Paper Money - Vol. V, No. 3 - Whole No. 19 - Summer 1966

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t4111114111010111 as iLIKILALTRIMPII DDLIAMMUMNIMIT virtu PlifOrINIHISMOIr SgICTION 211011116. Paper J'lone DEVOTED TO THE STUDY OF CURRENCY The "Buffalo" or Lewis & Clark legal tender note. See page 69. F:13 Eti E43 Er3 VOL. 5 1966 Whole No. 19 OFFICIAL PUBLICATION OF Cocieqo Paper igetteis Collector, 0 1966 by The Society of Paper Money Collectors E:13 No. 3 Bebee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 BEAUTIFUL UNCUT SHEETS Subjects of 12 Uncirculated Notes. All were issued in Very Limited Numbers. Will put Your Collection in the "Blue Ribbon Class" SILVER CERTIFICATES 201-1 201-4 201-5 $1.00 $1.00 $1.00 1928 1928-C 1928-1) Tate-Mellon. Rare Item Woods-Woodin. Very Rare Another, with hardly noticeable crease on two notes Julian & Woodin. Just as Rare in uncut sheet $ 495.00 2,750.00 2,375.00 2,250.00 201-8 $1.00 1935 Julian & Morgenthau. Lists $450.00, worth it 395.00 201-9 $1.00 1935-A Equally as scarce 395.00 201-10 $1.00 1935-B Julian-Vinson. Very limited issue. Lists $550.00 495.00 201-11 $1.00 1935-C Julian-Snyder. Lists $400. Special 375.00 201-12 $1.00 1935-D Clarke-Snyder. Just as scarce 365.00 201-1 $5.00 1934 Julian-Morgenthau. Worth List ($1,250.00) 1,150.00 205-3 $5.00 1934-B Julian-Vinson. Rare. Lists $900.00 865.00 205-4 $5.00 1934-C Julian-Snyder. Worth List ($550.00) 495.00 205-5 $5.00 1934-11 Clarke-Snyder. Equally as Rare 475.00 Urgently Wanted-$1.00 201-2-3, 7 $5.00 205-2, all $10 .00 , Sheets of 18. LEGAL TENDER 101-1 $1.00 1928 Woods-Mellon. A Great Rarity, less than seven sheets known. (Some Authorities say even less.) Please write for price. 102-4 $2.00 1928-0 Julian-Morgenthau. Very Rare Item 495.00 102-6 $2.00 1928-E Julian-Vinson. Equally as Rare 550.00 102-7 $2.00 1928-F Julian-Snyder. Also Very Rare 425.00 102-8 $2.00 1928-G Clarke-Snyder. Just as Rare as last 395.00 105-5 $5.00 1928-1) Julian-Vinson. Very Rare 750.00 105-6 $5.00 1928-E Julian-Snyder 495.00 FALL SPECIALS RARE R & S SPECIAL MIS-MATCHED NOTES $1.00 R 201, S 201. Superb Pair 115.00 $1.00 1957B 1737/U47. Gem '39 50 We will trade Red "S" for "It" Notes. Plastic Holder, with Title 4.75 $1.00 GRA NA HA N-FOWLER NOTES ALL RARE CURRENCY WANTED Double Denomination and Unusual Errors. Territorial Notes from Arizona, Idaho, Nebraska, Oklahoma, Washington, Wyoming, Hawaii, others. Rare Small Notes 201-4, 5, 6, A210-1, H520, 102-3, 3, 105-2, 210-1, 4. Also "Star" Notes 201-1 to 201-8, H201, A201, R201, S201 and 101-1, all Crisp Unc. UNCUT Sheets 102-1, 2, 3, 5, 105-1, 2, 3, 4, 7. Also all Sheets of 18, Large Size Nat'l. Bank Notes, others. Please describe and price. * BEECOIN CURRENCY HOLDERS Finest Quality 1 Pure Crustal-clear Acetate. The Rest seller tor 25 years. Don't Gamble-Use BeeCoin (copyrighted *) 68 774x3 7/16 Large Size Currency 1.75 3.00 5.75 10.00 78 6 % x2 7/(3 Present Size Currency 1.65 2.90 5.25 9.25 * 80 51x2% Large Fractional 1.35 2.35 4.25 7.75 98 3 ,A . x 2% Small Fractional 1.10 1.90 3.25 5.75 *108 47A,x31/4 Colonial Currency 1.65 2.90 4.25 7.75 * Combine 80 and 108 for Quantity price. FLIP UP ALBUMS New improved Display Albums. Capacity 50 Notes (100 if 2 in each envelope) For Large Size Currency. Size 10 % x10 For Present Size Currency. Size 10 % x8 DEALERS: Write on Letterhead for our FREE Wholesale Catalogue. FREE NUMISMATIC BIBLIOGRAPHY * Free with $75.00 Book Order, the following great work (Offer expires Ot. $ let * "Select Numismatic Bibliography" (Mrs. Elvira Clain-Stefanelli). A Cross-Index of almost 5,000 Numismatic Books. A MUST in $1e2ve57 Library. Retails Write for List of over "400 Best Sellers"-can be found only at Bebee's. It's True-you can do better at Bebee's. That is, if its Quality Notes you want. If you have not tried us for Quality, then there's a Surprise in store for you. Send $1.00 (Free with $25.00 Order) for our two Great Catalogues: 1. 84-Page Catalogue of Coins & Currency. 2. 108-Page Supply Catalogue Everything in Numis-Accessories plus over 400 Books. MINIMUM ORDER $5.00. Please add 50c if under $10.00 $1.00 GRANAHAN-DILLON NOTES Superb Set (12) 1963-A 14.95 Superb Set (12) 1963 14.95 Same, last 2 Nos. ,match 15.95 Same, last 2 Nos. match 15.95 STAR NOTE SETS STAIR NOTE SETS Superb Set, $1.00 G & F "Stars" 19.00 Superb Set, $1 G & D "Stars" 19.50 $2.00 G & F LEGAL Same, last two Nos. match 24.50 1961A In Acetate holder 2.85 No. Size For $12.50 9.95 Paper litehe VOL. 5 NO. 3 1966 WHOLE NO. 19 PUBLISHED QUARTERLY BY THE SOCIETY OF PAPER MONEY COLLECTORS Editor Barbara R. Mueller. 523 E. Linden Dr.. Jefferson. Wis. Direct only manuscripts and advertising matter to Editor. Direct all other correspondence about membership affairs, address changes, back numbers and sample copies of Paper Money to the Secretary, J. Roy Pennell, Jr., P. 0. Drawer 858, Anderson, S. C. Membership in the Society of Paper Money Collectors, including a subscription to Paper Money, is available to all interested and responsible collectors upon proper application to the Secretary and payment of a $4 fee. Paper Money is not otherwise available. Application to mail at Second Class Postage Rates is pending at Federalsburg, Md. 21632. Subscription, $4.00 a year. Published quarterly. ADVERTISING RATES One Time Yearly Outside Rear Cover $37.50 $140.00 Inside Front &. Rear Cover 35.00 130.00 Full Page 30.00 110.00 Half Page 17.50 60.00 Quarter Page 10.00 35.00 Issue No. 20 Issue No. 21 Issue No. 22 Issue No. 23 Schedule for 1966-67 Advertising Publication Deadline Date Nov. 15, 1966 Dec. 15, 1966 Feb. 15, 1967 Mar. 15, 1967 May 15, 1967 June 15, 1967 Aug. 15, 1967 Sept. 15, 1967 CONTENTS Rotary Press Currency, by Nathan Goldstein II 63 New Donlon Catalog 65 Additions to Toy's Catalog 65 Nineteenth Century American Bank Note Engravers, by Everett K. Cooper 66 Low Denomination Confederate Fractionals (?), by George W. Wait 68 The Buffalo or Lewis and Clark Legal Tender, by Cliff Murk 69 The Paper Money Issued at Khabarovsk, Russia in 1918, (concluded), by M. Byckoff 70 Foreign Paper Money News 72 Federal Reserve Notes, 1914 Series, by Thomas C. Bain 73 Data on Jamaican Currency Needed, by Jerome H. Remick 74 Bank Charters and Politics-1833, by Sen. Warren S. Henderson 75 Why Not Collect Business College Currency, by Maurice M. Burgett 77 Paper Money in the Pontifical State, by Alfredo P. Marcon 78 Auction Prices Realized 81 A Proposal, by Henry D. Blumberg 83 New Canadian Commemorative Note 83 It's in the Books, by Earl Hughes 83 The Society of Paper Money Collectors, Inc. Secretary's Report 84 The Trading Post 87 Cacietv ei Paper litottev CcIlector44 OFFICERS President George W. Wait, Box 165, Glen Ridge, N. J. Vice-President William P. Donlon, Box 144, Utica, N. Y. Secretary J. Roy Pennell, Jr., Box 858, Anderson, S. C. Treasurer James L. Grebinger, Box 614, Oak Park, Ill. APPOINTEES-1965-66 Librarian Earl Hughes Attorney Ellis Edlow BOARD OF GOVERNORS — 1965-66 Thomas C. Bain, Dr. Julian Blanchard, William P. Donlon, Ben Douglas, Nathan Gold- stein II, George D. Hatie, Morris Loewenstern, Fred R. Marckhoff, J. Roy Pennell, Jr, Glenn B. Smedley, George W. Wait, Melvin 0. Warns 211111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111n11111111111111111111111111111111111111111111111111111111111111111111111111111111111,1E E..- EE E = =Important NoticeE E =E = = EPaper Money Is A Copyrighted Publication .- = E = No article originally appearing in this publication, or part thereof or condensa- E= • tion of same. can be reprinted elsewhere without the express permission of the Editor. = -a= = = Although your Officers recognize the publicity value to the Society of occasional re- = • prints, they cannot allow indiscriminate use of the material from PAPER MONEY in a other publications even when condoned by the author. Therefore, authors should E.E E contact the Editor for permission to reprint their work elsewhere and to make ar- a • rangements for copyrighting their work in their own names, if desired. Only in this E a way can we maintain the integrity of PAPER MONEY and our contributors. == = =— = viliiIiimillilinlInInnInnininimillnillmmIlmillimmillnillumilinulluminlilliiiIiiiiiinnililmilliiimilillImIllimIllIIIIIIIIIHInilloilim WHOLE NO. 19 Paper Money PAGE 63 Rotary Press Currency By Nathan Goldstein II Figure 1. The Bureau of Engraving and Printing has been the sole producer of paper money for the Treasury Depart- ment for over one hundred years. The method of printing has been on flat presses, which have been refined and improved greatly over that period. In the year 1957, however, the first dramatic break- through took place. High-speed rotary intaglio presses were put into use, and for the very first time our paper money was printed by a "dry" method from curved intaglio plates. How did this revolutionary change take place, and why? The present Director of the Bureau of Engraving and Printing, Henry J. Holtzclaw, has given almost fifty years of devoted service to the government. Much modernization and many changes in method and pro- cedure for the manufacture of both paper money and postage stamps has taken place under his supervision. In 1950 a period of modernization started, and it is still in the process of being carried out. Figure 1 shows one of the early types of rotary presses. This press prints on a sheet of special currency paper, precut in size to take the impression of a rotary plate of 32 subjects. We are looking at the delivery end of the press, and the stack of already printed sheets is shown at the left. The pressman on the platform is viewing a sheet of paper which is just entering the press and will be pressed against the printing plate to receive the impression. It then will travel thru the press to the delivery end. The rolls of paper seen at the end of press are wiping paper, which remove the excess ink from the printing plate prior to impression. The paper is specially prepared and contains a small percent- age of moisture. The first notes to be printed on this type of equip- ment were the $1 Silver Certificates, Series 1957. Both face and reverse plates for this series started at 1, and continued for the balance of the series. When the $1 Federal Reserve Notes were introduced, they were like- wise printed on rotary presses. The face plates for the different face design were commenced with 1, while the reverse plates were identical with the Silver Certificates and the numbers continued in the same plate number runs. These plate numbers will be taken up further in a later article. The early single-plate rotary presses were refined, so that many small but significant changes were made when the new presses were ordered. Four presses were used, in complement, two for printing the face of the notes, and the other two for the reverse. These presses were manu- factured by the Miehle Company, a division of the Miehle-Goss-Dexter Corporation of Chicago. Figure 2 New HiGh Speed Rotary Intaglio Currency PAGE 64 Paper Money WHOLE NO. 19 Figure 2. Figure 3. WHOLE NO. 19 Paper Money PAGE 65 shows two of these new presses in one of the currency sections. The presses are much the same as the early type, and the mechanics of printing are the same. Several years ago the Bureau ordered a new type of rotary press which had been in use for postage stamp printing for about eight years. This press is manufac- tured in West Germany from patents of the Koebau- Giori Organization. This giant press is capable of using four 32-subject plates. The press has a capacity of about six thousand sheets (32 notes each) per hour and is op- erated three shifts daily. Figure 3 shows this Giori press, but due to its size, it was not possible to ge a complete view. It is difficult to realize the size of this press until you actually see it. This view is of the delivery end of the press, and the completed sheets are stacked in the two sheet-holding bays. At the far left of the picture is the point from which the sheets start through the press. The four print- ing plates are mounted on a very large cylinder which revolves at a surprisingly rapid rate. Each complete revolution of this cylinder signals the completion of four sheets of notes. When the rotary notes were first introduced, there was quite a cry that the notes were inferior and could be easily counterfeited. This proved to be untrue, and the rotary product is fully comparable to the old flat. It has been found that these presses have proved to be so excel- lent that continually increasing demand has been met with little difficulty. 1965 production was 2,053,104,000 notes, which was a 19% increase over 1964. It is estimated that 1966 will require a 32% increase over 1964, for a total of 2,278,272,000 notes. The cost of production of a thou- sand notes in 1952 was $9.95. In 1965 the cost had decreased to $9.42 per thousand, and it is estimated that 1966 will see a further reduction to $9.21. The real breakthrough in cost will take place in 1967 with a re- duction to $8.41 per thousand, mainly due to the entire production having been shifted to the rotary presses. (To Be Continued) (Note: Mr. Goldstein has available a supply of maps of the Federal Reserve System. They are available to SPMC members for ten cents postage or coin. Please use your Society number when requesting one from Mr. Goldstein at P. 0. Box 36, Greenville, Miss.). New Donlon Catalog Donlon Catalog of United States Small Size Paper Money, by William P. Donlon, 2nd edition, 1966. This magazine has a sort of parental interest in Mr. Donlon's catalog ventures. On its pages his then-radi- cally new catalog system was first presented to the hobby (Vol. 3, No. 1). Since that time, the system has met with fantastic success, proof of its practicability. The latest edition, printed in the size and style of Numismatic Scrapbook Magazine, contains 128 lavishly illustrated pages that read more like a book than a dry catalog. The listing of every group of paper money is preceded by a page or more of historical notes. Numbers of notes issued are accompanied by valuations in two or more grades. One of the most useful sections con- tains official tables of deliveries of notes from January, 1929, through June 25, 1965. Also useful are the intro- ductory pages on the production of paper money and methods of collecting. New in this edition is a section on errors and misprints by James Grebinger. Forty-four representative varieties are illustrated and priced. But the unique feature of the catalog is Mr. Donlon's flexible code system for num- bering paper money. Without exaggeration it can be stated that this system, available in a dollar catalog, has done more to stimulate collecting of small size paper money than any other development in the hobby. Additions to Toy's Catalog One of the penalties of pioneering in a new field is the certainty that as soon as you venture into print with a definitive listing someone is sure to come forward with new information. Such has been the case with Raymond S. Toy's second edition of World War II Allied Military Currency, reviewed in Vol. 4, No. 3 of PAPER MONEY. Mr. Toy reports the following new information: 1. Dr. Arnold Keller of Germany has reported seeing and has no doubt of their genuineness of some Russian Allied Military notes with nine digits in the serial number and listed them in his catalog supplement with these values: 20 mark (Toy's 86D) used—$5, uncirculated— $7.50; 50 mark (Toy's 87D) used—$6, uncirculated— $8; 100 mark (Toy's 88D) used—$8, uncirculated—$10. 2. Toy No. 144, the 100 Kroner note issued by the Allied Command for use in Denmark, was not known to exist. However, Carl Siemsen of Denmark reports that a "specimen" piece is located in Denmark, but the owner's name is unknown. 3. B. M. Hayward of Vermont has discovered an in- teresting variety of Toy No. 395, the five franc note from Algeria of the liberation issue. The note is similar to Toy No. 395 but has a black overprint along the right side reading "TUNISIE" and is dated on the obverse 8-2-1944. Paper Money WHOLE NO. 19PAGE 66 Nineteenth Century American Bank Note Engravers By Everett K. Cooper PETER MAVERICK The outstanding bank note engraver of the pre-Jack- sonian era was Peter Maverick, who was born in New York City on October 22, 1780, and died on June 7, 1831. Engraving was in the family blood stream. His father (Peter Rushton Maverick) was a prominent en- graver as well as his two brothers, Samuel and Andrew, and his son, Peter, Jr. His fame is also enhanced by the pupils who served their apprenticeship with him, Asher B. Durand and John W. Casilear. Asher B. Durand came to Maverick in the fall of 1812 to become an apprentice, after Durand found that the price required by the famous New York engraver W. S. Leney was prohibitive. This apprenticeship-teacher re- lation lasted until the fall of 1817, and their partnership probably followed immediately. It appears to have had two phases. The first is characterized by the signature MAVERICK AND DURAND, denoting the simple partnership of these two outstanding engravers. Some- time in 1818 the firm signature became MAVERICK, DURAND AND COMPANY, with the "and Company" apparently including pressman and inventor Cyrus Durand who had devised a geometrical lathe for improv- ing the anti-counterfeit quality of bank notes. This partnership was rather loose, and it terminated in March 1820. Their final separation was primarily attributed to a commission Asher Durand accepted, to the exclusion of his partner Maverick, to engrave Trumbull's "Signing of the Declaration." The signatures used by Peter Maverick and his various partners on his bank notes range from the few partner- ships that he shared to the minor varieties of his own name are listed below. Peter Maverick P. Maverick P. Maverick sc P. Maverick s. Peter Maverick N. York Peter Maverick sc. N. Y. P. Maverick N. York P. Maverick sc. Broadway, N. Y. P. Maverick Newark P. Maverick s. Newark, N. J. Peter Maverick Engr. & Print. Maverick & Leney Maverick, Leney, & Rollinson P. Maverick & Durand P. Maverick, Durand & Co. (The above listing is not necessarily chronological). CHECK LIST OF BANK NOTES ENGRAVED BY PETER MAVERICK AND PARTNERS DENOMI- BANK NATION ENGRAVER SIGNATURE Bank of New Brunswick $100 P. Maverick Sc GEORGIA Commercial Bank Bank of Augusta $1 Peter Maverick sc. N. Y. (Perth Amboy) $1 Peter Maverick Bank of Augusta $2 Peter Maverick N. York Commercial Bank $3 Peter Maverick Bank of Augusta $3 Peter Maverick N. York Commercial Bank $5 Peter Maverick MICHIGAN Commercial Bank $10 Peter Maverick, N. Y. Bank of Monroe $1 Peter Maverick Commercial Bank $20 Peter Maverick, N. York Bank of Monroe $2 Peter Maverick Farmer's Bank of New Bank of Monroe $3 Peter Maverick Jersey (Mount !lolly) $2 Maverick & Leney MISSOURI Farmer's Bank of Missouri Exchange Wangate $1 Maverick & Leney Bank 12 rAc P. Maverick, Durand & Co. Jersey Bank (Jersey Missouri Exchange City) $1 P. Maverick Bank 25c P. Maverick, Durand & Co. Jersey Bank $2 P. Maverick & Durand Missouri Exchange Jersey Bank $3 P. Maverick sc. Bank 50c P. Maverick, Durand & Co. Jersey Bank $5 P. Maverick & Durand St. Louis Land Office 12/2c P. Maverick, Durand & Co. Morris County Bank St. Louis Land Office 25c P. Maverick, Durand & Co. (Morristown) Maverick & Leney N. Y. Morris County Bank $1 Maverick, Leney & St. Louis Land Office 50c P. Maverick, Durand & Co. Rollinson St. Louis Land Office 75c P. Maverick, Durand & Co. Newark Banking & NEW JERSEY Insurance Co. $1 P. Maverick s. Bank of New Brunswick $2 Maverick, Leney & Newark Banking & Rollinson Insurance Co. $2 P. Maverick Bank of New Brunswick $3 P. Maverick N. York Newark Banking & Bank of New Brunswick $5 P. Maverick s. Insurance Co. $5 unsigned • :".000 .A.1tir:the BANIZ /4, 4/,/,/ Lijur;r;w;,0 . -././ • ., — WHOLE NO. 19 Paper Money PACE 67 Newark Banking & Insurance Co. Paterson Bank Paterson Bank Paterson Bank Paterson Bank Paterson Bank Paterson Bank Paterson Bank State Bank of Camden State Bank of Elizabeth State Bank at Morris- town State Bank at Newark State Bank at Newark State Bank at Newark State Bank at Newark State Bank at New Brunswick State Bank at New Brunswick State Bank at New Brunswick State Bank at Trenton State Bank at Trenton State Bank at Trenton State Bank at Trenton Sussex Bank NEW YORK Bank of Hudson Bank of Hudson Bank of Hudson Bank of Troy (Water- ford) Catskill Bank (Vignettes Marked "Portraits by Longacre") $10 I'. Maverick sc 6c P. Maverick sc. 12/c P. Maverick SC. 25c 50c P. Maverick sc. $2 $3 P. Maverick sc. $5 P. Maverick s. $3 Maverick, Leney & Rollinson $1 Maverick, Leney & Rollinson $3 P. Maverick, Newark $1 Maverick & Leney $1 P. Maverick $3 P. Maverick Newark $5 P. Maverick $2 Maverick, Leney & Rollinson $5 Maverick, Leney & Rollinson $10 Maverick & Leney $1 Maverick & Leney $2 Maverick & Leney $3 unsigned $100 P. Maverick Newark $5 P. Maverick & Durand $1 P. Maverick s. Printed by L. Lemet, Alby. $2 P. Maverick s. Printed by L. Lemet, Alby. $5 P. Maverick s. Newark, N. J. Printed by L. Lemet, Alby. $2 $5 Peter Maverick Engr. & Print. Middle District Bank Middle District Bank Steuben County Bank NEW YORK CITY City Bank City Bank Post Franklin Bank Franklin Bank Franklin Bank Manhattan Company Manhattan Company Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Mechanics Bank Merchants Bank Merchants Bank Merchants Bank (Vignette marked "Inman del.") Merchants Bank Phoenix Bank Union Bank RHODE ISLAND Eagle Bank (Providence) Eagle Bank Eagle Bank Eagle Bank Merchants Bank (Newport) Merchants Bank Merchants Bank Merchants Bank Rhode Island Union Bank (Newport) Rhode Island Union Bank Washington Bank (Westerly) Washington Bank Washington Bank Washington Bank $1 Peter Maverick $5 Peter Maverick $3 Peter Maverick $100 P. Maverick sc. note P. Maverick sc. $1 Peter Maverick $2 Peter Maverick $3 Peter Maverick $1 P. Maverick $2 Peter Maverick $1 unsigned - but Maverick type $1 P. Maverick $2 unsigned P. Maverick s, Newark, N. J. $50 P. Maverick sct $1 Maverick $2 P. Maverick sc P. Maverick sc P. Maverick s. P. Maverick sc Peter Maverick P. Maverick, Durand & Co. P. Maverick, Durand & Co. P. Maverick, Durand & Co. P. Maverick, Durand & Co. $1 Peter Maverick $2 Peter Maverick $5 Peter Maverick $50 Peter Maverick sc. Broad- way, N. Y. $1 P. Maverick sc N. York $10 Peter Maverick, N. York $1 P. Maverick sc. $2 P. Maverick $3 P. Maverick s $10 P. Maverick sc. $3 $5 $100 $1 $20 $50 $100 Post note PAGE 68 Paper Money WHOLE NO. 19 Low Denomination Confederate Fractionals(?) By George W. Wait Reputed essays for the Confederate low denomina- tion fractional currency which may be only essays for the counters of dollar notes The finances of the South during the Civil War re- flected continuous creeping inflation. The very modest Montgomery issue of notes in early 1861 was followed by larger and larger series over the next few years, climaxed by the February 17, 1864, notes which possibly could have been measured by the ton. The available goods did not keep pace with the money supply and a price situation developed not unlike the early days of the European financial debacle following the first World War. The North also had its troubles. Due to suspension of specie payments, the U. S. issued its first legal tender notes. These depreciated so that in the foreign markets of 1863, the U. S. silver half dollar was worth more than the paper dollar! Hoarding of coins brought out Civil War tokens, encased postage and fractional cur- rency—private and government, the later issued in de- nominations varying from three to fifty cents. As time went on, the superior manpower and industrial resources of the North made themselves felt in this great struggle. Their outpouring of goods plus judicious con- trol of the currency kept inflation within reasonable bounds, and even a three or five cent bill retained some purchasing power. Although their values took different trends with the progress of the War, the paper money of the North and South had similarities. In both sections, fractional cur- rency was issued by merchants, banks, transportation companies, sutlers and the governments. The Confeder- ate Government's fractionals were limited to the fifty cent issues of April 6, 1863, and of February 17, 1864. Inflation likely made lower denominations impractical, but herein is presented some evidence that they may have been contemplated. In a recent trade with a Virginia collector, I obtained the illustrated essay notes. Whether they were designed for the Confederacy depends on whether you believe these pencilled notations on their backs: 25 note—"Design for a Confederate 25c piece. Most likely the only in existence as their where but two or three made, and that by myself, being a printer in Confederate Government employ during the war." Richmond, V a. H. EYLERS 5th August 1863 5 - 10 note: Richmond, V a., August 5th, 1863 "Design for Vignette on $5 and $10 notes. The only in existence made by myself as proof for the Pencilled notations on the doubtful origin of the essays THIS NOME ILSCALL UMW PDX TEN DOLIAMICAWILIIMIT ZIP WHOLE NO. 1 9 Paper Money PAGE 69 man that engraved it on the sly it being strictly prohibited to keep proofs." H. EYLERS Note that there is a discrepancy in the above in that the notation refers to "design for $5 and $10 notes". While it is possible, of course, that these were essays for the counters of these notes, they are very different from the counters of the $5 and $10 notes actually issued. They seem to be more similar to the twenty-five cent design and in my opinion (if the story is legitimate) they were trial counters for proposed five and ten cent notes. The engraver may not have told the complete story to the printer, whose knowledge of paper money may not have exceeded his spelling ability! The dates shown in the printer's statements appear to be in his handwriting but give the impression that they were added as an afterthought—perhaps someone more knowledge- able advised him that a tie-in with the 1863 series would be logical and desirable. The verification (or refutation) of Mr. Eyler's state- ments may be found somewhere to the archives of the Confederacy. In the meantime, we can be believers— or not. The Buffalo or Lewis and Clark Legal Tender By Cliff Murk The collector of paper money of the United States of America has, over the years, labored under a handicap that certain other countries of the world have alleviated for their collectors. The United States government has never issued an out-and-out commemorative piece of paper money. Certain foreign issues of paper money currency have been of a definite commemorative nature. While the United States has not done this outright, we do have some small number of issues that have definite commemorative implications. Such a note is the "Buffalo," or more correctly defined, "The Lewis And Clark" series 1901 Legal Tender ten dollar note. It was undoubtedly issued to generate interest in the coming Lewis and Clark Centennial Exposition to be held in Portland. Oregon, in the year 1905. It was also designed to commemorate the historic trip of exploration undertaken by Captain Meriwether Lewis and Lieutenant William Clark, under orders from President Jefferson. They jointly led an expedition westward to the shores of the Pacific Ocean to explore and evaluate the newly acquired Louisiana Purchase. It was their epic trek, starting from St. Louis on May 15, 1804, and their report to the President that did much to start the westward flow of settlers who finally held and consolidated the purchase of these lands more than dou- bling the area of the United States. We can read of the trials and hardships that this ex- pedition endured, their experiences and hopes, as they kept accurate and extensive accounts of the entire trip. These journals were preserved and have been published. They are in print; Binfords and Mort, Portland, Oregon, are the publishers. This note carries on the obverse an American bison; hence it has often been called the Buffalo note. Flanking this central device we have to the left Captain Lewis and to the right Lieutenant Clark. The seal, serial number and denomination are in red. It is a colorful, pleasing and most interesting note. PAGE 70 Paper Money WHOLE NO. 19 The Paper Money Issued at Khabarovsk, Russia in 1918 By M. Byckoff (CONTINUED FROM PAPER MONEY NO. 17, PAGE 21.) There was no official regulation for the validation of the "Krasnoshchekov" bills or notes of the Amur Prov- ince (known as the "Mukhinki" of Blagoveshchensk) by the Nikolaevsk-on-Amur branch of the State Bank. The population of the city of Nikolaevsk and of the Amur estuary either refused or very unwillingly accepted bills originating in the Khabarovsk and Blagoveshchensk areas. In view of the severe shortage of paper money on the market in the Nikolaevsk-on-Amur area, the local branch of the State Bank, in its quest for ways of alleviat- ing the shortage of currency, began to apply the two above-mentioned cachets on Khabarevsk and Blagovesh- chensk bills, thus giving them a kind of "citizenship" in its own territory. As a result, the local population changed its attitude towards them and began accepting them without any qualms at all, on a par with bills of local issues which were circulating in this district. On one occasion in 1930, when I was living in Shang- hai, China, I acquired a bundle of Khabarovsk currency bills and on sorting them, I noticed that while there were many examples with the validation of November 30, 1918, another kind of cachet was also to be found, with a different date and text in five lines, as follows: "Sep- tember 1918/Khabarovsk Br./of the State Bank/ Authorized for/circulation" (See Fig. 1). The F. Chuchin catalogue for 1927 (Catalogue of Vouchers and Paper Money of Russia, RSFSR, USSR, the Borderlands and Organizations 1769-1927, Moscow, 3rd Edition) lists the paper money of Far Eastern Coun- cil of National Commissars under Nos. 10104-6, on page 101, without specifying the town of issue (Khabarovsk) and then on the next page the following information is given under the heading of "Zagolovkol:" "Ditto, with cachet of br. of State Bank," without indicating the name of the branch or branches of the State Bank or the dates when the cachet or cachets were applied. The face value of these bills are listed under Nos. 10107-9; whether these bills had one or more cachets applied on them by one, two or three branches of the State Bank with the same or different texts and length of validity are left to the collector himself to judge. On the other hand, A. Pogrebetskii, in his work "The circulation of currency and currency bills of the Far East during the War and Revolution" (Kharbin, 1924) notes on pp. 180-1 that the bills of the Council of National Commissars of the Far East were validated on the basis of a regulation dated October 17, 1918, issued by the Siberian Provisional Government, but he does not quote the texts of validation. As I did not find any information in the literature on paper money at my disposal about the validation of the "Krasnoshchekov" notes in September, 1918, I turned to the magazine Soviet Collector (Moscow) to clear up these points. Under what circumstances and by whose arrangements was the validating cachet of September, 1918 placed on the "Krasnoshchekov" bills, when the official regulation for the validation of these notes was published a month later in October! Unfortunately, a reply to this enquiry was not forthcoming. At that time, the former Commissar of the All-Russian Provisional Government for the city of Khabarovsk in the Governor- Generalship of the Maritime Provinces, a Mr. A. N. Rusanov, was living in Shanghai and I turned to him for answers to these questions. In his time, he had been active in the social and political activities of Khabarovsk but had not interested himself greatly in financial affairs, so at first he could not give any explanation at all. How- ever, after a few talks with him, during which he re- called the flow of all political events and struggles of that period in the Far East in general and at Khabarovsk in particular, he suggested the hypothesis set out here- under, with which, after many discussions with other persons in all walks of life who had lived in Khabarovsk or the Far East in 1918, as well as the former witnesses or even participants in the events that took place at that time and in those places, I could not at first hand dis- agree and thus reject his hypothesis: The city of Khabarovsk was captured on September 6, 1918, by detachments of Ataman Kalmykov. The new authorities could not keep "Bolshevik money" in circula- tion either in the city or in the area cleared of the Bol- sheviks and so the "Krasnoshchekov" bills ceased to cir- culate as paper money by tacit consent of the population, although there were no official rulings to that effect. In the city, there appeared Romanov bills in the values of 1, 3, 5, 10 and 25 rubles; "Catherines"; "Dumas" in the values of 250 and 1000 rubles; 20 and 40 ruble "Kerenskies"; and also War Loan coupons which had originally gone on issue at the beginning of 1917. Omsk was apparently informed of all this by telegraph. On September 23, 1918, the regulation from Omsk regard- ing the release for circulation of Government securities and bonds with coupons attached to serve as paper money resulted in a breathing space for a short time, after which the demand for the currency grew with renewed force. Since the market was flooded exclusively with bills of the Council of National Commissars of the Far East, which were the only medium of exchange in the Kha- barovsk district up till September 6, 1918, the situation required exceptional measures for supplying the area with cash without delay and in sufficient quantities. For these and other reasons, such as the termination of the fishing and navigation seasons, as explained above, Itn /.0), tai ry MW:11M1=i. WHOLE NO. 19 Paper Money PAGE 71 the only logical and possible way out of the situation, for which there was practically no solution, was, as far as the authorities in Omsk were concerned, to put back in circulation in this area currency bills which had been in use there up till September 6, 1918, in quantities not only sufficient for daily requirements but also for future needs. It is apparent, therefore, that a ruling was also given by telegraph to the Khabarovsk branch of the State Bank to place the "Krasnoshchekov" bills of 10, 25 and 50 ruble values back in circulation in the capacity of paper money, after applying thereon cachets with specific dates and texts relating to their authorization for circulation as paper money. It is quite feasible that the actual text of the cachet was telegraphed from Omsk. Thus, the appearance of the "Krasnoshchekov" bills with a September, 1918 date may be justified. amount of some millions of rubles into the financial channels of the area in a very short time and made it possible for the local businessmen to discharge their financial obligations to the public in a normal way at a very critical period when the fishing and navigation sea- sons were closing. The September issue would have served as a "trial run," permitting the Siberian Provisional Government to acquaint itself with the mechanics of such a procedure, collect some information on the reaction of public, trade and industrial circles to the appearance of such a step and prepare the ground for carrying out similar measures as announced in the regulation of October 17, 1918, issued by the Provisional Government. This regulation was, however, of noticeably larger scope, since it now Figure 5. Obverse of 25 ruble note with rubber stamp "A." There was no information whatsoever officially an- nounced in Khabarovsk newspapers of that period, or any explanation about the suggested measures or even measures already taken to supply the public with a suffi- cient quantity of paper money. Also, in view of the passage of time, the installation of the new authorities, replacement of civil servants in the state services and for many other reasons, the correspondence relating to plac- ing the "Krasnoshchekov" bills back in circulation after applying the September cachet was apparently lost and it was therefore not mentioned at that time in the litera- ture on paper money. Hence, we see that bills have survived with this Sep- tember, 1918 cachet, showing that the local authorities, with or without the permission of the Omsk Government (we greatly doubt their proceeding without permission) found it necessary to put back in circulation currency bills which had already been withdrawn either through the pressure of public opinion or not, either publicly or without prior announcement, officially or by private means. The application of September, 1918 cachet on the "Krasnoshchekov" bills poured paper money in the covered the territory of the Transbaikal, Amur and Mari- time provinces. The results of this measure may be re- garded as being completely successful; during the entire period of the announced obligatory validation, "Kras- noshchekov" bills in the amount of 10,666,885 rubles were stamped, i.e. 93 percent of the original issue. The application of the September, 1918 cachet did not exempt the "Krasnoshchekov" bills from being restamped upon the basis of the regulation of the Siberian Provi- sional Government, dated October 17, 1918, and there- fore all bills with the September cachet, apart from the very rare exceptions, also bear the second validation cachet reading "Presented 30 November 1918." In conclusion, I am setting out for the record a listing of currency bills issued by the Council of National Com- missars of the Far East, together with all varieties of the cachets found thereon: I. February 1918. Khabarovsk. Original issue. No. 1 10 rubles No. 2 25 rubles No. 3 50 rubles II. Cachet "a." Khabarovsk br. State Bank. "Sep- tember 1918, authorized for circulation." PAGE 72 Paper Money WHOLE NO. 19 No. 4 10 rubles No. 5 25 rubles III. Cachet "b." Khabarovsk Br. State Bank. "Pre- sented 30 November 1918." No. 6 10 rubles No. 7 25 rubles No. 8 50 rubles IV. Cachet "a" and cachet "b" No. 9 10 rubles No. 10 25 rubles V. Cachet "Bikinskoe Stanichnoe Pravlenie" and cachet "b" No. 11 10 rubles No. 12 25 rubles No. 13 50 rubles VI. Cachet "Imanskoe Kaznacheistvo" and cachet No. 14 10 rubles No. 15 25 rubles No. 16 50 rubles VII. Cachet "Kiinskaya Volostnaya Zemskaya Up- rava" and cachet "b" No. 17 10 rubles No. 18 25 rubles No. 19 50 rubles VIII. Cachet "Nikolaevsk N/A O t d e l e n i e Gos. Banka"; both cachets and cachet "b" (but not always). No. 20 10 rubles No. 21 25 rubles No. 22 50 rubles We also encounter a note with stamp "b" Khabarovsk Br. State Bank together with cachets of different local administrative and executive offices of Maritime Prov- inces listed below. These cachets are the same type as the stamp of "Kiinskaya Volostnaya Zemskaya Uprava" but it is impossible at this time to point out the denomi- nations on which those cachets can be found because of the lack of explicit information: IX. Volispolkom village Blagoslovennoe. (Voli- spolkom is the code name for: VOL—volost- noyi (district), ISPOL ispolniteljnyi (ex- ecutive), KOM komitet (committee) X. Viazemskaya Volostnaya Zemskaya Uprava XI. Pravlenie (administration) Glin o v s k o go Poselka XII. Dormidontovskaya V o 1 o s tn ay a Zemskaya Uprava XIII. Ekaterino-Nikoljskiyi Volostnoyi Komitet Obt- schestvennoyi Bezopasnosti. (See below.) XIV. Zenjkovskaya Volostnaya Zemskaya Uprava XV. Ivanovskiyi Volostnoyi Komitet Obtschestven- noyi Bezopasnosti (Ivanovskiyi District Com- mittee of Community Safety) XVI. Knyaze-Volkonskaya Volostnaya Z e m s k a y a Uprava XVII. Kozmodemianovskaya Volostnaya Zemskaya Uprava XVIII. Lermontovskaya Volostnaya Zemskaya Uprava XIX. Necrasovskaya Volostnaya Zemskaya Uprava XX. Nijene-Tambovskaya Volostnaya Z e m s k a y a Uprava XXI. Poletinskaya Volostnaya Zemskaya Uprava XXII. Troitzkaya Volostnaya Zemskaya Uprava XXIII. Tungusskaya Volostnaya Zemskaya Uprava XIV. Khabarovskaya Uezdnaya Zemskaya Uprava XXV. Tcherhyaevskaya S t a n i c h n a y a Zemskaya Uprava (Offices listed below affixed stamps of a type used before 1917, with the Imperial coat-of-arms, crowned double- headed eagle in the center and the name of the office around the edge.) XXVI. Gosudarstv. (ennaya) Sbereg. (ateljnaya) Kassa No. 532 XXVII. Gosudarstv. (ennaya) Sbereg. (ateljnaya) Kassa No. 789 XXVIII. Khabarovskoe Kaznacheiystvo (Khabarovsk Treasury) CONCLUDED. Foreign Paper Money News Nicaragua Newly designed one cordoba notes of the 1962 series are being printed by the American Bank Note Co. Francisco Hernandez de Cordoba appears in the center of the obverse. A view of the new sky- scraper Central Bank Building is on the reverse. The new design replaces Thomas De La Rue-produced notes that featured an Indian girl on the obverse and the old, squat National Bank Building on the reverse. Portugal This country recently released an unusually attractive 1,000 escudo note (approximately $35 U. S.). The portrait on the obverse is placed at the right rather than the center and is of Don Diniz (1279-1325). The pictorial element on the reverse is centered to the left and consists of a sort of two-storey representation. The top scene shows workmen building in Lisbon in 1290; the bottom shows students at Coimbra, 1308. Diniz stands at the left. Sweden—Five-kroner notes three-quarters of an inch shorter and slightly narrower than the old series are being circulated in this Scandinavian country. Gustavus Vasa, who reigned from 1523 to 1560, is portrayed in blue on a green background on the obverse. An un- usual ornamental bird-like design in blue and red ap- pears on the reverse. Uruguay—Because of a coin shortage in this country, new fractional notes are being introduced into circula- tion. In the 50 centesimos denomination, they feature the familiar Gen. Artigas on the obverse and the coat of arms on the reverse. Both sides are printed in light green on a light orange background, with the serial num- bers in red. Size is 125 x 60 millimeters. The Casa de Moneda de Chile printed ten million of these notes as a stopgap until new coins can be supplied by the Chilean Mint. WHOLE NO. 19 Paper Money PAGE 73 Federal Reserve Notes, 1914 Series By Thomas C. Bain, During the last few years I have made a very exten- sive study of the Federal Reserve notes of the 1914 Series, both red seal and with White-Mellon signatures. While making this study, I looked over several large collections of Federal Reserve notes of the 1914 Series, and for several years I also looked at all the Federal Reserve notes of the 1914 Series that dealers had at the A.N.A. Conventions. While doing this, I noticed two distinct types of Federal Reserve notes, 1914 Series, with red seal and Burke- McAdoo signatures. At one of the A.N.A. Conventions, I discussed these notes with the late Mr. Nathan Gold of Cleveland, Ohio, and asked him to see what he could find concerning them in the Treasury Department the next time he was in Washington. He visited Washington soon after the convention and wrote to me that he had checked with the Treasury Department. There he found that there were two issues of the Federal Reserve notes, Series of 1914, with red seal and Burke-McAdoo signa- tures of the $5 through $100 notes. With the knowledge that two distinct issues existed, I immediately tried to find as many issues as I could from the 12 Federal Reserve Banks and of the $5 through $100 notes. I was very fortunate in being able to check the collection of these notes in the collections of Mr. William A. Philpott, Jr., Dr. C. F. Miller and Mr. Amon Carter. Jr. Most of these notes from all 12 Federal Reserve Banks have been observed in both issues from the $5 through $100 notes. A chart was kept of all notes observed in order to establish the rarity of the two issues from the various Federal Reserve Banks. I have observed about as many of the first issues as I have of the second issue from the Federal Reserve Banks of New York. Phila- delphia, Cleveland, Chicago, St. Louis and Kansas City. The first issue seems to be the scarcest from all the other Federal Reserve Banks. As I have said before, I have not observed all of these issues and some may not exist today, since most of these notes were turned in and de- stroyed many years ago. By now you are probably wondering how to distin- guish between the two issues. The first issue has a large (bank geographic number) numeral in the lower left- hand corner and upper right-hand corner of the note. The second issue has the above large (bank geographic number) numeral in the lower left-hand corner and upper right-hand corner but a small (bank geographic number) numeral has been added to the lower right- hand corner and upper left-hand corner. All of the above notes in uncirculated condition are scarce. It may be several more years before the exact scarcity of the various denominations from the 12 Federal Reserve Banks is established. To cover my complete study of the Federal Reserve notes, 1914 Series, I am including below the article that S.P.M.C. No. 112 was published in the December, 1958 issue of The Numismatist, copyrighted by the The American Numis- matic Association, from whom permission to reprint it herein was granted: Several years ago W. A. Philpott, Jr. of Dallas dis- covered there were three types of Federal Reserve notes, Series of 1914, with the White-Mellon signatures. Since no publication was available that I could refer to on these three types, I decided to make a study and try to find out in what order they were issued and the Federal Reserve banks that issued them. As I had quite a number of these notes myself and had access to two extensive collections of these White- Mellon notes, it was not too difficult to figure out the order in which the three types were issued. In my cor- respondence with many dealers and collectors, they have asked me to explain the three different types as not much attention has been given to them to date. The first issue seems to be the most common. It has a large numeral (issuing bank's geographical number) in the lower left-hand corner of the note as is shown on the $10 note on page 111 of the second edition of Paper Money of the United States by Robert Friedberg. The second issue has a small numeral in the lower left- hand corner of the note as is shown on the $20 note on page 112 of the same book. The third issue has the two seals the Treasury seal and the Federal Reserve district geographical seal) approximately one inch closer to the central portrait and a large (bank geographic number I numeral in the lower left-hand corner of the note, but somewhat higher and a little more to the left than in the first issue. From the study I have made to date there is no doubt but that these notes should be considered as being three different issues instead of three types. The study indi- cates that the first issue was used from approximately June 2, 1921, to approximately December 31, 1926. This is the most common issue and the notes from $5 to $5,000 are known. It looks as if the second issue was printed from January 1, 1927, through December 31, 1927. Notes of the second issue are known from $5 through $50 notes. However, it does not appear that all Federal Re- serve banks issued all denomination notes of the second and third issue as many are not known to exist at the present time. The rarest of all of these notes is the third issue which seems to have been issued from January 1, 1928, to June 1, 1928. Apparently very few of the Federal Re- serve banks ordered notes printed for them during this period as these third issue notes from only a few of the Federal Reserve banks are known. In my study, conversation and correspondence with other collectors, it seems that only nine Federal Reserve banks issued the $5 denomination of the second issue; PAGE 74 Paper Money WHOLE NO. 19 only five, the $10 denomination of the second issue; only four, the $20 denomination of the second issue; and only two, the $50 denomination of the second issue. There are no notes of the second issue above the $50 denomina- tion known. There seems to be less on the third issue, as only five Federal Reserve banks issued the $5 denomination; only four, the $10 denomination of the third issue; and only two, the $20 denomination of the third issue. There Data on Jamaican are no notes of the third issue above the $20 known to exist. It is my desire to bring to light as much information as possible on these notes, so I would appreciate all cur- rency collectors checking their notes with the White- Mellon signatures and advising me what they have in the three issues so that all pertinent information may be made available in the future. Currency Needed By Jerome Ray Byrne and I are just finishing a booklet on Jamai- can coinage and currency. We badly need any data that any collector can supply on Jamaican currency as well as specimens of each note for photography. Mr. George Sten has supplied me with a listing of some fifty-five notes issued for Jamaica. He has indi- cated that there may be more. I have the 5 and 10 shil- ling notes and 1, 5, and 10 pound notes showing Queen Elizabeth II and the inscription "Issued under the Bank of Jamaica Law 1960." These are the current notes now in circulation. Please advise me what Jamaican notes other than the 1960 notes you have in your collection and their condi- tion according to the classification below. By knowing the condition, I shall be able to make a more accurate priced catalogue. Please specify the date of each note, also. My address is Box 183, 2900 Quatre-Bourgenois, Quebec 10, P. Q., Canada. Even though the first edition of our catalogue may be in print by the time you read this, please send your data anyway, for we will include it in the second edition. Please, everyone who has Jamaican notes or any data about them, write to me, but do not send the notes. This catalogue, by the way, will be published by Mr. Al Almanzar, Milam Bldg., 115 W. Travis St., San An- tonio, Tex., sometime during the summer of 1966 at $1.50 or less. Neither author will take any royalties for his work so that the price can be kept as low as possible. The catalogue will include a complete listing of the early counterstamped coins, the coinage of 1869- 1966 and the tokens. Prices and mint figures will be given. Grading Classification of Paper Currency for Jamaican Catalogue The condition of a note is a result of the wear or use it has received. A note may be absolutely crisp and show no folds, but it can have any of the following defects: pin holes; torn or missing corner; one or two small tears; writing in ball point or ink pen; stains due to paper clips, etc., and not due to soil. These defects should not lower the grade of a note. They should be mentioned after the condition of a note. For example: "extra fine with a few pin holes, two num- H. Remick hers written by ball point pen, and small stains due to paper clips." The above defects, because they are not directly attributable to gradual wear but are caused by an external force, cannot be placed in a system of note classification which is dependent on the factors causing normal wear to a note. UNCIRCULATED (Unc. ) : The note is in crisp, clean, new condition without any folds or creases. EXTRA FINE (E. F. I : The note is crisp and clean but shows one or two light folds. Older notes may be slightly soiled around the edges due to frequent handling. VERY FINE (V. F.) : The note is still fairly crisp but shows several heavy folds or light creases with possibly some soil along the creases. The note may also show some faint smudges. FINE (F.) : The note is only partly crisp and shows a number of folds and light creases along which there may be slight wear (especially on the larger and older notes) and soil. There may be some smudges or soil in spots. VERY GOOD (V. G.) : The note is no longer crisp and shows a number of creases. Some wear may occur along the creases. The note may be somewhat dirty and faded. The edges may be lightly frayed with a few small tears. The corners may be bent. GOOD (G.) : The note begins to have a limp feel due to a large number of small wrinkles or creases and is quite soiled. The note may show a few heavy creases along which the design is worn and very weak. The note is frayed along the edges with small edge tears, especially along the major creases. No part of the note is missing due to being torn off. All parts of the note are readable. FAIR (F.) : The note has a very limp feel due to a great number of small wrinkles or creases throughout. The note is very dirty and parts of it usually are not readable. Small holes may occur along the main creases due to wear, and some of the design is worn through. The edges are quite well frayed and show a number of small tears with perhaps one or two larger tears. One or more small corners of the note may be missing. (Notes in this condition are not really worth collecting.) WHOLE NO. 1 9 Paper Money PAGE 75 Bank Charters and Politics - 1833 Rediscovered by Senator Warren S. Henderson 22nd District Sarasota County, Fla. In 1833, William M. Gouge, a severe critic of the system of Banks of Issue, observed the close connections between the State Legislatures and the charter groups seeking to estab- lish banks. In his book, A Short History of Paper Money and Banking in the United States, Mr. Gouge gives the fol- lowing account of the ways and means by which Bank Char- ters were obtained and renewed: When a bill was under consideration in the year 1828, to renew the charter of the New York State Bank, General Root, then speaker of the Senate of that Commonwealth, made a speech, from which the following is an extract: "This Bank was chartered in 1803. Who were the original applicants, and what were the representations made to the country members, it is not necessary to state: at all events, it was to be a State Bank, and a democratic one. I was urged to be a subscriber to the Bank; it was said the shares were to be scattered over the State, and the members of the Legislature were to have shares. It was one of the most open, palpable, barefaced acts of bribery that can be imagined. I was induced to sub- scribe; but I lost all the shares but a few: they said they had lost the subscription paper, or some such thing. So I told them I would not take any. Afterwards a gentleman who came from Albany to Delaware (i.e. Delaware county, N.T.) brought me a script for eight shares. I told them I would not have any; so they kept them to themselves, I suppose. "In the year 1816, Mr. Hopkinson, of Philadelphia, had the boldness to declare in Congress, that 'he con- sidered the litter of Banks lately created in Pennsylvania, as the offspring of private legislation and legislative fraud.' "A few years since, a senator from Philadelphia County, was heard to lament that a number of shares had been reserved for him in a certain Corporation, the bill for establishing which, he had assisted in passing through the Legislature. The speculation turning out unfortunate, he had lost, instead of gaining, by his services as a stock-jobbing lawgiver. "There was great struggling for the script of the Spring Garden Bank. But we know a member of the Legisla- ture who merely intimated his wish to have a certain number of shares in that Institution, and his wish was gratified. "A distinguished statesman has lately intimated 'that there is no law against the Banks subsidizing the public press.' With equal truth, it may be said, that there is no law to prevent members of the Legislature from par- taking of the advantages of the Corporations they them- selves establish. Still it is proper that such facts should be known. "Another great inducement with members of the Leg- islature to vote for new Banks, is that they may have the means of rewarding the township and ward politicians, the 'delegates' and 'conferees,' to whom they are indebted for their nominations. In selecting 'Commissioners,' they have the means of paying a debt of gratitude to some men, and of laying others under personal obliga- tions which they hope will not be forgotten. "To get a majority to vote for a new Bank, is, in some instances, no difficult undertaking. In Pennsylvania, there is a mode of running bills through both houses, known technically as log-rolling.' The figure of speech is borrowed from the practice of the original settlers, who, after cutting down the trees on their tracts of land, used to assemble together to roll the logs into heaps. What could not be done by one man, the united strength of many made easy. In like manner, the members of the Legislature who are interested in local, personal, or corporation bills, unite their strength, and roll them all through both houses. In this way, it may chance that fifty or a hundred bills are passed in the course of a session, each of which, if suffered to rest on its own merit, would have been rejected. "Many members of the Legislature are averse to this practice; but some of them are reluctantly brought into it, by the refusal of the log-rolling' members to vote for good public bills, unless their own private bills are passed at the same time. "The same system is known in the other States, by other names; and it will readily be believed, that where it prevails, special privileges will be conferred on com- panies under any and every pretext. Such is the effect it has on American Legislation, that a stranger, on in- specting the list of acts annually passed, might suppose our State Governments had been established for the special benefit of stock-jobbers and speculators. In 1826, the Governor of Massachusetts declared that, within the preceding five years, charters had been granted to cor- porations within that Commonwealth, with authority to hold thirty millions of property. This was exclusive of charters to Banking, Insurance, Canal and Rail Road Companies. The Governor of Delaware stated, in his official message in 1825, that there were then eighty cor- porations in that small State. "No doubt many legislators think that, in voting for new Banks, they are promoting the welfare of their con- stituents. But the prevalence of false views of the money corporation system, in legislative bodies, is to be attribu- ted mainly to the exertions of those members who have a personal or political interest in establishing and sup- porting such institutions. "If a Bank only preserves a tolerable credit, the re- newal of its charter follows as a matter of course. At least, we have met with no instance on record, of refusal to renew the charter of a State Bank which had not PAGE 76 Paper Money WHOLE NO. 19 committed some open act of bankruptcy. How far a Bank may be entitled to the credit it enjoys, is seldom inquired into. Too many interests are then concerned. Those who have bought stock at second hand, know not. if the Bank were compelled to wind up, if its assets would cover its debts. Some of the borrowers from the Bank feel alarmed, for, if called on to pay what they owe. their insolvency may be made apparent. and the means of living in splendor be taken away from them. A clerkship of 600 dollars per annum, makes a man a firm friend of the Banking system: and he who has had an accommodation note discounted, of the amount of only 500 dollars. feels unpleasant if you hint at the possibility of a charter's not being renewed. Such is the weakness of human nature, that if a man owns only a hundred dollars' worth of stock, it makes him less an enemy to money corporations than he otherwise might be. "Whenever the Legislature creates a Bank, it, at the same time, creates an interest sufficient to sustain that Bank, under all circumstances but those of open bank- ruptcy. And, as if to give these various interests as much power as possible, it has been contrived in Penn- sylvania. that the charters of nearly all the Banks shall expire at the same time. "The extent of Bank influence is not easily apprecia- ted. It is seldom we see a 'Bank ticket,' or a 'money corporation ticket,' on the election ground: but when questions are agitated which affect this interest, the Banks have agents at work, whose operations are the more effective because they are unseen. The result usually is, placing the names of friends of paper money on all the tickets. "Over the periodical press, the Banks have great power. Few journalists can venture to expose the money corporation system, in such plain terms as everybody would understand. without risking the means of support for themselves and families. Newspaper editors have as much independence of principle as other men; but they are far from being independent in circumstances. The neglect of subscribers to pay up arrears, has brought many of them in debt to the Banks. Others who are not in debt, are supported principally by the patronage of the Banking interest.' "In England it is possible to assail both the ecclesias- tical and the hereditary aristocracy, through the medium of the periodical press. Under all the evils the people of that country suffer, they have the consolation of en- joying freedom of discussion: but, notwithstanding our boasted liberty in the United States, free and full ex- positions of the principal cause of our social evils would not be tolerated.`-' "In some respects, the Banks have more power than the Government itself. They hold the purse-strings of the nation. They can buy off enemies, and they have the means, in various ways, of rewarding friends. Their fund for the circulation of pamphlets is not easily ex- hausted. They require no formal treaties to induce them to act in concert. They are ready organized for all occasions. The direct power their charters give them. and the additional power they acquire by their diversi- fied operations, make them all but resistless. "In the United States, there always have been and there are now, a great number of men opposed to the money corporation and paper money system; but their opposition has produced little effect. In the Bank con- troversy, there is, on the one side, the strong feeling of private interest supported by party discipline; and, on the other side, the comparatively weak feeling of patriot- ism, without any aid from party organization. The friends of the Banking system act in concert: its oppo- nents act singly, if they act at all. Against any kind of action, there are various discouragements. If a proposi- tion is made to establish a new Bank, it seems hardly worth while to oppose it, for one Bank more or less can have no great effect. The question immediately occurs on such occasions, why should not these men, as well as others, be permitted to share the profits of Banking? Every new Bank does, indeed, increase the difficulty of reform; but the prospect of reform seems so remote as to be with many thought hardly worthy of attention. "Other difficulties arise from the system's having re- ceived the sanction of the Federal Government, as well as that of the State Governments. If any one of the States was disposed to establish a system of sound cur- rency and sound credit, it would find the work imprac- ticable so long as a paper money Bank incorporated by the United States Government continues in existence. If a proposition is made to suffer the charter of the United States Bank to expire, we are startled with the horrors of a multitude of State Banks, issuing paper without limits, and failing to redeem their notes with specie. "It ought to excite no surprise that, under such cir- cumstances, the paper money system has, notwithstand- ing the great evils it has produced, been prolonged t- the present time, and that it is daily strengthening and extending itself. To get rid of it suddenly is impossible. To remove it would require a regular plan of operations. the carrying of which into effect would employ a series of years. Such a plan of operations could be carried into effect by a party which would be willing to sacrifice all merely personal predilections and antipathies for the grand object of breaking down the money corporation and paper money system, and restoring to the great body of the American people their natural right of ac- quiring property by industry and economy." I "In a speech in Congress in 1816, Mr. Calhoun, referring to the state of the currency, said, the evil he desired to remedy. was a deep one; almost incurable: because connected with public opinion, over which Banks have a great control: They have, in a great measure, a control over the press; for the proof of which he referred to the fact, that the present wretched state of the circulating medium, had scarcely been denounced by a single paper in the United States." 2 " 'Prey ious to commencing this pamphlet,' says Mr. Care – in a publication made in 1816, and during its progress in my hands, prudence and discretion have been constantly exerting themselves to repress my zeal, and to deter me from the undertaking. They have incessantly spread before my eyes the risk of offending those powerful bodies, the Directors of the Banks, who have so many opportunities of making their indignation be felt, and some of whom may not be above the mean and malignant desire of availing themselves of those opportunities. " 'To the soundness of these suggestions, I must freely as- sent. It is plain and practicable. And were I to consult THIS CIERTIf 1E3 THAT tem,r, or/ ‘10.04 44/./ A., 4e, •71.",,,,,Ael( , /?,,//101/47 /,/ /OK Ii?f-//t?',/ -1)/i BAs "/ // Y71/ ,7/ / 2 097-;5- WHOLE NO. 19 Paper Money PAGE 77 my own personal advantage or comfort, I should bow down in humble submission to their authority. I am well aware of the risk 1 run. 1 know if there be at any of the Boards any portion of malice or resentment, (and were there ever twelve men assembled together without a portion of malice and resentment?) It will be roused into action to persecute the man who has dared to arraign their institutions at the bar of the public, and to accuse them of gross errors, which have produced a fertile crop of misfortunes and distress to cur citizens. " 'Another consequence equally clear, is present to my view. One Bank Director, actuated by malice and resentment, would do me more injury in a day, than one hundred of those whose cause I undertake to defend, would do me good in seven years. The malice of the one would be strong, lasting, insati- able, and as vigilant as Argus, with his hundred eyes, to gratify his spleen. The friendship, or the gratitude, of the others be cold, torpid and lifeless.'" "Mr. Carey then was, and perhaps still is, a supporter of the Banking system. The object of his letters was simply to investigate the policy of a curtailment of accommodations made by the Banks." Why Not Collect Business College Currency? By Maurice M. Burgett The collector of paper money may answer this ques- tion with the rejoinder, "But it's only play money, really!" This is true, in a sense, but the fact remains that this college currency is now, for the most part, at least eighty years old, which is a respectable age for any collector's item. In addition, a goodly number of these items are colorful and beautifully designed; many were produced by leading firms of engravers and litho- graphers, and by studying them one can learn a good deal about the academic life of America in the 19th century. The collector of today will not find these notes very easy to acquire, although in 1942 the prominent numis- matic writer, Dr. John Muscalus, listed 116 American varieties and 48 from Canada. It is probable that the number issued, in most cases, was comparatively small and that destruction has overtaken many of them in the years which have elapsed since their issuance. Since the Muscalus list was published, many varieties not listed have appeared, and it is probable that other unknown varieties are also hidden away, awaiting discovery by some avid numismatic student of the future. The majority of the institutions which were mentioned in the Muscalus listing were located in the East and the Midwest, since these areas boasted a more complex civilization than did the West, largely a frontier until the turn of the century. To the numismatist who is interested in research, some of these notes have a special appeal in that the city of issuance is not mentioned on the notes, and frequently considerable effort is required to trace their origin. Such a note is the one illustrated, which was issued by the "South-Western Business College." Lithographed in green on fine quality paper, the note is uniface and bears the imprint of the "Wichita Eagle, kith." Por- trayed at the left end is a representation of the college, and at the right end is shown a fine vignette of an early geographer with books, maps and globe. This vignette may be familiar to other collectors of obsolete currency, but the writer does not know of its usage on other items of paper currency. A search of available records reveals that this business college was indeed located in Wichita. Kansas, and was listed in city directories there from 1888 to 1894, but from that date the listing no longer appears. According to information received from the Kansas State Historical Society, the institution was located at 400 East Douglas, and the principal was one E. H. Fritch, whose elaborate signature in Spencerian script appears on the note. The serial number stamped on the note is surprisingly high, (CONTINUED ON PAGE 80.) La presente Ceclola vale Sc'udi Romani • Z4!" 7! 7 J ∎, do cla pctqarsi coistro fcti)ti,itlne Va -Per tutto to &TATO ICCLIIIASTICO fov5mAt7mirrt ?FP P ft CIPTIVPITIM =VW 116 Paper Money WHOLE NO. 19PAGE 78 Paper Money in the Pontifical State By Alfredo P. Marcon Issue of "Cedole" Notes by the Sacro Monte di Pieta of Rome Dec. 5, 1785-Mar. 23, 1798 FIRST ISSUES OF PRINTED NOTES The first issue of paper money from the Bank of the "Sacro Monte di Pieta di Roma" goes back to December 5, 1785. By the Edict of July 22, 1785, the General Treasurer Fabrizio Ruffo made known the decisions taken by Pope Pius VI by m.p. (his own accord) on June 25, 1785, in which, among other things, it was established that the printed notes had to be put into circulation instead of the handwritten ones. From December 5, 1785, until December 24, 1787, the printed notes were put into circulation—without registra- tion—i.e., they neither bore the name of the Bank's dependant or other institution entrusted with payments (on the top-central), nor the date of the issuing inflow into circulation (on the top-left), nor the registration (on the top-right). All these elements are found instead (the denominations of 3 and 4 scudi excepted) on all the subsequent issues from January 7, 1788 until the last issue of March 23, 1798, i.e., 40 days after the en- trance of the French Armies in Rome. The notes of the first issues bore the stamped signa- tures of the accountant, Luigi Galli, and the cashier, Giuseppe Azzurri. The large handwritten signature be- longed to the subemployee. Gioacchino Pierantoni. Some- times other signatures can be seen in place of the latter's. PARTICULARS AND DATES OF ISSUES OF THE PRINTED NOTES As already mentioned, the name put on the upper part of the notes issued from January 7, 1788, was that of the employee charged with the bookkeeping. The handwritten data referring to the registration into the opposite registers were marked on the top and lower right side while, on the top left side, there was the date of the inflow into circulation, i.e., the real date of the birth of the note. The date written out in full and put below the value expressed with arabic numerals is the one concerning the supply of the notes, a supply that was obviously pre- determined according to the estimates of the possibility of demands. Therefore, before being completely filled out the notes were merely printed forms, without value, available for use also after a number of years, as we can determine by comparing the handwritten date with the printed one. t://erf`7 COYINUICI GINNAVO mitLi SITTICINTO OTTAN70770 S. MONT E DELIA PIETA' DI ROW Figure 1. Type A Note t 4' A D1. 3 1 4. SITTEMAII POLL} SET TICIENTO IlieVAIT AC KV, M. DI PIETA' DI ROAM ten/7"/..(b?. Jaiz;9r MCC= 0) Scud° cla pasarsi all' eoistm _ ‘...)Vagt6tglici piller7utto10 &TATO ICCLIIIASTI,:0 WHOLE NO. 19 Paper Money PAGE 79 Figure 2. Type B note _L .= LTA§WIrcimo MAiiG/0 MILLI %1TTICINTO NOVANTASET,E IWS TV/MATT E DELL1I DI ROMAV. r. • TLa?ir-esente C'eclola vale SCI'S Bomar" Figure 3. VARIETIES OF TYPES OF NOTES With regard to the time that they were printed and the value they had to represent, the notes show a certain diversity and can be individualized into three types. The first printing is of December 5, 1785, the last of August 1, 1796. Type C note a presente Cedolct vctglia Scud 03- ° WO. giii".a.v .1 . Type A—These were created in denomination from 5 to 1.500 scudi and they are larger in size than the notes of type B and C, printed and issued in the last period, Type B—They were printed on September 14, 1795. Smaller in size than types A and C, they were ex- clusively created in denominations of 3 and 4 scudi. PAGE 80 Paper Money WHOLE NO. 19 Type C-The first printing date goes back to May 1, 1797, the second and last to August 1st of the same year. They were created in denominations from 5 to 1.500 scudi. The denominations were totaled 76, i.e. 3 and 4 scudi (small size, Type B), 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 55, 60, 65, 70, 75, 80, 85, 90, 95, 100, 110, 120, 130, 140, 150, 900, 200, 250, 300, 350, 400, 450, 500, 1000 and 1.500 (type A and C). 600, 700, 800, This abundance of denominations was due to the lack of coin circulation and to the necessity of approaching, as nearly as possible, the amounts necessary for the needs of the economic life of that time. After many events, chiefly due to the invasion of the Papal State by the French armies, these notes were, for the most part, publicly destroyed, while the others were successively put out of circulation. Successively, a cer- tain value was given again to them and, at last, on May 4, 1799, their legal tender was definitively taken off, together with the ones emitted by the "Banco di Santo Spirito", another issuing bank, and the "assignats" issued by the French authorities. Afterwards the metallic currency also took the place of paper money. This supremacy lasted for many de- cades, a period more than ever necessary to forget all the anxieties and troubles caused by the ups and downs that, nearly always, in every country, fatally accompany the issue of paper money. The notes issued from the "Sacro Monte di Pieta di Roma" and from the "Banco di Santo Spirito" have gen- erally become rare; moreover, all the notes from 100 scudi upwards are very rare and some of them are quite impossible to find. Why Not Collect Business College Currency? (CONTINUED FROM PAGE 77.1 indicating a number issued in excess of 20,000, which would seem unwarranted for the intended usage-per- haps this play money was also adorned with a "play" or fictitious number! However, in any event, the over- all appearance of this scrip is as fine as that of any cur- rency issued by the U. S. government during this period, and the serial number serves to impart an official look to the scrip, as it is stamped in red ink. This particular note, as well as a number of others known to the writer, does not appear in the list compiled by Dr. Muscalus, indicating that a worthy numismatic project would be a revision and up-dating of this excellent work. In lieu of redemption statements or promises to pay, most of the college notes were marked, "Good only in the actual business or banking dept." or "Payable in tui- tion." A numeral of value is always in evidence but the word "dollars" does not always appear. Portraying, as they unquestionably do, an interesting bit of the his- tory of our country, I believe that these notes are well worth the attention of today's numismatist and will re- ward him well for any research instituted in their behalf. At least, they were produced to be used and not to be sold to collectors, which cannot be said for many of the so-called rarities in coins which are sought today by the neophyte as well as by some of his more advanced brethren. WANTED OBSOLETE PAPER MONEY (Bank Notes, Script, Warrants, Drafts) of the AMERICAN WEST Oregon, California, Idaho, Nevada, Arizona, Utah, Mon- tana, New Mexico, Colorado; Dakota, Deseret, Indian, Jefferson Territories! Cash paid, or fine Obsolete Paper traded. Have Proof notes from most states, individual rarities, seldom seen denominationals, Kirtlands, topicals; Colonial, Continental; CSA, Southern States notes and bonds. Also have duplicate Western rarities for advantageous trade. JOHN J. FORD, JR. 176 HENDRICKSON AVE., ROCKVILLE CENTRE, N. Y. WHOLE NO. 19 Paper Money PAGE 81 Auction Prices Realized (CONTINUED FROM PAPER MONEY NO. 18, PAGE 49.) SMALL SIZE U. S. CURRENCY Friedberg & Donlon References (All Crisp Uncirculated) LEGAL TENDER 1610. F.1500-(Donlon 101-1). $1.00. Series of 1928. The only small size $1.00 Legal Tender Note ever issued. Red seal. Signatures of Woods-Woodin $2.00 LEGAL TENDER (Portrait of Thomas Jefferson, red seal) 1612. F.1504-D.102-4. 1928-C. Julian Morganthau 15.00 1613. F.1505-D.IO2-5. 1928-D. Same signatures 15.00 1614. F.1506-D.102-6. 1928-E. Julian-Vinson 28.00 1616. F.1507-D.102-7. 1928-F. Julian-Snyder 9.00 1618. F.1507-Note as above, Julian-Snyder, but with the pen autographed signature of Georgia Neese Clarke 30.00 1619. F.1508-D.102-8. 1928-G. Clarke-Snyder 7.00 1621. F.1509-D.102-9. 1953. New type, now with smaller red seal at right instead of at left. Priest- Humphrey 4.00 1622. F.1510-D.102-10. 1953-A. Priest-Anderson 3.50 $5.00 LEGAL TENDER NOTES (Portrait of Lincoln) 1624. F.1528-D.105-4. 1928-C. Julian-Morganthau 20.00 1626. F.1533-D.105-9. 1953-A. Priest- Anderson, also F.1536, D.105-12, 1963, Granahan-Dillon. Two pcs. 15.00 $1.00 SILVER CERTIFICATES (Portrait of Washington, blue seal) 1627. F.1600-D.201-I. 1928. Tate-Mellon 19.00 1629. F.1601-D.201-2. 1928-A. Woods-Mellon 9.00 1630. F.1602-D.201-3. 1928-B. Woods-Mills 6.50 1631. F.1606-D.201-7. 1934. Julian-Morganthau 8.50 1632. F.I607-D.201-8. 1935. Julian-Morganthau 12.00 1633. F.1608-D.201-9. 1935-A. Julian-Morganthau 5.00 1635. F.1611-D.201-10. 1935-B. Julian-Vinson 8.50 1636. F.1612-D.201-11. 1935-C. Julian-Snyder 4.00 1637. F.1613-D.201-12W and 12N. Narrow and wide margins. Clarke-Snyder. Two pcs. 8.00 1638. One each of the following 1935-F; 1935-G with motto; 1935-H; 1957, 1957 with star and 1957-A. Lot of six notes. Stack's Public Auction Sale of Feb. 5, 1966 Reported by George D. Hatie UNITED STATES FRACTIONAL CURRENCY (Friedberg References) 1079. 3c Notes. Third Issue. Fr. 1226. With light cur- tain. Uncirculated 20.00 1080. Fr. 1227. With dark curtain. Uncirculated 23.00 1081. 5c Note. First Issue. Fr. 1228. Perforated edges Without monogram. Uncirculated 22.00 1082. 5c Notes. Second Issue. Fr. 1232. No surcharges Uncirculated 12.00 1083. Fr. 1234. 5c. With surcharge "18-63-S", Uncir- culated 1084. 5c Notes. Third Issue. Fr. 1236. Red reverse. Un- circulated 23.00 1085. Fr. 1238. 5c. With green reverse. Uncirculated 13.00 1086. 10c Notes. First Issue. Fr. 1240. Perforated edges with ABCO monogram. Uncirculated 16.00 1087. Fr. 1242. 10c. Straight edges. With ABCO mono- gram. Uncirculated 10.00 1088. 10c Notes. Second Issue. Fr. 1244. Without sur- charges. Uncirculated, gold obverse overprint toned 8.00 1089. Fr. 1246. 10c. With surcharge "18-63" and "S". Uncirculated 9.00 1090. 10c Notes. Third Issue. Fr. 1254. Red reverse, with autographed signatures of Jeffries and Spinner. Uncirculated 45.00 1091. Fr. 1255. 10c. Green Reverse. Uncirculated 9.50 1092. 10c Notes. Fourth Issue. Fr. 1258. Large red seal, pink silk fibres. Uncirculated 7.50 1093. Fr. 1259. 10c. Large red seal, paper with violet silk fibres and blue ends. Uncirculated 9.00 1094. 10c Notes. Fifth Issue. Fr. 1264. Green seal. Un- circulated 7.00 1095. 10c Fr. 1265. Red seal with long key. Uncirculated 7.00 1096. I5c. Fourth Issue. Fr. 1267. Large red seal, plain paper. Uncirculated 27.00 1097. Fr. 1271. Small red seal, with violet fibres and blue ends. Uncirculated 27.00 1098. Grant and Sherman Specimen Notes. 15c. Obverse with wide margins, Jeffries and Spinner. Red re- verse, wide margins. Uncirculated 185.00 1099. 25c Notes. First Issue. Fr. 1279. Perforated edges with ABCO monogram. Uncirculated 35.00 1100. Fr. 1281. 25c. Straight edges, with ABCO mono- gram. Uncirculated 12.50 1101. 25c. Second Issue. Fr. 1283. Without surcharges Uncirculated 12.50 1102. Fr. 1286. With surcharges "18-63" and "5". Un- circulated 16.00 1103. 25c. Third Issue. Fr. 1291. Red reverse. Uncir- culated 17.00 1104. Fr. 1294. 25c. Green reverse. Uncirculated 11.00 1105. 25c. Fourth Issue. Fr. 1302. Large red seal, paper with pink silk fibres. Uncirculated 9.50 1106. Fr. 1307. 25c. Smaller red seal. Paper with violet fibres and blue ends. Uncirculated 10.00 1107. 25c. Fifth Issue. Fr. 1308. With long key. Un- circulated 8.00 10.00 42.00 16.00 25.00 13.00 33.00 22.50 50c Notes. First Issue. Fr. 1310. Perforated edges with ABCO monogram. Uncirculated 1110. Fr. 1312. 50c. Plain edges. With monogram ABCO Uncirculated 25.00 1111. 50c Notes. Second Issue. Fr. 1316. With surcharges "18-63". Uncirculated 21.00 1112. Fr. 1318. 50c. With surcharges "18-63" and "I" Uncirculated 1113. 50c Notes. Third Issue. Head of Spinner. Fr. 1328. Red reverse with surcharge "A-2-6-5" with auto- graphed signatures of Colby and Spinner. Uncir- culated 1115. Fr. 1331. 50c. Green reverse, with surcharges and design figures. Uncirculated 1116. Fr. 1342. 50c. New green reverse, design letter 13.00 "a" on obverse. Uncirculated 9.00 Fr. 1309. 25c. With short key. Uncirculated1108. 1109. PAGE 82 Paper Money WHOLE NO. 19 1117. 50c Notes. Third Issue. Liberty seated. Fr. 1347. Red reverse, with surcharge "A-2-6-5". Uncir- culated 21.00 1119. 50c Fourth Issue. Fr. 1374. Head of Lincoln Large seal, white paper. Uncirculated 29.00 1120. Fr. 1376. 5Cc. Bust of Stanton. Small red seal, paper with violet fibres and blue ends. Uncirculated 11.00 1122. Fr. 1379. 50c. Green seal, paper with light violet fibres. Uncirculated 14.00 1124. 50c Notes. Fifth Issue. Fr. 1381. Red seal, white paper with silk fibres. Uncirculated 11.00 Yorktowne Auction Sale (Paul S. Seitz) Mar. 12, 1966 Reported by George W. Wait COLONIAL & CONTINENTAL CURRENCY COLONIAL NOTES 578. Connecticut. June 19, 1776. I Shilling. Uncancelled. Fine. Watermarked paper. Signed by George Wyllys, State Secretary. Reverse endorsement- "Registered J. Jeffery, C. Clk." 6.50 8.00 580. Delaware. March 1, 1758. 20 Shillings. Printed by B. Franklin & D. Hall. Fold repaired in center where it is considerably stained, otherwise note is Good 21.00 581. Delaware. January 1, 1776. 4 Shillings. This note signed by James Sykes, a member of Continental Congress from Delaware. Also signed by John McKinley & Thomas Collins, who were Governors of the Colony of Delaware. Very Fine 17.00 582. Delaware. _January 1, 1776. 6 Shillings. Signed by John McKinley & Thomas Collins. About Uncir- culated 12.00 583. Maryland. January 1, 1767. $2.00 & $8.00. Good to Very Good, creases repaired in center. Two Pieces 8.50 584. Maryland. March I, 1770. 1/9 Dollar & 1/6 Dollar. Good, creases repaired. Two Pieces 10.50 585. Maryland. March I, 1770. 82.00. Very Fine. Was folded but not damaged 9.50 586. Maryland. March 1, 1770. 81.00, .00 & .00. Very Good average, creases repaired on reverse. Three Pieces 10.50 587. Maryland. April 10, 1774. 2/3 Dollar. Mica bear- ing paper. Extra Fine 9.50 588. Maryland. April 10, 1774. $1.00 & $2.00. Very Good to Fine. Two Pieces 10.50 589. Maryland. April 10, 1774. $2.00. Crisp Uncirculated Cut a little close at top and bottom 12.50 590. Maryland. April 10, 1774. $4.00. About Uncir- culated 12.00 591. Maryland. December 7, 1775. 1/9 Dollar, 1/3 Dollar, One & 1/3 Dollar. Very Good average. Three Pieces 20.00 592. Maryland. August 14, 1776. 1/6 Dollar, 1/2 Dollar, 2/3 Dollar. Average Good to Very Good. Three Pieces 20.50 593. Maryland. August 14, 1776. .00. Mica bearing paper. Very Fine 20.50 594. Massachusetts. October 16, 1778. 4 Shillings & 6 Pence. Codfish and Pillar Note. Pine Tree reverse Note is about Good, edges frayed a little and two light stains 45.01) 595. Massachusetts. May 5, 1780. .00. Watermarked Paper. Signed by Baldwin. Guaranteed by the United States on reverse, countersigned on reverse by Peter Boyer. Uncancelled. Very Fine, small cut-off top R edge 18.00 596. New Jersey. April 12, 1760. 3 Pounds. Fair to Good 12.00 597. New Jersey. December 31, 1763. 6 Shillings. Perfect Crisp Uncirculated. Signed by Richard Smith a member cf Continental Congress 21.00 598. New Jersey. March 25, 1776. 3 Shillings. Another practically perfect Uncirculated specimen 22.75 599. New _jersey. March 25, 1776. 12 Shillings. Signed by John Hart, a Signer of the Declaration of In- dependence, also by J. Stevens, Jr., Treasurer of New _jersey. Fine, was folded in center but not damaged 42.00 600. New Jersey. March 25, 1776. 6 Pounds. Blue & Red. Very Good to Fine 19.00 601. New York Water Works. August 2, 1775. 8 Shill- ings. Signed by W. Hicks, Mayor of New York. Fine, except note was folded resulting in small _tear at bottom 14.00 602. North Carolina. April 2, 1776. .00. Wheat sheaf Small engraved note. Very Good to Fine, was folded 25.00 603. North Carolina. August 8, 1778. $5.00. "The Rising States." Signed by Wm. Sharpe, Member of Con- tinental Congress. About Fine, edges slightly frayed 25.00 604. North Carolina. August 8, 1778. 810.00. "Persecu- tion, etc." Fine to Very Fine 24.00 605. North Carolina. May 10, 1780. 825.00. "Dulce pro Patria." Very Fine 32.50 606. North Carolina. May 10, 1780. $25.00. "Justitia Addit Fiduciam." Signed by John Ashe, Member of Continental Congress. Very Fine, but left edge frayed and a few pin holes 31.00 607. North Carolina. May 10, 1780. $25.00. "Hora Pacis, etc." Has plate error "Twenty five Spanish Milled Dollar"-Instead of Dollars. Edge frayed a little at top, otherwise Very Fine 26.00 608. Pennsylvania. April 3, 1772. 2 Shillings. Signed by Sm. Coates who was a Director of the First Bank of the United States. Fine but somewhat dirty 15.00 609. Pennsylvania. April 3, 1772. 2 Shillings & 6 Pence Signed by Cadwalader Morris, Member of Contin- ental Congress. Very Good to Fine, was folded 8.00 610. Pennsylvania. April 3, 1772. 2 Shillings & 6 Pence Signed by John Morton, a Signer of the Declara- tion of Independence, also by Chas. Humphreys, a Member of Continental Congress. Good to Very Good, was folded 36.00 611. Pennsylvania. March 20, 1773. 14 Shillings. Very scarce denomination. Very Good but dirty 15.00 612. Pennsylvania. March 20, 1773. 16 Shillings. Fine to Very Fine 25.00 613. Pennsylvania. October 1, 1773. 5 Shillings, 10 Shill- ings, 15 Shillings. Very Good to Fine. 3 Pieces 15.00 614. Pennsylvania. July 20, 1775. 10 Shillings. Arms of Great Britain. Very Fine 15.00 615. Pennsylvania. December 8, 1775. 30 Shillings. Better than Extra Fine 20.00 616. Pennsylvania. April 25, 1776. 2 Shillings & 6 Pence Also better than Extra Fine 16.00 617. Pennsylvania. April 10, 1777. 3 Pence, 4 Pence, 6 Pence, 9 Pence. Average nearly Fine. 4 Pieces 15.00 618. Pennsylvania. April 10, 1777. 4 Pounds. Frame. Arms and Value in Red. Paper watermarked Penn- sylvania. Fine to Very Fine, was folded 16.00 619. Rhode Island. July 2, 1780. $1.00. Guaranteed by the United States on reverse. Fine 5.00 620. Rhode Island. May 1786. 40 Shillings. Uncirculated 8.50 621. South Carolina. December 23, 1776. One Spanish Milled Dollar. Wood engraving. Rough brown paper. A tiny hole in top left corner. Crisp Un- circulated 50.00 622. South Carolina. December 23, 1776. Two Spanish Milled Dollars. Same type as last. Uncirculated except for small cut at top left. 50.00 623. South Carolina. December 23, 1776. Three Spanish Milled Dollars. Uncirculated, tiny cut near bottom 46.00 579. Connecticut. October 11, 1777. 7 Pence. Small note, Blue paper. Uncancelled. On rev.-"Registered J. Porter, Compt." Very Good WHOLE NO. 19 Paper Money PACE 83 624. South Carolina. February 8, 1779. 890.00, or 146 Pounds and 5 Shillings. Hercules. Note is Fine to Very Fine but was folded resulting in short tears at top and bottom 35.00 626. Virginia. Large Size Note. July 17, 1775. 20 Shill- ings. Signed by Phil Johnson & Wm. Norvell. Endorsed by Robert Carter Nicholas, Treasr. Very Fine 85.00 627. Virginia. October 16, 1780. 00.00. Type Set. Very Thin Paper. Extra Fine or better. It does have some very tiny holes mostly from ink 55.00 628. Virginia. May 7, 1781. $15.00. Type Set. Heavy Paper. A beautiful note but for a defect that is a wavy line break in the paper across note. About Uncirculated 42.50 CONTINENTAL CURRENCY 629. Philadelphia. May 10, 1775. $30.00. Practically Un- circulated 20.00 630. Philadelphia. February 17, 1776. .00. Signed by George Clymer, member of Continental Congress Better than Extra Fine 17.50 631. Philadelphia. July 22, 1776. $2.00. Extra Fine 16.00 632. Baltimore. February 26, 1777. $30.00. Very Good to Fine but dirty 10.00 633. Philadelphia. September 26, 1778. $40.00. Very fine 9.50 634. Philadelphia. September 26, 1778. $60.00. Very Good. Signed by Jos. Gardner, member of Continental Congress 8.00 635 U. S. of North America. January 14„ 1779. $55.00 Very Fine 15.00 A Proposal By Henry D. Blumberg I don't know what the yearly salary of a T-man is. but I'd venture about $8,000 per year to start. My proposal is that for the annual cost of two or three, the Treasury could pick up about one thousand T-men, many of them members of the Society of Paper Money Collect. ors, and hence, possessors of quite highly specialized knowledge. To do so, the Government would have to license paper money collectors. Such licensees would be allowed to hold counterfeit currency under strict regulation. Just as a suggestion, such regulations might include (1) for- warding all bills acquired from non-numismatic sources, promptly upon receipt, to Washington for examination; such bills to be returned to the licensee with any neces- sary markings; (2) the filing of an annual inventory of all counterfeit bills held by the licensee and such other safety measures as the Government will, I'm sure, be able to think of. As matters now stand, collectors who have run upon counterfeit currency are most reluctant to reveal it even to fellow collectors and, for that matter, are probably reluctant to hold it at all. To be able to form a collec- tion of such currency legally would, I'm certain, be more than enough consideration for a collector to get a license. A thousand pairs of knowledgeable eyes in all parts of the country looking for bogus bills at very little cost to the taxpayers: Is anyone interested? New Canadian Commemorative Note Maj. Sheldon S. Carroll, curator of the numismatic collection of the Bank of Canada. has furnished the fol- lowing information about an impending commemorative bank note: It has been decided to issue a special one dollar bank note in 1967, the centennial year of Canada's Confedera- tion. The centennial symbol will appear on the face of the note at the left side. There will be a change of wording on the borders of both obverse and reverse. The reverse will feature an engraving of the original Centre Block of the Parliament Buildings which was destroyed by fire in 1916. Otherwise the design of the new bank note will be similar to that of the one dollar bank note of the present issue. Deliveries of the present one dollar note to chartered banks will be suspended throughout 1967, and will be replaced by the centennial issue. An adequate quantity of the new notes will be printed with the serial number "1867 1967" for those who are interested in collecting them. Due to the use of a single serial number in this special group there will be no particular advantage to early application for notes from the Bank of Canada. While collectors may send orders to the Bank of Canada, Ottawa, by mail on or after July 1, 1966, the notes will not be sent until after December 31, 1966. Applications should be accompanied by a remittance covering the face value of the notes requested plus 35 cents for postage. It's in the Books By Earl Hughes QUESTION: The portrait of General Thomas Jackson is on the Confederate $500 bill. Can you tell me why he was called "Stonewall," and how he died? ANSWER: "At the battle of Manassas, July 19- 21, 1861, General Lee, witnessing the bravery of Jackson at a time when defeat stared the Confederate Army in the face, cried out to his own wavering command, 'Look at Jackson ; there he stands like a stone wall !' and in the volley of fire Stonewall Jackson and the Stonewall Brigade re- ceived the name they were henceforth to bear. On May 1st, at the Battle of Chancellorsville, he was mortally wounded by his own men, who mistook him for the enemy. His last words were, 'Let us cross over the river and rest under the shade of the trees.' He died May 10th, 1863. In the selection of names for a place in the Hall of Fame for great Americans, his name was one of the twenty in Class N—Soldiers and Sailors."— William West Bradbeer, Confederate and Southern State Currency. (The above book may be borrowed by members from the SPMC Library, Earl Hughes, Librarian, Rte. 2. Mitchell, Ind. 47446.) PAGE 84 Paper Money WHOLE NO. 19 SECRETARY'S REPORT New Membership Roster Dealer or No. New Members 1721 James A. Scardino, 5949 W. Chicago Ave., Chicago, Ill. 60651 1722 Gerry Edmunds, R. R. #1, Box 166, Glen Eyre, Hawley, Pa. 18428 1723 Maurice Espointour, P. 0. Box 128, Moose Lake, Minn. 55767 1724 MSG Terrence G. I larper, HHC 1st Brigade, APO San Francisco, Cal. 96225 1725 Michael M. Dolnick, 7667 Maple Ave., Takoma Park, Md. 20012 1726 Donald A. Moreau, 259 Maplewood Ave., Portsmouth, N. H. 03801 1727 H. H. Whitsitt, 3008 Hemlock Drive, San Angelo, Texas 76901 1728 William C. Hibbert, Sr., 309 Harris Ave., Croydon, Pa. 19020 1729 Leonard Meltzer, 17 Temi Rd., Framingham, Mass. 01701 1730 Hilario Ferrari, Rua Caconde n. 96-ZP5, Sao Paulo, Brazil 1731 Lawrence M. Richardson, P. 0. Box 36, Gessie, Ind. 47947 1732 Fred Samuels, 6012 Wilderton Ave., Montreal, Quebec, Canada 1733 Stanley W. Scieszka, 3839 Sudbury Ave., Jacksonville, Fla. 32210 1734 Richard E. Kupper, 7029 N. Fairchild Circle, Milwaukee, Wis. 53217 1735 V. Harold Stamps, P. 0. Box 385, Fort Valley, Ga. 31030 1736 Dr. Herman M. Aqua, 487 Bennett St., Luzerne, Pa. 18709 1737 Mark Wojton, 114 Hillside Ave., Pitcairn, Pa. 15140 1738 James F. Steinke, 24704 Wood, St. Clair Shores, Mich. 48C80 1739 Dr. Archie E. Lorance, Jr., P. 0. Box 1155, Vicksburg, Miss. 39180 1740 Mary Lois Leath, General Delivery, Mineral Wells, Texas 1741 M. David Orrahood, MD, 2725 Frederica St., Owensboro, Ky. 42301 1742 Phil A. MacKay, 1517 Commerce Bldg., Kansas City, Mo. 64106 1743 Nick Gerbinski, 205-374-V2 Portage Ave., Winnipeg 1, Manitoba, Canada 1744 William M. Edmondson, P. 0. Box 174, Elizabethtown, Ky. 42701 1745 Bobby J. Phipps, Rt. #2, Plainview, Texas 79072 1746 Glenn Baird, 809 Glenwood, Ottumwa, Iowa 52501 1747 R. Stanley Penfield, 56 Sherman Street, Hartford, Conn. 06105 1748 Donald F. Walker, 2811 Cole Ave., Dallas, Texas 75204 1749 LT. Robert F. Dressor, USN, 325 B Ave., Coronado, Cal. 92118 1750 Edward J. Black, 2,1 Laurel Road, Demarest, N. J. 07627 1751 Frank Stopyra, 579 E. Sanger St., Philadelphia Pa. 19120 1752 Ralph Finsterwald, 334 S. Water St., Marine City, Mich. 48039 1753 Irvin L. Gittleman, P. 0. Box 164, Monroe, Mich. 48161 1754 John A. Widtman, 1223 Herkimer Road, Utica, N. Y. 13502 1755 R. D. Feild, P. 0. Box 704, Greeneville, Tenn. 37743 Collector Specialty D C U. S. C Small size U. S. C Obsolete Vermont & New England C C, U. S. & Canadian C $2 U. S. Notes C C Large size U. S. and fractional C Worldwide C D Canadian currency C National Bank Notes (Maine), Large size Silver Certificates C, D General C Obsolete Geo. Washington notes C Civil War scrip & sutlers notes C, D C, D Small size U. S. C U. S. C Small size U. S., CSA & Foreign C Coal miner and depression scrip C First issue each denomination D Canadian broken bank notes C Small size U. S. C Texas currency C, D U. S. type C C Small size $1 FRN C U. S. C U. S. & foreign C Large size U. S. & fractional C C Small size U. S. C Small size U. S. C U. S. & CSA WHOLE NO. 19 Paper Money PAGE 85 1756 Arthur J. Smith, 1245 Dickenson Drive, Apt 15E, Coral Gables, Fla. 33146 1757 LeLand N. Worthley, Jr., 1749 N. Garfield Pl., Holly- wood, Cal. 90028 C Small size U. S. error notes 1758 Burton G. Sharff, 37 Fox Hill Drive, Natick, Mass. C U. S. 01760 1759 Edward S. Zapletal, 439 Holly Ave., South San Franciso, Cal. 94080 C Large size U. S. 1760 John K. Karlovic, P. 0. Box 296, Benton Harbor, Mich. D General 49022 1761 Joseph Santo, 9 Golden Hill, Danbury, Conn. 06810 C Large size U. S. & obsolete 1762 Mrs. Katherine M. Carson, 1 Elm Street, Birmingham, Ala. 35213 1763 Mrs. Russell F. Postern, 3330 Altmont Rd., Birmingham, Ala. 1764 Budshon Battle, 2855 Thornhill Road, Birmingham, Ala. U. S. 35213 1765 William Ray Laseter, 713 77th Way South, Birmingham, Ala. 35206 C U. S. 1766 Frank T. Kennedy, 756 Bentley Drive, Birmingham, Ala. C U. S. 1767 Joseph Williams, 1586 Champlain, Trois-Riviers, P. 0. C Canadian & South America Canada 1768 Raymond Petkow, P. 0. Box 268, San Pedro, Cal. 90733 1769 Clarence Pohlman, Rt. #1, Eldorado, Wis. 54932 C Small size U. S. & forcigh 1710 W. J. Brady, 822 So. Western Ave., Los Angeles, Cal. 90005 C National Bank Note, Change of Address 1487 Walter M. Schilling, 6010 Canmoor, Troy, Mich. 48084 8 J. Roy Pennell, Jr., P. 0. Box 3005, Anderson, S. C. 1182 Donn A. Fisher, c/o M. J. Heib, 396 Tiburon Blvd., Tiburon, Cal. 94920 830 Harry Wigington, 2006 N. Scott St. Apt 101C, Arlington, Va. 22209 595 Bill Waites, 875 Caroline St., Kamloops, B. C., Canada 257 F. A. Jones, 6900 Inkster Rd., Dearborn Hts., Mich. 658 Joseph A. Lange, c/o Bonner, Templeton, Cal. 93465 120 Alfred D. Hoch, Harvard Rd., Stow, Mass. 01775 1418 N. Thomas Abercrombie, 269 Elmhurst, Ypsilanti, Mich. 48197 900 Ed Busse, Jr., P. 0. Box 685, Alhambra, Cal. 91802 413 Maj. J. E. Wilkinson, 124 Russel Dr., Selma, Ala. 36701 22 Robert W. Comely, 20 Jefferson Dr., Rome, Ga. 30161 462 Robert R. Montgomery, 1111 Randall Ave., La Habra, Cal. 90631 1450 Catherine Reynolds, 5431 Conn. Ave., N. W. Apt. 304, Washington, D. C. 20015 1493 Walter L. Maslanka, 4300 N. Richmond St., Chicago, Ill. 60618 1279 David Nairn, Thompson, Iowa 50478 1301 Emon R. Johnson, Whittemore Point Rd., Bristol, N. H. 03222 949 Donald L. Allen, Rt. #2, Morehead, Ky. 40351 256 N. F. Carlson, P. 0. 567, Westfield, Pa. 16950 1240 Jeff Wexler, 42 Carman Ave., Cedarhurst, N. Y. 11516 1690 Arden H. Brame, Jr., 1690 North Altadena Dr., Altadena, Cal. 91101 1458 Jim C. Crockett, 512 Elizabeth, Irving, Texas 75060 1526 Ronald Horstman, Rt. #2, Gerald, Mo. 1114 Bryan R. Burnett, 2919 Talbot St., San Diego, Cal. 92106 956 Roy E. Cox, Jr., 618 West Semmes St., Osceola, Ark. 72370 1290 David Halsted, 10660 Carnegie, Cleveland, Ohio 44106 542 Robert A. Jones, 46 Park Ave., Galt, Ontario, Canada 1320 David Ray Arnold, Jr., P. 0. Box 643, Los Alamitos, Cal. 90720 1058 D. Robert MacRae, 2355 Ala Wai Blvd. Apt. 607, Hono- lulu, Hawaii 96815 869 Robert Joseph Castellito, 175 Hilcrest Rd., Mt. Vernon, N. Y. 10552 Reinstated 273 Charles N. Case, 3552 E. Livingston Ave., Apt. B. Colum- bus, Ohio 43227 951 Philip J. Medicus, P. 0. Box 43, Elmsford, N. Y. PAGE 86 Paper Money WHOLE NO. 19 Deceased 201 Clyde G. Plyler 63 Luicius S. Ruder Resignations 1264 Richard L. Kruse 1209 Ronald J. Roberts 1306 Melvin J. Hendricksen 470 James Rutlander 1433 Mrs. Mary Carie 409 Jack Marles 1387 Larry Lewis 658 Joseph A. Lange 890 11. F. McCloy 597 John Henry Roy 1156 Jerry Kadlicek 515 Col. Thomas H. Bradley 474 11. T. Moore 958 Phillip Rochlin Members Expelled - Article II Section 8 1247 Ray Austrian 650 Jack W. Nannery Deceased 384 Albert Philip Cohen 361 C. J. Dochus Resignations 1494 Mrs. Susan Fox 524 William E. Benson ZIP Numbers 1222 Forest Armstrong 93440 1517 William Domonkos 06430 1179 Dick Naylor 05403 1118 L. J. Kaczor 61822 1248 Dr. Robert R. Wadlund 166 Matt Rothbert 71701 320 Amon Carter, Jr. 76101 Name Correction 1564 M. Tiitus, from M. Titus Dropped for Non-Payment of Dues 949 876 793 299 1231 1043 1286 1193 1392 665 987 438 454 917 922 177 1267 815 1110 982 532 326 744 1136 1204 1490 1307 367 1182 1522 571 678 1389 1527 316 Donald L. Allen Oren Allen Harry Anderson S. M. Barnes Raymond W. Barstow Myron Daniel Bergenske Paul E. Berube S. J. Bhole Martin Black M. S. Breitman Erwin Breuer Hy Brown James Buchbinder Mrs. Loa Burkholder William M. Caldwell 0. Cameron Hugh M. Caraher Joseph T. Cicero John Crawford Vincent J. Decarolis Joseph Demme Marvin R. Dershem, Jr. Walter A. d'Flemecourt Joseph L. Diodato R. J. Evans James D. Ellsworth Norman Ellis Kenneth J. Ferhuson, Jr. Donn A. Fisher F. W. Gabel Joseph Gangemi Robert J. Gelink Richard Gelman Pomerleau Gilles Eremson M. Gleason 874 Mrs. Albert Goergens 1382 Raymond H. Kyzer 386 Howard Louis Goodman, r. 491 Fred Lamb 552 E. M. Gordon 109 L. P. Leonard 336 Dr. Edward N. Green 547 Rudolph L. Leuckart 421 James Green, Jr. 679 Thomas E. Lloyd 168 Mrs. Bertha M. Hall 1533 Fred F. Lockwood 290 David Halsted 969 0. H. Longuet 221 Thomas B. Hamilton 1276 Leon Lucas 252 E. Ron Hatch 585 Bruce F. Luther 881 George Hennessey 1327 Ralph Marks, Jr. 346 Charles M. Hellebush 1310 John Marshall 139 Karl F. Heuer 1049 Walter L. Mason, Jr. 235 Wm. E. Holbush 907 Glen 0. Maxwell 134 William F. Holmes 1099 J. W. McGaughey 751 W. K. Huffington 821 Jack E. McGill 094 Luther J. Hultquist 1442 Walter McMann 517 Calvin Hunt 1202 John J. Mette 761 James S. Hurst 1051 N. R. Miller 134 Jacksonville Coin Club 589 Bruce A. Miner 1158 Mrs. Sasmir Jacobs 1312 Mark George Murtaugh 615 Somer James 990 George S. Nave 1150 Art Janes 1269 Lt. William A. Nelson 1424 John Micheal Jaremback 1467 Carl Nessler, Jr. 10 D. Wayne Johnson 933 Frank A. Nowak 19 Ernest Johnson 847 Mrs. E. N. Olson 1214 Harold E. Johnson 36 Al D. O'Rear 1120 Rev. Ralph R. Johnson 1266 Dick J. Pasco 1078 Roy G. Johnson 1025 William Clower Pearce 1145 Robert C. Jones 957 Joseph J. Pelton 484 Kenneth Kantak 1366 Donald J. Perryi 497 Walter E. Kemps 1315 Edward Ploner 1169 Stephen Konicki 1154 J. F. Pollard 283 Joseph S. Kopas 260 Anthony Ptacnik 1219 John Korol 576 George J. Regensburger 591 Matt Krzastek 1368 Rush H. Reed WHOLE NO. 19 Paper Money PAGE 87 1129 Robert Reynolds 1160 John W. Shannon 894 Floyd Swartzbaugh 23 Larry D. Richardson 1314 Arthur B. Shaw 1408 Benton Taylor 1378 Bob Roe 997 F. W. Shuart 198 John Tenneson 1534 David H. Roth 1251 Linda Sisson 975 Thomas Fred Teuchtler 1233 George M. Rubly 1316 Eugene G. Smith 1036 Lyle L. Thomas 703 C. A. Rusinger 228 James Smith 374 Michael Todascu 1384 Paul Rynearson 1473 Mr. C. R. Snead 812 David B. Tokazewski 1055 Donald E. Sabo 1516 Mrs. L. E. Solomon 1045 Guyon W. Turner 1523 Richard Schiff 1539 Walter D. Spain 981 James Van I larvey 732 Arnold II. Schwartz 536 Arthur M. Spatz 1429 Igor Varpa 749 W. P. Schwartz, Jr. 1084 Isidore J. Stadtherr 837 Ralph M. Weaver 1132 Edwin Scott 1440 Robert M. Stark 1262 Clint White, Jr. 1023 G. L. Seaman 1032 E. F. Stewart 1451 George T. Wullaert 617 W. A. Selfridge 1200 Jeff Stewart 627 George A. Yano 1148 Mrs. C. E. Sha!ley 1436 Coleman Stoops 920 Robert E. Yarmer * The Trading Post * The members listed below are interested in trading notes. Please contact them directly if you are interested in trading. The fee is $2.00 per listing for two issues. Please note new categories. All future insertions should be sent directly to the Editor. 1. U. S. LARGE NOTES 5. FOREIGN CURRENCY 2. U. S. LARGE NATIONAL BANK NOTES 6. OBSOLETE PAPER MONEY (Colonials, Continental, Confederate, Notes, Scrip, etc.) Broken Bank 7. U. S. SMALL NOTES Ronald Horstman Rt. 2 Gerald, Mo. John F. Wall 2110 Wolcott St. Flint 4, Mich. 8. U. S. SMALL FEDERAL RESERVE NOTES Jack Adelmann P. 0. Box 2211 Cleveland, Ohio 44109 C. J. Affleck 34 Peyton St. Winchester, Va. George R. Bardsley 748 West Camino Real Boca Raton, Fla. 33432 Wm. Mason Box 1 Washington, N. C. Sam. G. McDonald McDonald's Importers Rt. 3, 12021 N. Lamar Austin, Tex. 78751 A. L. Hodson 373 W. Broadway Winona, Minn. 55987 Frank T. Kennedy 756 Bentley Dr. Birmingham, Ala. Grant H. Woldum c/o Federal Reserve Exchange 116 River St. Decorah, Iowa 52101 9. MILITARY CURRENCY (War, Occupation, Concentration Camp and Emergency Issues) S. FRACTIONAL CURRENCY 9. MISMATCHED SERIAL NO. NOTES Uncut Sheets (FROM A SMALL RECENTLY FOUND HOARD AND UNLISTED) JAMES C. KNOX Knox Corners Oneida, N. Y. 5c 10c 25c 50c 21 notes to a sheet $47.50 Partial sheet of 18 notes $37.50 Singles at $3.00 each set of 4 $10.75 Will trade for nice obsolete currency, especially New York State. Will consider all trades except the very common notes. GORDON HARRIS 101 GORDON PARKWAY SYRACUSE, NEW YORK 13219 A.N.A., E.S.N.A. U. S. PAPER MONEY FOR THE COLLECTOR Specializing in small and large size paper money. Buying, Selling, Trading. Send for our catalog: List #3 1966. WE ARE BUYING Small and large quantities of new and circulated paper money wanted. If you have any to sell please write for our buying list. SPECIALS 1928-A ay. circ. 1.00 S.C. for 1.75 1935-A ay . circ. 1.00 S.C. for 1.65 1935-D (Wide or Nar.) ay. circ. 1.00 S.C for 1.65 1928-D ay. circ. 2.00 L.T. for 3.50 1928-D Crisp Unc. 5.00 L.T. (SCARCE) for 45.00 Limit one each to a customer. 10 day return privilege. Satisfaction gu2ranteed, of course. ELGEE COINS P. 0. BOX 388 COOPER STATION NEW YORK, NEW YORK 10003 Proprietor member ANA, SPMC, etc. SMALL NOTES Fr. # Donlon # 1600 201-1 All $6.50, new 13.50 1601 201-2 new 8.50 1602 201-3 XF 4.75 1616 201-17 new 2.75 1619 201-14 new 1.75 1653 205-4 new 18.50 LARGE NOTES Legal Tender Fr. # 16 $1, Chase, 1862, one crease new 55.00 37 $1, Washington, 1917 new 5 155 77CH. AU. 85.00$5, Jackson, 1880 111 $10, Webster, 1880 CH. AU. 75.00 122 $10, Buffalo, 1901 AU. 65.00 Silver Certificates 217 $1, Martha Washington, 1886 VF 32.50 224 $1, Educational, 1896 VF 30.00 same new 72.50 226 $1, Eagle, 1899 AU 19.00 238 $1, Washington, 1923 new 16.00 248 $2, Educational, 1896 VF 100.00 258 $2, Washington, 1899 XF-AU 17.50 264 $5, Grant, 1886, 5 silver dollars AU 225.00 268 $5 Educational, 1896, very choice new 325.00 278 $5, Onepapa, 1899 new 57.50 282 $5, Lincoln 1923 new 120.00 Treasury Note 368 $10, Sheridan, 1890 VF-XF 295.00 -National li ank -Notes 397 $5, Tamaqua, Pa., dark VG 36.50 432 $20, Boyertown, Pa. XF 225.00 471 $5, Corry, Pa. XF 38.00 Federal Reserve Notes 714 $1, Washington, 1918 XF 20.00 756 $2, Jefferson, 1918 AU 45.00 Iii ooks (latest editions) Friedberg 12.50 Donlon (small notes) 1.00 Rothert (fractional) 1.00 Criswell (North American currency) 15.00 WANTED—Anything To Do With FRACTIONAL CURRENCY Pa. residents add 5% All items postpaid--fully guaranteed Thomas E. Werner 505 N. Walnut St. West Chester. Pa. PAPER MONEY OBSOLETE NOTES—Singles and uncut sheets, "over 200 differ- ent uncut sheets in stock." Price list available. CONFEDERATE CURRENCY—price list by type number avail- able. FRACTIONAL AND CONTINENTAL NOTES UNITED STATES—LARGE AND SMALL CURRENCY FOREIGN NOTES—MILITARY CURRENCY We don't have everything but we have helped out many a collector and we are constantly buying any kind of paper money whenever offered at a reasonable price. We do have some price lists available free. Ask for them. BUT we would appreciate your want list by variety, city, state or country or catalog number if listed so we can serve you better. We will then quote or send notes on approval. We keep you on file. we also do some business in land grants, documents, stock certificates, early checks, medals, politicals, stamped envelopes, Lincolnia, maps, early newspap- ers, Civil War historical material. Correspondence invited. AMERICANA GALLERY H. F. JENNE P. 0. BOX 4634, FORT LAUDERDALE, FLORIDA Phones Office 565-7354 Res. 52 2-3630 area code #305 WE BUY SELL AND TRADE OFFICE HOURS BY APPOINTMENT WANTED NORTH CAROLINA COLONIAL OBSOLETE BANK, STATE, COUNTY, TOWN, PRIVATE, IND USTMAL, ED UCATIONAL, etc. CURRENCY and SCRIP. David Cox, Jr. (Collector) 712 EDENTON ROAD ST. HERTFORD, NORTH CAROLINA S.P.M.C. A.N.A. P. S. WANTED WISCONSIN NATIONAL BANK NOTES Collector wishes to acquire Wisconsin National Bank Notes, (EXCEPT MILWAUKEE) from all Wisconsin cities. Both large and small size notes are wanted. Premiums paid for choice $50 and $100 notes. Will pay ABOVE CATALOG for UNCUT SHEETS on Wisconsin banks. Write, describe notes in detail, and price all notes, post-paid. Premium paid for Donlon No. 6500. Friedberg No. 2406 WRITE TO: L. J. WATERS Post Office Box 1051 Madison, Wisconsin 53701 Member: S.P.M.C. No. 415; A.N.A.; A.N.S., etc. Get an absolutely FREE COPY of world-famous, colorful COINS MAGAZINE. Full of the lore, romance and inside information on coin collecting. LIMITED TIME OFFER Coins Magazine 231 Water Street Iola, Wisconsin 54945 Pease send me my FREE COPY of Coins Magazine Name Address City State Zip PAPER MONEY U. S. LARGE SIZE CURRENCY U. S. SMALL SIZE CURRENCY U. S. FRACTIONAL CURRENCY LIST AVAILABLE STAMP PLEASE THEODORE KEMM 915 West End Avenue New York, N. Y. 10025 Obsolete Bank Notes VIRGINIA 2.00 Merchants Bank, 1861. Fine $ 8.75 20.00 Exchange Bank, 1863. X.F. 8.25 50.00 Central Bank, 1860. V.F. 6.75 20.00 Central Bank, 1860, V.F. 6.50 3.00 Bank of Commonwealth, 1862. X.F. 8.25 5.00 Bank of Pittsylvania, 1861. X.F. 13.00 90c City of Lynchburg, 1862. V.F. 5.25 6 1/4 c George F. Hupp, scrip, 1839. Une. 9.00 12 % e George F. Hupp, scrip, 1839. Unc. 9.00 5.00 James River & Kanawha Co. Unc. 14.00 50c Merchants & Mechanics Sa y. Bk. X.F 9.50 1.00 Merchants & Mechanics Sa y. Bk. X.F 8.50 1.00 Bank of the Valley in Va. Une. 7.25 5.00 Bank of Philippi, 1861, V.F 14.00 1.00 Danville Bank, 1802. X.F. 9.00 1.00 Bank of Virginia, 1861. V.F. 7.25 50.00 Bank of Howardsville, 1861, VF/X F 20.00 LOUISIANA 1.00 City of New Orleans, 1808. A.0 8.50 50.00 Bank of New Orleans, 1862. X F 12.00 50.00 Canal Bank,. Unsigned. Unc. 4.50 100.00 Canal Bank. Unsigned. Une. 5.00 100.00 Citizens Bank. Unsigned. Unc. 5.50 100.00 Citizens Bank. Undated. Unc. (ABN) 6.00 2.00 C. W. Holt. Scrip. 1862. V.F 5.00 2.00 R. W. Rodgers. Scrip. 1862. Unc. 15.00 2.00 Municipality No. 2, 1839. V.F. 15.00 3.00 Municipality No. 2, 1839. V.F. 16.50 20.00 Municipality No. 2, 1843. A.0 20.00 50.00 Municipality No. 2, 1843. A.0 23.00 500 lberville Parish, Unsigned. Unc. 5.00 50c Concordia l'arish, 1862. Unc. 6.00 5.00 Concordia Parish, 1862. A.0 6.00 2.00 Bank of La., 1861. X.F 7.00 5.00 Bank of La., 1860. Fine 5.00 10.00 Bank of La., 1862. Fine 7.00 20.00 Bank of La., 1862. X.F. 13.50 50.00 Bank of La., 1862. V.F. 12.00 100.00 Bank of La., 1862. V.F. 20.00 Want lists solicited. Many other obsolete and colonial notes in stork. Will also buy. RICHARD T. HOOBER P. O. BOX 196, NEWFOUNDLAND, PENNA. 18445 ATTENTION * * * I will Pay $150.00 for a Sheet of Old Bank Checks on the Original Bank of Giles of Pearisburg, Virginia. * * I will Pay $300.00 for a Sheet of Broken Bank Bills on the Original Bank of Giles. I will Pay $100.00 for a PROOF Broken Bank Note on the B:nk of Giles. Denomination of $10.00. I will Pay $75.00 for a Sheet of Old Bank Checks on the Trans-Alleghany Bank of Virginia of Jeffer- sonville. * * * I can Offer a few Original recently Discovered Un- cut Sheets of Old Coal Mine Scrip of Gilliam Coal & Ccke Co. of Gilliam, W. Va. in denominations of $3.00 $5.00 $10.00. 3-3-3-3 Printed in Yellow. 104- 5-5-5-5 Printed in Red. 194- 10-10-10-10 Printed in Green. 194- The Set of 3 complete Sheets $25.00 with condi- tion about Perfect. If only one Sheet is wanted, the price is $9.00. Marietta, Pa. July 1837. 2-1-50c-25c-20c-10c Complete Sheet of 6 Bills in Abt. Unc. condition. $29.50. WILL BUY National Bank Currency Large or Small SIGHT UNSEEN for $3.00 OVER FACE No duplicate cities will be accepted from you or if I already have the city. Write DENO EVANGELISTA 3001 Arden Way Sacramento, Cal. 95825 Frank F. Sprinkle P. 0. BOX 864 BLUEFIELD, W. VA. 24701 .'. ,„*..27:CV.k"'".. ,.• t. t ' TIII: NIITI:1 ► I `^t111 Nil 1:tt '1 HERE'S TOM SETTLE BROKEN BANK • SPECIALIZING IN and other obsolete U. S. Currency available. L. S. CUR IFACY 1861 TO DATE Probably have Largest Stock Paper Money available on East Coast United States today. Lists available and complete for a Ten Cent Stamp. Member S. P. M. C., A. N. A., R. C. D. A. and many others. Will buy or sell. Price your notes. I price mine. For List send to THOMAS J. SETTLE Box 1173 Church St. Sta. New York, N. Y. 10008 I have a large stock on hand at all times and will be happy to add your name to my mailing list. • WHETHER BUYING OR SELLING Please Contact WARREN HENDERSON Obsolete Currency Specialist P. 0. BOX 1358, VENICE, FLA. 33595 MAJOR ERROR NOTE MISMATCHED SERIAL NUMBERS CONDITION IS STRICTLY CRISP UNCIRCULATED. Money-order $39.50 each or will trade for $36 in uncirculated currency or 4 1964 proof sets or 4 rolls Kennedy halves. Can furnish consecutive numbers. $1, $5, $10 Federal reserve notes beginning 0000, also $1 1957 Silver certificates, plate number 1 both sides and position number 1 beginning 0000 exchanged for other currency I can use or will sell. Send stamped envelope for price-list uncirculated small notes. Wanted low numbered or odd numbered or error bills. Richmond Federal Reserve Notes $1, $5, $10 denomi- nations exchanged for others. Write first. Also have matched pairs, trios and even four $1 FRN with identical numbers for sale or exchange. JAMES W. SEVILLE WANTED • Obsolete Bank Notes, Scrip, Store Cards, and Tokens From NEW JERSEY Buy or Trade ti J. M. DUPONT 77 Myersville Rd. Chatham, N. J. BOX 866, STATESVILLE, N. C. Member Society Paper Money Collectors #630. Charter Member #86 Paper Money Collectors of Michigan Blue Ridge Numismatic Assn. Inc. #1384. American Numismatic Association R-53295 Reference—Northwestern Bank, Statesville Phone—Area Code 704 873-7462 BIG CLEARANCE SALE Confederate States of America T8 T9 T10 $50 Washington F 10.40 UNC. 16.00 $20 Sailing Ship G2.25 F 3.75 XF 8.00 $10 Liberty, Flag & Eagle poor 3.00 FNB 8.00 T44 T45 T46 $1 Steamship F 5.40 $1 Steamship F 10.75 $10 Ceres Reclining VF 7.20 T11 $5 Liberty & Eagle poor 25.00 G 45.00 VG 75.00 T50 $50 Jefferson Davis F (COCI 3.00 T13 $100 Negroes Loading Cotton T52 $10 Capitol at Columbia XF 8.00 UNC. stained Cr. 53 16.00 G 1.50 F 2.40 UNC. 5.00 T14 $50 Moneta Seated T53 $5 Capitol at Richmond F 5.40 VF 7.20 VF 3.75 XF 4.25 UNC. 6.00 T16 $50 Jefferson Davis T54 $2 Benjamin VF 7.25 XF 8.00 G 4.00 VG 4.50 F 6.40 T18 $20 Sailing Vessel T55 $1 Clay F 2.50 VF 3.50 UNC. 5.25 VF 6.40 T20 $20 Liberty & Beehive T56 $100 Lucy Pickens F 4.25 VF 5.00 AU Cr. 139 8.50 UNC. 19.50 T22 $10 Indian Family T57 $50 Jefferson Davis VG 37.50 F (COG 3.00 UNC. 4.25 T24 $10 R.M.T. Hunter & Child T58 $20 Capitol at Nashville VF 10.00 UNC. 3.25 126 $10 Hope & Anchor T59 $10 Capitol at Columbia VF 8.00 XF 10.00 F 3.00 XF 3.50 UNC. 5.00 T27 $10 Shield & Eagle T60 $5 Capitol at Richmond VG (cut out cancel) 385.00 XF Cr. 468 16.00 UNC. 3.50 T28 $10 Woman & Urn T61 $2 Benjamin VG 3.00 F 5.00 XF 5.50 F 9.60 T29 $10 Negro Picking Cotton T62 $10 C. C. Clay F 22.50 VF 32.50 XF 37.50 G 2.50 VG 4.00 T30 $10 Francis Marion T63 50c J. Davis VF 5.50 XF 6.25 UNC. 3.60 T31 $5 Women Seated T64 $500 Gen. T. I. Jackson G-f 25.00 UNC. 18.00 T33 T34 $5 Memminger G2.75 F 6.00 VF 7.00 $5 Memminger T65 $100 Lucy Pickens F 4.25 UNC. 4.50 F 6.25 T66 $50 J. Davis T36 $5 Ceres Seated F 2.65 XF 3.25 F 3.00 vF 3.60 T67 $20 Capitol at Nashville T37 $5 Sailor Seated F 1.60 UNC. 3.50 F 6.40 VF 8.00 T68 $10 Horses Pu l ling Cannon T38 $2 South Striking Union F 1.25 UNC. 1.75 F (small pencil hole) 100.00 T69 $5 Capitol at Richmond T39 $100 Railroad Train F 1.25 UNC. 1.75 T40 I INC. 5.40 $100 Railroad Train 11NC. 5.40 T70 $2 Benjamin XF 4.50 UNC. 5.50 T41 $100 Neg roes Hoeing Cotton X P 3.75 UNC. 4.25 T71 $1 C. C. Clay UNC. 5.60 T42 $ .7 South Striking Union T72 50c I. Davis VG-F 7 00 UNC. 3.60 I have many Southern, Midwestern and Eastern Broken Bank Notes on hand. your want list. Rare and beautiful uncut, two-color sheet of "Treasurer of Ramsey County, (only two available!) $125.00 each WANTED: Broken Bank Notes or Sheets on: Minnesota, North Dakota, Iowa, Dakota, Wisconsin. (Please describe and price, 30 different States! Send St. Paul, Minn," $1-2-3-5 Michigan, Nebraska, South 621-777-7248 R. H. "ROCKY" ROCKHOLT ANA 29672SPMC 1354 1489 CLAYRIDGE AVE. ST. PAUL, MINN. 55119 500 POSTAGE AND INSURANCE EXTRA ON ORDERS UNDER $5.00 U. S. CURRENCY • PAPER CURRENCY COLLECTING IS INCREASING AND THE SUPPLY IS DECREASING Here is the chance to pick up some items that are not common anymore. Friedberg's numbers are used and all notes returnable if not satisfactory. Fr. 36 $1.00 1917 Legal Tender VF $ 6.50 37 1.00 Same VF 6.50 38 1.00 Same VF 6.50 39 1.00 Same VF 6.50 Above Notes Unc. $15.00 ea. 40 $1.00 1923 Legal ; only V.G. Scarce $ 7.00 88 5.00 1907 Legal Tender VF 14.00 89 5.00 Same VF 20.00 90 5.00 Same VF 14.00 91 5.00 Same VF 12.50 234 1.00 1899 Silver Cert. VF 6.00 235 1.00 Same VF 6.00 236 1.00 Same VF 6.00 1899 $1.00 Silver Cert. Unc. $12.50 237 1.00 1923 Silver Cert. VF $5.50 Unc. $12.25 238 1.00 Same VF $7.00 Unc. $17.50 Three Different Large $1.00 Notes; Avg. Circ. for $12.50 Five Dollar Notes, 1914 Federals; Avg. Circ. for $ 7.50 ea. Ten Dollar Notes, 1914 Federals; Avg. Circ. for $12.50 ea. • LIFE MEMBER A.N.A. 402 golur 91. eflawk, III NUMISMATIST P.N.G. 65 P. 0. BOX 2381 6 DALLAS 21. TEXAS The Trend Is Definitely To Paper Money! AT DONLON'S IT IS UNITED STATES PAPER MONEY Exclusively and Full Time - Not A Side Line! IN THE SPOTLIGHT! FEDERAL RESERVE NOTES SERIES 1928 to 1963A There has been a tremendous increase in interest in this issue by col- lectors endeavoring to complete a series or to obtain all issues of their own Federal Reserve District. Donlon has a large variety available from $5.00 to $100.00. Liberal trade-in allowance for your duplicate Federals if uncirculated. Let me help you to complete a series or a type set of designs. Send long stamped envelope for list of Federals available, and liberal trade- = in offer. Only perfect notes wanted. Tia11111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111 TO BETTER HOUSE AND EXHIBIT YOUR PAPER MONEY! Donlon's Custom-Made Currency Albums The perfect system for housing and protecting your paper money. Albums hold 50 to 100 notes in flip-up type, perfect fit, holders. Al- bum for large size notes $12.50. For small size $10.50 ppd. Donlon's No Glare holders, small size $1.65 doz. Large $1.80 doz. These hold- ers will fit the Custom-Made Albums perfectly. Donlon's "UNITED STATES SMALL SIZE PAPER MONEY" $1.10 ppd. 1966 edition, now in 4th printing. There must be a reason! — • — 0 — • _ • _ • _ • — • — • — • — ALWAYS WANT TO BUY IMPORTANT COLLECTIONS OR CHOICE SINGLES IN U. S. CURRENCY. Not interested in recent issues excepting as part of a col- lection. Please list and describe condition carefully. If interested will advise to send for best possible offer. Return envelope speeds replies to all inquiries. WILLIAM P. DONLON PROFESSIOW NUMISM PIM % Um) .iNc United States Currency Exclusively and Full Time! A.N.A. 4295 Life Member No. 101 UTICA, NEW YORK 13503 S. P. M. C. No. 74 P. 0. BOX 144