Ofϐicial Journal of Serial Number 100000000 Notes Stack’s Bowers Galleries Presents the Manhattan Beach Collection Featured in the Spring 2026 Showcase Auction March 9-13, 2026 • Costa Mesa, CA The Official Auction of the Whitman Expos America’s Oldest and Most Accomplished Rare Coin AuctioneerCalifornia • New York • Boston • Miami • Philadelphia • New Hampshire • Oklahoma Hong Kong • Copenhagen • Paris • Vancouver 1550 Scenic Avenue, Suite. 150, Costa Mesa, CA 92626 949.253.0916 • Info@StacksBowers.com 470 Park Avenue, New York, NY 10022 212.582.2580 • NYC@stacksbowers.com Visit Us Online at StacksBowers.com SBG PM Spring2026 HLs 260301 Fr. 1609H. 1935A $1 Silver Certificate Star Note. (R) Experimental. PMG Gem Uncirculated 66 EPQ. Fr. 2152-DlgsH. 1934 Light Green Seal $100 Federal Reserve Star Note. Cleveland. PMG Gem Uncirculated 66 EPQ. Serial Number 1. Fr. 2305H. 1934A $20 Hawaii Emergency Star Note. PMG Choice Uncirculated 64 EPQ. Fr. 1700. 1933 $10 Silver Certificate. PMG Gem Uncirculated 66 EPQ. Fr. 2211-CdgsmH. 1934 Dark Green Seal $1000 Federal Reserve Star Note. Mule. Philadelphia. PMG Gem Uncirculated 66 EPQ. Fr. 2011-B. 1950A $10 Federal Reserve Note. New York. PMG Choice Uncirculated 64 EPQ. Doubled Print Error. Fr. 2302. 1934A $5 Hawaii Emergency Note. PMG Gem Uncirculated 65 EPQ. Inverted Overprint Error. Peter A. Treglia Vice President & Managing Director of Currency PTreglia@StacksBowers.com Tel: 949.748.4828 Michael Moczalla Currency Specialist MMoczalla@StacksBowers.com Tel: 949.503.6244 Fr. 2405H. 1928 $100 Gold Certificate Star Note. PMG Choice Uncirculated 63 EPQ. Fr. 2407. 1928 $500 Gold Certificate. PMG Gem Uncirculated 65 EPQ. For More Information 800.458.4646 CA • 800.566.2580 NY Info@StacksBowers.com LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM 71 U. S. Serial Number 100,000,000 Notes--Peter Huntoon 78 Treasury Vault Robbed--Lee Lofthus 86 Verandah House Scrip--Charles Derby 91 Notes of the Jutlandia--Roberto Menchaca 102 How Congress Nationalized Paper Currency--Lee Eilers 106 bilingual Improvement and Banking Company Notes--Rick Melamed 94 Cherokee National Bank--Dave Grant 122 1883-1884 Postal Notes--Where Ample Rarities Abound--Bob Laub SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 65 Columns From Your President Robert Calderman 67 Editor Sez Benny Bolin 68 New Members Frank Clark 69 Uncoupled Joe Boling & Fred Schwan 111 Cherry Pickers Corner Robert Calderman 116 Dennis Hengeveld 120 124 Foreign Affairs Chump Change Small Notes Quartermaster Wrong Country Loren Gatch Jamie Yakes 125 Michael McNeil 126 Roland Rollins 129 Advertisers IFC 65 85 89 90 93 Stacks Bowers Galleries Pierre Fricke Executive Currency Greysheet Whitman Publishing Dennis Schafluetzel Higgins Museum 101 109 110 115 123 132 133 FCCB PCGS-C William Litt Bob Laub SCCS PCDA Heritage Auctions OBC 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 Aubrey & Adeline Bebee Hank Bieciuk Joseph Boling Q.David Bowers 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 Glen Jorde 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 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 * Mar/Apr 2026 * Whole Number 362 66 Officers & Appointees ELECTED OFFICERS PRESIDENT Robert Calderman gacoins@earthlink.net VICE-PRES William Litt 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 Robert Vandevendert WISMER BOOK PROJECT COORDINATOR Pierre Fricke From Your President Robert CaldermanFrom Your President Shawn Hewitt We’re excited to announce the details of our second annual Florida United Numismatists (FUN) Speakers Forum. In the fashion of our inaugural seminar last year, we’ll again have a total of five speakers making presentations, and close out the forum with our SPMC membership meeting on Saturday morning. The dates of the FUN convention are January 9-12, 2020 at the Orange County Convention Center, West Building WA1 & WA2, in Orlando, Florida. The first four talks are on Friday, January 10 in Room 304F (same as last year). Here is the lineup… - "The Current Status of the U. S. Small Size Paper Money Market". – Mr. Calderman, a specialist and dealer in U. S. small-size type notes will discuss the current trends in small size notes and the future of this paper money specialty. - "A Behind the Scenes Look at the Paper Money Auction Process"–Mr. Johnston, the Vice- President and Managing Director of the Currency Division at Heritage Auctions will discuss the nuts- and-bolts of conducting a major Paper Money auction. "An Overview of the Confederate Paper Money Market" . Mr. Fricke has been a long-time dealer in Confederate Paper Money and is the author of the standard reference on Confederate Paper Money "Collecting Confederate Paper Money: The Standard Guide to Confederate Money". "The good, the bad, and the ugly of antebellum bank note fraud" – Various types of pre-Civil War bank note fraud will be explored and illustrated. In addition, at the SPMC Membership Meeting (open to all) on Saturday at 8:30am in Room 303B we have: - "Overview of the SPMC Bank Note History Project" - This project is focused on two of the primary historical aspects of the "Hometown" National Bank Notes - the Banks who issued them and the bankers who signed them. I think we’re onto a good thing in making FUN another major venue for the face of SPMC. Our table will be 867 in the club section of the bourse floor, so please stop by. Again, this year, we are participating in the ANA Treasure Trivia Program, which is a great outreach to the youth of our hobby. We have some very nice world notes to hand out (to young numismatists) as souvenirs for visiting our table. Before I go, I should mention that we have a new Membership Secretary. Robert Calderman, one of our board members, has stepped up to fill the position recently vacated by Jeff Brueggeman. If you frequent the major shows, you may have seen Robert at one of our club tables. Robert is great resource for the Society, and we very much appreciate the work he does for us. 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 Cody Regennitt billitt@aol.com rman andrew.timmerman@aol.comAndrew Timme Wendell Wolka purduenut@aol.com frank_clark@yahoo.com derekhiggins219@gmail.com SECRETARY Derek Higgins billitt@aol.com er cody.regenitter@gmail.com Up in Punxsutawney, PA… Phil the groundhog officially saw his shadow back on Monday February 2nd. He was definitely on to something, because even down here in the warm southern state of Georgia we recently had six inches of snow on the ground! If you can believe it, down at the Charleston, South Carolina coin show in the “Low Country” we had three inches of snow fall. Even the sheer thought of this incoming onslaught quickly created panic into the hearts of the locals.. I genuinely think some of t ese folks would have actually started running for the hills, if there were any to be found.. the area is known for having very flat terra . As for the rest of us, counting in at less than a dozen dealers that remained calm, tayed fo the final day of the show, and knew deep in our hearts that it was going to be okay, we thoroughly enjoyed our moments in Charleston’s winter wonderlan for the very brief time that it last d. To our surprise, th re was a great dive bar s eakhouse that despite the s ow falling was actually open on Saturd y night! The gre t food and excellent service made for a very enjoyable evening. It was strange having six waitresses for a table of only eight of us, but when you have the entire place to yourself these things can happen! Were you fortunate enough to attend the Winter FUN Show back in January? While I do not have the exact numbers, the word on the street was attendance officially broke a new record of over 14,000 people! Supposedly this volume of dealers and collectors significantly crushed last year’s total that was closer to 10,000. Any of the naysayers that say the hobby is in decline need an attitude adjustment. Our hobby, at least in the state of Florida, sure appears to be alive and thriving! Our SPMC Breakfast went very well and hosted another sell out crowd of happy members and guests. The Tom Bain Raffle is always lots of fun and while I did not take home a huge pile of prizes this year, I was happy to see many smiling faces take home goodies they won! At one point there was even a rubber chicken floating around the room!?! Now that we are into the month of March it is time for you to make plans to be at next year’s FUN Show! Regardless of the potential irritation of the travel logistics, it is always well worth the effort to be there. There is some very unfortunate news to share with you. Collector & Dealer John Parker passed away on Saturday February 7t . There is not much information to share at this point, but from what I was briefly t ld, it sounds like he had an aggr ssive form of cancer th t he w s not aware of. John has been a joyous paper money ambassador for many decades within our obby, yet he and I met just a very sho t twelve years ago at a Dalt n, GA coi show. At he time, he lived not to far from me here in metro Atlanta and made it a point to tell me about the local monthly one-day show that still takes place on Sunday in Marietta, GA. As time went by and we got to know each other better, he was the person who encouraged me to dip my toes in the water and consider setting up as a dealer at our small monthly show. I am very grateful to have known John and owe him a debt of gratitude for giving me that initial push that has now become a huge blessing in my life! I will miss seeing John’s smiling face and happy personality at the shows. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 67 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 My little nurse! She is following her goompa in getting into that profession. And, her first patient, besides her dog--Ellie, will be-- ME! Yes, on March 10, I will have my right knee replaced (something I should have done a looooong time ago). Then, my left one about 4-6 months later. But I know I will be taken good care of by my RN and will have a lot of computer time! Since it is my right one, I won't be able to drive for 4 weeks! In my last column I lamented about how winter had not come to Texas yet. Well, in January it came and with a vengence. We were essentially shut down for 4 days, schools and stores closed and staying indoors. Some say it was the usual Texas overreaction to a little snow but those of us True Texans know it was due to all you yankees who have moved down here and think you can drive on snow but don't seem to realize we get a LOT of ice under that snow. But I digress. No more dissing those wonderful people from the north and invaded Texas (we let ya'll win) and on to bigger and better things paper wise. Speaking of bigger and better--FUN. FUN '26 was the biggest I have ever seen. Lines for the general public to get in were incredibly long. Aisles packed and people buying not just tire kicking. And then there were the exhibits, especially the 30 case one by our own treasurer, Bob Moon with >100 serial number 1 New York Nationals. Wow is all I can say. It was magnificent. I placed two exhibits and won a second (round silver disks) and third in paper money (portraits on fractional). Our annual SPMC breakfast and Tom Bain raffle were full and overall, it was an exciting and fun time at FUN! We inducted four people into the SPMC hall of fame. Aubrey and Adeline Bebee, Glen Jorde and Q. David Bowers. Well deserved honor for these paper greats. At the SPMC table, we gave away a lot of information on the society, recruited new members and were participants in the kids treasure hunt. A lot of kids came by to the point of having to go buy more notes. They were a real hit, especially the Venezulaen alligator note. On a sad note, we have to report the death of three of the greats in our hobby, Hugh Shull, Larry Falater and John Parker. Hugh was my all-time favorite paper money dealer. He is the reason I moved from collecting coins and into paper. He taught me many things and inspired my like no other. It was always a treat to see him, Don Fisher and Tom Denly side-by-side tables on the side wall at Memphis. You could make a day out of just listening to them tell tales (many very tall) and just a lot of good natured bantering. I did not know Larry well, only from some of the shows he attended. John Parker, now he was truly a gem. He was always talking and did not seem to meet a stranger. I did business with him at FUN '26, buying a number of vignettes from him. The hobby will miss all three of them. Till next time! Look out for those school zones and don't drive and text! 68 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 01/05/2026 Dues Remittal Process Send dues directly to Robert Moon--SPMC Treasurer 403 Gatewood Dr. Greenwood, SC 29646 You may also pay your dues online at www.spmc.org. 15958 Royce Benson Tuttle, 15959 David Klopp, ChatGPT 15960 Bob Sandeen, Shawn Hewitt 15961 William Halsne, John Patrick 15962 Michael Rothstein, Whitman Pubs 15963 Scott McNatt, John Patrick 15964 Paul Fedirka, Website 15965J John Isaac, Website 15966 Jeff Euto, Website 15967 Fred Glueckstein, Website 15968 Katrina Hernandez, 15969J Website 15970 Steve Kreps, Website 15971J Eleanor Higgins, Derek Higgins 15972 Philip Block, Frank Clark 15973 David Frohman, Website 15974 Johnny Ostendorf, Don Kelly 15975 James Audette, Caleb Audette 15976 Andy M. Shaw, Robert Calderman 15977 Dayton Johnson, Website 15978 Joshua Nickles, Chi. World Coin Fair 15979 Thomas Shaw, Website REINSTATEMENTS--None LIFE MEMBERSHIPS LM476 David Helfman, formerly 15253 LM477 Cord Polen, formerly 13748 LM478 Matt Draiss, formerly 14097 LM479 David Kranz, formerly 15400 LM480 Donald Scarinci, formerly 15182 LM481 Dale Lukanich, formerly 13407 NEW MEMBERS 02/05/2026 15980 Dan Dunn, Rbt Vandevender 15981 John Andrews, Website 15982 John J. Sideris, Rbt Vandevender 15983 Floyd Murdoch, John A. Parker 15984 Eldridge J. Gendron Jr., Website 15985 John B. Kern, Fred Bart 15986 Stan Bajic, BNR 15987 Will Crouch Jr, Frank Clark 15988 Mark Dowgiert, Frank Clark 15989 David Kayser, You Tube 15990 Cody Falcon, Frank Clark 15991 Greg Morken, Derek Higgins 15592 Tom M. - Website 15993 Peter Rousso, You Tube 15994 Vacant 15995 Michiko Yoshinaga, Website 15996 Jonathan Brookfield, Website 15997 Mathew Miller, Website 15998 Dennis Schafluetzel, Website 15999 Ed Nelson, Fred Bart 16000 Ronald Hedglin, James A. Simek 16001 Blake Hamilton, Facebook 16002 Joe Forsythe, Website 16003 Robert Yantz, Frank Clark 16004 Martin Yeung, Benny Bolin REINSTATEMENTS 09999 Mike Abramson, Website LIFE MEMBERSHIPS LM482 Robin Hill, IBNS LM483 Derrick Cloud, Facebook LM484 Bud Melton SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 69 We have lost a GIANT in the hobby! Cothran “Hugh” Shull, Jr. Notable currency dealer and author Hugh Shull passed away in Lexington, SC on December 19, 2025. Hugh specialized in obsoletes and confederate notes. He was Life Member #6 in the SPMC and was inducted into the Hall of Fame in 2018. He authored “A Guide Book of Southern States Currency” in 2007. A life member of the ANA, FUN and charter member of PCDA, he was named a numismatic Ambassador in 1992. Personal Reflections Hugh was the first paper money dealer I had extensive dealings with and he was my favorite. I got my first catalog from him in 1982 when I transitioned from a 20+ year coin collection (because I hated the way coins were going to TPG) and began a long collecting career of South Carolina Obsoletes. He was always very nice and went out of his way to teach me about the notes. I always enjoyed going to Memphis and just standing around listening to the good-natured banter between him, Don Fisher and Tom Denly, who were always on the sidewall next to each other laugh, tell stories and have fun. Raiden Honaker of Heritage says “Describing the legacy of Hugh Shull and his incredible influence on paper money is difficult to put into words, as his involvement of over half a century undoubtedly changed and impacted our hobby for the better. Hugh was the definition of a Southern gentleman, and I consider myself very fortunate to have known him and called him my friend. We all owe Hugh our sincere thanks for his dedication to our wonderful hobby and for educating countless collectors throughout his many years. His passion and admiration for paper money is difficult to match, and he will certainly be remembered as a true legend. Thank you, Hugh. We miss you deeply.” From Pierre and Joyce Fricke We were distraught upon hearing Hugh Shull’s passing on Saturday morning (December 20). We both saw this as a huge loss for the hobby as well as a great friend. I met Hugh Shull at the 2002 ANA World’s Fair of Money in New York City. My first impression of Hugh was that he was the consummate southern gentleman with the most charming personality. I had already ordered from his catalog and was amazed at the breadth and depth of his inventory. We talked for a while about how to collect CSA paper money, and I traded a couple of things with him. I was a new collector in paper money, having started in 2001, and I sought his advice eagerly. After discussing the new book for CSA paper money, I volunteered to take it on. Hugh was instrumental, helping make the 2005 and subsequent 2008 and 2014 books better than they would have been otherwise. We always looked forward to seeing him at the Dalton, Greenville and Franklin TN shows and a group of us would meet on one of the nights at these shows to visit over dinner. Hugh made paper money collecting more fun and interesting. His photographic memory was amazing. His fascinating stories drew a crowd at all the coin and currency shows. His depth of knowledge was unsurpassed so much that when he came up for consideration in 2018 to be inducted into the Society of Paper Money Collectors Hall of Fame, I supported it enthusiastically. Robert Gill says My first dealing with Hugh was many years ago. At that time, I had just recently discovered Obsoletes and had made up my mind to concentrate on collecting them in sheet form. At that time, Hugh took phone orders only by recording, but for some reason, that day he answered the phone. I told him I was interested in the sheets, and would get payment out in that day’s mail. But then, for some reason, he said to me, “ Now you’re sending the payment today… correct? I told him yes. Then he said, “I’m going to trust you and mail them today.” From that point on, with trust and respect for each other, he and I set out on a venture of building an Obsolete sheet collection that he said many times would not be achieved again. And it was during the past year he found the rarest sheet that he ever did for me. And even more prideful for him, it was a South Carolina sheet! SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 70 Documentation for United States Serial Number 100,000,000 Notes Purpose and Overview The purpose of this article is to provide all the documentation that we have found in Federal records that pertains to the production of serial number 100,000,000 notes. Serial number 100,000,000 notes represent the pinnacle in fancy serial numbers. They haven’t been made since 1936 so the supply is limited to three dozen or so in collector’s hands and an unknown population that hasn’t reached the numismatic market yet. Table 1 is the current census of 100,000,000 notes. This compilation was made with the enthusiastic help of serial number aficionados coupled with a thorough scouring of auction catalogs dating back to the famous Grinnell sales of 1946. Especially helpful contributors to this census were Martin Gengerke, Mike Abramson and Doug Murray. The earliest that has been recorded is a $1 Series of 1899 silver certificate printed in 1902 from the first Lyons-Roberts serial number block that had no prefix or suffix letters. The last reported is a $1 Series of 1934 bearing serial F100000000A that was the last 9-digit serial printed in the 1934 series. It was numbered on February 24, 1936. The use of 100,000,000 serials was restricted mostly to the highly visible $1 silver certificates with a few showings among the $1 Series of 1917 legal tenders of 1915-1920 vintage. Two deuces have been recorded; specifically, one each of an 1899 silver certificate and 1917 legal tender note. Only one Federal Reserve example is reported, a $5 Series of 1914 note from Chicago, which also is the highest denomination recorded. The census data reveal that printings of 100,000,000 serials appear to have been sporadic in the large size series from about 1923 through 1928. No small size examples were printed until the beginning of 1933. Then their production lasted only through 1936. The 100,000,000 notes were not printed on conventional numbering presses because the numbering heads on those presses could not accommodate a 9th numbering wheel. Instead the notes were make up notes that were numbered on paging machines. Paging machines are hand operated devices that apply serial Figure 1. $1 1917 Legal Tender D100000000A delivered to the Treasury on January 30, 1928 is the youngest reported large size 100000000 note that was printed. The Paper Column Jamie Yakes & Peter Huntoon SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 71 numbers one at a time from the same numbering head. The fact is applying serial numbers on those machines was a productivity-killing labour-intensive pain in the neck. Paging machines were routinely used to number large size type notes with low serial numbers during the era of the 100,000,000 notes. They also were used to number both large and small size high denomination replacement type notes as well as large and small size replacement national bank notes. There is ironclad physical evidence that the 100,000,000 notes were numbered on paging machines. The two numbers on a given specimen exhibit identically formed serial numbers; that is, the relative alignments and spaces between the characters within each are identical and the internal flaws within the individual characters are identical. This demonstrates that both numbers were printed from the same numbering head. Great care was used to print the numbers but even so some exhibit slightly tilted numbers identical to those observed on make-up replacement notes. Data from rollover sequences comprising 99999999, 100000000 and 00000001 notes reveal that the 100,000,000 notes were printed on separate sheets. Great care was taken to place the 100,000,000 serials on the correct plate positions on those sheets: however, the plate numbers usually differ from those found on the 99999999 note, which theoretically should have appeared directly above it on the same sheet. The following three rollovers from the Series of 1934 $1 silver certificate series nicely illustrate this point. $1 1934 B99999999A I194 2573 B100000000A J111 2542 C00000001A A36 2786 $1 1934 E99999999A I399 2725 E100000000A J397 3017 F00000001A A397 3017 $1 1934 F99999999A I752 2861 F100000000A J337 2741 G00000001A A750 2862 Figure 2. Rollover serial numbers between the AA and BA block in the $1 Series of 1934 silver certificates where each note came from a different sheet. A100000000A is a make-up note that was numbered on a paging machine. These came from the sale of the Albert A. Grinnell collection in 1946. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 72 The preference on the part of the management at the Bureau of Engraving and Printing was, of course, to avoid printing any 100,000,000 notes because they represented a bottleneck to productivity by having to be handmade. The 100,000,000 serials print as 00000000 in the normal course of machine production today. That note is rejected as mutilated and replaced with a star note. Only one legitimate 00000000 note is known to have escaped the Bureau, a $1 Series of 1969A Federal Reserve note bearing serial A00000000A complete with a red crayon reject line scrawled across its face. BEP Director Alvin W. Hall, who served from 1924 to 1954, was not the type of administrator who wanted his Bureau to be bothered with such things. His management style was to drive continually for efficiencies and cost-reducing innovations. It is easy to infer from the census of reported specimens that he quietly let production of the 100,000,000 notes lapse as much as possible during the end of the large note era and hoped to continue to avoid them during the small note era. A great testament to this came in the form of a complaint from the cashier of the Cleveland Federal Reserve Bank dated December 12, 1929, inquiring why $1 Series of 1928 silver certificate D100000000A was missing from the 25,000th brick that happened to be received at the bank. Production of 100,000,000 notes resumed in 1933 when the following was written in the BEP Numbering Division log book: “In place of a substitute star note the one hundred million figure was printed for the first time January 20, 1933 $1 Silver Certificate Series 1928 A100,000,000B.” Resumption may reflect the fact that high officials in Hoover’s Treasury and certainly those of Roosevelt who followed had a collecting bent as did philatelist-in-chief Roosevelt himself. Probably Hall was requested to resume the practice, which he did at least for the high profile $1 silvers. An internal mimeographed BEP explanation of serial numbering written September 22, 1933 explained the practice. “To have all notes numbered in even millions, a note is numbered 100,000,000 by hand at the proper time.” Production of the notes finally became history with the close of Series of 1934 $1s in 1936. None appeared on the new Series of 1935 notes. The issue rattled around again in the Treasury Department in 1941. An inquiry was made by someone in the department that reached Mr. Duncan, Chief of the BEP Numbering Division. He advised that the note following 99,999,999 was a star note. William S. Broughton, Commissioner of the Public Debt, confirmed the practice in a memo dated February 13th. Broughton’s memo was taken as an official directive and was very formally entered into the Numbering Division log book on February 18th. Those of us who routinely work with Treasury records including Lee Lofthus have copied every useful document found pertaining to 100,000,000 notes. That record is, of course, sparse. In the interests of historical accuracy, we are reproducing herewith a transcript of those documents in the chronological order in which they were written. Figure 3. Notice the tilt of the right serial number, the drop of both 1s and identical thin character of the leftmost zero in both. The two numbers were printed from the same numbering head on a paging machine. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 73 Undoubtedly additional gems will be discovered that can be used to build on this story. The information presented here certainly builds on the pioneering sleuthing into the 100,000,000 notes by Jack Fischer published in Coin World in the December 2, 1987 and March 2, 1988 issues. It is easy to understand heightened numismatic interest in 100,000,000 notes. They are visual knockouts. They eclipse all other fancy serial numbers in rarity, a reality exacerbated because they no long are being made. Yes, serial number 1 large size notes, 00000001 small size notes, as well as solids and other neat serial numbered notes on any size notes are prizes, but those serials are many many times more common and new ones are being printed every month. Table 1. Reported United States notes bearing serial number 100,000,000. Plate Letter Public Sale Large Size Notes: Legal Tender Notes $1 1917 Teehee-Burke A100000000A D Elliott-Burke D100000000A D Elliott-Burke E100000000A D Elliott-Burke K100000000A D $2 1917 Elliott-Burke A100000000A D Silver Certificates $1 1899 Lyons-Roberts 100000000 D Vernon-McClung V100000000 D Napier-McClung Z100000000 D Napier-McClung E100000000E D Abramson 2/16 Parker-Burke K100000000K D Abramson 10/16 Parker-Burke M100000000M D Grinnell lot 967 Parker-Burke N100000000N D Teehee-Burke R100000000R D Grinnell lot 966 Teehee-Burke U100000000U D reported by Knight Teehee-Burke V100000000V D Abramson report 1/16 Teehee-Burke B100000000A H Abramson 2/16 Elliott-White H100000000A D Elliott-White K100000000A Stacks 6/2005 Speelman-White M100000000A D Speelman-White N100000000A D Speelman-White R100000000A H Speelman-White V100000000A D $1 1923 Speelman-White Z100000000B D Speelman-White N100000000D H Grinnell lot 968 $2 1899 Teehee-Burke M100000000 D Abramson 12/98 Federal Reserve Note $5 1914 White-Mellon G100000000A H Small Size Notes: Silver Certificates $1 1928A C99999999B, C100000000B Grinnell lot 5735 $1 1928B G99999999B, G100000000B Grinnell lot 5737 I99999999B, I100000000B, J00000001B $1 1934 A99999999A, A100000000A, B00000001A Grinnell lot 5733 B99999999A, B100000000A, C00000001A Grinnell lot 5734 C100000000A E99999999A, E100000000A, F00000001A F99999999A, F100000000A, G00000001A Grinnell lot 5736 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 74 Appendix The following are verbatim transcripts of every useful document or relevant part of a document we have found to date pertaining to the production of notes bearing serial number 100,000,000. The source for each is cited in brackets. ______________________________________________________________________________ December 12, 1929 Mr. W. E. Broughton Commissioner of the Public Debt Treasury Department Washington, DC Dear Mr. Broughton: It is the writer’s recollection that you have expressed some interest in the work of the expert who has been developing the Treasury currency collection and, therefore, are not unsympathetic with the interest in the numismatic field. It is for that reason that we are taking the liberty of bringing the subject of this letter to your attention. The transition in the size of the currency has broadened the interest in preserving currency specimens of the old and new series and this bank has added to its collection and accommodated bankers and private collectors by providing interesting specimens. As you are doubtlessly aware distinctive and unusual combinations of serial numbers are items of particular interest, and in the arrangement of matched sets in all denominations of our own new series notes we are very much disappointed that certain desirable low numbers were eliminated and “star” numbers bills substituted that precluded the possibility of making matched sets in the numbers desired. The scanning of other lots of United States currency that have come to us from time to time also reveals the fact that the numbers sought are missing and substitute numbers of the “star” series introduced. It is recognized that inspection and elimination of imperfect bills naturally break sequences, but from our observation it is hard for us to believe that the elimination and substitution in all cases is merely the result of causal printing errors, and we would inquire if it is the practice, with Treasury approval, to permit operators to eliminate desirable numbers at the original source rather than to permit their release to the general public in the natural course. The enclosures of a label and a currency strap are sent as an illustration of the pertinent case in that the final number of the series, D100,000,000A, was missing and a substitute bill was in its place. The other six numbers that were exchanged were scattered throughout the package rather remotely located from this terminal number. This subject is, of course, of no vital importance and we report the matter for whatever consideration it merits. Very truly yours, C. L. Bickford Assistant Cashier Figure 4. This is the only reported Federal Reserve note with a 100000000 serial and also the only such note that has a face value greater than $2. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 75 (Bureau of the Public Debt, various dates) ________________________________________________________________________________________ December 20, 1929 To Mr. Hall: Regarding the attached letter from Mr. Brickford, I presume the answer is that the numbering blocks for currency run to eight places only, with a prefix letter and a suffix letter, and so when 100,000,000 is reached it is necessary to substitute a star number, for this number contains nine places or one place more than the numbering blocks used for the small currency. Am I right? W. S. B. (William S. Broughton, Commissioner of the Public Debt) (Bureau of the Public Debt, various dates) _________________________________________________________________________________________ December 21, 1929 Treasury Department Bureau of Engraving and Printing Office of the Director Memorandum For Mr. Broughton: Relative to the memorandum of Mr. C. L. Brickford, Assistant Cashier, Federal Reserve Bank of Cleveland, regarding the numbering of currency: The numbering blocks used on currency have only eight wheels and consequently the highest number of any series would be 99,999,999, hence the necessity to place a star note in place of 100,000,000. The inference that operators are permitted to take out certain numbers is absurd. When an examiner begins operations she draws 100 star notes and when she has made 100 substitutions she returns the imperfect notes and they are checked and accounted for until cancelled and macerated. A. W. Hall (Director of the Bureau of Engraving and Printing) (Bureau of Public Debt, various dates) ________________________________________________________________________________________________________ January 20, 1933 In place of a substitute star note the one hundred million figure was printed for the first time Jan 20, 1933 $1 Silver Certificate Series 1928 A100,000,000B (Bureau of Engraving and Printing, undated) _____________________________________________________________________________________________ Figure 5. End label from the brick with the missing D100000000A note that was submitted by Assistant Cashier Bickford in his letter to Mr. Broughton. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 76 September 22, 1933 In a memorandum dated September 22, 1933, entitled: “System of numbering United States Paper Currency in the Bureau of Engraving and Printing” it is explained that: “To have all notes numbered in even millions, a note is numbered 100,00,000 by hand at the proper time” (Bureau of Public Debt, various dates) ________________________________________________________________________________________________________ February 13, 1941 Mr. Emerson Treasurer’s Office (Room 132) Mr. Duncan advises me that in numbering paper currency a “Star” note is used for the next note following 99,999,999. The statement in the Bureau mimeograph that “A note is numbered 100,000,000 by hand at the proper time” is not correct according to that advice. W. S. B. (William S. Broughton, Commissioner of the Public Debt) Copy for Mr. Hall (Bureau of Public Debt, various dates) ________________________________________________________________________________________________________ February 18, 1941 Decided that hereafter all packages of all Denominations when in their numerical order reach the number 100,000,000 (that owing to difficulty in printing this number) that number shall be substituted by a number preceding or followed by a star as the kind requires. This order was given by Mr. Duncan in the presence of Mr. Kessler & Miss Harper and Mr. Lourd. (Bureau of Engraving and Printing, undated) ________________________________________________________________________________________________________ Sources Cited Bureau of the Public Debt, various dates, file containing a letter of inquiry and internal memos pertaining to the lack of use of a serial 100,000,000 note in a package of $1 1928 silver certificates received at the Federal Reserve Bank of Cleveland in 1929 as well as other documents relating to numbering currency at the Bureau of Engraving and Printing: Bureau of the Public Debt, Entry UD Acc # 53-88-14 (53/450/82/4/1 box 1, file: Numbering plans), U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, undated, Log book maintained within the Numbering Division: Bureau of Engraving and Printing Historical Resource Center, Washington, DC. Figure 6. Heritage Auction Archives. photo. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 77 National Bank Note Sheets Stolen from the Comptroller of the Currency Vault Lee Lofthus The U.S. Treasury Department went to great lengths to protect the unissued currency in its vaults during the national bank note era. Nonetheless, between 1912 and 1916, three hundred and ten unsigned sheets of large size nationals printed for four national banks were stolen from the Comptroller of the Currency vaults in the Treasury building in Washington, D.C. We know of one theft because of newspaper coverage in 1916. We know of the other three thefts only through the discovery of an unusual note pinned to a page in the Comptroller’s National Currency and Bond ledgers at the National Archives. But thanks to the Currency and Bond ledgers, numismatists have been left with fabulous insight into how the thieves exploited idiosyncratic national bank note issue protocols to help cover their tracks. The Sheffield National Bank The theft that made the newspapers was the smallest of the four. In October 1916, several newspapers reported a Treasury employee had been arrested for stealing 10 sheets of unsigned national bank notes worth $500. The sheets were stolen from the vault stock for The Sheffield SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 78 National Bank in Alabama, charter 6759. At the time of the theft, the bank was receiving Series 1902 date backs in 10/10/10/20 sheets. National bank note circulation was the responsibility of the Office of the Comptroller of the Currency, specifically the Issue Division. In the fall of 1916, the Comptroller’s office became aware of a shortage of $500 in the stock count for The Sheffield National Bank. A 12-year Treasury employee confessed to stealing 10 sheets of incomplete currency. “Incomplete” currency was Treasury’s term for unsigned sheets of national bank notes. Nationals were not considered monetized until delivered to the banks and duly signed by the bank officers. Figure 1. The vault theft of The Sheffield National Bank sheets involved Series 1902 date back notes like this one. Ironically, while the authentic bank signatures faded from this note, it was forged signatures on the stolen notes that alerted the National Bank Redemption Agency sorters that something was amiss and led to catching the perpetrator in October 1916. Heritage Auction archives photo. According to the Raleigh, North Carolina News and Observer, October 15, 1916, the accused employee, originally from North Carolina, was a clerk in the office of the Auditor of the Post Office Department (then part of Treasury). He was detailed to the Comptroller of the Currency’s Issue Division and worked as a vault clerk. The theft was discovered earlier in October when several notes from The Sheffield National Bank showed up at the National Bank Redemption Agency (NBRA) with forged signatures. Prior to 1921, NBRA redemption clerks were assigned to “sort groups” responsible for certain towns arranged alphabetically. Immense credit goes to the eagle-eyed NBRA redemption clerk assigned to southern “S” towns who noticed the signatures were different than those she was used to seeing on Sheffield National Bank notes (Figure 1). Subsequent investigation by the Secret Service led to a search of the home of a vault clerk, where two unsigned $10 bills from Sheffield National were on top of the employee’s furnace. The clerk admitted taking the 10 unsigned sheets and said he had spent all but the two $10 bills. He was held in custody when he could not post the $10,000 bail. A $500 theft may not sound large, but the annual salary of a Treasury clerk at the time ranged from $800 to $1,800 depending on the person’s assignment and seniority (Comptroller of SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 79 the Currency, 1916, p.21-23). The clerk involved was earning $1,800 a year (Official Register, p. 522). It was reported in the press as the first theft of its kind. National bank notes had been robbed from banks before, and incomplete sheets had been robbed while in-transit to banks, but never before had Treasury found unsigned sheets stolen directly from the Issue Division vaults (Morning Chronicle, Oct. 31, 1916; River Press, November 1, 1916). The news report did not reveal how the sheets were smuggled out of the Comptroller’s vault and the Treasury building. (Figure 2). In a peculiar twist, multiple press accounts said the clerk had signed the stolen notes using the names of some of his fellow Treasury clerks (Morning Chronicle, Oct. 31, 1916; River Press, November 1, 1916). Perhaps it was karma that the unusual signatures led to his capture. Revelations from the Sheffield Ledgers A review of the Currency and Bond Ledgers for Sheffield was disappointing in that there is no reference to the theft. Nonetheless, upon examination, it was apparent what made the Sheffield bank sheet stock susceptible and how the culprit engineered his theft. The Currency and Bond ledgers for charter 6759 show that the bank had maintained a $50,000 circulation backed by 2 percent Consol bonds prior to the outbreak of war in Europe in Figure 2. This 1914 photograph shows one of the enclosed corridors inside the Treasury building where fiscal operations took place. One vault is at left, and a watchman is on duty. Anyone removing national bank note sheets from the Comptroller’s vaults had to surmount other clerks ordinarily being in the vault rooms, then go past watchmen in halls like this, with armed guards at the exits. Library of Congress photograph LCN 2016862691. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 80 the summer of 1914. That August, The Sheffield National Bank, like more than 1,300 other national banks, sought to avoid a potential national monetary panic that some feared the war would bring upon the U.S. The Sheffield bankers joined a National Currency Association and through it obtained $55,000 in emergency currency backed by “other securities,” i.e. securities other than Treasury bonds. Given Sheffield’s location in Colbert County, a major cotton producing area in northern Alabama, the bank’s “other securities” may have been cotton warehouse receipts. As events would transpire, the bankers never circulated all their emergency currency, so when it came time to redeem it, they returned much of it in uncut sheet form. In February 1915, they returned 500 uncut, unsigned sheets worth $25,000 to the Treasurer’s redemption agency to partially redeem their emergency currency. Those sheets were redeposited for reissue in the Comptroller’s inventory. This was a new procedure, authorized by Treasury as a waste prevention measure. On March 9, 1915, the Comptroller’s Issue Division clerks began sending the redeposited sheets back to the Sheffield bank as replacements for worn notes. Because they were reissuing sheets whose serial numbers had already been recorded as issued, the protocol used by the bookkeepers was to record the date and dollar amount of the reissues but not serial numbers. The ledgers reveal that although the bankers returned the 500 sheets, only 490 were reissued. The Bookkeeping Division maintained a stock entry on the ledgers for the last 10 sheets until 1928 that represented the stolen sheets. The thief exploited the hectic environment and the emergency currency redeposit procedure to embezzle 10 sheets that were no longer accounted for by serial number. There was no evidence of the ledgers being tampered, so the Issue Division’s own vault counts should have eventually disclosed the theft if the NBRA had not noticed the forged notes first. The clerk who stole the sheets lost his job at Treasury and was indicted in December 1916. Secret Service records indicate he pleaded guilty and received probation and time served (Secret Service, 1916-7). Three Bigger Thefts The big money was in the next three thefts. I came across these incidents while working on another project in the National Currency and Bond Ledgers. Turning pages, I stopped short upon finding the following lengthy typed note pinned to a ledger page for The Greensboro National Bank (5031), Greensboro, North Carolina. “Note: This account was altered at some time between Dec. 9, 1914 and February 28, 1916, and it was thus falsely made to appear that $5,000 less in the currency of the 10/20 denomination of the Greensboro National Bank, Greensboro, N.C. was on deposit in the vaults of the Issue Division than was actually there or ought to have been there. The notes numbered from 8701 to 8800 were wrongfully withdrawn from the vaults presumably at the time this account was altered as above set forth, they were embezzled and placed in circulation by the individual and the shipment schedules under date of August 5, 1916 were falsified and the record thus made to appear that $15,000 less than the true amount was chargeable to the vault. The ledgers which carry the accounts of the First National Bank of Fremont, Nebraska, between February 8. 1911 and April 5, 1912, and the First National Bank of Yankton, South Dakota, between January 17, 1911, and January 6, 1913, were similarly falsified by $5,000 each and the funds were similarly embezzled. * * * The foregoing corrections have been made on the books by authority of J.W. McIntosh, Comptroller of the Currency, under date of April 14, 1925. Copies of the note were attached to the Fremont and Yankton pages as well. The theft of 100 sheets each from three different banks, totaling $15,000, was a stunning development. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 81 No information was provided as to how 100 sheets of significant size and weight were smuggled from the vault during each theft. Puzzling is the fact that the explanatory note was dated April 1925. Whether the thefts weren’t discovered for a long time, or it took until 1925 to get approval to adjust the vault balance and bank ledgers, is unexplained. Also unexplained was whether the thief was ever caught. Cooking the Books The way the thief covered his tracks was readily apparent upon close examination of The Greensboro National Bank ledger. On December 17, 1914, the Comptroller’s vault had received 800 sheets of Series 1882 date back notes, $40,000 total, from the Bureau of Engraving and Printing (BEP). The entry is clear that sheet serials 8001 to 8800 were logged into the vault. By October 1915, that ledger page had been filled and a new page begun in another volume. Sheets 8001 to 8800 were still in the vault stock, and their serials were recorded as carryover balances on the new page. But sometime after January 12, 1916, the thief altered the ledger entry with an erasure to make it appear the delivery consisted only of serials 8001 through 8700 (Figure 3). The same technique was used to alter the books in the Fremont and Yankton cases. But there was more sophistication to these cases than the Sheffield theft. Figure 3. Entries from successive ledger pages for The Greensboro National Bank. Top: ledger entry for December 17, 1914, recording the receipt of the last 800 Series of 1882 date back 10-10-10-20 sheets printed for the bank. Bottom: carry forward entry on the new page begun in October 1915 with ending serial 8800 altered to 8700. Currency and Bond Ledgers, National Archives, College Park, MD. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 82 Figure 4. Bureau of Engraving and Printing proof of a Series of 1882 10-10-10-20 date back sheet for The Greensboro National Bank. The thief smuggled 100 sheets like this worth $5,000 out of an Issue Division vault, and took similar sheets from the stocks of the Fremont and Yankton banks. National Numismatic Collection photo. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 83 A Devilishly Clever Plan The three banks all had something important in common: they each had their charters extended shortly before the thefts. The thief in these cases would exploit the fact that, per the National Bank Act, upon extension the bank would receive notes from a new series and the leftovers from the previous series would be withdrawn from the vault and destroyed. If the thief watched for charter extensions, he could await the arrival from BEP of the notes of the new series, then steal from the unissued residuals in the old series. There was no one to focus on the notes sent for destruction as long as the sheet serials being destroyed matched the vault balance on the ledgers. Consequently, he falsified the bank ledgers as well as the receipts ledgers by altering the final serial numbers in those printings. The Greensboro National Bank was originally chartered in January 1896. The bank was extended on January 8, 1916. On January 12, 1916, the BEP delivered the first 1000 sheets, serials 1 to 1000, of new Series 1902 plain backs. The old Series 1882 date back stock that was sent for destruction in February 1916 consisted of remnant sheet serials 8296 to 8700, matching the ledger where serial 8700 had been altered down from 8800. (Figure 3). Fremont and Yankton The thefts from the Fremont (1974) and Yankton (2068) banks followed the exact same scenario. Like the Greensboro case, the stolen sheets from Fremont and Yankton were also Series 1882 date backs. See Table 1. Table 1. Sheet Serial Falsified Approximate Sheets Bank Nos. Delivered Ledger Entries Timeframe of Theft Stolen FNB of Fremont 2001-3000 2001-2900 March/April 1912 100 FNB of Yankton 2001-2400 2001-2300 Nov 1912/Jan 1913 100 Greensboro NB 8001-8800 8001-8700 January/Feb 1916 100 Conclusion The thefts were a loss for the Treasury, not the four national banks whose incomplete currency was stolen. All four cases involved the theft and passing of nationals with forged signatures. The original National Bank Act provided no protection to individuals or banks that accepted a forged note. If a forged note was identified, it was seized and the holder lost his or her money without compensation. The basic unfairness of placing the burden to validate signatures upon citizens and banks caused years of resentment. Congress finally solved the problem with the Act of July 28, 1892, allowing for the redemption of stolen nationals with missing or forged signatures. As such, if a note holder unknowingly ended up with a forged note from the thefts in this article, Treasury would have made good on it. Any loss to Treasury for redeeming such notes was made up many times over by other nationals permanently lost and those that never came in for redemption. The National Currency Foundation Census does not currently report surviving notes from any of the stolen serial numbers for the affected Greensboro, Freemont, or Yankton banks. Acknowledgements Jamie Yakes provided several newspaper accounts of the Sheffield theft. The proof sheet image is courtesy of the Society of Paper Money Collectors National Bank Lookup Website (spmc.org) that links to the BEP proof sheets in the Smithsonian National Numismatic Collection. The Sheffield National Bank note image is from Heritage Auctions. The National Currency Foundation’s National Bank Note Census continues to be an invaluable resource. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 84 Sources Comptroller of the Currency, 1863-1935, Division of Issues, National Currency and Bond Ledgers: Record Group 101, Entry UD- 14, National Archives, College Park, MD. Comptroller of the Currency, 1919, Annual Report, December 4, 1916, Volume 2. Government Printing Office, Washington, DC. 1038 p. Via fraser.stlouisfed.org Comptroller of the Currency, The National Bank Act (with Amendments and Additional Acts), Treasury Department Document 1382, Government Printing Office, Washington, DC. 1890. 126 p. Department of Commerce, Bureau of the Census, Office Register of the United States, Persons in the Civil, Military, and Naval Service, 1915: Government Printing Office, Washington, DC. 916 p. Evening Star, Washington, D.C., October 25, 1916, Says Treasury Clerk Stole Unsigned Money; December 29, 1916, Grand Jury Returns Forty-Five Indictments. Kelly, Don, 2004, National Bank Notes, A Guide with Prices, 4th Edition: The Paper Money Institute, Oxford, OH, 592 p. Lofthus, Lee, May-June 2024, Protocols for Handling the Issuance and Redemption of Aldrich-Vreeland Emergency Currency: Paper Money, Vol. 53, p. 158-194. Morning Chronicle, Manhattan, Kansas, October 31, 1916, Stole by Wholesale, Clerk Accused of Taking Sheets of Unsigned Money from Treasury. New York Times, New York, October 15, 1916, U.S. Treasury Robbed. Timesmachine.nytimes.com Raleigh News and Observer, Raleigh, North Carolina, October 15, 1916, Money Vaults of Uncle Sam Robbed. Society of Paper Money Collectors, National Bank Lookup website, spmc.org The River Press, Fort Benton, Montana, November 1, 1916, Alleged Theft from Treasury. U.S. Treasury Department, Secret Service Division, Docket Ledger of arrests, July 1, 1916 to June 30, 1917: Record Group 87, Entry 34, 87/450/66/7/2 Box 6, National Archives, College Park, MD. Winners 2025 Wismer Award for Best Book for 2025. United States Paper Money Errors SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 85 Stephen G. Wells’ Verandah House Scrip: Good for Boarding and Merchandise in Antebellum and Civil War Rome, Georgia By: Charles Derby One of the joys and headaches of collecting scrip is knowing exactly what you have. Take this “Verandah” note as an example – a 25-cent note printed in Rome, Georgia, on August 15, 1862, with some vignettes and a faded signature. It presents a challenge to the collector, but a combination of clues on the note itself and some research using a variety of sources yields an answer. First, a search of the Heritage Auctions database reveals two other denominations of these Verandah notes, a 10 cent and 50 cent note. Collectively, these three notes yield more clues. Each has a central vignette of a large building and four smaller vignettes of chairs, tables, bales, barrels, and sacks. Few were issued, based on the serial numbers being in the range of 100-200. The issuer’s signature is collectively discernable as “S. G. Wells.” There is no imprint, but its appearance is consistent with being printed by David Mason’s Job Office, the principal printer in Rome at the time, who also printed hundreds of other types of scrip in Georgia, Alabama, and Tennessee1. Historical research then yields the answer: these notes were issued by Stephen G. Wells, who during the 1850s and 1860s was the proprietor of a boarding house and general store known as Verandah House, located near the Rome Railroad depot in downtown in Rome, Georgia. Stephen G. Wells was born on June 22, 1795, to Joshua and Sarah (“Sally”) Ladd Wells in Mount Vernon, Kennebec County, Maine, the eldest of 11 children.2 In 1822, at age 27, he married Pamela Prescott 1800–1834) in Kennebec. They had a daughter, Martha A. Wells (1834-1880), the year Pamela died, suggesting that Pamela died in childbirth. By 1838, Stephen made a major move – to Columbus, Georgia.3 He established himself there as a successful merchant, businessman, and citizen over the next decade. He and his business partner, Reuben R. Hudgins, formed Wells & Hudgins, a successful dry goods, grocery, and provision store that operated in the late 1830s and early 1840s.4 Stephen became a town leader, serving as Alderman in the Columbus government.4 He married Martha Evans (b. 1809, father Terry Evans), but SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 86 she died in January 1842 “after a painful illness of more than two months” at age 33 years.5 In 1845, at age 50, he married Nancy “Ann” Perryman, 25 years his junior, and they began a family with the birth of their first child, Stephen, in 1846. He bought and lived in a house that survives today: the Wells-Bagley House. Originally located at the corner of Front Avenue and Eighth Street overlooking the Chattahoochee River, it was moved to 22 Sixth Street due to downtown commercial development. Since 1969, it has been on the National Register of Historic Places. Interestingly, while a businessman in Columbus, Stephen and others warned of the expansion of paper money in the late 1830s and early 1840. They wrote: “We, the undersigned, merchants and citizens of Columbus, looking upon the great amount and variety of Change Bills now in circulation as a great and growing evil, do mutually agree and pledge ourselves that, on and after the first day of December next, we will not receive, or pay out, any other than bill of the City Council of Columbus.”6 Such was a typical problem in this time, and indeed Columbus then had notes from several banks, insurance companies, and individuals, making the note like that shown here to be much safer for exchange by businessmen like Stephen. But financially, events unraveled for him. In 1842, a fire severely damaged his store with Hudgins, and they had no insurance.7 By 1846, things had gotten so bad that a legal settlement against Stephen forced him to give up his properties including land and buildings.8 Stephen decided to seek new opportunities: he moved to the other end of the state, from Columbus in the south to the up and-coming city of Rome in the northern mountains of Georgia. Formed in 1834 after the forced removal of the Cherokee Nation, Rome became the government seat of Floyd County, rich in agriculture, especially cotton, and in railroads and rivers for moving the products to market. At the time Wells moved there, Rome got its first railroad, and soon it had both the Rome Railroad with connections to the east and the Western & Atlantic Railroad with connections to the north and south. Also, in downtown Rome, where the Rome Railroad Depot and The Verandah were located, the Oostanaula and Etowah rivers joined to form the Coosa River. By 1850, Wells had bought and was proprietor of the Verandah House9 (spelled both “Verandah” and “Veranda” by Wells himself). Newspaper advertisements reveal the location of The Verandah: on Broad Street, within sight of and on the same side of the street as the Depot, and three stores north of Rome Bank. Indeed, Wells’ advertisement that the Verandah “covers the lot in the most desirable part of the city” is not an understatement. When Wells purchased The Verandah, it was more a general store than a boarding house, which he advertised as a “Provision Store” and told the public, “A few young men can be accommodated with Boarding.”13 Other advertisements listed available provisions including bacon and drugs such as “James’ Neuralgic Liquid” and “Nunnally’s SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 87 Chemical Patent Soap.” Wells soon expanded the boarding house business of the Verandah. By 1855, Wells described The Verandah as having three store rooms on the first floor, a basement for merchant and dry goods, and for guests, “six upper rooms, two rooms below, dining room and kitchen - stables and consign houses, and a first rate never failing well of water.”14 As Wells’ business was growing, so was his family.15 By 1860, the 65 year old Stephen and third wife Ann had five children: Stephen aged 14, Henry aged 11, Edward C. aged 10, Gustave Augustus aged 616, and Frank C. aged 2.15 Stephen was also an Alderman in Rome. The two images below are a photograph10 and a map11 of Rome in the fall of 1864, viewed from the same aspect. In these images, the Etowah River flows from right to left into the Oostanaula River, forming the Coosa. The bridge to left is the 2nd (or Howard) Avenue bridge, and a pontoon bridge in the foreground center is near what is today the Broad Street bridge, leading into the Depot area, with Broad Street running perpendicular to 2nd Avenue. The American House, a two-story hotel with a wide veranda, is located on the corner of Second Avenue and Broad Street. A firsthand account of downtown Rome during the Civil War by H. W. Johnson helps to place the Verandah in this picture.12 Johnson described the “Wells Hotel” (aka the Verandah) as toward the Etowah from the American House and on the same side of the street. “Farther down Broad Street [from the Wells Hotel] were other business houses…Thence it was low and swampy to the Oostanula and Etowah Rivers.” The Civil War brought new financial challenges to Wells and his Verandah. In 1861, he was running a grammar school at the Verandah, charging $2 per month tuition with him as both teacher and proprietor.17 By late 1863 and early 1864, the fighting was heating up in southeast Tennessee and northern Georgia, especially as Sherman began his march toward Atlanta. So, Wells began marketing the Verandah for the military, offering “ROOMS TO RENT Furnished for Officers or Soldiers, when their friends call to see them.”18 But Rome was occupied by Union forces in May 1864, and they remained there until November 1864. Upon their departure, parts of Rome were burned, and the local townspeople set up a small patrol that included the few remaining men in Rome, old as they were, for protection of their houses, and Wells was among them.4 By the end of the war in 1865, 70-year-old Wells decided to sell The Verandah to younger merchants, Claiborne & Guthrie.19 By 1867, still in business on The Verandah block though not in the Verandah itself,20 the Maine-born Stephen Wells took the oath of allegiance to the Union. In 1869, at age 74, Stephen, Ann, and their children left Rome after living there for 20 years and returned to Columbus, where he and Ann had met and married. Two years later, Stephen died suddenly, from the effects of injuries that he received by falling from his steps a few weeks before.21 He was buried in Columbus’ Linwood Cemetery, in a grave that today is unmarked. At least we have his Verandah scrip with his name as a reminder of his life. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 88 References and Footnotes 1 Derby, Charles. “Mason’s Job Office of Rome, Georgia: David Hastings Mason Jr. and his Tri-State Obsolete Currency.” Paper Money (Nov-Dec 2020), pp. 426-436. 2 Ancestry.com and U.S. Censuses. 3 Columbus Sentinel and Herald, April 19, 1838. 4 Martin, John H. 1874. Columbus, Geo. From Its Selection as a ‘Trading Town’ in 1827 to Its Partial Destruction by Wilson’s Raid in 1865. Thos. Gilbert Book Printer and Binder, Columbus. 5 Columbus Enquirer, February 2, 1842. 6 Columbus Enquirer, November 24, 1841. 7 Columbus Argus, March 16, 1842. 8 Columbus Times, October 7, 1846. 9 Rome Courier, April 25, 1850. 10 Photograph of Rome by Union photographer George M Barnard, in fall 1864 when Sherman left Rome for Atlanta. https://commons.wikimedia.org/wiki/File:Rome,_Georgia,_in_1864.jpg 11 Map of Rome by Asbury L. Stephens of the Union army, drawn on October 8, 1864, showing the locations of fortifications, a steam boat landing, and troop positions. Gilder Lehrman Collection #: GLC04498.04. 12 H.W. Johnstone, “A Pen Picture of Rome,” from the Rome Tribune, January 26, 1907. 13 Rome Courier, May 16, 1851. 14 Rome Courier. May 22, 1855. 15 In 1855, at age 21, Martha A. Wells (Stephen’s daughter from his first marriage) married Peter A. Omberg in Rome. They had one child (Niles Ernest Omberg) before Peter died in 1860. Martha continued to live in Rome, where she died in 1880. In 1864, Stephen and his third wife, Ann had a sixth child, Mary O. Wells. 16 In 1866, Augustus, at age 11, accidentally injured himself with a shotgun blast, and newspaper editors who reported the incident lamented, “When will parents learn to keep such dangerous weapons out of the hands of children?” Rome Tri-Weekly Courier, May 3, 1866. 17 Rome Tri-Weekly Courier, May to Oct 1861. 18 Rome Tri-Weekly Courier, April 1863 to March 1864. 19 Rome Courier, January 1866. 20 Rome Weekly Courier, July 5, 1867.  21 Columbus Enquirer, August 3, 1871. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 89 @greysheet_redbook 800 546 2995 whitman.com The 9th edition of “United States Paper Money” is the essential colector’s price guide and comprehensive history of 160+ years of U.S. paper currency. Featuring 650+ ful-color, high-resolution images, the complete Friedberg numbering system, updated 2026 values, and 20,000+ market prices, it covers everything from $10,000 notes to $1 bils, plus Fractional Currency, error notes, encased postage, and more! ORDER TODAY RETAIL: $29.95 ALL-NEW 9TH EDITION AVAILABLE NOW! 1 THE CURRENCY OF THE JUTLANDIA By: Roberto Menchaca García The “MS Jutlandia” was built in Denmark in 1934, as a combined passenger and cargo ship. She initially operated the route between Copenhagen and Bangkok. Nothing at that time suggested that the ship would write a beautiful page in the history of humanitarian aid. On June 25, 1950, North Korean communist forces attacked South Korea. Denmark agreed to provide humanitarian support to the allied forces in South Korea within the framework of the United Nations. The “Jutlandia” was readily converted into a hospital ship by the Danish government and sent to the war zone in January 1951. She was equipped with four operation theatres, 365 hospital beds, X-ray, eye and dental clinics, among other specialised services. The crew of 97 members was initially completed with 91 well-trained doctors and nurses. To avoid conflicts, the ship was given a neutral, civilian status and put under the direction of the Danish Red Cross. She sailed under three flags: the Danish, the Red Cross and the UN flag. The “MS Jutlandia” carried out her humanitarian mission from March 1951 till August 1953 During her time in the war zone, the Red Cross devised a curious form of currency in the form of banknotes for exclusive use on board the vessel. The notes were used by the medical personnel and the ship’s crew to pay for some of the services offered on board (shops, canteen, etc.). However, some sources suggest that they may have also been used by external visitors. The banknotes were produced in Denmark and issued on behalf of the Danish Red Cross in the nominal values of 5-, 10- and 25-øre, 1-, 5-, 10- and 50 kroner. They were all printed in both sides with the same legends and features. The MS Jutlandia during the Korean War Five-, 10- and 25-øre notes issued on board the Jutlandia SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 91 2 Except for the nominal value, the colour and serial number, all types of notes were basically identical. With a rectangular shape (88x56 mm), they displayed in red the legends “DANSK RØDE KORS” (Danish Red Cross) and “JUTLANDIASEDDEL” (Jutlandia banknote”), in addition to the nominal value. These were inserted in a rectangle with four red crosses in the vertices. The acronym of the issuing authority, “DRK”, was repeatedly inserted in the background of the rectangle. A bilingual statement in Danish and English was also engraved on both sides of the notes. It reads “FOR USE ONLY AS A MEANS OF PAYMENT ON BOARD THE HOSPITAL SHIP JUTLANDIA IN ACCORDANCE WITH GIVEN REGULATIONS”. The notes were further stamped, only on one side, with a serial number of between two and five digits in black located on their right side. The 5- and 25-øre and 5-kroner banknotes were printed using a light blue colour. Red and brown were used for the 10-øre, 1- and 10-kroner banknotes. The coloration used for the highest denomination notes, the 50-kroner, was green. The Danish/English bilingual statement referred to above was engraved on the lower part of the notes framed within a rectangle in all notes with face value of 1 kroner or lower. The notes of 5-kroner and higher denominations displayed said statement framed in two different rectangles placed on the lower part of the notes. The 10-øre and 10-kroner banknotes are very scarce and mostly exist as proof exemplars. An extremely rare complete set of proof notes with serial number 0000 and a rare (issued) specimen of the 10-øre banknote were auctioned on November 7, 2017, by the Danish firm Bruun Rasmussen (Auction nr. 874, lots numbers. 364 and 365). One-, 5- and 50-kroner notes issued on board the Jutlandia A 10 -kroner note issued on board the Jutlandia (proof-note) SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 92 3 Reproduction of the catalogue page displaying lot nr. 364 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 93 The Organization, Life and Unhappy Demise of the Cherokee National Bank of St Louis By: Dave Grant INTRODUCTION Like many NBN collectors, I actively pursue associated national bank ephemera. It’s always fun to find a savings bank, letterhead, advertisement or other contemporary item. And having a fairly narrow geographic focus (primarily the St Louis MO-IL metro and Evansville IN), looking for such items gives me something to look for between notes, especially as a placeholder for missing charters. While national banks were originally required to acquire a certain amount of U S Bonds to secure circulation, there was no explicit requirement to subscribe for circulation. Of the 10,471 national banks organized during or before 1913 only 61 did not issue currency. The Federal Reserve Act of 1913 removed the bond requirement and 45% of the over 3800 banks organized afterward chose to not ask for circulation. Peter Huntoon’s recent Paper Money article (2025) “National Banks That Did Not Issue” discusses the earlier, the pre-1913 era in detail. While not being able to collect a note from a non-issuer is disappointing, ephemera, souvenirs or other chatskis does help to round out a collection. The wonderfully titled Cherokee National Bank of St Louis is represented in my collection by an attractive faux leather book bank. These savings banks were a promotional item given to new or prospective depositors. The bank was made by the Bankers Utilities Company of San Francisco and carries a 1923 patent date. On the front is the bank’s logo, a spread eagle atop a shield with the bank’s title. Below is the legend “National Bank Protection in Your Community Friendly Service Always.” On the back is the legend “Member Federal Reserve System.” The bank dates to the decade following WWI which was generally prosperous with a growing and more urban middle class. Autos, appliances and a variety of new consumer goods were made more accessible by relatively small installment loans increasingly available to individuals. “Retail banking” was a departure for many national banks which typically focused on business customers. With growing consumer affluence banks heavily promoted savings accounts. Safety was still an issue, of course, and the legend on the front of the bank mentions “national bank protection,” a combination of what was perceived to be stricter regulation and the double liability associated with national bank stock. If the bank ran into trouble, shareholders could lose not only their investment but could also be assessed up to an additional 100% of the stock’s par value. That should have given shareholders reason to closely monitor the soundness of their bank investment. CHEROKEE NATIONAL BANK Despite the name, the bank did not have a tie to native Americans but simply was named for its location in the Cherokee neighborhood, a few miles south and west of downtown St Louis and stretching east to west along Cherokee Street. Settled in the early 1850s with a strong German immigrant influence, by the end of WWI the area was considered one of the most rapidly developing districts of the city. It had become a “Streetcar Suburb” with excellent streetcar access to other parts of the city. It was also an important shopping destination of its own, “with jewelers, saloons, theaters, confectionaries, tailors, shoe shops, an ice rink, 6 dry goods stores” and a variety of other retail and service establishments. The Cherokee Business Men’s Association (CBA) had been organized to promote the area’s interest as well which included the establishment of a bank within the area. A short ‘blurb in the August 19, 1924 newspapers may be the first public announcement of the efforts to organize a bank. The bank was to be located on Cherokee Street and initial capital would be funded by 2,000 shares at $125 per share. The Association not only endorsed the project but was even taking subscriptions for the shares. They were so confident in the opportunity that 120 of its members were already subscribers and most of the stock was held in small lots by the membership. Perhaps to reassure skeptics that everything was legitimate, “statements accompanying stock subscription blanks announce no money or stock is to be given anyone for promotion or organization of the bank.” SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 94 In early November 1924, the Controller of the Currency had approved the application to organize a national bank. On a parallel track work was underway to renovate a building at the southwest corner of Jefferson Avenue and Cherokee Street. Key officers were to be Henry P Mueller, President and Henry Freiert, Cashier. Henry Mueller had previously been president of the Henry P Mueller Brass Foundry Company was born in the area in 1883. After the death of his father the 14-year-old Mueller left school to support his family becoming a $4 per week helper in a brass foundry. About ten years later he set up his own company which was so successful that it was sold for $150,000 in the early 1920s. Although he later admitted that he was “no banker” and had no experience in banking, he decided that was field he wanted to enter and invest in. Deeply involved in community affairs, Mueller was a moving force in the CBA and president of the South Side Kiwanis Club in 1932. He was chairman of St Louis City’s Industrial Committee charged with investigating unemployment in the city but was especially noted for his interest in youths and related community enterprises. An organizer of the local Boy’s Club, perhaps his greatest commitment was with the St Louis Council of the Boy Scouts of which he was chairman of the South District. He not only provided his time but at the end of 1930 he renovated and donated his summer home on the Meramec River to the Scouts to be used as an ongoing training facility for Scout leaders to support scouts’ pursuit of merit badges. Cashier Harry Freiert was the correspondent to the Comptrollers during organization. He had been with the Lafayette South Side Bank and had been elected director of the Bank Clerks Association in 1921 and in 1925. On February 26, 1925 Charter 12643 was awarded to the bank which opened “for inspection” by the community on Saturday February 28. A full-page ad was run in the German language Westliche Post highlighting the contractors, largely Cherokee businesses, that had participated in the building’s renovation. For example, William Clodius was a bank director and his name-sake company was cited as the builder and main contractor for the bank. The open house was reported to be a success with several thousand visitors touring the bank which was reported to have been “remodeled and equipped with every modern convenience.” Mueller received many congratulations and “numerous floral tributes from friends of the bank…were placed about the bank quarters.” The bank operated without much public notice during the next few years. In 1926, the bank received positive press by demonstrating newly installed anti-theft equipment with a sham robbery. The equipment used tear gas guns covering the lobby from strategic locations. The gas was released when the faux “robbers” attempted to make their move. Admittedly it was a mixed success. While having the desired effect on the robbers, the gas also drove observers located at the rear of the bank out of the building and even affected some outside. Nevertheless, R J Anderson, representative of the manufacturer Federal Laboratories of Pittsburg was most positive, reassuring that the gas was harmless, non-toxic and the effect was only temporary. Two jewelry stores had installed the equipment but Cherokee was the first St Louis financial institution to do so. The St Louis chief of detectives along with observers from other attending depositories all predicted that every bank in St Louis would eventually install similar equipment. THE FALL Growth over the next few years was modest. By the end of 1929 deposits had maxed out at less than $2 million. As the Depression took hold, deposits declined by a third over the next three years and loans decreased by about 20%. But, as examiners later discovered, the quality of the remaining loans turned out to be questionable. It was an ugly cycle. Bank failures seemed to be increasing, usually with no guarantee of the repayment of any of the customers’ money and any generally any repayment stretched out over several years. Fueling declining confidence, any hint of trouble led customers to make even further withdrawals in the hope of getting their money out before their bank failed too. By the time of the inauguration of Franklin Roosevelt in early March 1933, some 17 of the St Louis’ banks had been closed or in some stage of resolution and many followed the same path. Precipitated by the failure of the nearby but unaffiliated Hodiamont Bank on January 5, heavy withdrawals forced the closure of the Hamilton State Bank two days later. In his statement, the cashier of Hamilton indicated that while the directors felt that their bank was solvent, the failure of Hodiamont had alarmed depositors leading to unusually large withdrawals which, in turn, had depleted the bank’s cash reserves. In order to protect their remaining depositors, it was felt prudent to close and turn the bank SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 95 over to Missouri’s Finance Commissioner. On just the next day, January 8, it was announced that Hamilton would remain closed and liquidated. Other banks suffered runs and followed suit over the next few weeks. By January 13, 3 St Louis County and 5 St Louis City banks had closed during just the prior 10 days. These were generally small, but included the Savings Trust Company. Savings Trust promoted thrift savings accounts for 22,000 school children with $85,000 of the deposits from 28 schools. It also supported similar efforts of 11 other banks; 65,000 total accounts with $280,000 of deposits. During February the crisis continued, with bank holidays in many states, most recently including 8 days in Michigan and 3 days in Maryland. Dealing with the situation was hampered since each state had its own set of regulations which were generally different than those for national banks as well. In February the Comptroller was provided permission to apply state regulations if they provided more options than available under Federal law. Following reports of several large Kansas City banks limiting withdrawals and new bank holidays in New York, Kansas and Nebraska, Missouri’s Governor Park announced an immediate 2-day bank holiday at 1:30 am on Saturday, March 4. This temporarily closed 750 state and 85 national banks and trust companies in Missouri and brought to 43 states with some sort of banking restriction. Because of the late notification, there was some confusion about the holiday until further details followed, especially for national banks who were not under state control. Two of the national banks in suburban Clayton opened briefly until it was clear that the moratorium applied to them as well and a suburban state-chartered institution simply did not get the word and was open until later on Saturday morning. As a stopgap to provide liquidity, the use of clearing house scrip was proposed. It was further proposed that the current bank holiday be extended until passage of the necessary legislation. The precedent was the use of Cashier’s Checks during the Panic of ’07. The scrip would be collateralized by assets of each issuing bank which were being held at the local clearing house. In turn, the scrip could be issued to depositors wishing to withdraw funds and used until more normal economic conditions returned. However, this proposal was unnecessary and dropped before any final legislation passed. The re-introduction of Federal Reserve Banknotes and other liquidity measures on a national level had already begun to provide some necessary liquidity. The printing of FRBNs was rushed: production began on the 9th and the first deliveries began the next day albeit with a bias toward eastern money centers. The St Louis Fed’s weekly report on March 24th indicated that while it had issued just a modest $31,000 there was the promise of more to come soon. The bankers in St Louis “unitedly declared” that the move by the governor was unnecessary and the St. Louis banks in particular were in good shape. Bryon Moser of the Security National may have best summed up their position: “As far as we were concerned there was no reason for a moratorium, but under present conditions, there was nothing to do but to close” adding that “It is up to Governor Park whether the banks reopen Tuesday.” He also expressed the frustration and uncertainty of several others: “Everyone expects some sort of announcement to be made from Washington not later than Monday with reference to relief efforts, but it is not known what the nature of the announcement will be.” Any uncertainty about the Federal response was short lived. After his inauguration on March 4, the new president, Franklin Roosevelt declared a national bank holiday for all of the country’s financial institutions. On the March 9 the Emergency Banking Relief Act was passed which extended the holiday indefinitely to give state and federal examiners the time to inspect all financial institutions, triaging them into those that were sound and could be licensed to open immediately, those that could reasonably be reorganized, perhaps with some assistance from either the government’s Reconstruction Finance Corporation (RFC) or new privately raised capital, and those that needed to be closed/liquidated. The Act also took steps to prevent hoarding and export of gold. For currency collectors, it also authorized a new issue of federal reserve bank notes, backed by a variety of securities to add much needed liquidity to the economy. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 96 The first fireside chat was aired during this period to explain to the nation these actions in order to reassure public confidence, reduce hoarding and limit runs on banks. At least for the moment Roosevelt’s efforts seemed to have had the desired effect. On the April 13 the national bank holiday began to lift, in some cases with financial assistance from the RFC for both national banks and state-chartered institutions. In St Louis 20 banks and trust companies were deemed to be sufficiently sound to be licensed and immediately reopened. license Cherokee was not among the 20. It joined the three other national banks that had been placed in conservatorship – Grand National, American Exchange National and South Side National. A statement was issued that not being licensed with the first tranche of reopened banks did not necessarily indicate a problem, an explanation that seemed to be validated when other banks received licenses and opened for business during the next few days. President Mueller was named as conservator of Cherokee. Under the new Emergency Banking Relief Act, his role was similar to that of a receiver, but rather than liquidation, he was to “conserve assets with the aim of early reopening of an institution rather than liquidation when this can be done.” Mueller indicated that “the purpose is to raise some additional capital. This must be done as the result of the depreciation of some bonds caused by the depression. In the meantime, we are not permitting withdrawals or accepting deposits but are carrying on a few limited operations such as making change or serving safe deposit customers.” On just the next day, the Globe Democrat reported that Cherokee was in fact being permitted to open new accounts and operate on a restricted basis. New accounts were segregated from the $1.1 million of existing accounts which remained “temporarily inactive” and inaccessible while the bank was being reorganized. To address the loss of bond value, subscription for a new capital issue was underway which eventually reached a total of $300,000. Many of the subscribers were existing shareholders, members of the CBA and even depositors. During his conservatorship, Mueller had continued to go his own way however. As an example, during Roosevelt’s bank holiday he had approved and the bank cashed a draft for the Laclede Power and Light Company. He supported Laclede’s position that it only involved newly segregated funds and wasn’t bound by the rules of the bank holiday. The receiver sued Laclede and in due course the court found that the entire transaction was illegal and was declared void. Laclede returned the funds. Mueller continued his active campaign to become one of four members of the St Louis Board of Education Department. He had been unsuccessful in the past but now was strongly favored and even had received the endorsement of the St. Louis School Patrons Alliance. The March 17 headlines had pushed aside the bank crisis, at least temporarily, heralding the passage by the US Senate of a bill legalizing 3.05% beer by a vote of 43 to 30. This deed had been achieved by reducing the maximum alcohol content from 3.20%. It looked like Prohibition was on the way to be repealed and during the next two weeks, publicly it appeared that everything was working out for Cherokee too. But all was not well for the Cherokee National Bank. On April 1, the front-page headline of the St. Louis Post Dispatch screamed: “4 ACCUSED OF EMBEZZLEMENT AT CHEROKEE BANK.” with a $50,000 shortage alleged due to abstraction and misapplication of funds. An unnamed source suggested the loss might be much higher. On the previous day, Mueller had been replaced as conservator by bank examiner Vance Sailor who was subsequently replaced on April 22 by a permanent receiver Jack Bernhardt. Sailor discontinued accepting any new deposits and any other activities by the bank. Mueller had been told of the shortage by examiners a few days before but he denied any knowledge of it. According to his wife, after being informed of the shortage, Mueller had spent some time, unsuccessfully, trying to locate Freiert before having a complete nervous breakdown and confined to bed rest on the order of his physician. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 97 With so much public distrust in banks after 4 years of Depression, an example had to be made. Emphasizing the seriousness of the charges, a “special accountant” from the Department of Justice had been flown in to assist the Assistant U S District Attorney in St Louis to aggressively pursue the case. Warrants for the immediate arrest were issued for President Mueller, Cashier Freiert, Assistant Cashier Rudolph Provaznik and Bookkeeper Edward Remmert. Bond was set at $25,000, $15,000, $10,000 and $5,000 respectively. Mueller withdrew his candidacy from the school board election. It was too late to redo the ballot and he still received over 13,000 votes. Given this development, the status of subscriptions for new capital to cover the bond depreciation was clearly in question despite $300,000 having already been pledged by the bank’s shareholders and depositors. In fact, bank examiners had found evidence that there was a potential shortage of at no less than $114,000 in customer deposit accounts. And at least $92,000 of loans/notes appeared to carry forged signatures of prominent area businessmen. Even the signature of Mrs. Mueller, the president’s wife, appeared on some notes of which she denied any knowledge. Clearly the value, if any, of those assets was questionable although disputed by Freiert who claimed that the actual loss associated with forged signatures was no more than $5000, perhaps not the best line of defense. Due his health it was not until April 7 that Mueller surrendered to the US Marshall, posted bond supplied by several friends and pled not guilty to the charges. By then the other 3 accused had made bond, and all initially claimed that they had no knowledge of any wrongdoing. Freiert had been working with the examiners in sorting through the bank’s books. Provaznik, a 23-year banking veteran who had been with Cherokee from the start, claimed that despite his title he had only been following the orders of Mueller and Freiert. Remmert claimed he knew nothing of the activities being alleged. Nevertheless, there was hope that the bank could be reorganized with no loss to depositors. Much faith was placed on two indemnity bonds protecting the bank from any embezzlement, fraud or other misdeeds by employees including the bank’s officers. The Hartford Accident and Indemnity Co issued bonds in 1925 and 1930 totaling $100,000. If the shortage was in that range or less, the hope was that that the bank might still be successfully reorganized. After further investigation it was determined that a portion of the loss occurred prior to 1930 and would not be fully covered by the second bond. After much negotiation, in January, 1935 a settlement was approved by the court for a $70,302 payment by Hartford to the receiver. Statements by Freiert also revealed that he and Mueller had partnership in several real estate deals, collateralized by Cherokee stock, through the Jefferson Realty Company which they controlled. As the investigation continued it was found that a few years before they had also formed the B & M Investment Company expressly to borrow money from the bank to speculate in stocks. Along with the shortage in customer accounts, funds from the loans had been used to fund their speculation. The enterprise was unsuccessful as real estate and equity values declined into the early 1930s. Like a losing gambler, Mueller and Freiert had continued to double down even as their losses mounted. Lightening stuck again on May 18, 1933 when 6 indictments with a total of 35 counts of embezzlement, misapplication of funds and conspiracy were handed down by a federal grand jury against Mueller, Freiert and Provaznik. It was alleged that fraudulent withdrawals from customers’ checking and savings accounts had indeed been made in order to pay their checks from their own accounts holding insufficient funds. In one case cited, Freiert was alleged to have tapped customer accounts to cover his $15,000 check to close what was probably a brokerage margin account. The check was paid at the bank although it contained less than a dollar at the time. Originally arrested with the others in early April, Edward Remmert, the bank’s 28-year-old bookkeeper, was not included in the indictments and would not be prosecuted. Remmert had always maintained his innocence. At the beginning of the 1933, he began to suspect he was being used unwittingly to help carry out transactions he felt were “shady.” He recorded these into a “little blue memorandum book.” The book was presented to the grand jury and helped to inform the investigation and support the prosecution. On June 3, the St Louis Star and Times reported that the estimate of loss at the bank was $460,000 including $250,000 of bond depreciation and $185,000 of shortages in accounts. Cornered by the evidence, the 3 indicted bankers had finally been forced to admit their guilt. There was now no question that the bank would reopen and a few weeks later receiver Barnhardt was given permission by a federal judge to sell the furniture and fixtures of the bank. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 98 With no access to the money in their accounts and no indication when their money might be available, the situation faced by depositors was bad, but the plight of many shareholders of the bank, many of whom also had deposits now frozen in the bank, was even worse. Perhaps not fully appreciated by some investors, the “National Bank Protection” proudly displayed on the book bank was supported by a “double liability of their national bank stock. The reality was brutally demonstrated in Barnhardt’s announcement on July 28 1933. The Comptroller of the Currency had levied a 100% assessment on the 250 shareholders of the bank, $100 for each share they owned. Notices had been sent out to shareholders the previous day with a notice that the assessments were payable by the end of August. Perhaps to soften the blow, receiver Bernhardt was able to offer an extended payment plan. If a shareholder paid 25% of the total owed by August 31, AND provided a satisfactory guarantee in writing to make similar 25% payments for the next three months, they would be permitted to do so without accruing any interest. Otherwise, Barnhardt had no choice but to bring suit in Federal court. Interest would start on any unpaid balance. Since the assessment was owed to the Comptroller of the Currency to fund liquidation efforts, it could not be offset by any claims for deposits or other debts the shareholder had against the bank. Payment of those claims took a separate track and payment, if any, would have to await the bank’s liquidation. The vast majority of the shareholders were of relatively modest means, lived in St Louis and typically had holding of just 2 to 4 shares. No doubt this probably included members of the CBA, many of whom had purchased shares in 1924 at $125 to show their support for Mueller and the bank. That investment was gone, liquid funds in the bank’s accounts were frozen and now they had an unexpected debt with the threat of legal action to enforce compliance. Proceeds from the assessment came in slowly. By the end of 1934 over $123,000 was still outstanding and a final accounting 5 years later indicated that $51,579 of the original $200,000 remained uncollected. Finally at trial on November 15, the 3 pled guilty of falsification of bank records and embezzlement. Mueller and Freiert received 10 years and Provaznik 5 years in Leavenworth. Provaznik received a lesser sentence because while he did not directly benefit from the crimes he had assisted in their commission and done nothing to stop them. Freiert had protested that he had only been involved in the schemes because of threats from Mueller who denied the accusation. Only the charges to which the bankers had admitted guilt were prosecuted however. Five of the six original indictments and most of the counts were dismissed and would not be pursued any further resulting in relatively light sentences. The rationale was that none had any prior convictions and after their actions had been exposed, they had admitted guilt and assisted the receiver in “straightening out the affairs of the bank.” Remarkably. the convicted bankers expressed surprise by how severe they considered the sentences to be, expecting outright dismissal or, at worst, probation. By contrast, dismissal of indictments and resulting light sentences enraged many in the community. A letter to the editor a few days after the officers had been taken to prison condemned how “lax” the prosecution and judge had been. On the 5th of December, the directors of the now 85 member Cherokee Business Association unanimously passed and published a resolution strongly opposing any consideration at any time of parole or pardon for the bankers. The minimum time any of those convicted was a third of their sentence and no one, except perhaps those convicted, was even considering such. But CBA wanted to get their position on the record “in the interest of simple justice and in behalf of the depositors of the bank.“ The Association and its members had strongly supported the bank and its officers since its organization in 1924. When the bank did not immediately emerge from the bank holiday, many had even supported the raising of additional capital to cover the depreciation of the bank’s bonds and other assets which had originally been blamed for most of the bank’s problem. Many no doubt felt personally embarrassed and betrayed. Cherokee’s collapse had “worked an untold hardship on thousands of its depositors in South St Louis” including many CBA members depositors, borrowers and even shareholders of the bank. The directors that passed the resolution represented a cross section of the community including a jeweler, owners of shoe and clothing stores, a milliner, a draper, a dry goods merchant and a physician. The CBA resolution also encouraged the thousands of depositors in the community to begin a personal letter writing campaign to the Federal Parole Board to tell their story and express their vehement opposition to any leniency for the culprits. On Nov 18 the three convicted bankers were escorted to Leavenworth to begin serving their sentences. They may not have appreciated the irony that they were accompanied by a car thief also en route to prison. As a final bit SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 99 of drama, Mueller apparently had an argument with his colleagues, refused to pose with them for the obligatory “perp walk” photos and chose to ride to prison with the car thief instead. It wasn’t recorded what the car thief thought of the proceedings. After the trial and convictions, the reports on Cherokee became much more prosaic. There was no longer any mention of the bank reopening, but the newspapers focused on tracking of the liquidation and the several dividends to return to depositors and other unsecured creditors as much of their money as possible Secured creditors had already been made whole, receiving $504,491, but there was no promise of how much, if any, of depositor’s money would be returned. At the end of 1933, depositors with balances when the bank closed had received nothing. In order to be eligible, they had to file claims with documentation to the receiver. Then they would wait until the liquidation freed funds which then could be distributed as “dividends,” essentially installment payments which stretched over several years. On January 6, 1934 the first dividend of $250,000 or 20% was announced and would be available on two days later for the 5,000 depositors and other creditors with approved claims. Approximately $1.1 million of deposits frozen at the time of the bank’s closing represented the vast majority of the claims. The payment was in part funded by a $120,000 loan from the Reconstruction Finance Corporation that was repaid first as the bank’s remaining assets were sold. In addition to the dividend, each claimant also received a receiver’s certificate acknowledging the balance of the bank’s indebtedness based on his or her proved claim. However, there was still no promise that the whole amount of the remaining indebtedness, or in fact that any further dividend would be paid at all. In addition to the potential of loss of the rest of their deposits, the process to establish the claims and collect the first dividend had to be done in person. National bank regulations prohibited the mailing of dividend checks to city residents. Ninety-nine percent of the depositors and other creditors were St Louisans. In response, many Cherokee neighborhood merchants, perhaps themselves a victim of the bank, offered to cash the dividend checks of those not wishing to make an additional trip to cash their checks at banks downtown. A second dividend of 25%, totaling $288,000, was approved for distribution on August 29, 1934 on the presentation of the receiver’s certificate which had accompanied the January dividend. With this payment, Cherokee’s depositors had recovered just 45% of their money almost a year and a half after the bank’s closure. Depositors and shareholders had suffered over the last year and a half and now it was the turn of the bank’s directors. On July 6, 1935, federal judge Davis approved the settlement against the bank’s directors that had been negotiated by receiver Barnhardt and approved by the Comptroller of the Currency. The settlement was in addition to the Comptroller’s $100 per share assessment. The directors’ combined liability was $37,479 to be paid almost entirely in cash. Most of this amount was assigned to the directors individually, ranging from $10,435 for Gustav Schoenberg, president of F E Schoenberg Manufacturing, a window and door screen company, to $115 against William Clodius, a building contractor. Both had been directors of the bank since its formation, and Clodius’ company was cited as the builder and main contractor in the Westliche Post prior to the bank’s open house. Unfortunately, in 1933 Clodius still owned 44 shares of Cherokee stock. The Comptroller’s assessment of $4,400 along with separate loans also secured by his now worthless Cherokee stock had been cited in his bankruptcy filing in October 1933. Negligence of the directors in overseeing the management of the bank cited as the reason for the settlement. In addition to the obvious - preventing the embezzlement of nearly $200,000 - the directors had failed to enforce the bank’s loan limitations and had permitted dividends to be paid when the bank’s capital was impaired to the point of being wiped out. A third, dividend to depositors was announced over a year later in mid-December 1935. It was for 12.5% and brought the total recovery paid to depositors of just 57.5%. The bank’s building was sold in January 1937 and a fourth dividend was available in July 1937. At 5% the total payment to depositors of 62.5% they owned when the bank began liquidation four years before. Interestingly, in March 1938, the receiver reported having difficulty with depositors following up on their claims. Despite his frustration and attempts at outreach, this should have not been surprising since most of the 3,000 accounts involved were very small representing just $8,000 in deposits and a few other unsecured debts. After 5 years of Depression, some had died, left the area or had otherwise disappeared. Or perhaps many simply did not see spending the time and effort for a such small return. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 100 The drawn-out nature of the resolution of the bank was a source of continued anger in the community. This was well expressed in a letter to the Post Dispatch’s editor at the end of February 1938, signed simply as “Victim.” The author decried the how long resolutions had taken not only for the Cherokee bank but the 17 others that also hadn’t reopened after the national bank holiday. It was a plea that the affairs be ended up so (he) “could finally receive what little was coming to (him) without the deduction of any more fees and expenses.” Things were slowly winding down and it evident that the liquidation was nearing completion. In April, 1938 the last of the Cherokee’s assets were sold at auction for just $1,130. These had been carried on the bank’s books for $253,237 and included obligations of defunct/bankrupt companies, dead borrowers, and forged notes presumably made by the convicted officers of the bank. It took a few more months before the final dividend of 4.3% was announced in July. This time a depositor could send in their certificate of proved claims and would receive their check. With the final dividend, depositors would have received a total of just about two-thirds of the deposits that they owned when the bank was closed nearly 5 years before. Total expenses related to the liquidation were a bit over 6%. Thus ends the sad tale of the Cherokee National Bank of St. Louis, charter 12643. A story with a hopeful and promising start but a very unfortunate ending for many. ONE MORE THING Huntoon’s intriguing article on national banks that did not issue currency prompted me to learn something about the Cherokee National, a bank in my area that I knew nothing about beyond having produced a nifty looking book bank. While perhaps suffering from lax management and directors, many banks that did not emerge from Roosevelt’s 1933 bank holiday were mostly just overwhelmed by events and not prepared to face the challenges brought on by the Depression. Cherokee was not one of those, but a particularly egregious example of management’s conscious illegal activities. It’s also a nice example of how resolution of failed banks was dealt with by the Comptroller of the Currency. SOURCES Huntoon, Peter, Paper Money whole number 359 (2025), National Banks That Did Not Issue. Huntoon, Peter, presentation: Emergency Money of the Great Depression, ANA World’s Fair of Money (2009) Russell, Stefene, St Louis Magazine, Portrait of a Neighborhood – The People and Places of Cherokee Street (Oct 2011). St Louis Globe Democrat 8/2/21, 8/19/1924, 11/9/24, 2/25/33, 3/1-4/25, 6/5/25,12/9/30, 4/2/33, 6/13/33, 7/29/33,1/7/34,10/13/34, 1/12/35, 12/13/35, 4/12/36, 1/3/37, 7/10/37, 4/9/38, 7/26/38. St Louis Post Dispatch 8/18/1924, 12/14/24, 1/8/33, 2/18/33, 2/25/33, 3/31/33, 3/16/33, 3/31/33, 12/5/33, 4/2/33, 4/23/33, 1/7/34, 8/27/34, 7/6/35, 1/11/35, 2/27/38, 8/21/38. St Louis Star and Times, 5/25/20, 2/28/25, 10/27/26, 1/24/33, 3/4/33, 3/16/33, 4/1/33, 4/3/33, 6/3/33, 11/15/33, 1/6/34, 8/3/34, 1/11/35, 3/25/38. Westliche Post 2/27/25 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 101 How Congress Nationalized Paper Currency By Lee Eilers I. Introduction The dollar, as we know it today, is a fiat instrument — untethered to gold, silver, or any physical asset. It is the most widely used and traded currency in the world, the bedrock of global commerce, and the primary tool of American economic policy. But its existence as fiat legal tender is not the result of constitutional amendment or public mandate. Instead, it emerged through a combination of wartime necessity, judicial flexibility, and political power consolidation. Between 1789 and the Civil War, paper money in the United States circulated in the form of bank-issued private notes, not federal currency. These notes, while often unstable and hyperlocal, operated in a legal gray zone — outside direct state issuance but under state charters. Eventually, Congress not only displaced that system but also assumed for itself the power it once denied to others, becoming, in effect, the new monetary robber barons. What began as an improvised wartime measure evolved into a permanent transformation of America’s monetary structure—one that operates outside the original constitutional design and remains unratified by the people it governs. II. The Constitutional Monetary Framework The U.S. Constitution, ratified in 1789, was crafted to create a federal government of limited, enumerated powers. Article I, Section 8, Clause 5 granted Congress the authority: “To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures.” This clause, by its plain meaning, empowered Congress to mint metallic coinage, not to print or declare paper as money. At the time, “coining money” meant exactly that — turning metal into legal tender. There is no mention in the Constitution of printing currency, issuing bills of credit, or using any medium of exchange not backed by physical commodity. The silence of the Constitution on paper money was not an oversight—it was a deliberate omission born of hard-learned lessons. In contrast, Article I, Section 10, Clause 1 directly prohibits the states from: “…coin[ing] Money; emit[ting] Bills of Credit; [or] mak[ing] any Thing but gold and silver Coin a Tender in Payment of Debts.” This clause reveals the framers' deep distrust of paper money. It was a direct response to the inflationary chaos caused by “Continentals” and other colonial-era bills of credit. The clause forbids states from issuing paper money or designating anything other than gold and silver as legal tender — emphasizing a preference for sound money across the federalist structure. Notably, the Constitution does not explicitly grant Congress the power to issue paper money or to make any form of money legal tender beyond coinage. It likewise does not contain any clause that permits emergency exceptions or crisis suspensions of constitutional limits. III. The Necessary and Proper Clause: Limits of Flexibility Often cited to justify federal paper currency is Article I, Section 8, Clause 18 — the Necessary and Proper Clause: “To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers…” This clause allows Congress to pass laws that support the execution of its enumerated powers — including coining money. However, under strict constitutional interpretation, this clause does not authorize new powers. It only enables Congress to build out tools to facilitate powers it already has. Thus, Congress might reasonably:  Establish mints,  Regulate coin composition,  Enforce anti-counterfeiting laws,  Or even issue gold- or silver-backed certificates as redeemable proxies for coin. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 102 But issuing fiat money — paper currency that is:  Not redeemable in any commodity,  Forced on the public as legal tender,  And used to fund spending not tied to taxation or borrowing, …is a categorical overreach. It is not “carrying into execution” the coinage power. It is inventing an alternative to it. IV. The Era of Private Banknotes: A Constitutional Workaround Between 1790 and 1863, most paper currency in the U.S. came not from the federal government, but from state-chartered private banks. These institutions issued promissory notes redeemable in coin. Known today as obsolete banknotes, these paper instruments were:  Not legal tender under law,  Accepted voluntarily by merchants and citizens,  And issued by thousands of banks, often without reliable reserves. This system arose because, while Article I, Section 10 prohibited states from issuing bills of credit, it did not prohibit private banks from doing so. States skirted constitutional limits by chartering banks, who then acted as surrogate money issuers. In effect, this created a shadow monetary system:  Paper currency proliferated,  State banks profited immensely,  And the federal government remained largely uninvolved in day-to-day monetary circulation. This was a classic constitutional end run — the letter of the law was followed, but the spirit of the Constitution (which sought to prevent widespread paper money) was clearly subverted. In effect, states obeyed the letter of constitutional law while private banks performed the very monetary alchemy the Constitution sought to prevent. Congress, at the time, stood silently aside—until it later seized that power for itself. V. The Civil War and the Seizure of Monetary Power The crisis that changed everything came with the Civil War. The Union needed vast sums to finance its war effort. Gold and silver were scarce. State banknotes were unstable and geographically limited. Congress faced an existential decision: create money or lose the war. In 1862, Congress passed the Legal Tender Act, which:  Authorized the issuance of greenbacks (non-redeemable paper money),  Declared them legal tender for all debts (except import duties and interest on federal debt),  And funded the Union’s military effort without raising corresponding taxes. This act went beyond issuing certificates redeemable in coin. It was a fiat mandate — for the first time in U.S. history, people were legally compelled to accept paper that was not tied to any commodity. Initially intended as a temporary wartime measure, it became a permanent precedent. In 1870, the Supreme Court in Hepburn v. Griswold ruled that the Legal Tender Act was unconstitutional. Chief Justice Salmon P. Chase, writing for the majority, argued that Congress lacked the authority to declare unbacked paper notes as legal tender for private debts. While the Constitution granted Congress the power to coin money, it gave no such power to issue paper money and force its acceptance. Chase invoked the Tenth Amendment to reinforce this point: if a power is not delegated to the federal government by the Constitution, it is reserved to the states or the people. By making paper money legal tender — especially retroactively — Congress had usurped a power it was never granted, violating not only the letter but the structure of constitutional federalism. Notably, Chase had once served as Lincoln’s Treasury Secretary and had helped implement the Legal Tender Act during the war. Yet as Chief Justice, he reversed course, asserting that wartime necessity did not justify permanent constitutional overreach. That Chase later deemed the Legal Tender Act unconstitutional was not a repudiation of its wartime utility, but a warning against making emergency power a permanent norm. But that decision was immediately reversed in Knox v. Lee (1871) after President Grant appointed two new justices. The Court now held, by a 5–4 margin, that Congress had implied powers in emergencies. The Constitution had not changed. The justices had. What began as a legal workaround became a judicially sanctified overreach. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 103 VI. From Competitor to Monopoly: Congress Becomes the Bank Once Congress had successfully issued fiat currency, it did not stop there. It moved to eliminate competition. Through the National Bank Acts of 1863 and 1864, it:  Created a system of federally chartered banks,  Required those banks to buy U.S. debt as a condition for issuing notes,  And in 1865, imposed a 10% annual tax on state banknotes — effectively killing them. The result was a federal monopoly on money creation. The very behavior that was forbidden to states and outsourced to private banks for decades had now been consolidated under Congress. Congress looked at the decentralized, profitable private system of note issuance and said: “We’ll take that.” Thus, the U.S. government did not just assume control of currency for stability — it absorbed the financial privileges once enjoyed by thousands of private banks, centralizing them in Washington. Congress became the new monetary baron, issuing paper backed by its own debt, benefiting from seigniorage, and controlling the legal tender status of every dollar in the country. By nationalizing currency issuance, Congress did not just centralize monetary control—it absorbed the financial benefits and seigniorage that had once made private banks so powerful. It replaced a thousand local profiteers with one federal master. VII. Why No Constitutional Amendment? Given this transformation, why has there never been a constitutional amendment to legitimize fiat currency? The reasons are plain and revealing: 1. Judicial Cover The Supreme Court validated the Legal Tender Act. Once Congress had precedent, there was no incentive to open the can of worms that a formal amendment process would entail. 2. Amendments Are Hard They require a two-thirds vote in both chambers and ratification by three-fourths of states — an insurmountable obstacle when political and financial institutions already operate under fiat norms. 3. Avoiding Public Scrutiny A constitutional debate would prompt dangerous questions:  Why wasn’t this authorized in the first place?  Who controls the money supply?  What backs our currency?  What happens if confidence collapses? 4. Avoiding Retrospective Accountability (and Global Shock) To attempt, or even discuss, amending the Constitution now would be to publicly acknowledge that:  The issuance of fiat currency during the Civil War was never constitutionally authorized,  And that the current monetary system has operated for over 150 years on tenuous legal ground, sanctioned more by precedent than by text. But this isn’t just a historical embarrassment — it’s a live geopolitical liability. The U.S. dollar is the world’s reserve currency, used in:  Global trade settlements,  Central bank reserves,  Sovereign debt instruments,  And as a benchmark of economic stability. To formally reopen the legal foundation of the dollar in a public constitutional forum would raise dangerous questions in global markets:  Is the dollar’s legal status uncertain?  Could the amendment process fail?  Is the system vulnerable to challenge or collapse? Such doubt — even if temporary — could:  Destabilize exchange rates,  Trigger capital flight,  Raise interest rates on U.S. debt, SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 104  And erode international trust in the American financial system. In a financial system built on perception and trust, even a whisper of foundational uncertainty could trigger cascading effects in markets, trade, and sovereign finance worldwide. For Congress or the Treasury, the political calculus is simple: Better to preserve ambiguity and let historical overreach be quietly maintained than to risk a global financial disruption by airing it out through a constitutional correction. This fear — of both domestic backlash and international fallout — ensures that no serious attempt will likely ever be made to reconcile the fiat system with the Constitution’s original design. The cost of truth has become too high. 5. Preserving Flexibility Fiat currency is essential to modern monetary policy:  It allows rapid economic response  It supports deficit spending  It empowers central banks to smooth out cycles Tying such powers to rigid constitutional text would hamstring federal action. Thus, political and financial elites prefer ambiguity to transparency. VIII. Conclusion: A System Without Consent The modern monetary system of the United States — based on fiat currency, central banking, and legal tender mandates — does not rest on a constitutional amendment. It exists because:  Congress found it politically necessary,  The courts found it judicially tolerable,  And the public, over time, found it normal. But it was never lawfully authorized through the constitutional process. The transition from coin-based money to fiat was not debated openly, nor ratified by the states. It was built through crisis, solidified through precedent, and protected through inertia. What began as a workaround to limit state power became a federal seizure of monetary authority, transforming Congress from a monetary regulator into a monetary monopolist — the very role once played by the private banks it displaced. The founding generation feared paper money not out of superstition, but experience. The collapse of Continental Currency during the Revolutionary War taught them that unbacked paper tender can destroy economies and dissolve trust. They responded by writing deliberate constraints into the Constitution, forbidding states from issuing such currency and carefully avoiding any grant of that power to Congress. Over time, those constraints were not repealed, but quietly eroded—by political necessity, legal reinterpretation, and institutional convenience. What we live with today is a monetary system that functions, but was never constitutionally authorized. It was improvised, preserved by precedent, and shielded from public scrutiny. In place of democratic consent, it rests on inertia and geopolitical necessity. It works—but it does not conform. And it endures not because it is lawful, but because to expose its illegitimacy would be too dangerous. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 105 BILINGUAL (FRENCH/ENGLISH) NEW ORLEANS IMPROVEMENT AND BANKING COMPANY NOTES By: Rick Melamed While walking through the FUN show in early January 2025, I came across a New Orleans based financial institution that printed their notes in French and English. Most Obsolete collectors are aware of the Citizens Bank of Louisiana, with many remainder notes extant. The famed “Dixie” note being highly sought after (“Dix” is French for Ten). With the heavy French influence that pervades New Orleans, finding a second financial institution printing bilingual notes was not unexpected. The second institution printing notes in French and English is the New Orleans Improvement and Banking Company (NOIBC). On their notes they also display their name in French: Banque des Amèliorations. But unlike the Citizen’s Bank with its large population of remainder notes (unsigned and undated notes), NOIBC has no remainders. All existing notes in collector’s hands are well worn, dated with full signatures. They were a major financial player in 19th century New Orleans; chartered by the Louisiana Legislature to undertake public improvements in exchange for the right to issue money. Their charters required them to fund public improvements like canals, railroads, and gas lighting. It was one of several such banks in New Orleans during the antebellum period, alongside entities like the Canal and Banking Company, the New Orleans Gas Light and Banking Company, and the Exchange and Banking Company. NOIBC was a bank (they issued their own currency) as well as an investment company. The New Orleans Improvement and Banking Company built the Hotel Royal, the St. Charles Hotel, and the infamous St. Louis Hotel (more on them below). Louisiana’s first banks—the Bank of Louisiana and a branch of the First Bank of the United States—opened on Royal Street in 1805. By 1830 New Orleans boasted five banks, and by 1836, the number of banks had grown to twelve. New state-chartered banks - such as the Bank of Orleans, Citizens’ Bank, Mechanics and Traders Bank, Union Bank, and Consolidated Association of Planters, competed to underwrite expanding markets in land, cotton, sugar, and enslaved people. The construction of these hotels was partly fueled by the rivalry between the Vieux Carré (Creole-dominated) and Faubourg Ste. Marie (American-dominated) areas of the city. The French and American communities were competitive with each other to establish a foothold in the city’s growth. However, with so many banks in competition the solvency of the financial sector began to collapse. Their banknotes held their value as long as the public had confidence in their creditworthiness. Banks could print and circulate paper currency supposedly backed by precious metals in their vaults. During the Panic of 1837, one of the worst financial crises in US history, banks suspended specie payments, and creditors ranging from state governments to individual property owners defaulted on their debts. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 106 NEW ORLEANS IMPROVEMENT AND BANKING NOTES The $5 example dated June 1, 1836, is from the NOIBC. The central vignette is an early railroad train stacked high with bales of cotton traveling near the Mississippi River. A steamship, smoke billowing, makes its way upriver. Right below the vignette we see the name of the bank in French and English. In the left margin the value is stated in English: “FIVE DOLLARS”, on the right, is the stated value in French: “CINQ PIASTRES”. Cinq is the French word for five. The $10 example is dated May 8, 1840. The value on the margins is in English (left) and French (right). “DIX” is the French word for Ten. The central vignette is the St. Louis Hotel. The hotel’s image is found on all the bank’s notes from $10 to $1000. NOIBC was obviously proud of its participation in building the luxurious hotel. All NOIBC notes have blank backs. The $20 example is dated September 18, 1839. In four locations in round medallions is the French word for Twenty – “VINGT”. The St. Louis Hotel vignette with a multitude of people and horses takes its place in the top center. The $50 note above is too worn to decipher the date. It was the only example found in the Heritage archives. As with all denominations, the name of the bank is printed in French and English. The French word for Fifty (CINQUANTE) is not present; replaced with the Roman numeral for 50: “L”. A cotton ball is in the left margin, and in the right margin a slave is shown, hoe in hand, tilling the fields. The St. Louis Hotel is in its usual spot. As with all the denominations, the name of the bank in French, Banque des Amèliorations is placed on top of the English bank name, New Orleans Improvement and Banking Company. The $100 note, dated May 8, 1840, has the return of the French word for the denomination. In the medallion in the upper right is the French words for one hundred dollars: “CENT PIASTRES”. On the right is Minerva, the Roman goddess for wisdom, justice, law, victory, and warfare. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 107 The $500 example of the note, dated March 6, 1838, is a rare note. This well-worn example sold for $1,762.50 in a 2015 Heritage auction. In the bottom left, in French, is “500 PIASTRES”. On the bottom right, “500 DOLLARS”. Liberty stands with a pelican shield in the far right, on the far left an allegorical image of a seated woman sporting a crown is holding a staff and leaning on a shield. In the center bottom is a rowing man in a canoe. The $1,000 note is dated September 1, 1837. This is the only example found in recent public auctions. Only graded Fine-15, it still sold for $2,820 in a 2015 Heritage auction. In the bottom left, in French, is “1.000 PIASTRES”. In the bottom right, “1.000 DOLLARS”. A standing Justice holding a scale is flanked with an eagle atop a globe. A masted ship is on the right. THE INFAMOUS ST. LOUIS HOTEL – NEW ORLEANS All but the $5 NOIBC notes have the central vignette featuring the St. Louis Hotel. We want to take the opportunity to prepare our readers for some harsh realities. Our goal is to tell the unfiltered story of the St. Louis Hotel which was a main hub for the active New Orleans slave trade. Yes, the image of all the notes showing the hotel where slaves were bought and sold is uncomfortable, but it is part of our history, and its story needs to be told. It is a reminder that some of the American past is glorious and some is shameful. The St. Louis Hotel was built in 1838 at the corner of St. Louis and Chartres Street in New Orleans. Originally it was referred to as the City Exchange Hotel. It was designed by Jacques Nicolas Bussière de Pouilly, one of New Orleans’s most celebrated antebellum architects. de Pouilly moved from France to New Orleans in 1833. His design for the St. Louis Hotel was the result of a competition to build a luxurious hotel in the heart of the city’s French community. This was an effort to refurbish the French Quarter so it would not be upstaged by the rapidly developing American sector across Canal Street. The hotel featured a domed, fifty-foot-tall rotunda, supported by marble columns and embellished with decorative ceiling paintings and stained glass. From its opening in 1838 the arcaded structure impressed the public and fellow architects labeling it as “an outstanding achievement of American architecture.” The hotel’s massive marble portico on St. Louis Street opened onto the Passage de la Bourse (Exchange Alley), an elegant pedestrian alley that bisected three city blocks. In 1841, the hotel experienced a huge fire that swept through the four-story building, destroying it completely. However, the hotel was quickly rebuilt with the help of funding from the Citizens Bank at a cost of $600,000. The new building was a central location for 'French New Orleans', hosting many lavish banquets and balls until 1862 when New Orleans was captured by Union forces during the Civil War. The hotel became a military hospital for Union soldiers having lost its grandeur. During the Reconstruction Era (1865-1877), it was sold to the state of Louisiana and became the state capitol. From that period forward, the hotel went into a gradual decline. A hurricane in 1915 caused massive damage which led to its demolition in 1916. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 108 While the St. Louis Hotel was a glamorous and magnificent structure, it had the ominous distinction as the place where slaves were bought and sold. Left: Ad for slave auction at the St. Louis. Center: Painting entitled "Sale of Estates, Pictures and Slaves in the Rotunda at New Orleans" by William Henry Brooke. It shows a slave auction at the St. Louis Hotel rotunda. The slave trade took place under the building's rotunda six days a week. Right: While the hotel was demolished in 1916, a marker was placed in 2018 at the location of the hotel. We hope none of our readers are offended by the sensitive theme of this article. Our aim was to present an accurate history. Thanks to Heritage for the images of the notes. Also, thanks to Robert Ticknor, Outreach Historian, from the nonprofit Historic New Orleans organization. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 109 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 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Expanding on Fred Read Fred’s side first this month, because I will be expanding on part of his column. Where to start. We had remarkably similar introductions to collecting MPC. I had already used three series of MPC before I got to Viet Nam. In Morocco 1953-55 we used series 481 and 521. When I got to Japan in 1957 series 521 was still in use, converting to 541 while I was there. But my collecting field was stamps. I did not swing over to paper until I was in Germany 1964-67 and discovered the post-WWI inflation notes selling at DM1 per five pieces. By the time I got to VN I was a serious paper money collector. Nevertheless when we converted from series 641 to 661, I laid aside only the notes through $1. Five dollars and up was too much money to take from my wallet. Two posts after VN I was in Kansas, at Fort Riley. At a weekend coin show I came across a $10 MPC from one of the early series in decent collectable condition. I knew it had no value in commerce, and did not want to pay the $11 asking price. I don’t recall what I ended up paying, but it was a hard decision to make. Now I was committed. I could buy new issues from Ed Hoffman and others with the last two numerals in the serial numbers matching across the series. I did not see the point, but I could appreciate that those retailers were buying complete straps intact in order to build the matching-number sets. That impressed me. Came the day I won several lots in a Money Company auction of Japanese coins. I had another tough decision to make. My MPC set was complete save for one piece—the same one Fred wrote about this month, the series 541 $5. I already had the series 471 $5, the supposed key to the MPC set. But I did not see a 541 $5 on the horizon, and I had to pay that auction invoice. I called Fred and said, “Send $250 to my bank and I will send you my collection of MPC— we’ll settle up later.” I was out of the MPC business. It was 1980. See Boling page Getting Started Last issue I said I would start discussing some of my favorite notes. Here is another. I began collecting coins in 1959 in a sibling rivalry with my brother. I moved to paper money in 1972 when I started collecting–no surprise–military payment certificates. I had just returned from Viet Nam, where I used MPC on a regular basis. In Viet Nam I ordered coins in the mail. Did I bring home any MPC? No, zero pieces. Joe at least brought home notes through the $1 denomination! After Viet Nam, the Army sent me to Fort Sill in Lawton, Oklahoma. Within a few months I met Lloyd Walker at a coin show. Soon we were attending area shows on nearly a weekly basis. Lloyd was a great numismatist. He was a former coin shop owner (in Lawton) and at the time of our meeting was a bourse dealer. Lloyd had a specialty that would be unusual even today. He specialized in world minors! At some small show in Oklahoma, Kansas, or Texas, I found a few military payment certificates. When we got home, we unloaded and chatted about the weekend. Lloyd said that he too had some MPC around there somewhere. I pushed and he found the notes. Of course I bought what he had and wondered out loud about how many series there might be. Lloyd responded “Well, there is a book on MPC.” Wow! I was excited but a bit skeptical. He went into his back room (much like my garage today) and within a few minutes found Ray Toy’s third edition! You know that I was excited then. I went to the Internet of the day–long distance information–and within a few minutes I was talking to the great one in Tucson. In the 1980s Lloyd’s interests migrated to Oklahoma trade tokens. He published a nice catalog of the tokens. I believe collectors still use his book. I just looked. Two copies are available on eBay. Tragically Lloyd was murdered in that decade. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 111 After Ray Toy I met and bought MPC from Ed Hoffman, Paul Garland (more later), and others. I could hardly think (or talk) about anything else. That is a condition not much changed today. All of the area coin shops knew of my new quest. Heck, all area collectors and coin clubs knew. Out of the blue I received a call from a local shop dealer. I am sorry, I do not remember his name. Eventually he ran for sheriff and was defeated soundly. He had some rare (he said) MPC that I would want and that I should hurry down to his shop. He did not need to suggest that I hurry. With little fanfare, the fellow laid out a group of Series 521 $10 MPC. I was stunned. I had never seen a 521 $10 nor had I ever seen such a group of MPC. I only remember being shocked at the price, but of course I bought the group. Then what? That was a good question. I placed a classified advertisement in Coin World and my life changed. I received two calls from the ad. I answered the first call. Without so much as a hello, the caller said exactly “I called to chisel you down on one of those 521 $10s.” Remember, this was in the days when long distance calls were charged by the minute. The caller did not want to waste any time talking. We made a deal. The caller was Joe Boling. Here we are sharing a column fifty years later. The other caller was Freeman Craig, Sr. He was a long-time numismatist, specializing in Latin American coinage. On the phone Craig was (slightly) more polite than Joe had been, but still did not engage in much small talk–at first. Of courses, he wanted one of the notes and we agreed on a deal. I do not remember if he negotiated or just agreed to pay my asking price (as he should have), but we made the deal. Only then he said, “by the way I have a Series 541 $5.” That really got my attention. It was another note that I had never even seen. I do not remember exactly how he phrased it, but after I caught my breath, I blurted out, “I can give you $750 for it.” At that point it was Freeman who was caught off guard. You must realize that the above- mentioned Toy catalog listed the 541 $5 in uncirculated at $7.50 and it is altogether possible that no single MPC had ever traded for as much as $100, maybe $50! He said that he would have to call me back the next day. I told him that I would await his call, which of course was the only thing that I could do. The call came in as promised. Mr. Craig said that I could have it for the offered $750. Then in keeping with my excitement I said something a bit crazy. I said that I would see him on Saturday when we could make the exchange and settle up. He lived in San Antonio which was (still is) 432 miles from Lawton. As crazy as that offer was, I am happy that I made it (the offer) and the trip because I do not think that he would have told me the “rest of the story” if we had used the mails. After all of our business was finished, Freeman told me the following story. When he had returned from Korea a few years before, he brought home some of the MPC from circulation. Specifically he brought back several of each fractional and one-dollar denominations. He brought back exactly three $5 and one $10 certificates. Obviously the high face value was the hindrance to bringing back more tens. The one complete set that he brought back would stay in his collection. The others were available for sale or trade as we have seen. Ultimately, all of the notes were sold, some of them several times. Of particular interest are the fives. We have the serial numbers for those notes: F03829401F, …402F, and…403F. Freeman told me that one of the fives (…401) was sold to “a woman in St. Louis” for the catalog value of $7.50. As crazy as that sounds today, that was a 50% premium over face value at a time when we have seen that the face value was an important factor. Of course the woman from St. Louis was the great collector Ruth Hill. The third note was the one that I had just purchased (…403) and still have. The summer before, Freeman had been at the SPMC meeting at the American Numismatic Association convention. By chance he was seated next to Paul Garland and MPC talk broke out. At that time Freeman was missing only one piece to complete his regular issue MPC collection. I do not recall if Freeman had the extra $5 piece with him to show Paul or only told him about it, but Paul, of course, wanted it. Freeman told Garland that he would trade the $5 for a 521 $10 if Paul could come up with one in a year. Fortunately for me, the year had just expired. The notes from the Craig group (hoard?) have moved around quite a bit over the years and now decades. Fortunately, we have the serial numbers of the $5 denomination. Ruth Hill’s note was illustrated in SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 112 Shafer’s catalog of US paper money. Ruth sold it to a collector whose name I have forgotten. Selling notes was not Ruth’s style. She told me what happened. A woman inherited her husband’s collection and contacted Ruth about disposing of it. I do not know how big the collection was, but it included an uncirculated 541 $5. Ruth told me that she “played the widow card” in obtaining the 541 $5, which was her second example. She emphasized to the widow that she, Ruth, wanted the note for her own collection and would not sell it. To keep her word, Ruth sold the Freeman Craig piece (…401) to the collector whose name I have also forgotten. I later bought the entire collection from mister forgotten name and resold the 541 $5 to Larry Smuczenski, in whose collection it remains. In addition to being illustrated above, it is the plate note in the current MPC catalog. Freeman Craig, Sr. was a collector who was ahead of his time. He invested more than $30 to bring home some high-denomination MPC and thanks to his coin background he maintained them in original uncirculated condition. The unstated matter at hand is replacements. Freeman did not have any replacements. I am quite sure that while he was in Korea, he did not know what replacements were. If he had, he certainly would have brought some home–I believe that they would have been relatively available for a knowledgeable collector to find. I was so naive that I do not think I even asked Freeman anything about replacements. At the time that I visited him, I probably did not own any. Freeman Craig died in the late 1970s (or early 1980s). His collection was offered at auction at a Memphis paper money show. It was quite an exciting event, but I do not remember many (any) details. That means that I do not remember what happened to the …402 certificate. It would be great if you know its whereabouts and can let me know: fredschwan@yahoo.com. Recapitulation of distribution of Freeman Craig MPC Series 541 $5 certificates F03829… …401F Freeman Craig, Sr. ➔ Ruth Hill ➔ Mr. Forgotten ➔ Schwan ➔ Larry Smulczenski …402F Freeman Craig, Sr. collection ➔ current location not known …403F Freeman Craig, Sr. ➔ Fred Schwan collection Boling cont. Twenty years later I did not go to the inaugural MPCFest in the Y2K year. I was invited, but I was no longer collecting them and did not see the point. I was retired from the Army in Seattle, and Port Clinton was a long way away. The after-action reports were good, and I had some regrets. I did not go to Fests II and III because both conflicted with the ANA spring convention, and I was chief judge—I had other responsibilities. But I let Fred know he was making a mistake by ignoring the ANA calendar. Finally for Fest IV he stopped doing that, and I have been to every Fest since. I still was not “formally” collecting MPC, but I had discovered position collecting. Every piece of MPC has a number printed on it showing where it was located on the sheet before the notes were separated—we call it the position number. Some weird collectors were chasing MPC bearing only favorite numbers. I was encouraged to collect position 8 notes—nobody had claimed 8 yet. I resisted. Through 1998 and 1999 I had been receiving position 8 notes with invoices discounted 100% (and one with discounts of 50%). Eventually, the hook was set—I started searching for position 8 notes. Position collecting is not at all like “normal” collecting. One has to completely ignore condition— when you see a note with the desired position number, you had better buy it, because it might be the only one you will ever see. MPC fractionals were printed 84 to a sheet—only 1.2% of the notes printed bear the number you are seeking. Among higher denomination notes the percentage is better (2.0%), but the available population is tiny—MPC were intentionally withdrawn and destroyed periodically, and very few GIs set aside notes above $1 in redemption value to keep as souvenirs. I am proud to say that I am the first (and so far, only) person to complete the basic 92-note MPC set from a single position (8, of course). Two or three other collectors are one note away from completion—it is pure chance that has let me be the first, and you can see that some of my finds are real dogs (while others , being nicer notes, cost me a lot more than I wanted to pay for a simple position number). Fortunately, among the unissued series (691 and 701) no position 8 notes have ever appeared. We have only the limited handfuls grabbed by the individual who was supposed to be destroying them, and there was apparently no carton of 8s within reach for any of the notes that were diverted into the market. Below are some of the 8s I have bought. Of special interest to me, no counterfeit MPC 8s have appeared. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 113 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 114 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 115 Federally issued small size two dollar bills are by far the most misunderstood of all United States Paper Money! Virtually every show I take a dealer table at, someone attending the show asks me about grandpa’s two dollar bills! They are always so happy to show me their treasures. You would almost expect these bills carry some sort of magically properties based on the wonder and nervous excitement in the person’s eyes! As they carefully retrieve the small stash from their bag and hold them ever so carefully, I am always hoping for the best and expecting the worst. What are then presented to me, on virtually every single occurrence, are three to twelve two dollar bills that vary from series of 1963 to 2017A!!! As the current president of our phenomenal Society of Paper Money Collectors I have a duty to treat each of these customers with the utmost respect and loving care… regardless of how they choose to respond when I gently inform them that their coveted treasures are either worth face value and can be spent or, in the case of the red seals, worth slightly over face value at an almost insulting premium based on their unfortunate condition. There are so many grumpy curmudgeons behind the tables of coin shows across America! if you ever take a table at a show, decide for yourself to be the exception to the rule and be an ambassador for our hobby! With a little practice, it actually does not take that much effort to be nice to the general public. Taking a table at shows is not for the faint of heart. It creates an entirely different perspective and overall show experience vs. casually walking the bourse floor shopping, or even vest pocket wheeling and dealing. I wholeheartedly recommend you give it a try sometime and see for yourself how it can be extremely enjoyable and intensely challenging at the same time. Just yesterday I had a gentleman badgering me because he did not like the price of a gorgeous coin I had in the case. A Carson City Trade Dollar in a funky NGC grade of MS61 that looked Proof Like! The coin is absolutely gorgeous and the customer was by Robert Calderman Two Be or Not to “B”! SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 116 mesmerized by its beauty. However, the cost of admission to take home this vintage round metal disk was not going to work for him. Instead of moving on he decided to give me an earful, and provide me with an awkwardly delivered educational lecture as to why no one would every buy this coin. Ugh, what a joy to fill my time on Super Bowl Sunday afternoon! Yes, I know what you are thinking… that this is exactly what I deserve for having a coin in my case in the first place!!! 😂 Okay, so what exactly am I hoping to see when a stranger walks up to my table and says, “Can you take a look at these two dollar bills and let me know what they are worth?” In the back of my mind it is always the same set of things in random order that I hope to see: a specialized small size plate serial number variety, an error note, any early series 1928 star note, a 1928B series note in XF+, or even a fancy serial number will do! Strangely, I never think of large size notes, and on rare occasion someone will actually pull out a raggedy 1917 $2 legal tender note and proudly place it on my table. So now that you are fully in tune with my frame of mind when these occurrences present themselves, what is the best thing on a two dollar bill that I have seen over the years? Nadda, zip, zilch, nothing of note that has knocked my socks off! Now if you grew up in the 1980’s… or were at least paying attention during that decade, you know that, “Goonies never say die!” So of course I am not giving up hope that I will have something outrageously incredible walk up to the table one day. Time is on my side as they say and anything can happen on a given day at a coin show. For now, while I wait impatiently for something magical to happen at an upcoming show in the not so distant future, let us look at “Two” of these specific show stoppers that I would love to see appear. The first is a tough note you may already “Be” aware of. Series of 1928B two dollar legal tender notes are the key series of all regular issue small size deuces issued to date. Featuring the signature combination of United States Treasurer Walter Orr Woods and Secretary of the Treasury Ogden Livingston Mills, they are very special notes in all levels of preservation. Scarce in problem free original extremely fine grades, and rare in original uncirculated condition! What are we referring to when specifying “Original condition?” This refers to notes that qualify for the third party grading services PPQ Premium Paper Quality or EPQ Exceptional Paper Quality modifiers. Collectible paper money is extensively cleaned, pressed, processed, or referred to as so called “Improved”, in an effort to squeeze a higher numerical Sheldon grade on a slabbed TPG holder for financial gain. Out of the many notes that qualify for PPQ/EPQ there are unfortunately plenty of notes that have still had work done to them! Although regardless of this fact, you are still at a much higher percentage chance of getting an original high quality example when having this additional modifier attached to the grade. As we once again “Impatiently wait”.. this time for a PCGS- Banknote Population Report, yes I said it again! Our quick reference research can only rely on PMG’s data to take a peek at a rough tally of surviving examples. For PMG graded examples of Friedberg catalog number Fr.1503 there are 457 notes listed in all grades broken down into their two respective Blocks: A-A and B-A. At first glance you would think that maybe the 1928A series notes are even tougher with just 370 notes in all grades!?! However, when looking at XF-Q or better examples, there is absolutely no contest between the two series counting in at 225x 1928A notes vs. just 138x 1928B notes! Now that you can see things clearly through the fog, we will focus here in this installment on the 1928B’s. Any nice quality extremely fine or better 1928B $2 LT example should be highly prized for your collection! An astute collector will absolutely desire adding both an A-A and B-A note to their collection. This next nugget may shock your collecting psyche and once you have learned this factoid there is no going back… so proceed with caution! For the A-A block 1928B’s graded 64Q or better there are a minuscule 8 examples in total graded by PMG!!! Compare this to the B-B block that counts in at a hefty 88 notes! Unfortunately, now you will realize without a doubt, buying both blocks in CU condition is not a challenge that all collectors will be willing to take on. This becomes a frustrating occurrence where lucky 8’s definitely do not feel quite so lucky! Count yourself as an official small size collecting super hero if you happen to have both of these 1928B $2 LT blocks in 65Q or better in your paper money collection! What you may be asking yourself now is, what exactly is the cost of admission for the easier of these two blocks? Finding a B-A 1928B $2 LT example in 65Q will run you roughly $1,500 and if you can somehow locate a 66Q, expect to pay closer to $3,000. The glorious 1928B $2 LT image featured here with SN: B02470587A is in fact graded PMG 66EPQ. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 117 For another amazing two dollar bill that turns heads and makes collectors cheer for joy when they are fortunate enough to acquire an example is a note that can both be called underrated and overrated at the same time depending on your perspective and collecting taste! The coveted $2 Legal Tender 1928D B-A block Non-Mule is a tough beast of a note that is often overlooked by casual collectors! This is another very tough catalog variety that is extremely important in virtually any grade you can find for your collection. When you hear, “Beauty is in the eye of the beholder", this is what we are talking about. If you are lucky enough to find an example in VG with four missing corners you should buy it and be ecstatic! If the thought of this makes your stomach turn because you only collect Gem 65Q notes… get over it and meet the "New you”. You are now gaining a deeper knowledge of the hobby and are on the path to becoming a seasoned “Advanced” collector! Embrace the new normal of allowing a numerical grade on a holder to become secondary in your list of priorities and almost allowing condition to be a compete afterthought in your mind! I know, I get it, this is not easy to potentially put a VG or Fine note in your binder, on display with all of your other pack fresh notes that almost shine like diamonds. Now on page 17 of your album, are we really going to slide a note in the page that looks like it was just pulled out of a mud puddle? Yes, yes you are… if you want to follow the path, finish the set, and complete the mission, the rarest most coveted notes that exist often cannot be acquired in uncirculated condition! The sooner you accept this fact, the sooner you can fully enjoy this hobby. Waiting for an ultra rare variety to appear in 65Q or higher condition could require waiting for decades, and even then it may still not exist, so stop waiting! Buy the rarities in any possible grade that you can. Only then should you hope to potentially upgrade later if the opportunity presents itself down the line. Why am I wearing you out, underscoring this point to such an extreme? This variety is a perfect example of taking what you can get for your collection. The Fr.1505 1928D $2 LT B-A block non-mule is one of these very tough varieties that deserve love in any state of preservation you can acquire. The vast majority of B-A block examples for this series are mules that feature a macro size faceplate number 182 - 401 and micro size back plate number 288 or lower. These B-A mule notes are reasonably tough to locate with PMG alone grading a total of 81 examples in all grades including 28 of these in uncirculated condition. For our featured variety, the B-A non-mule that features macro size back plate numbers 289 and higher, there are only 28 PMG examples in all grades with just TWO of these reaching uncirculated grades, a single 65EPQ and a 63 noQ. Here is a huge caveat that you need to highlight and memorize immediately… the 65EPQ note does not exist!!! It is actually the more common mule note that was mislabeled by PMG and it is “Fake News!” Lol. Just because the internet says it, does not make it true! If you think you can prove me wrong please by all means this is your opportunity. Maybe you will be lucky enough to add the sole finest “ONE KNOWN” CU example in 63 noQ to your collection. However, for everyone else, myself included SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 118 the 26 other examples in the PMG population report will just have to do! In fact, 22 of these are graded VF35 or lower!!! The exampled pictured here featuring SN: B99146289A is graded PMG 25 without negative comments on the holder, despite the obvious and moderate soiling. This now allows you to peek behind the curtain and see why you should be overjoyed and count yourself very fortunate to find an example of this variety in any condition. Why were we saying this variety is both overrated and underrated? What an odd description? In the ancient specialized guide of generations past, the 1928D $2 LT B-A non-mule was priced in VF condition at $1,000. Currently with patience, you can pick up a VF example of this rarity for well under $500!!! Take advantage of this buyers market while you can… with total overall population numbers (Including raw notes) that may remain in the realm of just a few dozen, now is the time for you to buy one for your collection! If you want to be a hero and try to cherry pick an example, look for serial numbers on these 1928D B-A notes that are above the current lowest observed on record which is: B97269954A. Thanks to the efforts of amazing researchers like Peter Huntoon and dedicated collectors like Larry Thomas and others that have been hunting these varieties avidly for decades, we thankfully have a roadmap to help us on our hunting journeys! Maybe the note you turn up will be a new lowest observed serial number! If you do, please make sure to let me know! Do you have a great Cherry Pick story that you would like to share? Your note might be featured here in a future article, and you can remain anonymous if desired! Email scans of your exciting treasure with a brief description of what you paid and how it was uncovered to: gacoins@earthlink.net 1928D $2 Legal Tender Mule with “Micro” size back plate number 278 1928D $2 Legal Tender Non-Mule with “Macro” size back plate number 304 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 119 This column is called Foreign Affairs – Paper Money Edition, and I thought it was time that we talk a little bit about the part of this hobby that I consider to be one of the most enjoyable: trade shows. In particular, I will share with you the one major show that every collector of (world) paper money should attend at least once: today known as the Maastricht International Money Fair (MIF), held in Maastricht, the Netherlands, twice a year (usually April/May and September). For the protection of all people involved, I will keep the names anonymous, for reasons that will soon become clear. What is today commonly known as the MIF has a lengthy history with its roots in the mid-1980s, when a small banknote show was organized in the southern Netherlands, minutes from both the Belgian and the German border. One of the main organizers was the late Jos Eijsermans, a Dutch banknote dealer and past president of the IBNS. The 1980s could have been the Stone Age of world paper money collecting. While there was a dedicated group of collectors, the field was small, and having a dedicated banknote show was almost unheard of. From these humble beginnings evolved what became commonly known as the ‘Mecca’ of world paper money collecting. Around 1997, the show moved from Maastricht to the neighboring town of Valkenburg, a quaint and quiet town about 15 minutes away. It remained here until 2019 at a local sports venue called the Polfermolen, and it was in Valkenburg that the show further grew from a small happening to a major international event. It was also in Valkenburg where I attended the show for the first time, first as a day visitor and then later as a dealer. Valkenburg is a lovely historic town where I made many fond memories when the show was held there. Image Courtesy of the Author Even though it was now held in Valkenburg, the show continued to be known as ‘Maastricht.’ The show itself consisted of two parts, a structure that has largely endured until today: a pre-show, where dealers gathered a few days prior to the main show to trade amongst themselves, and the actual show, open to the public on the weekend. Today, most of this has remained the same, although after the pandemic, what was once a competing show took over as the major Maastricht show, held again in the city whose name it kept all those year. The MIF today is organized by Dimitri Waltmans and his wife Claudia, along with a large team that supports the six-day banknote extravaganza. The show is held at the MECC, a large convention center on the edge of the city, easily accessible by both rail and car from all corners of Europe. It is not just a trade fair; local school groups often visit, and in the past, presentations on a wide variety of topics have been given. There is also an auction organized by Stack’s Bowers that is one of the SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 120 premier world paper money auctions of the year, held in conjunction with the show. As with any coin or banknote show, the social aspect is often more important than the trading that takes place. Sure, I have made some great deals at the show over the years, both for business and for my personal collection. However, when I think back on the 20+ times I have attended (so far), there are many memories that have taken place outside of the show, including many great dinners and after-dinner events (bringing my wife to the very last show in Valkenburg is a clear highlight). Some of these stories are better not put in writing, but I’ll share one that happened about a decade ago. One evening after the show a small group of four of us attempted to (accidentally) burn down the most historic hotel in Valkenburg, by placing a plastic doorframe directly under one of those terrace heaters. The smell was actually quite pleasant (although probably not healthy), but when we looked up at the doorframe, smoldering, a very slight panic set in. But, in a stroke of genius, we figured that a few of the overpriced beers would make excellent fire retardant (my initial suggestion to try my Scotch was thankfully struck down by the group). I still have the picture to prove it. After we skillfully averted the crisis and put out the fire using a few glasses of Dutch beer, we told the barkeeper. He was a friendly fellow we had gotten quite close with over the years, who then proceeded to look at us, look at the doorframe, shrug his shoulders, and mumble, ‘well, it’s not my hotel,’ and promptly walked away. We figured we could at least get a few free beers out of it for our heroic act, but that never happened. If you collect paper money, which, if you are reading this, you probably do, a visit to Maastricht at least once should be high near the top of your calendar. I have heard American collectors who made the trip for the first time be amazed by the venue, the people, and the banknotes available, and for many, it becomes an annual pilgrimage. Speaking of that, U.S. paper money does show up (the United States is part of the world, after all), so don’t think that as a U.S collector, there is nothing for you there. In fact, it wouldn’t surprise me if Robert Calderman would be able to find several notes for his ‘cherrypickers’ column. Of course, we all know that in recent years trade shows have seen drastic changes, and they have become more and more a wholesale affair, but the Maastricht show is one of those events that is still there. It is where friends from around the world see each other twice a year, do business during the day, and socialize over a good meal and drinks during the night. A small section of the bourse floor this past year. Image Courtesy of Don Ludwig While organizers and locations have changed and dealers have come and gone, the Maastricht show remains as strong and important as ever. With the Memphis show long gone, the MIF is clearly the largest paper money show in the world. As I said above, for anybody seriously collecting paper money, no matter what kind, a visit to Maastricht, at least once, should be at the top of your ‘must-do’ list. And when you are there, maybe take a side trip to Valkenburg and get the ribs at the Valkenhof. You won’t regret it. About the Author: Dennis Hengeveld is Director of Consignments & Senior Numismatist at Stack’s Bowers Galleries. He can be reached at dennis@stacksbowers.com. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 121 1883-1894 Postal Notes, Where Ample Rarities Exist. (how rare Is rare?) By Bob Laub/formatting by Skye Postal notes from West Virginia are exceedingly rare with only six currently known. I discovered a fascinating example from the small town of Barboursville, and will start with a short history before I precede into the postal note details. BARBOURSVILLE HISTORY: The Village of Barboursville is located in the central western most portion of West Virginia, and was founded in 1813 by an Act of the Virginia Assembly. As the Cabell County Seat, the town flourished as an industrial and political center. Barboursville had factories for: furniture, fan mill, hats, wagons and buggies, two or three harness shops, and a large exporting tannery. Its largest company was a sawmill built by Miller & Moore, which cut large quantities of lumber for steamships. With oak plentiful, the town prospered sending it cargo by the Guyandotte River (a 166-mile tributary of the Ohio River), to the Midwest. Immigration began to come in about 1780 and land was easy to get, at the small price of $1.60 per 100 acres. In 1880 the population of this rural community was 361, and by 1900 had only increased to 429. Almost no census information is available for 1890 due a fire in the Commerce Department Building in Washington, D.C., in January 1921.The 1880-1890 decades are a crucial source of census information as they correspond to ones encompassed during the Postal Note series. Today there is about 3,200 residents. CIVIL WAR DIVISION: In 1861, as the United States became massively divided over slavery, the western regions of Virginia split politically with the eastern portion, and the two were never reconciled as a single state again. Upon the ratification of the 13th Amendment (Abolition of Slavery) to the U.S. Constitution, West Virginia became the 35th state to join the Union on June 20, 1863. There were several skirmishes during the Civil War in and around the village. The most devastating was the destruction of the town’s sawmill, which had a tremendous financial impact to their commercial interests. To exacerbate the town’s troubles - after the war, the County Seat was moved to nearby Huntington. The city ceased as a manufacturing town and became a quiet, residential place. West Virginia Postal Note Stats: Postal Notes were one-time usage documents issued by the U.S. Government through the Postal Service. During the lifetime of the series, September 3rd, 1883, through June 30th,1894, three different printing firms produced over 70 million notes. Of that lofty number West Virginia issued 468,662 postal notes. In a privately maintained census, compiled in 1996 by Jim Noll, (sixth edition) his records show only two recorded survivors from the entire state of West Virginia. Those numbers were also reflected in an in-depth article by Peter Martin in the Congress Book 1997, Pacific 97 Hand Book, of the American Philatelic Congress. In that article it was also stated only two postal notes had survived from West Virginia. In June 2004 Jim Noll released the seventh, and final edition of his census. According to that report, the number of West Virginia Postal Notes had increased to five. The Barboursville note is the first new West Virginia Postal Note to be recorded in more than 19 years. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 122 John W. Church, Postmaster: A Postmasters signature is an integral part of all issued notes and appears on the lower half of a note’s obverse. On this note the Postmaster is John W. Church. He assumed his postal position on May 14th,1889, and remained in that capacity until May 24th,1893, receiving an annual compensation of $228.84. A postmasters’ annual compensation varied from year to year and was based on the overall amount of business conducted at their individual post office. Five Previously Recorded West Virginia Survivors: Two notes were issued from Wheeling: A Type- I, (yellow paper) produced by Homer Lee Bank Note Company of N.Y. (Aug. 15th,1883 - Aug 14th,1887) and a Type- V, (grey paper) printed by the Philadelphia firm of Dunlap, and Clarke. (Aug. 15th,1891-June 30th,1894). A Type- III from Webster, printed by Homer Lee (grey paper), and represents the rarest of all the types. Additionally, two single Type- V’s from both Hendricks, and the capital city of Charleston survive. Each of the previous five notes were issued in souvenir amounts of either one-cent, or two-cents, with all issued postal notes encompassing a three-cent administrative fee. Why would anyone wish to spend four-cents in securing a one-cent postal note? The likely response would be being maintained as a keepsake or souvenir. This logic happens to be what most postal note collectors generally agree on, and is probably why most surviving notes are valued at less than five-cents. (1,743 of the remaining 2,304 recorded postal notes were issued for five-cents or less) The Barboursville Postal Note, at $2.40, on the other hand, is the highest recorded amount for the state, and in retrospect, the only surviving note likely purchased with commercial intensions. Also, the only postal note which has survived from the four-year printing contract of the American Bank Note Company. (Aug 15th,1887- Aug 14th,1891). During their time producing these notes the engraved plates were reworked under the direction of Thomas F. Morris. His name may be more recognized as the engraver who worked on the 1896 Educational Series of Silver Certificates In conclusion: The facts presented, speak for themselves, and should more clearly encompass the article title. 1883-1894 Postal Notes, Where Ample Rarities Exist (how rare is rare?) At this time, I would like to thank my long-time friend, and fellow researcher/writer Rick Melamed for his keen eye and creative approach. My goal with this article is to provide enlightenment, and entertainment in an area I have been collecting for 20-years. Comments are always welcomed at briveadus2012@yahoo.com. I’m also interested in hearing about any Postal Notes you may have as well. Many thanks. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 123 In a previous life I had a job trading currencies in New York City, working for a boutique firm in midtown Manhattan that catered to a clientele of what were then euphemistically called “high net worth individuals” who devoted some of their spare change to playing the interbank forward market. In that pre-internet world, I became very skilled at cradling a phone receiver in the crook of my neck as our telex printer clattered off trade confirmations. To celebrate that gig, an uncle of mine once gifted me a necktie emblazoned with the various symbols of the currencies I traded. Looking at that necktie now leaves me feeling wistful for the specific reason that many of the currency symbols appearing on it no longer exist. Sure, the Japanese yen, the Swiss franc, and “cable” are still alive and kicking. On the other hand, the mainstays of my brief trading career—the German mark, the French franc, the Spanish peseta, among others—have long since been swallowed up by the capstone of the European integration project, the euro common currency. Since 1999, twenty- one of the twenty-seven countries that make up the European Union have merged their national currencies into the eurozone. The latest country to do so, Bulgaria, took the final plunge on New Year’s Day 2026; by the end of this January, about three-quarters of the paper circulation of Bulgarian leva have been retired and the rest declared no longer legal tender. This change was Bulgaria’s choice to make, but there is nonetheless something regrettable about the disappearance of yet another currency, much as a linguist might rue the loss of meaning when a language goes extinct. Despite the convenience and efficiency gains that come from monetary and linguistic standardization, something is lost by the decrease in banknote diversity— fewer opportunities for artistry in design and engraving, fewer celebrations of national heroes or cultural heritages. While future euro banknotes will feature actual, historical personages, the current series is notorious for its abstract mélange of architectural styles that carefully avoid any symbolism relating to national identity. As paper money, the euro works well enough; as portable expressions of group belonging, it’s an utter failure. How well does the eurozone function and how much further could it expand? There is no short and easy answer to the first question. Economists have long used the notion of the “optimal currency area” to gauge whether a monetary union is a good idea to begin with. Such an area has integrated and flexible markets in labor, goods, and capital, along with a “fiscal union” (common budgetary resources) that allows public authority to stimulate areas of the economy where needed. While that describes the United States, even after nearly seventy-five years, the EU only approximates that optimal currency ideal. Instead, from its very beginnings there was a kind of build-it-and-they-will-come attitude towards the new currency: once the euro was established and countries joined, its very use would draw their economies closer together. A common currency would be a cause, not a consequence, of economic integration. The eurozone did set economic and fiscal standards that countries had to meet to join, but politics corrupted their enforcement. Arguably, Italy didn’t qualify as a charter member in 1999 and definitely not Greece, which nearly fell out of the eurozone a decade after joining. The downside of a less-than-optimal currency area comes from what countries give up to belong. Without their own currencies, countries can no longer have their own monetary policies. As a result, interest rates and monetary conditions that might be right for one part of the eurozone (Germany, say) might be too tight or too loose for another part (France). How might the eurozone expand? Currently, six EU member countries remain outside the common currency (two other nonmember nations, Kosovo and Montenegro, use the euro anyway). Denmark, an EU member since 1973, long ago chose to opt out and keep its national unit, the krone. Late joiners—Sweden (1995), Czech Republic (2004), Poland (2004), Hungary (2004), and Romania (2007)—legally do not enjoy Denmark’s discretion. However, the obligation of an EU member country to adopt the euro only kicks in once the country officially starts the process of adoption, thus allowing these laggards to postpone making any hard choices. Sweden would easily qualify but its people are against it. Poland’s government is likewise skeptical about trying. Czechia and Romania don’t yet meet the economic criteria to join, while Hungary’s populist government under Viktor Orban has grown allergic to all things European. Thus, as obsolete as it is, my currency cravat won’t likely get any more outdated. That little fashion accessory to my wardrobe still hangs in my closet, forlornly waiting for the day that fat neckties finally come back into fashion. Chump Change Loren Gatch The State of the Euro, 2026 SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 124 $MALL NOTE$ Surprise Scarcity of 1928B Atlanta $20s By Jamie Yakes he Treasury’s destruction in 1946 of unused Series of 1928 Federal Reserve notes disposed of over a quarter of the total value of them printed. This affected the survival of many types, depending on the district and denomi- nation. In my article about the destruction,1 I mentioned one type in particular that is scarcer than expected: Se- ries of 1928B Atlanta $20s. Here, I estimate that over two million were serial numbered, but only twenty percent of those got into circulation. The BEP printed 7,416,000 twenty-dollar notes for Atlanta with a 1928 series date, from a mix of 1928, 1928A, and 1928B plates. They delivered 5,580,000 to the agent at the Atlanta Federal Reserve Bank. Atlanta was the only bank to not have unissued 1928s on hand when the order to stop issuing the notes came down from the Federal Re- serve Board in January 1936. Suffice to say, serials F00000001A to F05580000A were placed into circulation. The BEP had the other 1,836,000 notes, with serials from F05580001A to F07416000A, and those were destroyed in 1946. The use of faces from each series was separate with no commingling. Series of 1928A faces were used in two overlapping four-plate press from January to May 1929. Series of 1928A faces were used during one press run in July and August 1929, and for another in March and April 1930. Series of 1928B faces were used in continual press runs from August 1930 to August 1933. By August 1930, the BEP had num- bered 5,136,000 notes on a mix of 1928 and 1928A sheets. The next numbering run occurred in October, beginning with serial number F05136001A. Sheets of 1928Bs were available for that number- ing run, as too were sheets of 1928s and 1928As. Serial F05136001A, therefore, was the lowest possible number that could have appeared on a 1928B note. Observations of 1928 and 1928A notes2 show none with serials greater than 5.4 million, indicating those sheets were consumed by November. Series of 1928B sheets served until the end of production of Atlanta twenties in October 1935. The final serial printed was F07416000A, so the BEP numbered 2.3 million notes after 1928B faces went to press. A small percent- age of those were 1928s and 1928As, so odds are more than two million 1928B notes got numbered. Nearly eighty percent of those were destroyed,3 which leaves an estimated four hundred thousand 1928Bs that got issued into cir- culation. That’s few notes, many of which have been culled from circulation over the past ninety years. Sources Cited 1. Yakes, J. “‘Special Procedure for Destruction:’ The Fate of Unused 1928 Federal Reserve Notes.” Paper Money, Whole No. 358 (2025, Jul/Aug): 238. 2. Heritage Auctions. “Currency: Auctions: Past Sale Prices.” Searches for “Fr. 2050-F,” “Fr. 2051-F,” and “Fr. 2052-F,” sold and unsold as of February 10, 2026. Accessed at https://currency.ha.com/c/search/results.zx?ic4=Breadcrumb-071515. 3. It’s probable that all Atlanta $20s destroyed were Series of 1928Bs. This includes 372,000 yellow-green seals. Other Sources Container 146. Entry P1: “Ledgers Pertaining to Plates, Rolls, and Dies, 1870s-1960s.” Record Group 318-Records of the Bureau of Engraving and Printing. National Archives and Records Administration, Archives II, College Park, Maryland. T A nice 1928B $20. (Heritage Auctions.) SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 125 The front of the Type-40 Treasury note endorsed by Richard M. Cuyler, Major, Artillery & Ordnance. Image: Randall Smith Richard Matthaei Cuyler Major, Artillery & Ordnance Commander, Macon Arsenal, Georgia ome endorsements on Confederate treasury notes open a window on history. Some of them are rare, and the endorsement by Richard Matthaei Cuyler is Rarity 11 with fifteen known examples. The illustrated endorsement is shown with the full reverse of the treasury note, which boasts two post-Civil War advertisements, one from a Georgia railroad in red font, and another from a dealer of cigars in Windsor, Ontario, Canada. Windsor is directly adjacent to Detroit, Michigan. The endorsement by Cuyler reads: “November 4th 1862 Rich M Cuyler Maj Art(iller)y & Ord(nance)” Richard Matthaei Cuyler The Cuyler family was prominent in the state of Georgia, and the record can be confusing, as the name “Richard” is fairly common in the Cuyler family, and the commander of the Macon Arsenal, Richard M. Cuyler, can be confused with other Cuylers having different middle names. Richard Matthaei Cuyler was born on April 26th, 1825, to Richard Randolph Cuyler and Mississippi M. Gordon. Cuyler began his career at age 14 with the U. S. Navy as a midshipman on April 28th, 1839, and he became a part of the U. S. Coast Survey on June 20th, 1845.1 In the 1850s he was a Lt. Commander for the U.S. Coast Survey on the Pacific coast. Roger Adamek discovered the link between Cuyler and the Macon Arsenal which he would eventually command. “Christopher DeSwan Findlay of Macon, Georgia...a partner in the Findlay Foundry, leased the family foundry to the Confederacy in May, 1862. The Foundry was under the direction of Richard Matthaei Cuyler. “Cuyler was an officer in the US Navy for two decades before resigning in a dispute with a senior officer in 1859, and a distinguished artilleryman of the Mexican War. R. M. Cuyler rose from private to captain in the Confederate army from his experience around ordnance. He recognized the value of Macon’s railroads and foundries in meeting the South’s needs for weapons and munitions. R. M. Cuyler converted the Findlay iron works into the Confederate Macon Arsenal’s Cannon Factory. Cuyler hired Christopher and his brother Robert [Findlay] from the Army to help operate their former S The Quartermaster Column No. 47 by Michael McNeil SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 126 foundry for the Ordnance Bureau. At its peak, the Macon Arsenal produced 10,000 rounds of small arms ammunition and 125 artillery shells per day, and is famous for producing the 12 pound, bronze- barreled Napoleons and 10- to 30-pound iron barreled parrot guns.”2 Cuyler married Emily Charlotte Potter on April 25th, 1861, and they had five children, one dying in infancy.3 Cuyler’s military record in the National Archives is voluminous with 379 documents. Confusion of Cuyler with others of the same last name is also noted in the National Archives in the file heading for “R. W. Cuyler,” which directs the researcher to the correct file for R. M. Cuyler. Many endorsements are found from officers who worked at the Macon Arsenal or were supplied by it. Among them were the Military Store Keepers John Urquhart Ansley, Richard Lambert, and William Henry McMain, and the Quartermaster J. G. Michaeloffsky. Readers will find more information on the Macon Arsenal in the author’s book.4 On July 23rd, 1863, Cuyler was appointed to the temporary rank of Lt. Colonel, commanding the arsenal, and reporting to Col. Gorgas in Richmond. Cuyler held this “temporary” rank until end of the war. After the fall of Atlanta in early September, 1864, Cuyler became convinced that the Macon Arsenal would become a prime target for Gen’l Sherman and that the arsenal would have to move to Savannah, Georgia. Ironically, Sherman bypassed Macon and marched to Savannah, where the city leaders presented the keys of the city to Sherman to prevent its destruction. By April 1865 it was clear that the end of the war was imminent, and in a letter of April 14th Cuyler wrote that he “had been ordered to report at his earliest convenience the number of men in the Ordnance establishment that were organized and armed for the local defense.” Cuyler appeared on a report of Confederates captured a week later at Macon, Georgia. In 1867 Cuyler appeared as a Savannah, Georgia partner in an advertisement for Brown & Cuyler, a “General Commission Merchant” in New York.5 An announcement of a pardon for Cuyler, noting his record as an “ex-United States Naval officer,” appeared on January 15th, 1867.6 Richard Matthaei Cuyler died in Savannah, Georgia, on May 18th, 1879, at age 54.7 Reflections from history’s distant mirror The author attended the University of California at Santa Barbara. The university is built on a rise of land surrounded by the Pacific ocean to the south and a wide, shallow slough to the north between the The endorsement of R. M. Cuyler at top, with advertising from Atlanta, Georgia and Windsor, Ontario, Canada. Image: Randall Smith SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 127 Napoleon guns used in the defense of Atlanta, Georgia. Image in the public domain. university and the town of Goleta, which is nestled against the coastal mountains. The water in this shallow slough would rise to about a foot after a big rain, but local legend recalled that the slough was deep enough for ships to navigate it in the 1850s. Coastal survey ships took extensive navigational data, noting water temperatures and currents. The Santa Barbara Gazette of July 3rd, 1856 reported, “The U. S. surveying schooner Ewing, R. M. Cuyler, Lieutenant Commander, arrived in our harbor on the 2nd instant, from a cruise in the Santa Barbara Channel. Currents were observed at five stations, namely: off Santa Barbara; in the channel between Santa Barbara and Point Conception; ...and off San Miguel Island.” [take note of this island] Local legends of ships in the Goleta Slough are correct. 102 inches of rain fell between November 11th, 1861 and January 31st, 1862. “Sediment quickly filled tidal estuaries and lagoons which had been navigable to ships for centuries.”8 Local legend also recalls that Santa Barbara and Goleta set a heat record on the North American continent at 133 degrees on June 17th, 1859.9 Many online sources are skeptical of this record, claiming that thermometers in Santa Barbara would not have measured temperatures higher than 120 degrees, and they further doubted reports that this temperature could have existed offshore. These online sources are excellent examples of faulty deductions from real data [AI will accelerate this]. These sources have ignored the role played by the ships of the U. S. Coast Survey and the scientific instrumentation they carried. Referring to this record-shattering event, the U. S. Coast Survey reported that “No human being could withstand such heat.”10 The record also notes that the scorching wind came the northwest. The coast at Santa Barbara runs east-west, and a northwest wind would have blown from the shore over the coastal waters of Santa Barbara and Goleta, a geographical fact ignored by online sources. This heat record stood until 1934 when Death Valley recorded 134 degrees. If you dive deeply into a Google map, you will find that the harbor at the uninhabited San Miguel Island in the Santa Barbara Channel is named for Richard M. Cuyler. His endorsement is one of the treasures in my collection. Carpe diem “Those who do not remember the past are condemned to repeat it.” ― George Santayana, 1906 References 1. www.fortwiki.com/Macon_Arsenal 2. Robert S. Davis, Jr. Cotton, Fire & Dreams – The Robert Findlay Iron Works and Heavy Industry in Macon Georgia 1839-1912. 3. www.islapedia.com/index.php?title=CUYLER,_Richard_M. 4. Michael McNeil. Confederate Quartermasters, Commissaries, and Agents, published by Pierre Fricke, 2016. See pages 207 to 210. 5. The Daily News and Herald, Savannah, Georgia, January 3rd, 1867. 6. Ibid. January 15st, 1867. 7. www.islapedia.com/ 8. Walker A. Tompkins, Goleta, the Good Land, published by Goleta Amvets Post No. 55, Goleta, California, 1966, page 62. I extend my deep gratitude to my brother-in-law, Scott Hathaway, a retired librarian at the University of California, Santa Barbara, who loaned me this book for the research on Cuyler. 9. Ibid. Pages 57-58. 10. Ibid. Page 58. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 128 Wrong Country! The DT-54 tractor on Albania and North Vietnam By: Roland Rollins This series continues to draw attention to world banknotes with vignettes of items that are not from the country of issue. Understanding the connection of such an image to the country of issue often relates to other factors worth exploring on the banknote. Several of the prior “wrong country” examples in this series were easily explained as convenient, with a cost savings using a stock image or a simple mistake. In this case the image was very deliberate, in two countries who were at the time behind the iron curtain. Most currency collectors are of an age to well remember this. The “iron curtain” was popularized by Winston Churchill in a 1946 speech and represented the huge military, political, and cultural differences between the ideological and physical boundary that separated communist Eastern Europe from democratic Western Europe during the Cold War. The banknotes for discussion are the Albania 25 lekë banknote dated 1964 (P37/B222a) and 1976 (P44/B222b) and the North Vietnam 20 Dồng dated 1969 (P74A/B306). The both notes were printed by China Banknote Printing and Minting, Shanghai. The theme for the notes is agriculture. The entire seven note series of Albania acts as propaganda, extolling the virtues of the socialist society. The front of the Albania banknote depicts a happy woman field worker holding a wheat sheaf with the background showing the modern harvesting of a wheat field with a combine and truck. The reverse continues this modern take with a tractor pulling a man on a plow in a wheat field. The North Vietnam 1 Hào (two versions), 2 Hào, and 20 Dồng of the 1964-75 series depict hog, rice, and wheat farming. The reverse shows a very similar note as the Albania note with the same brand tractor also pulling a plow in a wheat field. Both the Bank Note Book and Pick only mention a tractor, not the exact model - the DT-54. The diesel-powered tractor was produced from 1949 to 1979 at three different plants in the Soviet Union! The plants, located in Stalingrad, Kharkov, and Altai U.S.S.R., produced nearly a million varieties of this model. This author only wonders why the Russian printer Goznak was not pressed into service as the printer for one or both of these notes. So why was this particular tractor displayed? One could easily infer the tractor was not generic, but displayed in an exact manner to purposely convey the helping hands of the fellow socialist big brother country of Russia providing the modernization of agriculture – with most viewers expecting Russia to aid all Communist countries including those satellite nations behind the iron curtain. The whole Albania series is reasonably priced and would easily fit in a collection of Albanian, propaganda, and agricultural and industry theme banknotes. The North Vietnam note was never issued and should be considered at least scarce to rare. The Bank Note Book assigns a value of $400 in uncirculated condition. There is currently one online for sale in uncirculated condition for sale for $1,600 while another has a current bid of $370 (without buyer’s fee) closing in mid February. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 129 SPMC FUN at the Awards Breakfast and Tom Bain Raffle! Once again the SPMC held our annual awards breakfast and Tom Bain raffle at FUN ’26. This year was a sellout leading us to hope that we may have to have a larger room next year! Tom Bain Raffle The SPMC table set up and manned. A scrumptious but artery clogging breakfast was waiting for all. HoF member, Cliff Mishler patiently awaiting his turn for food. Tearing apart 100 tickets is time consuming and a lot of work! Auction lots awaiting new owners. Wendell awaiting divine inspiration as to the winner of the next lot. SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 130 SPMC Awards Award Winners Hall of Fame—Audrey and Adeline Bebee, Glen Jorde, Q. David Bowers Nathan Gold—Robert Vandevender Founders Award—Derek Higgins President’s Award—Nancy Purington Nathan Goldstein Award—Robert Calderman Forrest Daniel Award—Steve Feller Education, Research Award—Peter Huntoon Best in Show—Jaime Halvpka Wismer Award—Fred and Bianca Bart Article Winners (first place, second place) Colonial—Steve Feller Confederate—Mark Coughlan, Steve Feller Nationals—Honaker & Lofthus, Bob Sandeen Obsoletes—Bernhard Wilde, Terry Bryan (tie for 1st) World—Robert Menchaca (won 1st & 2nd) Miscellaneous—Lofthus. Hansen, Lofthus, Huntoon Column—Calderman, McNeil & Yakes (tie for 2nd) Sometimes mystery boxes contain $100 red seal and sometimes rubber chickens Vnndevender--Gold Higgins—Founders Purington—president’s Bart--Wismer SPMC.org * Paper Money * Mar/Apr 2026 * Whole Number 362 131 EXPLORE the hobby of Souvenir Cards at SouvenirCards.org Official website of the Souvenir Card Collectors Society Free comprehensive online catalog with more than 2,700 reference images Each year, Society members receive: • The quarterly Souvenir Card Journal, with 40 years of back issues • Access to exclusive SCCS auctions • Excel flles of the latest catalog data • Annual engraved souvenir card One-year memberships start at $25 For more information, visit the About page on our website or email SCCS1981@yahoo.com. 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 U.S. CURRENCY SIGNATURE® AUCTION CSNS - Dallas | April 29 – May 1 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. Dustin Johnston #18229. BP 22%, see HA.com 90163 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 Now Accepting Consignments to Our Official CSNS Auction Deadline: March 9 Serial Number 1 Pensacola, FL - $10 1882 Brown Back Fr. 485 The Citizens National Bank Ch. # 4837 PMG Choice Very Fine 35 EPQ Serial Number 1 San Diego, CA - $10 1902 Red Seal Fr. 613 The National Bank of Commerce Ch. # 6869 PMG Choice Very Fine 35 Serial Number 1 Denver, CO (Territory) - $20 Original Fr. 426 The First National Bank Ch. # 1016 PMG Very Fine 25 Pittsburgh, PA - $50 1875 Fr. 446 The Union National Bank Ch. # 705 PMG Choice Extremely Fine 45 Gainesville, TX - $50 1902 Red Seal Fr. 664 The Lindsay National Bank Ch. # 6292 PMG Very Fine 25 Sioux Falls, SD - $5 1882 Brown Back Fr. 472 The Union National Bank Ch. # 4629 PMG Choice Very Fine 35