official journal of Blanton Duncan’s $1s & $2s Part 3 of 3--the end California • New York • Boston • Miami • Philadelphia • New Hampshire • Oklahoma Hong Kong • Copenhagen • Paris • Vancouver America’s Oldest and Most Accomplished Rare Coin Auctioneer SBG PM Cons NovBalt2025 250901 1550 Scenic Ave., Ste. 150, Costa Mesa, CA 92626 949.253.0916 • Info@StacksBowers.com 470 Park Ave., New York, NY 10022 212.582.2580 • NYC@stacksbowers.com Visit Us Online at StacksBowers.com Auction Dates: November 10-14 & 17-18, 2025 • Costa Mesa, CA Consign U.S. Currency by September 8, 2025 The Official Auctioneer of the Whitman Expos Fr. 95b. 1863 $10 Legal Tender Note. PCGS Banknote Gem Uncirculated 65 PPQ. Realized: $24,400 Fr. 304. 1908 $10 Silver Certificate. PCGS Banknote Gem Uncirculated 66 PPQ. Realized: $43,200 Fr. 1200. 1922 $50 Gold Certificate. PCGS Banknote Gem Uncirculated 66 PPQ. Realized: $30,000 Fr. 1187m. 1922 $20 Gold Certificate Mule Note. PCGS Banknote Superb Gem Uncirculated 68 PPQ. Realized: $24,000 Contact Our Experts for More Information Today 800.458.4646 (CA) • 800.566.2580 (NY) Email: Consign@StacksBowers.com • Website: www.StacksBowers.com LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Now Accepting Consignments The Stack’s Bowers Galleries November 2025 Showcase Auction 264 Blanton Duncan's $1's & $2's-The End--Marck Coughlan 274 National Banks that Did Not Issue--Peter Huntoon 288 Confederate States Erlanger Bonds--Steve Feller 296 Bank of Niagra-Part II--Bernhard Wilde 300 1st National Bank of St. Peter--Bob Sandeen 302 Last of an Era?--Terry Bryan 306 U D Bafs A&WPRR--Charles Derby SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 257 312 Promised Land Postal Note--Bob Laub 322 Eiffel Tower on a Cambodia Note--Roland Rollins 284 Spanish Cuba Bank Note Issue--Roberto Menchaca 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 Mark Anderson 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 Albert Grinnell James Haxby John Herzog Gene Hessler John Hickman William Higgins Ruth Hill Peter Huntoon Brent Hughes Glenn Jackson Don Kelly Lyn Knight Chet Krause Robert Medlar Allen Mincho Clifford Mishler Barbara Mueller Judith Murphy Dean Oakes Chuck O'Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert John Rowe III From Your President Robert Vandevender 259 Editor Sez Benny Bolin 260 New Members Frank Clark 261 Uncoupled Joe Boling/Fred Schwan 308 Chump Change Loren Gatch 314 Cherry Picker Corner Robert Calderman 315 Quartermaster Michael McNeil 318 Obsolete Corner 320 Foreign Affairs 324 Small Notes Robert Gill Dennis Hengeveld Jamie Yakes 326 Stacks Bowers Galleries IFC Pierre Fricke 257 Lyn Knight 263 G. Anderson 267 Higgins Museum 268 FCCB 283 Bill Litt 289 Executive Currency 299 Bob Laub 313 Greysheet 322 PCGS-C 328 PCDA IBC Heritage Auctions OBC Fred Schwan Neil Shafer Herb& Martha Schingoethe Austin Sheheen, Jr. Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait John & Nancy Wilson D.C. Wismer SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 258 Officers & Appointees ELECTED OFFICERS PRESIDENT Robert Vandevender II rvpaperman@aol.com VICE-PRES/SEC'Y Robert Calderman gacoins@earthlink.net TREASURER Robert Moon robertmoon@aol.com BOARD OF GOVERNORS APPOINTEES PUBLISHER-EDITOR ADVERTISING MANAGER Benny Bolin smcbb@sbcglobal.net Megan Reginnitter mreginnitter@iowafirm.com LIBRARIAN Jeff Bruggeman jeff@actioncurrency.com MEMBERSHIP DIRECTOR Frank Clark IMMEDIATE PAST PRESIDENT Shawn Hewitt WISMER BOOK PROJECT COORDINATOR Pierre Fricke From Your President Robert Vandevender IIFrom Your President Shawn Hewitt Paper Money * July/August 2020 6 LEGAL COUNSEL Robert Calderman gacoins@earthlink.com Matt Drais stockpicker12@aol.com Mark Drengson markd@step1software.com Loren Gatch lgatch@uco.edu Shawn Hewitt Shawn@north-trek.com Derek Higgins derekhiggins219@gmail.com Raiden Honaker raidenhonaker8@gmail.com William Litt billitt@aol.com Cody Regennitter rman andrew.timmerman@aol.com cody.regenitter@gmail.com Andrew Timme Wendell Wolka purduenut@aol.com frank_clark@yahoo.com On July 28th, I was very sad to learn of the passing of my good friend and fellow collector, Michael Crabb Jr. Nancy and I attended many baseball games with Mike and his wife Julia over the years, both in Memphis watching the Redbirds play, and in South Florida during Cardinals Spring Training. As a representative of the Memphis Coin Club, Mike coordinated the Memphis International Paper Money Show from 1977 to 2016, a favorite show to attend for many of us. Mike was a member of the SPMC Hall of Fame and attended our annual HOF dinner with us last year. He will be missed by me and many of our members. Rest in peace, Mike. By the time you read this, I will no longer be your President, as I am reaching my term limit for the office per our bylaws. We will have an election of a new Board in August at the Oklahoma City ANA show at which time I will hand over our gavel and a copy of Robert’s Rules of Order book to a new President. Our Board has had a very successful four years with major advancements in research, database updates, and social media outreach, with the significant upgrade to our website thanks to the financial generosity of many of our members. It has been a great honor to have been able to serve as the SPMC President and I will continue to be a voting member of the Board as Past President for the next four years. I would like to thank Past President R. Shawn Hewitt for nominating me as his Vice President eight years ago which set the stage for my election as President. I could not have been successful without the hard work of the Board members and of course SPMC member Nancy Purington, who kept me out of trouble and helped to coordinate many events. A long time ago, small-size paper money collectors referenced a book called the Donlon Price Catalog, US Small Size Paper Money. Later, they graduated to the Standard Handbook of Modern United States Paper Money by Chuck O’Donnell. Then came the Standard Guide to Small- Size U.S. Paper Money by Dean Oakes and John Schwartz, later updated by John Schwartz and Scott Lindquist. This book was considered the “bible” for small size notes. On a parting note, I would like to encourage someone in our field to create a revision to the Schwartz-Lindquist book, updating it for new collectors, a book which is now over a decade out of print. Thanks, and I hope to see you all at a future show! SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 259 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 (aka goompa) 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 She is ONE! and walking! And walking everywhere and getting into everything! It was lots of fun watching those unbalanced first steps and now watching her chasing the dog! The summer show circuit is in full swing. Summer FUN was its' usual success, or so I hear. As I write this, I am getting ready to go to the ANA WFoM in OKC! It is only a three hour drive, so just like the Oklahoma land rush, here I come! I have been collecting since the early 1960's and have been a serious exhibitor since the 1985 Memphis show. One of the things I have wanted to do is exhibit at summer ANA but have never been able to do due to the show being held at the same time as the first few weeks of school. Now that I am retired, that is a reality and I placed two exhibits--my Spencer Morton Clark and one on Fractional Currency Literature. I also manned the SPMC table and presented the educational seminar at the general meeting. This presentation was a tag team. Wendell Wolka could not attend ANA so he developed the program and I presented it. Since I am writing this before the show, I really hope I did and good job and the attendees enjoyed it! This issue wraps up the Blanton Duncan series by Mark Coughlan and introduce a new column on foreign issues. It is with sadness that we acknowlege the passing of the founder of the IPMS show--Mike Crabb. I attended my first one in 1985 and met Mike and his ever-present counterpart. He was always nice to me as a young collector and later I enjoyed having dinner with him at the HoF dinners. He will be missed. Articles--seems I am always whining about not having enough. I don't know if I will ever consider my stockpile "enough," but I do have a good supply. That does NOT mean you can take time off and not write. However, what I would like is for someone to write me an article for the next issue (Nov/Dec) related to Christmas or other winter holidays and paper money. Just to put a bug in your ear, the Nov/Dec issue is one to watch for. I know it will have a great holiday article from someone. It will also have a notice to vote for best articles in the various categories and books of the year. These will be awarded at our regular meeting at FUN in January 2026. Till next time! Look out for those school zones and don't drive and text! SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 260 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The Annual Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website-- www.spmc.org. The SPMC does not does not endorse any dealer, company or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. A parent or guardian must sign their application. Junior membership numbers will be preceded by the letter “j” which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date, which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK SPMC MEMBERSHIP DIRECTOR NEW MEMBERS 07/05/2025 Dues Remittal Process Send dues directly to Robert Moon SPMC Treasurer 403 Gatewood Dr. Greenwood, SC 29646 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. 15868 Miao Du, Website 15869 Robert Daegle, Website 15870 Bryce Harvey, Robert Calderman 15871 Douglas Sansone, Website 15872 Michael Walko, Website 15873 Michael Polizzi, Website 15874 Jason Byrd, Website 15875 Ryan Williamson, Website 15876 Angela Hungate-Clay, Website 15877 Matthias Mueller, PM Forum 15878 Grant Schreier, Website 15879 Ron Teater, Website 15880 Carl Burger, Website 15881 Laurie Usher, Website 15882 David Milani, Website 15883 Tom Kowalski, Website REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 08/05/2025 15884 Gregory Field, Robert Calderman 15885 Noland Bambard, Pierre Fricke 15886 Vishal Patel, Frank Clark 15887 Pat Weaver, Website 15888 Robert Schwartz, Website 15889 Douglas Webber, Website 15890J Chris Gaiser, Frank Clark 15891 Robert Hastings, Frank Clark 15892 Brian Burch, Website REINSTATEMENTS None LIFE MEMBERSHIPS LM473 Dave Gelwicks, Larry Falater SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 261 In Remembrance The SPMC is sad to report the recent passing of Mike Crabb. Mike will always be remembered for his work on the International Paper Money Show in Memphis, TN. All collectors of paper money owe Mike a debt of gratitude for his work with the IPMS and paper collecting in general. Mike was a founding member of the Memphis Coin Club and, in 1976, bemoaning the lack of conventions that focused on collecting rare paper money, founded the International Paper Money Show. The first years of the show were held at the Rivermont Hotel and later at the Memphis Convention Center. He served as bourse chairman from 1977 to 2009. Mike was SPMC member #3285 and was name Honorary Life Member #4 in 1984. In 2016 he was inducted into the SPMC Hall-of-Fame. He served as SPMC governor 1976-1996, publicity chairman in 1992 and was chair of the nominating committee in 1978 and 1992. He was awarded the Nathan Gold award in 1977 and an ANA President's award in 2011. He was named a Numismatic News Numismatic Ambassador in 1995 and was inducted into the IBNS Hall of Fame in 2010 and the SPMC Hall of Fame in 2016. Also, we regret to acknowledge the passing of long-time member Richard (Richie) Self. Self is SPMC life member #296 and ANA life member #5030. His love of history led him to work for his oldest brother Malcolm in the coin and collectible business. As his knowledge grew, he moved to Shreveport in 1993 to open his own business, American Coins & Collectibles. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 262 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Call today to order your catalog 913-338-3779 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 913-338-3779 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency Duncan’s ONES AND TWOS The Story of the Confederate Treasury’s First Change Notes Part Three of a Three-part article by Mark A. Coughlan [CONTINUED] 3.5 The Third Series $1 (T44) note Figure 28. 1862 Fourth Issue Third Series $1 note (T44) - Image courtesy of Heritage Auctions. As a result of the dispute which had ensued when the Treasury questioned the approval and payment related to these green $2 and $1 notes, Duncan quickly reverted to producing the original, black and white, type T44 design for the Third Issue, which consisted of some 1,044,000 notes (serial numbers 1-87000, plate numbers 1-12). Thian’s Register of the Confederate Debt recorded a grand total of $2,102,200 issued in Fourth Issue $1 notes. There were a few anomalies - noted by Thian in his Register - which are related to the Third Series of $1 notes: 1) Serial numbers 43701-43800 were duplicated, with one batch being signed by H. Herbert/ V.M. Tyler, and the second by M.L. Savage/H. Watkins. It is believed that both of these batches were issued. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 264 2) Serial numbers 46001-46100 seem to have disappeared and were never signed or issued. Perhaps this is linked to the duplicate batch, with Treasury officials recognising the error and deciding to withdraw an equivalent number of notes in order to balance the books? 3) One batch of notes, with serial numbers 10801-10900, was recorded in Thian’s Register as having been signed by men, namely Mr. Edward Nulty for the Register, and Mr. Edward Goddin for the Treasurer. This is strange, because these 1200 notes would have been the only Fourth Issue $2 and $1 notes not to have been signed by women. If the Treasury ledger was correct, and these notes were signed by the two male clerks mentioned, it was probably accidental rather than deliberate; perhaps a block of the $1 sheets somehow became mixed up with other higher denomination Third Issue notes produced by Duncan - for example, the $5 (T37) which were still being signed by male clerks at that time. Unfortunately. the Author has not yet been able to discover a surviving example of a note within the serial number range in question, as this would be the definitive way to determine if it had been signed by male clerks. In any event, further research is required to explain this mystery. The total quantity and value of Fourth Issue $1 notes, broken down by the types and series, are shown in the table below. Figure 29. Summary of 1862 Fourth Issue $1 Notes by Type and Series. 4. MEMMINGER’S ANGELS This article would not be complete without providing some background and information on the Treasury clerks that signed the near four million Fourth Issue change notes produced by Blanton Duncan’s company. These change notes were in fact all signed, in Richmond, Virginia, by women - apart from the 1200 notes mentioned above! At the time of its establishment, the Confederate Treasury department - like all governmental and major business functions at that time - was the employment domain of men alone. However, the demands of the War would soon change this, providing new and empowering opportunities for women. Any hopes that the war would be over in three months soon faded. The South’s victory in the first major battle - at Manassas (Bull Run), in Virginia in July 1861 - simply strengthened Union resolve. By 1862 the fighting had spread from Virginia into North Carolina, South Carolina, Missouri, Mississippi, and Arkansas. However, it was the events in Tennessee on April 6th and 7th, 1862, that shocked the entire nation to its core and left no doubt about the horrific death-struggle that had engulfed the nation. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 265 A Federal army of some 65,000 men clashed with a Confederate army of some 45,000 men at Pittsburg Landing, on the Tennessee River, with much of the fighting taking place around the small church at Shiloh, after which the Confederates named the battle. The name Shiloh was taken from a Hebrew word in the bible, meaning ‘place of peace’, but this could not have been further from the truth on those fateful days in early April 1862. Some 25,000 men in blue and gray became casualties during these two days - this was bloodshed on a scale that had never been witnessed on American soil up until that time. General Albert Sidney Johnston, commanding the Confederate forces, was killed during the first day of the battle which left Union forces near collapse. However, bolstered with reinforcements during the night, Union forces under General Ulysses S. Grant, triumphed on the second day of the battle. Shortly after this, the Confederate Government was forced to announce the first Conscription Act, declaring all white males between the ages eighteen and thirty-five to be eligible for military service. There were exemptions, mostly for the benefit of wealthy slave owners, but also for men involved in critical government activities. The production of Treasury notes and bonds was considered such a critical government activity, and men involved in the manufacture of Treasury notes and bonds could request exemption from the War department. The engraving and printing companies took full advantage of this, as did some senior Treasury officials – however, many Treasury clerks who were involved in signing notes and bonds, were not exempted, and were required to enlist into the Confederate Army or Navy. To address this sudden resource shortfall, the Confederate Treasury took the unprecedented step of hiring women to undertake the duties of the male clerks who had resigned and enlisted in the Confederate military. In mid-1862, Sanders G. Jamison, head of the Treasury Note Bureau in Richmond, established the Ladies Note Division, which was to be housed on the top floor of the Treasury department premises which were located in the former Breeden & Fox’s dry goods store at 217 Broad Street in Richmond. In letters dated June 27th, 1862, the Treasury Secretary, Christopher G. Memminger, confirmed the appointment of the first twenty female clerks - ten who would sign for the Register, and ten who would sign for the Treasurer. Figure 30. List of the first twenty female clerks hired by the Confederate Treasury Note Bureau in June 1862. All of the women were of good social standing, with strong references and excellent penmanship. These women had applied to the Treasury for work as they were struggling financially, as exemplified by Mary B. Kirby, a widow, with four sons serving in the Confederate Army. The social customs of the day meant that it would have been improper for the newly-hired women to mix with male employees, and thus they were safely ensconced in their own environment - the dusty attic, which the ladies affectionately nicknamed “Angels’ Retreat”. The Ladies Note Division was under the supervision of Jamison’s chief clerk, Stephen Duncan. This first group of female clerks earned some $500 per year, and were expected to work from 9am to 3pm, Monday to Friday; they were each expected to sign an average of 2,000 notes per day. In comparison, male clerks earned some $1000 per year, but were expected to work from 9am to 5pm, Monday to Saturday, and to sign an average of 3,200 notes per day. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 266 These twenty female clerks, equipped with pens and ink, began their careers at the Treasury Note Bureau by signing the Fourth Issue $1 and $2 First Series notes produced by Blanton Duncan. Many of the early signatures by the ladies were extremely neat and tidy, although the intense pressure and monotony of signing thousands of time each day soon led to a deterioration. Despite some scepticism and objections, the Treasury angels soon proved their worth, and within a few months, Secretary Memminger was ready to increase the number of female clerks. On September 12th, 1862, he stated in a letter to Robert Tyler, the Register: “The experiment which has been made with ladies to sign Treasury notes has proved so successful that it should be extended to the signing of coupons to bonds.” In the following months, more and more women were employed to sign both Treasury notes and bonds; this trend would continue until the end of the war, as virtually all male clerks were drafted into the military, and women would competently take over their duties. In the final analysis, some two-thirds of the signers of Confederate Treasury notes were women. A most helpful reference book, released in 2022 by Charles Derby and Michael McNeil, provides a detailed insight into the operations of the Confederate Treasury Note Bureau, and the lives and times of the 367 clerks who assisted the Register and the Treasurer in signing the almost eighty-five million Confederate Treasury notes which were issued between the formation of the Confederate States in the spring of 1861 and its collapse at the end of the War, in the spring of 1865. This book, entitled “Confederate Treasury Notes - The Signers and Their Stories” is referenced further in the sources section at the end of this document. The 1,749,600 Fourth Issue $2 notes were signed by signed by thirty- five different signing pairs, formed from thirty-one clerks who signed for the Register, and thirty-three who signed for the Treasurer, all women. The women generally worked in assigned pairs, as can be seen below, but absences (sickness or leave), or resignations would result in variations. Figure 31. Christopher G. Memminger, Secretary of the Confederate Treasury, Feb 1861 - July 1864. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 267 Figure 32. List of Signers (pairs) and quantities signed for 1862 Fourth Issue $2 Notes. The 2,102,200 Fourth Series $1 notes were signed by thirty-nine different signing pairs, formed from thirty-five clerks who signed for the Register, and thirty-two who signed for the Treasurer; all but two of these sixty-seven clerks were women. Signed for the Register Signed for the Treasurer FIRST  SERIES   T38 FIRST  SERIES  T42 SECOND  SERIES  T42 SECOND  SERIES  T43 THIRD  SERIES  T42 Total Qty Notes  Signed Abbott, Mrs. Bettie M. Minor, Mrs. Lucy C. 6,000 22,000 16,800 44,800 Adams, Mrs. Elizabeth A. Godwin, Miss Missouri B. 40,800 40,800 Bailey, Miss Mary W. Knox, Mrs. Mary F.S. 9,000 9,000 54,000 72,000 Cooke, Miss Hattie L. Dewees, Miss Mary A. 27,600 27,600 Dabney, Miss Bettie Haynes, Miss Riche 9,600 9,600 Davies, Miss Virginia K. Rind, Miss Virginia, M. 4,000 26,000 31,000 9,000 4,800 74,800 Dixon, Mrs. Mary J. Shaver, Miss Sally F. 6,000 6,000 Ellett, Miss Sarah C. Stanard, Miss Virginia M. 17,000 42,000 59,000 Gay, Miss Matoaca Points, Miss Adele 4,800 4,800 Gibb, Miss Margaret A. Allen, Miss Maria 4,000 97,000 52,000 51,000 7,200 211,200 Giles, Miss Fannie G. Quarles, Mrs. Mary L. 8,000 40,800 48,800 Gilliam, Miss Mary E. Heth, Miss Catherine (Kitty) 4,000 57,000 26,000 24,000 56,400 167,400 Herbert, Mrs. Harriet E. Tyler, Miss Mary V. 14,400 14,400 Hughes, Mrs. Sarah E. Skinner, Miss Charlotte W. 26,400 26,400 Hunter, Miss Lucy M. Ball, Miss Rebecca F. 3,000 34,000 45,000 11,000 93,000 Johnston, Mrs. Julia L. Dennison, Miss Emma A. 6,000 6,000 Johnston, Mrs. Julia L. Fauntleroy, Miss Lizzie H. 3,000 23,000 3,000 29,000 Kirby, Mrs.Mary B. Graham, Miss Hartley L. 3,000 52,000 68,000 17,000 30,000 170,000 Lathrop, Miss Mary C. Mason, Miss Eveline (Eva) 7,200 7,200 Lathrop, Miss Mary C. Mayo, Miss Martha T. 2,000 29,000 2,000 33,000 Macon, Miss Lydia M. Sanxay, Miss Sophia G. 37,200 37,200 McCarthy, Miss Jane E. Macmurdo, Miss Rosa H. 26,400 26,400 McCarthy, Miss Jane E. Nicholas, Miss Mary S. 2,400 2,400 McGarr, Miss Jennie Garrett, Miss Willemina A. 14,400 14,400 Pace, Miss Maria E. (Betty) Newton, Miss Mary A. 16,800 16,800 Meade, Miss Charlotte R. Overton, Miss Rebecca 2,000 34,000 48,000 2,000 86,000 Randolph, Miss Sarah A. Bartlett, Miss Helen L. 5,000 39,000 44,000 Randolph, Miss Sarah A. Dennison, Miss Emma A. 17,000 2,000 9,600 28,600 Royster, Mrs. Lucy C. Breedin, Miss Mary Louise  14,400 14,400 Saunders, Miss Margaret A. Nicholas, Miss Mary S. 6,000 28,000 2,000 16,000 48,000 100,000 Savage, Miss Mary L. Watkins, Mrs. Hortense T. 19,200 19,200 Talley, Miss Susan A. Tyler, Miss Mary V. 2,400 2,400 Taylor, Miss Miriam N. Bartlett, Miss Helen L. 14,000 21,000 18,000 2,400 55,400 Tiffey, Miss Julia B. Briggs, Mrs. Virginia B. 1,200 1,200 Watson, Miss Virginia C. Layne, Mrs. Ellen D. 4,000 20,000 69,000 1,200 61,200 155,400 TOTALS 37,000 433,000 436,000 193,200 650,400 1,749,600 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 268 Figure 33. List of Signers (pairs) and quantities signed for 1862 Fourth Issue $1 Notes. Figure 34. Example of signature pairing for Miss V.C. Watson / Miss E.D. Layne. Signed for the Register Signed for the Treasurer FIRST  SERIES  T44 FIRST  SERIES  T45 SECOND  SERIES  T44 SECOND  SERIES  T45 THIRD  SERIES  T44 Total Qty Notes  Signed Abbott, Mrs. Bettie M. Minor, Mrs. Lucy C. 16,000 8,000 21,000 14,400 59,400 Adams, Mrs. Elizabeth A. Godwin, Miss Missouri B.   75,600 75,600 Bailey, Miss Mary W. Knox, Mrs. Mary F.S. 14,000 6,000 3,000 21,000 44,400 88,400 Cooke, Miss Hattie L. Dewees, Miss Mary A.   46,800 46,800 Dabney, Miss Bettie Haynes, Miss Riche   32,400 32,400 Davies, Miss Virginia K. Rind, Miss Virginia, M. 43,000 8,000 23,000 27,000 21,600 122,600 Dixon, Mrs. Mary J. Shaver, Miss Sally F.   19,200 19,200 Ellett, Miss Sarah C. Stanard, Miss Virginia M. 8,000 4,000 27,000 49,200 88,200 Garlick, Miss Elizabeth Wray, Mrs. Mary "Fannie"   3,600 3,600 Gay, Miss Matoaca Points, Miss Adele   9,600 9,600 Gibb, Miss Margaret A. Allen, Miss Maria 6,000 32,000     38,000 Gifford, Mrs. Martha A. Grattan, Miss Sallie G.   3,600 3,600 Giles, Miss Fannie G. Quarles, Mrs. Mary L. 19,000 7,000 4,000 30,000 61,200 121,200 Gilliam, Miss Mary E. Heth, Miss Catherine (Kitty) 33,000 6,000 20,000 6,000 54,000 119,000 Herbert, Mrs. Harriet E. Tyler, Miss Mary V.   48,492 48,492 Hughes, Mrs. Sarah E. Skinner, Miss Charlotte W.   50,400 50,400 Hunter, Miss Lucy M. Ball, Miss Rebecca F. 38,000 5,000 22,000 27,000 22,800 114,800 Johnston, Mrs. Julia L. Dennison, Miss Emma A.   7,200 7,200 Johnston, Mrs. Julia L. Fauntleroy, Miss Lizzie H. 2,000 12,000 21,600 35,600 Kirby, Mrs.Mary B. Graham, Miss Hartley L. 23,000 4,000 5,000 20,000 46,800 98,800 Lathrop, Miss Mary C. Mason, Miss Eveline (Eva) 9,000 3,000 10,800 22,800 Lathrop, Miss Mary C. Mayo, Miss Martha T. 92,000 39,000 39,000   170,000 Macon, Miss Lydia M. Sanxay, Miss Sophia G.   69,600 69,600 McCarthy, Miss Jane E. Macmurdo, Miss Rosa H.   39,600 39,600 McCarthy, Miss Jane E. Nicholas, Miss Mary S.   6,000 6,000 McGarr, Miss Jennie Garrett, Miss Willemina A.   33,600 33,600 McRae, Miss Betty R. Green, Mrs. Elizabeth C. 27,000 9,000 30,000 26,400 92,400 Nulty, Mr. Edward Goddin, Mr. Edward C.   1,200 1,200 Pace, Miss Maria E. (Betty) Newton, Miss Mary A.   38,400 38,400 Meade, Miss Charlotte R. Overton, Miss Rebecca 1,000 3,000   4,000 Porter, Miss Edna P. Pellet, Miss Ann P.   7,200 7,200 Randolph, Miss Sarah A. Bartlett, Miss Helen L. 20,000     20,000 Randolph, Miss Sarah A. Dennison, Miss Emma A. 12,000 24,000 16,000 20,400 72,400 Royster, Mrs. Lucy C. Breedin, Miss Mary Louise    27,600 27,600 Saunders, Miss Margaret A. Nicholas, Miss Mary S. 38,000   31,200 69,200 Savage, Miss Mary L. Watkins, Mrs. Hortense T.   27,600 27,600 Talley, Miss Susan A. Tyler, Miss Mary V.   3,108 3,108 Taylor, Miss Miriam N. Bartlett, Miss Helen L. 33,000 3,000 24,000 24,000 3,600 87,600 Watson, Miss Virginia C. Layne, Mrs. Ellen D. 26,000 9,400 26,800 64,800 127,000 TOTALS 440,000 73,400 212,000 332,800 1,044,000 2,102,200 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 269 5. CONCLUDING REMARKS By late 1862, Duncan’s relationship with the Treasury had hit rock bottom and was beyond repair; although he would be awarded some ad hoc printing work for the Fifth Issue (dated December 2nd, 1862), and even a small amount for the Sixth Issue (dated April 6th, 1863), this was insufficient to keep his business running profitably. By mid-1863 Duncan had admitted defeat, and closed down his business in Columbia, selling his equipment and releasing his staff to work for his competitors. Duncan saw himself as a Confederate patriot and hero and felt that the Confederate Treasury had betrayed him. He would see out the remainder of the war with his family in Paris and London, returning to the United States in late 1866 after he had secured a presidential pardon for his part in the War. Blanton Duncan’s company engraved and printed a grand total of 3,851,800 change notes for the Confederate Treasury as part of the Fourth Issue during 1862. These notes had a face value of $5,601,400, which was above the budget of $5 million authorised by the Act of April 17th, 1862, although in September 1862 Congress had given permission for the Treasury to produce a further $5 million of change notes if needed. Whilst these $2 and $1 notes are not amongst the most attractive, valuable, or sought after amongst the realm of Confederate paper money, they do have an interesting story around them, which hopefully this article has highlighted. Duncan’s initial error with the date on the $2 note led to the very brief life of the so- called T38 variety (which is admittedly a scarce note for collectors to find), but his reputation was soon damaged further by his vanity project -the green tinting of both the $2 and $1 notes (the T43 and T45 varieties) which the Treasury neither wanted nor would pay for. He was forced to revert the basic black and white versions of both the $2 (the T42 variety), and the $1 (the T44 variety) notes. The design quality of these notes was poor compared to the high-quality notes which the Treasury’s favourite supplier, Keatinge & Ball, had begun to engrave (on steel plates) and print by mid-1862. On top of this, the paper that Duncan used to print change notes - which were expected to see heavy circulation - appears to have been particularly porous, attracting dirt, and leading to rapid deterioration of both the signatures and the serial numbers. Duncan would soon be forced out of business by the Treasury, along with others, leaving Keatinge & Ball to rule the roost. Duncan’s various mishaps may well have angered Treasury officials at the time, and certainly contributed to his downfall, but they have subsequently have certainly created a lot of interest and enjoyment for many generations of numismatists and collectors of Confederate Treasury notes! Readers who enjoyed this article are encouraged to review the Author’s award-winning book “Engravers and Printers of Confederate Paper Money” which can be purchased now through www.amazon.com SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 270 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 271 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 272 SOURCES:  “Collecting Confederate Paper Money - Field Edition 2014”: by Pierre Fricke (2014).  “Confederate States Paper Money: Civil War Currency from the South”: by George S. Cuhaj (2012).  “Criswell’s Currency Series Vol 1. Confederate and Southern States Currency”: by Grover Criswell Jr, (first published 1957).  “Correspondence of the Treasury of the Confederate States of America”: by Raphael P. Thian (1878).  “Engravers and Printers of Confederate Paper Money”: by Mark A. Coughlan (2024). Order thru: www.amazon.com  “Thian’s Masterpiece and the Early Literature of Confederate Paper Money”: by David F. Fanning (2019).  “Register of the Confederate Debt”: by Raphael P. Thian (1880, reprint 1972).  “A Guide Book of Counterfeit Confederate Currency”: by George B. Tremmel (2007).  “Excerpts from the History of the United States Secret Service 1865-1975”: by Department of the Treasury, United States Secret Service (1978).  “Guide Book of Southern States Currency (The Official Red Book)”: by Hugh Shull (2006).  “America’s Paper Money”: by William L. Pressly (2003).  “Comprehensive Catalog and History of Confederate Bonds 2nd Edition”: by Douglas B. Ball, Henry F. Simmons Jr. (2015).  “Confederate Treasury Notes - The Signers and their Stories”: by Charles Derby and Michael McNeil (2022). Order thru: charlesderbyga@yahoo.com  “The Signers and Issuers of Confederate Bonds”: by Charles Derby and Michael McNeil (2024). Order thru: charlesderbyga@yahoo.com  “Battle Cry of Freedom: The Civil War Era”: by James M. McPherson (2003).  “The Civil War in Kentucky”: by Lowell H. Harrison (2010).  "The Know Nothing Riots in Louisville - Register of the Kentucky Historical Society 61”: by Charles E. Deusner (1963).  “America’s Paper Money”: by William L. Pressly (2003).  “The Paper Money of the Confederate States: The Numismatist Journal”: by H.D. Allen (1917-1919).  “James G. Blaine - A Political Idol of Other Days”: by David S. Muzzey (1934). “Confederate Currency Printers in Columbia, SC”: by Paul Armstrong www.columbiahistorybuff.com  “Heritage Auctions Online Archives”: www.ha.com  “Genealogy and History Websites”: o www.ancestry.com o www.familysearch.org o www.findagrave.com o www.fold3.com SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 273 National Banks that Did Not Issue Purpose and Scope The purpose of this article is to examine the national banks that did not issue notes for part of or the entirety of their corporate lives during the note issuing era. A classification scheme for them will be provided along with descriptions of how these situations occurred. The note-issuing era for this topic can be divided into two parts, those before and after passage of the Federal Reserve Act of 1913. A provision in the Federal Reserve Act repealed a major tenant of the National Bank Act; specifically, the requirement that all national bankers buy bonds to secure national bank note circulations for their banks. From 1914 forward, slightly less half of all national banks organized never issued national bank notes. Therefore, that period is of little interest because to be a non-issuer became routine. However, the non-issuers before 1914 comprise a small but most interesting group that deserves attention. Introduction This title of the original National Bank Act passed February 25, 1863 sets the stage for this article; specifically, “An Act to provide a National currency, secured by a Pledge of United States Stocks, and to provide for the Circulation and Redemption thereof.” Notice the emphasis on the creation of the new class of currency, not the national banking system that was being launched to get the job done. Section 15 of that act specified that the officers of every national bank had to deposit bonds with the U.S. Treasurer to secure a circulation of their notes. Decades later, after national currency came under fire as being inelastic; that is, unable to expand and contract to provide liquidity needed to accommodate cyclic seasonal demands and economic shocks, Congress and Treasury officials sought a means to replace it. The solution came in the form of the Federal Reserve Act of December 23, 1913. This act was entitled “An Act To provide for the establishment of Federal reserve banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes.” One direct means to target the continued use of national bank notes was Section 17 of the Federal Reserve Act. It The Paper Column by Peter Huntoon Figure 1. Unfortunately, I can’t show you the face because the entire printing of Original Series notes for The National City Bank of New York (1461) was returned to the Treasury unissued because the bankers never put any of their notes into circulation. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 274 repealed the requirement that national bankers had to deposit bonds to secure circulations. Henceforth, that privilege was optional at the discretion of the bankers. Beginning January 16, 1914 with the chartering of The First National Bank of Sparkill, New York, charter 10477, the officers in many new banks didn’t bother with national bank note circulations. Liberty National Bank and Trust Company of Louisville, Kentucky, charter 14320, was the last bank organized that issued so there were 3,844 banks in the optional group. Of those, 1,735 never took out circulation, representing 45 percent of the eligible pool. This examination will focus on the banks chartered before passage of the Federal Reserve Act when the expectation was that bankers would engage in the note-issuing business. Our interest will therefore focus on banks that were charters inclusive of 1863 and 1913, up through charter 10471. You may well ask why is the topic of non-issuers of interest to national bank note collectors? Foremost, it is important to know which banks didn’t issue so that you don’t waste time chasing after notes that don’t exist. Non-issuing intervals abbreviated the use of series of notes that banks used or, in the extreme, entirely eliminated eligible series altogether. Classification The first cut at classifying the non-issuers during the period before the Federal Reserve Act is to separate out the banks that never issued any notes at all in contrast to those that didn’t issue for part of their existence. There are 31 never-issuers that are listed on Table 1. Those that issued but had a no-issue period of three years or more are listed on Table 2. There are 30 of the latter. Never Issued A few of the banks listed on Table 1 were assigned charter numbers but never completed the process of organizing. Recognized examples are charters 195, 463, 1586 and 2537 The final step in organizing was to deposit bonds to secure circulation. This was the step that was missed by these four. It didn’t take long before the Comptrollers of the Currency adopted a policy not to assign charter numbers before the required bonds were deposited. The majority of entries on Table 1 represent banks that successfully organized after making their requisite bond deposits but for some reason liquidated in short order. They are readily identified by the brief lapse between their dates of charter and liquidation or receivership. Common explanations for the short lives include that they were quickly bought out by a competitor, reorganized under a less restrictive state charter, or found to be unprofitable. Some of the bankers in this sizable group had time to subscribe for circulation, plates were made, and, in a few instances, notes were printed. The listed banks in this pool were liquidated before receiving any such notes, thus making it to this list. Figure 2. The bank was chartered February 12, 1890, bonds were deposited, a plate was made, notes were printed, but none reached the bank before it was liquidated March 27, 1890. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 275 Ta b le 1 . B an ks t h at w e re c h ar te re d b e fo re t h e F e d e ra l R e se rv e A ct o f 1 9 1 3 t h at d id n o t re ce iv e n at io n al b an k n o te s fr o m t h e C o m p tr o ll e r o f th e C u rr e n cy . C h a rt e r S ta te T o w n B a n k C h a rt e r D a te A v a il a b le U se fu l In to rm a ti o n F a te 19 5 IA O tt u m w a Th e S e co n d N at io n al B an k o f Ja n 1 3, 1 86 4 d id n o t co m p le te o rg an iz at io n li q u id at e d M ay 2 , 1 86 4 23 2 M I La n si n g Th e F ir st N at io n al B an k o f Fe b 4 , 1 86 4 li q u id at e d D e c 5, 1 86 4 46 3 O H C an to n Th e S e co n d N at io n al B an k o f Ju n 2 1, 1 86 4 d id n o t co m p le te o rg an iz at io n li q u id at e d O ct 3 , 1 86 4 11 24 P A M e ad vi ll e Th e N at io n al B an k o f C ra w fo rd C o u n ty M a y 8 , 1 8 6 5 d id n o t ta ke o u t ci rc u la ti o n li q u id at e d A p r 19 , 1 86 7 14 35 P A P it ts to n Th e P it ts to n N at io n al B an k Ju l 1 3 , 1 8 6 5 co n so li d at e d w it h F N B o f P it ts to n ( 47 8) li q u id at e d Se p 1 6, 1 86 5 14 39 M A A d am s Th e B ir ks h ir e N at io n al B an k Ju l 1 4 , 1 8 6 5 co n so li d at e d w it h F N B o f A d am s (4 62 ) li q u id at e d D e c 8, 1 86 5 15 86 G A Sa va n n ah Th e N at io n al B an k o f O c t 1 4 , 1 8 6 5 d id n o t co m p le te o rg an iz at io n li q u id at e d M ay 2 8, 1 86 7 16 54 P A K it ta n n in g Th e K it ta n n in g N at io n al B an k Ju l 2 , 1 8 6 6 co n so li d at e d w it h F N B o f K it ta n n in g (6 9) li q u id at e d A p r 29 , 1 86 7 16 79 N E O m ah a Th e C e n tr al N at io n al B an k o f A p r 2 5 , 1 8 6 8 li q u id at e d Se p 2 3, 1 87 0 21 94 FL Ja ck so n vi ll e Th e A m b le r N at io n al B an k o f O ct 1 2, 1 87 4 li q u id at e d D e c 7, 1 87 4 25 37 V T R u tl an d Th e C le m e n t N at io n al B an k o f Ju n 2 3, 1 88 1 18 75 5 -5 -5 -5 p la te m ad e ; d id n o t co m p le te o rg an iz at io n li q u id at e d A u g 1, 1 88 1 C le m e n t N B o f R u tl an d ( 29 50 ) o rg an iz e d in it s p la ce 28 55 M I M id la n d C it y Th e F ir st N at io n al B an k o f Ja n 1 0, 1 88 3 82 B B 1 0- 10 -1 0- 20 p la te m ad e ; l iq u id at e d F e b 5 , 1 88 3 li q u id at e d Fe b 5 , 1 88 3 30 36 IL C h ic ag o Th e C o rn E xc h an ge N at io n al B an k o f A u g 22 , 1 88 3 su cc e e d e d b y C o rn E xc h an ge B an k li q u id at e d N o v 10 , 1 88 3 33 05 M D C h e st e rt o w n Th e C h e st e rt o w n N at io n al B an k Fe b 1 8, 1 88 5 su cc e e d e d b y C h e st e rt o w n B an k li q u id at e d D e c 1, 1 90 4 40 65 TX V e rn o n Th e V e rn o n N at io n al B an k Ju l 2 , 1 88 9 82 B B 1 0- 10 -1 0- 20 p la te m ad e ; s h e e ts 1 -5 00 p ri n te d li q u id at e d A u g 17 , 1 88 9 42 31 TX B o w ie Th e B o w ie N at io n al B an k Fe b 1 2, 1 89 0 82 B B 1 0- 10 -1 0- 20 p la te m ad e ; s h e e ts 1 -2 50 p ri n te d li q u id at e d M ar 2 7, 1 89 0 54 68 K Y So m e rs e t Th e S o m e rs e t N at io n al B an ki n g C o m p an y Ju n 2 9, 1 90 0 re ce iv e rs h ip A u g 17 , 1 90 0 55 31 P A Li tt le to w n Th e F ir st N at io n al B an k o f A u g 8, 1 90 0 li q u id at e d O ct 1 1, 1 90 0 61 47 O H Yo u n gs to w n Th e O ld N at io n al B an k o f M ar 7 , 1 90 2 su cc e e d e d F N B o f Yo u n gs to w n ( 26 93 ) li q u id at e d M ar 2 7, 1 90 2 70 85 O K T Tu ls a Th e T u ls a N at io n al B an k Ja n 4 , 1 90 4 02 R S 10 -1 0- 10 -2 0 p la te m ad e li q u id at e d Fe b 2 5, 1 90 4 71 29 TX Je ff e rs o n Th e R o ge rs N at io n al B an k o f Fe b 1 0, 1 90 4 o p e n f o r re m ai n d e r o f n o te -i ss u in g e ra ; n e ve r to o k o u t ci rc u la ti o n 71 49 TX K yl e Th e K yl e N at io n al B an k Fe b 2 4, 1 90 4 li q u id at e d Fe b 1 , 1 90 5 72 63 P A W as h in gt o n Th e O ld N at io n al B an k o f M ay 1 9, 1 90 4 li q u id at e d Ju l 2 0, 1 90 4 73 94 TX La m p as as Th e C it y N at io n al B an k o f Se p 9 , 1 90 4 02 R S 10 -1 0- 10 -2 0 p la te m ad e li q u id at e d Se p 2 7, 1 90 4 80 70 TX G al ve st o n Th e S e aw al l N at io n al B an k o f Ja n 2 9, 1 90 6 li q u id at e d Fe b 1 2, 1 90 6 82 72 M D K it zm il le rv il le Th e B la in e N at io n al B an k o f Ju n 2 0, 1 90 6 02 R S 10 -1 0- 10 -2 0 p la te m ad e ; s h e e ts 1 -2 00 p ri n te d li q u id at e d Ju l 9 , 1 90 6 83 61 O K C o m an ch e Th e C it iz e n s N at io n al B an k o f Se p 1 2, 1 90 6 li q u id at e d Se p 2 5, 1 90 6 83 63 M O Sa li sb u ry Th e F ir st N at io n al B an k o f Se p 1 3, 1 90 6 co n so li d at e d w it h F ar m e rs & M e rc h an ts N B o f Sa li sb u ry ( 83 59 ) li q u id at e d O ct 1 0, 1 90 6 85 49 C A H e rm o n Th e H ig h la n d N at io n al B an k o f Fe b 1 8, 1 90 7 02 P B 1 0- 10 -1 0- 20 p la te m ad e li q u id at e d M ay 1 4, 1 90 7 88 87 W I M ar io n Th e G e rm an -A m e ri ca n N at io n al B an k o f Se p 2 4, 1 90 7 li q u id at e d N o v 5, 1 90 7 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 276 Ta b le 2 . B an ks t h at w e re c h ar te re d b e fo re t h e F e d e ra l R e se rv e A ct o f 1 9 1 3 t h at h ad c ir cu la ti o n s b u t d id n 't is su e f o r p e ri o d s o f m o re t h an t h re e y e ar s so m e ti m e d u ri n g th e ir c o rp o ra te li ve s. C h # L o ca ti o n B an k R an ge 18 60 s 18 70 s 18 80 s 18 90 s 19 00 s 19 10 s 19 20 s 87 N Y N e w Y o rk Th e T h ir d N at io n al B an k o f 18 81 -1 88 7 64 2 IL C h ic ag o Th e M e rc h an ts N at io n al B an k o f 18 88 -1 90 1 65 6 P A P h il ad e lp h ia Th e W e st e rn N at io n al B an k o f 18 65 -1 87 0 89 1 N Y N e w Y o rk Th e N at io n al P ar k B an k o f 18 88 -1 89 2 90 8 O H M o u n t V e rn o n Th e F ir st N at io n al B an k o f 19 05 -1 90 7 10 69 D C W as h in gt o n Th e N at io n al M e tr o p o li ta n B an k o f 18 88 -1 89 0 10 75 N Y N e w Y o rk Th e N at io n al M e ch an ic s B an ki n g A ss o ci at io n o f 18 81 -1 88 3 12 50 N Y N e w Y o rk Th e M e ch an ic s N at io n al B an k o f 18 81 -1 90 3 12 78 N Y N e w Y o rk Th e U n io n N at io n al B an k o f th e C it y o f 18 75 -1 88 4 12 96 TN N as h vi ll e Th e T h ir d N at io n al B an k o f 18 65 -1 87 0 13 70 N Y N e w Y o rk Th e M e rc h an ts N at io n al B an k o f 18 89 -1 90 5 13 94 N Y N e w Y o rk Th e A m e ri ca n E xc h an ge B an k 18 81 -1 88 9 14 61 N Y N e w Y o rk Th e N at io n al C it y B an k o f 18 65 -1 89 2 14 97 N Y N e w Y o rk Th e F u lt o n N at io n al B an k o f th e C it y o f 18 65 -1 88 7 14 99 N Y N e w Y o rk Th e C h e m ic al N at io n al B an k o f 18 65 -1 90 4 16 03 TN C la rk sv il le Th e F ir st N at io n al B an k o f 18 66 -1 87 0 16 44 TX H o u st o n Th e F ir st N at io n al B an k o f 18 86 -1 90 6 16 70 N Y Il io n Th e Il io n N at io n al B an k 18 67 -1 87 2 17 41 C A Sa n F ra n ci sc o Th e F ir st N at io n al B an k o f 18 94 -1 89 9 18 10 IA C h ar le s C it y Th e F ir st N at io n al B an k o f 18 86 -1 89 0 20 48 IL C h ic ag o Th e H o m e N at io n al B an k o f 18 95 -1 89 7 20 59 U T Sa lt L ak e C it y Th e D e se re t N at io n al B an k o f 18 89 -1 89 4 25 66 M T B u tt e Th e F ir st N at io n al B an k o f 18 89 -1 89 2 26 70 IL C h ic ag o Th e F ir st N at io n al B an k o f 18 82 -1 89 9 34 25 D C W as h in gt o n Th e N at io n al B an k o f 18 86 -1 90 6 38 82 IL C h ic ag o Th e P ra ir ie S ta te N at io n al B an k o f 18 88 -1 89 2 43 65 N J En gl e w o o d Th e C it iz e n s' N at io n al B an k o f 18 90 -1 89 2 44 96 M D C o ck e ys vi ll e Th e N at io n al B an k o f 18 91 -1 89 5 50 46 D C W as h in gt o n Th e R ig gs N at io n al B an k o f 18 96 -1 90 2 51 16 IN In d ia n ap o li s Th e F le tc h e r N at io n al B an k o f 18 98 -1 90 4 63 71 N Y Ir vi n gt o n Th e Ir vi n gt o n N at io n al B an k 19 02 -1 91 2 18 60 s 18 70 s 18 80 s 18 90 s 19 00 s 19 10 s 19 20 s SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 277 The most interesting of the non-issuers were those whose officers exploited a loophole in national banking law. Although they were required to deposit bonds to secure circulation, there was nothing in the law that explicitly required them to either subscribe for circulation or to put notes into circulation if they received them. Of course, the expectation was that national bankers would engage in the note-issuing business because it allowed them to earn interest twice on their bond investment. Specifically, they would earn interest from the bonds as well as interest from loaning the notes they received that were secured by those bonds. A few bankers were content simply to earn the bond interest and never subscribed for circulation. The two most flagrant examples of this were the managers of The Chestertown National Bank, Maryland (3305) and The Rogers National Bank of Jefferson, Texas (7129). Those bankers never subscribed for circulation. The Chestertown bank operated from 1885 to 1904 and the Jefferson bank from 1904 through the end of the note-issuing era in 1935. Issued But with a Period of Non-Issue There was nothing in national banking law that required bankers to take out circulation. Also, there was nothing in the law that required them to maintain circulation once they obtained it. For any number of reasons, but usually that it was only marginally profitable during the 1880-1890 period, bankers declined to take it out upon receiving their charter or retired it entirely later during their existence. See the bar graph on Figure 2. Generally, an interval of non-issue not associated with the startup of the banks listed on Table 2 is a case where the bankers deposited lawful money to retire their entire circulation. In the ensuing period, all of their notes were being actively redeemed from circulation. When the period of no circulation was prolonged, it could have a major adverse impact on the numbers of notes of that vintage that were circulated. In the extreme, a non-issue period wiped out the entire Series of 1882 issue during the initial 20- year life of The National Bank of Washington, DC (3425) and the Series of 1882 issue of The First National Bank of Houston (1644) during its first 20-year extension of corporate life. By coincidence, the non-issue range for both banks was 1886 to 1906. Without doubt, the case of The Chemical National Bank of New York, NY (1499) set the record. The officers of that bank declined circulation from their inception in 1865 until 1905, a period of 40 years, thus relinquishing their eligibility to issue Original/1875 and 1882 series notes. This type of manipulation of the system ran counter to the intent of national banking law. Beginning in 1886 and continuing through 1892, the Comptrollers published an annual listing of banks that “did not originally take circulating notes for issue, and others eventually deposited lawful money and surrendered Figure 3. This venerable New York bank was chartered in 1865 but the officers never took out circulation for 40 years so no Original/1875 or 1882 series notes were printed for it. Heritage Auction archives photo. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 278 their circulation.” Clearly, but unstated, these listings were intended to alert Congress that the lack of circulation was unusual if not aberrant should Congress wish to do something about it. Mavericks that Don’t Fit the Mold There is yet a third group of banks that I found to be the most interesting and exotic of the non- issuers. Their claim to fame is that when they were organized the bankers did deposit bonds, ordered circulation, received it, and then never circulated a single note. So far, I have identified three such banks: The Fulton National Bank of the City of New York, NY (1497), The Kidder National Gold Bank of Boston, MA (1699) and The First National Bank of Paia, Territory of Hawaii (10451). These three did not make it to either Tables 1 or 2 because they don’t fit those profiles. Bankers were obligated to pay a circulation tax on their notes. However, no tax was due if they didn’t circulate them. The Fulton and Kidder bankers were attuned to this fact so paid no circulation taxes. The Hawaii bankers mistakenly declared their notes as being in circulation so inadvertently paid the tax. All the notes from these three banks were returned to the Treasury for redemption and destruction after being held for lengthy periods at the banks or if held to liquidated, The Paia scenario was particular difficult to identify. Non-issuing banks are easy to find because their officers reported no circulation in the annual reports of the Comptroller of the Currency for the affected years. However, in the case of the Paia bank, the officers did report circulation for every year the bank operated so the fact that they didn’t circulate their notes rendered the bank invisible from the perspective of the annual reports. The thing that drew attention to it was its status as one of only four banks in the territory to receive notes. With none reported, it was necessary to dig out the National Currency and Bond Ledger page for the bank to determine why and the story was recorded there. The importance of the Paia case is that this situation may have occurred elsewhere so more such non-issuers may await discovery. A fourth bank, The National City Bank of New York, NY (1461), received a major complement of Original Series notes, but never put any in circulation. However, that bank went on to issue later series. A fifth bank, The First National Bank of Houston, TX (1644), may be a repeat of the National City situation in that none of its Series of 1882 notes from its first 20-year extension reached circulation. Circulation taxes were not paid for the unissued series held by these two banks and those notes were returned in their entirety for redemption by the Treasury. For convenience, both the National City and Houston banks are nominally listed on Table 2 although they aren’t perfect fits. The following are the case histories for the maverick non-issuers. The Fulton National Bank of the City of New York Van Belkum’s compilation reveals that The Fulton National Bank of the City of New York, NY, charter 1497, received the following Original Series sheets having a face value of $180,000 1-1-1-2 1-6000 5-5-5-5 1-5000 10-10-10-10 1-1250. The bank was chartered July 31, 1865 and liquidated December 20 1887 after being consolidated with The Market National Bank of New York. Its corporate life was extended for a second 20 years in 1885 before the merger so it was eligible to issued Series of 1882 notes, but the officers elected not to so none were printed. There is a ringer associated with the Van Belkum data for the bank. The sheet totals are too round, not uneven as expected after 20 years of replacements being sent for worn notes redeemed from circulation. Instead, they look like initial printings received from the printers. This is exactly what they are. The National Currency and Bond Ledgers reveal that the bankers deposited $200,000 worth of 6 percent bonds to secure their circulation on July 21, 1865. At the time. they received notes representing 90 percent of the face value of their bonds, which was $180,000 in this case. Sheets totaling that value were sent to the bank from the various plate combinations ordered by the bankers as soon as they were received from the printers between November 24, 1865 and June 19, 1866. A look at the circulations reported in the Annual Reports of the Comptroller of the Currency reveals that the bankers never reported any circulation during the life of their bank. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 279 The last entry in the National Currency and Bond Ledgers shows that all the notes delivered to the bank were redeemed on January 11, 1871, thus liquidating the liability of the bank for them. They had been returned to the Treasury unused for ultimate destruction. Originally, the Treasury paid for plates and the printing of the sheets. Thus, the Fulton bankers were out nothing in that regard. Furthermore, they avoided paying the circulation tax on their notes by not circulating them. In contrast, under the terms of the Act of July 12, 1882—the Act that authorized a first 20-year extension of corporate life to banks—bankers were held responsible for the cost of their new plates. Had the Fulton bankers taken out Series of 1882 notes upon extending, they would have incurred at least that cost. They didn’t. This is a case where the Treasury got nothing for providing the bank with national bank notes and the intent that the bank would contribute to the money supply was thwarted. The Kidder National Gold Bank of Boston The Kidder National Gold Bank, charter 1699, holds the distinction of being the only national gold bank organized outside of California. It was established as an appendage to the investment banking firm of Kidder, Peabody & Company ostensibly to facilitate the import trade through Boston Harbor wherein customs taxes were payable in gold. The bank was chartered August 15, 1870 and liquidated November 8, 1872. $50,000 in gold bonds was deposited with the U.S. Treasurer to secure the circulation for the bank on August 15, 1870. This was followed on November 5, 1870 by an additional $100,000 bond deposit. The first printing of sheets for the bank consisted of 50 sheets of Original Series 50-100s. These were received by the Comptroller’s office on March 9, 1871 and sent to the bank March 11th. They carried bank sheet serials 1-50 and Treasury serials 273699-273748. Seventy-five sheets of Original Series 500-1000s were received by the Comptroller April 5, 1871 and sent to the bank three days later. They bore bank sheet serials 1-75 and Treasury serials K2343-K2417. The $1000s were the only national gold bank notes of that denomination ever ordered for any gold bank. The high denomination shipment boosted the Kidder holding to a total of $120,000, which represented 80 percent of the bank’s securing bonds. Eighty percent was the legal maximum value that could be received by gold banks against their securing bonds. These two shipments accounted for all the notes ever printed for the bank. None of the notes were issued and all were returned to the U.S. Treasury on December 4, 1871. The bonds for the bank were sold December 9th and 19th in $140,000 and $10,000 installments, and the bank eventually liquidated November 8, 1872. Figure 4. The Kidder National Gold Bank of Boston was the only national gold bank to order $1000 notes. After receiving them along with $50s, $100s and $500s, the bankers never put any of their notes into circulation. All were returned to the Treasury before the bank was liquidated. This illustration is a mockup using bank signatures from a bond and a proof of the title block. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 280 The First National Bank of Paia, Territory of Hawaii The First National Bank of Paia, charter 10451, was the last of a chain of three national banks organized on Maui by the Castle & Cooke Company conglomerate. The bank was chartered September 26, 1913 and liquidated May 1, 1917 when it was folded into Bank of Maui, Ltd., along with the with the other two. The other banks in the chain were The First National Bank of Wailuku and The Lahaina National Bank. Oddly, of the three, the organizers never circulated any of the notes received by their Paia bank. Although no Paia notes reached circulation, the bankers reported them as a $10,000 circulation in the annual reports of the Comptroller of the Currency so apparently paid the circulation tax on them. A 10-10-10-20 Series of 1902 date back plate was made for the bank that was certified for use on October 10, 1913. Two printings were made from it, the first with sheets 1-450 delivered from the Bureau of Engraving and Printing to the Comptroller on October 30, 1913, the second with sheets 451-550 on October 29, 1914. One shipment was sent to the bank consisting of sheets 1-200 having a face value of $10,000 on October 30, 1913. A lawful money deposit of $10,000 was logged in June 4,1917 to liquidate the bank’s liability for their notes. The bankers had returned their sheets. The National City Bank of New York, NY The Van Belkum data list the following numbers of Original Series notes as having been sent to The National City Bank of New York, charter 1461. 5-5-5-5 1-3400 10-10-10-20 1-500 50-100 1-600 500-1000 1-100. As with the Original Series totals received by The Fulton National Bank, these totals are too round. They are print totals, not issuance totals. The bank was chartered July 17, 1865 and lasted beyond the end of the note-issuing era in 1935. The circulation data in the Comptroller reports reveal that the bankers claimed no circulation until 1893, a period that spans the first 28 years of the life of the bank. This is well into its first 20-year extension. The implication is that no Original Series notes at all entered circulation. The National Currency and Bond Ledgers reveal that this is true. The bankers received $333,000 worth of Original Series sheets after depositing $370,000 worth of securing bonds on July 14, 1865. The sheets were sent to the bank inclusive of October 30-December 29, 1865 as fast as they became available from the printers. However, the bankers made the decision to avoid the note-issuing business so less than two years later on May 21, 1867 the ledgers reveal that they deposited lawful money to retire the banks liability for the notes. The had redeemed all their sheets. Figure 5. The officers of this Paia bank received 200 sheets of 10-10-10-20 Series of 1902 date back notes but never put them in circulation. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 281 The bankers purchased $144,000 worth of 6% bonds on July 5, 1893 and this time actually put the $129,600 they received for them into circulation. By then the corporate life of the bank had been extended so they received Series of 1882 brown backs then. Of particular interest is that among the Original Series sheets that were returned to the Treasury, there were 100 of the fabled 500-1000 combination. The First National Bank of Houston, Texas The issuances of The First National Bank of Houston, Texas, charter 1644, represent a case where notes were printed but not circulated during the entire first 20-year extension of corporate life for the bank. This involved the years 1886-1906. The bankers maintained the required bond deposit, in this case $25,000 but did not draw circulation from it at least through until 1893. A Series of 1882 50-100 plate was made for the bank after a lengthy delay, which was certified for use August 25, 1893. A printing of 167 sheets was delivered from it to the Comptroller’s office September 9, 1893 bearing sheet serials A501092-A501258,1- 167 having a face value of $25,050. It is evident that if the bankers received the notes, they didn’t circulate them because they reported no circulation until their second 20-year extension in1906. This is a curious situation because they engaged in the note-issuing business both before and after the extension. There was no turnover in management in 1886 that could have caused an abrupt change in the business strategy for the bank. Apparently, the Houston bankers simply didn’t find the note-issuing business to be sufficiently profitable to engage in it then. This was a reality facing all national bankers during the 1880s and 1890s. Retirement of circulation reached such proportions that Section 9 of the Act of July 12, 1882 restricted the aggregate amount of such lawful money deposits that could be made to reduce or eliminate circulations to $3 million per month. Whatever the cause, there were no Series of 1882 brown back notes issued from the Houston bank. The lost notes were gorgeous $50s and $100s. Summary Prior to enactment of the Federal Reserve Act in 1913, national banking law required bankers to deposit bonds to secure national bank note issues. The expectation was that they would do so because it would allow them to earn interest twice on their bond investment; first, as interest from their bonds and second, interest on the currency that they received that they could loan. However, bankers found two loopholes in the law that allowed them to circumvent issuing their notes. Most importantly, nothing in national banking law required them to actually take out circulation. Secondly, if they did take out circulation, nothing in national banking law required them to put the notes in circulation or prevent them from retiring the circulation by depositing lawful money with the Treasury to redeem it. Figure 6. The entire Series of 1882 was skipped because the officers of the bank didn’t subscribe for circulation during the first 20-year corporate extension of the bank, which ranged from 1886 to 1906. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 282 It is evident that some bankers were simply content to earn the interest from the bonds and avoid the currency-issuing business. The result was that a few bankers didn’t issue national bank notes for either prolonged periods of time or, in the extreme, during the entire life of their banks. In the cases of prolonged abstinence, entire series of notes that the bank was eligible to issue were skipped. Sources of Data Bureau of Engraving and Printing, 1875-1929, Certified proofs lifted from national bank note printing plates: National Numismatic Collection, Smithsonian Institution, Washington, DC. Comptroller of the Currency, 1863-1935, Annual reports of the Comptrollers of the Currency: Government Printing Office, Washington, DC. Comptroller of the Currency, 1863-1935, National Currency and Bond Ledgers, Record Group 101, U.S. National Archives, College Park, MD. Society of Paper Money Collectors, National bank & national bank note summary data: https://www.spmc.org/nb-nbn-summary-data United States Statutes, Government Printing Office, Washington, DC. Figure 7. Back of The Kidder National Gold Bank $1000 notes, a loss to posterity when the bankers returned all of their notes to the Treasury after not pressing any of them into circulation. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 283 1 THE ROYAL TREASURY BANKNOTE ISSUE OF AUGUST 12, 1891 IN SPANISH CUBA By Roberto Menchaca The cost of the war campaigns waged on the American continent in which Spain was involved between 1860 and 1865, together with the expenses incurred in the so-called “Ten Years’ War” that took place in Cuba between 1868 and 1878, were defrayed through the issue of debt and by placing in circulation a huge amount of banknotes. The so-called “war issues” consisted of 72 million pesos in banknotes issued by the Banco Español de la Habana on behalf of the Royal Treasury, who was ultimately responsible for the emission. With the enactment of a Budget Bill on June 18, 1890, the Spanish Minister of Overseas Territories, Manuel Becerra, sought to consolidate all previous debts contracted by the Treasury into a new one offering more advantageous repayment conditions. Article 14 of the Bill authorised the government to get a loan for an amount sufficient to convert the previous debts of 1882 (3% annual interest) and 1886 (6% annual interest) into a new type of debt with lower interest and repayable over 50 years. The money thus collected was also to be used to withdraw the 34 million pesos in “war issues” notes still in circulation by the end of 1891. Article 15 of the Bill ordered their exchange for banknotes corresponding to a new issue made in the name of the Royal Treasury. The Treasury issue was subsequently authorised by the Royal Decree signed on August 12, 1891. Obverse of a five peso note (non-issued) The exchange conditions were repeatedly modified by the new Minister of Overseas Territories, Antonio María Fabié, causing significant interruptions and delays. A new Decree signed on July 30, 1892 finally ordered the exchange of the banknotes of five pesos or higher nominal values directly for gold at a rate of 149% (i.e. 100 gold pesos for every 249 pesos in banknotes) while the banknotes with nominal values lower than five pesos would be traded for silver coins at 50% of their face value. The operations were finally resumed on September 12, 1892 on the basis of said conditions. The “war issues” notes could also be exchanged for the newly printed Treasury notes, in which case they would be redeemed at 100% of their nominal value. However, most of the “war issues” were redeemed for metallic coins and the portion exchanged for Treasury notes was insignificant. The increasing depreciation of the paper money generated distrust in said currency causing the almost exclusive use of metallic currency in daily transactions. In summary, the Treasury notes printed in 1892 were hardly used for their original purpose (i.e. to be exchanged for the “war issue” banknotes) but were mostly kept in the vaults of the Royal Treasury in Havana instead. This is consistent with the fact that practically all the Treasury banknotes of this type that are known today lack signatures and hence, were never issued. The absence of documentary evidence suggesting the circulation of these notes and the extremely low number of those examples carrying all signatures allow to rule out the unfounded idea that this currency was ever used and accepted in daily transactions. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 284 2 SPECFICATIONS OF THE TREASURY BANKNOTES The Treasury banknotes were printed in nominal values of five, ten, twenty, fifty, one hundred and two hundred pesos. It has to be recalled that, according to the Royal Decree of August 12, 1891, only the old banknotes of five pesos or higher denominations would be exchanged for this new currency. The notes were printed by the London-based company Bradbury Wilkinson & Co. on the basis of the designs approved by the Minister of Overseas Territories between January and February 1892. The banknotes were engraved on both sides and are dated August 12, 1891 in reference to the Royal Decree authorising the issue. The serial number is engraved in two positions of the obverse and consists of five digits, which become six in the case of the five- and ten-peso banknotes. The signatures of the Governor General of the Island, the Director General of the Treasury, the Comptroller General and the Governor of the Banco Español de la Isla de Cuba would also be engraved on the obverse at the moment of issuing the notes. The legend displayed on the obverse refers to the aforementioned Articles 14 and 15 of the Law of June 18, 1890 and authorises the use of the banknotes in all payments to be made to the state with the exception of customs duties. Obverse of a ten peso note (non-issued) The obverse of the five-peso banknotes (165x100 mm) is mostly brown and orange. On the left side, the Greek winged goddess Nike (holding a trumpet) is depicted next to Clio with the book where she recorded historical events. The coat of arms of the Kingdom of Spain is placed at the bottom right corner. The central part of the reverse is occupied by the head of the Greek god Zeus wearing a war helmet. As with the other denominations, the composition is accompanied by a set of geometric patterns with complicated details to difficult counterfeiting. The reverse is predominantly orange. Mercury, the Roman god of the sea and commerce, is depicted standing, holding a caduceus and leaning on the coat of arms of Spain to the right of the obverse of the ten-peso banknotes (180x105 mm). The centre of the reverse is occupied by the crowned head of the god Zeus flanked on both sides by the denomination “10”. The colours brown, green and blue were used for the obverse while the last two were also used for the reverse of this denomination. The Greek goddess Demeter (equivalent to the Roman deity Ceres), protector of agriculture and fertility, is depicted seated, holding an olive branch, next to the coat of arms of Spain on the obverse of the twenty-peso banknotes (180x110 mm). The denomination “20” occupies the central position on the reverse flanked on the left and right by faces of the god Zeus. The colours green and pink were used for the reverse side, while brown was also used for the obverse. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 285 3 Obverse of a twenty peso note with matrix (non-issued) The composition engraved on the left side of the fifty-peso notes (185x110 mm) consists of the god Mercury, holding a caduceus, next to a female figure sitting on a bundle of merchandise, symbolizing commerce. The coat of arms of Spain is also displayed on the obverse. The denomination, “50,” appears on the reverse, flanked on the left and right by identical images of the Greek goddess Pallas Athena; the divinity of war and wisdom. The colours orange and brown were used on both sides of these banknotes. The obverse of the hundred-peso banknotes (195x120 mm) shows, on the left side, a figure representing a shepherd with a lamb, as an allegory of agriculture. A female figure next to a hammer and blacksmith tools was represented on the right side. The coat of arms of Spain is placed in the centre of the lower frame in a significantly smaller size than in the lower denominations. The head of the Greek goddess Aphrodite is engraved on the centre of the reverse, flanked by two heads of Zeus wearing a warrior helmet. The colours brown and orange were used on both sides of the banknotes. A female figure, as an allegory of Justice, and a couple carrying a sickle and holding a bundle of wheat on their shoulder were represented on the left and right side of the obverse of the two hundred pesos banknotes (200x130 mm), respectively. A small Spanish coat of arms is placed in the centre of the upper frame of the banknotes. Three figures of the Greek god Apollo are depicted on the reverse, with the central one wearing a warrior's helmet. The colours brown and pink were used for the reverse of these banknotes, while grey and pink were mainly used for the obverse. Obverse of a one-hundred peso note with matrix (non-issued) All banknotes carried a matrix on the left side where control data such as the nominal value, the date of issue and official signatures were to be recorded. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 286 4 TREASURY BANKNOTES ISSUED AFTER THE EXCHANGE OPERATIONS HAD ENDED The banknotes produced by the Royal Treasury following the enactment of the Royal Decree of August 12, 1891 were hardly used to replace those corresponding to the “war issues”. However, the extremely few existing Treasury banknotes that bear all signatures seem to have been issued after the exchange was over. It is interesting to note that only examples of one hundred- and two-hundred-peso banknotes are known to carry signatures (i.e. those corresponding to the highest denominations). The exchange of the “war issues” notes began on September 12, 1892 and was officially concluded on March 12, 1893. During this period, the governor general of the island was Alejandro Rodríguez Arias while the presidency of the Banco Español de la Isla de Cuba was held by Luciano Puga y Blanco. However, none of the signatures of these officials appear on any the few issued notes that are currently preserved. Once the war for independence resumed in February 1895, the Spanish authorities turned to the Banco Español de la Isla de Cuba on several occasions for money to finance the military campaigns. As guarantee, the Royal Treasury gave the bank debt notes that accrued a five percent annual interest. We conjecture that some of the Treasury notes printed in 1892, that were deposited in its vaults, may have been used in these operations by the Treasury. After all, they also constituted Treasury obligations and accrued a five percent annual interest. This hypothesis would be supported by the presence on some banknotes of the signature of the Governor General of the Island, Emilio Calleja Isasi (September 1893-April 1895) and would also explain why the only signed banknotes currently known to exist correspond to the highest denominations. Research is still ongoing. Obverse of an (issued) two-hundred-peso Treasury note bearing the signature of Gov. Calleja1 CONCLUSIONS The Treasury notes printed in 1892 on behalf of the Cuban Treasury were practically not used to replace the “war issues”, as had been initially planned. On the contrary, the few “issued” notes that are known to exist, may have been used for a different purpose. Namely, these notes would have served in 1895 as obligations of the Royal Treasury with the Banco Español de la Isla de Cuba as part of different mechanisms devised by the Spanish colonial authorities to finance the war against the Cuban independentists. Most of the Cuban Treasury banknotes produced in 1892 were incinerated once the Spanish colonial rule over the island of Cuba ceased. BIBLIOGRAFÍA Gaceta de Madrid (1890): “Ley de Presupuestos del 18 de junio de 1890”, Junio 22, año CCXXIX, tomo II, número 173, pp. 805-808. Gaceta de Madrid (1891): “Real Decreto del 12 de agosto de 1891”, Diciembre 11, año CCXXX, tomo IV, número 345, p. 782. Ministerio de Hacienda, España (1888): “Una cuestión de Cuba”, Madrid, Ed. Real Casa. Tipografía de Manuel G. Hernández, pp. 9-27. Ministerio de Ultramar (1891): “Recogida de los billetes”, Edición Suplementaria del Diario de la Marina con fecha 5 de septiembre de 1891. Arkin, Yigal (2018): “Papel moneda colonial cubano-español”, Arkin publishing, Israel Banco Nacional de Cuba, Museo Numismático (1980): “Numismática Cubana, siglos XVI-XX”, La Habana. Menchaca, Roberto. (2023): “Las emisiones de billetes coloniales en Cuba: estado de la cuestión”, Numisma, número 265, pp. 141-167. Roldán de Montaud, Inés (1995): “El Banco Español de La Habana (1856-1881), Revista de Historia Económica, año XIII, número 2, pp. 281-310. 1 The banknote is also signed by the Sub-Governor of the Spanish Bank José Ramón de Haro, who held this position at interim between 1893 and 1896. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 287 The Curious and Highly Historical Erlanger Bonds of the Confederate States By Steve Feller Confederate bonds were designed to raise money for the government of the Confederate States. Although far more currency notes in both dollars and numbers were issued than bonds (See Table 1), bonds helped soak up currency notes to some degree. Year CS Dollar Value of CS Dollar Value of Confederate Confederate Currency Bonds and Stocks 1861 $ 19,369,055 $114,570,550 1861-1862 $566,204,030 $ 4,244,050 1863 $517,971,278.50 $207,240,800 1864-1865 $460,000,000 $508,376,100 Total $1,563,544,364.50 $834,431,500 Total% 65.2% 34.8% Table 1: Amounts of Confederate currency issued versus Confederate bonds after Ball’s Financial Failure and Confederate Defeat. According to https://www.measuringworth.com/datasets/gold/result.php?london=on&year_source=1718&year_result=2020 it took 4.24 English pounds to purchase an ounce of gold in London during the period of the American Civil War. Thus, the Confederate bond issued in English pounds and French francs shown in Figure 1, a so-caller Erlanger bond for 500 pounds, was worth about 118 ounces of gold when issued—a fortune. In today’s market (February 19, 2025) 118 ounces of gold is worth just about $350,000. This bond was a part of the one non-dollar bond series and was issued in Europe and was triple denominated, see Table 2 and Figures 1 and 2. This article is about the history of this issue as well as the people behind the issuance of the bonds. English pounds French francs Pounds of cotton Number printed 100 4500 4000 3000 200 9000 8000 1500 500 12,500 20,000 1600 1000 25,000 40,000 1600 Table 2: Erlanger Bond denominations of the Confederate States issue. The first 60 1000-pound bonds had all hand signed coupons. All others had machine printed coupon signatures except the last one that was hand signed. As a check that the number of bonds is sensible, we can add up the number of pounds face value in these bonds: Total English pounds = 3000(100) + 1500(200) + 1600(500) + 1600(1000) = 3,000,000 pounds. This is precisely the amount of pounds stated on the bond coupons. The interest coupons summed to 140% over twenty years or 4,200,000 English pounds. However, most remained uncashed and attached to the bonds since the war ended in the spring of 1865. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 288 Figure 1: An 1863 Erlanger Bond for 500 English pounds, 12,500 French francs, or 20,000 pounds of cotton. Here’s how the bonds were sold and how Erlanger made a great deal of money from a great deal: The Confederacy agreed to sell the bonds to Erlanger at 77 cents on the dollar. Erlanger sold the bonds in foreign markets at 90 cents on the dollar. Erlanger received a 5% commission for selling the bonds. While Erlanger did well so did the Confederacy as they made millions from the scheme. Let us take a closer look at the 500- pound bond itself, see Figure 2,3,4. The bond itself is written in both English and French. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 289 Figure 2: Closeup of the central part of the 500 English pound, 12,500 French franc and 20000 pounds of cotton Erlanger bond. Figure 3: Closeup of the cotton bale/Confederate flag vignette on the Erlanger bond. The same vignette appeared on all four denominations of the Erlanger bond. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 290 [BB1]Figure 4: Signatures on the body of the Erlanger Bond. A fifth signature, Charles Walsh, Jr., was on the bond coupons. The signatures are from:  Emile Erlanger, Banker in Paris.  CJ McRae, General and agent of the Confederate Treasury in London.  J. Henry Schroder Company, founded in 1802. These were the London agents who sold the bond.  John Slidell, Commissioner of the Confederate States in France  Charles Walsh, Jr. He signed the bond coupons. A synopsis of the signatories on the bond include well-known people and companies from the Civil War period. Emile Erlanger: He was also known as Frédéric Émile, Baron d'Erlanger. Wikipedia gives an extensive biography of which this is an excerpt: Frédéric Émile, Baron d'Erlanger was born to banker Baron Raphael von Erlanger and his young wife, Margarete Helene Albert (1800–1834). Raphael was the son of a Frankfurt currency broker, Löb Moses, later named Ludwig Moritz Erlanger (1780–1857). Raphael Erlanger had begun as a disponent in the Frankfurt business of the Rothschild family. In 1848, he founded his own bank, named Erlanger & Söhne (Erlanger & Sons) in 1865, and became a major competitor to the Rothschild banks in Frankfurt, Vienna and Paris. In 1859, Raphael Erlanger was made a Portuguese Baron by Pedro V of Portugal, he also was ennobled as von Erlanger by the Duke of Saxe- Meiningen in 1860, and elevated to the rank of a baron, together with his whole family, by Emperor Franz Joseph I of Austria in 1871. Erlanger married the daughter of John Slidell and Erlanger, KY and the Erlanger Health System in Chattanooga are named after him. General CJ McRae: His full name was Colin J. McRae. A part of his Wikipedia biography is shown here: Before the Civil War McRae was a merchant from Mobile, Alabama. He co-owned a foundry in Selma, Alabama, which made ammunition and iron plate for gunboats. Some of these gunboats were used during the war. McRae served as Confederate States Financial Agent in Europe from 1862 to 1865. J. Henry Schröder Company From two Wikipedia entries: Sir John Henry William Schroder, 1st Baronet and Baron von Schröder (13 February 1825 – 20 April 1910) was an Anglo-German merchant banker, his firm being Schroders PLC. He was known as Baron Sir John Henry Schroder. Schroder was born Baron Johann Heinrich Wilhelm Schröder in Hamburg, Germany, the fourth of twelve children of Baron Johann Heinrich von Schröder (in the Prussian nobility) and Henriette von Schwartz. Both his parents were born into prominent Hamburg merchant families. At the age of 16, Sir John joined the London office of the banking house founded by his father, Johann Heinrich Wilhelm Schröder. The firm was founded in 1804 and Johann retired in 1849. The son was in charge at the time of the issuance of the bonds in London. John Slidell was, according to Wikipedia, an American politician, lawyer, slaveholder, and businessman. A native of New York, Slidell moved to Louisiana as a young man. He was a member of the Louisiana House of Representatives, U.S. House of Representatives and the U.S. Senate He was one of two Confederate diplomats captured by the United States Navy from the British ship RMS Trent in 1861 and later released. His release actually helped the Union avert war with England! Slidell, LA is named in his honor by his son-in-law none other than Frédéric Émile, Baron d'Erlanger! Slidell, TX is also named after him. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 291 Images of some of these people are shown in Figures 5-8. Figure 5: Frédéric_Émile_d'Erlanger (wikipedia) Figure 6: John Henry Schröder (Wikipedia) Figure 7: Johann Heinrich Wilhelm Schröder (Wikipedia). He was the father of John Henry Schröder. Figure 8: Mathew Brady image of John Slidell (Wikipedia). SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 292 The bond paid 7% per annum simple interest with payments semiannually. Thus the interest on a 500 pound coupon was (0.035)(500) = 17.5 pounds. A pound was 20 shillings and thus the interest was 17 pounds 10 shillings. This is indicated on the forty interest coupons for use over 20 years, On many bonds only the first four coupons were cut out and redeemed. This is because the Confederacy effectively fell and ceased to exist between the March 1, 1865 dated coupon and the September 1, 1865 coupon. No further payments were made. An example of the coupon is shown below in Figure 9: Figure 9: Coupon for September 1, 1865 from the present Erlanger Bond. As mentioned before there was another way to be paid for the bond, namely by Southern cotton. Figure 10 displays the relevant part of the bond: Figure 10: Provision for bond conversion into cotton. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 293 As a result the bond was worth 20,000 pounds of New Orleans middling grade cotton. Cotton then was king in the south. However, India and other countries began to more than makeup for the embargo the Confederacy had put on cotton. There even was a provision to settle quality disputes. Export duties of 1/8 cent per pound would still need to be paid. This amounted to: CS $(0.00125)(20000) = CS $25. However, this was payable in bonds, bond coupons, or specie, gold or silver. However, Confederate notes explicitly indicated that export duties were not payable in them, see Figures 11 a and b . According to Doug Ball in Financial Failure and Confederate Defeat in the middle of 1863 a Confederate dollar was worth about 0.11$ in gold. Thus, CS$25 in specie was worth about CS$225 in notes at that time and to use the notes they would have had to be converted into specie or bonds. In the end 370,100 English pounds were redeemed for cotton warrants. However, according to Douglas Ball, very few cotton warrants were converted into cotton. The Union blockade of Southern ports undoubtedly played a role in this. After the war the bondholders in England, organized a bond-holders organization to press for payment of the bond and interest. Certificate were issued even into the 1880s (see Figure 12 but, alas, payment did not occur as outlined in an amendment to the US Constitution: Fourteenth Amendment to the US Constitution, Section 4: 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. Figure 11 a and b: “Receivable in payment of all dues except export duties.” SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 294     Figure 12: Bondholders certificate from 1883. Erlanger bonds were part of an effort to get some value for Confederate bonds; this effort failed. In the end some of these bonds were part of a single over 75,000 bond lot sold by Sotheby’s in London on November 24, 1987. The winning bid was US$623,000 by California coin dealer John Saunders, who bought them with Heritage Rare Coins of Dallas. This was about US$8 per bond. The bonds were sold on behalf of the already mentioned UK Trustees of the bonds who had held them for over 100 years. The face value was over CS$60,000,000. Today Erlanger bonds each sell at auction for between US$500 and US$1000 and up. They surely are great historical items. Bibliography  Douglas B. Ball, Financial Failure and Confederate Defeat, (Univ. of Illinois Press: Urbana and Chicago) 1991.  Douglas B. Ball and Henry F. Simmons, Jr., Comprehensive Catalog and History of Confederate Bonds, (BNR Press: Port Clinton, OH) 2015.  https://www.measuringworth.com/datasets/gold/result.php?london=on&year_source=1718&year_result=2020  https://en.wikipedia.org/wiki/Fr%C3%A9d%C3%A9ric_%C3%89mile_d%27Erlanger  https://en.wikipedia.org/wiki/Colin_J._McRae  https://en.wikipedia.org/wiki/Sir_John_Schroder,_1st_Baronet  https://en.wikipedia.org/wiki/Johann_Heinrich_Schr%C3%B6der  https://en.wikipedia.org/wiki/John_Slidell SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 295 The Bank of Niagara at Buffalo, Part 2: A steel Plate and a few Bit Notes by Bernhard Wilde, FCNRS A Discovery Plate from The Bank of Niagara of Buffalo Part 1 of this series of articles about The Bank of Niagara covered the first four plates engraved by Peter Maverick in 1816 and 1817.1 This paper will cover two sections: The discovery of a plate for notes of the bank from c1825 and for its early 1816 fractional banknotes. Part 3 will elaborate on “The Rest of the Story,” that is, at least three plates covering the final years (1825-32) of The Bank of Niagara. In preparation for an article about the master builder and “banker” of Buffalo from 1821-36, this author read a book about Benjamin Rathbun2 that contained the surprising image of Fig. 1. This steel plate has the imprint of Rawdon, Clark & Co., (of Albany), as can be seen at the bottom of each banknote on the 4/on steel plate. The plate has denominations of $1.2.3.5 with check letters of A.B.C.D. Willard & Rawdon of South Albany, New York, printed banknotes from one of the Maverick’s plates in 1816. Ralph Rawdon was part of both of these companies, the latter from 1816-7 and the former from 1823-28.3 Haxby’s Catalog of Obsolete Banknotes4 only shows a proof of the $2 note (NY-460-G44) from this plate, indicating he was not aware of an issued note in 1988. He also shows an image of a counterfeit (C44) of this note. He does not show or mention the other three denominations. The most interesting vignette of the plate is for the unknown $3 note; that is, Amphitrite & Neptune in a shell drawn by two sea horses. Hopefully, such a $3 banknote and the $5 note will surface in the future. Figure 2 shows four banknotes from this elusive plate. Performing a detailed comparison (location of the POCs, imperfections, etc.) of the middle $2 proof note with the proof (G44p) in Haxby, indicates that they are the same note. Comparison of the proof note with the $2 note with S#5306/B and dated Mar. 29, 1825, of the figure indicates that the note is a genuine issued note! Further detailed comparison of the bottom note with the $2 proof and the $2 issued note above it, indicates that it too is a genuine issued note, also dated in 1825. It is interesting that the bottom note is the same note as Haxby’s counterfeit (C44) of the $2 proof. Given past experiences comparing notes to their proof counterparts, this author is convinced that both of the $2 notes are genuine issued notes.5 As this author was starting to write about the only surviving $1 note, with S#979/A and dated Mar. 4, 1825, from this plate, he noticed that his daily automatic eBay searches had an offering for another $1 note with S#2935/A Figure 1. A discovery plate (flipped) of The Bank of Niagara at Buffalo (Whitman) SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 296 and dated Mar. 18, 1825. The note was immediately sold for $200 even though it had part of the left side missing. So now there are also two $1 notes available from the plate of Fig. 1. Again, detailed comparison of the two notes revealed that they are either both genuine or both counterfeits. Haxby does not list either a genuine nor a counterfeit $1 note. Since we do not have a proof of the $1 note, we are left with trying to compare these $1 notes with the plate itself. Unfortunately, this author has not found where the plate presently resides to obtain a high-resolution image. Nevertheless, comparing the $1 notes to the engravings on the plate, this author concludes that they are both genuine. The $1 and $2 notes only have the right vignette, with the overlayed “1” and “2” in common. Comparing these vignettes, one immediately concludes that they were not engraved via siderography as explained in the first paper of this series.1 That is, they were separately engraved on the plate! There are many small differences in the figures (hands, feet, and faces) and surrounding shrubbery. However, two features stand out. First, the “chest,” held by the left man, has the lid opened on the right for the $1 note and on the left for the $2 note. Second, the water pouring out of the barrel is very differently engraved. This is also true of the steel plate, including for the $3 note. These differences between the same vignette from a plate can potentially confuse the determination of whether a note is genuine or counterfeit. All of the issued notes from this plate seem to be dated in March of 1825. This would indicate that Rawdon, Clark & Co. existed in 1825 as shown in the ABNC Story by William H. Griffiths and not as by Foster Wild Rice and by Bowers and by Hessler.3 There, of course, is the possibility that these notes were predated by about two years. All of the issued notes are signed by S. Wells as president and Oliver Forward as cashier. The 1816 fractional notes from The Bank of Niagara Exactly one month before The Bank of Niagara received its charter and issued its first dollar denomination banknotes, it issued the fractional notes of Fig. 3, dated September 1, 1816 (left) and 1st Sept. 1816 (right). These notes are based on the 8-real Spanish silver dollar, that circulated around the world from the 14th to the mid-19th century, including in the United States and Canada. It was also minted in denominations of ½, 1, 2, and 4 reals. In the typical absence of sub-dollar coins, these silver coins were cut into 8 bits representing 1/8 of a dollar or 12.5 cents each. One still hears the US quarter called two-bits today. The sheet of six notes shown on the left of the figure, denominated in 87.5, 75, 50, 37.5, 25, and 12.5 cents or 7, 6, 4, 3, 2, and 1 bits and with check letters, in the upper right corner, of A.B.C.D.E.F, was sold in September Figure 2. A $1 issued, a $2 proof and two $2 issued note from the plate of Fig. 1 (BW, Russell Kaye, BW, 2017 Heritage). SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 297 2003 for the amazing price of $1,750. This sheet is probably unique. At the top of the sheet is written “Found in Cellar of Mohawk National Bank 1896 H.F.H.” This bank was located less than 300 miles east in Schenectady, New York. These notes are listed in Haxby as proofs (G14-G12-G10-G8-G6-G4) since he did not know of any issued notes. Harris6 lists these notes as H22 to H17. However, this particular sheet is not a proof, but a remainder. Nevertheless, the combined 1988 catalog price of $1,275 probably influenced the high Heritage realization. This author is aware of only three other remainders (37.5, 50, 75 cents) but no issued notes from these sheets. In 2024, Heritage auctioned a 25 cent note, for $360, from this series with a signature of James Fox as president. However, no one with a first name of James was associated with the Bank of Buffalo in 1816, let alone as president. The right side of Fig. 3 shows some issued bit notes from The Bank of Niagara. However, they are certainly very different than the ones discussed above. The need for these must have been so great that separate engraving firms were utilized. None of the notes has an imprint, which was not unusual for cent notes at this time. They are similar to some of the scrip notes issued for the War of 1812. The issued notes on the right, however, were not printed as sheets, but most likely one note per plate as indicated by the very large margins. This was also typical for counterfeit notes, but these fractional notes were probably genuine. Harris lists these 6.25, 12.5, 50, 75 cent notes signed by Isaac Leake, the first cashier of the bank, as H4, H6, H9, H10. The much-abused ½ bit note (H5) at the top right was signed by Isaac Kibbe, the first president. Harris also lists a 2-bit note (H8); however, this author has not seen any over 30 years of collecting this bank’s notes. Maybe only remainders exist for the left sheet of notes because they were never used since the engraver did not include Buffalo, the location of the bank, on them. All but one of the right notes state that they will be redeemed as specie or deposits at The Bank of Niagara, for which vertical black rubber stamps of “REDEEMD IN SPECIE” were applied. The 4-bit note has not been redeemed. This author is aware of fewer than a dozen issued notes, with all but two being redeemed. A fine 6-bit note realized over $500 about 20 years ago! Figure 3. A remainder sheet and five issued fractional notes from The Bank of Niagara (2003 Heritage; BW, Kaye, BW,BW,BW) SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 298 As the title indicates, this article is Part 2 in a series of articles about the banknotes of the Bank of Niagara at Buffalo. Part 3 will discuss the rest of the mid 1820’s notes of this bank. All images in this article are from the author’s collection, (BW), except where specifically stated otherwise. Thanks go to Russell Kaye for his generous use of his high resolution images. If anyone has more or better images of these Bank of Niagara of Buffalo notes, this author would appreciate copies sent to cuf@earthlink.net. 1 Bernhard Wilde, “The Bank of Niagara at Buffalo, Part 1: The Niagara Falls Vignettes,” in Paper Money, Vol. LXIV, No. 356, March/April, 2025, pp. 98-103. 2 Roger Whitman, 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 978-0815603375. “Figure 8.” Also see https://www.youtube.com/watch?v=1bBTIb_sFBo and Bernhard Wilde, “Benjamin Rathbun, Builder and Banker of Early Buffalo,” to be published in this journal. 3 Foster Wild Rice, “Antecedents of the American Bank Note Company of 1858” in The Essay-Proof Journal, Nos. 71, 72, Vol. 18, 1961. This seminal work, essentially, has been repeated in the books by Gene Hessler and by Q. David Bowers. All three of these authors state that Rawdon, Clark & Co. of Albany existed between 1827 and 1834. However, the book by William H. Griffiths, The Story of The American Bank Note Company, ABNC, 1959, says that it existed between 1823 and 1828. The latter dates are more consistent with the production of banknotes from the plate of Fig. 1. 4 James A. Haxby, Standard Catalog of United States Obsolete Banknotes 1782-1866, Krause Publications, 1988, p. 1468. 5 Heritage considered both of the $2 issued notes to be counterfeit, probably based on the Haxby counterfeit plate note. However, this author believes that the deciding factor on their genuineness must be based on direct and detailed comparison to any available proof note. 6 Gordon L Harris, New York State Scrip and Private Issues, 2001, p. 25. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 299 First National Bank of St. Peter, MN Charter #1794 By Bob Sandeen A series 1875 five-dollar bill, FR#402, from the First National Bank of Saint Peter, Minnesota caught my attention when I noticed that it was going to be sold by Heritage Auctions. I am a St. Peter native and the former archivist at the Nicollet County Historical Society, where I am still active as a volunteer and as a board member. I take a special interest in the history of St. Peter’s banks and in the paper money that they issued. The bill mentioned above is of interest to me because it has a hand- written notation on the obverse and another notation on the reverse. The obverse notation reads as follows: “Please return this bill to H S Tomlinson St. Peter." The notation on the reverse contains the following: “The property of H. S. Tomlinson November 1877 St. Peter Minn.” Initially, I thought that H. S. Tomlinson might be related to Dr. Harry A. Tomlinson, who worked at the Saint Peter State Hospital, eventually becoming its superintendent. However, I was unable to establish any relationship between the two men. H. S. (Horace S.) was born in Illinois on March 14, 1857. His father was born in Vermont, and his mother was born in New York. Harry A. was born in Pennsylvania in July of 1855, as were both of his parents. I have not found this line of Tomlinsons in any Vermont census records. The paternal grandparents, the father, and the siblings of the father of H. S. Tomlinson appeared in the 1840 census in Carroll County, Illinois and in the 1850 census in Ogle County, Illinois. Horace appeared with his parents and siblings in the Courtland Township census in Nicollet County, Minnesota in 1860. R. N. Tomlinson appeared in the Saint Peter Tribune’s October 10, 1860 issue as a Republican Party County Convention Delegate from Courtland Township. Two of his father’s brothers lived next to Horace’s family with their wives and children in 1860. Rockwell and his brothers appear in the Nicollet County land purchase and sale records as well. Rockwell Tomlinson appears as the “Sheriff” on a “Consolidated List of all persons of Class I, subject to do military duty in the First Congressional District” of Minnesota dated June of 1863. Horace and his Horace S. Tomlinson. Image courtesy Nicollet County Historical Society SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 300 family were in Oshawa Township in Nicollet County in the 1865 census, in St. Peter in the 1870 census, and in Oshawa Township again in the 1875 census. Horace’s father, Rockwell N. Tomlinson, served as the sheriff of Nicollet County during part of the 1860s. The 1880 and the 1900 censuses found Horace and his family in Cook County, Illinois. The 1890 census was destroyed, so those records are not available. “Commission” appears to be the designated occupation for both Horace and Rockwell on the 1880 census. I believe that the listed occupation was the same on the 1900 census, which appears to me to show their occupation as “Comis Stock Yards,” assuming that “Comis” stands for “Commission” or something similar. Rockwell Tomlinson died on March 7, 1903 in Chicago. There were obituaries in three St. Peter newspapers that provide useful details about him and his family. The Saint Peter Free Press, March 14, 1903: “Rockwell N. Tomlinson, for many years a resident of St. Peter, died at his home in Chicago, of cancer, last Saturday evening. Mr. Tomlinson was at one time sheriff of Nicollet County. After his term of office he conducted a billiard hall in the Fay building and later engaged in the stock business. He moved to Chicago about twenty years ago and in company with his son Horace entered the stock commission business and in which they accumulated considerable wealth. Mr. Tomlinson had many friends in this city who will be sorry to learn of his untimely death.” The Saint Peter Herald, March 13, 1903: “Rockwell N. Tomlinson, who was a resident of St. Peter for many years, died at his home in Chicago from cancer. Mr. Tomlinson was one of the pioneer settlers of this section and was sheriff of Nicollet County from 1861 to 1865. During his residence here he was engaged in the stock business and about twenty years ago went to Chicago to engage in the stock commission business with his son, Horace. The old friends of the family will learn of his death with regret.” The Saint Peter Tribune, March 11, 1903: “The old settlers of St. Peter and vicinity will be pained to hear of the death of Mr. R. N. Tomlinson, of Chicago, which occurred on Saturday last, from cancer of the face and throat, from which he had been a great sufferer. Mr. Tomlinson removed from St. Peter to Chicago in the seventies to enter into the stock commission business and had worked up a fine trade at the time of his death, being one of the firm of Tomlinson, Stafford & Co., doing a large business. He leaves a wife and three children to mourn his loss, Mrs. Hattie M. Bohn, of Kansas; Miss Sylvia, at home, and Horace S., who has been identified with the firm since it started. Mr. Tomlinson was sheriff of this county from ’61 to ’65. We extend our heartfelt sympathy to the bereaved.” Horace was quoted in an article in the March 19, 1891 issue of the St. Paul Globe concerning “The present upward course of the cattle and hog markets.” Tomlinson was “looking after the interests of the branch house of Tomlinson, Bowles & Co. at South St. Paul.” The following is from Horace’s obituary in the January 6, 1905 Saint Peter Herald newspaper: “Horace Tomlinson… died at his home in Chicago on December 26th after a lingering illness. Mr. Tomlinson left St. Peter about 25 years ago and after reaching Chicago became a prominent figure in livestock circles. About four years ago failing health compelled him to relinquish active business pursuits and he had since been an invalid. The funeral was held last Thursday in Chicago.” The following appeared in the December 27, 1904 issue of The Chicago Live Stock World Daily Farm and Home Newspaper: “Horace Tomlinson, who has been ill a long time, died today at his mother’s home in Chicago.” The December 28th issue of the same newspaper contained the following: “The obsequies of the late Horace Tomlinson will take place tomorrow afternoon at 2 o’clock. The burial will be conducted with Masonic honors, by Englewood Commandery K. T., of which the decedent was a member. The death of Mr. Tomlinson, while not unexpected, was responsible for general regret in Stock Yard circles, where his active life had been spent. He came to Chicago from Minnesota about a quarter of a century ago and enjoyed an enviable reputation as a hog market expert. Four years ago failing health compelled him to relinquish active business pursuits, and since then he had been an invalid.” Horace was buried in Oak Woods Cemetery in Chicago. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 301 Last of an Era? By Terry A. Bryan Thomas Jefferson described Delaware as a jewel—small, but valuable. The State gained the nickname “the Diamond State” at an early date. The Diamond State Bank of Seaford, Delaware issued notes dated February, 1866. These are among the last- dated Obsolete notes currently known. Obsolete Currency was rendered impractical by, among others, the Internal Revenue Act of March, 1865, taking effect in July, 1866. The Fed imposed a 10% tax on notes paid out by state banks after that date. This spelled the end of our beloved Obsolete Bank Notes. Peter Huntoon, Wendell Wolka and Loren Gatch thoroughly summarize the Federal tax and issues in Paper Money #348 and 349, December, 2023 and January 2024. These taxes failed to raise much revenue. The state banks hastened to redeem or write off their issues. Local bank currency worked very well in the neighborhood economy. Counterfeits and the variety of designs were negative points, but close by the source bank of a particular note, the system was effective. State banks that continued into the National Banking era certainly issued local notes as long as was practical, but hastened to withdraw outstanding currency that triggered a tax. Many state banks simply went out of business with growing National Bank competition. The economic disaster of the Civil War forced action to introduce a national paper money. The early Demand Notes and Treasury Notes were not well-received by the public. Counterfeiting was still common, and citizens knew and trusted their local bankers and their hometown paper notes. At first, the Government was in unfavorable competition with the multitude of local banks. The National Bank Acts of 1863 and 1864 provided one solution. Federal charters for local banks permitted paper currency issued by the Fed based on the assets of the local banks. National Bank Currency began appearing by 1865. Local bank names and uniform designs assured by bank assets, consisting of Federal bonds, inspired local confidence. All the Diamond State Bank notes are dated 1866. Seldom seen vignettes were used on these late notes. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 302 Early National Bank Currency was still greatly in the minority of circulating paper in the United States. The old system worked well, and a lot of people continued business with their trusted local bankers. When you’re the government, what do you do with competition? You tax it out of existence. Introducing a heavy tax on the circulation of state banks boosted the applications for National Bank charters. Numbers of remaining state banks declined sharply in ensuing decades. Internal Revenue annual reports indicate decline of taxes collected on non-National Bank circulation. In 1865-’66 revenue was down by 51%, and 79% less for 1866-’67. (National Banks paid their taxes to the Treasurer. Their taxes are not found in the IRS reports.) The IRS Commissioner explained the decrease in taxes was caused by the great numbers of banks converting from state to national charters (and going out of business). Obviously, the abrupt decrease in new Obsolete Currency issues was a cause of lost tax revenue. The acreage that is now Seaford, Delaware resulted from a 1672 land grant from Maryland Proprietors (the Calvert family) to a planter. William Penn was granted his colony in 1681, including the same land. Litigation followed. Incorrect maps caused the Calverts to lose out, and the Seaford area became part of Penn’s territory, “lower counties” of Pennsylvania and separated administratively as the Delaware colony in 1704. Seaford remains a small town in southern Delaware. It was home to the first major Dupont Nylon production facility. The chicken industry and railroad transport remain important to the community. The Nanticoke River is responsible for the founding of Seaford, at the head of navigation to the Chesapeake Bay. The arrival of the railroad in 1856 started a boom in business. By 1861 a need for a town bank was felt. An 1861 Seaford Bank had reportedly extended loans on an informal basis before applying for a charter. This organization gave up opening for business, and its charter process was revoked within a year. They had proceeded to having a plate made for bank notes, and their board halted progress for unknown reasons. The onset of war would have been a poor climate for new business. The Diamond State Bank of Seaford, Delaware was organized in 1863. A different clique had plans for a First National Bank in Seaford (#795) during the organizing of the Diamond State Bank, and the FNB received its Federal charter by February, 1865. The success of the First National Bank was the likely cause of the short lifespan of the Diamond State Bank. Diamond State Bank legislative action was dated March 19, 1863, with detailed requirements for incorporation of the bank. The roster of seven Commissioners, familiar local names, were directed to open ledger books for a stock offering of 2,000 shares at $25 per share. $2.50 in cash per share was required at the time of “subscription”. The sale had to be advertised in two local newspapers. Books had to be opened for at least six hours a day. The first two days of sale were restricted to a maximum of 40 shares to one person. The third and subsequent days raised the maximum to 200 shares. If total sales went over 2,000 shares, the excess was to be deducted from former sales. These provisions were obviously directed at maximizing the distribution of shares within the community. These notes are great examples of the engraver’s art. Notes existed, but the Seaford Bank never officially opened. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 303 The corporate charter was offered for 20 years. The act permitted opening for business as soon as the stock was fully subscribed (2,000 shares) and $20,000 paid (of the $50k total). Installment share payments were required to be at least ½ in specie and the balance could be in notes of “solvent banks” in Delaware and Philadelphia. Calls for installment payments had to be advertised, and installments could not be over $10/share. Again, the small shareholder was favored. The 40% of installment payments had to be reported to the Governor before opening the business. Seven Directors had to be appointed, a majority living within the state. The state tax was ½ of 1% of the paid- in stock per year. Not surprising, the stockholders elected most of the Directors from the list of Commissioners. The Directors named Commissioner James Stuart as President and hired John W. Allen as Cashier. Several years later, Allen served as the town clerk. For most of the bank’s years Stuart served in the Delaware Legislature. The Act required that full organization be reached by February 1, 1865, or the charter was nullified. The privileges and liabilities of the corporation were spelled out at length, including the basis of any remuneration of officers and board members. The bank’s location in any leased premises on Market Street in Seaford has not been revealed in records. From the evidence of existing issued bank notes, getting into business was delayed, perhaps by a slow rate of stock sales from the 1863 subscription. The only known issue of notes are all dated February, 1866. They could have opened at any time after all the stock was spoken for, which had to happen before the deadline of February, 1865. There was no mandated open-for-business time specified, just the requirement of finishing up the stock offer. Unknown problems may have delayed opening the doors. Perhaps the volume of business was so small as to not require banknotes until later. The enterprise was legitimate from the evidence of the officers and board members staying in town afterwards. The new National Bank was undoubtedly a factor. The American Bank Note Company prepared a $1-$1-$2-$5 plate in 1865, and nice notes were printed. The plate was in superior condition in 1993, when ABNCo. released intaglio-printed and some digitally reproduced notes for a subscription series of 36 reproductions, The American Paper Money Collection. These souvenir items are now marketed as “Special Proofs” or “Proprietary Proofs” from original plates. Auction descriptions often omit the modern date of these souvenirs. About 15 years ago, the Paper Money Forum bulletin board raised more questions than answers on this topic. Evidently, buyer beware. The 1865 cardboard storage envelope for the 4-subject Seaford plate has a modern notation “no tint”, i.e. the plate for the red overprint not found. The modern souvenir printing of the Diamond State Bank note lacks the red protector. There are some sheets of four PP notes done from the plate also. The Diamond State Bank plate was used for 1990s souvenirs. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 304 The designs are all attractive, with some seldom-seen vignettes. They are more available than many Delaware issues. Serial numbers suggest a printing of a few over 2,000 sheets. That would indicate a circulation of $18,000, certainly a small amount for a busy bank. All of the known notes show honest circulation. Original proofs exist of all three denominations. Beyond the unusual date of the known notes is another rare feature: the use of a dollar sign on the Seaford $1 and $2 notes. The origin of our dollar sign ($) remains obscure. Some of the traditional explanations seem rather silly. Britannica favors the idea that the sign is reminiscent of the ribbon-wrapped double pillars of the Spanish coat-of-arms on silver 8 Reales (The Pillars of Hercules symbolizing the Gibraltar Strait). Another idea is the superposition of P and S in careless penmanship for the abbreviation of Pesos. Author Ayn Rand made up a tale of U and S in monogram style, with the bottom of the U missing. The Portuguese decimal point looks like a dollar sign; it is also of speculative origin. The sign is found in the 1770s, and it was in common usage for “dollar” by the 1870s. It is distinctly rare on U. S. Obsolete Notes. The American Numismatic Society has called for information on any Obsolete Note dated later than the Diamond State notes. A note from another bank poorly pictured in a book appears to be dated July, 1866, a week before the tax penalty. These Seaford notes are certainly among latest-dated Obsoletes easily obtained. The Seaford bankers may have been out-of-touch with government initiatives. If there was any ethical flaw, it may have been a desire to get the notes into circulation before folding up the bank’s business. There is no legislative record of any repeal of the bank’s charter, which would have expired in twenty years anyway. For whatever reason, the bankers may have been dismayed at the fate of their paper money after three years of organizational work. References: “Auction Archives.” www.ha.com. Bowers, Q. David. Obsolete Paper Money. Atlanta: Whitman, 2006. “Commissioner of Internal Revenue.” (Reports, 1865,’66,’67) www.irs.gov . “Diamond State Bank.” www.numismatics.org. “Different values of American Bank Note Co. reprints?” www.papermoneyforum/post. “Dollar Sign.” www.gratefulamericanfoundation.org. “Dollar Sign.” www.bankofcanada.ca. “Dollar Sign.” www.britannica.org. Gatch, Loren. “The Long Life of the “Death Tax”. Paper Money, Vol. 63. Jan.,2024, #349. “Government” (Laws of Delaware). www.delaware.gov. Haxby, James A. United States Obsolete Bank Notes. Iola, Wisconsin: Krause, 1998. Huntoon, Peter & Wolka, Wendell. “Taxing Non-Federal Currency out of Existence”. Paper Money, V.62, no. 348, Dec., 2023. Laws of the State of Delaware, Vol. 12-14 & Chapter 315 of 1863. Lunt, Dudley C. The Farmers Bank. Dover: Farmers Bank, 1957. “National Bank Note Fact Sheet.” www.bep.gov/media. “A Rare 1866 Obsolete Bank Note”. www.numismatics.org Scharf, J. Thomas. History of Delaware. Philadelphia: Richards, 1888. Various names. www.ancestry.com. Some “proprietary proofs” were digitally printed, some were intaglio printed from the original plates.  The dollar sign is an unusual feature on Obsolete Bank Notes.  SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 305 “U D Baſs Conductor A&WPRR”: Meaning in Common Notes by Charles Derby Numismatists collect notes for many different reasons. Value and rarity are certainly important. Appearance such as design layout, vignettes, color, style, and overall beauty is another reason. Personal significance can be important, such as a particular signer, issue date, or issue town. Notes can also take on special meaning because of their history, such as who designed, printed, or issued them, or why they were produced. The personalization of a note after it was printed can also give added significance, and so it is with the note in this story, shown above. This article is about this January 1, 1863, five cent note issued by the state of Georgia – of which hundreds of thousands were printed, the most of any notes from Georgia1. Even the two signatures on the front were printed, with only the serial number being handwritten. What makes this note different, indeed unique, is what is written on the back: “U D Baſs, Conductor, A&WPRR.” This article is about this common yet unique note, which was personalized with the name of Uriah Dunn Bass, who was a conductor for the Atlanta & West Point Rail Road during the Civil War. First, why the strange spelling of “Bass” as “Baſs”? The long s (ſ) is an archaic form of the lower case letter s.2 The modern letterform is known as the short, terminal, or round s. As in this case of using “Baſs” instead of “Bass,” long s (ſ) sometimes replaced the first s in a double s. The long s has a long history of usage, derived from the old Roman cursive medial s. But the long s fell out of favor in printing in the United States at the beginning of the 19th century, though it persisted more commonly in handwriting into the second half of the 19th century, especially when a formal or traditional sense was intended. But it was used into the second half of the 19th century, including in the printing of some obsolete currency. An example is the 1862 State of Mississippi cotton pledged note shown here, printed by Hutton & Freligh3, with “Miſsiſsippi” (see red arrow). So, who was this “U D Baſs, conductor of the A&WPRR”? Uriah Dunn Bass was born in 1841 or 1842 in Tallapoosa, Alabama, to William Francis Bass and Rhissa Hamblin Dunn.4 Uriah had seven siblings, six born in Alabama before his family moved to Athens, Georgia, where his father was a merchant. Uriah’s mother died in 1853 when Uriah was only 12, and William remarried in 1856 to Mary Ann Wooldridge (1826-1897). By 1860, the teenaged Uriah had left the family in Athens and was on his own. Then came the Civil War. Uriah enlisted in the Confederate army on March 18, 1861, as a Private in Company F of the 1st Regiment of the Georgia Infantry, upon its formation. The 1st Regiment was mustered at Macon, Georgia, with companies from many Georgian cities. Company F, known as Ramsey’s Company and the Gate City Guards, was organized by Col. James N. Ramsey (1821-1870) (shown to the right) in Atlanta and Fulton County.5 Ramsey’s Company soon left Macon to travel to SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 306 Pensacola, Florida, then to Richmond, and then to action in western Virginia. After some brief, initial minor successes in the Allegheny Mountains at Laurel Hill, disaster struck. During a retreat, Ramsey’s Company became lost in the rugged mountains, where they suffered from exposure, starvation, and other hardships. Those who survived were sent to the Shenandoah Valley to serve under Gen. Stonewall Jackson. There they endured a terribly cold winter. By the time that Uriah mustered out of Ramsey’s Company in March 1862 in Augusta, Georgia, he knew what war is. A year later, on August 3, 1863, Uriah enlisted for six months as 1st Sgt. in Capt. George G. Hull’s Company for local defense of Atlanta, Georgia. This company was composed of officers and employees, including conductors, of the Atlanta & West Point Rail Road.6 The Atlanta & West Point Rail Road was chartered in 1847 as the Atlanta & LaGrange Rail Road. It was constructed in 1849 to 1854 and renamed The Atlanta & West Point Rail Road in 1857. It had 87 miles of track between Atlanta and West Point, Georgia. During the war, it was part of a network that transported to Atlanta food from farms in southwest Georgia and war materials from the Confederate foundry and government works in Selma via Montgomery.6 So presumably, after mustering out of Ramsey’s Company, by August 1863 Uriah had become “Conductor A&WPRR.” Records show that Uriah was enlisted in Hull’s Company through the end of the year, but nothing thereafter.7,8,9 Uriah likely signed this five cent Georgia Treasury note during the second half of 1863. After the war, Uriah moved to Texas.4 His older sister, Camilla Eaton Bass (1834-1905)10 (shown below when young and old), had already moved there with her husband, as had Uriah’s older brother, Charles Christopher Bass (1838-1872). Uriah joined them in Texas. By 1870, Uriah was working as Clerk for Assessor Law in Richmond, Fort Bend County Texas. Uriah married Amanda Melvina Autrey (b. 1851 in Texas) on January 6th, 1874. By 1880, Uriah and Melvina were living in Denison, Grayson County, Texas, with Uriah working as a clerk.4 Uriah died “after a lingering sickness”11 on March 19, 1893, aged ca. 51 years old, and is buried in Bosqueville Cemetery, in Bosqueville, McLennan County, Texas. His obituary says that he left “to mourn him a host of friends and a lovely wife,”11 all in Texas, a long way from his Georgia roots. References and Footnotes 1 Martin, W. Mack., and Latimer, Kenneth S. 2005. State of Georgia Treasury Notes, Treasury Certifications & Bonds. A Comprehensive Collector’s Guide. 2 “Long s” in Wikipedia, https://en.wikipedia.org/wiki/Long_s#cite_note-2, accessed May 24, 2020 3 Derby, Charles. “Hutton & Freligh and the Making of Mississippi Treasury Notes during the Civil War. Part 1. Paper Money (May-June 2016), pp. 152-160, and Part 2.” Paper Money (Nov-Dec 2016), pp. 399-411 4 U.S. Censuses; https://www.findagrave.com/memorial/86339593/uriah-dunn-bass 5 Martin, George Winston. 2011. I Will Give Them One More Shot: Ramsey's First Regiment Georgia Volunteers. Mercer University Press, Macon 6 http://www.csa-railroads.com/Atlanta_and_West_Point.htm. 7 Lillian Henderson [director]. Hapeville, Ga.: Longina & Porter. 1959. Roster of the Confederate soldiers of Georgia, 1861-1865, Company F (Gate City Guards) Fulton County. 8 Wyllie, Arthur. Georgia Confederate Records K-Z. Lulu.com. 9 https://www.nps.gov/civilwar/search-battle-units-detail.htm?battleUnitCode=CGA0001RI02 10 Camilla Eaton Bass married her first cousin, Charles Eaton Ogilby Greenwood, in 1857, and by 1859 had moved to Fort Bend, Texas. She lived there until Greenwood died in 1871, when she moved to Houston to be with her brother Charles Christopher Bass (1838-1872). But brother Charles soon died, so she moved to Austin, Texas. There, she met Frank Stanley (1830-1880), a Union veteran, whom she married in 1872. Camilla moved to Washington D.C. ca. 1885, where she lived until her death in 1904. 11 Waco Morning News (Waco, Texas), March 21, 1893, page 5. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 307 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Odds and Ends If you go back to the last issue of 2022, my portion of this column in that issue dealt with Tibetan language overprints on Central Bank of China (CBC) notes. I opined that the long-discounted overprints on CBC 100-yuan notes were legitimate on serial block A/U notes, but not on later blocks (those having been created solely for sale to collectors). I had an opportunity after writing that column to examine a substantial pile of circulated 100-yuan notes in the stock of Educational Coin Co. (probably more than 100 pieces). Both back varieties were present (black-signature Kung, stretching into the lower margin of the back, and violet-signature Kung, staying inside the printed frame). I discovered that the A/U serial block was the last block with the black signatures. Starting at A/V the back variety changed to the smaller violet signature. I did not find any A/U in that stack, so I assume that the block was used only for the Tibetan overprints (and possibly not the entire block). Bottom line is that I continue to find 100-yuan A/U notes with the Tibetan overprints, and they are all well- circulated. Almost all of the nice pieces in the market are in block B/H, with the later version of the overprint that I covered in the earlier column. I also have a B/H note without the Tibetan overprint. I have found a single overprinted piece in block B/U, also with the later fonts. That piece was circulated (a dirty fine), but appears to have had the Tibetan applied after the circulation occurred. (It is also a color-changeling—the back is steel blue instead of violet.) So—if you want a 100-yuan CBC note with the Tibetan overprint, ignore the pretty ones and wait for an A/U block to show up. It will probably be ugly. See Boling page 311 MPC Replacement Discoveries The fifth edition (2023) of the MPC catalog (Comprehensive Catalog of Military Payment Certificates) included discoveries large and small. Most of those related to the sale of the Paymaster Collection. My favorite discovery, however, was an obscure but remarkable one that has mostly gone unnoticed. It is a replacement that you might ignore at a show or sale. Specifically, it is a Series 641 $1. Surely there should not be any rarities in this Vietnam-only issue. Wrong. Through the fourth edition of the catalog (ca 2002) and until just before publication of the fifth edition (2023), no replacements were known from the third printing! More than 600 replacements have been reported for the first two printings, but none were reported for the entire third printing! We were able to get images of the notes into the book, but were not able to update the appropriate text or to highlight the discoveries. See the accompanying chart with the third printing highlighted in red and the quantity of the third printing dollars updated. These two pieces were spotted in rather routine ways by sharp-eyed collectors. The first one reported (J01232021) was found on a dealer fixed price list. The other (J01176534) was sold on eBay. This one is of particular interest to Joe. It is from position 8! Hopefully, you recall that Joe not only collects MPC from position eight, but that he is the only collector to have assembled a complete type/denomination set of regularly issued MPC from a single sheet position! His collection includes only a few position eight replacements. Still it is wonderful that this apparently rare replacement is from his special position. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 308 We should review the details of MPC replacement printing. Of course you know that replacements were created by omitting the serial number suffix (J in this case) so that a replacement serial number is of the format J01234567. MPC were printed in units of 8000 sheets. One-dollar certificates were printed in sheets of 70. Thus units consisted of 560,000 certificates. In the case of Series 641 and in most cases, a unit of replacement serial numbers was allocated to each printing. First printing $1 replacements will have a serial number less than or equal to 560,000. Second printing replacements will have serials above 560,000 and less than or equal to 1,120,000. Third printing replacements then have serial numbers greater than 1,120,000. The two numbers reported fit nicely into the range for third printing dollars: J01176534 and J01232021. There is another important calculation that we can perform. At first glance you might think that the serial number is the number of replacements issued or at least printed. That would be a faulty assumption. At the printing plant (Bureau of Engraving and Printing in this case), all or nearly all replacing of faulty notes is done by the sheet. I will spare you the math and simply tell you that the two reported replacements are from sheets 21 and 534 of the 8000-sheet unit. (If you really want to get into this, see the book and/or contact me at fredschwan@yahoo.com). Our sample of two pieces more or less establishes that at least 37,380 replacements were issued. That is not really very many when you consider that 22,400,000 $1 regular issue, third printing certificates were printed. The key questions of course are how many replacements (and for that matter regular issues) were issued to soldiers in Vietnam and how many made their way into collector hands? Certainly all of the notes printed were not issued. Indeed, it must be assumed that a large quantity of certificates were never issued to the troops and were destroyed when Series 641 was converted to Series 661 on Oct 21, 1968. The order for the first printing was made on April 24, 1964. The second printing was ordered on June 9, 1965. Series 641 was issued in Vietnam on August 31, 1965. Unfortunately, we do not know when the third printing was ordered or produced. Not particularly relevant to the topic at hand we do know that the production cost of the third printing was $385,000. If we had the ordered date, it would help us estimate how much of the third printing was actually issued before the series was converted to Series 661. Comparing the quantities produced for each printing is interesting, if not extremely enlightening. For the $1 they are 6,720,000, 3,920,000 and 22,400,000. The large increase in the quantity printed for the $1 certificates is obviously because of the need from the large increase in US military personnel in Vietnam and should mean that the quantity of replacements printed was also equally high. What other clues can we find? The condition of certificates taken randomly from circulation could give us a clue. Unfortunately the small sample size of $1 replacements prohibits significant conclusions. Still, one of the two is a rather well-worn example while the other is uncirculated. If this situation were confirmed by larger sample sizes, we could guess that the scarcity of third printing replacements was not due to limited circulation. A thorough study of regular issue pieces in circulation might help us make these conclusions. Where else might we look for clues? I have only one more idea. The second printing of Series 641 was ordered on June 9, 1965 (remember, we do not have an ordered-on or printing date for the third printing). However, we do have an ordered date of July 30, 1965 for Series 651. Why is this important? The printing of Series 651 and the third printing of Series 641 were in close proximity and they can be assumed to have been printed under similar circumstances at the Bureau. This is important because Series 651 replacements are by far the scarcest replacements. Of all the issued MPC, only one piece is not reported in any collection—the Series 651 $5. Of the other two denominations that had wide circulation (remember the Series 651 fractional notes had atypical circulation) only nine replacements are reported: two $1 and seven $10. Furthermore our analysis is that Series 651 replacements are probably over-represented because of the long length of its circulation and the fact that it is known that replacements were actively hunted in Korea by at least one active collector. The consensus among collectors who have studied MPC replacements is that this particular scarcity of Series 651 replacements is because for whatever reason the quality control at the Bureau was particularly excellent during the time when Series 651 and Series 641 third printings were completed. Series 641 third printing replacements constitute a great cherry picking and research opportunity for collectors. I anticipate that more—but not many more—of these replacements will be found. Please send your reports! fredschwan@yahoo.com SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 309 Multiple printing replacement summary Series printer 0.05 0.10 0.25 0.50 1.00 5.00 10.00 20.00 total 100 A* S-Traung 16 16 31 14 14 14 14 ==== 119 461 Tudor 65 70 42 54 69 36 42 ==== 378 471 Tudor 47 61 49 42 58 37 40 ==== 334 472/1 Tudor 101 73 34 39 64 31 37 ==== 379 472/2 Tudor 2 2 0 0 3 0 0 ==== 7 481/1 Tudor 22 58 10 10 6 0 1 ==== 107 481/2 Forbes 23 14 4 12 8 1 4 ==== 66 481/3 Forbes 34 39 31 1 12 0 6 ==== 123 481/4 Forbes 4 4 0 0 0 0 0 ==== 9 521/1 Forbes 24 19 19 24 25 15 13 ==== 139 521/2 Forbes 42 21 18 3 1 3 0 ==== 88 521/3 Forbes 14 16 2 1 9 ==== 42 541/1 Tudor 18 37 49 26 36 3 4 ==== 173 541/2 Tudor 12 53 28 13 32 2 8 ==== 148 541/3 Tudor 65 52 0 3 0 0 0 ==== 120 541/4 Tudor 35 56 0 3 0 0 0 ==== 94 541/x** Tudor 0 0 1 157 8 1 4 ==== 171 591 Forbes 104 21 8 8 24 3 7 ==== 175 611 BEP 141 154 19 1 289 17 24 ==== 645 641/1 BEP 144 60 77 56 48 39 58 ==== 482 641/2 BEP 46 1 0 9 0 1 114 ==== 171 641/3 BEP 0 0 0 0 0 2 0 ==== 2 651 BEP 0 0 0 0 2 0 7 ==== 9 661/1 BEP 24 102 12 11 114 16 10 14 303 661/2 BEP 0 0 17 0 16 0 0 4 37 681/1 BEP 104 75 11 40 35 13 20 53 351 681/2 BEP 0 0 0 0 0 0 0 0 0 692/1 BEP 194 167 70 34 40 10 14 68 597 692/2 BEP 0 0 0 0 18 0 0 0 18 691/1 BEP ==== ==== ==== ==== 7 0 0 12 19 691/2 BEP ==== ==== ==== ==== 0 0 0 0 0 701/1 BEP 0 0 0 0 0 0 0 0 0 701/2 BEP ==== ==== ==== ==== 0 1 0 0 1 Totals 1265 1155 501 547 924 231 413 151 5307 * Series 100 A yen: 10,50 sen, 1,5,10,20,100 yen (used as trial MPC before initial issue). ** These are notes with serials far outside established ranges for 1st-4th printing replacements. Tudor Press lost control of the serials, which contributed to their not receiving any further MPC contracts. Please subscribe to MPCGram by writing MPCGram@yahoo.com. Send articles for the Gram to that same address. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 310 Boling continued Moving to French Guyana. Since Schwan-Boling (SB) was published, the emergency issues of this locale have been better covered in The Banknote Book (BNB). Still, I was surprised to see a recent Heritage offer of a hand- signed emergency issue from WWII. Figures 1-2 are of a very crude printing of the 1942 one-franc piece with a hand-signed director’s authentication. Parts of the note are illegible. I suppose the plates were wearing out, but I would have expected the hand-signed ones to be the earliest emissions. According to the BNB this is the signature of Henri Poulet, in office 1922-29. However, the note was issued over a decade later, so I wonder if Monsieur Poulet was recalled for the emergency. This is the only hand-signed one-franc in the Heritage archive, along with a two-franc note with the same hand-executed signature sold last September. The serial numbers on these (on the backs in a rubber stamp) are very inconsistent, ranging from double digits to five digits, with low numbers appearing on notes issued after ones with high numbers. One wonders just how they were accounting for the issues. It seems there is more research to be accomplished on the WWII issues of this backwater region. And now a fun one. Figures 3 and 4 are two notes I bought at the Central States convention this year. Figure 3 is a garden-variety 20-yen AMC B-yen note. Figure 4 is a raised example of the same. Note that it is no longer blue and purple, but blue and dark blue— same as the 100-yen note in the same series. All of the purple text has been precisely painted over with dark blue pigment. The counters at upper right and lower left have been altered, and the Japanese denomination characters in the center and the other corners have been changed from 20 to 100. Why they are not the same dark blue as the rest of the text is a mystery. No effort was made to change the large word TWENTY in the center to ONE HUNDRED—the faker’s audience was not going to be reading the English text. Enjoy your summer. Figure 1—above Figure 2--below Figure 3—above Figure 4--below SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 311 A Postal Note from The Promised Land By Bob Laub, Formatting by Skye Origin of the Promised Land Name: A non-Biblical definition of Promised Land is a place where dreams or hopes can come true. Promised Land was a large commercial fishing area located on the south-fork of Long Island in an uninhabited area between the towns of Amagansett, and Montauk. The area name was mostly attributed to African American Menhaden fisherman from Virginia and North Carolina because there were so many fish in that “promised land up north”. Over Fishing: Throughout most of the 19th century due almost entirely to over-fishing the whale population was pushed almost to the brink of extinction. These magnificent creatures were being hunted and killed by the thousands primarily for their valuable high oil content. The whale oil was used in a number of different applications but primarily for a source of lamp oil. Once this species had been hunted so efficiently a need arose for an alternate means of supplying the needed oil. The discovery of Menhaden (Fish Bunker) as a replacement for whale oil sparked a boom in the fishing and processing industry on Long Island as well as on the east coast from Maine to North Carolina. There were 350 ships supplying Menhaden to 97 factories along the East Coast. Just the Promised Land area alone employed more than 2800 around Peconic Bay. During the 1881 fishing season, which ran from April to October, the estimate of Bunker Fish caught and processed at Promised Land was 400,000 with a value of $975,000. Bunker Oil was promoted as coal miner’s lamp fuel, a lubricant for machinery, an additive to paint, cosmetics, linoleum, margarine, soap, and insecticides. What was left after the oil was cooked out of the fish was then processed into a high protein supplement for animal feed. During the rendering down boiling process to extract the oil, and then cooking the byproducts to acquire the fish meal, one could hardly imagine what this remote area must have smelled like. Passersby on area roads would hold their noses in utter disgust, but to those who were employed there they simply stated the area “smells like money”. It is said the fumes given off by the different processing plants would actually tarnish the coins in one’s pocket. The Promised Land Post Office: A post office was established there on May 14th, 1879, which is located between the towns of Amagansett, and Montauk Long Island. That office was discontinued December 4th,1906. (effective January 2nd, 1907), at which time all future mail service was moved to the Amagansett Post Office. (next town West) Obviously even with Promised Land Post Office being a much smaller and very remote location functioning wise, that local office still needed to conform to government regulations. Thus stipulated in order to qualify as a Money Order Office said office would need to have the capability of conducting $250 in annual post office business. Anything of a lesser amount would be considered too inexperienced an office to handle any volume when it came to a cashing in process. One must also realize when series 1883-1894 Postal Notes came into being our nation had evolved into a series of 48,049 post offices. Even with only a fraction of the nation’s post offices (6,316) initially being qualified during the 12-year series, over 70 million notes still managed to be properly issued with $126 million dollars forwarded. June 30th,1894: That date reflects the last official day series 1883-1894 Postal Notes were to be issued. It is interesting that once the government deemed the series no longer necessary many of our countries citizens began contemplating a quest to acquire a few souvenir notes for their own benefit. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 312 Most modern collectors seem to agree on what constitutes the issued value of a souvenir postal note which is generally five-cents or less. This became more obvious as the series end drew near. Prior to the last week of the series a majority of issued notes were still being dispersed with commercial intensions, but more and more keep- sake notes were flying out the post office doors. Promised Land currently has three notes which have survived, and all three were issued with commercial intensions. That makes obvious sense as this was not an area for tourists or souvenir hunters, quite the opposite. These were working fisherman likely forwarding home part of their pay in the form of postal notes. These three survivors were all issued on the “last day” June 30th,1894. Two notes were issued for 25-cents while the third was for 50-cents and all bearing low serial numbers. (50,52, and 53) From the U.S. to Sweden: (and back) Yes your eyes are not deceiving you. The three surviving postal notes were all officially issued at Promised Land Post Office in New York State. The three-notes showed up 128-years later in a small auction in Sweden as one lot. A person in attendance thought it might be worth a low bid as these appeared to be something interesting and unusual. Upon getting the notes back to her home she decided to try and do an informational search through Google, and a few other sites. Quite to her surprise there was very little information anywhere to be found on these notes. At that point she decided to list one of the notes on eBay and take her chances as she was not into the three notes for very much to begin with. The rest as they say was history. (Very happy for the windfall for her and her husband as she was expecting twins) U.S.P.S. Could Take Lessons: Not here to ever condemn our own postal service BUT once the note was paid for through eBay, even taking into account the six-hours’ time difference, the note arrived at my post office box in just five-days. I had a similar experience dealing with a seller based in the United Kingdom. Once my invoice was marked as “paid” the item once again took only five-days to arrive. The comparison part of the story was two- months ago I purchased another postal note which originated in Pennsylvania and that one took 12-days to be delivered. Conclusion: Any comments or suggestions regarding A Postal Note from Promised Land N.Y. can be forwarded to me at briveadus2012@yahoo.com. I’m also interested in hearing of any Postal Notes you may have as well. Many thanks. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 313 This May, Kagin’s Digital LLC launched the first numismatic venture to offer fractional ownership of a unique item, a uniface specimen of a 1934 $100,000 Gold Certificate. A form of asset ownership common in stock and bond investing (think mutual funds), only recently has fractional ownership appeared in the world of collectibles, notably high-end fine art (think Picasso paintings). While its application to numismatic collectibles is an intriguing idea, uncertainties remain about whether fractional ownership will become widespread in this collecting market. Teaming up with Vici Networks, a company that designs and manages digital assets, Kagin’s ownership scheme takes the form of non-fungible tokens (NFTs), which are unique and uncopiable digital certificates. Authenticity of these NFTs will be assured using Vici Networks’ blockchain technology. As ownership shares (“units”) in the Gold Certificate, these NFTs were offered by Kagin’s in three tranches at staggered prices, for a total of 500 units. Kagin’s anticipated raising $570,000 from the sale. As of this writing, all units have been reported sold. Investors store their NTFs in their own digital wallets. How should a collector think about this proposition? First, let’s raise but put aside the most obvious objection, which is that the whole point of collecting is to take possession of the collectible. What possible joy can you get by acquiring partial ownership rights in an item that you will never actually get your hands on? While I share this sentimentalism, to be honest I do not fondle my motley collection of fiscal paper on a regular basis (mine is a more spiritual love). Not only do I like owning my collection, I like the idea of owning it. So maybe there is some abstract thrill to be had in participating in the ownership of an item too expensive for the average collector (me) to afford. In this view, Kagin’s scheme simply democratizes the prestige of ownership. Let’s assume, then, that you went ahead and bought one of these NFTs. Each allegedly corresponds to one five hundredth of the surface area of the note. As Kagin’s website avers, you literally could “own a specific portion like Woodrow Wilson’s eye”. Your NFT is tucked safely away in your digital wallet. You’ve bought into an exclusive club. What happens next, though, is not entirely clear. The details contained in the Offering Memorandum do spell out the longer-term purpose of the NFTs. They qualify owners of those units to receive their share of the proceeds when Kagin’s sells the gold certificate to somebody wanting to acquire the underlying asset outright. NFT owners are subject to “drag along rights”, meaning that, if such a sale takes place, they have no choice but to take a prorated distribution which may be more or less than the original cost of the units. So much for the prestige of owning Wilson’s eyeball. For a dealer like Kagin’s, fractional ownership makes lucrative sense. Rather than wait around for some well- heeled collector to take the plunge on a pricey note that may or may not realize a profit, the dealer can chop up ownership rights to the note into tiny increments and sell to smaller fry the prospect of earning their proportionate share of the profit once the note is sold. The risks are transferred to the NFT owners, while the dealer gets interest-free working capital for his inventory. The prices of rare collectibles do have a habit of going up. However, gravity being what it is, those prices can also come down. While a prominent rarity, the $100,000 gold certificate is an oddity in that there is only one extant, in the collecting world at least. Moreover, unlike, say, a $10,000 note which will always be worth at least its face value, this gold note specimen despite its high denomination has no legal value. Imagine that the well-heeled collector does show up, only to offer less than $570,000 for the note. Does Kagin’s sell it for a loss, distributing the pain to the NFT holders? Or does Kagin’s hold on to the note indefinitely, leaving those NFT holders in limbo with respect to its ultimate disposition? Holders might continue to enjoy some prestige in possessing their NFTs. However, unless there emerges a reliable secondary market in these NFTs (Kagin’s scheme seems to permit this after one year, but doesn’t support it technically), it would be impossible to know how much they are worth. Overall, I remain on the fence about this. As a collector, I struggle to understand what thrill I would get in owning a fractional share whose underlying asset could be sold without my say-so, rendering the NFT obsolete. As an investor, the idea makes more sense, but only as long as there existed robust markets in the actual items that the NFTs securitize. Chump Change Loren Gatch Fractional Numismatic Ownership: The $100,000 Question SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 314 Many moons ago, when I made the financially destructive decision to cease collecting shiny round metal discs and switched gears to exclusively hoarding… Ahem, sorry “Collecting” paper money, I was taken aback at how many scarce Large Size Type varieties brought little to no premium over their more common Friedberg numbers. Are these paper money collectors oblivious to the fact that other than the avidly sought after mainstream Napier-Thompson varieties, there were c o u n t l e s s o t h e r b e t t e r s i g n a t u r e combinations that could be purchased for nearly the same price of admission as the amply supply of common Speelman-White counterparts? No, we are not referring to one year types like Poker Chips and Portholes. Think of Bisons, Chiefs, Black Eagles, 1880 $20 Legal Tenders, Jackass $10’s, Mini-Portholes, Battleships, the list goes on and on. It does not take an expert collector to catch on to the fact that one can achieve an attractive collection of better signatures on type notes instead of aimlessly acquiring the most common catalog numbers. We very briefly visited this seemingly common sense conundrum a little over two years ago in “Stacking Blocks - For Adults” when we zoned in on Fr.239 Silver Certificates. Peeling the onion back we discovered the fantastic and excessively challenging Y-D block! Since that moment in time, have you paid attention? What have you added to your collection that beats out all of the passé dreck? If you completely blew off the past roughly 30 months and did not even try to expand your horizons, I suppose we can give you one more chance! Do not expect any special favors after this, okay? Now that we have your attention, let us visit an exceptionally attractive sleeper that is well worth adding to your collection… if you are smart enough to take note and seek out an example. Series of 1869 Legal Tender “Rainbow” notes are extremely popular and outrageously attractive for the relatively affordable $1, $2, $5, and $10 denominations. $20’s and above can be untouchable for many collecting budgets and that is perfectly okay. Many large size notes are cost prohibitive and staying in our lane with avid dedication can still produce absolutely spectacular collections! We will focus our sights on Aces for today. Friedberg #18 series of 1869 one dollar legal tender notes are glorious to behold and are extremely popular in virtually any ident i f iable s ta te of preservat ion . Nicknamed Rainbow Notes for their vivid A Rarity Free-For-All by Robert Calderman SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 315 variety of colors featuring red serial numbers with ornamental stars, the left of which is encased in a spectacular green rectangular frame, large red seals, Green upper framing along the top border above “United States” albeit this is not found boldly presented on all examples, and blue security paper that was also found on original series one and two dollar national bank notes. If that wasn’t enough, all signatures found on these Aces are of Register of the Treasury John Allison and the infamous vanity signature of Treasurer Francis Elias Spinner. So how can we call such a well known and exceedingly popular type note a sleeper? Isn’t this like claiming iPhones are just a little bit popular? There is more to the story here once we break it down and dive below the surface. Wouldn’t you say the most special place a true collector can journey is down the rabbit hole? So here is something about Rainbow Aces that you may not be aware of and may very well be completely off your radar. Out of the nearly twenty-three hundred serial numbers for Fr.18 currently listed in the online census, which includes approximately twelve- hundred examples graded by PMG alone… there is something very special here that only very keen collector eyes will have already observed. What are we talking about? Blocks of course! There are five different blocks for this one dollar 1869 Legal Tender series and a true Rainbow note collection cannot be considered complete without including all of them! Since every example printed features a star suffix, we will refer only to the different prefixes in our subsequent list. These five blocks are: A, B, K, V, Z. It is rather odd that these do not progress in a logical SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 316 continuous alphabetical order. Diving into additional details related to this factoid we will have to save for another day. So which of these blocks merit our special attention? Here is the order of importance based on known surviving examples with the rarest of these listed first and the most common block listed last: A, K, Z, B, V. This rarity scale encompasses all grades and it is possible to complete a set in VF condition with some effort and determination. The vast majority of uncirculated examples are not surprisingly found within the most common V block. If your budget is unlimited and you would like to assemble a set of all five blocks in Gem condition, good luck! Currently this is not possible to accomplish unless a new large hoard comes out of the woodwork that magically includes multiple blocks. If you are a realist then you’ve already moved on from considering wasting the time to attempt the impossible. Outside of the V block, examples in uncirculated condition that include the “Q” modifier for Exceptional Paper Quality or Premium Paper Quality are extremely difficult to locate with examples on all other blocks combined counting in at less than two dozen examples! The ultimate Fr.18 Rainbow Ace that incredibly is unique in uncirculated condition is featured here in all its glory! It is a single finest known A-⭑ example graded 63EPQ by PMG!!! Recognizing the importance and rarity of this spectacular note is something that even paper dealers and collectors who consider themselves to be experts will likely not even be aware of! Now you have the tools at your disposal to be on the hunt for an extremely popular note with an added incredible rarity of a “one of one” top population example that can be had for absolutely no additional premium in today’s collectible paper money market! So when did this unique monster Rainbow rarity of epic proportion last sell and what did it sell for? In January 2021 the note featured here sold via Heritage auctions for $4,440. This is the same price the most common V-⭑ sells for, yet the same money could have bought you an incredibly unique piece of United States history! In fact, the A-⭑ block in all grades combined tallies in at less than 4% of the total known census of Fr.18 examples! Even finding an A-⭑ in problem free VF30 condition would be a satisfying trophy to add to your collection! Do you have a great Cherry Pick story that you’d like to share? Your note might be featured here in a future article, and you can remain anonymous if desired! Email scans of your note with a brief description of what you paid and where it was found to: gacoins@earthlink.net Recommended Reading: “Stacking Blocks - for Adults” Paper Money - Vol. LXII - No. 2 - Whole # 344 - Mar/Apr 2023 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 317 The front of the Type-39 Treasury note endorsed by James T. Miller, Depositary at Wilmington, North Carolina. Image: Pierre Fricke James T. Miller, Depositary Wilmington, North Carolina n the previous Quartermaster Column we saw the elegant signature of Anthony J. Guirot, Assistant Treasurer, and in this column we will focus on another elegant signature, that of James T. Miller, the depositary at Wilmington, North Carolina. Signatures of depositaries are extremely common, and most of them are R8 to R9 rarities. These depositaries were responsible for issuing the bulk of Confederate treasury notes at the many “ports” of commerce, not only those which were actual ports like Wilmington, but also those inland “ports” at places like Richmond, Montgomery, and Jackson. Miller’s untimely death makes his elegant signature rare at sixteen known examples, R11, and very collectable. The rarity of Miller’s signature is explained by the Interest Paid stamps on the illustrated note which accompany his statement of issuance on August 28th, 1862. Miller died on October 7th, 1862, a victim of a yellow fever epidemic in Wilmington. Interest was first noted as paid on January 1st, 1863, with no mention of the payor. Interest was noted as paid in 1864 and 1865 with stamps which bear the name of Henry Savage, the new depositary at Wilmington. I The Quartermaster Column No. 44 by Michael McNeil Image: Pierre Fricke SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 318 The blockade runner CSS Ella & Annie, by R. G. Skerritt, 1900, from a photo in the collection of the Department of the Navy, Naval Historical Center, Washington, DC, via Wikimedia Commons. Image in the public domain Miller’s script is very clear, but for those who are not familiar with cursive, here is the transcription: “Issued this 28th day of August 1862 Jas T Miller Depositary” James Telfair Miller Enrico Aidala published a detailed biography of Miller in his article, Depositaries at the Port of Wilmington, North Carolina, during the Civil War and their Endorsements on Confederate 7.30 Notes, Paper Money, Sept/Oct 2019, Whole No. 323, pages 343 to 347. Readers are encouraged to read this article on the SPMC website. Here is a brief recap of Aidala’s biography of Miller along with some additional information from his obituary in Wilmington. Miller was a native of Wilmington. He graduated from Trinity College in Hartford, Connecticut. He received his license as an attorney, but he never practiced law. Miller was elected to the North Carolina State Legislature in 1838 and 1840, but he declined to run after his last term. He served as Mayor of Wilmington for many years, and he was Chairman of the Court of Hanover County. He served as president of Wilmington’s Thalian Association for the performing arts. In 1854 Miller was appointed as the Collector of Customs at the Port of Wilmington, and upon the secession of North Carolina, Miller wrote to Treasury Secretary Memminger to continue his duties in that post for the Confederate government. He was appointed as both the Collector of Customs and the Depositary at Wilmington. The blockade runner Kate docked at Wilmington on August 6th, 1862, and her infected crew brought yellow fever to Wilmington. A mass exodus began, crippling the commerce in the port, and a city of almost 10,000 was reduced to a population of 4,000. Among the remaining residents, about 1,500 to 2,000 contracted yellow fever, and about 650 to 800 died. The illustrated treasury note was issued after the outbreak of yellow fever, and the last known treasury note issued by Miller is dated September 4th, 1862. On October 7th Miller succumbed to the virus. He was buried at Oakdale Cemetery in Wilmington with no stone marking his resting location. Miller’s obituary appeared in The Wilmington Journal on October 9th, 1862. His date of birth is not known, but he was between 48 and 49 years of age at the time of his death. Obituaries usually lavish praise in glittering generalities, but we see a glimpse of Miller in this obituary: “...his friends will miss his cheerful face and the warm grasp of his hand, for he was a sociable, amiable, true-hearted gentleman.” Carpe diem “Those who do not remember the past are condemned to repeat it.” ― George Santayana, 1906 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 319 The Obsolete Corner The Frankfort Bank by Robert Gill To all paper money lovers, the market is hot! As I write this, nice material commands high prices. Now, it is comforting to know that the value of our notes keeps going up, but if you’re like me, that’s not the only factor. It’s the sure enjoyment that keeps me coming back for more! When it has been a hard day, all I have to do is pull out a few of my notes and I perk up immediately. I guess you can say “I’ve got the bug!!”. And now, let’s look at the sheet that I’ve chosen to share with you. In this issue of Paper Money, let’s go back to the Bluegrass State of long ago and look at The Frankfort Bank. During its very short life, times were unsure, and banking was fragile. To assist in the development of the State, the Kentucky General Assembly passed a bill in 1817 that permitted the chartering of forty-six independent banks. This was at the onset of the difficult economic years of 1818 and 1819, when there were many bank failures. On January 26th, 1818, several banks were simultaneously chartered. One of these was The Frankfort Bank. Its capital was $500,000, divided into five thousand shares of $100 each. The Bank was located on the North side of the Kentucky River between Ann and St. Clair Streets. John H. Hannah, Henry Crittenden, Samuel Lewis, William Hunter, and George Adams were appointed to take stock subscriptions. But prior to the chartering of The Frankfort Bank, two months after passage of the independent banking legislation, the collapse of the financial empire of James Prentice, a Lexington, Kentucky manufacturer, had punctured the State’s economic balloon. By 1819, Kentucky was engulfed in the Nation’s first great depression. In the latter part of 1820, the State of Kentucky passed legislation authorizing the new Bank of the Commonwealth, a State owned and operated institution, to print unsecured paper money which debtors could use to pay their debts. But even with this effort, the State’s financial situation continued to worsen. Niles’ Weekly Register, the nationally read news and financial journal of the times, observed this on October 9th, 1819: “Kentucky Litter: It is believed unsafe, even in Kentucky, to receive the notes of more than two or three of the independent banks. Many of them have forfeited their charters, and others are wisely preparing to wind up their affairs. It will require many years of industry and economy to repair the depredations that these institutions have caused in Kentucky – but the severe lesson received, may give future safety to the people. Experience is a dear school.” The Frankfort Bank’s operations struggled through the 1820s, and on December 31st, 1830, an act was passed authorizing the stockholders to close up its affairs. So, there’s the history that I’ve been able to put together on this old institution. When we study how unstable the banking industry was during those times, it should make us all feel lucky to be living during the times that we are. As I always do, I encourage any comments to my email address robertdalegill@gmail.com or my cell phone (580) 221-0898. So, until next time, HAPPY COLLECTING. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 320 SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 321 Eiffel Tower on Cambodia Note By Roland Rollins I continue with a series on banknote images not from the country of issue. In October 2021, Cambodia released a 30,000 Rial note. The note produced by Banknote Printing Works of the National Bank of Cambodia is the only note with the peculiar 30,000 Rial denomination, with an exchange rate of about $7.30. Also unique for Cambodia is the banknote material called Durasafe. The substrate is manufactured by Landqart of Switzerland. This is a “sandwich” blend of paper and polymer, with paper on the outer layers and polymer in the center. Yet another unique feature is the image of the Eiffel Tower in the background on the reverse of the note. The reason for the odd denomination, special banknote material, high volume for commerce of the banknote, and the presence of the Eiffel Tower is it celebrates the 30th Anniversary of the signing of the Paris Peace Accords in October 23, 1991. It marked the end of the Third Indo-China War, also called the Cambodian – Vietnamese War. For Vietnam it finally marked the end of three periods of war since the end of World War II, stretching 41 years of nearly continuous wars with France, and then a civil war with U.S. backing of the South, and finally followed by Cambodia. The front of the 30,000 Rial commemorative displays naga, mythical snake, King Norodom Sihanouk in a civilian suit and flowers. A Cambodian Naga is a mythical serpent, often depicted as a seven-headed snake. The Naga is prominent in Cambodian culture and mythology. The reverse features Samdech Techo Hun Sen (Lord Prime Minister and Supreme Military Commander Hun Sen) of Cambodia holding upright hand of Preah Borom Ratanak Kaudh (National United Front for an Independent, Neutral, Peaceful, and Cooperative Cambodia - a major political party in Cambodia), both signers of the Paris Peace Accord. The Royal Palace throne room, the Eiffel Tower in Paris, France and the Independence Monument in Phnom Penh, Cambodia are also shown on this note. During the war Vietnam had successfully removed Pol Pot and the Khmer Rouge from Cambodia. While the banknote celebrates] the end of the Cambodia-Vietnamese War, hostilities with Cambodian neighbors are yet just now reappearing. Cambodia, in a border dispute with Thailand was the first to strike militarily. At the end of last month (July 2025), Cambodian artillery fired on civilian areas in Thailand's border provinces. There is strong evidence, Hun Sen, signer of the Paris Peace Accords shown on this banknote is actively involved in actions of the conflict. He is no longer the Prime Minister, but rather the President of the Senate. He turned over the Prime Minister role to his son after four decades in that role. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 322 The note displays impressive ultraviolet security inks, shown here under UV light. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 323 Welcome to the first installment of what will hopefully become a regular column on World Paper Money. If you are a collector of United States currency, you may not have been introduced yet to the wonderful field of world paper money. This column is meant as a low-key introduction to world paper money and its many facets. With the first printed money dating back to the 10th century (no, that is not a typo), and new issues being constantly released, there is plenty to cover! We will cover my own experience in the business, noteworthy offerings, collecting ideas, and more. I hope that along the way, I can inspire a few of you to perhaps start a collection beyond the United States. My own foray into (world) paper money, like so many, came as a result of being a coin collector. After my grandmother gave me a 19th- century coin (a Netherlands 2 ½ Cent dated 1884) at age seven I was hooked. This might seem unusual, but I grew up in the Netherlands, although I won’t be able to tell you where that coin originated. Paper money was a bit more of an afterthought. One of my earliest memories of paper money collecting comes from the summer of 1997, only a few years after I received that coin. The Netherlands released a new 10 Gulden issue (Pick-99), replacing the old type that had been in circulation for almost three decades, and I have a vivid memory of getting on my bicycle to the local bank (a very Dutch thing to do, as there are 23 million bicycles in the country for a total population of just 17 million) to acquire a crisp new, uncirculated note that I carefully placed in an album. The album came from what was essentially a subscription program that was quite popular at the time. You would subscribe and receive a magazine as well as a crisp uncirculated world note each month. After a few months, a nice album came, to put the notes in. Similar programs existed for stamps, model airplanes (you would get a piece of a plane each month, ensuring you had to subscribe for quite some time to complete the model), and even dinosaur skeletons made to scale. Such programs seem to have largely disappeared now, but no doubt for many young kids like myself at the time, it was a great introduction to numismatics and other hobbies. Netherlands 1997 10 Gulden All images courtesy of Stack's Bowers Galleries Of course, as so many other collectors will have experienced, by the time I was in my early teens other hobbies took over, and I took a brief break from collecting as I pursued other interests. My collection remained relatively intact (there was little to do with low value notes from places like Yugoslavia, Zaire, or Burma), except for that 10 Gulden, as the Netherlands switched to the Euro in 2002 and I redeemed it, no doubt to purchase the newest video game or whatever my interest was that month. The following year, however, I rediscovered coins and paper money, eventually moving to the United States and making a career out of a hobby that once started SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 324 as a young kid on a bicycle. If you are wondering, I have since built somewhat of a specialized collection of that 10 Gulden, including an original pack of 100 (deceptively difficult to find despite being a modern issue), various experimental notes on different kinds of paper, and other items related to that specific issue. There are many ways that collectors first get into the hobby. World paper money offers, quite literally, the world. Many beginning collectors may keep a few notes from a vacation and start building a collection of that country. Also popular is to collect a certain time period, such as notes issued during World War I. Beginning collectors may find pleasure assembling a collection based on a certain theme or color, something that has always been more popular with stamp collectors, although it is slowly gaining traction in world paper money as well. On the right side of this page, you will see an assortment of classic and modern notes that showcase the wide variety of this field. In all honesty, making a selection was extremely difficult; there is just so much to choose from! The notes imaged in this article range in value from less than $10 to many thousands, another fact that makes world paper money so attractive. You can spend as little or as much as you like when building a collection. In future columns, we will take a deeper dive into this fascinating collecting field, but I hope that for now, this column has at least piqued your interest! About the Author: Dennis Hengeveld is Director of Consignments & Senior Numismatist at Stack’s Bowers Galleries. He can be reached at dennis@stacksbowers.com. Collecting world paper money offers endless possibilities SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 325 $MALL NOTE$ Series of 1928 $5s from Minneapolis By Jamie Yakes he Minneapolis Federal Reserve District encompasses all of Minnesota and Montana, North and South Dakota, the northwestern half of Wisconsin, and Michigan’s Upper Peninsula. At 273 million acres, it covers fourteen percent of the area of the continental United States, but few people live there: In the 1930s there were just over five million1—at the time, a population smaller than some states, and four percent of the U.S. population. Most of the district’s residents, then and now, are concentrated in the metropolitan area of Minneapolis, St. Paul, and Blooming- ton, in the state of Minnesota. A small bank operationally, the Minneapolis Fed has often needed less currency than other districts. Federal Re- serve notes for Minneapolis were often printed and issued in low numbers, and many types have become hard to find. Today, collectors outbid each other for scarce varieties from Minneapolis. One particularly delightful set to pursue is the Series of 1928 five-dollar notes. Production of Regular Notes The Bureau of Engraving and Printing (B.E.P.) discreetly printed fives for Minneapolis: five press runs of eight Series of 1928 faces from October 1928 to October 1929; a single press run of four Series of 1928A faces in October and November 1929; and numerous runs involving forty-four Series of 1928B faces from November 1929 to March 1933. They never commingled faces from any series during sheet printing. The B.E.P. finished 11,436,000 regular notes and delivered them to the comptroller between February 1929 and October 1934. This was the least amount of 1928 fives produced for any district. They also numbered 144,000 star notes in four separate numbering runs from February 1929 to March 1933. Besides three different series, Minneapolis fives also had distinct treasury seals and serial numbers. Notes printed in the later months of 1932 were yellow-green seals with luminescent yellow-green seals and serials. Those differ from the dark-green seals printed prior to then, with their darker matte-green seals and serials. It’s possible to determine a rough estimate of the amount of each variety. By the end of October 1929, the B.E.P. had printed 3,996,000 regular notes, all 1928s. The balance printed from then until 1934 were 1928As and 1928Bs. The four 1928A plates yielded 652,800 notes.2 The remaining 6.8 million serials were applied mostly to 1928B notes. Of those, no more than 1.5 million received yellow-green seals and serial numbers. Historically, 1928A has been touted as the scarcest series. This is reasonable based on the data above, but it’s misleading. Over the past two decades, Heritage Auctions has sold similar amounts of all three series,3 and it’s not difficult to obtain an example of any of them. Series of 1928Bs are tougher than expected, and I’ll tell you why in a bit. The greater challenge with Minneapolis fives is locating a star note, especially a 1928A or 1928B, and a yellow- green seal. Production of Star Notes The B.E.P. numbered seventy-two thousand stars by July 1929, all of them 1928s. In March 1930, they numbered forty-eight thousand more, and in March 1933, did a final run of twenty-four thousand. The notes in the 1930 and ‘33 runs were likely all 1928Bs, with the 1933 run getting yellow-green seals. Stars of both series are available, with 1928s scarce and 1928Bs rare. T A nice 1928B $5 from the  Ninth District. And a hard  type to find. (Courtesy of  Heritage Auctions.)  SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 326 It’s possible no 1928A sheets got numbered as star notes. The B.E.P. printed 1928A sheets only in October and November 1929, and observed serial numbers on 1928A regular notes fall in the forty to forty-nine million range, which were numbered in November and December 1929. This suggests all 1928A sheets were consumed before 1930, leaving none for the star numbering run that March. Any sheets that got to 1930 were probably used in January and February, when the B.E.P. printed another million-plus regular notes. Discovery of a 1928A star would be a major event. Yellow-Green Seals The destruction of unissued 1928 notes in 1946 affected Minneapolis fives, and impacted the survivability of yellow-green seals and stars.4 When the Minneapolis Fed stopped issuing 1928s, the agent had 1,240,000, and the comptroller’s office had 1,436,000, for a total of 2,676,000 notes that got incinerated. That was a quarter of the amount printed. The comptroller held serials I10000001A to I11436000A. Assuming the bank agent also had consecutive serials, those would have been I08760001A to I10000000A. Serial number I08760000A, then, was probably the highest serial issued into circulation. That serial was printed in March 1931, so anything printed after that date was destroyed. Here is what followed and when, along with this author’s opinions of the colors of applied treasury seals and serial numbers: Date Serial numbers Seal & serials March 1931 I08592001A–I08832000A dark green April 1931 I08832001A–I09132000A dark green May 1931 I09132001A–I09432000A dark green July 1931 I09432001A–I09732000A dark green July 1932 I09732001A–I09852000A probable dark green Sep. 1932 I09852001A–I09912000A possible yellow-green Oct. 1932 I09912001A–I09972000A probable yellow-green Nov. 1932 I09972001A–I10032000A probable yellow-green 1933–‘34 I10032001A–I11436000A yellow-green It’s highly probable the entire production of yellow-green seals was destroyed in 1946. The comptroller held stocks from November 1932, so some yellow-green seals were shipped to the Minneapolis bank, but, based on the amount the agent held, all were in his possession and none got circulated. None has been reported. As for 1928Bs, they comprised the bulk, if not all, of the more than two and a half million notes destroyed in 1946, and is why they’re scarcer than the numbers suggest. Destroyed, too, was a significant amount of star notes, most with serial numbers above I00100000. Many of those also would’ve been 1928Bs, showing, again, why that type is scarce. Have fun with 1928 fives from Minneapolis. It’s a short set that can frustrate any collector, but, in the end, what a fabulous set they’ll have! ⁕ Cited Sources 1. Sixteenth Annual Report of the Federal Reserve Agent of the Ninth Federal Reserve District of the Federal Reserve Board, Calendar Year 1930. U.S. GPO. Accessed at http://fraser.stlouisfed.org. 2. Less, as some sheets would’ve been discarded as imperfect (unusable), and others were possibly numbered as star notes. See discussion above. 3. Heritage Auctions. “Currency: Resources: View Past Sale Prices.” Searches for “Fr. 1950-I $5 1928,” “Fr. 1951-I $5 1928A,” and “Fr. 1952-I $5 1928B.” Sold and unsold as of August 13, 2025. Not corrected for possible duplicate listings. Accessed at https://currency.ha.com/c/search/results.zx?ic4=Breadcrumb-071515. 4. Yakes, J. “‘Special Procedure for Destruction:’ The Fate of Unused 1928 Federal Reserve Notes.” Paper Money, Whole No. 358 (2025, Jul/Aug): 238. Other Sources Record Group 318: Records of the Bureau of Engraving and Printing. Entry P1: “Ledgers Pertaining to Plates, Rolls, and Dies, 1870s-1960s.” Container 146. National Archives and Records Administration, College Park, Maryland. SPMC.org * Paper Money * Sep/Oct 2025 * Whole Number 359 327 You Collect. We Protect. Learn more at: www.PCGS.com/Banknote PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2021 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC. PCGS Banknote is the premier third-party certification service for paper currency. All banknotes graded and encapsulated by PCGS feature revolutionary Near-Field Communication (NFC) Anti-Counterfeiting Technology that enables collectors and dealers to instantly verify every holder and banknote within. VERIFY YOUR BANKNOTE WITH THE PCGS CERT VERIFICATION APP OUR MEMBERS SPECIALIZE IN LARGE SIZE TYPE NOTES They also specialize in National Currency, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPCs, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of Dealers in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For further information, please contact: The Professional Currency Dealers Association PCDA • Holds its annual National Currency Convention in conjunction with the Central States Numis- matic Society’s Anniversary Convention. Please visit our Web Site pcda.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each year, as well as Paper Money classes and scholarships at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Susan Bremer – Secretary 16 Regents Park • Bedford, TX 76022 (214) 409-1830 • email: susanb@ha.com For a free appraisal, or to consign to an upcoming auction, contact a Heritage Expert today. 214.409.1001, Currency@HA.com, or HA.com/Currency. Paul R. Minshull #16591. BP 20%; see HA.com 79463 U.S. CURRENCY SIGNATURE® AUCTION Dallas | October 8 – 10 DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  CHICAGO  |  PALM BEACH LONDON  |  HONG KONG  |  MUNICH  |  TOKYO  |  PARIS  |  AMSTERDAM  |  BRUSSELS  |  GENEVA  Always Accepting Quality Consignments in 50+ Categories Immediate Cash Advances Available 2 Million+ Online Bidder-Members Highlights from Our Official GACC Auction Tucson, AZ - $5 1875 Fr. 405 The First National Bank Ch. # 2639 Petaluma, CA - $100 1874 Fr. 1165 The First National Gold Bank Ch. # 2193 PCGS Very Good 10 From The Charlton Buckley Collection Fr. 2221-E $5,000 1934 Federal Reserve Note PCGS Banknote Choice Uncirculated 64 PPQ Serial Number L1A Denomination Set of 1914 Red Seal Federal Reserve Notes (Each Piece Offered Individually) From The Charlton Buckley Collection Fr. 2407 $500 1928 Gold Certificate PMG Choice Uncirculated 64 EPQ From The Charlton Buckley Collection View All Lots & Bid at HA.com/3599