Notes, the imprint with J. T. Paterson, Columbia S.C. was used one month later than the last known regularly issued notes. All the September 12th, T-39 Replacement Notes show the imprint of J. T. Paterson & Co, Columbia S.C. written at the lower right, which is the more common location of the imprint on the T- 39 notes and all of T-40 notes issued from August 1862 until the end of the issuance of this type. We could infer that sheets and not just single notes were replaced since we have found different plate positions among the Replacement Notes: Aa, Ab, Af and Ag. In one case we have identified two notes with the same serial number, #44452, and two different plate positions, Aa, Af. To better define the possible numbers of Type- 40 sheets replaced with Type-39 sheets, I checked the runs matching the same date and signers of the Replacement Notes (see Table 2). For August 23rd, 1862, I verified four runs (#37901-38300) signed by T. W. Bell and by W. B. Walston, focusing on the run #37901-38000. I found three notes in the run #38001-38100 and two each in the runs #38101-38200 and #38201-38300, all Type-40 with the imprint J. T. Paterson & Co, Columbia S.C. Within the run #37901-37800, I found four notes which were not Replacement notes, and they are both T-40 with the J. T. Paterson & Co imprint. I checked four runs (#40101-40500) of T-40 notes issued on September 1st, 1862, signed by M. M. Young and by M. C. Riggs, focusing on the run #40301-40400. I found two notes each in the runs #40101-40200, #40201-40300 and #40401-40500, all of which are Type-40 notes with the imprint of J. T. Paterson & Co, Columbia S.C. Within the run #40301-40400 I found six notes in addition to the two Replacement Notes; again these six notes are Type-40 with the J. T. Paterson & Co imprint. I finally checked the four runs (#44301-44700) of T-40 notes issued on September 12th, 1862, signed by H. C. Williams and by J. M. Kinney, again with particular attention to the run #44401- 44500. I was able to find three notes in the run #44301-44400 and one each in the runs #44501- 44600 and #44601-44700, all of them Type-40. Within the run #44401-44500, together with the six Type-39 Replacement Notes, I found seven other SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 44 notes, all Type-40. All the notes dated September 12th, 1862 show the J. T. Paterson & Co imprint. The Replacement Notes are only a few sheets or a small part of the run to which they belong, and no Replacement Notes have been found in the adjacent runs by the same date and signers. Inside the run with the replaced sheets we may assume a maximum possible number of sheets replaced, using the range of serial numbers between the lower and higher Replacement Notes and a margin of approximation between the lower and higher serial number of the “regular” T-40 notes we had verified. For August 23rd we have only one replaced sheet at the moment and this note is a very recent finding. The margin of approximation is wide, including 35 sheets (from #37922 to #37956). For September 1st the possible sheets replaced are six (#40373-40378) with a margin of approximation of 32 sheets (from #40357 to #40388). And finally for the September 12th Replacement Notes, the possible sheets replaced are fourteen (#44439-44452), with a narrow margin of approximation of 18 sheets (from #44437 to #44454). See the examples in Figure 8. It’s time to make some comments and possible deductions from these data. As we have already said, we have no data about what happened at the Treasury Department during the issue process of Train notes in case of error or damage of one or more sheets of notes. The two designs of Train notes are very similar: the obvious difference is the straight (all white) or diffused (clear) steam on the train’s safety valve, while minor differences concern the trees on the hill behind the train, the telegraph wires and the ropes and the yards of the ship. But, reasonably, for the purposes of the printers and of the Treasury all these differences were not so relevant. Figure 8 Margin of approximation to the three group of Replacement Notes: T-40 #37921 Ag and #37957 Ac (top), T-40 #40356 Ag and #40389 Ab (middle), T-40 #44436 Ac and #44455 Ad (bottom). SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 45 If one or a few sheets were damaged at either the Treasury or the printer, other sheets were used to replace them to complete a bundle of 100 sheets. The printer would have had easy access to extra sheets. We know from later reminiscences by the signer Addie Stuart that notes or entire sheets were damaged at the Treasury-note Department. After the more regular use of the Type-39 design ending August 15th, 1862, it is reasonable to assume that some sheets with that design laid unused in the Treasury-note Department. The Treasury was exclusively using the new T- 40 design from August 16th. If one or a few sheets were damaged during signing, numbering, or cutting, they had to replace them. Instead of taking a sheet from a complete group of 100 new sheets, they apparently used some earlier T-39 sheets lying on a shelf as Replacement sheets, which, after cutting, then became Replacement Notes. The first sheets used as replacements were T- 39s with the imprint of J. T. Paterson, as we can see in the Replacement Notes dated August 23rd and September 1st, 1862, while the last remaining sheets were T-39s as well, but with the imprint of J. T. Paterson & Co., as we found in the six notes dated September 12th, 1862. Even if the Confederate Treasury didn’t replace and schedule the notes with the same aim as it is done in the modern era, the notes described in this paper may be accurately considered as Replacement Notes. These notes and some others found in the future could be nice additions for collectors and are surely an interesting topic of discussion among researchers. I would like to ask readers and collectors the courtesy of sending me an image of any T-39 Replacement Notes you eventually acquire for my database, and also images of the T-40 notes in the same runs, to decrease the margin of approximation of the replaced sheets. The e-mail for correspondence is: enricoaidala@gmail.com Table 1 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 46 Table 2 Acknowledgments: Great appreciation goes to Michael McNeil for reviewing this article and providing editorial advice and to the Trainmen group for their research and data about their notes. References: 1. Thian, Raphael P. Register of the Confederate Debt, Quarterman Publications, Lincoln, MA, 1972, 190 pages. 2. North Carolina Map Blog. James T. Paterson – Confederate dentist and map publisher. October 26th 2016. 3. Armstrong, Paul. Confederate Currency Printers in Columbia, SC. Columbia History Buff, October 10th 2019 4. Aidala, Enrico. The last date of Type-40 Confederate Currency: the intriguing date of January 16th, 1863. Paper Money, No. 340, July/August 2022, 278-85 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 47 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 Channel Island Internees at Wursach Schloss by Steve Feller An E-Bay ad recently caught my eye. It read: “Wursach Internment Camp 50 pfg banknote discovered by the children of the Channel Island internees in the loft of the Schloss.” Included with the listing was an image like this: Figure 1: Wursach Schloss Notgeld for 50 pfennig. I’ve long been interested in the British Channel Islands and internment camp monies, in general. This was a great listing on a topic I was primed for. In our book Silent Witnesses: Civilian Camp Money of WWII my daughter Ray Feller and I wrote of this money based on a trip my wife and I took to the British Channel Islands of Jersey and Guernsey in 2006. Here I quote a part on the visit to Guernsey: Being a Sunday our options were limited, but as luck would have it the German Occupation Museum at Forrest was open. This necessitated a cab ride of about 10 pounds—paid for in Guernsey currency for fun (they take British, Guernsey, or Jersey equally). This museum was larger and better presented than its counterpart on Jersey was. Figure 2: The British Channel Islands https://upload.wikimedia.org/wikipedia/commons/e/ec/Channe lIslands.png SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 49 Figure 3: Barb Feller outside Guernsey’s occupation museum in 2006 (Steve Feller). Again I saw many ration books and many examples of both Guernsey’s and Jersey’s occupation currency, scrip and related items. Some examples are given below. They had all sorts of artifacts in various states of disrepair and age. As I was about to leave I bought a Guernsey German-occupation stamp for 95 pence. I also bought some books that were first- hand accounts of the occupation. The director, Mr. R.L. Heaume was knowledgeable about the period. I mentioned that I collect bank notes and write about them, at which point he became animated and told me he would check the archives of the museum for duplicates and he even indicated they might sell some! While my bride had tea, he rummaged. How British is it to have a tearoom in an occupation museum? After a long while he said he needed more time and we arranged for him to come to our hotel at 8:30 P.M. As we were looking for the bus stop to go back to St. Peter Port we met his wife, an exuberant lay reader at a local church. After a brief chat we discovered that she had spent a summer in Iowa near (our home area of) Cedar Rapids! The bus brought us back to the capital and we had a nice lunch. Walking back to the hotel I did a double take when I saw the pub by the hotel was named the Thomas de la Rue! More snaps on the camera and an inquiry led to the story that this was the former home of the one and only founder of the great printing firm. When we bought Guernsey postage the stamps were de la Rue commemoratives. A nap and a nice seafood dinner brought us near to the time of our meeting with the museum chap and his wife. Promptly at 8:30 they arrived at our hotel and he suddenly remembered that he had left the crucial envelope in the car. Figure 4: Guernsey camera receipt from World War II (Steve Feller). Figure 5: Black market values in occupied Guernsey (Steve Feller). SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 50 Figure 6: Our hotel in St. Peter Port, Guernsey (Steve Feller). After a few minutes he showed me the museum duplicates: Guernsey and Jersey occupation notes, but alas, he was very knowledgeable about prices. Still, we made a deal on a lovely blue paper six pence Guernsey note from 1942. I should mention the Guernsey occupation notes are rarer than Jersey ones. Then he showed me an internment camp note! It was from a German camp for Jerseymen sent to the mainland. I had never seen it before and it had a WWI look, but since he told me he had obtained it from an inmate and had seen but a few I asked him to scan it for me. He then asked if I had seen the other one on exhibit from yet another camp. No, I had not! The note hails from Wursach and is a note used from before the war when the camp was a school for priests. Note the vignette of (the castle or schloss that housed) the school on the note. Figure 8: In Wursach internment camp (Wikipedia) The British Channel Islands, the crown dependencies of Guernsey and Jersey, were occupied by Germany in June and July 1940 during the Second World War. This was the only part of the British Isles occupied by Nazi Germany and it lasted to V-E day plus one- to May 9th 1945. Figure 9: German Troops celebrate the occupation of Guernsey. https://www.bbc.com/news/world-europe- guernsey-54106579 On October 14, 1940 all male British subjects between the ages of 18 and 35 inclusive were ordered to report immediately for official registration. They were required to state whether they had served in or were part of the reserves of the British Army. Figure 7: Twenty mark note that civilian internees from the Channel Islands received as a souvenir of Wursach Internment Camp (German Occupation Museum). SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 51 By late 1941 Hitler ordered the deportation of non-island born British residents of the Channel Islands because of the recent internment of German citizens in Iran. Lists of the mainland-born people in the Channel Islands were prepared in September and October but the deportation itself did not take place at that time. Senior German military officials in the islands were against the move and in January 1942, Jersey Feldkommandant Colonel Knackfuss notified the German 319th Infantry Division on mainland Europe of his opposition. However, after being reminded Hitler insisted on the deportation and on Tuesday September 15, 1942 Colonel Knackfuss published the following in the Jersey Evening Post: To please Hitler, Knackfuss demanded that at least 1,200 Jersey residents be deported the following day. This was logistically impossible, but when the SS La France sailed for St Malo in France the following night there were 280 Jersey residents on board. In total, about 2,000 people were deported from Jersey and Guernsey in the coming weeks. This is evidence that life in occupied Jersey and Guernsey was far from pleasant. Postwar the local authorities who helped the deportation were severely rebuked. Men, women, and children were deported and families ended up at several internment camp sites including the schloss or castle at Wursach in Southern Germany. Figure 10: Jersey Newspaper announcement of internment of civilians. By Man vyi - own photo of old document, Public Domain, https://commons.wikimedia.org/w/index.php?curid=25298420 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 52 Figure 11: The Wursach Schloss (Castle) as an Internment Camp in WWII. Children interned at Wursach found the previously shown pre-World War II money in the loft at the castle. They “liberated” it and examples were brought back to the Channel Islands after they were freed in 1945. The camp site had been a school for clergy before the war, and these notes are from that period. To date we know of the following notes from Wursach with estimates of prices: # rm/rpf description vgood vfine new GE-690 1 rpf Grey, All notes have vignette of $30 school for priests at Wursach GE-691 2 rpf Pink 50 GE-692 5 rpf Green 30 GE-693 10 rpf Blue 30 GE 694 50 rpf Brown 30 GE-695 1 rm Brown 30 GE-696 2 rm Red 30 GE-697 5 rm Green 50 GE-698 10 rm Violet 50 GE-700 20 rm Green 100 Note numbers are from “Silent Witnesses: Civilian Camp Money of WWII”. Notes are rubber overstamped on the face with an image of Jesus Christ and an expression of the Salvatorian Order Stamps with a design similar to the scrip were also taken by the children. They have no denominations on them. Figure 12: Wursach Schloss (Castle) in modern times. By Okona - Own work, CC BY-SA 2.5, https://commons.wikimedia.org/w/index.php?curid=1623369 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 53 Figure 13: Inmate drawing of Wursach https://www.theislandwiki.org/index.php/File:F20WurzachCampWalterGunner.jpg There are well-known German occupation issues of notes and this article is not meant to reproduce that story. A few examples are shown here. . Figure 14: Face of Guernsey 6 pence occupation note. Figure 15: Back of Guernsey 6 pence occupation note SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 54 Sources:  Webpage Jerripedia  https://www.theislandwiki.org/index.php/File:F20WurzachCampWalterGunner.jpg  https://commons.wikimedia.org/w/index.php?curid=25298420  By Okona - Own work, CC BY-SA 2.5,  https://commons.wikimedia.org/w/index.php?curid=1623369  https://www.bbc.com/news/world-europe-guernsey-54106579  https://upload.wikimedia.org/wikipedia/commons/e/ec/ChannelIslands.png  Ray Feller and Steve Feller, Silent Witnesses: Civilian Camp Money of WWII (BNR Press: Port Clinton, OH) 2007.  Roger E. Harris, Islanders Deported: The complete history of those British subjects who were deported from the Channel Islands during the German Occupation of 1940-45 and imprisoned in Europe (Channel Islands Specialists’ Society: Surrey, UK) pp 84-85 (1979).  Roger E. Harris, Islanders Deported (Part II) (Channel Islands Specialists’ Society: Clayhall, Ilford, Essex,, UK) (1983).  Jersey Evening Post, September 15, 1942.  Steve Norman, “New” Wursach Note Discovered, Les Iles Normandes (Channel Islands Specialists’ Society Journal) 25 (1) 9-12 (2006). Figure 16: Face of one pound occupation period note from Jersey. Figure 17: Back of one pound occupation period note from Jersey. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 55 U.S. Lieutenant Frank C. Filley’s T-63 Fifty Cent Confederate Note by Charles Derby The T-63 Confederate fifty-cent note from the issue of April 6th, 1863, is one of the most common Confederate bills, with over 1.8 million issued. Unlike most Confederate notes, its signatures are printed, not hand signed by two clerks for the Register and Treasurer. Though common, one example, shown above, is unique because of what is written on the otherwise plain reverse. F. C. Filley of Co. G of the 16th New York Artillery signed his name on April 17th, 1864, and wrote the following message: “A genuine rebel 50 cent bill I got it of an escaped Union refugee some time since it has been in many a rebels hand.” This article tells the story of this Union soldier, Francis Cornelius Filley. Frank C. Filley was an accomplished yet complicated man, good-looking, photogenic, educated, a commissioned officer in the Union army, yet with a dark side that throughout his life reversed many of his accomplishments and derailed many of his plans. He was born Francis Cornelius Filley, on April 14, 1830, in Windsor, Connecticut, to Horace Filley (1786-1869) and Tirzah Thorpe (1786-1872). He came from a long line of Windsor Filleys. Frank’s father was a farmer in Windsor, with 60 acres of land valued at $4,000 in 1860. Frank was the youngest of Horace and Tirzah’s ten or so children. Frank moved from the family farm to the big city – New York City, and there on January 8, 1854, he married Emeline “Emma” Poillon Lane, the oldest child of Capt. William Burtis Lane, who was lost at sea in 1847, and Emeline Poillon. When the Civil War came, Frank soon enlisted as Private in Co. E. 7th New York State Militia, serving as its Adjutant. He was proud in his Union uniform, and had photographs taken of himself in it. As the conflict between the North and South proved to be a bloody prolonged war rather than a brief clash, Frank moved from the N.Y. state militia to the regular army, and as a commissioned officer. In December 23, 1861, he enlisted as 1st Lieutenant in Co. D. of the 4th New York Artillery. He received his commission on March 4, 1862. The regiment left New York on February 10, 1862, and served in and around Washington, D. C., in its defense. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 56 Frank C. Filley in 1861 in his uniform of his first military assignment of the war, when he served in Co. E of the 7th New York State Militia. Courtesy of the Library of Congress (public domain).  Hyland C. Kirk, in his 1890 book Heavy Guns and Light. A History of the 4th New York Heavy Artillery, tells a tale of Frank Filley from February 5, 1862, while the regiment was stationed at Camp Ward, Port Richard, Staten Island. The Adjutant-General of New York was inspecting the unit, and at the ensuing ceremony, the unit sang a patriotic song composed by Lieutenant Filley and dedicated to the regiment. Here is the last stanza of Filley’s song: "Then rally to our banner and make no delay, The heavy artillery, our Colonel Doubleday; We will follow him to death, and with hearts firm and strong, To battle for the Union we're marching along, Marching along, we are marching along, Guide on our banner, as we're marching along ; Our cause it is just, our soldiers are strong, For God and our country we are marching along.” Frank had a lyrical talent, one that would express itself later in his life. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 57 1st Lieutenant Frank C. Filley, in his second military assignment of the war, in Co. E, 4th N.Y. Artillery. Top left: Officers in the unit, with Lt. Filley in the upper right corner. Top right: enlarged image of Filley. From H. C. Kirk (1890). Bottom: In 1862, Lieut. Filley with his wife Emma, his daughter, and Major (later Brevet Brigadier General) Thomas R. Allcock (1815-1891). Courtesy of the Digital Library of The Huntington Library, Art Museum, and Botanical Gardens, Los Angeles, California. But all was not rosy for Frank. On July 1, 1862, he transferred from Co. D to Co. E of the 4th N.Y. Artillery, and on October 25, 1862, he was cashiered – dismissed in disgrace for a serious misdemeanor. Out of voluntary service in the U.S. military, he returned to New York and worked for a time as a lighterman – operating a lighter, which is a flat-bottomed barge. With the draft, though, he rejoined Union army in 1864. He entered SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 58 Co. G of the 16th New York Heavy Artillery, mustered in on January 8, 1864, at Riker's Island. He was again commissioned 1st Lieutenant, on February 2, 1864, with rank from January 8. On January 13, 1864, he left New York with the 16th N.Y. Artillery for Fortress Monroe, Virginia, and later to Yorktown and Gloucester Point, Virginia. It was during this time that Frank received and signed his T-63 note. Less than three weeks later, on May 4, 1864, he left the army, disgraced – he was dismissed by sentence of General Court Martial prior service. After the war, he joined Emma in New York City, and he worked there as a book agent for R. H. Ferguson & Co., a publishing company. But again, life took a serious turn for the worse for Frank: in August 1870, he was committed to jail on a charge of embezzling from the company. But again Frank rebounded, drawing again on his musical talents. In 1874, Frank scored big as the lyricist for a song that became a major hit, “Oh, Isn’t He a Tease.” With music composed by Jean le Croix, this was a risqué song about love, kissing, and marriage proposals.                      Sometime in the 1870s, Frank moved west – to San Francisco. Emma did not move with him. She stayed in New York City, where she died on October 18, 1885, 52 years old. She is buried in Brooklyn’s Green-Wood Cemetery, next to her brother Richard Poillon Lane. Frank died seven years earlier, on June 16, 1878, at 48 years old, in San Francisco, where he buried. As a U.S. veteran, Frank was allowed a government sponsored memorial, and his family decided to have this carved and erected in Center Cemetery, South Windsor, Connecticut, next to the graves of and monument to his parents and siblings – even if Frank’s body was lying alone in faraway California.  References Kirk, Hyland C. 1890. Heavy Guns and Light. A History of the 4th New York Heavy Artillery. C. T. Dillingham, Publisher, New York. Stiles, Henry Reed. 1892. The History of Ancient Windsor, Connecticut. Volume 2. Press of the Case, Lockwood, and Brainard Company, Harford, Connecticut.   Frank C. Filley’s musical talents were once again on display in 1874, when he published the popular song, “Oh, Isn’t He a Tease,” with Frank writing the lyrics and Jean Le Croix composing the music. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 59 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Tibet (sort of) During the 1930s the Nationalist Chinese government overprinted Central Bank of China (CBC) notes with Tibetan-language texts announcing the name of the bank and the denomination of each note. This was to accommodate residents of southwest China who had migrated into China from Tibet (and presumably found the Chinese language and orthography as opaque as a Chinese immigrant in the other direction would find the Tibetan language). Figures 1a and b show face and back of a 10 yuan note with the Tibetan legends added— vermilion on the face and black on the back. The overprinted notes have been hard to collect—genuine ones are scarce and almost always low-grade. Enter the faker. Numerous examples of Tibetan- inscribed CBC notes are available in today’s market. Most of them are not original. This column will show how to identify the original ones. See Boling page 63. Iceland Iceland is a small island republic in the north Atlantic touching on the Arctic circle. Before the pandemic it was a tourist attraction because of this exotic location. I do not know how well the tourism industry has recovered. During World War II it was a key strategic location because it controlled shipping lanes in the north Atlantic. We had a few interesting Icelandic items listed in World War II Remembered, but of course we have much more information now. Today I want to give you a review of what we had before and a preview of the new items and information in the draft of Remembered 2. The FBI The Icelandic location and climate contributed to interesting events during the war. Iceland was garrisoned, with permission, by British and American forces. British forces landed on 10 May 1940. They were relieved in Reykjavik by U.S. Marines who landed on 7 July. Ultimately, 45,000 American soldiers, sailors, Marines, and airmen were stationed in Iceland. The positioning of American naval forces here was key to the protection of the north Atlantic shipping routes to Great Britain. Living conditions were crude. Most living quarters and offices were Quonset huts. “In Nissen Huts” shows the somewhat primitive living conditions of the foreign military in Iceland. The painting is a watercolor by Leonard Krimsin, US Army. Figures 1a (above) and 1b (below) SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 60 The military personnel called themselves the FBI— Forgotten Bastards of Iceland (see certificate below)! Several units were stationed at a variety of installations spread around the island. Most of these are not particularly important to us today, but the 1386th Army Air Force Base Unit is worth mentioning. The 1386th issued a welcome document that gives us several insights to a soldier’s life in Iceland. The cover is a cartoon featuring an outline of the island with drawings showing various Icelandic activities. The most important part of the document is the inside spread—a map of the base. Of particular interest on this map is the location of the finance office at approximately the intersection of Broadway and Park Avenue. The place to mail a letter was close by. It is curious to me that it was called post office instead of APO or Army post office. If you do an eBay search, you will find many postal covers to and from Iceland. I am not going to collect these covers. No, no, no. Rikissjod Islands emergency issue 1 Krona notes A new one-krona note was issued in Iceland in 1941. It is an emergency issue related to the arrival of the British and American forces. It was printed in Iceland. This issue is well known and has many varieties. The most obvious of these is the use of various colors. There are also serial number varieties. Circulated notes are not rare so you can have a lot of fun collecting this issue of a single denomination. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 61 This issue is well cataloged in Remembered. I have only very minor updates in the draft. Lottery tickets Are lottery tickets numismatic items? Certainly they cannot routinely be exchanged for goods or services (except, perhaps, winning tickets). They do not earn interest nor are they redeemable (except of course, again, the winners). On the other hand, they often look like paper money, replete with serial numbers, signatures, and security features. During the war several countries conducted lotteries to either directly or indirectly support the war effort. Some also sold bonds that were redeemable early, and with premiums, through lottery drawings. When Joe and I started working on Remembered, we decided that when it came to decisions about what to include or exclude we would err on the side of inclusion for items that are not easily found elsewhere. In spite of this, Remembered does not include many conventional lottery tickets. We attempted listings of Nazi lottery tickets. Those listings were quite incomplete, but it was also a pioneering effort. On top of everything else, I have a story to tell, so I want to include the World War II Icelandic lottery tickets in the new edition. One interesting twist is that the Icelandic tickets mimic the Nazi tickets in many ways. The most obvious of these similarities is the selling of full and partial chances. The tickets that I have seen are denominated as one quarter, one half and one chance. It is possible that there were other fractions as well. I learned of and obtained my first Icelandic ticket shortly after the release of and because of World War II Remembered. Grover Criswell sent me the full chance (1/1) from lottery 1 (number in upper right corner) because he could not find it in the book. His primary point was the 1943 dates on the piece. I am not sure that I initially even recognized it as a lottery ticket until a few years ago. Well, it may have been more than a few years ago.  The Stack’s Bowers sale of the Herzog collection included several bulk lots. I knew that I had to see those large lots. I made the trip and was rewarded. Included in one of the lots was my second Icelandic ticket and, quite remarkably, a letter from Lloyds Bank Limited, Maidstone to J. W. Bridge regarding the quarter lottery ticket in the Herzog collection. The letter states: “I return the note you handed to me last week, and am surprised to learn from our Colonial and Foreign Department that it is a quarter Lottery Ticket issued in connection with the erection of a new University in Iceland. Apparently it is the practice in that country when capital expenditure of this nature is required to run a Lottery.”  Wow, that letter answered questions that I did not know that I had. A few days ago, when I was pondering a topic for this issue of Paper Money, I found the tickets and letter in my collection and got excited to pursue these lottery tickets. To my surprise, I could not find a single ticket on eBay. That only left one place to go. I called the Nazi lottery ticket guy, Harold Kroll, to see if he had any SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 62 of the Iceland tickets. I was pleased, but not surprised, that he did. Boy, did he. Harold had seven different types. Eight of his combined nine were from 1943 lotteries. All of these have the waterfall vignette.  The other piece has a mountain vignette. It is from the sixth 1942 lottery. I played around a little using an internet translation service, but it would be really great to have the help of someone out there who reads Icelandic. Reports of additional pieces in collections would also be very helpful. Trench art (TA) In the draft we also have new entries for numismatic trench art. I have not mentioned TA very often here in Paper Money because most of my numismatic TA is made from coins. In short a numismatic trench art item is a souvenir item made from a numismatic item of the theater by or for a service member. Short snorters fit this definition, so I am happy to show you an Iceland short snorter on a United States silver certificate. Short snorters were also made from the 1940 1 kroner notes, but I do not have one to show you. Can you help with that? I will also show you an engraved Icelandic TA coin (yikes). Yank gets honor in Iceland snowstorm 4 January 1943. Sgt. Lewis H. Zerbe of Mohnton, Pa., stands before a color guard in a driving snowstorm somewhere in Iceland to receive a Legion of Merit award from Maj. Gen. William S. Key, commanding general in Iceland, for exceptionally meritorious conduct in performance of duty while at Camp Lee, Va. Boling continued: Step one is to learn to read Tibetan (or at least recognize the denomination characters for the five values of notes overprinted). Figures 2-6 are the lower of the two lines added to each face and back. The denominations are in sequence 1, 5, 10, 50, 100 yuan. For the one-yuan I am showing the line from the back, because the face of the note is orange and the overprint is harder to see there. (The top line on each side is the bank name; it will be addressed only once in this column.) Figure 2 Figure 3 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 63 Some of the fakers are not any more adept than you or I at reading Tibetan, and some obviously do not know that the second line has to change according to the denomination of the note being doctored. So when you find a five yuan note with a ten-yuan Tibetan overprint (figure 7), you can pass on that one. Similarly, when you find a 50-yuan note that says fifty on the face but only five on the back (figures 8a and b), you can ignore that one, too. In fact, you can ignore all 50-yuan notes with Tibetan overprints. The received wisdom is that no 50-yuan notes were overprinted with Tibetan legends, and I have yet to find one that seems to be legitimate. That same wisdom says that no 100-yuan notes were overprinted, but I contest that, as you will see. There is another instance of incorrect overprinting, not involving the denomination. This occurs in the bank title line (top line) on the face of some of the spurious notes. Figure 9 points to the character that varies (fifth from the right). Figure 10 shows a close-up of the character, the top portion of which is a three-sided box open at the right. The left side of the box is slightly angled toward the lower left. The incorrect character (figure 11) has a much more prominent point out to the left. Any note with this misshapen character is bad, even if the denomination line is correct for the note. If the note in your hand has passed the calligraphic challenges, now we get to the mechanics of creating the overprints. These were not placed on finished notes as a separate process. The low three denominations have two vermilion seals on their faces (I have no clue why the 100- yuan notes were issued without seals). Those two seals and the Tibetan texts were printed at the same time, on the same press. That means that the color of the Tibetan text Figure 4 Figure 5 Figure 6 Figure 11 Figure 8a Figure 8b Figure 9 Figure 10 Figure 7 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 64 and the ink density of that text has to match the color and density of the seals. Now you need your 20x magnification capability. Examine several places on both the Tibetan denomination and the two seals that flank it. If they do not match, the Tibetan overprint is spurious. You can also examine those elements under ultraviolet illumination (5x magnification helps—keep the UV radiation out of your eyes). Again, if they do not match, the Tibetan was not placed there simultaneously with the seals, and the overprint is bad. Figures 12a and b compare the overprint with a seal on a genuine note (overinked, which is why the strokes look thicker, but it helps to show the process). The colors match, and both show the same ink smearing at the top—introduced when they were printed at the same time. Figures 13a and b show the same elements on a spurious note—the colors do not match, and the ink density on the overprint is noticeably greater than that on the seal. These were not printed at the same time, and thus the Tibetan overprint is bogus. On the backs of the notes the Tibetan was apparently placed at the same time as the signatures (printed in- country, not by ABNC). Don’t use the serials as a guidepost - those were applied by the manufacturer. I say “apparently” because it is a lot harder to distinguish between two black inks than to see differences in two colored inks. But your 20x magnification can also distinguish obvious differences in ink density and textures. Obvious similarities are not so useful in black. That should be your last comparison step, confirming what you will have already seen when examining the face of the note. The preceding steps will get you to a finding for 1-, 5- and 10-yuan notes. How about the 100s? Remember that I said most guidance says that no 100s received Tibetan legends—they were too high a denomination to be useful to the Tibetan migrants. However, some 100-yuan notes that show extreme wear of the overprints exist (not to mention the notes being on the verge of disintegration). Those all occur in block A/U. In that block the signature of bank governor Kung on the back is in black and extends into the bottom margin (figure 14). Figure 12a Figure 12b Figure 14 Figure 13a Figure 13b SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 65 The more-often-seen 100-yuan notes with overprints are in block B/H. In that block Kung’s signature is in the violet plate and does not extend into the margin (figure 15). The block A/U Tibetan legend for 100 yuan (figure 16 top) is more elegant than the same one on the higher- numbered notes (figure16 bottom). The lines are tapered, the curves are more fluid—the overprint is not as klunky as the false one. On the A/U notes there is a knob at the top of the rightmost vertical stroke of the denomination text, absent on the false overprints that I have seen. Under UV (figure 17), the block A/U overprints are maroon; the block B/H overprints are orange. In my opinion, the A/U notes that show circulation wear on the overprints (again using 20x magnification) are genuine. I do not know whether un-overprinted notes in that block exist that fakers can use as a canvas, so check calligraphy and the UV characteristics if you are offered a nice note from the A/U block. I have seen only one other note using the B/H style of overprint, in block B/U. Beware of any 100-yuan note with a Tibetan overprint that is not from the A/U block. And if you want a genuine Tibetan-marked CBC note in your collection, don’t be loath to accept a VG or fine example. They rarely come nicer. Tom Sparks, noted numismatist and founder of the non-profit educational Short Snorter Project, to keynote the first MPC FEST in three years March of 2023 marks the much-anticipated return of FEST, the annual gathering of collectors of military currency and other military numismatic material after a three-year hiatus related to Covid. It will be held at Camp Leo May (Holiday Inn Express, Catawba Island, Port Clinton, Ohio) 17 March to 19 March 2023. The keynote speaker will be Tom Sparks, noted numismatist and founder of the non-profit educational Short Snorter Project. His father introduced him to coin collecting in 1966 and The Numismatist introduced him to short snorters in 2002. He began his mission to educate the general public about the short snorter tradition in 2007 by launching a website which resulted in a flood of information and access to artifacts. His presentation will showcase the short snorter of Major General Clayton Lawrence Bissell, US Army Air Service, who was an ace pilot in the 148th Aero Squadron during World War I, and was Assistant Chief of Staff for Air Intelligence, War Department General Staff during WWII. He later was Head of the War Department Historical Program. His short snorter is 64 feet long, consists of 141 banknotes (including sets of rare Allied Military Currency perforated specimens) and is signed by over 100 Allied generals, admirals, and senior political figures of that era. To attend MPCFest, start by making a hotel reservation with Kim at 419-732-7322. Tell her you are coming for Fest. Then email FredSchwan@yahoo.com to be placed on the distribution list for Fest-related information as it is published. Figure 15 Figure 16 Figure 17 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 66 Cancelling Money Just over six years ago, the Indian government embarked on a remarkable monetary experiment whose wisdom people still dispute. On November 8, 2016, India announced the immediate demonetization of all 500- and 1,000-rupee banknotes, or some 85% of the country’s outstanding circulation; noteholders were directed to redeem their balances at banks in exchange for new issues of 500- and 2,000-rupee replacement notes. This redemption period would last until the end of the year. Reasons why the government undertook this traumatic exchange were shifting, but the underlying motivation was clearly to flush out what Indians call “black money” from their economic system. “Black money” represented the cash balances that were said to have accumulated from illegal, corrupt, or otherwise informal economic transactions that had escaped the reach of the tax authorities. Restrictions imposed upon the amount redeemable at any one visit to the bank, combined with withdrawal limits on new cash supplies, were meant to expose hoards of cash that the authorities presumed were ill-gotten gains. If such hoards were not impounded at the point of redemption, their purchasing power would simply expire once the deadline for redemption had passed. If the Indian government thought this scheme would crimp the underground economy and enable it to confiscate significant amounts of wealth, it was mistaken. Ultimately, over 99% of the value of those outstanding denominations were successfully redeposited in the Indian banking system, suggesting either that “black money” was a mirage or that holders of suspect balances managed somehow to circumvent redemption restrictions and thus launder their funds. In the meantime, the public inconvenience was massive—poor and financially unsophisticated people naturally got screwed—and the disruption to the Indian economy was palpably significant, if mostly short-term. Events like this deserve greater attention, I think, because they highlight the distinctive tension between governments and the paper monies that they issue. A nation’s money is a potent symbol of its sovereignty. Many (if not most) nations do a mediocre to terrible job at managing their money’s value, especially over the long term. Yet even for those countries that do it tolerably well, there is always an undercurrent of fear that a nation’s cash, if too successful, is actually something of a threat to a nation’s authority. Not only does cash facilitate criminal behavior, it also empowers an independent citizenry to stand up against the government’s financial overreaching. Cash is, in American terms, the Second Amendment of the financial system. Among the better-run countries, the United States is freakishly unusual in maintaining the legal tender status of its federal currency issues all the way back to 1861 (arguably, the forced redemption of gold coin in 1933 more resembles India’s confiscation). Otherwise, even impeccable Switzerland regularly retires its notes; nothing before its sixth banknote series (1976) has any legal exchange value whatsoever. Clearly this has some relevance in the eternal war against counterfeiting. But it also enables Switzerland periodically to assert control over a monetary aggregate that has natural affinities for the underground economy. Even if it wanted to, I suspect that the United States would experience great difficulty in establishing a retirement schedule like Switzerland’s. Thanks to its status as an international reserve currency, something like half of the value of U.S. paper money circulates outside of the country. Whether acquired “illegally” or not, a good part of this overseas circulation functions as a store of value beyond the grasp of rapacious governments. Calling in this money for replacement would be a globally disastrous experiment. It would also endanger the interest-free loan that the world grants the United States by holding those dollar balances at all. The world is doing the United States a real financial solid. Why ruin a good thing? If crusaders are really intent in waging a war on cash, a more realistic first step might be to limit denominational size. Showing foresight, China has never allowed anything larger than a 100 yuan note (roughly $US 20). In 2016, Europe ditched its 500-euro “Bin Ladens.” Reducing the highest U.S. denomination to a $50 implies a doubling in the physical volume of paper, but the global suitcase industry would soon adapt. And transacting in “Ulysses”, rather than “Benjamins”, might give rap artists everywhere a somewhat more literary slang to work with. Unless the United States wants to incur a mortal blow to its international financial reputation, those overseas balances are here to stay. If anything, actions like India’s underscore how important a good reputation can be. Like other central banks, India’s has recently taken steps to introduce a digital version of the rupee. However, given the government’s readiness to cancel a large chunk of its own citizens’ monetary wealth, it’s hard to see how an e-rupee would ever be credible. Other countries, above all the United States, should take notice. Chump Change Loren Gatch SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 67 The front of the Type-41 Treasury note endorsed by 1st Lt. E. G. Morrow, 28th North Carolina Regiment. image: Randall Smith 1st Lt. Elijah Graham Morrow Acting QM, 28th North Carolina Regt. In the previous Quartermaster Column we saw the history of an infantry officer who died on the front lines at Cold Harbor. The identification of that officer with the endorsement on the Treasury note was in error, but with this officer, 1st Lt. E. G. Morrow, there is no ambiguity in the identification, and he also made the ultimate sacrifice. Although we have no signatures by Morrow on National Archives documents for comparison, Morrow’s endorsement fortuitously includes the military unit to which he was assigned, a rank, and a title. The National Archives have twenty-three documents for Morrow in the files for the State of North Carolina, Twenty-eigth Infantry, which can be accessed on the website Fold3.com. Vivid first-hand accounts of the history of this unit can be found at: digital.ncdcr.gov/cdm/compoundobject/collection/p2 49901coll22/id/266419/rec/7 The illustrated Treasury note was endorsed on March 2nd, 1863. The endorsement reads: “Issued March 2nd 1863 E. G. Morrow Lt Act Q.M. 28 N.C. Regt” 1861 Elijah Graham Morrow enlisted in Orange County, North Carolina at age 28 on September 2nd as a 2nd Lieutenant reporting to Capt. Martin of the Company G Orange County “Guards of Independence, 28th Regiment North Carolina Infantry. 1862 Morrow was promoted to 1st Lieutenant on May 1st. He was captured at the Battle of Fredericksburg on December 13th and paroled in a prisoner exchange on December 26th. The parole The Quartermaster Column No. 28 by Michael McNeil The endorsement of Lt. E. G. Morrow, Acting QM. image: Randall Smith SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 68 document described him as aged 30 years, 5 feet 9 1/2 inches tall, with light hair, light complexion, and blue eyes. 1863 Morrow was promoted to the rank of Captain on January 19th. Interestingly, Morrow endorsed the Treasury note on March 2nd as a Lieutenant, perhaps a reflection of a delay in the confirmation of his promotion in Richmond. The illustrated endorsement is an example of a front-line military officer acting in the role of a quartermaster. This is relatively rare and likely occurred when a regiment lacked the services of a quartermaster. We often see the title “AQM” and this typically means “Assistant Quarter Master,” a position held by a bonded officer. The title “AAQM” is often interpreted to mean “Acting Assistant Quarter Master,” referring to an unbonded officer acting in the role of Quarter Master. In the illustrated endorsement we see Morrow’s clear intent with the title “Act Q. M.” meaning “Acting Quarter Master.” He was a front line company commander, not a bonded Quarter Master. Morrow’s unit was deeply involved in the Battle of Gettysburg. The 28th North Carolina Regiment was a part of “...Longstreet’s assault [and] the Brigade supported the centre of Pettigrew’s Division advancing in good order under the storm of shot and shell and when near the Union works north of the Angle pushed forward to aid the fragments of the front line in the final struggle and was among the last to retire.”1 Morrow died on July 19th from wounds received in that battle. Hospital records indicate that his thigh was amputated. Morrow’s endorsement on a Treasury note is a rare example of an issuance from a battlefield officer. Only two examples are known from Morrow. ◘ Carpe diem References and Errata: 1. https://civilwarintheeast.com/confederate-regiments/north-carolina/28th-north-carolina-infantry-regiment/ 2. image of Elijah G. Morrow: Histories of the Several Regiments from North Carolina in the Great War 1861-65, Written by Members of the Respective Commands, Vol. 2, edited by Walter Clark, published by the State of North Carolina, 1901. Licensed in the Public domain. 3. Errata: I made an error in my article The Aristocracy of the Confederate Note Signers in the previous issue. The famous quote of Jefferson, advocating for a revolution every twenty years, did not refer to the American revolution of 1776 but rather the Shays’ Rebellion of 1786. My 100-year-old uncle corrected my error. The Battle of Fredericksburg By Kurz & Allison, Art Publishers, Chicago, U.S. - Library of Congress Prints and Photographs Division Washington, D.C. 20540 https://commons.wikimedia.org/w/index.php?curid=437933 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 69 “Recognizing Rarity! by Robert Calderman There are significant rarities in the paper money world that are often not recognized by collectors and as such are not appreciated for the ultimate treasures they truly are! Lack of knowledge is the impeding factor and bargains can be had by those with the tools to see clearly, viewing accurately what may be right in front of them. For this installment we will look at a very scarce Black Eagle with a Speelman-White signature combination. While the preceding statement may seem like an alarming oxymoron, there is significant rarity connected to Friedberg Catalog #236! Nearly 600M black eagles were printed with the Speelman-White signature variety, and from this massive printing, over 16,000 individual examples have survived and have been tracked within the online census. With numbers this large, how can we even consider flirting with the term rarity and not be harshly scolded and ridiculed by our rag picking peers? Here is the vital caveat, there are mules! Mules on large size notes are different from what you may be accustom to on small size notes. When identifying a large size mule you are not looking for Macro vs. Micro plate serial numbers. Instead it is all about the location of the back plate serial number. The plate serial number locations were changed periodically and new faces mated with old backs created varieties that are often extremely tough to locate! In some scenarios the mule becomes the more common note while others can become ultimate keys to completing SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 70 a full variety set. For the Fr.236, the common non- mule variety features a back plate serial number easily located in the bottom right area of the white space between America to the left and the word One to the right. The mule variety features the old location with the back plate number hidden extremely well within the central portion of the design displaying the obligation clause. In the lower right hand corner of the central design circle directly above the “AM” of America you will see the camouflaged four digit plate serial number. So why does it matters whether you have a Speelman-White mule vs. a non-mule? This signature is always considered the most common, why should you be looking for varieties here? Let’s look at the numbers to paint a better picture and truly understand the full story. Doug Murray estimated that a number as low as 1% of all Fr.236 examples are mules! A shockingly low percentage of what is typically seen as a common type note! The online census confirms the Murray estimate with 254 mules and 16,028 non- mules observed, giving us a 1.58% mule to non-mule ratio. Star notes are extremely scarce as well with only 11 mule stars vs. 365 non-mule stars! Now it is plain as day how important and tough this mule variety is. Go and check your collection to see if you have one in your holdings! If we strictly go by the numbers, I’m anticipating you haven’t found an example. Here is the most interesting tidbit about this story; the current market does not underscore this special mule variety at a higher value vs. the common non- mule! How can this be? One of the greatest facets of collecting is the ability at your disposal to dig in and study, gaining the knowledge necessary to give you additional opportunities to add treasures to your collection. Paper money reference books have not designated most, or sometimes any, large size mules nor have they clearly established pricing for the average collector to understand the importance and rarity of these often exceptionally tough varieties! With the exception of the Fr.236 mule star, even in uncirculated condition you may have the opportunity to land a Speelman-White mule to add to your collection for the same price as a non-mule. In total, PMG has graded 166 of the Fr.236 mules and 3,872 non-mules. If this wasn’t exciting enough, in uncirculated grades 63 and above the numbers become very intriguing. Only 33 mules have been graded by PMG vs. 794 non-mules! Just 4% of the entire graded population of Speelman-White Black Eagle notes are the mule variety, wow! If this isn’t the biggest large size sleeper variety out there, I don’t know what is. (Images courtesy www.ha.com). 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:  The Comprehensive Catalog of U.S. Federal Large-Size Notes, 1861-1929 (Carlson R. Chambliss and Gene Hessler) SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 71 The Obsolete Corner The Sycamore Bank by Robert Gill Hello paper money lovers. As we are now into the New Year, I hope you and your family had a memorable Holiday Season. The past year was very challenging for all of us with Covid still raising its ugly head. As far as my paper money collecting, I had a good year. I was able to acquire a few good sheets for my collection. Perhaps I’ll be reporting on them in the near future. And now, let’s look at the sheet that I’ve chosen to share with you. In this issue of Paper Money, let’s go to the State of Illinois and look at my sheet on the Sycamore Bank, located in the small town of Sycamore. It originally surfaced in the incredible collection of Illinois sheets that Stacks Bowers Galleries auctioned back in 2019. Its rarity can be recognized as it is the only notes on this institution that Stacks Bowers has handled. Heritage Auctions, other than handling this sheet after Stacks Bowers, has handled only one other issue from this Bank, that being a very low grade “single” note which was from the Eric Newman Collection. Now, let’s look at the history that I’ve been able to compile on this short life institution. The Haxby reference indicates that the Sycamore Bank came into being in 1862. The Honorable James H. Beveridge, its President, with William J. Hunt, its Vice President, and E.T. Hunt, its Cashier, were the only stockholders. The people of the surrounding community had confidence in the honesty, skill and integrity of the two former, and all classes dealt freely with the Bank. But upon the Bank’s failure, it was discovered that these men owned only eight shares in the institution, while the remainder was in the hands of Cashier Hunt, an amiable young man of pleasant manners, with whom people liked to do business. But his expensive habits and reckless management, together with several unfortunate speculations, had sunk the capital of the Bank, and brought it down in ruin. And to add to the bad situation, Mr. Beveridge had for three years been absent, being in Springfield, performing the duties of his office as State Treasurer. The failure of The Sycamore Bank, on November 2nd, 1866, was the cause of a great deal of distraught and insecurity to the people of Northern DeKalb County and the surrounding area. One of the most remarkable features of the failure was, that while almost all local businessmen had long doubted the solvency of the Bank, they had gone on doing business with it without regard to this suspicion. Among the large losers by this failure was one of the local businessmen who recently had assured the public that the Bank "could not possibly last through the year, and would probably go under before winter." The fact was, that being the only bank in the area, it was inconvenient to do business without its aid. Positive attributes of the institution were that there was no great danger in keeping money on hand, because the Bank’s vaults were admirably constructed, a perfect safeguard against burglars and fire. Sycamore Mayor, Chauncey Ellwood, closed the affairs of The Sycamore Bank with its creditors. Cash liabilities to the public amounted to about $50,000. So, there’s the history behind this short-lived bank. And as so often was the outcome, the surrounding community suffered greatly. As I always do, I invite any comments to my cell phone number (580) 221-0898. You can also contact me at my personal email address robertdalegill@gmail.com Until next time, I wish you HAPPY COLLECTING. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 72 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 73 $MALL NOTE$ By Jamie Yakes Discovered!—$5 San Francisco LF Face 52 Star In a follow-up to a recent article1 about $5 San Francisco Series of 1934A late-finished face plate 52 comes this wonderful discovery note for the variety (see accompanying photo). The note has back plate 1614, and most surprisingly, star serial number L01192038. Collector Derek Higgins obtained the note late last year and has cemented his name among collectors. Five-dollar San Francisco face 52 is one of four late-finished Series of 1934A Federal Reserve Note faces reported to collectors in 2017.2 The others were $5 New York 58, $5 Philadelphia 39, and $10 New York 169. All the plates originally were 1934 master plates that were altered into 1934A masters, and then finished and used as production plates from 1944 to 1946. 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. Altos had designs in relief as opposed to the incuse designs on masters. Bassos were plates lifted from altos 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. A few were reserved and used as master plates. Face 52 was one of them. The BEP began face 52 as $5 San Francisco Series of 1934 plate 2 on November 15, 1934. They designated it the master basso for the type, and from it prepared the altos that produced all 1934 $5 San Francisco production faces. On June 10, 1938, the BEP altered face 2 into 1934A face 52 by etching an A after the 1934 series dates on each subject. The following month they lifted four altos from face 52, which spawned every 1934A San Francisco production plate made through June 1945, inclusive of serials 53–146. Face 52 then sat idle for over six years, until November 7, 1944, when the BEP certified it as a production plate and added it to the routine press plate rotation. It had two short press runs in November-December 1944, a four-week run in April-May 1945, and an eight-week final run from November 1945 to January 1946. It was used alongside 1934A faces with serials from 80 to 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. Being a star note elevates the appeal of Higgins’s find: It’s uncommon to discover a star as the first of a type. Unfortunately, official BEP records for star note production in the mid-1940s don’t exist, so we don’t know the range of possible star serials that could have landed on face 52 sheets. Face 52 notes should have regular L-A serials above 70 million, and, depending on how long those sheet stocks lasted, may also have L-B serials. All face 52 notes—regular and stars—will have green seals and serial numbers because overprinting of Hawaii brown seals and serial numbers ended prior to face 52 being finished as a production plate. Higgins did his part; now, who will find the elusive L-A or L-B block note? Sources Cited 1. Yakes, Jamie. “San Francisco Late-Finished Face 52.” Paper Money Whole No. 337 (2022, Jan/Feb): 72 2. –––––. “Altered 1934A $5 and $10 Federal Reserve Note Master Plates.” Paper Money Whole No. 307 (2017, Jan/Feb): 54. References Record Group 318-Bureau of Engraving and Printing: Entry P1, “Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s,” Containers 43 (12-subject back plate histories), 144 (12-subject bassos), and 147 (1934 FRN plate histories). National Archives and Records Administration, College Park, Maryland. SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 74 An Index to Paper Money, Volume 61, 2022, Whole Numbers 337-342 Compiled by Terry A. Bryan Yr. Vol. No. Pg. Aidala, Enrico The Last Date of Type 40 Confederate Currency: The Intriguing Date of 1/16/1863 ....... 22 61 340 278 Boling, Joseph E., Schwan, Fred (Uncoupled column) A Cautionary Tale, (E. Caribbean States) ................................................................................... 22 61 337 59 Fancy Numbers, (MPC & Foreign) ............................................................................................. 22 61 339 213 Genuine—Sort Of, (Alteration of yellow seal N. Africa Silver Certificates) ....................... 22 61 342 434 Pacific War Short Snorters, (autographed notes) ....................................................................... 22 61 338 138 Related Items, (Cft. wartime currency) ........................................................................................ 22 61 340 287 An Unusual Snorter ......................................................................................................................... 22 61 341 365 Bruyer, Nick Bankers Go for Outing, Wind Up in Jail. (New York notes) .................................................. 22 61 338 108 Bryan, Terry A. The Delaware Coat-of-Arms, ....................................................................................................... 22 61 340 263 Major Upham’s Coupons. (Wisconsin scrip) ............................................................................ 22 61 338 116 Calderman, Robert (Cherry Picker’s Column) Break Out the Bell Bottoms!, (1969B $50 Atlanta FRN) ....................................................... 22 61 342 446 Diamonds Are Forever! ($5 Silver Cert.) ................................................................................... 22 61 341 372 Discovering Small Size Treasures!, ($5 SC) .............................................................................. 22 61 340 293 Oops, I Did It Again! ...................................................................................................................... 22 61 338 152 Replacement National Spotted in Dallas! (California) ............................................................. 22 61 339 222 Superb Narrow Sighting Confirmed! (FRN) ............................................................................. 22 61 337 68 Chibbaro, Tony It’s Not Just About the Vignettes: Obsolete $5 Bank of Camden, S. Carolina .................... 22 61 341 359 It’s Not Just About the vignettes: South Carolina’s Most Wanted ......................................... 22 61 342 406 Clark, Frank National Bank Notes with Women’s Signatures ....................................................................... 22 61 339 204 Derby, Charles Southern Printers Who Printed Currency for Themselves in the Civil War, ..................... 22 61 340 251 Southern Printers Who Printed Currency for Themselves in the Civil War, Part II, ........ 22 61 341 349 1861 Fantasy Corporation Notes: Printed by James Lucas & Son, Baltimore, ................. 22 61 337 25 Drengson, Mark The First National Bank of Bisbee, Territory of Arizona, (with Peter Huntoon) ................ 22 61 340 246 Ehrhardt, James C. Circulation of the State Bank of Iowa, ......................................................................................... 22 61 338 124 Feller, Steve Confederate Quartermaster Stagecoach & Railroad Scrip ...................................................... 22 61 340 236 Some Interesting Civil War Monetary Instruments .................................................................. 22 61 339 184 A Very Brief Update on the T-64 CSA $500 Note Survey of 3500 Notes .......................... 22 61 342 419 Gatch, Loren, Chump Change column All the News That’s Fit to Search (Numismatic research) ...................................................... 22 61 337 64 Book Note, Ways and Means by Lowenstein ........................................................................... 22 61 339 228 A Catalog of Woes, (Catalog # of foreign currency) ................................................................ 22 61 338 154 The Cult of TOP POP (Slabbing & Markets) ............................................................................ 22 61 341 378 Fractional Money by Neil Carothers (1930), (book review) .................................................. 22 61 342 440 The Romance & Tragedy of Banking ......................................................................................... 22 61 340 291 Sears, Roebuck & Co.’s Customer Profit Sharing Certificates, 1904-1907 ......................... 22 61 338 120 Gill, Robert, Obsolete Corner column The Bank of Bennington, Vermont ............................................................................................. 22 61 337 70 The Bank of Manchester, Michigan ............................................................................................ 22 61 341 374 The Bank of the Metropolis, (Washington, D.C.) ..................................................................... 22 61 342 438 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 76 The Commercial & Agricultural Bank of Texas ....................................................................... 22 61 338 146 The Mount Heela Steam Mills, (North Carolina) ..................................................................... 22 61 339 219 The Peoples National Bank of Helena......................................................................................... 22 61 340 300 Gunther, Bill Bank of the United States 1833 Sight Draft Gives Up Two Autographs of Former U.S. Postmasters General ................................................................................... 22 61 342 403 Merchant, Postmaster & Planter: Like Father, Like Son, (Alabama scrip ............................ 22 61 339 179 Hansen, Matt Unreported Nebraska National Bank Discovery Note (Sort of!) ........................................... 22 61 341 336 Huntoon, Peter Don Kelly Remembered (1933-2022) Obituary ....................................................................... 22 61 341 346 1862-63 Legal Tender Notes Classification Chart Revised, (with Doug Murray) ............ 22 61 341 338 The First National Bank of Bisbee, Territory of Arizona (with Mark Drengson) ............... 22 61 340 246 Glass-Borah Amendment of 1932 (with Jamie Yakes) ........................................................... 22 61 339 198 The Origin & Demise of the Treasury Notes of 1890 & 1891 ............................................... 22 61 339 162 Origin of Type 2 Numbers, (with Lee Lofthus, James Simek) .............................................. 22 61 341 315 Procedure for Identifying Manufacturers of Series of 1929 Overprinting Plates ................ 22 61 337 44 Reuse of Bank Titles by the Same National Bank .................................................................... 22 61 342 394 Treasury Building Display & 1935 $1s without Officer Titles & 1935A Mules from Back Plate 2, (with Jamie Yakes) ........................................................................................ 22 61 340 269 Uncut Sheets Through 1953 .......................................................................................................... 22 61 342 410 Vignette & Other Engraving Varieties on $5 Original & 1875 Series Notes, with Doug Walcott ................................................................................................................ 22 61 338 86 When Treasury Silver Collided with Physics ............................................................................ 22 61 337 36 Lofthus, Lee Groundhog Day for Numismatists, (Punxsutawney, PA banks) ........................................... 22 61 337 56 Hawaiian Series Currency ............................................................................................................. 22 61 337 6 Origin of Type 2 Numbers, (with P. Huntoon, James Simek) ................................................ 22 61 341 315 Ransom on the Border, (Texas National Bank) ......................................................................... 22 61 341 330 McKone, Daniel Fateful Series: The Philippine Treasury Certificates of 1941 ......................................... 22 61 341 388 McNeil, Michael, Quartermaster column Capt. M.J.M. Mason ....................................................................................................................... 22 61 337 65 Maj. Edward C. Wharton ............................................................................................................... 22 61 338 148 Maj. Benjamin Bloomfield ............................................................................................................ 22 61 339 225 Capt. N. A. Stuart?? ......................................................................................................................... 22 61 340 296 Maj. John J. Murphy ....................................................................................................................... 22 61 341 362 Maj. Pickens Butler Bird ................................................................................................................ 22 61 342 441 The Aristocracy of the Confederate Note Signers—Article ................................................... 22 61 342 449 Melamed, Richard Color Variations on the 2nd Issue 25¢ Fractionals ...................................................................... 22 61 342 432 Fractional Civil War Wallet with a Poignant Inscription ......................................................... 22 61 341 370 Second Issue Fractional Currency Progress Proofs ................................................................... 22 61 339 193 Stoddard B. Colby—Register of the U.S. Treasury (1864-1867) .......................................... 22 61 337 49 Rollins, Roland The Reapers Vignette by ABNC Revisited ................................................................................ 22 61 342 422 Saharian, Michael The Mauch Chunk National Bank, Charter #6534 (Pennsylvania) ....................................... 22 61 338 135 Simek, James Origin of Type 2 Numbers, (with Lee Lofthus, P. Huntoon) .................................................. 22 61 341 315 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 77 In Memoriam: Roger Durand .......................................................................................................................... 22 61 338 106 Don Kelly ................................................................................................................................. 22 61 341 346 Larry Adams ............................................................................................................................ 22 61 342 401 Index to Paper Money, Vol. 60, 2021, Nos. 331-336, Terry Bryan ............................................ 22 61 337 76 Thies, Clifford, F. Wooden Nickels, (Tenino, Washington, etc.) ............................................................................ 22 61 338 133 Walcutt, Doug Vignette & Other Engraving Varieties on $5 Original & 1875 Series Notes, , with Peter Huntoon (The Paper Column) .......................................................................... 22 61 338 86 Wolka, Wendell In the Beginning--(Origin of National Bank Notes) ................................................................. 22 61 341 312 Yakes, Jamie, Small Notes Column Distribution to Fed. Banks of 1928 XYZ $1 Experimental Notes ......................................... 22 61 341 376 $5 San Francisco Late-Finished Face 52 .................................................................................... 22 61 337 72 Glass-Borah Amendment of 1932 ............................................................................................... 22 61 339 198 $1 SC Series 1928-B V51000208A ............................................................................................ 22 61 337 72 Series of 1934A $20 Minneapolis FRN ...................................................................................... 22 61 340 302 Spectacular $1 1935A Backplate 2 T-A Block ......................................................................... 22 61 342 448 Treasury Building Display & 1935 $1s without Officer Titles & 1935A Mules from Back Plate 2 .............................................................................................................................. 22 61 340 269 SPMC.org * Paper Money * Jan/Feb 2023 * Whole Number 343 78 PS Form 3526, July 2014 [Page 1 of 4 (see instructions page 4)] PSN: 7530-01-000-9931 PRIVACY NOTICE: See our privacy policy on www.usps.com. 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Or Visit Our Web Site At: www.pcda.com Susan Bremer – Secretary 16 Regents Park • Bedford, TX 76022 (214) 409-1830 • email: susanb@ha.com DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  CHICAGO  |  PALM BEACH LONDON  |  PARIS  |  GENEVA  |  BRUSSELS | AMSTERDAM  |  HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.5 Million+ Online Bidder-MembersPaul R. Minshull #16591. BP 20%; see HA.com. 70531 PLATINUM SESSION & SIGNATURE® AUCTIONS FUN – Dallas | January 11-13 Highlights from The Dr. Paul Balter Collection View all lots and bid at HA.com/3591 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 San Francisco, CA $100 1870 The First National Gold Bank Ch. #1741 PMG Fine 12 Fr. 185d $500 1878 Legal Tender PMG Very Fine 25 Walla Walla, WA - $5 1875 Fr. 403 The First National Bank Ch. # 2380 Fr. 284 $10 1878 Silver Certificate PMG Very Fine 30 Fr. 187j $1,000 1880 Legal Tender PMG Choice Very Fine 35 Fr. 167a $100 1863 Legal Tender PMG About Uncirculated 53