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Table of Contents
Hawaiian Discovery Note—Peter Huntoon
Merchant Notes of Tuscaloosa Alabama--Charles Derby
Legal Tender Non-Star Serial Ranges--Peter Huntoon
Clayton Cowgill--Terry Bryan
Asachel Eaton's Patents--Tony Chibbaro
Anatomy of a Confederate Note--Steve Feller
Troy Insurance Company--Bill Gunther
Raised Bank Notes of the Pratt Bank--Bernhard Wilde
Collecting UNESCO Notes--Roland Rollins
Follow-up To A 131-Year-Old Mystery--Kent Halland and Charles Surasky
official journal of
The Society of Paper Money Collectors
Hawaian Discovery Note
America?s Oldest and Most Accomplished Rare Coin Auctioneer
1550 Scenic Avenue, Suite 150, Costa Mesa, CA 92626 ? 949.253.0916
470 Park Avenue, New York, NY 10022 ? 212.582.2580 ? NYC@stacksbowers.com
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1735 Market Street, Philadelphia, PA 19103 ? 267.609.1804 ? Philly@StacksBowers.com
Info@StacksBowers.com ? StacksBowers.com
California ? New York ? Boston ? Philadelphia ? New Hampshire ? Oklahoma
Hong Kong ? Paris ? Vancouver
SBG PM MidContinent Spring2023 230301
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
The Mid-Continent Collection
of United States Currency
Featured in the Official
Auction of the 2023
Whitman Coin &
Collectibles Spring Expo
March 21-24, 2023
Additional Highlights from our Spring 2023 Showcase Auction Include:
Fr. 1850-JH. 1929 $5 Federal Reserve Bank Star Note.
Kansas City. PMG Gem Uncirculated 66 EPQ.
Fr. 2400H. 1928 $10 Gold Certificate Star Note.
PCGS Banknote Gem Uncirculated 65 PPQ.
Fr. 2405. 1928 $100 Gold Certificate.
PMG Gem Uncirculated 66 EPQ.
Fr. 609. Escondido, California. $5 1902 Plain Back.
The First NB. Charter #13029.
PCGS Banknote About Uncirculated 55. Serial Number 1.
Fr. 2. 1861 $5 Demand Note.
PMG Gem Uncirculated 65 EPQ.
Fr. 2407. 1928 $500 Gold Certificate.
PMG Gem Uncirculated 65 EPQ.
Fr. 2408. 1928 $1000 Gold Certificate.
PCGS Currency Gem New 65 PPQ.
Fr. 2402H. 1928 $20 Gold Certificate Star Note.
PMG Gem Uncirculated 65 EPQ.
Fr. 2404H. 1928 50 Gold Certificate Star Note.
PCGS Currency Gem New 65 PPQ.
Fr. 2201-A. 1934 Dark Green Seal $500
Federal Reserve Note. Boston.
PCGS Banknote Superb Gem Uncirculated 68 PPQ.
Fr. 2211-CdgsmH. 1934 Dark Green Seal $1000
Federal Reserve Mule Star Note. Philadelphia.
PMG Gem Uncirculated 65 EPQ.
Fr. 1860-AH. 1929 $10 Federal Reserve Bank Star Note.
Boston. PMG Gem Uncirculated 65 EPQ.
Fr. 1700. 1933 $10 Silver Certificate.
PCGS Banknote Superb Gem Uncirculated 67 PPQ.
Low Serial Number.
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SPMC.org * Paper Money * March/April 2023 * Whole Number 344
79
84 Hawaiian Discovery Note--Peter Huntoon
94 Merchant Notes of Tuscaloosa Alabama--Charles Derby
100 L egalT ender Non-Star Serial Ranges--Peter Huntoon
112 Clayton Cowgill--Terry Bryan
115 Asachel Eaton's Patents--Tony Chibbaro
118 anatomy of a Confederate Note--Steve Feller
124 Troy Insurance Company--Bill Gunther
129 Raised Bank Notes of the Pratt Bank--Bernhard Wilde
134 Collecting UNESCO Notes--Roland Rollins
142 Follow-up To A 131-y.o. Mystery--Kent Halland & Charles Surasky
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
Glenn Jackson
Don Kelly
Lyn Knight
Chet Krause
Allen Mincho
Clifford Mishler
Barbara Mueller
Judith Murphy
Dean Oakes
Chuck O?Donnell
Roy Pennell
Albert Pick
Fred Reed
Matt Rothert
John Rowe III
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
Small Notes
Uncoupled
Cherry Picker Corner
Obsolete Corner
Quartermaster
Chump Change
Robert Vandevender 81
Benny Bolin 82
Frank Clark 83
Jamie Yakes & Peter Huntoon 136
Joe Boling & Fred Schwan 144
Robert Calderman 152
Robert Gill 155
Michael McNeil 160
Loren Gatch 162
Stacks Bowers Galleries IFC
Pierre Fricke 79
ANA 92
PCGS-C 93
Kagins 111
Tony Chibbaro 117
Benny Bolin 117
Lyn Knight 123
Higgins Museum 133
DBR Currency 133
FCCB 135
Fred Bart 135
Tom Denly 150
MPC Book 151
Bob Laub 156
PCDA 163
Heritage Auctions OBC
Fred Schwan
Neil Shafer
SPMC.org * Paper Money * March/April 2023 * Whole Number 344
80
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
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 II
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Paper Money * July/August 2020
6
jeff@actioncurrency.com
maplesf@comcast.net
purduenut@aol.com
LEGAL COUNSEL
n
Greetings: Robert Vandevender II
In January, we held our first annual SPMC general membership and breakfast
meetings at the FUN show and by most accounts, everything went well. We are
looking forward to doing it again next year. For those of you who could not
attend, we had plenty of staff and traffic at the SPMC table with every chair filled
at numerous times. We also had displayed a framed memorial with flowers
recognizing the passing of twelve of our members and significant numismatic
contributors over the past couple of years. This year, we participated in the youth
scavenger hunt with a question to ask each of the kids who came by the table and
after answering, we awarded them with a free foreign banknote. The question we
asked this year is what a star means as a part of the US currency serial number.
We had such a strong turnout of kids stopping by we ran out of Venezuelan
notes to hand out and had to hit the floor to purchase some Peru notes for the
table. We were pleased to meet with both the Ben Franklin and Abraham Lincoln
actors and gave them each SPMC advertising flyers fashioned as currency from
their time period to hand out to people who visited their table. They ran out of
flyers very quickly and we are making plans to have more printed for their use.
On Thursday morning we held a general membership meeting with light
attendance. Several of the people who did attend had various currency items with
them. We all took turns playing show-and-tell with the items we had available.
Next year, we will look to schedule the meeting at a better time when more
people will be available to attend.
The breakfast on Saturday was attended by the maximum crowd for which we
had planned this year and was well received. The room at the convention center
was perfect for acoustics and there was plenty of food at the buffet. Abraham
Lincoln even made an appearance at the start of the breakfast. This year, the
Tom Bains raffle, conducted by our favorite ticket puller, Wendell Wolka,
included a nice final prize worth an estimated $750. For next year, we are
considering expanding the allowed attendance above the 60 we had chosen for
this year.
With this being the first annual meeting we have held since the Covid event
started a couple of years ago, and the first at the FUN show location, we learned a
few things and are planning some improvements for next year.
In February, Vice President Robert Calderman and I attended the Long Beach
Expo. SPMC member, Nancy Purington and I staffed the SPMC table while Mr.
VP Calderman was busy horse trading at Jim Fitzgerald?s table. Everyone
seemed to have a good time. The Long Beach Expo is rapidly becoming my
favorite show to attend. The staff are easy to work with, they give out fantastic
door prizes, and the public traffic is heavy. At the SPMC table we gave out many
applications and did welcome two new members at this show and hope a few of
the handed-out applications come in later. We are already booked to staff the
SPMC table at the June Long Beach show. Please stop by and say hello if you
are in the area.
81
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
I hope all who attended FUN this past January had a good
time. I know I did. I was worried about getting to the show and
then back home as I was flying Southwest Airlines! And I had to
leave Kim home by herself only five weeks after her second
knee replacement in three months. But, I was only gone for two
nights and all went well. Kim care for herself really well and
there were no travel mishaps. I only bought two manuscript
fractionals but I had a blast visiting with other members and
collectors, seeing the exhibits and meeting the daughter of
astronaut Alan Shepard's daughter, Laura who, like her father is
an astronaut. She helped man the Astronauts Memorial Fund
booth on the bourse. I really enjoy anything about space and
remember watching Neil Armstrong and Buzz Aldrin step on the
moon in July, 1969. It was exciting. I also collected first day
covers of all the space shuttle mission. At the AMF booth I got
one of the new collectible notes they have made that has a serial
number in a format styled after NASA Kennedy's iconic
countdown clock. In a pure stroke of luck, mine showed the
number 10:22--my birthday! We also had a good time at the
SPMC breakfast and Tom Bain raffle, two items we hope to
duplicate next year. The souvenir ticket honored Neil Shafer on
the front and we were fortunate enough to have the designer,
engraver and printer of the note, Tom Stebbins and his wife
Summer present.
It seems the market is hopping and active. I don't go to
many shows, but reports are that collectors are out in force once
again.
Hope that all of you have weathered this crazy weather and
found hobby related things to keep you busy indoors. Maybe
you have written an article for Paper Money? Even with the
weird weather in Texas, ice shuts us down one week, then a
week of tropical temps, then shut down the next week for ice
again, it appears that the outlook for a hobby friendly spring and
summer is bright and sunny.
Since I have been spending time after FUN playing nurse to
my wife and at school, I have not had a lot of time to do paper
activities. But--the future looks good. I hope to be able to get
out to a few shows this spring and summer and I have a couple
of ideas for articles to write. All in all, I hope to keep busy and
hope you will do the same. As alwasys, I am asking you to
hunker down and write me an article.
82
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 Jan/Feb 2022
15513 Patrick Ferrell, Website
15514 Genatius Ray, Blackbook
15515 Adam Osborne, Steve Litchfield
15516 James R. Rundquist, Website
15517 George Turner, Frank Clark
15518 Jeffrey Cosello, Website
15519 Jonathan Lindley,
15520 Konrad Juengling, Website
15521 Austin Neita, Robert Calderman
15522 Mark Wretschko, Webs
15523 Greg Bennick, Kent Halland
15524 Dewey Bolton, Website
15525 Robert Green, Website
15526 Jay Prestin, Website
15527 Jacob Williamson, Robert Vandevender
15528 Patrick McBride, Robert Vandevender
15529 Gary Greenburg, Robert Calderman
15530 Steve Jinks, Website
15531 Andrew Presswood
15532 Rick Prall, Website
15533 Henry Tyson, Robert Calderman
15534 Patricia Feinberg,
15535 Daniel Jones, Website
15536 David Mullins, Website
15537 Robert Shanks, Robert Vandevender
15538 Aaron Rapaport, Robert Vandevender
15539 Richard Faath, Website
REINSTATEMENTS
None
LIFE MEMBERSHIPS
None
SPMC.org * Paper Money * March/April 2023 * Whole Number 344
83
Kahului, Hawaii Territorial
1902 Red Seal
Discovery of the Decade
Drink in this extraordinary find. Yes, it is a 1902 red seal from Hawaii?the first ever reported from
that territory.
Arrival of this Kahului note in Andrew Shiva?s collection represents the last piece in the puzzle
required for someone to assemble a complete collection of red seals from every territory and state.
Not only that, it is the last remaining territorial type to appear. We now have at least one
Original/1875, 1882 brown back, 1882 date back, 1882 value back, 1902 red seal, 1902 date back and 1902
blue seal plain back from every territory in which those types were issued.
A Series of 1902 red seal territorial has been the most anticipated territorial discovery since an 1882
Territory of Alaska brown back arrived a decade ago.
Only two of the four banks from Hawaii that issued notes utilized red seals, The First National
Banks of Lahaina and The Baldwin National Bank of Kahului. Both dribbled them out in small numbers.
Soak up the appearance of this wonderful jewel. It earned its stripes as a piece of currency by
The Paper
Column
Peter Huntoon
Figure 1. The first Series of 1902 red seal reported from Hawaii Territory.
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circulating, but miraculously it didn?t sustain any damage along the way.
? The note exhibits even circulation without blemishes of any type on either side.
? The penned bank signatures are absolutely spectacular, perfectly formed, legible and as
bold as the day they were applied.
? The note is well centered.
? The colors?the red seal, the blue serial numbers, the intaglio face and back inks?are
vivid.
Those of us with fingers on the pulse of nationals despaired that any red seals had survived from
Hawaii. After all, it has been over a hundred years since they were current. Their age coupled with small
numbers spoke of high risk.
The Kahului bank had a circulation of only $13,000 during the red seal era and the Lahaina bank
had $6,250. To support those meager circulations, only 3,396 $5, $10 and $20 red seals were issued through
the Kahului bank and 960 $10s and $20s from Lahaina. Don?t forget that these totals take into account worn
notes that were replaced from circulation, so at any one time there were far fewer of them out there in
people?s pockets than these totals suggest.
Table 1 reveals that there were two red seal printings for the Kahului bank. Table 2 shows that the
first shipment to the bank occurred as soon as the Comptroller?s office received the notes from the Bureau
of Engraving and Printing. The shipment to the bank on December 17th, 1908 containing the discovery
note consisted solely of $5 sheets. It probably took weeks for the notes to arrive at the bank.
The signers of the note were president Henry Perrine Baldwin and cashier David Colville Lindsay.
We?ll profile both, but to do so we?ll have to place them in the historical context of early Hawaiian political
and economic history; the stage on which Henry Baldwin was a major player and Lindsay prominent.
This is a story of land, because land was everything at the time, particularly separating the
indigenous Hawaiians from that land. I?ll paint this picture in broad strokes.
This is not original research on my part but rather a synthesis of information gleaned from relevant
web pages listed below that cite the origin of the facts, figures and dates that are presented here.
Our story begins with the arrival of New England missionaries to Hawaii beginning in 1820, one
Table 2. Inclusive dates when Kahului red seal sheets
were shipped from the Comptroller of the Currency's
office in Washington, DC, to the bank.
June 5, 1906-July 15, 1909 5-5-5-5 1-465
June 5, 1906-November 17, 1909 10-10-10-20 1-384
Discovery note on sheet 393 was in this shipment
Dec 17, 1908 5-5-5-5 376-405
Table 1. D liveries of Kahului red seal 4-subject
shee s fro the Bureua of Engraving and Printing
to th Comtpr l r of the Curency.
First Printing
June 4, 1906 5-5-5-5 1-315 E634579-E634893
June 5, 1906 10-10-10-20 1-264 R69222-R69485
Second Printing
June 23, 1908 5-5-5-5 316-465 T690533-T690682
June 23, 1908 10-10-10-20 265-384 V162002-V162121
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of these being Henry Baldwin?s father, Dwight Baldwin, both a missionary and medical doctor, who arrived
in 1831. What the missionaries found was a native population being decimated by disease, vast tracks of
fertile land much of which was idled by deceased Hawaiians, and a withering native social fabric vulnerable
to predatory outside manipulation.
The problem was that the Hawaiians had lived in isolation for so long before western contact, they
had no immunity to external diseases. Captain James Cook and the crews of his two ships who discovered
the place in January of 1778, left them with gonorrhea, syphilis and likely tuberculosis. Whalers and later
arrivals brought with them epidemics of influenza, cholera, whooping cough, mumps, measles, dysentery.
small pox, leprosy, diphtheria, bubonic plague, scarlet fever, among others, all killers of Hawaiians. Dr.
Dwight Baldwin diagnosed the first case of leprosy on Maui in 1840. It alone killed 4,000 over the next 30
years. Smallpox arrived from California in 1853.
The impact on the native Hawaiian population was stark. Estimates of the pre-contact population
of 1778 range from 120,000 to 600,000. By 1805, it was 150,000 to 200,000, 1819?144,000, 1850?84,165,
1872?56,897, 1890?34,400. 1900?28.800. These figures represent at least a 90 percent die-off by the time
Hawaii became a U.S. territory in 1898.
King Kamehameha I had established the Kingdom of Hawaii in 1810 and his son Kamehameha II
had opened Hawaii to the missionaries in 1820. Under their influence, Kamehameha III had in 1840 adopted
Hawaii?s first constitution, and by 1848 instituted judicial and executive branches of government, as well
as a system of land ownership for the first time. The 1848 land policy divided the Hawaiian lands between
Kamehameha III and 245 chiefs.
Subsequent acts by 1850 allowed both native commoners and foreigners to own land in fee simple.
This was the major event that allowed for the eventual destruction of the Monarchy. Haole entrepreneurs
could now buy up land to set up plantations, legally wresting title to the land permanently from the natives.
Thusly, many children of the missionaries found opportunity far beyond saving souls. There was plenty of
underutilized land ideal for growing crops, especially sugar cane and pineapples.
As the plantation economy took root, one irony was that the native labor force was too depleted to
suffice. The first Chinese laborers arrived in 1852. By the 1880s there were more than 25,000 of them,
equal to half the native population. Japanese laborers began to arrive in 1868 and by 1902 their number was
30,000 working the plantations. Portuguese workers began to arrive in 1877 and their numbers swelled to
15,000 by 1900. Norwegians and Germans also came before the turn of the century, followed by Filipinos
and some Spaniards during the next decade. The native Hawaiians were greatly outnumbered and largely
landless by the start of the 20th century.
The event that launched Hawaii to the forefront of worldwide sugar cane production was the
Reciprocity Treaty of 1875 passed by the U.S. Congress. It provided for duty-free sugar importation to the
United States, a reward for allowing U.S. naval facilities to be built on the islands. The industrialization of
Hawaiian sugar cane production went into high gear and embraced corporate models of scale parallel to
those of the titans of mainland industrialists such as John Rockefeller and his Standard Oil Company.
Serious consolidations of plantations occurred, from 70 to 20 between 1875 and 1883. Capital flowed in to
allow the remaining plantations to expand into marginal lands and to build aqueducts to water them. Vertical
corporate integration models were employed. The growers built their own sugar mills, build vast irrigation
networks to supply their fields, operated transportation systems to move their product, etc. Rockefeller had
nothing on the winners.
Key to their success and power was that they acquired vast tracks of Hawaiian land through
purchases and mergers.
Eventually five Kingdom-era corporations became behemoth conglomerates known as the Big
Five; specifically, Castle & Cooke, Alexander & Baldwin, C. Brewer & Co., American Factors, and Theo
H. Davis & Co. They controlled 90 percent of the international sugar business after annexation of Hawaii
to the United States. However, they weren?t fierce competitors. They had interlocking ownership and
interlocking boards, which colluded to keep the prices of sugar and other services they offered high. Henry
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P. Baldwin emerged as the head of one of them.
Henry Perrine Baldwin
Henry Perrine Baldwin was born August 29, 1842 in
Lahaina on Maui. He attended Punahou School in Honolulu,
then returned to Lahaina.
His family and that of another Lahaina missionary
named William P. Alexander were close so the children were
acquainted from their youths. Upon Henry?s return from
Honolulu, he managed a rice farm owned by Alexander?s
eldest son, but the venture failed. He then worked on his own
eldest brother?s small sugarcane farm.
Henry also had developed a close friendship with one
of the Alexander siblings, Samuel Thomas Alexander born in
1836.
Samuel Alexander returned to Maui after studying on
the mainland and began teaching at Lahainaluna High School
where he and his students successfully grew sugarcane and
bananas. Word of the venture reached the owner of the
Waihee sugar plantation near Wailuku where Alexander was
hired as the plantation manager. He in turn hired Henry as a
foreman. This began a lifelong working partnership between
the two.
Alexander was the idea man, the more outgoing and
adventurous of the two. He had a gift for raising money to
finance his business projects. Baldwin was more reserved and
was considered the doer in the partnership. He carried out the
projects conceived by Alexander.
By 1869, the young men?Alexander 33, Baldwin,
27?launched their own business. Still working at Waihee,
they purchased 12 acres in the Sunnyside area of Makawao
on Maui for $110 to grow sugarcane. The following year,
they bought another 559 acres for $8,000, giving birth to what became Alexander & Baldwin, Inc. Baldwin
married Alexander?s sister Emily in 1870, who was four years younger.
Lightning struck with passage of the Reciprocity Treaty of 1875, opening tariff-free sugar trade
with the United States, and they smelled opportunity. Maui consists of two giant volcanos?Haleakala, at
10,023 feet, lies to the east and 5,788-foot Pu?u Kukui to the west?separated by a broad saddle most of
which has an elevation of less than 500 feet covered with soil ideal for sugar plantations. The Alexander-
Baldwin lands were on the east side of this expanse at the foot of Haleakala in the vicinity of Paia. The
issue there was that sugar cane plants are very thirsty but their land was in the rain shadow of Haleakala so
received limited and unreliable rainfall. However, it was endowed with a 12-month growing season.
Alexander envisioned an aqueduct that could bring water from perennial streams flowing off the
windward rainy northeast facing flake of Haleakala. The aqueduct would collect and move the water
westward around the rugged north side of Haleakala to central Maui to irrigate 3,000 acres of their lands as
well as neighboring plantations. Alexander organized the Hamakua Ditch Company in league with other
growers to build the 17-mile aqueduct. That audacious project commenced September 30, 1876.
In the meantime, Baldwin suffered the worst day of his life. On March 28, 1876, he was adjusting
rollers in the cane grinder at the Paliuli Mill when his right hand became entangled in the mechanism,
pulling in his arm. A worker stopped the machine before it killed him and reversed the rollers. Another was
sent 10 miles to fetch the nearest physician who amputated what was left of his arm.
Figure 3 illustrates that he learned to write with his left hand. It is reported that he continued to play
the organ at his church with his left hand and was riding horseback in his fields within a month.
Figure 2. Henry P. Baldwin as a young man.
Wikipedia photo.
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The Hamakua Ditch was completed, over budget, at a cost of $80,000 in 1878. Water started to
flow to the Castle & Cook plantation in July 1877. The last major obstacle, the deep Maliko Gulch, was
crossed later in order to reach the Alexander-Baldwin land.
The crossings of precipitous gulches, some of which were hundreds of feet deep, were
accomplished by use of innovative inverted syphons. Baldwin would lower himself down into the gulches
daily with his remaining arm in order to supervise the work. Tunnels were used to pass the ditch through
obstacles. When completed, the Hamakua Ditch delivered 60 million gallons per day.
The ditch system was greatly expanded over ensuing decades famous for the use of miles of tunnels.
It was copied elsewhere in Hawaii and the American west. The Hamakua Ditch became the nucleus for
their East Maui Irrigation Company, a very profitable subsidiary.
Alexander and Baldwin formalized their partnership in 1883 by incorporating their sugar business
as the Paia Plantation. They served as agents for nearly a dozen plantations over the next 30 years and
greatly expanded their plantation and milling operations.
Sugar King Claus Spreckels bought 40,000 acres on Maui after the Reciprocity Treaty, incorporated
the Hawaiian Commercial & Sugar Company, and built his own extensive ditch system and a mill at
Spreckelsville. He already monopolized sugar refining on the west coast of the mainland with his California
Sugar Refinery in San Francisco. A measure of his reach was the fact that in 1884 he bought the entire
Hawaiian crop of sugar to refine at his San Francisco plant.
Henry Baldwin and a few businessmen from Honolulu created the Haleakala Ranch with a purchase
of 33,817 acres on the slopes of the volcano in 1888.
Baldwin was elected to the Kingdom House of Nobles where he served from 1887 to 1892. His
service followed the insurrection of 1887 in which then King Kalakaua was forced at gun point to sign a
new constitution written by anti-monarchists. The so-called Bayonet Constitution, written by members of
the Hawaiian League, invested the power of the monarchy in a cabinet controlled by American, European
and Hawaiian elites through restrictive voting rights written into the constitution that disenfranchised
Asians and most Hawaiians. The insurrection was fomented by the Hawaiian League, which was a militant
outgrowth of the Reform Party. Baldwin was a member of the Reform Party, formerly known as the
Missionary Party, which advocated the dissolution of the monarchy and annexation of Hawaii to the United
States. He wasn?t involved in the insurrection because that type of activity simply wasn?t his style.
King Kalakaua died in 1891 and was succeeded by his sister Queen Liliuokalani. The queen
proposed a new constitution to restore the power of the monarchy and extend voting rights for the native
Hawaiians. Hawaii?s white businessmen formed a 13-member Committee of Safety with the goad to
overthrow the monarchy. On January 17, 1893, the committee along with its extra-legal armed militia
assembled near the queen?s palace to initiate the coup. John Stevens, U.S. Minister to Hawaii, summoned
162 U.S. Marines and Navy sailors to protect the committee, The queen surrendered to the committee in
order to avoid violence. The committee then formed a provisional government.
Democratic President Grover Cleveland opposed the provisional government and called for
restoration of the monarchy. Rebuffed, the Committee of Safety established the Republic of Hawaii. Two
years later in 1895, Hawaiian royalists staged a failed coup against the republic and Queen Liliuokalani
was arrested and convicted of treason for her alleged role in the coup. At this point, she formally abdicated
and dissolved the monarchy. Baldwin was elected to the senate of the Republic after her abdication.
Annexation of the Territory of Hawaii to the United States had to await the election of Republican
William McKinley in 1897 who favored annexation. U.S. involvement in the Philippines during the
Spanish-American War of 1898 accentuated the strategic importance of Hawaii. A joint resolution of
Figure 3. Henry Baldwin learned to write with his left hand after losing his arm to a sugar cane grinder in 1876.
From Uota (2016).
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Congress called the Newlands Resolution providing for the
annexation of Hawaii was signed into law July 2, 1898 by
McKinley. Baldwin now found himself serving in the Hawaiian
territorial senate through 1904.
Alexander & Baldwin had outgrown its partnership
organization by the time Hawaii became a U.S. territory so in 1900
they incorporated to increase capitalization and facilitate
expansion. Their Articles of Association were filed with the
treasurer of the Territory of Hawaii on June 30. The principal
office of Alexander & Baldwin, Ltd was in Honolulu with a
branch in San Francisco. The Board of Directors consisted of
Joseph P. Cooke, Wallace M. Alexander, James B. Castle, Henry
Baldwin and Samuel Alexander. Henry Baldwin was named
president.
Two of Spreckels? sons, who had won ownership of
HC&S in litigation against their father, sold it to Hawaiian sugar
interests in 1898. Alexander and Baldwin owned the controlling
interest. A year later HC&S acquire the narrow gage Kahului
Railroad, which dated from 1879, as well as Maui Railroad &
Steamship and merged the latter into the former. The Kahului
Railroad began development of Kahului Harbor. This marked
Alexander and Baldwin?s expansion into transportation. Baldwin
managed HC&S from 1902 to 1906.
Baldwin bought The Maui News in 1905 and his
descendants continued to own the paper until 2000.
Samuel Alexander was killed in 1904 at the age of 68 in a
freak accident while hiking with his daughter at Victoria Falls,
Africa, where he was struck by a boulder. Baldwin died July 8,
1911, also at age 68 from failing health.
Alexander & Baldwin diversified and remains in business. The partnership, created with the
purchase of 12 acres on Maui for $110, has grown into a holding company with multi-billions in assets. It
owns about 91,000 acres of land in Hawaii so is the fifth-largest landowner in the state.
The greatest challenge came to The Big Five after statehood in 1957 when the U.S. Department of
Justic challenged as monopolistic the ownership of Madson Navigation Company by four of the five
companies. Theo H. Davies didn?t have an interest in Matson. The lawsuit was settled when three of the
four agreed to divest. Alexander and Baldwin bought out those interests, completing the purchase in 1964.
David Colville Lindsay
Mr. Lindsay. Long resident of Maui and one of the its best-known citizens died at Queen?s hospital,
Honolulu, Saturday night.
A retired manager of the former Alexander and Baldwin Paia Plantation Co., Mr. Lindsay was also
the organizer of the Baldwin National Bank on Maui.
He was born in Kirriemuir, Scottland, June 23, 1870.
In 1890 he came to Hawaii and worked for the Paia Plantation Co., and was appointed manager in
1896.
Following reorganization of Baldwin Bank, Ltd., in 1921, he became cashier and general manager.
He became manager in 1906 of the merged organization of the Paia Plantation and the Haiku Sugar
Co. Mr. Lindsay resigned his position in 1925.
After spending several weeks on the mainland, he was recalled to become general manager of the
Maui Electric Co.
Mr. Lindsay became manager of the Haiku Fruit and Packing Co., in January 1926. This firm later
was the Haiku Pineapple Co.
Figure 4 David Colville Lindsay,
cashier, The Baldwin National Bank of
Kahului, Hawaii Territory. Photo from
obituary in findagrave.com.
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He was a resident of Niu, Oahu since 1930.
Lindsay died March 6, 1948 at age 77.
Banking on Maui & The Baldwin National Bank
Organizers had two choices when incorporating a bank in the Territory of Hawaii: organize under
territorial banking law or under U.S. national banking law. Territorial banking law was far less restrictive
so those banks could loan on real estate and could have branches. In contrast, national banks were designed
to be commercial banks that made short term loans to businesses and industries except for real estate,
branching was not allowed at the time, and oversight was far more rigorous.
The 1897 Civil Laws for the Hawaiian Islands required banks to have a minimum capital of
$200,000, whereas the minimum capital requirement for a national bank after passage of the Gold Standard
Act of March 14, 1900 was only $25,000 for banks in towns of 3,000 or less, and more for towns with
larger populations. National banks were considered safer, but the ability to loan on land could be more
profitable for a bank operating under territorial law. Only national banks could serve as fiscal agents for the
U.S. Government.
The organic act establishing the Territory of Hawaii was passed by Congress and signed into law
by President McKinley on June 11, 1900. Syndicates of investors had been petitioning the Comptroller of
the Currency to reserve titles for proposed banks there since the overthrow of the monarchy, especially in
Honolulu. The First National Bank of Hawaii at Honolulu was chartered October 17, 1901 with a capital of
$500,000. It flourished over the decades and joined the ranks of the top tier banks in the nation.
However, the First National of Honolulu had major competition from The Bank of Hawaii, which
had been organized in 1893 by Charles M. Cooke following dissolution of the monarchy. His bank obtained
a charter in 1897 from the Republic of Hawaii. Cooke seriously eyed Maui?s developing sugar economy as
fertile ground. In league with First National?s president Cecil Brown and H. P. Baldwin, they sent Charles
D. Lufkin, a teller from First National, over to Maui to begin to organize a chain of national banks. The
idea was to take advantage of the low capitalization requirement for such banks and to keep the Maui
business separated on paper from the Oahu business. The banks Lufkin organized in order of dates of charter
Figure 5. The Baldwin National Bank, Kahului, Hawaii Territory. From Uota, 2016.
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were The First National Banks of Waluku
(October 17, 1901), Lahaina (February 19, 1906),
and Paia (September 26, 1913).
Cooke served as president and Lufkin as
cashier in them except briefly for Waluku where
W. J. Lowrie, a board member, served as president
during its first year. Lowrie left to manage a sugar
plantation in Puerto Rico so Cooke took over as
president and David Lindsay, the Alexander &
Baldwin plantation manager, filled Lowrie?s
vacated directorship.
On paper the three national banks were
standalone institutions, but, in the classic chain
banking style of the times, they had interlocking
ownership and directors.
Cooke resigned his presidencies in the
three banks and limited himself to the presidency
in The Bank of Hawaii at Honolulu. This move
complied with Section 8 of the Clayton Antitrust
Act of 1914 prohibiting interlocking directorates
in national banks that went into effect in 1916.
Next the three banks were liquidated May 1, 1917
in order to be reorganized under a territorial
charter as the Bank of Maui. Its main office was at
Waluku; the others became branches. Being a
territorial chartered bank, Cooke assumed the
presidency and all was well. The best part was that
the Bank of Maui could make loans on land and
even seed new branches. It was Maui?s million-
dollar bank.
Henry P. Baldwin, of course, could use a
bank of his own so now that Lindsey knew
something of the banking business, Baldwin had him resign his directorship in The First National Bank of
Waluku in the fall of 1905 so he could organize The Baldwin National Bank in Kahului. The Kahului bank
was chartered May 5, 1906 as the third national bank on Maui.
Baldwin installed his eldest son Henry Alexander Baldwin as its first president for the first year or
so, then Henry P. took over until his death in 1911. Henry A. reassumed the presidency thereafter. Lindsay
served as cashier, which was the operating manager position, for the entire life of the bank.
After observing the more rapid growth of the Bank of Maui, Henry A. Baldwin and the other
directors of the bank decided to jettison its restrictive national charter and reorganize as Baldwin Bank,
Ltd., on January 3, 1921. H. A. Baldwin and D. C. Lindsay retained their roles in the new entity. A
controlling interest in the bank was sold to the Pacific Trust Company in 1924.
One thing about the second-generation missionary children was that in sugar, pineapples,
transportation, banking, whatever, the concept of conflict of interest was unknown. Through interlocking
ownerships and directorships, some became oligarchs whose influence spread well beyond Hawaii. Their
legacy was encapsulated as ?The missionaries came to Hawaii to do good; their sons did well.?
Sources
Book: Jeremy Uota, 2016, Hawaii national bank notes: Stuffcyclopedia, Kaneohe, HI, 261 p. is the must-read authority on
Hawaiian national bank notes and bank history. Available from stuffcyclopedia@gmail.com.
http://papaolalokahi.org/images/pdf-files/hawaiian-health-time-line-and-events.pdf
https://alexanderbaldwin.com/about/history/
https://archive.nytimes.com/learning.blogs.nytimes.com/2012/01/17/jan-17-1893-hawaiian-monarchy-overthrown-by-america-
backed-businessmen/
Figure 6. Henry Perrine Baldwin while president of
The Baldwin National Bank of Kahului, Hawaii
Territory. Wikipedia photo.
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https://en.wikipedia.org/wiki/1887_Constitution_of_the_Hawaiian_Kingdom#:~:text=The%201887%20Constitution%20of%20t
he,European%20and%20native%20Hawaiian%20elites.
https://en.wikipedia.org/wiki/Ancient_Hawaiian_population
https://en.wikipedia.org/wiki/Bank_of_Hawaii
https://en.wikipedia.org/wiki/Big_Five_(Hawaii)
https://en.wikipedia.org/wiki/Colonial_epidemic_disease_in_Hawai%27i#Leprosy_(1865-1969)
https://en.wikipedia.org/wiki/Dwight_Baldwin_(missionary)
https://en.wikipedia.org/wiki/Henry_Perrine_Baldwin
https://en.wikipedia.org/wiki/Kahului_Railroad
https://www.archives.gov/milestone-documents/joint-resolution-for-annexing-the-hawaiian-
islands#:~:text=House%20Joint%20Resolution%20259%2C%2055th,of%20the%20Territory%20of%20Hawaii.
https://www.asce.org/about-civil-engineering/history-and-heritage/historic-landmarks/east%20maui-irrigation-system
https://www.findagrave.com/memorial/66306261/david-colville-lindsay
https://www.immigrantentrepreneurship.org/entries/claus-spreckels-robber-baron-and-sugar-king/
https://www.mauinews.com/news/local-news/2016/12/the-history-of-hawaiian-commercial-sugar-co/
https://www.usgenwebsites.org/HIHonolulu/history/immigrants.html
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Merchant Notes from Tuscaloosa, Alabama, in the 1830s:
Benjamin S. Wilson of Conrow, Ramsey & Co.
by Charles Derby
A set of $3 and $5 notes from Tuskaloosa (now
Tuscaloosa), Alabama, from the late 1830s, is known
from unissued cut and uncut sheets, shown in Figures 1
and 2. These notes appear to be generic scrip with many
blank lines to be filled in by the issuer. In addition, a
$10 note, probably from the same series because of
similarities in design and text, is shown in Figure 3, and
though this note is hand signed and dated, it certainly
appears to be falsely issued. However, a legitimately
signed $5 note has been found, shown in Figure 4. The
?attesting? signature on this note is ?Benj. S. Wilson?
for the merchant firm ?Conrow, Ramsey & Co.? The
town of the branch office that issued this note is
?Tuskaloosa.? The date is difficult to determine, but it
might be a day Jany. 8th 1837 or 1839, but from other
considerations described later, is more likely to be
1839. It is a demand note with the surcharge of ?Real
Estate Pledged and Individual Property Liable? though
that pledge carried very little significance at the time.
Who printed these Tuskaloosa notes?
The printer of these Tuskaloosa merchant notes
was almost certainly Draper, Toppan, Longacre &
Company, of Philadelphia and New York [1]. This firm
printed notes for the Mississippi and Alabama Railroad
Company and the Real Estate Banking Company of
Hinds County of Mississippi (Fig. 5), with many
features identical to the Tuskaloosa notes, including the
cotton plant vignette at the left, the goddess vignette at
the center, and the number ?5?. Draper, Toppan,
Longacre & Co. formed in 1837 from members of two
firms: Draper, Underwood, Bald, Spencer & Hufty, and
Charles Toppan & Co. In 1840, the firm changed to
Draper, Toppan & Co. Thus, Draper, Toppan, Longacre
& Co. existed only between 1837 and 1840 [1], so the
Tuskaloosa note must have been printed then. The
apparent signed date of 1839 is reasonable.
Who issued these Tuskaloosa notes?
This signing issuer, ?Benj. S. Wilson,? is Benjamin
Smith Wilson, of the firm ?Conrow, Ramsey & Co.?
Who were these individuals? Benjamin Smith Wilson
was born on May 30, 1808, in Burlington New Jersey.
[2] His parents, Walter Wilson and Amy Shourds
Wilson, were both from Burlington and grew up there
in the Quaker community, in which they also raised
Benjamin and his three older siblings, Anne, Mary, and
James Reed. Amy's parents were Daniel Shourds and
Figure 1. $3 and $5 cut and unissued merchant notes from Tuskaloosa, Alabama
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Christian Belangee Shourds, who were wealthy enough
to own considerable property including a mill in
Tuckerton. Benjamin lived in Burlington until 1825,
when he moved to Philadelphia to join his older brother
James who had moved there the year before, joining the
Quaker community in Philadelphia. [2] The exact
timing and circumstances of his move to Tuscaloosa are
not clear, but he followed in the footsteps of Charles M.
Conrow, who had
moved there by
1830. [3] The
Wilson and Conrow
families were
friends from the
Quaker community
in Burlington, [3] as
were some of the
other business
associates that they
had in Tuscaloosa
and Mobile,
including Guilford
Reed Wilson. [4]
In Tuscaloosa,
Charles became
business partner to
Alexander
McCown, whose
parents had moved
there from
Tennessee and became an established and influential
family. [4] Charles married Alexander?s sister,
Elizabeth, in August 1830. Charles and Alexander
formed a company, McCown & Conrow, which was in
the mercantile business (Fig 6), and from there, the
business expanded.
Benjamin Wilson came to Alabama first in
Mobile, where he worked in the hotel business, and
then by 1835 to Tuscaloosa. [6] An early business
venture of his in 1835
was as proprietor of new
hotel, the Montgomery
Hall, in Montgomery,
Alabama (Figure 7), for
which he solicited
Tuscaloosans to stay
there through
advertisements in the
Tuscaloosan newspaper,
the Flag of the Union. In
fact, this advertisement
extols his business
experience and in the
process explains his
business activities in
Mobile before coming
to Tuscaloosa: ?The
undersigned (Wilson)
having served a regular apprenticeship in some of the
best houses in the United States, and long known as the
Proprietor of like Establishments in Mobile and New
Figure 2. Uncut sheet of four of the $3
and $5 notes from Figure 1.
(Courtesy of John Ferreri)
Figure 3. $10 note, likely from the same series as the $3 and $5
notes, but falsely signed and issued. (Courtesy Bill Gunther.
Figure 4. Top: Signed and issued $5 note shown in Figures 1 and
2. (Courtesy of Bill Gunther.
Bottom left: Signature of Benj. S. Wilson.
Bottom right: Signature of Conrow, Ramsey & Co.
Figure 5. Notes printed by Draper, Toppan, Longacre & Co. for the
Mississippi and Alabama Railroad Company, and the Real Estate
Banking Company of Hinds County of Mississippi.
Figure 6. Three advertisements
for the business of McCown &
Conrow. [5]
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Orleans, he is
determined to
consider no
sacrifice, until
he renders the
Montgomery
Hall what has
been so long
needed in this
section of
country ? a
genteel and comfortable HOTEL.? After describing the
luxurious offerings at the hotel, he ends with a curious
addendum: ?Many slanderous and unfounded reports
having been put in circulation by individuals of
opposite interests ? with an evident intention to injure
and prejudice the public mind against the House and
Proprietor ? I would respectfully request travelers and
passers-by to give a single call and judge for
themselves. BENJAMIN WILSON.? [6] Besides this
business, Wilson also began buying land in the
Tuscaloosa area at this time. [8]
Wilson quickly became integrated into the
McCown-Conrow family and business in Tuscaloosa.
He married Jane McCown, sister of Alexander
McCown and Elizabeth McCown Conrow, in July
1835. In 1836, Alexander McCown and Charles
Conrow formally dissolved their McCown & Conrow
co-partnership and reformed as a general commission
business (Figure 8). The new arrangement included
Benjamin Wilson and Guilford R. Wilson (Figure 9)
with three branch offices: Alexander McCown & Co. at
Mobile, Charles M. Conrow & Co. at Tuscaloosa, and
Guilford R. Wilson & Co. at New York.
The company prospered and grew, and in
September 1838, and the four partners of the existing
business brought in eight new partners and reformed
and renamed the three branches. As stated in the articles
of co-partnership from September 1838, ?Alexander
McCown, Charles M. Conrow, Benjamin S. Wilson,
Guilford R. Wilson, Abel H. White, Robert Oliver,
Chapman A. Hester, Baker Hobson, Pheraudius P.
Brown, Daniel P. Ware, Ambrose K. Ramsey, John
McCain and Benjamin Wilson did agree among
themselves to form a co-partnership for the purpose of
buying and selling all kinds of merchandise, wares and
real estate under the following names: Conrow,
Ramsey & Co. in the city of Tuskaloosa, McCown,
Hobson, Williams & Co. of Mobile, and Hester, Wilson,
White & Co. of New York.? [10] Thus, in 1838,
Conrow, Ramsey & Co.
was formed as the
Tuscaloosa branch of this
business, and Benjamin
Smith Wilson was part of
it. This fact helps to place
the date of the Tuscaloosan
merchant notes to no
earlier than 1838. It also
might explain the
connection with the printer,
Draper, from Philly and
New York ? Guildford R.
Wilson and the others in
the New York office might
have helped with these
printing arrangements.
On a personal note, his
marriage to Jane McCown caused
him to be formally disowned by his
Quaker community in
Pennsylvania, as recounted in a
series of letters and documents in
the Quaker records from 1835 and
1836. The statement of removal and
disownment determined that
?Benjamin S. Wilson, who some
time ago removed to reside at
Mobile in the State of Alabama, has
since his residence there
accomplished his Marriage,
contrary to the order of our
Discipline with a person of another religious
profession, and without the consent of his parents. He
has been written to thereafter but as he does not appear
qualified to condemn his separation to the satisfaction
of this meeting we testify that we no longer consider him
a member of the Religious Society of Friends. It is
nevertheless our desire he may become duly sensible of
the nature of his deviation and qualified to be rightly
restored.? [2] He never did return to the Quakers! But
he prospered financially, and in 1837 he bought a new
house in Northport, near Tuscaloosa (Figure 10).
The ?Ramsey? in ?Conrow, Ramsey & Co.? was
Ambrose Knox Ramsey. He was born in 1795 and
married Nancy Yancey (of Yanceyville, North
Carolina) in 1817. [12?14] In North Carolina, Ambrose
was a wealthy farmer and mill owner, and member of
the state legislature. He moved to Tuscaloosa and
Marengo County in Alabama in 1831, as a pioneer
Figure 7. Montgomery Hall. [7]
Figure 8. Announcement of
business reorganization of
McCown & Conrow to include
Benjamin Wilson. [9]
Figure 9. Guilford
Reed Wilson, born
in Burlington, NJ,
was a relative,
business partner
and namesake of
son of Benjamin
Wilson.
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farmer. He established major plantations, at one time
owning 1,200 acres of land. His business venture with
McCown and associates in 1838 expanded his interests
to buying and selling merchandise and wares, but still,
his cotton plantations were his major source of income.
He was president of the Narkeeta, Gainesville, and
Tuscaloosa Rail Road (also called the Mississippi,
Gainesville and Tuscaloosa Railroad), a 22-mile line
that connected to the Mobile & Ohio Railroad in
Mississippi and that had a station named after him. He
moved to Sumter County, Alabama, in 1848. He
weathered the financial storms, and by 1860, owned
$32,000 in real estate and $830,000 in personal estate.
Ramsey died in Meridian, Mississippi, in 1885.
The businesses of Wilson, McCown, Conway,
Ramsey, and associates expanded in
the favorable financial environment
of the mid-1830s. That
environment led to speculative
lending practices in western states
including Alabama, a huge
expansion in cotton production, and
a rapid increase in the market price
of real estate. Then came the Panic
of 1837, a financial crisis that
caused a major recession that
extended into the mid-1840s. This
recession resulting in a severe
shortage of available cash, a crash
in cotton prices, and the collapse of
the real estate bubble. As stated by
Thomas Owen in his History of
Alabama and Dictionary of
Alabama Biography, ?The financial panic of 1837,
which convulsed the whole country, was felt with
unusual severity in Alabama. For some years a spirit of
speculation had been growing and spreading,
stimulated by increased bank circulation and unlimited
credit facilities. Extravagant investments in lands and
slaves were made. Property of all kinds reached
fictitious values. When the crash came the banks
suspended specie payments, and all classes of business
stagnated. Thousands of good men were ruined.
Numbers emigrated to the newer States or Territories.?
[15]
So it was with Benjamin Wilson, Charles Conrow,
Alexander McCown, and their families. Newspapers
records from the late 1830s and early 1840s show that
Wilson, Conrow, McCown, and others were financially
stretched and threatened, eventually leading to financial
collapse and closure of their business. Legal action was
taken against them, with lawsuits filed, liens placed,
and public sales of their foreclosed properties. They
filed for bankruptcy (Figure 11). Wilson tried to make
ends meets, by partnering with Tuscaloosan merchant
and businessman Charles Snow (Figure 12). But
Wilson, Conrow, and McCown looked to the next
western frontier ? to Texas ? for escape from their
Alabama woes and for new opportunities and a better
life. As early as the late 1830s, they began looking to
Texas. In 1839, Alexander McCown and brother James
went to Texas, where they applied for and purchased
land, then returned to Alabama, where they filed for
bankruptcy and prepared to move. In 1841 with their
mother, brothers Sampson and Jerome, the McCowns
moved to Texas, James to Marshall and Alexander to
Figure 10. Benjamin S. Wilson?s house in
Northport/Tuscaloosa, built in 1837 on an eight-acre lot, is
typical of smaller houses in Tuscaloosa during the antebellum
period. The house, now called the Wilson-Clements House, still
stands to the day and since 1975 has been on the Alabama
Register of Historic Places. [11]
Figure 11. By purchasing land and moving
to Texas and by filing for bankruptcy,
Benjamin Wilson, Charles Conrow, and
others avoided some of their legal and
financial responsibilities, as shown by
these two articles from 1841 and 1842 in
The Independent Monitor. [16]
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Montgomery. The Wilsons and Conrows also moved to
Texas around that time, the Wilsons to Huntsville,
Texas, and the Conrows to Montgomery County,
Texas, only 30 miles distant.
Life in Texas
The available records of Benjamin Wilson up until
this point in his life paint the picture of an adventurer
who moved from the Quaker community of the
northeast to the western frontier of Alabama, and then
after having faced economic failure in Alabama, risked
the challenges of a move even further west to the Texas
frontier of the 1840s. Still, we do not have a deeper
impression of the personality of Benjamin Wilson until
we read records from his time in Texas, especially the
published letters by his friend Sam Houston [18] and
articles in the Huntsville, Texas, newspaper at the time.
Benjamin and Jane Wilson arrived in Huntsville,
Walker County, Texas, around 1842, and they quickly
landed on their feet and built an impressive life.
Married since 1835 and childless, Benjamin and Jane
must have found life in Texas fruitful, for they had five
children, all sons, over the next 13 years. They were
named Walter (b. 1843), James Reed (b. 1845), Sam
Houston (b. 1848), Benjamin (b. 1852), and Guilford
Reed (b. 1856), after Benjamin?s relatives and business
partners. Benjamin Wilson returned to his business
roots as a merchant and hotel proprietor. His hotel was
The Eutaw Hotel, established in 1850. Named by
Wilson after the Alabaman city, it was a popular
hostelry and stagecoach stop, consisting of a two-story
frame building, with a large cistern, well, livery stable,
and other associated buildings. The Eutaw Hotel
operated for over 50 years. A historical marker notes
its location today. [17]
Wilson became friends with Sam Houston, the
famous Texan who was the first president of the
Republic of Texas, governor and senator from the state
of Texas, and resident of Huntsville, Texas (Figure 13).
Sam Houston?s letters show that Benjamin and Sam,
and their wives
Jane and
Margaret (Figure
13), had a
complicated
relationship. On
the one hand, the
Wilson?s named
their third son
after Sam in
1848. To this,
Margaret wrote
to her husband,
?Mrs. Wilson?s
boy is a noble looking fellow, & appropriately named I
think, for he is exceeding like you. You must be very
proud of the name.? [18] On the other hand, Wilson the
merchant sold items to Houston, but Sam notes to
Margaret of some distrust of Wilson?s ?avarice? in his
business practices. Then there was the Thorne-Gott
affair. The Houston?s took on Virginia Thorne, a
teenage orphan, as their ward. After months of
problems with Virginia Thorne, Margaret beat her with
a cowhide, and Virginia ran off with Thomas Gott,
overseer of the Houston?s Woodland Farm. Gott and
Thorne returned to Huntsville and filed charges of
assault and battery against Margaret. A subsequent
legal hearing led to a recommendation that the case be
considered by the Baptist Church, which fully acquitted
Margaret. The Houston-Wilson controversy started
when the Wilson?s accepted Virginia into their house
after she returned to Huntsville and filed charges. This
caused a strain on the relationship, leading Margaret to
write to Sam that ?Mrs. Wilson is a raving maniac. It is
one of the most melancholy cases of insanity that I have
ever heard of.? The Houston?s and Wilson?s seem to
have reconciled, but it was a rocky time. [19]
Two more stories from Huntsville tell of Wilson?s
personality. The first is the time of a fire in the barn
next to Wilson?s Eutaw Hotel. Wilson was said to have
asked the hotel residents to pray for the wind to shift. It
did, and the hotel was saved [18]. The second anecdote
comes from an 1872 newspaper story by a ?Special
Traveling Agent.? [20] The agent reported that, ?On
arriving at Huntsville I heard all the passengers speak
Figure 12. Benjamin Wilson became the junior partner in a business with Charles Snow in 1841, as
shown by these two articles from in The Independent Monitor. [17]
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of going to Wilson?s Hotel, so I followed the crowd, and
at the station we found a fine omnibus with a spend
team of gray horses waiting to take us to the Eutaw
House, kept by mine host, Colonel, Benjamin S. Wilson,
an old Texan having resided at this place as master of
the surveys for the past thirty years. I found myself no
stranger in the hands of Colonel Wilson, who made me
welcome in the old Texas fashion, and I felt quite at
home, like all cosmopolites ought to feel. I cannot pass
by without some allusion to the Eutaw House, at
Huntsville, which is well kept, quite an improvement on
what I fell in with when wending my way through this
little hamlet three years ago. The Colonel, himself, is
no ordinary individual, and is regarded as one of the
curiosities of the place, and is, in truth, most excellent
good company, entertaining his guests with an
inexhaustible store of genuine wit and good humor.
May he live long to enjoy the profits of his industry,
energy and enterprise.?
Benjamin Wilson did live well past this encounter,
much longer than did his former Tuscaloosan business
partners, Charles Conrow and Alexander McCown,
who died in Texas in the 1840s and 1850s respectively.
While Benjamin Wilson?s death and final resting place
are not clear, he lived in Huntsville with his youngest
son at least until 1880, then 72 years old. [21]
References and Footnotes
[1] American Bank Note Company. https://www.coxrail.com/abnco.asp
[2] U.S. Quaker Meeting Records, 1681-1935. Accessed through ancestry.com
[3] Alexandra Genetti, personal communication
[4] Ancestry.com
[5] Advertisements from 1836 in the Flag of the Union, Tuscaloosa, Alabama.
[6] October 10, 1835, issue of the Flag of the Union, Tuscaloosa, Alabama
[7] From Blue, Matthew Powers. 2010. The Works of Matthew Blue: Montgomery's First Historian. NewSouth Books.
[8] United States Bureau of Land Management. Alabama Pre-1908 Homestead and Cash Entry Patent and Cadastral Survey Plat Index.
General Land Office Automated Records Project, 1996.
[9] September 3, 1836, issue of the Alabama State Intelligencer, Tuscaloosa, Alabama.
[10] Early Deeds of Itawamba County, Mississippi: 1836-1839 Including A Brief History of Early Itawamba County. 2008. The
Itawamba Historical Society.
[11] Brown, Donald and Hannah Brown. 2010. Tuscaloosa: Yesterday, Today and Tomorrow. Beers & Associates, LLC.
[12] Perrin, William Henry. 1891. Southwest Louisiana and Biographical and Historical.
[13] Berney, Saffold. 1878. Handbook of Alabama: A Complete Index to the State. Mobile Register Print.
[14] Obituary in the New Orleans Christian Advocate, June 24, 1886.
[15] Owen, Thomas McAdory. 1921. History of Alabama and Dictionary of Alabama Biography. The S. J. Clarke Publishing Co., Chicago.
[16] The Independent Monitor, Tuscaloosa, Alabama. Issues of June 3, 1841 (right), and August 17, 1842 (left)
[17] The Independent Monitor, Tuscaloosa, Alabama. Issues of May 12, 1841 (left, and August 17, 1842 (right)
[18] www.waymarking.com/waymarks/ WMY0ER_The_Eutaw_House_Huntsville_TX
[19] The Personal Correspondence of Sam Houston: 1852-1863. University of North Texas Press, 1996.
[20] The Galveston Daily News, Galveston, Texas. Issue from April 26, 1872.
[21] U.S. Census, 1880, Huntsville, Texas.
Acknowledgments: I am most appreciative to Alexandra Genetti for sharing her fantastic research on Charles Conrow and family, which has
been a tremendous help in writing this article. John Ferreri, Bill Gunther, and Hugh Shull have kindly shared their notes and encouraged this
study.
Figure 13. Sam and Margaret Houston,
friends of Benjamin and Jane Wilson in
Huntsville, Texas.
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Legal Tender
Series of 1928
Non-Star Serial Number Ranges
Purpose and Overview
The objective of this article is to provide a big picture overview of the Series of 1928 $2 notes to
illustrate how the various varieties that make up the series fit together. Sufficient information will be
provided to allow you to determine at least to the year when your Series of 1928 legal tender notes were
delivered to the Treasury from the Bureau of Engraving and Printing. The serial number ranges for the
varieties are updated by new finds that have been reported to me or that I have observed.
Most currency collectors collect $2 bills because they are America?s orphan denomination. Use of
$2s never caught on with the public so there aren?t even slots for them in cash registers. When they leave a
bank, they tend to come right back. Consequently, they don?t circulate in the traditional sense of the word.
They simply constitute an exotic breed that are treated as curiosities by most people. That is their appeal.
The $2 Series of 1928 legal tender notes with their large red seals constitute the most varied of the
small size $2 types. The series sports seven Treasury signature combinations as well as a number of face
and back varieties.
Knowing when those in your possession were printed may add to their appeal. All of these notes
are over 50 years old so they are older than most of you.
Early cataloguers Leon Goodman, John Schwartz and especially Chuck O?Donnell solicited reports
of serial numbers for the various varieties in order to develop bracketing serial number ranges for their
usage. For a time, collectors avidly participated and successive catalogs reflected refinements to those
ranges. Unfortunately, this activity has waned considerably in the past few decades. It is long overdue to
assemble the known updates so a new cut at the job can be presented here. Sooner or later, you will find
notes among your holdings that fall outside the known ranges. You can broker that information through me
for these popular $2s and we?ll publish updates.
Production by Year
Table 1 allows you to determine the year when a given 1928 $2 was delivered from the Bureau of
Engraving and Printing to the U. S. Treasurer for issue to the public. In fact, for the years 1929 through
1948 the cut can be made to within 6 months because end of fiscal year serials for those years also are
The Paper
Column
Peter Huntoon
Figure 1. Series of 1928C mule with the highest reported serial number for this scarce variety.
Macro face plate B179, micro back plate 291. Heritage Auction archives photo.
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available. Yearly production is graphically illustrated on Figure 2.
Signatures Changes
Table 2 lists the Treasury signature combinations that occur on the notes along with the periods
during which the printing plates bearing those signatures were on the presses. Supplemental details
pertaining to the plates appears in Table 4 at the end of this article.
An important finding revealed on Table 2 is that usage of plates with obsolete Treasury signatures
generally overlapped production from plates with current signatures during a transition period of variable
length. This occurred because the signatures were on the intaglio face plates rather than being overprinted
and it was the policy of the Treasury to have the BEP use still serviceable plates until they wore out.
Other Design Changes
Four changes were made to the intaglio plates other than the Treasury signatures during the life of
the Series of 1928 $2s. These included: (1) an increased vertical separation between the subjects on the
plates, (2) revised legal tender clause on the face plates accompanied by addition of engraved filigree inside
the borders and raised placement of the right plate letter and number, (3) increased size of the plate numbers
on both the back and face plates, and (4) decreased width of the face plates.
Table 1. Yearly serial numbers for deliveries of $2 Series of 1928
legal tender notes from the Bureau of Engraving and Printing to the
Treasury Department.
First Note Last Note Number Cumulative Ending
Delivered Delivered Printed Number Serial Number
Year in Year in Year in Year Printed on June 30
1929 A00000001A A37548000A 37,548,000 37,548,000 A18000000A
1930 A37548001A A58860000A 21,312,000 58,860,000 A53196000A
1931 A58860001A A69288000A 10,428,000 69,288,000 A63660000A
1932 A69288001A A84768000A 15,480,000 84,768,000 A75720000A
1933 A84768001A B05240000A 20,472,000 105,240,000 B00200000A
1934 B05240001A B12200000A 6,960,000 112,200,000 B12200000A
1935 B12200001A B32180000A 19,980,000 132,180,000 B23600000A
1936 B32180001A B47924000A 15,744,000 147,924,000 B40760000A
1937 B47924001A B67832000A 19,908,000 167,832,000 B56972000A
1938 B67832001A B82172000A 14,340,000 182,172,000 B74852000A
1939 B82172001A C00872000A 18,700,000 200,872,000 B92972000A
1940 C00872001A C17452000A 16,580,000 217,452,000 C09052000A
1941 C17452001A C37012000A 19,560,000 237,012,000 C25852000A
1942 C37012001A C61492000A 24,480,000 261,492,000 C44092000A
1943 C61492001A C80512000A 19,020,000 280,512,000 C71512000A
1944 C80512001A D11052000A 30,540,000 311,052,000 D07752000A
1945 D11052001A D28632000A 17,580,000 328,632,000 D22272000A
1946 D28632001A D39556000A 10,924,000 339,556,000 D34872000A
1947 D39556001A D51972000A 12,416,000 351,972,000 D44652000A
1948 D51972001A D64992000A 13,020,000 364,992,000 D58332000A
1949 D64992001A D78552000A 13,560,000 378,552,000 no data
1950 D78552001A D91032000A 12,480,000 391,032,000 no data
1951 D91032001A E04952000A 13,920,000 404,952,000 no data
1952 E04952001A E23672000A 18,720,000 423,672,000 no data
1953 E23672001A E30760000A 7,088,000 430,760,000 no data
Sources of Data:
First deliveries 1929 through 1952: O & M Secretary, Apr 1952, First serial numbers
delivered 1929-1952: BEP Historical Resource Center, Washington, DC.
First and last delivery in 1953: Memorandum from Jack I. Lowd, Surface Printing Division,
to Mrs. Russall, Currency Overprinting Section: BEP Historical Resource Center,
Washington, DC.
Fiscal year data for 1929 through 1948: Annual reports of the Bureau of Engraving and
Printing: BEP Historical Resource Center, Washington, DC.
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Figure 2. Yearly production of Series of 1928 $2 legal tender notes.
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
1
9
2
9
1
9
3
0
1
9
3
1
1
9
3
2
1
9
3
3
1
9
3
4
1
9
3
5
1
9
3
6
1
9
3
7
1
9
3
8
1
9
3
9
1
9
4
0
1
9
4
1
1
9
4
2
1
9
4
3
1
9
4
4
1
9
4
5
1
9
4
6
1
9
4
7
1
9
4
8
1
9
4
9
1
9
5
0
1
9
5
1
1
9
5
2
1
9
5
3
Table 2. Joint terms of the Secretary-Treasurer combinations and inclusive press dates
for printing the combinations on $2 Series of 1928 faces. The variable face plate design
elements are listed in the order in which they appeared.
Secretary-Treasurer Joint Term of Office Series First Use Last Use
Face Plates:
wide face
micro plate numbers
old legal tender clause
no cycloid inside border
low plate letter & no.
Mellon-Tate Apr 30, 1928 - Jan 17, 1929 1928 Feb 4, 1929 Jul 3, 1930
Mellon-Woods Jan 18, 1929 - Feb 12, 1932 1928A May 15, 1930 Jul 14, 1933
Mills-Woods Feb 13, 1932 - Mar 3, 1933 1928B Jan 23, 1933 Jul 17, 1933
new legal tender clause
cycloid inside border
high plate letter & no.
Morganthau-Julian Jan 1, 1934 - Jul 22, 1945 1928C Apr 17, 1934 Feb 12, 1940
macro plate numbers
Morganthau-Julian 1928D Mar 13, 1939 May 27, 1946
Vinson-Julian Jul 23, 945 - Jul 23, 946 928E Dec 26, 1945 Sep 17, 1946
Snyder-Julian Jul 25, 1946 - May 29, 1949 1928F Sep 12, 1946 Dec 9, 1949
narrow face
Snyder-Clark Jun 21, 1949 - Jan 20, 1953 1928G Dec 1949 Feb 1953
Back Plates:
micro Oct 12, 1928 Aug 12, 1942
macro Aug 22, 1939 Feb 6, 1953
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I will briefly describe these changes and the timing of each. The changes have been treated in
exhaustive detail elsewhere because they impacted other classes and denominations manufactured at the
same time. For your convenience, I will include citations to the definitive articles that treat each change, all
of which are readily available in back issues of Paper Money posted on the Society of Paper Money
Collectors website.
Vertical Separation between Subjects
The vertical separation between the subjects on the early 12-subject small-size printing plates was
found to be a bit too small because it resulted in excess spoilage rates when the notes were cut from the
sheets. This was remedied by increasing the separation. Bureau personnel called the plates with narrow
separation old gauge and those with the wider separation new gauge. The changeover occurred between $2
back plates 221 and 222, respectively certified November 16, 1933 and December 27, 1934. The
changeover face plates were Series of 1928C plates 75 and 76, respectively certified June 11, 1934 and
February 21, 1936. In practice, the two types of plates were mixed on the same press. This change did not
result in visually identifiable varieties so will not be considered further in this article.
Figure 3. Graph showing the press usage ranges for the Treasury signature combinations and plate varieties
found on legal tender $2 1928 series notes.
Figure 4. Old 4-line legal tender clause and its 3-line replacement. Also notice on the right photo the addition
of the cycloid filigree inside the border at the extreme lower left that was added at the time of the change.
Face Plates
wide face
micro plate numbers
old legal tender clause
no cycloid inside border
low plate letter & no.
1928 Mellon-Tate
1928A Mellon-Woods
1928B Mills-Woods
new legal tender clause
cycloid inside border
high plate letter & no.
1928C Morganthau-Julian
macro plate numbers
1928D Morganthau-Julian
1928E Vinson-Julian
1928F Snyder-Julian
narrow face
1928G Snyder-Clark
Back Plates
micro plate numbers
macro plate numbers
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953
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Legal Tender Clause, Cycloid Filigree and Plate Letter-Number Position
President Franklin D. Roosevelt?s New Deal treasury totally restructured the nation?s currency
system causing Treasury officials to reword the legal tender clauses on the legal tender notes. As shown on
Figure 4, the clause on the legal tender notes was streamlined from four to three lines by the removal of
obsolete language pertaining to a prohibition of the use of legal tender notes for the payment of duties on
imports and interest on the public debt. That language was an artifact inherited from the Civil War. They
took the opportunity to simplify the clause when the Treasury signatures were changed to Morgenthau and
Julian at the startup of the 1928C $2 notes. See Yakes and Huntoon (2013).
Simultaneously, they tarted up the face designs by adding fine-line looping filigree to the insides
of the borders of the notes. The filigree consisted of cycloid engravings, which were made on a geometric
lathe. Each class of notes?legal tenders, silvers and Federal Reserves?were assigned a distinctive cycloid
pattern.
Lastly, they also raised the position of the plate letter and number in the lower right corner to
eliminate interference with the Secretary of the Treasury?s signature as illustrated on Figure 5.
The first printing employing these changes occurred on April 17, 1934 when Series of 1928C face
production commenced. The printing of 1928B notes ceased before this date, so there was no intermixing
of production with the old and new clauses.
Plate Number Size
As shown on Figure 5, the size of the plate numbers used on both the backs and faces of all U. S.
currency was increased in size. This change was carried out at the request of the Secret Service in 1937 in
order to aid the agents who had difficulty reading the numbers on worn notes. See Huntoon (2012).
Use of macro plate numbers on $2 legal tender faces commenced with production of the Series of
1928D plates. The change in the size of the plate numbers constituted the sole reason for incrementing the
series letter from C to D. The first Series of 1928D face plates went to press on March 13, 1939. The first
$2 macro backs went to press on August 22, 1939.
Both micro and macro back plates served together on the presses until August 12, 1942. Similarly,
both 1928C and 1928D face plates were together on the presses until February 12, 1940. The mixing of
micro and macro plates during these intervals resulted in so-called mule varieties when notes having a micro
plate number on one side and a micro on the other happened to be printed (Huntoon, 1988). There were two
$2 mule varieties; the very scarce 1928C mules with micro faces and macro backs (Huntoon, 2001) and
plentiful 1928D mules with macro faces and micro backs.
Wide and Narrow Faces
A program was undertaken between 1947 and 1953 to standardize the dimensions of the images on
the master dies from which both face and back plates were made. This was undertaken because it would
Figure 5. The position of the plate letter and number as found on the 1928B and earlier notes (left) was raised
beginning with the 1928C notes (center). Next the size of the plate letters was increased in size beginning with
the 1928D notes (right). Notice the addition of the cycloid filigree on the 1928C note (center).
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reduce spoilage caused by the overly wide or high designs when the notes were
cut from sheets. Only the faces on the $2s were affected wherein the width was
reduced slightly as shown on Figure 6. See Huntoon and Hodgson (2006).
The change occurred between the 1928F and G plates so the first
narrow plate was 1928G face plate 483 certified December 6, 1949.
Changeover Pairs
The BEP was using 4-plate power presses to print the Series of 1928
$2s wherein four different plates circulated around the bed of the press.
Consequently, it wasn?t at all unusual for different signature combinations or
plate varieties to be printed simultaneously from the mix of new and old plates
on the same press.
These presses produced one stream of sheets that alternated through the plates present. In every
case where there is temporal overlap on Table 2 between Treasury signature combinations, plate number
sizes or wide-narrow plates, both varieties were being printed simultaneously. This resulted in
consecutively numbered forward and backward changeover pairs between the different signatures
combinations and/or other plate varieties when the notes were numbered.
There was one important exception. The language in the legal tender clause found under the
Treasury seal was changed between the Series of 1928B and C. Only during that changeover did they isolate
the production from the two varieties. They ceased printing the 1928Bs with the earlier clause in 1933,
cleared the production line of them, and after a few months resumed with 1928Cs with the new clause in
1934. This caused the hiatus that is so prominently displayed on Figure 3.
Updated Serial Number Ranges
The most recently published summaries of the known serial number ranges for the $2 Series of
1928 varieties are found in Schwartz and Lindquist (2011). Those ranges are reproduced here as Table 2,
which incorporates updates I am aware of. The updates will be treated in serial number order.
1928 A96520744A-J25/28
Collector Larry Thomas posted the Series of 1928 note illustrated here as Figure 7 with serial
A96520744A on the Small Size Variety Collectors Facebook website. This note sports a serial number that
Figure 6. The width of the subject was decreased by the amount shown on both
sides of the $2 between the 1928F and G series in order to reduce spoilage when
the notes were separated.
Table 3. Reported serial number ranges for the $2 LT Series of 1928 varieties.
Italicized Boldface are updated entries. Boldface are first or last serial numbers from BEP records.
S ri s Treas.-Sec'ry First or Low Delivered Last or High Delivered First or Low Last or High
1928 Tate-Mellon A00000001A Apr 24, 1929 A96520744A 1933 *00000001A *00688584A
1928A Woods-Mellon A51108220A 1930 B08965670A 1934 *00732343A *01055383A
19 8B Woods-Mills A86398443A 1933 B09004381A 1934 *00942054A *01053286A
1928C Julian-Morganthau B09008001A Jun 15, 1934 C25426677A 1941 *01062930A *02039694A
1928C ul Julian-Morganthau B97675354A 1939 C02892104A 1940 none reported
1928D mul Julian-Morganthau B86933784A 1939 D08430054A 1944 *01875119A *02619482A
1928D Julian-Morganthau B97269954A 1939 D35923578A 1946 *01972969A *03215773A
1928E J lian-Vinson D29712001A Feb 25, 1946 D40156288A 1947 *03212775A *03227372A
1928F Julian-Snyder D36192001A Sep 25, 1946 D82673798A 1950 *03236520A *03644508A
19 G Clark-Snyder D78552001A Jan 16, 1950 E30760000A May 6, 1953 *03648001A *04152000A
Sources of Data:
Larry and Phil Thomas.
Donlon, W. P., 1970, Donlon catalog of United States small size paper money: Hewitt Bros., Chicago, IL, 115 p.
Schwartz, John, and Scott Lindquist, 2011, Standard guide to small-size U. S. Paper Money 1928 to date, 10th ed., Krause:
Publications, Iola, WI, 382 p.
Heritage auction archives.
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is a true outlier for its type. It is 40 million higher than the previously recorded high.
The facts are that back 28 was in use February 7, 1929 to August 29, 1929, and face 25 March 5,
1929 to March 9, 1930, yet the serial number was printed during the latter part of 1933.
Clearly the note is an exotic outlier that represents a classic case of a late-numbered sheet. The
sheet containing this note found itself among a residual batch of sheets that remained unnumbered at the
time the faces were printed in 1930. The group was stockpiled for numbering in a later order and somehow
languished for three years before being recovered and processed. There is a common pattern in
Figure 7. The serial on this Series of 1928 note is 40 million higher than the
previously reported high. It is an exotic that represents a note from a residual
group of unnumbered sheets that was buried in a stockpile for three years
before being retrieved and numbered in 1933. Larry Thomas photo.
Figure 8. This scarce Series of 1928A note represents a new low, being 4,538
less than the previous reported. Heritage Auction archives photo.
Figure 9. The high reported serial for the 1928C series is boosted 20 million
serials by this note. Larry Thomas photo.
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warehousing: first in, last out. This situation represents a variant on that theme.
1928A A51108220A D20/35
I found the note illustrated on Figure 8 in the Heritage auction archives from a July 2007 sale. It
represents a new low for the Series of 1928A range. The previous low was A51112758A. No one at the
auction firm noticed, undoubtedly because they didn?t bother to look. It sold for $35.
1928C C25426677A CA C153/252
This is another note reported by Larry Thomas; this one a new high for its type by a significant 20
million serials. See Figure 9. The CA block 1928C is by far the scarcer of the two regular production blocks
in the series, so he got a true bonus when he spotted this jewel.
1928C mule C02892104A B179/291
Muled 1928Cs are among the scarcest of the varieties found among the Series of 1928 $2 issues.
The example illustrated on Figure 1 went through a Heritage Auction in February 2020, extending the
verified range appreciably by 700,000 from the previously reported high of C02199891A. This note was
printed about February 1940, which is quite late for the variety.
It is always luck of the draw to find a note that extends a known range, but to do so with the scarce
Figure 10. This 1928D mule find by Larry Thomas pushes the reported low
serial number for a 1928D note back almost 650,000 serials, placing this note
about as close to the first use of a 1928D face plate in March 1939 as possible.
Figure 11. This exotic 1928D mule was one of those wonderful unexpected discoveries, being the
first ever reported from the DA serial number block, some 46 million serials higher than the
reported high in the CA block for the variety. It is from a ?lost? stockpile of residual
unnumbered sheets found and numbered two years after the sheets were printed. Phil Thomas
photo.
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varieties somehow seem to occur more frequently, probably because so few are reported so people pay
more attention to them.
1928D mule B86933784A F182/256
Discovery of this 1928D mule by Larry Thomas pushes the first reported serial for this variety back
almost 650,000 serials from the previously reported low. This serial is about as close as we are going to get
to the first numbering of 1928D faces in March 1939.
1928D mule D08430054A L245/275
$2 Series of 1928D mules are common so collectors and dealers in the know rarely pay attention
to them. However, the serial number D08430054A seemed amiss to Phil Thomas when the note went by in
his capacity as a PCGS banknote researcher/grader. He didn?t recall these mules being from the DA serial
number block. At this writing, his brother Larry has logged in the new high from the CA block as
C62022356A B263/279, which is 62 million lower. Larry?s new CA find was numbered in 1943, the first
1928D mule recorded from that year.
D08430054A was numbered in the second half of 1944, whereas the last use of back plate 275 was
August 12, 1942 and the last use of face 245 was Nov 13, 1942. This spectacular find is another example
of a late-numbered note from a long-sequestered batch of unnumbered sheets.
Jamie Yakes (2021) profiled this discovery in detail.
1928D B97269954A F191/291
Larry Thomas recently found this 1928D non-mule, for a new low for that variety. Notice from
Table 3 that it is a hairs breath away from the 1928C mule low, revealing that both probably were printed
just as the first macro $2 back plates went to press.
Figure 13. This 1928D non-mule extends the range for this type by almost half
a million, a find by Larry Thomas in September 2022. Larry Thomas photo.
Figure 12. A new low for a 1928D non-mule, probably from the first $2s
printings from a macro back plate in 1939. Larry Thomas photo.
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1928D D35923578A L401/307
Larry Thomas found this new high 1928D non-mule on eBay. It bumps that range up by almost
half a million from the previous reported high of D35443700A
1928E D40156288A J412/317
Larry Thomas found this new high 1928E in February 2023 that nicely extends the known range
into the D40 millions.
Status
The information presented here that extend the reported serial number ranges for the various
varieties is only what I have been able to glean from what are rather highly visible auction records or reports
from particularly observant collectors. You have range-extenders among your holdings, simply look! Send
your finds and observations. Similar updates are needed for the star notes in the series as well.
An updated profile of this popular series is long overdue. peterhuntoon@outlook.com
Acknowledgment
Brothers Larry and Phil Thomas hold the lead for contributing new low/high $2 1928 LT serials.
Larry in particular has a passion for collecting $2s that push the ranges to new limits. He has to be constantly
virulent. He was rewarded at the July 2022 Long Beach Coin Show by finding a long-ago lowest reported
serial number for the Series of 1928B, a true key note. It had cycled back to the market without being
flagged as such.
The ranges published here certainly will change so the fun won?t stop. The simple fact is that if you
want to push the known ranges for the early classic small notes, all you have to do is look. Each success
better defines our understanding of the early small size notes where official records are lacking.
Sources
Donlon, William P., 1967, Donlon catalog United States small size paper money: Hewitt Numismatic Publications, Chicago, IL,
128 p. (later editions have serial number ranges)
Goodman, Leon J., John L. Schwartz, Chuck O?Donnell, 1969, The standard handbook of modern U. S. paper money, 1970 edition:
Harmer Rooke and Company, New York, 79 p.
Huntoon, Peter, Jan-Feb 1988, Small note mules, a fifty-year retrospective: Paper Money, v. 27, p. 5-12 14.
Figure 14. This 2928E extends the range for this type into the D40 million
range, a find by Larry Thomas to kick off 2023. Larry Thomas photo.
Table 4. Summary of the face plates used to print $2 Series of 1928 legal tender notes.
First Last
First Last Plate Plate Master
Type of Plate Plate Plate Used Used Plates Not Certified Plates Certified but Not Used Platesa
1928 1 103 4 97 1, 16, 27, 51, 57, 59, 73, 74, 82, 89, 91, 95 none 1
1928A 1 93 4 65 1-3, 22, 30, 44, 45, 84, 88 none 1
1928B 1 90 7 40 1-6, 17, 21 43-90 1, 3, 4
1928C old gauge 1 75 2 15 5, 7, 8, 10, 11, 21, 23-25, 69-71 56-68, 72-75
1928C new gauge 76 181 76 180 77, 79, 159 none 76
1928D 182 401 182 401 198, 225, 246, 251, 289, 306, 351, 374, 375, 381 346-350, 352-373, 376-380, 382-389, 398, 399
1928E 402 438 403 414 402, 407, 408, 423, 437, 438 416-436
1928F 439 481 440 462 439 463-481
1928 no sigs 482 482
1928G 483 516 483 516 484 509-510 others before 510 but data missing
a. Only master plates label as such in the plate history ledger are listed.
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Huntoon, Peter, May-Jun 2001, Profile of two rarities, $2 legal tender Series of 1928C mule & Series of 1928D BA block non-
mule: Paper Money, v. 40, p. 218-228,
Huntoon, Peter, Jul-Aug 2012, Origin of macro plate numbers laid to Secret Service: Paper Money, v. 51, p. 294, 296, 316.
Huntoon, Peter, and James Hodgson, Sep-Oct 2006, The transition from wide to narrow designs on U. S. small size notes between
1947 and 1953: Paper Money, v. 45, p. 323-343.
O?Donnell, Chuck, 1977, The standard handbook of modern United States paper money: Harry J. Foreman Inc., Philadelphia, PA,
342 p. (various subsequent editions)
Schwartz, John and Scott Lindquist, 2011, Standard guide to small-size U. S. paper money 1928 to date, 10th edition: Krause
Publications, Iola, WI, 382 p.
Yakes, Jamie, 2021, New discovery, $2 LT 1928D D-A mule: Paper Money, v. 60, p. 316-317.
Yakes, Jamie, and Peter Huntoon, Jan-Feb 2013, New deal design changes: Paper Money, v. 52, p. 31-38,
$10 1933 Silver Certificate Star Note Printing
Willis Russell, Lee Lofthus & Peter Huntoon
Willis Russell recently received from the Bureau of Engraving and Printing a 1949 typewritten
report labeled A description of all classes of paper money issued since July 10, 1929 (Series 1928), revised
as of December 31, 1949. An entry states that 8,000 Series of 1933 $10 star notes were printed, a number
previously unknown numismatically. Only one has been reported; specifically, A00000002*.
Figure 15. This previously reported Series of 1928B LT $2 has the lowest serial
for this key Treasury signature combination, a note landed by Larry Thomas
at the July 2022 Long Beach Coin Show.
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Over 375 COLONIAL CURRENCY notes from the JOHN J. FORD Collection.
Featuring several FINEST KNOWN and UNIQUE Notes Including over 40 ERIC NEWMAN,
The Early Paper Money of America PLATE NOTES.
MA, November 17, 1776, 10s, Revere
Sword in Hand Note, Fr MA-246,
PCGS Choice VF-35 Details
Ford Sale 10 / Lot 4703
MA, October 18, 1776, $5, Revere and Gill,
Fr MA-238, Irreplaceably Rare,
Gem Crisp Unc.
Ford Sale 10 / Lot 4699
RI, February 2, 1741/42, 6d, Fr RI-43,
PCGS About UNC 50, Newman Plate Note
Ford Sale 3 / Lot 569
RI, August 16, 1710, 2s, Fr RI-1,
PCGS VG-10 Details,
Newman Plate Note, maybe Unique
Ford Sale 3 / Lot 556
VT, February 1781, 40s, Fr VT-7
PCGS Choice VF-35 Details
Ford Sale 3 / Lot 847
Coming in Unreserved Kagin?s Auctions in 2023
Signifi cant Colonial Notes from
the John J. Ford Collection Sales
To participate in this exciting event, send your email/contact information to Kagin?s Auctions
by email today at info@kagins.com or call Don Kagin at 888-8KAGINS (852-4467).
Visit us at Booths 611/710 at the 2023 ANA National Money Show? in Phoenix, Arizona
Kagins-2023-SignFordCollNotes-PM-Ad-02-15-23.indd 1 2/15/23 11:55 AM
Clayton A. Cowgill Signed Florida Treasury Warrants
by Terry A. Bryan
After the Civil War, the states of the former Confederacy were in a mess, socially and financially. Radical
Northern politicians installed ?carpetbaggers? in state governments. Ironically, one of these imported northern
politicians pioneered an industry that grew to tremendous importance in the region.
Dr. Clayton Augustus Cowgill (1826-1901) (Pronounced ?Co-gull?) is credited with being a (the?) pioneer
commercial orange grower in Florida. His family had distinguished roots in the State of Delaware going back into
the 1600s. Parents Daniel Cowgill, Senior and Elizabeth Reed Cowgill had commercial and farming interests around
Dover, Delaware. Family acreage took in what is now Cowgills Corner crossroads. They
and their neighbors supported one of the few remaining octagonal schoolhouses still
standing. Clayton was born in the Cowgill Mansion in Dover, now the official home of
Delaware?s Governors.
Son Clayton was educated at Dickenson College and as a physician. His first
marriage was to Lydia Frazier Naudain (1825-1871). Her father, also a physician, had
studied at Princeton and with Dr. James Sykes, son of a Continental Congress member and
signer of Delaware Colonial Currency. Dr. Naudain had served in the War of 1812 as an
Army surgeon and Surgeon General of Militia in the defense of Baltimore. One Naudain
son was a doctor; three of his daughters married physicians. Father-in-Law Dr. Naudain served in the United States
Senate and the Delaware Legislature and as a Judge and Collector of Customs. Family political sentiments were anti-
Jackson/Whig/Republican over time. Dr. Cowgill and his bride had political experience that later resulted in activism
with the Republican Party in Florida.
Dr. Clayton Cowgill practiced medicine in Dover, Delaware. He received his first political appointment as
a Road Commissioner, then as Clerk of the House, taking charge of Legislative papers, in 1853. His Civil War
service was done as a contract surgeon to the Army. He was given the responsibility of organizing and management
of huge military hospitals in New Bern and Morehead City, North Carolina. For a period in 1866 he was a member
of the U.S. Sanitary Commission.
The author has not been successful finding a picture of Cowgill. Two living relatives contacted have none.
The Florida State Archives has photos of government officials, lacking Cowgill. An image of him would be
appreciated.
Clayton was apparently always rather sickly. He moved to Florida as a result of lung trouble in 1867. He
lived 34 more years, so Florida humidity and exotic pollens were not apparent concerns.
Their Florida property was across the St. Johns River from Palatka, Florida, destined to become prime orange-
growing country. There is a place name for his locale, Orange Mills, in Putnam County. There seems to be no
documentation of the dates of early commercial orange plantations, but the Cowgill acreage was one of the first major
efforts. First wife Lydia died in 1871. In 1873, he married Sarah Throop Babb in Boston. The couple left Florida
for a Philadelphia daughter?s home in the 1890s. Dr. Cowgill is buried in Dover, Delaware.
As a result of activism in Delaware and in his new home, Republican Cowgill was appointed Putnam County
Postmaster. He served two terms as a Representative in the State Legislature in the 1880s. Before that, Cowgill was
appointed to statewide office as Comptroller of Public Accounts in 1873-1877. In 1876 that office included a seat
on the State Board of Canvassers (called Election Commission in other states).
As Comptroller, Cowgill was responsible for issuing and tracking Treasury Bonds and Treasury Warrants and
accounting for State expenditures. Annual reports show Cowgill reporting to all three Republican Governors in a
long, long series of Democrats (up to 1966). Treasury Bonds support government spending. Investors are paid pre-
determined interest on the face value of the bond.
Treasury Warrants or Notes or Certificates are the ?checks? that pay for government purchases and obligations.
Their legal status and bearer status vary from state to state. Some of these notes carry interest; some are meant to
circulate in emergency conditions. Some are merely memos from the accountant to the treasury to pay someone or
cancel a debt. Most Warrants were accepted against debts owed to the government; some states allowed them for
purchases from the government. In circulation, these instruments could be subject to speculation as economic
conditions changed.
In Florida, the Comptroller verified the debt, issued a Warrant, and notified the Treasury as to which account to
debit. Engraved bank note size Florida Comptroller Warrants were all dated in March of 1870, intended to circulate
Now Delaware?s
Governor?s House, this
was Clayton Cowgill?s
birthplace in 1826.
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as money. Known notes are all for one dollar, but the law also specified $3, $5, and $20 to a maximum of $250,000.
Nice green backs stated their use for buying public land, paying state taxes, fines or penalties. They were engraved
by National Bank Note
Company, signed by
the Governor and
Comptroller. NBN
supplied a run of notes
but refused payment in
Florida Warrants.
Cowgill got approval
to pay the printer to
release more of the
notes, which he termed ?scrip.? He worked to clean up the system of handling the Warrants going out & coming in.
Florida Warrants circulated as money during the post-Civil War economic collapse. Ron Benice summarized
the era in an article in PM in 1999. He extrapolated serial number data to estimate numbers of $3, $5 and $20 notes,
none of which are known to survive. Cowgill provided careful accounting of the expenditures and Warrants. The
needs of commerce after the war put a lot of Warrants and Certificates into circulation as emergency money.
Comptroller Cowgill was in the middle of controversy over speculation in depreciated Warrants used to purchase
state bonds.
Examples of Cowgill?s duties are found in reports
for 1874 and 1875, published in the next fiscal years.
They start with transactions exchanging tens of thousands
of dollars in newer bonds for older bond issues. This
saved the state money by bringing interest rates and
maturity up to date with current conditions. Holders of
older bonds were required to exchange for new bonds
with the same total face value. They apparently had to
accept whatever the new bonds offered in rate and term.
Matured bonds were redeemed for cash, when available,
otherwise warrants. Cowgill?s office must have been
busy accounting for thousands of transactions.
Some of the pre-war exchanged bonds were
previously held in trust by the Federal Government for
?various Indian tribes?. Some of the new bonds were sold
to the State Treasurer for debt reduction. Comptroller
Warrants paid for some of the new bonds, to the amount
of $17,300. These last transactions were part of Cowgill?s
concern about depreciated Warrants accepted at face value
to buy bonds.
One million dollars in1873 bonds were offered. All the most
recent bonds contained language concerning tax owed on the
proceeds. There were several lawsuits about the legality of the tax
based on the Florida legislation ambiguous about the amount of tax
and the basis on which it was levied. Cowgill?s report summarized
the confusing language and reviewed legislation in detail; he agreed
collections and wording were in disagreement, saying, ?the State
would have been liable to the charge of practicing ?Chinese sagacity?
and playing the game of a trickster upon the confidence of its
creditors.? Cowgill?s comprehensive review of the laws and
agreements was persuasive in court, helping save Florida?s fiscal
reputation.
Only $1 notes are known for this series. Nice
National Bank Note green protectors and vignettes
decorate this rare specimen signed by Cowgill.
(Image courtesy William Youngerman)
The green back of the 1870 Florida Comptroller?s
Warrant explains its monetary uses.
(Image courtesy William Youngerman)
An ornate Florida bond from the 1873 issue, redeemed in 1903.
The pertinent Comptroller?s Warrant rubber stamp approves
the State payment.
The bond?s reverse explains the property taxes used to pay this debt. Lawsuits
affirmed 1870s taxes only after confusing language was corrected. Comptroller
Cowgill was instrumental in the clarification, reassuring the bond holders.
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In his report at the end of his second year, the Florida Treasury possessed only $30,000 in cash and warrants.
Bonded indebtedness was $1,432,767, minus $38,000 held by the Treasury for debt reduction.
Accounting for Treasury Warrants for the year 1874, saw the total issued $336,280.02, and outstanding
$185,646.14. The report differentiates between ?Certificates? and ?engraved Treasury Warrants? while listing
amounts still in the Treasury. Outstanding Warrants and Certificates, among them some 1870 notes, were out in the
speculative market.
Expenditures were more than revenue (surprise!), and deficiency appropriations were suggested: Prison and
Capitol building repairs were paid out with U.S. Currency; expense of carrying prisoners to the penitentiary was
another specific cost. $20,000 in ?Legislative printing? was also paid, perhaps partly for the printing of the bonds
and warrants. Costs of postmortems and a janitor for the Capitol are noted in the reports. ?Maintenance of lunatics?
is also a line item.
Seldom seen in accounting: six lunatics in asylums in other states, sixteen cared for by friends and partially or
fully supported by the State. $1,500 in cash and $6,400 in warrants were expended. The number of lunatics had
increased by ten since last year?s report, so an increase in expenditure was anticipated.
Dr. Clayton A. Cowgill was highly competent in many areas of his life. He could write a clear and cogent
report. He was no bureaucrat, and frankly spoke about management deficiencies. The parting shot in one report as
Comptroller was?
cut expenditures, or raise taxes? ?The constantly recurring but no less pertinent question arises and presses with
increasing importance, how is this [situation] to be avoided in the future??
In his role on the State Board of Canvassers, Cowgill made national news. The 1876 Presidential race
between Hayes (R) and Tilden (D) was the only election where the loser received a majority of the popular vote. [In
three others, the loser received a plurality, one more was indeterminate with poor reporting.] Florida was a key state
in the results. Sound familiar?
Tilden was ahead by 19 electoral votes. 20 electoral votes were disputed for various reasons. Cowgill and
other Republican members of the Florida Canvassers rejected thousands of votes as fraudulent. (Remember hanging
chads?) Republican Hayes and the Florida Governor benefitted. A compromise of sorts was reached where the 20
electoral votes, including Florida?s four went to Hayes for President. Southern Democrats gained the end to
Reconstruction measures and ultimately stopped black citizens from voting. The election with the highest percentage
voter turnout in history proved also to be the one won with the slimmest Electoral College margin of one vote.
Comptroller Cowgill was profiled in the national news. He and other Republicans were sued over the Florida
election results, but the court case was cut short by the national compromise between the political parties. The issue
was the power of the Canvassers to void ballots. Some news stories emphasized the Florida Canvassers being the
turning point in the Hayes election, but other states were involved in compromise. No legal wrongdoing by Cowgill
was alleged, only possible partisanship in deciding voter fraud.
Cowgill?s signature appears on Warrants and Bonds issued
during his tenure as Comptroller of the State of Florida. He
served the citizens of his adopted state well as a public official
and as a physician. His pioneering venture in citrus culture is
recognized by that industry. He provided care to injured
soldiers on both sides in the Civil War. He was a player in an
historic national election?an interesting person behind an autograph.
Sources:
? Ares, Robert. State of Florida Civil War Currency. Typescript, n.d.
? Benice, Ronald J. ?Florida Currency During Reconstruction?. Paper Money, #199, Jan/Feb 1999.
? Clouatre, Douglas. Presidential Upsets. Praeger, 2013.
? Florida State Library. Report of C.A. Cowgill, Comptroller-1874. Forgotten Books, 1996.
? Denny, John Robert. Dr. Clayton Augustus Cowgill: Comptroller of Florida, 1873-1877. Fla. State Library Manuscript Coll. 1990.
? Scharf, Thomas. History of Delaware. Richards, 1888.
? Youngerman, William. HometownCurrency.org website and thanks for use of images.
? www.ancestry.com for family and property records.
? www.cowgillcousins.org for family contacts.
? Miscellaneous web articles on elections, reconstruction and court cases, Library of Congress.
Thanks to Perry B. Cowgill for kind advice.
Cowgill?s signature appears on bonds and
warrants during his tenure, 1873-1877.
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It?s Not Just About the Vignettes: Asahel K. Eaton?s Patents of April 28, 1863
by Tony Chibbaro
Not long ago I found myself participating in an email exchange with fellow-collector Erwin Brauer, who
specializes in numismatic patents, particularly those of the mid-1800s. As my recent fascination with the federal
government?s ?greenback? issues of the Civil War era included the purchase of $1, $2, $5, and $10 notes, I
mentioned to him the two patent dates that were printed on their faces. I was already familiar with the 30 June
1857 patent governing the utilization of a special green ink for printing portions of the designs. That date appears
on the front of both my $2 note (Fr. 41) and my $5 note (Fr. 61a) and refers to patent number 17,688, which was
awarded to George Matthews of Montreal, Quebec, for an ?Improvement in Printing Inks,? specifically ?the use of
calcined green oxide of chromium for making ink for printing from engraved plates.? This newly formulated ink,
sometimes referred to as ?Canada Green? or ?Patent Green Tint,? was used for security underprinting on the faces
of these ?greenback? notes. (Contrary to popular belief, the patented ink was not utilized to print the distinctive
backs which gave the series its familiar nickname.)
In the United States, this patent was initially controlled by the printing firm of Rawdon, Wright, Hatch &
Edson, and later by the newly formed American Bank Note Company, both of whom placed surcharges on notes
printed with the ink. Supposedly impervious to all methods of removal short of destruction of the underlying paper,
its use was promulgated as a defense against photographic counterfeiting. Certain officials in the Treasury Dept.
accepted this claim at face value and chose to have the new ?greenback? notes printed in part with this ink.
My $1 (Fr. 16a) and $2 (Fr. 41) notes also display another patent date - April 23rd, 1860 - in a small frame at
the lower left border of their faces. This patent, number 30,488, was controlled by the rival National Bank Note
Company and was described as governing the ?combined use in repetition of the valuation or denomination? with
the ?title of the corporation or institution, and the configuration of the geometrical, cycloidal, waved-line, or rosette
work.? The use of this technique is seen in three places on the $2 note pictured below - twice in the pair of
?counters? used in the upper right and left corners of the note, which proudly display the numeral ?2? and the words
?United States Treasury? and ?Two Dollars? among their intricate designs, and a third time in the lower right
corner, where similar wording appears in the elaborate scrollwork over which the signatures of L.E. Chittenden and
F.E. Spinner are printed (see illustrations below).?
$2 Legal Tender Note of 1862 (Friedberg 41) with magnified portions showing the engraving techniques covered by the National
Bank Note Company?s April 23, 1860 patent.
My $10 note (Fr. 95a), however, displays yet a third patent date - April 28, 1863 - which is unrelated to the
other two. This one had escaped my notice until my friend pointed it out to me. Appearing only on a portion of the
1863 issues of the $10 and $50 greenbacks (Fr. 95a-c and 150a), this date refers to a patent on a different type of
green ink that was the brainchild of an obscure American scientist and inventor named Asahel K. Eaton (1822-
1906). Eaton was awarded two patents (38,297 and 38,298) on the aforementioned day, both of which are likely
referenced by the April 28th date printed on the note.
$5 Legal Tender Note of 1862 (Friedberg 61a) with magnified portion showing patent date of 30 June 1857.
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$10 Legal Tender Note of 1863 (Friedberg 95a) with magnified portion showing patent date of April 23rd, 1863.
Patent number 38,297 was awarded to Eaton for an ?Improved Chrome Compound? known as ?Chromite of
Baryta.? Patent number 38,298 covers the use of this compound ?as a tint for the protection of bank-notes and
other similar work.? Eaton?s patented ink was likely utilized for security underprinting on least a million notes and
earned him, as his obituary writer termed, ?a fortune, later lost, out of an invention by which the national greenback
currency could be colored in such a way as to prevent its being washed out by counterfeiters.?
Largely unknown today, Asahel Knowlton Eaton was born on 2 May 1822 in Stockbridge, Massachusetts, one
of 7 children of Joshua Eaton and Jane Stiles. Both he and his slightly-older brother, William, graduated from
Hamilton College (Clinton, New York) in 1843. Asahel later earned an M.D. degree but never practiced medicine,
instead focusing his pursuits on a career in science. He labeled himself a chemist, but was also an expert in the
fields of optics, electrical engineering, and metallurgy. Over the course of a 60-year career, Eaton filed numerous
patents, rivalling the copious number submitted by his contemporary, Thomas Edison. Eaton not only knew Edison
personally, but like him was one of the organizers of the American Institute of Electrical Engineers. The pair also
served on the advisory board in the Department of Physics of the Brooklyn Institute of Arts & Sciences. Eaton
collaborated with Edison on several projects, as evidenced by the multiple handwritten notes sent to the ?Wizard of
Menlo Park? which survive in the Edison Library at Rutgers University.
As close as he was to Edison, Eaton developed a somewhat adversarial relationship with another of the great
19th-century inventors - Alexander Graham Bell. At the same time that Bell was experimenting on early models of
the telephone, Eaton built a prototype of a device capable of transmitting the human voice over several miles of
wire, and may have actually been the first to do so. Eaton, however, was not as adroit when it came to securing
patents on his inventions, although he did manage to patent at least two improvements to the telephone in 1879 and
1880. A lengthy patent dispute later arose between the two inventors, which
was ultimately decided in favor of Bell by the U.S. Supreme Court in 1888.
For much of his career, Eaton worked out of a laboratory located at 65
Henry Street in Brooklyn, New York. He was known to travel, however,
and briefly lived in North Carolina in the 1840s and Montana in the 1860s,
where he was engaged in improving processes and machinery for the
refinement of gold and silver. Some of Eaton?s other innovations included a
quick process for tanning leather, improvements in the refining of kerosene,
and the inventions of both a new kind of prism and a direct-vision
spectroscope. His discovery and subsequent patenting of a new process for
making steel, still in use in the early 1900s, brought him considerable
wealth.
In addition, Eaton was a
pioneer in the forensic sciences
and was often called upon to
conduct analysis of physical
evidence and testify in criminal
trials. In Brooklyn?s infamous
Rubinstein case, it was his
testimony about fibers found on
the body of a dead girl and soil on
the killer?s boots which convinced
the jury to convict the murderer.
Eaton was also tasked with uncovering the type of poison used in the 1878
Illustration included with one of Eaton?s
telephone patents.
Letterhead used by Eaton showing the
address of his laboratory at 65 Henry Street
in Brooklyn.
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killing of the wife of Samuel Hubbard. (Spoiler alert! It was the husband who did it. He laced a mug of his wife?s
beer with strychnine.)
Ultimately, his loss in the patent fight with Bell Telephone Company (which had been decided by a margin of
only one justice) has led to Eaton?s relative obscurity today. Otherwise, those hundreds of millions of landline
telephones in use during the 20th century may have been emblazoned with the name Eaton rather than Bell.
Many thanks to numismatic-patent-expert Erwin Brauer for his help on this article.
Sources:
? US Patents 17,688; 30,488; 38,297; 38,298; 222,475; 237,838
? US Federal Censuses for the years 1860, 1870, 1880
? New York State Censuses for the years 1865, 1905
? Ancestry.com website listings for Asahel Knowlton Eaton (1822-1906)
? Findagrave.com website listings for Asahel Knowlton Eaton (1822-1906)
? Whitman Encyclopedia of Obsolete Paper Money, Volume 1 by Q. David Bowers
? Whitman Encyclopedia of U.S. Paper Money by Q. David Bowers
? The Brooklyn Daily Eagle (Brooklyn, New York), 16 June 1906, page 2
? The Brooklyn Daily Eagle (Brooklyn, New York), 17 June 1906, page 20
? The Brooklyn Daily Eagle (Brooklyn, New York), 25 June, 1878, page 4
? The Stiles Family in America by Henry Reed Stiles, pages 241-242
? Thomas Alva Edison Library at Rutgers University
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The Anatomy of a Confederate Note
by Steve Feller
Shown here, in fig. 1, is a historically interesting note. In numismatics it is a T-70 $2 note in beautiful crisp
uncirculated. It is a 65, in my view. In this piece I will do an autopsy on the elements that make up the note as a
representative Confederate States issue of paper money. This piece of currency is from the last release of Confederate
paper money, the seventh issue dated after the act of the C.S.A. Congress of February 17, 1864. This is the day that
the CS submarine The H. L. Hunley sank in Charleston Harbor, a result of its own doing.
Fig. 1: Two dollar note of the Confederate States. It is a T-70.
Most genuine Confederate notes are hand signed; only 50 cent pieces weren?t. Initially, the currency notes were
signed by the actual Register and the Treasurer of the Confederate States. Shown below are signatures taken from
the first or Montgomery series of notes. The signatures are Alex B. Clitherall as Register and E.C Elmore as
Treasurer. E.C. Elmore?s full name was Edward Carrington Elmore.
Fig. 2: a) Register and b) Treasurer signatures on a T-3 $100 Confederate note from 1861.
Later in 1861, it became clear that the Register and Treasurer could not sign all of the notes. Thus, scribes were
hired, and records kept of who signed which notes. These records were studied and written about by Raphael Thian
is his Register of the Confederate Debt as well as by Michael McNeil in his The Signers of Confederate Treasury
Notes 1861-?65 with a Catalog of Notes Signed by Sarah Pelot. Three hundred and sixty-eight men and women signed
the notes creating a complex combination of signature combination. Interestingly, only man-man and woman-woman
combinations were used. Shown below are the for Register and for Treasurer signatures from the note being
dissected.
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The serial number on the note is 77382 (these notes have eight notes per sheet all of the same serial numbers
with series letters beginning with A and going to H on the notes, as well. Michael McNeil has written extensively of
the serial number ranges of the notes signed by his ancestor Sarah Pelot. This particular note does fall in the ranges
provided in his book. Thus, there were at least 77,382x8 $2 T-70 notes printed. This is 619,056. However, Mike
McNeil has tracked down serial number 97,300 (the highest that Sarah Pelot signed) which yields 778,400 notes.
Fig. 3: Sarah Pelot signed ?For Register.? According to Michael McNeil, Sarah signed hundreds of thousands of notes of the 1864
series! He calculated that this was about 1.5% of all 1864 notes signed.
Fig. 4: M. Allen signed for Treasurer. According to Michael McNeil and Raphael Thian this was Miss Maria Allen.
Fig. 5: Close-up of serial number 77382 on the T-70 note.
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Raphael Thian confirmed seeing a high serial number of 102799. This corresponds to 822,392 notes. It is likely
that this is incomplete data. For example, in the case of the T-64 $500 notes, also of the February 17, 1864, enabling
act, this author has been studying serial numbers for a long while. Thian reports a high serial number of 37607. After
observing 3,763 (as of December 5, 2021) T-64 notes the highest observed serial number is 38386. Thus, Thian
observed to within 2% of the final serial, assuming my observation is either the last or close to the last note with a
serial. If that were the case for T-70 the final serial would be (38386/37607)*102799 = 104928 for a surmised total
of 839,427 T-70 $2 notes.
Grover Criswell in his classic Comprehensive Catalog of Confederate Paper Money quoted 932,800 notes issued
for T-70. Based on the above this appears to be high.
Pierre Fricke has estimated in his Collecting Confederate Paper Money Field Edition 2014 that 944,000 notes
printed. This too appears to be high.
Judah P. Benjamin, the ?brains of the
Confederacy,? was a lawyer born in the West Indies in
St. Croix, now part of the United States Virgin Islands.
At age 14 he entered Yale and left under a cloud at age
16; it has been reported that he was a gambler. He
practiced law successfully in New Orleans and became
wealthy and owned a plantation with 70 slaves. He was
Secretary of State of the CSA after serving as Attorney
General and Secretary of War. In April 1865 he escaped
Richmond by train with Jefferson Davis. Unlike Davis,
Judah Benjamin escaped the collapse of the
Confederacy and emigrated to Great Britain where he
became a successful barrister! He retired in 1883 and
died in 1884.
Fig. 6: Vignette of Judah
P. Benjamin on a T-70
CSA note.
Fig. 7: Grave of Judah P. Benjamin
in Paris. He died in 1884.
Fig. 8: Close-up of the grave of Judah P. Benjamin in Paris. It reads:
JUDAH PHILIP BENJAMIN
BORN ST THOMAS WEST INDIES AUGUST 6 1811
DIED IN PARIS MAY 6 1884
UNITED STATES SENATOR FROM LOUISIANA
ATTORNEY GENERAL SECRETARY OF WAR AND
SECRETARY OF STATE OF THE CONFEDERATE STATES
OF AMERICA QUEEN?S COUNSEL LONDON
https://en.wikipedia.org/wiki/Judah_P._Benjamin
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The legislation had some curious aspects to it. In order to try to reduce the inflation ravaging the South a scheme
was hatched to exchange the new notes at a rate of 2 to 3 old. This worked for a while but ultimately failed. An eighth
issue of notes was authorized by the Confederate Congress in 1865 to pay the army but President Jefferson Davis
vetoed it saying in part that more notes?? would be accepted as proof that there is no limit to the issue of Treasury
notes??.
All Confederate currency was linked to payment in the future. The payment clause varied over the course of the
war. Initially, it was two years after date, then six months after a treaty of peace with the United States, then in 1864
it became two years after a treaty.
The ?will pay to the bearer on demand? was hedged in a
few ways. All put off redemption to the future. Export duties
couldn?t be paid by Confederate currency. At no time was the
money officially legal tender. In the end after the war, on July
9, 1868, the United States Constitution was amended to
include the following as part of the 14th Amendment:
The validity of the public debt of the United States, authorized by law, including debts incurred for payment of
pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the
United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion
against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and
claims shall be held illegal and void.
This directly meant that none of the Confederate currency or bonds was ever redeemed.
Fig. 13: Engraving and printing imprint on T-70 note.
These notes come with various imprints.?
Concluding the anatomy of the note there are some decorative touches. Two guilloches in particular deserve mention
and are shown below. These served to protect the notes, somewhat, from counterfeiting. The war?s impact itself
caused the most economic damage to the value of the currency.
Fig. 9: The first issue of Confederate notes was issued in the
original capital city of Montgomery, AL. All other C.S.A.
notes were issued at Richmond.
Fig. 10: The enabling legislation for the 7th issue of
Confederate notes was on February 17, 1864.
Fig. 11 a and b: First and second halves of the payment clause
Fig. 12: With the payment clause this concludes the idea that
the bearer will be paid at some point.
Fig. 15: Block ?TWO? that runs along the left side of the note.
(Editor?s note?this runs vertical on the note not horizontal)
Fig. 14: Wonderfully ornate vignette
of ?2? at the top center of the note.
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The firm of Keatinge and Ball was one of a few in the South to engrave lithographic stones (plates) and print
Confederate notes. Their imprints appear on these notes. Also, they printed Confederate Stamps.
The firm moved to Richmond in 1862 and later Columbia, SC. General Sherman ended note production in
Columbia during his invasion of the South and the firm was forced to move North.
The engravers/printers of Confederate paper money were (edited from
https://en.wikipedia.org/wiki/Confederate_States_dollar#Banknote_printers_and_engravers).
Engraver/Printer Location
Criswell
Types
printed
Comments
National Bank
Note Company New York, NY 1-4
Southern Bank
Note Company
New Orleans,
LA
5, 6, 15, 19,
22, 31 Southern Branch of the ABNC
Hoyer & Ludwig Richmond, VA
7-11, 13-14,
17-18, 27-28,
35-36, 46
Louis Hoyer and Charles Ludwig, in operation 1861-64
Jules Manouvrier New Orleans, LA 12
Lithographer contracted to print $5 & $10 CSA notes. Some
were stolen from the train taking the notes from Richmond and
entered circulation with forged signatures. Contract cancelled.
Leggett, Keatinge
& Ball Richmond, VA 23, 24, 32, 33
Edward Keatinge (formerly a portrait engraver with the Southern
Bank Note Co.) joined Leggett & Ball shortly after the Civil War
began. Leggett was forced out after being accused of spying for
the Union, and the company became Keatinge & Ball
Keatinge & Ball Columbia, SC Richmond, VA
16, 21, 25, 26,
34, 41, 49-62,
64-71
In 1862, Keatinge & Ball moved to Richmond
Blanton Duncan Columbia, SC Richmond, VA
20, 29, 30, 37,
38, 42-45
Originally from Kentucky, Duncan moved to Richmond at the
invitation of Sec. of the Treasury C. Memminger to open a paper
mill and printing plant.
J. T. Patterson Columbia, SC 28, 36, 39, 40
Archer & Daly Richmond, VA 63 A lithographic firm specializing in CSA stocks and bonds
Archer & Halpin Richmond, VA 72
References
? Grover Criswell, Comprehensive Catalog of Confederate Paper Money, (BNR Press: Port Clinton, OH) 1996.
? Pierre Fricke, Collecting Confederate Paper Money Field Edition 2014 (Pierre Fricke: Sudbury, MA) 2014.
? Michael McNeil, The Signers of Confederate Treasury Notes 1861-?65 with a Catalog of Notes Signed by Sarah Pelot, (Michael
McNeil: Nederland, CO) 2003.
? Arlie Slabaugh, Confederate States Paper Money (Ninth Edition), (Krause Publications: Iola WI) 1998.
? Raphael P. Thian, Register of the Confederate Debt, (Quarterman Press: Boston) 1972.
? https://en.wikipedia.org/wiki/Judah_P._Benjamin
? https://en.wikipedia.org/wiki/Confederate_States_dollar#Banknote_printers_and_engravers
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Fr. 379a $1,000 1890 T.N.
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The Civil War's Impact on Insurance in Alabama:
The Story of the Troy Insurance Company
by Bill Gunther
The Troy Insurance Company was one of at least
thirty new insurance companies chartered in Alabama
during the period 1859-1861, with 63 percent of that
number occurring in 1860 alone.1 The main driver of
this growth in Alabama insurance companies was the
fact that many of the Northern based insurance
companies located in the South were growing
concerned with the deteriorating political climate.
One company in particular, Baltimore Life, had grown
their business by focusing on selling life insurance on
slaves. In 1853, slave insurance policies accounted for
only seven percent of Baltimore Life?s total sales.
However, by 1860 that share had increased to seventy-
two percent.2 That concentration exposed the firm to
growing financial risks if emancipation became the
law of the land. Many Northern-based insurance
companies facing such exposure decided to leave the
Southern market altogether and sought to find ??
every possible means of legally voiding policies...?3
The decision by Northern insurance companies to
leave the Southern market became easier when both
the South and the North made commercial transactions
between individuals in the opposing jurisdictions
illegal. President Lincoln issued a presidential
proclamation making all commercial interactions
between the North and South illegal. This Law,
commonly known as the Non-Intercourse Act, was to
take effect August 26, 1861.4 The Confederate
congress retaliated almost immediately with a law
passed on August 30, 1861 making all debts due to
Northerner?s illegal and allowed for the seizing of
assets owned by Northerners in the South as well.
The State of Mississippi went even further and
actively expelled agencies of northern-based life
insurance companies. It was against this backdrop that
Alabama insurance companies began to emerge to fill
the void.
As specie disappeared from circulation at the
beginning of the Civil War, scrip became the go-to
medium of exchange among merchants. It is that type
of scrip that motivated this story about one such
insurance company, the Troy Insurance Company, of
Troy, Alabama, and their entrepreneurial founders.
The Troy Insurance Company?s Charter
The General Assembly of the State of Alabama
issued a charter for the Troy Insurance Company on
February 24, 1860.5 The three incorporators named
in the charter were two lawyers, Alfred N. Worthy and
Benjamin Gardner, and a medical doctor, J. B. Fannin.
They were authorized to initially raise capital in the
amount of $50,000 to be divided into shares of $100
each. The charter also allowed the President and
Directors to increase the capital stock to no more than
$150,000 at a later date. Their ?power to make
insurance? included ships, river boats, all goods and
merchandise, slaves and life, property, and fire. An
interesting clause that appeared in most company
charters was the following: ?provided that the said
corporation shall not make or issue any bills, bonds,
notes, or other securities to circulate as money?. It
would be difficult to see these notes as anything other
than in direct violation of this clause, with the possible
explanation that they were not designed to ?circulate
as money?.
In addition to the three names included in the
charter, a blue ?protector? stamp contains the name
?D. B. Murphree?, secretary. Each of the individuals
are discussed below.6 But first a little background on
the ?village? of Troy.
The ?Village? of Troy
The area that would become Troy was initially
part of British West Florida in the late 1700s. After
the area became part of the United States and settlers
began to arrive in the new State of Alabama in 1819,
the area was first called ?Dear Stand Hil,? then
?Zebulon? and then ?Centreville?, and finally, in
1838, ?Troy?. It was incorporated in 1843. By 1850,
the Census put the population of Troy at only 600.7 A
local citizen, Monroe Malachi Bell, commented in his
1853 diary that Troy was ?then a small village with a
courthouse and jail and 4 or 5 stores & and several
whiskey bar rooms, more groceries, and a law office
or 2 scattered around the square...?8
While it is true that the population of Alabama
was largely rural in the early years, the estimate of
only 600 residents in 1850 and Monroe Malachi Bell?s
reference of Troy as a ?small village? in 1853 raises
Monroe Malachi Bell
(1845-1929). Early Troy
resident kept diary.
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the question of whether a small insurance company
such as Troy Insurance Company could generate
sufficient business to survive. That question
ultimately became moot when the southern economy
collapsed at the end of the Civil War.
Alfred N. Worthy, Co-Founder and President
of the Troy Insurance Co.
Alfred Newton Worthy was born on April 26,
1818, in Gwinnett County, Georgia. A lawyer, doctor,
and Baptist minister, he received his early education at
Washington Academy in Georgia, then graduated in
medicine from Literary and Botanical College,
Columbus, Ohio in 1838.9 That college focused on
traditional herbal medicine in the treatment of patients
which was popular during the early part of the 19th
Century. On August 22, 1839, at the age of 21 he
married Ann Pace in Upson County, Georgia. She was
also born in Georgia, in 1826, making her only 14 or
perhaps 15 years of age when she married. Worthy
then attended law school at Tuskegee finishing in 1849
and practicing law in Troy for almost fifty years.
Later in 1856, Worthy was ordained a Baptist minister,
an avocation he would follow in the later years of his
life. He also wrote books including ?Worthy?s
Practice: being a treatise on the theory and practice of
medicine?, and The history of the First Baptist Church
of Troy, Alabama which he founded. Between 1852
and 1855, Worthy was co-owner of the Alabama
Journal, a local newspaper. To add to this busy life,
Alfred agreed to serve as President of the Troy
Insurance Company beginning in 1860. He was also
appointed Postmaster of Troy in 1871, a position he
held until 1880.10 Worthy also served in both the
Alabama House (1865-1868) and Alabama Senate
(1868-1872).
His family life must have been equally
challenging with a total of twelve children, 7 boys and
5 girls. All but one child was born in Alabama, the
other was born in Georgia.11
Alfred Worthy?s occupation in 1860 is listed as
?Miss. Bap. Minister & Lawyer,? which is interpreted
as a Missionary Baptist Minister and lawyer. He
reported that he owned $4,000 in real estate and the
value of his personal estate was an impressive
$26,390. In 1860 he owned nine slaves, although it
does not appear he was a major cotton planter.12 His
age of 43 at the beginning of the Civil War exempted
him from military service.
Like many others, Alfred Worthy?s financial
stature took a serious blow during the Civil War.
Before the war, his total financial wealth was
estimated at slightly more than $30,000. In 1870, that
wealth had been reduced to a total of $6,000, a drop of
80 percent. He continued to practice law until he
died on July 8, 1897, at the age of 89.13 Ann, his wife
of fifty-seven years, died a year earlier on December
18, 1896 at the age of 71.14
Benjamin Gardner, Co-Founder
Benjamin Gardner was born in North Carolina in
1814 and like Alfred Worthy had variety of job
experiences as well as wives. He first married in 1833
in Georgia to Catherine Collins. They soon had four
children, two boys and two girls. Unfortunately,
Catherine died in Columbus, Georgia in 1840. The
1840 Census shows Benjamin living in Wetumpka,
just north of Montgomery, Alabama. He apparently
had moved shortly after his wife had died. In March of
1841, Benjamin remarried, again in Macon, Georgia,
to Eliza Ann Harwell (1829-1851). They also had four
children, two boys and two girls, making a total of
eight children for Benjamin. Eliza died in 1851 in
North Carolina, although the 1850 Census shows the
family living in Barbour County.15 It may be that Eliza
had developed some illness and returned to North
Carolina where family members could tend to her
needs.
Benjamin next married Harriet Louisa Sumner
(1827-1861) in Tallapoosa County, Alabama on July
1, 1853. They had two children, a boy in 1854 and a
girl in 1859. Fate delt Benjamin another blow when
Harriet died in March of 1861 in North Carolina.
Again, the 1860 Census shows the family living in
Troy, Alabama and Benjamin?s occupation is
?assistant lawyer?.16 Since Benjamin was from North
Carolina, it may well be that his last two wives were
sent there so that his family could help take care of
them.
Finally, Benjamin remarried to Anna Elizabeth
Starke on January 11, 1863, in Troy, Pike County,
Alabama. They had one son, Bowling Starke Gardner,
born in October of 1863. At this time, Benjamin had
fathered at least eleven children ranging in age from 1
to 30, with four different wives. Three of the children
were under 10 in 1863.
Benjamin Gardner served as Captain of the Troy
Branch of the State militia before the war, which was
called up and reorganized by the Confederate Army.
Benjamin then served as the commander of the ?noted
and gallant Quitman Guards?.17
Alfred N. Worthy, President
of Troy Insurance Company,
date unknown. Source:
Anc.Com.
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Following the war, Benjamin served as
Alabama?s Attorney General from 1868 to 1870. In
1891 Benjamin served as a United States
Commissioner in the Circuit and District Court of
Alabama.18 A few years later, he moved to Palestine,
Anderson County, Texas to live with his youngest son,
Boling S. and his family. Boling Gardner was named
for Anna?s brother and father who were both lawyers
in Virginia. Benjamin died in 1902 in Texas and was
buried in Palestine, Texas. He was 88 years old.
His wife, Anna lived until 1916 when she passed
away in Troy, Alabama also at the age of 88 and was
buried in Troy. Sometime between 1902 and 1910,
Anna had returned to Troy and was living with the
widow of her stepson, John D. Gardner, and their
daughter.19 When she passed away in Troy it was
probably too difficult and expensive to make
arrangements to return her body to Texas to be with
her late husband.
Given all of the activities that Benjamin Gardner
was engaged in over the years, not to mention his large
family, the fact that he had time to invest both time and
money in the development of the Troy Insurance
Company is remarkable.
Joseph Brown Fannin, Co-Founder
The third incorporator of the Troy Insurance
Company was Joseph Brown Fannin who was born in
South Carolina around 1826.20 It is not clear when the
family moved to Alabama, but Joseph Brown Fannin
married Mary Burford Murphree on September 22,
1852, in Troy, Alabama, when he was 26 and she was
31 years old. The Murphree?s had relocated to
Alabama from Carthage, Tennessee sometime
between 1844 and 1852. Mary was the oldest of 11
children and was born in Tennessee. J. B. and Mary
had one child, a son namd Richard Fannin, who was
born in 1853 and who spent his entire life in Pike
County, Alabama where he died in 1910 at the age of
57.
Records
indicate that J. B. Fannin first studied medicine with a
?preceptor? named Dr. Stanley B. McKenzie in
Montgomery.21 Dr. McKenzie was born in 1819 in
North Carolina and had just married Florida Harvey in
April of 1850 in Montgomery. Late that year a
daughter, Alice, was born. An additional member of
the household is H. L. Harvey, age 20, presumably a
relative of Florida Harveys. He is listed as a student,
perhaps also a medical student being tutored by Dr.
McKenzie. Strangely, no further information could be
located on Dr. McKenzie for any Census year
following 1850. Florida and Alice McKenzie are
found in 1860 living in LaFayette, Chambers County,
Alabama with the family of Henry Nelson Pharr, age
62. He listed his occupation as a Presbyterian minister
while Florida is listed as a teacher. Speculation is that
Dr. McKenzie passed away sometime after 1850 and
1860. No further information on Florida McKenzie or
Alice could be located.
After his time with Dr. McKenzie, J. B. Fannin
enrolled at the Medical College of the State of South
Carolina where he studied from 1853 to 1854 but did
not receive a diploma from the College.22
There is no record that Joseph B. Fannin
graduated with a medical degree from that College.
However, a law passed in Alabama in 1823, referred
to as the ?1823 Law,? required practicing physicians
to be licensed by the state.22 The 1823 Law
established medical boards in Huntsville, Cahaba,
Claiborne, Tuscaloosa, and Mobile. Montgomery and
Demopolis boards were added in 1835, and Livingston
and Talladega in 1845. A date for the establishment
of a Medical Board at Troy, Alabama, could not be
determined. It is possible that Fannin took the Medical
Board examinations at some other location. The
Medical Association of the State of Alabama could not
locate a Joseph B. Fannin in their records.23
The framework for licensing doctors was by
examination from a medical board consisting of
physicians. The Board would examine and review all
applicants, and all who passed the board were granted
a license even if they did not hold a degree from a
medical college. Holley notes that ?In 1845, the duty
of the Talladega Medical Board was to examine all
applicants who did not hold a diploma from a regular
medical college and to grant them a license to practice
if found qualified.?24 An 1850 survey of doctors by the
State Medical Association of Alabama revealed that of
the 279 doctors who responded, only 2 percent
obtained their license without first having a diploma
from a medical school.25 Since Dr. Fannin lived in
Troy, it is assumed that he ?passed? his Board exams
in Pike County, although no records could be located
to support that assumption. It does seem that he did
very well on these exams since, by 1858, Dr. Fannin
was a member of the Pike County (Alabama) Medical
Board.
On March 17, 1862, at the age of 35, Dr. Fannin
enlisted in Company K, 35th Alabama Voluntary
Infantry at Spring Hill, Alabama (near Mobile). His
rank at enlistment was ?2nd Lieutenant (Surgeon)? but
Ad (?Card?) by
Dr. Joseph Brown
Fannin appearing
in local paper in
Montgomery,
October 21, 1857.
Source: Anc.Com.
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he was promoted to 1st Lieutenant on May 13, 1862.
He developed ?chronic bronchitis? in the winter of
1862 and was discharged effective December 31,
1862.26 No record of Fannin could be located in the
Federal Census for 1870, but Joseph did appear in the
Alabama Census of 1866 in Troy. He apparently
returned to practice medicine in Troy, Alabama. He
died in Troy in 1878 at the age of 52, while his wife,
Mary, died in 1880 at the age of 60. Both are buried
in Troy.
The Troy Insurance Company Notes
There are only two notes known from this issuer
and only one that appeared in the catalog of obsolete
Alabama notes ($1) when it first appeared in 1984.27
The second known note was a nickel (5 cents) note that
did not surface until 2004 when it was first sold in a
Heritage Auction sale.30 The 5-cent note has a
puzzling line which states ?Columbus, Ga., 1862?.
Had it been known to Rosene in 1984, he might have
included it as a ?bi-state? or ?cross-over? issue.31 No
Georgia reference is printed on the $1 note, the only
other known Troy Insurance Co. note, adding to the
mystery of the Georgia reference on the 5-cent note.
There are two names printed inside the blue
stamp on the face of the 5 cent and $1 notes as well as
one written signature on each of the notes themselves.
The stamp is presumed to be some sort of validation
of the issue and to prevent counterfeiting. The two
printed names on the stamp are A. W. Worthy who was
President, and D. B. Murphree, who was secretary.
The written signature on the $1 note was A. N. Worthy
as President. The nickel note, however, appears to be
signed by a Wm. Brown, although a precise
verification of that person was not possible. Brown
was most likely a clerk in the employ of A. N. Worthy
and only signed small denomination notes. No other
notes from the Troy Insurance Company have been
identified at public auction.
The blue stamp on the face of both notes indicates
that D. B. Murphree was the Secretary of the Troy
Insurance Company. His full name was Daniel
Burford Murphree, and he was the younger brother of
J. B. Fannin?s wife, Mary Murphree Fannin. He was
born at Carthage, Smith County, Tennessee around
1834 and was about 28 years old at the time these notes
were issued in 1862. No record of him could be found
for 1850, but in 1860 he appears in Troy, Alabama,
living with his older brother, William Mills Murphree
and his family. William M. Murphee?s occupation in
1850 was that of a merchant, but in 1860 he lists his
occupation as ?register & hotel keeper.? There were
six other non-family members in the ?hotel? in 1860
along with Daniel.30 Daniel is listed as a ?broker?s
clerk?, presumably for the Troy Insurance Company.
On July 3rd, 1861, Daniel Murphree enlisted in
Company I, 15th Alabama Infantry Regiment in Troy
as a private.31 Considering the notes of the Troy
Insurance Company containing the blue stamp are
dated 1862, it seems most likely that notes with the
blue stamp were created before he enlisted and
continued to be used after Murphree left for the war.
That would explain the signature on the 5-cent note of
?Wm. Brown.?
Daniel served at engagements in Winchester
(VA), Shepherds Town (WV), Fredericksburg (MD),
and Chickamauga (GA), where he was wounded in
1863.34 He apparently served in the army until January
1, 1865, when he returned to Troy. He met and
married Mary Willie Henderson on December 19,
1865, at Troy. Mary was born in Alabama around
1845 and was ten years younger than Daniel. No
record for 1870 could be located for Daniel, but in
1880 they were still living in Troy and Daniel reported
his occupation as a ?grocer.?35 The Murphree family
consisted of six children including one set of twins
born in 1879. Daniel died on December 31, 1890, in
Troy at the age of 56, raising the question if his war
injury two years earlier led to what appears to be a
AO-450-$.05a*(Rosene Unlisted). Troy, Alabama.
Troy Insurance Co. (Columbus, Georgia.) 1862.
AO-450-$1a* (Rosene 320-1). Troy, Alabama.
Troy Insurance Company, May 8, 1862
Blue validation stamp.
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premature death. Daniel?s wife, Mary Willie
Murphree, died in 1923 in Covington County,
Alabama at the age of 78.
Redemption in Georgia?
A plausible explanation for the existence of a
reference to Columbus, Georgia on the face of the 5-
cent note is that the Troy Insurance had a branch
location there. While that is certainly a possibility,
?distance? was a real detriment to branching in the
1860s, not to mention the legal issues of a merchant
crossing state lines. With the limited communication
technology and high transportation costs available at
the time, there was little economic advantage to
branching.
The most logical explanation for the issuance of
these ?Georgia? referenced notes is that involving
redemption, or to be more precise, the difficulty of
redemption. Issuing scrip was a form of borrowing
money from your customer. The longer a merchant
could postpone redemption, the greater the interest
free loan the merchant could enjoy. If the scrip was
never redeemed, it effectively raised the final price of
the item and added to the profits of the merchant.
The ?redemption clause? printed on these Troy
Insurance Company notes may also help to further
explain this issue. It clearly obligates the issuer, Troy
Insurance Company, to redeem these nickel notes in
?current bank bills? when presented in sums of five
dollars or its multiple. The minimum redemption of
$5 in nickel notes means the holder would need to
accumulate 100 of these notes to claim redemption. At
the time this note was issued in 1862, the only ?current
bank bills? one could receive in Alabama were private
issues or Confederate Treasury notes. Since there was
no specie circulating at the time, there was little
recourse for the holder of these notes but to accept
other paper issues in exchange for five dollars (or its
multiple) in these notes. The requirement that at least
five dollars or more presented, and the implicit
location for redemption being more than 70 miles
away, meant the merchant could extend the time of the
?loan? before they were presented. The redemption
clause for the $1 note required only 10 notes ($10).
The Troy Insurance Company, like most
businesses in the South, failed sometime during or
immediately at the end of the Civil War as Confederate
money ultimately became worthless.
Footnotes?
*See William Gunther and Charles Derby, A Comprehensive Guide
to Alabama Obsolete Notes, 1818-1885 (Privately Printed: 5/2020)
1A search of Legislative Acts for 1859-1861, Alabama Department
of Archives and History
(htps://archives.alabama.gov/searchcoll.html).
2Sharon Ann Murphy, Investing in Life: Insurance in Antebellum
America (Baltimore: The Johns Hopkins Press, 2010), p. 307.
3Murphy, Investing in Life, p.266.
4Havins, T. R. ?Administration of the Sequestration Act in the
Confederate District Court for the Western District of Texas, 1862-
1865,? The Southwestern Historic Quarterly, vol.43 (January
1940), pp.295-322. Also, ?Confiscation Acts,?
http://www.britannica.com.
5Alabama Acts of the General Assembly, 1860. Alabama
Department of Archives and History (www.archives.alabamba.gov)
6The primary source of information on the individuals discussed
here are the Census years available on Anc.Com (Anc.Com)
7?Troy, Alabama?, Wikipedia. http://en.wikipedia.org/wiki/Troy,
Alabama.
8Public Family Tree of Monroe Malachi Bell, ?Diary of Monroe
Malachi Bell?, p. 7 www.Anc.Com.
9Notable Men of Alabama: Personal and Genealogical, with
Portraits (Alfred Calhoun Worthy), 1904, Vol. 2. p. 288. Available
through Anc.Com. See also Thomas McAdory Owen, Dictionary
of Alabama Biography (Chicago: S. J. Clark, 1921), p.1811 (Alfred
Newton Worthy).
10U.S. Appointments of U.S. Postmasters, 1832-1871, Anc.Com.
11Alfred N. Worthy, Public Family Tree, Anc.Com.
12Alfred N. Worthy, Census of Slaves (1860), Anc.Com.
13Alfred N. Worthy, Census of 1870, Anc.Com.
14Alfred N. Worthy, Public Family Tree, Anc.Com.
15Benjamin Gardner, Public Family Tree, Anc.Com.
16Benjamin Gardner, Census of 1860, Anc.Com.
17Military info from Benjamin Gardner, Find-a-Grave, Anc.Com.
18Gardner, Find-a-grave, Ancstry.com.
19Census of 1910, Anc.Com.
20Joseph Brown Fannin, Public Family Tree, Anc.Com.
21Mary Buford Murphree, Public Family Tree, Anc.Com.
22?Lieut Joseph Brown ?Dr.? Fannin, Find-a-Grave, Anc.Com.
23Florida McKenzie, Census of 1860, Anc.Com.
24This fact was made aware to me through correspondence with
Tim L. Pennycuff, Assistant Professor and University Archivist,
University of Alabama at Birmingham, March 2, 2017.
25 Correspondence with Membership Coordinator, Medical
Association of the State of Alabama, March 22, 2017.
26See Howard L. Holley, A History of Medicine in Alabama
(Tuscaloosa: University of Alabama Press, 1982), pp.254-260 for
details on the 1823 Law.
27Results were computed from data in Holley, pp. 259-260.
28?Lieut Joseph Brown ?Dr.? Fannin, Find-a-Grave, Anc.Com.
29Walter Rosene, Jr., Alabama Obsolete Notes and Scrip (Society
of Paper Money Collectors, 1984).
30See HA.com archives.
31See Rosene, pp. 129-131 for listing of Bi-State notes.
32William Mills Murphree, Census of 1850, Anc.Com.
33Daniel B. Murphree, Civil War Soldier Records and Profiles,
1861-1865, Anc.Com.
34American Civil War Regiments, 1861-1865, 15th Infantry
Regiment Alabama, Anc.Com.
35Daniel Buford Murphree, Census of 1880, Anc.Com.
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Raised Bank Notes from The Pratt Bank of Buffalo, New York
by Bernhard Wilde, FCNRS
In the fall of 1847, Elisha N. Pratt formed The
Pratt Bank of Buffalo (1847-58)1 in the state of New
York with offices at 139 Main Street. He and his
family had been active in the banking business for
some time. Hiram Pratt was a founder, cashier, and
president of The Bank of Buffalo (1831-41), but lost
his entire estate due to forged banknotes and
interactions with Benjamin Rathbun.2 Lucius H. Pratt
was director of The Commercial Bank of Buffalo
(1834-41). Pascal P. Pratt was also one of the founders
of The Bank of Buffalo and one of the directors of The
Bank of Attica which moved to Buffalo in 1842.
Elisha N. Pratt, himself was a director of the Canal
Bank of Albany (1829-48), which lent him the
$50,000 capital to establish The Pratt Bank of Buffalo
in 1847.3 As soon as he established the bank, he sold
it to Lucius F. Tiffany, who sold it to Thaddeus W.
Patchin in 1852, whose former Patchin Bank of
Buffalo closed in 1853. Most of these banking
endeavors seemed to be rather shady and all of the
banks mentioned above ended in failure. The Pratts
might even have been indirectly involved, with
Rathbun, in the spurious Commercial Bank of Fort
Erie (1836-39) across the Niagara River in Upper
Canada.4
Figure 1. Issued notes from The Pratt Bank of Buffalo. (2009 Spink; 2015 Heritage, BW)
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Haxby, in 1988, listed the whole Pratt Bank,
without images, as SENC, that is, ?Surviving Example
Not Confirmed.? However, over the years, several
notes from The Pratt bank have surfaced. Figure 1
shows $1 and $5 genuine issued notes from this bank
that came from the Schingoethe and Newman
collections, respectively. Another $1 issued note was
also sold in a large lot in 2005 by Heritage. As Table I
indicates, these are the only unaltered surviving notes
from this bank known to this author. By the way,
Haxby does not indicate either the gray or red
protectors.5 In addition to these notes, Haxby lists a
large number of raised notes, that is, notes that were
used by counterfeiters6 to raise low denomination
genuine notes to higher denomination notes and
thereby making profits of several hundred per cent.
Table I indicates that notes were raised from $1 to $3,
$5 and $10 notes and $2 notes were raised to $5 notes.
Haxby knew about these notes because he studied
many Bank Note Reporters and newspaper accounts.
This author was fortunate to obtain the three notes that
were raised from $1 to $5 shown in Figure 2.
Given the above information, one can
determine that the typical four-note plate had
denominations of $1.1.2.5 with check letters of
A.B.A.A. The first plate was engraved, in early 1847,
by Rawdon, Wright, Hatch and Edson (1847-58).
These notes have Haxby numbers of NY-475-G2-G2-
G4-G8. They would all have the New York state seal
as shown in Figure 2 and be ?COUNTERSIGNED &
REGISTERED? in the ?Comptroller?s Office? as
shown in the seals of Figure 2. Note the vertical
register?s signatures next to their seals. On April 10,
1851, the New York State Legislature7 decided that the
Comptroller?s office was getting too busy and too
large. It therefore separated a bank department to
oversee the numerous new banks of New York State.
The bank department in Albany held securities
supplied by the banks and the printing plates for the
banks. The printing plate was modified8 in 1851 to
remove the ?Comptroller?s Office? below the seal
(Figure 2) and substituted with ?IN THE BANK
DEPARTMENT,? as shown in Figure 1. Haxby lists
these modified notes as NY-475-G2a-G2a-G4a-G8a,
all of which are also SENC, except that the raised
notes in Figure 2 were once actually NY-475-G2 $1
notes. They are dated before April 10, 1851 and are
signed by the second president, Lucius F. Tiffany,
whereas the bank department notes of Figure 1 are
dated after April 10, 1851 and signed by the third
president, Thaddeus W. Patchin.
The $5 raised notes of Figure 2 obviously
have the same three vignettes as the original $1 note
of Figure 1. The central vignette is of Juno Moneta
with a scale on top of a treasure chest and a large
spread eagle carrying the United States shield, with
sailing ships in the background. The lower left vignette
has a blacksmith holding a hammer on top of an anvil,
while the lower right vignette is of a woman holding a
rake. The raised notes certainly look nothing like the
genuine $5 note of Figure 1, which has a very
interesting central vignette of Amphitrite and Neptune
in a shell drawn by several seahorses.
Table I. A current registry of known notes from The Pratt Bank of Buffalo.
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Figure 2. $1 notes from The Pratt Bank in various stages of being raised to $5. (BW)
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Comparing Figures 1 and 2, one sees that none of
the vignettes were changed since they had no
information associated with a $1 note. However, in order
to raise the $1 notes to a different denomination, one
would or should remove all other indications that the
note used to have a $1 denomination and now has a $5
denomination. This includes the large ?1? counter in the
upper right corner, the ?ONE DOLLAR? below the name
of the bank, the shaded black ?ONE? protector printed
with the rest of the note, and finally the red ?ONE?
protector printed over the black with a separate plate,
sometimes via lithography or even cheaper via
letterpress. After removal of all indications of the $1
denomination, $5 enhancements would be added.
The three notes of Figure 2 are of interest because
they seem to show the progression of changes made from
the genuine $1 note to the counterfeit raised $5 note. The
top note shows that the ?1? counter and the ?ON? in
?ONE DOLLAR? has been removed. This is typically
done either with abrasive actions or chemicals. In this
case the ?1? counter was mostly done with chemicals
since the paper is still intact under the counter. A lot of
abrasive removal of the ink, like for the ?ON? would
cause damage to the paper. There is a definite hole near
the ?E,? while the rest of the ?ON? was probably erased
chemically. Also note the crude addition of the ?S? in
?DOLLARS,? especially for the bottom note. The
hardest part was the removal of the large gray and the red
?ONE? protectors due to the presence of the manual
signatures of the cashier and president, and the printed
words ?will pay to the bearer ?? It looks like a
combination of abrasion and chemical removal was used.
Afterwards, some retouching needed to be done,
especially in the signatures. However, some of the red
ink and most of the gray ?ONE? protector is still visible.
The middle note of Figure 2a shows the pasted-on
?5? counter in the upper right corner, probably obtained
from notes of failed or spurious banks. The ?FIV? and
the ?S? for the ?FIVE DOLLARS? counter have also
been added. For the bottom note of Figure 2, only the
central part of the ?1? counter was removed and poorly
replaced by a ?5? without the border, as shown in Figure
2a. The note also shows a poor attempt at adding the
?FIVE? red Protector with some form of crayons. The
distance between the ?V? and the ?E? in ?FIVE? is much
too large. In addition, the ?F? of the protector looks more
like an ?E? and the gray ?ONE? protector seems not to
have been touched. Thus, the gray and red protectors
actually did their intended jobs, that is, make it difficult
to raise notes.
The end result for all three raised notes is not very
good. The counterfeiters used well-worn notes to attempt
to hide all of these changes. However, one can see,
especially in the middle note, the gradations in tone due
to the use of the chemicals. One might speculate that
these three notes, in various state of completion, were
confiscated from the counterfeiters by the law, especially
due to the missing pieces. However, they could actually
be in their final intended states of raised notes and some
pieces just fell off during the last 170 years due to poor
gluing techniques.
It seems that raising a note from a genuine $1 to a
$5 note would take considerable time and effort, not to
mention the potential result of being captured and sent to
jail. However, the increased value of $4 is a profit of
400%. The average non-skilled wages in 1850 was about
$1 per day. Thus, raising several notes per day would be
quite profitable! Many times, runners were employed by
the counterfeiters to pass the notes all over town or, more
likely, in distant towns or even states. By the way, if such
a raised note was presented for redemption at The Pratt
Bank, it would typically be redeemed at the original value
of the note, cancelled, and marked as ?raised.?
Lastly, comparison of Figure 1 and 2, shows that all
but one note has the statement ?Secured by the Pledge of
Public Stocks and Real Estate? in the circle at bottom
center. The outlier is the top note of Figure 2, which states
?Secured by the Pledge of Public Stocks of the State of
New York.? This indicates a new, but unlisted, subvariety
of the Haxby listings engendered by stricter laws of the
state of New York.
All images in this article are from the author?s
collection except where specifically stated otherwise. If
anyone has more or better images of these Pratt Bank of
Buffalo notes or additional information for the registry of
notes of Table I, this author would appreciate copies sent
to cuf@earthlink.net.
Figure 2a. Details of the transformation of the 1 to the 5 counters for the notes of Figure 2.
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1 James A. Haxby, Standard Catalog of United States Obsolete Banknotes 1782-1866, Krause Publications, 1988,
ISBN# 9780873410434. p. 1470.
2 Roger Whitman (1996). The rise and fall of a frontier entrepreneur : Benjamin Rathbun, Master Builder and
Architect, Syracuse, N.Y, Syracuse University Press and Buffalo and Erie County Historical Society, 1996. ISBN
9780815603375. Also see https://www.youtube.com/watch?v=1bBTIb_sFBo and Bernhard Wilde, Benjamin Rathbun,
Builder and Banker of Early Buffalo, to be published.
3 Report of the Select Committee of the Senate (of New York), showing the Frauds and Peculations of Edwin Croswell,
Theodore Olcott, John L. Crew, and others by which The Canal Bank was Ruined, Albany, 1849, p. 12-17. Elisha N.
Pratt seems to stem from the Pratts in Albany. He established the Elisha N. Pratt and Co., makers of large decorative
stoves. He moved to Buffalo to found The Pratt Bank in 1847 and a few years thereafter returned to Rensselaer across
the Hudson River from Albany. He was a New York state senator from 1854 to 1855 and died 1856, two years before
The Pratt Bank closed. This author could not find a direct family connection to the Pratts of Buffalo; however, he most
likely was a distant relative since the Pratts came to the British colonies in the early 1600s.
4 Benjamin Rathbun, The case of Benjamin Rathbun; this remarkable financier's own statement of his operations in
Buffalo and Niagara Falls, culminating in forgery and imprisonment. Now first published from his own manuscript
written in jail, p. 239 and 244.
5 Looking at many obsolete proofs, the ?gray protectors? seem to be precursors to the colored protectors. These were
probably used to protect the note from being raised, as shown in this article. Typically, the colored protectors were
overprinted on top of the signatures to protect them against changes. However, especially in the late1850s and early
1860s, the colored protectors many times were printed with intaglio plates by the printing company. This was
especially true when colored elements, e. g. counters, were used as part of the definition of the note and not just large
?WORD? or numeral overprints.
6 Bob McCabe, Counterfeiting and Technology, A History of the long Struggle between Paper-Money Counterfeiters
and Security Printing, Whitman Publishing, 2016, ISBN 0794843956.
7 J. Smith Homans, Editor, The Bankers? Magazine and Statistical Register, Volume Fifth, from July 1850 to July
1851, Inclusive, Boston, p. 1005-1008.
8 Bernhard Wilde, ?Siderography: Niagara Falls on Steel? Canadian Paper Money Society Journal, Vol. 54, No. 158,
September 2018, p. 74.
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Collecting UNESCO World Heritage Sites Bank Notes
By Roland Rollins
A good topical collection theme is UNESCO World Heritage Sites. There are ample examples of world bank
notes, with new notes added almost yearly. The images are often aesthetically pleasing, and the sites are also
compelling, giving the collector a chance to learn historical information about the countries. UNESCO lists 165
nations with heritage sites. It?s been reported elsewhere 71 countries show one or more of their sites on their bank
notes. I have documented 95 countries, 163 sites listed by UNESCO on 888 different bank notes to date and
counting! But how do you know what notes depict such sites? The notes themselves fall into one of three types:
1. Those that show the site image only.
2. Those that show the image and name the site.
3. Those that show the site image, name the site, and mention it as a world heritage site
Most show the image only, so one must first know what sites are registered as World Heritage Sites. Luckily,
a UNESCO web site lists all places already inducted and those on a tentative list one can refer back to if a note in
your collection is in this category. The site also shows number of sites for each country, the dates of induction, a
good description of why each site was chosen, and even reviews from visitors of the sites. There are two categories
of sites, natural and cultural (man-made), though several are considered mixed. Images of the sites are also
provided which is a good way to compare with your notes to quickly spot finds. The link is here:
https://www.worldheritagesite.org/
Is there a complete listing of all bank notes with UNESCO sites? No, but I?m working on it! There is a 16-
page pdf with many countries listed with such bank notes, but few actually shown at ?UNESCO?S WORLD
HERITAGE OBJECTS ON NATIONAL BANKNOTES?, by Denis Peskov - Research Assistant, Institute of
Ethnology and Anthropology of Russian Academy of Sciences. This pdf file is free to download on academia.edu. I
am to understand there is a group at the IBNS Forum compiling a list. A start to a list exists on stevenbron.nl. The
list includes 34 countries and 69 sites. The list link is here: http://www.stevenbron.nl/2012/10/19/unesco-sites-on-
banknotes
Denis mentions four out of top five countries with the largest numbers of sites no longer produce their own
notes, but Euros - Italy (47), Spain (43), France (37) and Germany (36). While new bank note issues with sites
shown for these countries is unlikely, there do exist older specimens prior to the introduction of the Euro.
To find your UNESCO collection notes view the notes and/or to refer to a site or catalog with bank note
descriptions. I use the electronic pdf format because they offer several advantages. The main advantage is the
search function. This function is only as good as the bank note description!
Let?s look at an example. Afghanistan has 2 UNESCO sites. The one with 8 locations, all in the Bamiyan
Valley is depicted on three bank notes, with one showing the cliff carvings. Using ?Bamiyan? as a search term
arrives at the following results. The Bank Notebook, Afghanistan chapter yields all three notes (but two spelled the
alternate spelling Bamyan). The Standard Catalog of World Paper Money (General & Modern) yields one note. The
Bank Note Museum online website yields none. The crowd sourced Numista yields two notes. The crowd-sourced
Banknote database yields one note. The crowd sourced Colnect yields one note. The crowd sourced Numizon
yields one note, referencing details from BNB. Often several of these sites disclose general information rather than
the specific name you are searching. Using both options, including a visual inspection of results can help locate
good finds when compared to the UNESCO site images. Also, as can be seen from the above exercise, watch for
alternate spellings!
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The Bamiyan Valley cultural site was inscribed in UNESCO in 2003. The Cultural Landscape and
Archaeological Remains of the Bamiyan Valley represent the Buddhist art that resulted from the interaction
between man and nature from the 1st to 13th centuries. The kingdom of Bamiyan was a Buddhist state along the
trade routes that for centuries linked China and Central Asia with India and the west. Statues of Buddha were
carved into the sides of cliffs facing Bamiyan city. The two most prominent of these statues were standing
Buddhas, measuring 55 and 37 meters high respectively, that were the largest examples of standing Buddha
carvings in the world. They were probably erected in the 4th or 5th century.
In 2001, the Afghan Taliban government ordered them to be demolished. By 2021 the Taliban were
welcoming tourists.
As can be seen, if you like a little detective work, THIS is the topical collection for you!
I intend on a providing a series of articles surveying UNESCO sites, one country at a time.
2 Afghanis, 1939, P21 & B301. Front, King Muhammad Zahir; coat of arms. Back, Colossal Buddha statue niches in Bamiyan
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$MALL NOTE$ By Jamie Yakes and Peter Huntoon
$5 Federal Reserve Series of 1934
Blue-Green Seal, Yellow-Green Back, Non-Mules
Figure 1. $5 Series of 1934 FRN bearing a yellow green back printed from micro back 702 that
was canceled on July 27, 1937, face from micro face 21 canceled June 1, 1936, and blue green serial
numbers and seal printed in 1942. This is a quintessential find for this type because both the back
and face plates were canceled before the sheets were numbered in 1942, demonstrating beyond a
doubt that both sides of the stockpiled sheets were printed before the 1937?41 hiatus in the
production of $5 Federal Reserve notes.
Scarce $5 Federal Reserve Series of 1934 notes like the one pictured in Figure 1 with (1) yellow-
green backs with micro plate numbers and (2) blue-green serial numbers and seals comprise a distinctive
variety in the series. They were printed from stockpiled sheets carrying both intaglio back and face printings
dating from 1935?37 that were serial numbered and sealed after mid-1941. Examples exist from all the
Federal Reserve Banks. All San Francisco notes of this variety were Series of 1934 Hawaii issues.
Saving Taxpayer Dollars
The Bureau of Engraving and Printing as an institution considers sheets printed from intaglio plates
to be intrinsically valuable. This work represents the apex of the printing crafts and is expensive to produce.
Regardless of product, every sheet of paper involved is accounted for from the time the paper is
manufactured to the time the printed products are delivered to the appropriate agency. Misprints are
accounted for with equal fidelity to maintain counts.
Overruns produced as orders are executed are not destroyed. Rather, they are stockpiled so they
can be incorporated into and completed with successive orders. Waste of such stock is anathema to Bureau
culture as is the wastage of the intaglio printing plates. Destruction of either occurs only under exceptional
circumstances.
During the classic period of small note production, when flat 12- and 18-subject currency plates
were used to print currency on wetted paper, both overrun sheets and serviceable plates were routinely
carried forward to be consumed in later printings. Bureau management prided itself that such waste
prevention minimized waste of taxpayer dollars.
The practice of carrying forward serviceable plates and stockpiles of sheets without serial numbers
and seals created scarce varieties during the classic small note era. Occasionally, true exotics came about,
such as the spectacular Series of 1934 $5 Dallas note profiled later.
It was easy for early collectors to recognize use of old and still serviceable face plates because they
carried obsolete Treasury signature combinations that were mixed on the presses with plates bearing current
signatures. Consequently, notes with the different signature combinations were mixed within the same pack
of notes so there is no ambiguity about what had transpired.
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Far more subtle is identifying partially completed stockpiled sheets that had been carried forward.
They created varieties that occurred out-of-sequence within serial number runs, and, far more interestingly,
varieties that carried peculiar characteristics that otherwise set them apart. Series of 1934 $5 Federal
Reserve Notes with yellow-green backs and micro plate serial numbers, and blue-green seals and serial
numbers are an example of the latter. The yellow-green backs don?t jibe with the blue-green seal color in
use when they were numbered.
Three BEP Changes
The annual reports of the Bureau of Engraving and Printing reveal that there were no $5 Federal
Reserve Notes produced between mid-1937 and mid-1941. Instead, the Treasury had assigned production
of $5s to sliver certificates and legal tender notes. Central to our story were three changes in the printing of
currency adopted during the 1937?41 hiatus.
First, the ink used to print the serial numbers and seals on Federal Reserve notes was changed from
a vivid yellow-green to dull blue-green during November 1937 (Huntoon, Hodgson, Yakes, 2009).
Second, in 1937, the Secret Service asked the BEP to enlarge the size of the plate serial numbers
internal to the face and back designs so that their agents could readily read them on worn notes (Huntoon,
2012). Thus, the micro numbers were replaced with macro numbers that were about 40 percent larger on
plates made thereafter.
The first macro $5 back plate was 940, and those plates first went into production on March 16,
1938. All $5 back production after February 14, 1940, was from macro plates, except for plates 629 and
637, which were lurking unused in the plate vault (Huntoon, 2015).
The first $5 Federal Reserve Note macro face plates were Series of 1934A plates. The first of them
went into production on July 31, 1941, for New York. However, many still serviceable and unused Series
of 1934 Federal Reserve Note face plates were carried forward and used from 1941 to 1946.
The printing presses used to print the intaglio backs and faces carried four plates. There was a
transition period during which both micro and macro plates were used on the same printing presses, often
for both the back and face printings, until the stock of micro plates wore out. These are called mules, which
are notes with a micro number on one side and a macro on the other (and vice versa). An example is a Series
of 1934 face mated with a macro back: It is a mule because Series of 1934 plates carried micro plate serial
numbers.
Third, the inks used to print currency backs were changed from a yellow-green to forest-green
during 1940 (Huntoon, 1997). This was followed during the 1940s by a progressive change to a blue-green
ink. Each of these color changes was transitional rather than abrupt.
The consequence of these changes was that all new $5 Federal Reserve Notes printed from 1941
had dark-green macro backs and received blue-green serial numbers and treasury seals. In contrast, $5
Federal Reserve notes printed up to 1937 had yellow-green backs with micro plate numbers, and yellow-
green serial numbers and seals.
Stockpiled Sheets
The peculiar Series of 1934 $5 Federal Reserve Notes treated herein had 1935?37 vintage yellow-
green backs with micro plate numbers but blue-green serial numbers and seals of post-1940 vintage. It was
obvious that sheet stock with yellow-green backs had bridged the 1937?41 hiatus, and later been numbered
and sealed. Thus, the notes constitute a visually distinctive variety.
The first of the Series of 1934 $5 San Francisco Hawaii brown seal notes, which also were printed
from the stockpile, were equally distinctive because they had yellow-green backs with micro plate numbers.
They too comprise a visually distinctive variety within the Hawaii overprint issues.
It is easy to demonstrate that the stockpiles for the various districts carried both back and face
printings. All the backs were printed in 1935?37 from plates all of which were canceled by the end of 1938.
Furthermore, many of the face plates also were canceled in 1936?37. Clearly, the stockpile sheets were
two-sided. However, the notes bear blue-green serial numbers and seals of post mid-1941 vintage. The note
illustrated on Figure 1 is such a note.
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Resumption of $5 Federal Reserve Notes Production
The printing of $5 Federal Reserve Notes resumed on July 11, 1941, beginning with New York.
The last district to return to production was Minneapolis in October 1942. The first sheets to be numbered
for about half the districts were those from the stockpiles. They were followed by new stock printed from
the Series of 1934 plates that had been carried forward. In these cases, serial number breaks between the
two were distinct.
However, in at least the cases of Philadelphia, Atlanta, Minneapolis, Kansas City, Dallas and San
Francisco, batches of stockpiled sheets were alternately numbered in succession with batches of new stock.
In fact, it appears that new stock was numbered before any of the stockpiled sheets for Atlanta.
New $5 sheet stocks printed from 1941 using Series of 1934 plates were printed on macro back
sheets so are mules. They were made in large quantities owing to the large inventory of Series of 1934
Figure 2. The first of the $5 Series of 1934 Hawaii notes were from the 1935-7 stockpile bearing
yellow-green backs with micro plate numbers. The stockpile for San Francisco was consumed by
the Hawaii printings in June 1942 so no Series of 1934 blue seal non-mules were possible when
blue seal production resumed for the district. Heritage auction archives photo.
Table 1. Serial number ranges on stockpiled Series of 1934 $5 Federal Reserve sheets with yellow-green
backs with micro plate serial numbers of 1935-7 vintage overprinted with blue-green seals and serial
numbers after production resumed following the mid-1937 to mid-1941 hiatus in $5 FRN production.
Note: Intermixed within these ranges for at least half the districts were runs of post-mid-1941 production sheets with green
backs carrying macro plate serial numbers and faces overprinted with blue-green serial numbers and seals.
Offical low serial numbers1 Observed low and high serial numbers
2
Boston A06 000 001A A00048001* A06060971A A06125475A A00063562* A00088170*
New York B14 832 001A B00108001* B15001763A B15945749A B00137565* B00149994*
Philadelphia C06 720 001A C00072001* C06756383A C07506484A C00092007* C00115157*
Cleveland D05 400 001A D00072001* D05467610A D05988423A D00074656* D00096424*
Richmond E04 992 001A E00060001* E04996687A (one reported) None reported
Atlanta F12 000 001A F00120001* F12119799A F12410419A F00124917* F00139258*
Chicago G09 732 001A G00096001* G09759963A G11294127A G00107933* G00117396*
St. Louis H10 368 001A H00096001* H10373570A H10917791A H00122348* H00128497*
Minneapolis I04 920 001A I00048001* I04946032A I06576225A I00052648* I00091074*
Kansas City J03 000 001A J00048001* None reported J00050246* J00077594*
Dallas K08 352 001A K00072001* K08400591A K08642400A K00079677* K00091576*
San Francisco
3 L12 396 001A L00120001* L12400561A L13161191A L00120035* L00143053*
1. Data from BEP (1934-1938 & 1952).
2. Census data compiled by Jamie Yakes.
3. All San Francisco notes have brown serial numbers and seals and HAWAII overprints.
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plates that were carried forward over the 1937?41 hiatus. The last used of those plates was for Richmond
in 1946.
In time, new Series of 1934A face plates were mixed in on the presses as they became available,
the first being for New York on July 31, 1942. No Series of 1934A plates were made for Minneapolis,
Kansas City, or Dallas.
$5 Hawaii Notes
The $5 Hawaii printings nicely illustrate what happened. Printing of $5 Hawaiian notes began on
June 6, 1942, and the available stockpiled San Francisco sheets were sent directly to the serial numbering
presses to kick off those production runs. Scarce Series of 1934 non-mule yellow-green backs were the
result. One million notes were delivered to the Treasurer on June 8, followed by another consecutive 1.6
million notes on July 15. The first $5 Hawaii note bore serial L12396001A, a Series of 1934 non-mule that
was the first San Francisco $5 printed since 1937.
However, the stockpile of San Francisco sheets was insufficient to satisfy the order. Consequently,
28 Series of 1934 San Francisco face plates were rushed to press on June 6 as the order went into production
and their impressions were mated with contemporary green backs with macro plate serial numbers. Batches
of these Series of 1934 mules began to arrive at the numbering presses along with the last of the stockpile
so a mix of the two were in the June 1942 deliveries.
The stockpile of vintage San Francisco sheets was depleted by June 15. None were available when
blue seal production resumed, so no San Francisco $5 Series of 1934 non-mule blue-green seal, yellow-
green backs were made. The first green seal Series of 1934 San Francisco note was a contemporary blue-
green seal mule with serial number L14996001A.
Blue-Green Seal Notes
The note illustrated on Figure 1 is the quintessential note for the type treated here. The following are
the plate histories for the plates used to print it. Notice that both were canceled in the mid-1930s, thereby
proving that both sides of the sheets in the stockpile had been printed before the 1937?41 hiatus in the
production of $5 Federal Reserve Notes.
Back plate: Treasury plate number 1569, internal plate serial number micro 702
Begun: Jul 31, 1935
Certified: Aug 16, 1935
Use: Nov 29, 1935?Jul 26, 1937
Canceled: Jul 27, 1937
Face plate $5 1934 Chicago Treasury plate number 30983, internal plate serial number micro 21
Begun: Dec 11, 1934
Certified: Jan 4, 1935
Use: Dec 9, 1935?May 29, 1936
Canceled: Jun 1, 1936
Table 2. Intervals during which $5 1934 series Federal Reserve face plates were on the presses.
Data from a Bureau of Engraving and Printing (various dates-b). Data for Series of 1934D not available.
Dist. 1934 Yellow-Green Seal 1934 Blue-Green Seal Series of 1934A Series of 1934B Series of 1934C
A Nov 21, 1935-May 20, 1936 Dec 1, 1941-Jul 23, 1945 Sep 6, 1943-Jan 23, 1946 Nov 16, 1945-Dec 6, 1946 Oct 24, 1946-Sep 7, 1949
B Oct 31, 1934-Jun 24, 1936 Jul 11, 1941-Nov 16, 1945 Jul 31, 1941-Sep 4, 1941 Nov 7, 1945-Dec 2, 1946 Oct 24, 1946-Feb 27, 1950
Mar 23, 1942-Mar 26, 1946
B narrow May 13, 1945-Feb 27, 1950
C Dec 12, 1934-May 20, 1936 Jul 22, 1942-Jan 22, 1946 Jul 27, 1943-Jan 23, 1946 Nov 20, 1945-Oct 23, 1946 Oct 23, 1946-Dec 27, 1949
D Nov 22, 1935-Sep 29, 1936 Sep 18, 1941-Jan 9, 1946 Sep 18, 1942-Jan 11, 1943 Nov 16, 1945-Feb 12, 1947 Jan 6,1947-Jan 4, 1950
Nov 30, 1945-Jun 3, 1946
E Nov 22, 1935-Nov 20, 1936 Jan 26, 1942-Jan 23, 1946 Sep 29, 1942-Mar 7, 1946 Nov 9, 1945-Dec 23, 1946 Nov 7, 1946-Jan 30, 1950
F Dec 12, 1934-Jan 12, 1937 Aug 7, 1942-Nov 23, 1945 Oct 6, 1942-May 7, 1946 Nov 16, 1945-Dec 23, 1946 Feb 25, 1947-Jan 23, 1950
G Dec 10, 1934-Jun 24, 1936 Jan 26, 1942-Jan 28, 1944 Oct 26, 1942-Feb 6, 1946 Nov 23, 1945-Dec 5, 1946 Sep 30, 1946-May 28, 1951
H Oct 13, 1934-May 19, 1936 Dec 23, 1941-Oct 23, 1945 Jun 24, 1944-Dec 26, 1945 Feb 27, 1946-Nov 25, 1946 Sep 17, 1946-Oct 28, 1949
I Oct 18, 1934-Apr 21, 1936 Oct 26, 1942-Sep 7, 1944 none Apr 23, 1946-Nov 8, 1946 Mar 26, 1947-Apr 1, 1949
J Nov 22, 1935-Mar 26, 1936 Aug 4, 1942-Sep 24, 1945 none Feb 4, 1947-Feb 24, 1947 Jan 23, 1947-Aug 29, 1949
K Jul 9, 1935-May 19, 1937 Sep 9, 1942-Apr 30, 1945 none none Mar 26, 1947-Oct 14, 1949
L Aug 9, 1935-May 13, 1937 Jun 6, 1942-Dec 18, 1943 Sep 22, 1943-Jul 24, 1946 Feb 27, 1946-Oct 29, 1946 Oct 29, 1946-Oct 28, 1949
Range Oct 13, 1934-May 19, 1937 Jul 11, 1941-Jan 23, 1946 Jul 31, 1941-Jul 24, 1946 Nov 7, 1945-Feb 24, 1947 Sep 17, 1946-May 28, 1951
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More commonly, the Series of 1934 face plates were still serviceable when production ceased in
1937 so they were carried forward for use after $5 Federal Reserve Note production resumed in 1941.
Consequently, those face plate numbers also can be found on the plentiful Series of 1934 blue-green seal
mules that came along beginning in 1941.
1934 K31698338A: A True Exotic!
Yakes (2021) profiled an astonishing find by Larry Thomas of a Series of 1934 yellow-green back
non-mule blue-green seal from Dallas that was numbered in 1947. This was five years after than other notes
of that type that have been recorded.
The stockpile of 1935?37 vintage Dallas sheets led off the district?s 1942 numbering runs followed
by contemporary printings from old Series of 1934 plates. The Dallas district issued such modest numbers
of $5 Federal Reserve notes during the 1940s that the stock of its old Series of 1934 plates satisfied demand
through April 1945. The highest reported serial from that group is K31181840A.
No more Dallas $5s were ordered until March 1947, which explains why no Series of 1934A or
1934B Dallas plates were made. However, a bypassed stockpile of the old 1935-37 sheets remained. When
the 1947 order arrived, it was immediately sent to press before production from new Series of 1934C face
plates arrived. That printing commenced with serial K31560001A. The lowest reported serial from a 1934C
plate is K31715222A. Notice how Thomas?s exotic Series of 1934 note bearing serial K31698338A
sandwiches in between these two serial numbers.
Why the Hiatus in Federal Reserve Note Production
The reason production of $5 Federal Reserve Notes ceased in 1937 was a decision among top
Treasury officials to limit $5 production to the silver certificate and legal tender classes. The motivation for
this was to simplify the sorting of notes as they came in for redemption.
Legal tender notes and silver certificates were legally classified as Treasury currency, whereas
Federal Reserve notes were bank currency. The distinction was based on which entity was responsible for
redeeming each type of currency.
The monetary distinctions between these classes was obliterated in all but label by New Deal
legislation in Title III of the Agricultural Adjustment Act of May 12, 1933. A provision in Title III stated,
?Such notes and all other coins and currencies heretofore or hereafter coined or issued by or under the
authority of the United States shall be legal tender for all debts public and private.? The granting of legal
tender status made all the money interchangeable as lawful money in the eyes of the law.
Figure 3. A group of sheets from the 1935?37 stockpiled Series of 1934 sheets for Dallas were
bypassed when $5 production was resumed briefly for the district in 1942. No more Dallas $5s
were printed until 1947. The bypassed sheets were discovered then and sent for numbering to
produce this exotic note. Larry Thomas photo,
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Following the demise of national bank currency in 1935, $1 notes were assigned to silver
certificates, $2s to legal tender notes, and $5s to silver certificates and legal tender notes. Ten dollar and
higher denominations were relegated to Federal Reserve Notes, except for limited quantities of $10 silver
certificates.
Since the turn of the century, the Treasury had always grappled with a shortage of low
denomination notes defined as $10s and smaller. This constraint on commerce was solved during the 1930s
by a sweeping new silver purchase act signed into law by President Roosevelt on July 19, 1934. The
circulation of silver certificates ballooned as the Treasury monetized a significant amount of the silver
acquired, which it used to back that currency. At the end of fiscal year 1934, the outstanding silver
certificates totaled $401 million. By the end of fiscal year 1941 that figure was $1.714 billion (FR Board
of Governors, 1943, p. 409). Most of the certificates were issued as $1s and $5s.
Demand for $5s once again began to outstrip supply as the economy heated up during the military
buildup to World War II and became acute during the war. Even though the flood of $5 silver certificates
continued to swell, Treasury found it necessary to once again turn to $5 Federal Reserve notes to shore up
the supply of $5s. The curious Series of 1934 yellow-green back notes with micro serial numbers and blue-
green seals and serial numbers were the first out of the chute.
Sources Cited and Sources of Data
Bureau of Engraving and Printing, yearly, Annual report of the Director of the Bureau of Engraving and Printing for the fiscal year:
BEP Historical Resource Center, Washington, DC.
Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, various dates-a, Ledgers and historical record of stock in
miscellaneous vault: Record Group 318, UD1 entry 1, containers 41 & 43 (450/79/17/02 & 03), U. S. National Archives,
Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, various dates-b, Ledgers and historical record of Federal
reserve note plates Series 1934-1934C: Record Group 318, UD1 entry 1, container 147 (450/79/18/04). U. S. National
Archives, College Park, MD.
Bureau of Engraving and Printing, Numbering Division, 1934-1938, Ledger listing dates when the Series of 1934 Federal Reserve
star notes were sealed and serial numbered: BEP Historical Resource Center, Washington, DC.
Bureau of Engraving and Printing, O & M Secretary, 1952, First serial numbers on U. S. small size notes delivered during 1928 to
1952: BEP Historical Resource Center, Washington, DC.
Federal Reserve Board of Governors, Nov. 1943, Banking and monetary statistics, 1914-1941, Part I: Federal Reserve Board of
Governors, Washington, DC., 682 p.
Huntoon, Peter, Nov-Dec 1997, The U.S. small-size $5 mules: Paper Money, v. 36. P. 179-190.
Huntoon, Peter, Sep-Oct 2013, The enduring alure of $5 micro back plates 629 and 637: Paper Money, v. 54, p. 304-326.
Huntoon, Peter, Jul-Aug 2012, Origin of macro plate numbers laid to Secret Service: Paper Money, v. 51, p. 294, 296, 316. v.48, p.72-74
Schwartz, John, and Scott Lindquist, 2011, Standard guide to small-size U.S. paper money: Krauss Publications, 382 p. United States
Statutes, various dates, Government Printing Office, Washington, DC.
Yakes, Jamie, May-Jun 2021, This $5 is more than meets the eye: Paper Money, v. 60, p. 239.
Figure 4. $5 Series of 1934 FRN bearing a yellow green back with micro plate number 712 printed
in 1935?37, face with micro number 26 printed in 1935?37, and blue-green serial numbers and
seal printed in 1942. The face plate used for this note was canceled March 2, 1942, having been
carried forward over the 1937?41 hiatus to be used again in 1942. Derek Higgins photo.
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A Follow-up to the 131-Year-Old Mystery
by Kent Halland and Charles Surasky
What do researchers and authors do when a key piece of data doesn?t fit their otherwise logical theory?
Unfortunately, all too often writers are faced with missing or conflicting data. This forces us to propose alternate
possibilities to support our theories, until we can accurately ?fill in the blanks.? Patience is essential because it can
take years, or even decades, for that one key piece of information to surface.
In this case, the single bit of missing data concerned the 4,056th postal note issued in Pipe Stone, Minnesota.
(The modern spelling is Pipestone and the spelling in the 1880?s was
Pipe Stone.)
Pipestone is a scenic and historic town, and home to Pipestone
National Monument. It is in Pipestone County near the southwest
corner of the state.
Pipe Stone, Minnesota #4056 is an important Postal Note for
our research solely because it validates a hypothesis we have had
regarding its year of issue. The year of this note?s issue, as listed in
the 2004 ?Index of U.S. Postal Notes in Collectors Hands? by the
late Jim Noll, was in question. Noll?s seminal work, built over
decades with the input and assistance of interested collectors, listed
Pipe Stone #4056 as issued in 1884. That year of issue conflicted
with what we believed was likely, or at least possible. Images were
not available, and we could not locate the note?s owner to verify the date of issue as listed in Noll?s Index.
THE NOTE?S IMPORTANCE
Noll?s Index, a staple of every Postal Note collector?s reference library, indicated an issue date of February 16,
1884, for Pipe Stone #4056. That made this note the earliest known Type II Postal Note and it was identified as such
in various published articles.
But our more recent research showed it predated?by more than two months?the April 25, 1884, official
announcement to postmasters of the Type II release. After much study of the known facts surrounding the Type II
notes and the issue rates of Postal Notes in various towns (including Pipe Stone), we hypothesized in a 2016 PAPER
MONEY article that this note was most likely issued in 1887, not in 1884. Then the long wait for solid evidence, i.e.,
the note itself, began.
After more than seven years of searching for the
Pipe Stone, Minnesota #4056 note (actual serial
number 004056), we were delighted to see it offered
as Lot 44 in the Eric Jackson Auction (#459) on
October 25, 2022. We were excited to see the images
of this note to validate or update its date of issue/And
possibly to correctly identify with certainty, the
earliest known Type II Postal Note.
The front image of the note provided clues to
the date. Clearly handwritten in ink was the month
of issue: February, abbreviated as ?Feb.?. However,
the day of issue, the 16th, is faint, and the year could
be interpreted as either 1884 or 1887.
Observing only the front image, we understand
how the year could be interpreted by Jim Noll, or
one of his many correspondents, as 1884. But the date stamp by Postmaster John Stuart on the back of the note is
proof positive of the correct date of issue. Clearly shown in the left circle is the actual date of issue: February 17th,
1887. Apparently, Postmaster Stuart wrote the wrong day of the month on the front, and perhaps tried to erase it.
Figure 1. Pipestone County Location
Figure 2. Front image of Pipe Stone, Minnesota serial 004056
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Nevertheless, the year of issue is what we?ve been
patiently waiting seven years to see: It is clearly
1887. (See Figure 3.)
Curiously, the spelling is Pipestone in the
date stamp while it is spelled Pipe Stone on the
front of the note. Our records indicate the official
town spelling change did not occur until early
1894. (The county spelling changed in 1893.)
Now we can put the correct date of issue
into the updated Postal Note census we are
currently building. And we are thrilled to see our
2016 hypothesis validated.
Since our 2016 article, other Postal Notes
have surfaced and changed the dates of some of
the earliest and latest observed Types. The most significant is the note we predicted would be the earliest known Type
II. It is the Baltimore Maryland, serial #009502, issued on May 16, 1884. It now firmly holds that position with the
removal of Pipe Stone #4056 as the earliest Type II. (See Table 1.)
If you are interested in knowing how the Pipe Stone, Minnesota #4056 note factored into the mystery, you can
read our article in the November/December 2016 Whole No. 306 issue of Paper Money entitled: ?A 131-Year-Old
Mystery Solved! New Research Identifies The Official First Date of Issue For Type II Postal Notes.?
SPMC has graciously made all 2,500+ articles printed in Paper Money available online. To read the article, go
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Additional Reading:
www.nps.gov/parkhistory/online_books/pipe2/sec7.htm
?Paper Money of the United States,? A.L. and I.S. Friedberg, 22nd edition. Page 173 and 253-256.
?The Comprehensive Catalogue of U.S. Paper Money? fifth edition, Gene Hessler, Pages 387-389
?Coin World Almanac? eighth edition, 2011. Pages 239-240
?The United States Postal Note? N. Bruyer, Paper Money, Vol. 12, No. 4, Vol. 13, No. 1 & 2. (1973-74
?Astoria, New York, $4.99 Postal Note? Bob Laub. Postal Order News, (UK) October 2009, Page 7
?Postal Notes: The First Issues 1883 to1894.? Peter Martin, American Philatelic Congress Book 63, pages 306-332. 1997
?Postal notes make safe, easy to send money in the U.S. mail?, Chris Bulfinch, Coin World, April 2022, Pages 139-142.
Table 1. Observed Issuance Period of Postal Notes by Type
Design Earliest & Latest Reported Notes
Type I Sept. 3, 1883(1) to Feb. 26, 1885
Type II May 16, 1884(2) to Apr. 29, 1887
Type II?A Jan. 22, 1887(3) to Sept. 8, 1888
Type III Sept. 8, 1887, to June 11, 1894(4)
Type IV Dec. 10, 1887, to May 9, 1894
Type IV-A Mar. 4, 1890, to Jan. 31, 1893
Type V Feb. 15, 1892, to June 30, 1894
(1) There are two Type I Postal Notes known with date stamps of September 1, 1883, but
those notes were most likely issued on September 3, 1883.
(2) This date replaces the Pipe Stone #4056 note.
(3) The earliest Type II?A possible is January 3, 1887, the date the new law was passed.
(4) Reported, needs verification.
Note: These dates are based on the ?Index of U.S. Postal Notes in Collectors Hands? Seventh
Edition (2004), by James E. Noll, plus subsequent input from collectors and researchers through
November 1, 2022.
Figure 3. Back image of Pipe Stone, Minnesota Serial 004056.
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U N C O U P L E D :
PAPER MONEY?S
ODD COUPLE
Joseph E. Boling Fred Schwan
More Official Counterfeiting
(and a follow-up)
Who counterfeited the KGV Reserve Bank of
India notes overprinted for Burma? It was not a
backyard operation.
Indian notes of 5 and 10 rupees with the Kelly
signature were overprinted ?LEGAL TENDER IN
BURMA ONLY? in the late 1930s (some in black
over the design, some in red in the upper margins).
Somebody with a security press printed copies of the
black-signature notes (well, sort of copies?the 5
rupee note has the incorrect Taylor signature, and
none of them have correct serial blocks). But they are
deceptive copies, complete with fake watermarks.
Figure 1 is the genuine 5-rupee face, and figure 2 the
back. In Figure 2 you can see the progressive tint,
Figure 1
Figure 2
changing from green to violet to green horizontally.
Figures 3 and 4 are face and back of the counterfeit,
also showing the progressive tint.
See Boling page 147
Fanning Island Plantation
Even if you are a dedicated Jeopardy fan, you
probably have not heard of Fanning Island. Perhaps
you or someone you know has taken a cruise with
Norwegian Cruise Line (NCL). If you have, you might
have stopped at Fanning for a swim and a cool drink;
otherwise it is a very difficult location to visit. Here is
a description of the island from a 1930s cigarette card:
In vast spaces of the Pacific Ocean are [a] number
of smaller possessions of the Empire. 29 islands
are grouped in the Gilbert and Ellice Islands
colony. One of them is Fanning Island, coral atoll,
on which is station for Pacific cable between
Australasia and Canada. Had moment of fame
during War [meaning the Great War, World War
I] when the cable was cut Sept., 1914 by the
German cruiser Nuernberg. Coconut palms
cultivated, and copra industry gives employment
to number of natives. Of population of 294 in
1935, 42 were Europeans.
The information is on a Stephen Mitchell & Son.,
Imperial Tobacco Co (of Great Britain & Ireland),
LTD card, number 43 of 50. Of course, I found this
card because I search eBay for ?Fanning Island.? Thus
far I have resisted trying to fill in the other 49 cards.
However, I just took a break from writing this column
to look on eBay and bought a similar Fanning Island
cigarette card from a different cigarette company. Oh
no.
There is only one note that I know of for collectors
to pursue. Fortunately, it is a World War II emergency
note and, of course, as such is well known to
specialists of the war.
During the war (this time meaning World War II)
Fanning Island was the location of the relay station for
the Cable and Wireless Company, which was a critical
link between Australia and North America. In 1942 an
American army task force moved onto the island, the
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members of which promptly began using the cable
facilities to send messages home. A message could be
sent at the prevailing rate, which was less than a
dollar. The soldiers rapidly absorbed the available
supply of Australian currency in circulation.
To alleviate the shortage, R. G. Garrett, manager
of Fanning Island Plantations, Limited, made
arrangements to have one-pound notes printed in
Honolulu. They were used to pay local labor.
After the currency shortage abated, the notes were
collected and cut in half.
When there is only a single note to seek,
collectors can be resourceful. The immediate reason
for the subject of this column is my excitement over a
recent purchase. Most collectors would hardly have
been excited?but I was. The purchase was a
postcard. Collectors of national bank notes and many
other specialties look for cards to supplement their
collections. Still, this card came with a twist. It was a
duplicate for my collection. More on the card below.
The Fanning Plantation note is so well known to
collectors because of the efforts of two earlier
collectors: A. J. ?Jimmie? Swails and Ronald F.
Webb.
Swails has an important place in the history of
World War II numismatics. He was the author and
publisher of the first book on the subject in the 1960s.
He passed the cataloging torch to Ray Toy, who then
passed it to me, and I recruited Joe. I was fortunate to
correspond with Jimmie in the early 1970s shortly
before he died. I was a new collector at the time.
I cannot remember the details, but I believe that
Swails was selling the Fanning Island Plantation notes
when I first started collecting in 1972. I had some sort
of reason to believe that Jimmie had actually been on
Fanning during the war.
Recently, I found an amazing postal cover on
eBay supporting this idea. There are many covers on
eBay to Fanning during the war. The cover in question
was from Sergeant A. J. Swails on Fanning (based
upon the APO) to his wife in Pennsylvania
(postmarked on Valentine?s Day 1943). When I
pointed this cover out to Joe, he went to his library and
found his undated Supplement to Swails? 1961 book.
Not only was the supplement autographed, but the
penmanship matches that on the cover! Thank you Joe.
Now a confession. I did not buy the cover. The
seller wanted just too much. I decided to wait. My bad.
Of course I regret that I did not buy it. Joe came to the
rescue again. He saved the image of the cover from
eBay. Thanks again, Joe.
Ronald F. Webb, Rockdale, Australia sold
Fanning notes in the 1960s and 70s. Webb had a supply
of the notes. He prepared a description of the use of
the notes that he included with each bisected pair that
he sold. You can find Webb?s info sheet with Fanning
pairs today.
The text is quite remarkable [capitalization and
punctuation as on original]:
EMERGENCY ISSUE. FANNING ISLAND PLANTATIONS LTD.
?ONE POUND? AUSTRALIAN CURRENCY.
FANNING ISLAND, one of the BRITISH LINE ISLANDS of
the GILBERT & ELLICE Is. Colony, 1000 miles south of
HAWAII, was the RELAY Station of the CABLE between
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VANCOUVER B. C. and SYDNEY.. About 1942/43
WAR conditions made it impossible to forward STORES
& CURRENCY from SYDNEY, AUSTRALIA, therefor
1000 notes numbered from 1000 were printed in
HAWAII.. The notes were withdrawn in 1945 & all but a
few were defaced by B I SECTING. The defaced
HALVES were subsequently used as ADMISSION tickets
to the MOVIES by the COPRA PLANTATION workers.
LEFT & RIGHT defaced halves enclosed....
COMPLETE HISTORY OF THIS EMERGENCY issue
available upon receipt of 50 cents.
COMPLETE notes are extremely RARE. A FEW are
available, PRICE ON REQUEST w/S.A.E.
RONALD F. WEBB. Box 29 P.O. ROCKDALE N.S.W.
AUSTRALIA.
Wow, how interesting is that? It is also strange.
The Webb notice is so important (or at least
interesting) that it is given a listing in the draft of the
second edition of World War II Remembered. Where
to start? First, it seems to me that Webb?s statements
about the number printed and the post-war use as
movie tickets are the source of similar reports that
have appeared in Remembered and elsewhere. We
have been recording serial numbers at least since
Remembered came out in 1995. The statement that
numbering started at 1001 is supported by these
observations, but the total printed is way off. The
recorded numbers: 1001, 1023, 1039, 1042, 1064,
1078, 1083, 1117, 1127, 1128, 1133, 1151, 1209,
1218, 1253, 1274, 1297, 1298, 1313, 1322, 1343,
1351, 1376, 1380, 1382, 1409, 1410, 1427, 1437,
1463, 1468, 1520, 1531, 1583, 1610, 1628, 1634,
1655, 1656, 1713, 1742, 1767, 1778, 1801, 1806,
1840, 1851, 1855, 1929, 1986, 2508, 3021, 3027,
3039, 3096, 3104, 3116, 3157, 3175, 3179, and 3416.
Of course additional reports are solicited.
It is possible that the obsolete notes were used as
movie tickets as Webb describes, but it seems that
instead of that use or in addition to that use, the cut
notes were used in commerce. The left and right
halves are marked 1/- and 2/- (one shilling, in blue
crayon, and two shillings, in red crayon),
respectively. Why would Webb tell the story of the
movie tickets and ignore the surcharging with the
lower denominations?
You may have noticed that the notes were cut by
B I SECTING, as though that were a person?s name.
Could it have been a Webb joke?
Finally, there is the tantalizing offer by Webb to
send a COMPLETE HISTORY OF THIS
EMERGENCY issue for fifty cents! Oh my. Did he
sell any copies? Do any exist? I would certainly love
to find one! I did a little digging to find information
on Webb, to no avail. His price of 50 cents gives us a
not-earlier-than date?Australia converted to dollars
and cents in 1966.
Fanning Island notes are popular with collectors
today. Certainly World War II collectors seek the
notes, as do collectors trying to find a note from every
country of issue.
Fanning souvenirs
During and shortly after the war, Fanning
Plantation notes were used as souvenirs. Some exist
taped into short snorters and others were made into
stand-alone souvenirs. A few desirable pieces have the
autograph signature of plantation manager Garrett
(such as the short snorter shown here, with Garrett?s
signature in the upper left corner) and some are
traditional short snorters with a collection of
signatures. The double-header shown here, from the
Warner Talso collection (thank you Warner for the
images), has a nice selection of Air Corps signatures,
many of which are suitable for genealogical research.
I took a look at Harold L. Neely, Col AC.
Brigadier General Neely went on to retire from the
USAF and his son of the same name also retired from
the Air Force. The son died in 2022.
There is another seldom seen category?note note.
That is a notation written on a bank note. Fanning
notes are particularly suited for this purpose because
of the blank backs. That allows plenty of space for a
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message or even a shopping list, though there were
certainly not many places to shop on Fanning. Joe
pointed me toward the one here that was sold by
Heritage. It is essentially a postcard written on the
back of a Fanning note. Obviously this is a very
interesting note. Would you rather have this note with
the message, two signatures (why two?), and a
postmark, or a CU64, or even 66 for that matter?
Credit to Heritage for the image (thank you HA).
Boling continued:
Figure 3
Figure 4
Finally to the postcard that got me fired up to
start with. The legend on the card is ?Pacific Cable
Station, Fanning Island.? As I mentioned above, this
card was a duplicate. The new one has pencil
annotations identifying the buildings on the cards.
That is what got me excited! The annotations shown
were added by me to make them easier to read.
I am sure that there is much more to learn about
Fanning Island notes, World War II history, and
more. We will be thrilled to learn what you have and
to report it here.
These are not two colors printed next to each other in
two passes through the press?the color changes
gradually as the two inks merge at the boundary. This
requires a sophisticated press and experienced printers.
Figure 5 shows the genuine watermark.
Figure 5
Figure 6 shows the counterfeit watermark,
Figure 6
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and figure 7 shows how the watermark was created?
by laminating a paste image between two pieces of
paper bearing the face and back printings.
Figure 7
As mentioned, the wrong signature was used, but the
one used did appear on genuine notes?but not the
ones with the Burma legal tender overprint. In
addition, genuine black-overprinted notes are from
blocks S/88-S/90.
Figures 8 and 9 show the watermarks in the
parallel 10-rupee notes. The counterfeit got the
signature right, but placed the red overprint in the
wrong location. The correct blocks are R/82 to R/89.
The watermarks are replicated in the same way
(laminated into the note), but the head of the king is
not well done.
Figure 8
Figure 9
So, back to the question?who did it? I have seen
nothing in print, but Hong Kong scuttlebutt is that the
Soviets were the culprits. This is the same period in
which US $100 Federal Reserve notes were
counterfeited by the Soviets. But why counterfeit
notes of a backwater British colony? Perhaps because
the rupee was tied to Sterling. However, the number of
errors in the details is surprising if that was the source.
I expect that we are ninety years too late to find out.
A few years later the Japanese counterfeited a
KGVI 10 rupee note (without Burma markings). In
this case the watermark is properly manufactured in
the paper, not replicated with a pale ink overprint or
laminated into the paper. However, the paper is
somewhat thicker than in genuine notes, and thus
darker on a lightbox. But in circulation I am confident
it would pass. Figures 10 and 11 show the counterfeit
note (conveniently stamped to condemn it), and figure
12 shows the watermarks in genuine and counterfeit
notes.
Figure 10
Figure 11
Figure 12
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So how can you separate them absent the
rubber stamp? Go to the ?10" counter at lower right
face. Between the numerals ?1? and ?0? are two
curlicues and two dots. On the counterfeit, the two
dots are practically invisible (figures 13 and 14). If
you can see them only with high magnification,
consider the note to be bad.
Figure 13
Figure 14
Going back to Burma: almost two years ago, I
showed you a newly-discovered OSS counterfeit of
the Japanese 5 rupee note for Burma. I now have
better photography of the OSS modification that
allows one to distinguish their work. Figure 15
shows the note we are talking about.
Figure 16 shows the left side of the top of a genuine
note. There are six ribbons along that top border (the
piece of white paper adhering to the note covers
ribbon #4).
Figure 16
Figure 17 shows the same portion of the OSS note.
Figure 17
Figures 18-21 show ribbons 4 and 5, first the
genuine (18, 20) and then the OSS counterfeit (19,
21). You can see that on the genuine note, the
three shading lines at the bottom of the ribbon
extend through to the extreme right side. On the
OSS notes, the top line is longer than on the
genuine, but none of the top three lines touch the
right end of the ribbon.
Figure 18
Figure 19
Figure 15
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Figure 20
Figure 21
Figure 22
Figure 22 shows the OSS ribbons 4 and 5
together. I await a report of somebody finding
one of the OSS notes in the wild. We have no
documentation of this denomination having been
sent to the field.
Another follow-up, next issue.
MPC Fest bourse, Friday March
18th, is free and open to the public
Roger Urce has assumed chairman responsibility
for the David Seelye Military Numismatics bourse.
This event is always on the Friday of Fest which for
Fest 2023 is March 18. Hours are 1000 hours (10
AM Eastern time) to 1400 hours (2 PM Eastern). As
always, this bourse offers free admission to the public.
The Seelye bourse is unique in that it is a Friday
only, one-day event that features exclusively military
numismatic items. Of special interest are military
payment certificates, Allied military currency,
Japanese invasion money, war bonds and all other
numismatic items related to World War II and other
conflicts.
Collectors from as far away as the Atlantic
coast have travelled to Port Clinton to attend this
unique event.
The bourse is named for the late David Seelye
who was the founder and driving force behind the
event before his death in March of 2020. A noted
collector and dealer specializing in military
numismatics and most recently camp chits, he is the
author, with David Frank of The Complete Book of
World War II USA POW & Internment Camp Chits.
Bourse chair Roger Urce announced a 50% sale of
2023 bourse tables. The bourse fee for reservations
made in January will be only $50! Contact Urce
at stjasele@optonline.net.
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BNR Press
132 East Second St.
Port Clinton, OH 43452-1115
New Fifth Edition shipping in March. Order
your copy today for earliest shipping.
419 349 1872
fredschwan@yahoo.com
224 large format pages ? full color throughout
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