Paper Money - Vol. VII, No. 1 - Whole No. 25 - Winter 1968

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FVX'''X'cX"11,:-Cji2c1" ,Cit2C:or,Cor., ...ICYt? offii_. ' orn, Cy::. j'it2 , C ji2 jrn, Cort, c'X'CiP.. tea, 3 Ei E.€ E.' E. Ei DEVOTED TO THE STUDY OF CURRENCY il3 Ei Ei Ei Ei F:s Eli ''3 Eg &'3 Eli Ei l'3 .1i An incomplete essay for a 850 North Carolina note of 1863. See Page 5 for details of its production. E43 11 1*3 Ei 11 Ei VOL. 7 1968 No.1 E rt Whole No. 25 OFFICIAL PUBLICATION i'3 El OF 1.3 Efi Ei Cociety el Paper Mote9 Collector4 ii :i C) 1%8 by The Society of Paper Money Collectors, Inc. ( l} ii Eli 1) S i. Paper money RALE I C■11, .,TANticy:lt165 e *de', rever/4'..a4lleez zeene',..7e44 FIRST DAY OF JANUARY. 1006. EMERGENCY ISSUES $1.00 $1.00 $1.00 1928 Great Rarity - only Seven known $2.00 1928C $2.00 1928E $2.00 1928F $2.00 1928G $5.00 1928D $5.00 1928E 1935A. Il a \Vali 1,195.00 1935A North Africa 1,395.00 LEGAL TENDER Sheets Write 495.00 625.00 435.00 395.00 825.00 495.00 U. S. SILVER CERTIFICATES All Superb, Crisp Unc., if not otherwise stated. # indicates margin trifle close. Trade in your New or worn Silver Certificates, (also Buying S. C. Advise Quantity when asking for Cash or Trade-in Offer). $1.00 NOTES 201-1 1928 201-2 1928A AU $4.75, # $7.95 201-3 1928B # $10.75 201-4 1928C Ex. Fine 13.50 10.50 12.50 201-10 1935B 201-11 1935C AU $2.45, # $4.35 201-12W 1935D Wide Rev. # $3.75 201-12N 1935D Narrow 10.95 5.50 4.75 201-14 1957 Gem 201-16 1957A Gem 201-19 1957B Gem $5.00 NOTES 2.75 2.75 2.75 205-7 1953A 11.50 205-8 193313 4-,t $9.75 10.93 $10.00 NOTES 2 - 193:1 Wanted 210-2 1934 37.50 and Crisp Unc. ..... Write Rev. # $3.25 3.95 205-1 1934 19.50 210-3 1934A 32.50 201-5 1928D # $199.00 229.00 201-13 1935E # $2.35 .. 2.95 205-2 1934A AU $9.75 16.50 210-4 1934B Ex. Fine 201-6 1928E CU Wanted 201-15 1935F 2.75 205-3 1934B 43.50 and Crisp Unc. Write paying Highest price 201-17 1935G No Motto, 205-4 1934C 17.50 210-5 1934C 22.50 201-7 1934 # $9.50 11.95 # $2.35 2.95 205-5 1934D 14.50 210-6 1934D 22.50 201-S 1935 # $9.85 .... 12.50 201-18 1935G Motto, # Autographed by Georgia 210-7 1953 28.50 201-9 1935A AU $2.25, $2.95 3.95 Neese Clark 29.50 210-8 1953A 27.50 $3.15 3.75 201-20 19351E # $2.25 2.75 205-6 1953 13.50 210-9 195311 # $21.00 24.50 BEAUTIFUL UNCUT SHEETS All Superb Sheets of Twelve, Crisp Unc. Move Up your Collection to "Blue Ribbon Winner" Status with these "Museum Showpieces", which are in the Forefront of Today's Great Rarities. SILVER CERTIFICATES 201-1 $1.00 19 9 595.00 11201 201-1 $1.00 1928-C Wanted A201 201 - 5 $1.0(1 1928-1) 2,775.00 201-6 $1.00 1928-E Wanted 201-8 $1.00 1.9:15 495.00 201-9 $1.00 1935-A 450.00 101-1 201-10 $1.00 1935-B 595.00 201-11 $1.00 1935-C 435.00 102-4 201-12 $1.00 1935-D 435.00 102-6 205-1. $5.00 1934 1,250.00 102-7 205-3 $5.00 1934-13 975.00 102-8 205-4 $5.00 1934-C 575.00 105-5 205-5 $5.00 1934-1) 535.00 105-6 SPECtAt-1935C $1.00 (201-11), 1928F $2.00 (102-7) and 1928E $5.00 (105-6). The Three Beautiful -Showpieces" 1,285.00 Please Write for Prices on Uncut Sheets of Eighteen, also Large Notes and Fractional Currency Sheets. Also, advise any Items for Sale-describe fully and Price. Please send your Want List for Prices on Other Small Notes-also Large Notes. We may have some Items that you have been searching for. $1.00 FEDERAL RESERVE SETS 1983 Gran:than-Dillon, 19413A Crvnaltatt-Fots ler Either Set. Both Sets. Complete Sets (12) Superb Crisp I ne. Set 2# telt all 24.# match Complete Set, all 12 Districts $14.95 $15.75 $31.75 Complete Set, all "Stars," 12 Districts 18.95 21.95 41.95 Both Sets - on all 48 Notes, the last 2 # match. .lust a few in stock 69.75 Single Notes, any District $1.60, Stars, each 1.90 INVESTMENT SPECIAL-10 Sets of 1.963 or 196.3A 10 "Star" Sets 1963 or 1963A (both $327.50) IMPORTANT BOOKS - POSTPAID Donlon's "Catalogue of Small Size Notes". ith Edition Kemm's "Official Guide of U. S. Currency". New, 1st Edition Shafer's "Guide Book of U. S. Modern Currency". New, 2nd Edition Friedberg's "Paper Money of the United States". New, 6th Edition $139.50 169.50 $ 1.15 1.15 2.10 14.00 Book Order will in:lude our 108-page Supply Catalogue (lists all Important Books and Accessories relative to Paper Money/. Minimum Order $10.00 (except Books/. Add 75c for Postage and Insurance if Order is less than $50.00. If not already a "Bebee Booster" how about a Trial Order NOW! NOWLEDGE goFESSIONk NuMISM RTI ss INC Bebee's, inc. "Pronto Service" E'' ' 117% RESPONSIBILITY 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 63111 Paper litenq VOL. 7 NO. 1 FIRST QUARTER 1968 WHOLE NO. 25 PUBLISHED QUARTERLY BY THE SOCIETY OF PAPER MONEY COLLECTORS Editor Barbara R. Mueller. 523 E. Linden Dr., Jefferson, Wis. 53549 Research Consultant, Obsolete Currency Mrs. C. Elizabeth Osmun Publisher J. Roy Pennell, Jr., Box 3005, Anderson, S. C. 29621 Direct only manuscripts and advertising matter to Editor. Direct all other correspondence about membership affairs. address cnanges. and back numbers of Paper Money to the Secretary, Vernon L. Brown, Box 8984, Fort Lauder- dale, Fla. 33310. 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. Entered as second-class matter July 31, 1967. at the Post Office at Anderson. S. C. 29621 with additional mailing privileges at Federalsburg, Md. 21632, under the Act of March 3, 1879. Non-member Subscription, $5.00 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. 26 Issue No. 27 Issue No. 28 Schedule for 1968 Advertising Publication Deadline Date May 15, 1968 June 15, 1968 Aug. 15, 1968 Sept. 15, 1968 Nov. 15, 1968 Dec. 15, 1968 CONTENTS An Error: Genuine or Fraud?, by George W. Killian An Essay for a North Carolina Confederate Note, by Julian Blanchard, Ph.D In Memoriam: George J. Sten Looking at Literature Portraits and Vignettes on Modern Size Paper Currency, by Joseph Persichetti 3 5 7 7 8 An Economic and Numismatic Analysis of Chronic Inflation in (concluded), by Richard .4. Banyai Chile. 1880-1960 $1 Silver Certificate Block Letters, by George IV. Killian 23 A Collector Is Never Alone, by Alfredo P. Marcon 24 $1 Silver Certificate Oddity 24 A Board Break Error, by Harry M. Coleman 25 Catalog Published on Hong Kong Coinage. by Jerry Remick 29 New Banknotes for Singapore. Malaysia and Brunei, by Jerry Remick 29 The Society of Paper Money Collectors, Inc SPMC at Texas Show 10 Secretary's Report 26 Cociety of Paper if they Collector4 OFFICERS President George W. Wait, Box 165, Glen Ridge, N. J. 07028 Vice-President William P. Donlon, Box 144, Utica, N. Y. 13503 Secretary Vernon L. Brown, P. 0. Box 8984, Fort Lauderdale, Fla. 33310 Treasurer I. T. Kopicki, 5088 S. Archer Ave., Chicago, III. 60632 APPOINTEES-1967-68 Librarian Earl Hughes Attorney Ellis Edlow BOARD OF GOVERNORS-1967-68 Thomas C. Bain, William P. Donlon, Harley L. Freeman, Nathan Goldstein II, Maurice M. Gould, Warren S. Henderson, Alfred D. Hoch, Richard T. Hoober, Morris Loewenstern, Charles O'Donnell, J. Roy Pennell, Jr., Matt Rothert, Glenn B. Smedley, George W. Wait M. 0. Warns. 1111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111111110= = 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. = -=2 Although your Officers recognize the publicity value to the Society of occasional re-E • prints, they cannot allow indiscriminate use of the material from PAPER MONEY in .1.-.== other publications even when condoned by the author. Therefore, authors should === == contact the Editor for permission to reprint their work elsewhere and to make ar- = Ea=rangements for copyrighting their work in their own names, if desired. Only in this i-- E - way can we maintain the integrity of PAPER MONEY and our contributors. F- F. 51111111111111111111111111111111111111111111=1111111111H111111111111111111111111111111111111111111111111111111111111111111111MIMMIIMMIIMMIIIIIMM Important Notice Paper Money Is A Copyrighted Publication= E _ = 1111.1.1 viiiirafitff4I114* -614111111EKA- - C 87 F ri446 CENTINCATt IS ((GAL tErtpf 'OPAL, D(W'S F.111141C AND PRIVATE 1% ASII I NGTON ( C 21456887 F .',74!-411111110'1/101[11W.14.11.14 6't Ah , ,e; ♦ L% ro—cam itc.xemat . WHOLE NO. 25 Paper Money PAGE 3 An Error: Genuine or Fraud? By George W. Killian During the summer of 1967, I had the privilege of inspecting a $1 Silver Certificate of 1935D, type I (wide back), serial number C21 456 887F, position E, front plate 6504, rear plate 4883. The note has an "error" which is quite unusual (see accompanying photograph). There is strong evidence that the error is fraudulent, and there is also good reason to believe that it is absolutely genuine! The evidence for considering it a fraud tends to be circumstantial. Let me describe the error—and it will be easier to understand if you have any $1 of the 1935 A to 1935 H series in front of you, and of course, a 1935 D would be best. The most striking fact is that the right hand serial number appears as follows: C 87F. That is, six digits of the serial number are completely missing but the initial letter "C" is there, as are the final digits "87" and the final letter "F." In addition, the entire blue seal is missing. Nothing else appears unusual; the series designation, the signature of John W. Snyder and the words "WASHINGTON, D.C." are complete. With the naked eye it is possible to see an impression of the seal; most of the points show quite well. In fact, several can be detected through to the back of the note. In a similar manner, but not nearly as obvious, it is possible to make out impressions for the missing digits. The existence of these impressions is strong evidence that an attempt was made to print the seal and number properly. The seal and part of the number could be missing because: a) No ink, or b) An obstruction such as a scrap of paper got in the way. The existing part of the serial number is so good that I would tend to rule out the lack of ink. But, before passing over the "no ink" theory too quickly it deserves some attention. The existing part of the serial number is full color and fully inked. It seems unlikely that some digits would be perfect and some would have absolutely no ink. It might be possible that some obstruction, such as a scrap of paper, prevented proper inking of the plate. But in this case there is usually enough ink left from the previous inking to give at least a light printing. Many examples of light inking are known. It would be interesting to see the bill before and after this serial number. It would give a great deal of infor- mation. I suspect that they are perfect.* Since the "no ink" theory didn't appear too sound, I concentrated my thoughts on the idea of the scrap of paper. This investigation gave circumstantial evidence of fraud. Let me explain: As you know the serial num- ber, the seal, the series designation and the signatures are all added in one printing process by a two-color press. Thus for the "scrap of paper" theory several conditions had to exist simultaneously to produce this error; namely, the scrap of paper had to be just the right size, configura- tion and orientation to meet the following conditions: a) To completely block the first few digits but not any of the first letter; b) To completely block six digits but not any of the last two digits or letter; and c) To block all of the seal but none of the series desig- nation or signature. All of this is almost too much coincidence because there are three separate locations where the size, con- figuration and orientation of the scrap would be very critical, i.e., to a tolerance of well within one-sixteenth of an inch. Thus this constitutes good circumstantial evidence of fraud. Particularly note the small clearance between the blue seal and the letter "D" in "Series of 1935 D." (This can not be seen in the photograph as the seal is missing; compare with a normal bill.) Let us assume that it is a fraud for the moment and see if any other evidence supports or rejects the theory: 1) If the blue printing was ever there (and the impres- sions are strong evidence that an attempt was made to print it), then the blue was removed by a most remarkable process, for there is certainly no sign of the usual erasing technique (which would probably remove the impression and leave several other tell- tale signs, none of which are evident). I have never PAGE 4 Paper Money WHOLE NO. 25 heard of a bleaching process that is so selective and complete. From this analysis I conclude that the blue was never there. 2) If the blue printing was ever there and it was re- moved, I believe it would also have affected the letters in "WASHINGTON, D.C." and that it would then have been necessary to restore these letters. I have examined the letters with a microscope, and with some imagination I can think they have a slightly different character from other engraving. But there are so many characteristics that are similar that my conclusion must be that the letters are all as originally engraved. 3) In the area of the missing seal and serial numbers there is the normal supply of the fine red and blue threads. Erasing might not affect these threads but I would think any chemical action would. 4) A simple piece of scrap paper that is between eleven and twelve-sixteenths of an inch wide, that has parallel sides and that is properly oriented to cover the six missing digits would also cover the seal. That is, the circumstantial evidence of fraud would be con- siderably increased if the "scrap" had to have a very irregular shape. Thus it is not too difficult to con- ceive of a piece of scrap which could block all the missing blue, but the coincidence of masking all of the seal, six whole digits and none of the series designation and/or signature is almost too much. That is, it seems more probable that at least one of the digits would be only partially blocked. and/or that only part of the seal would be blocked. and/or that part of the series designation and signature would be blocked. One big qusetion (assuming the error to be genuine) is how did it get past the inspector? Almost surely such an obvious error would be noticed. But, in errors of this type it is not unusual for the scrap to remain with the bill and thus reduce the chance of detection. (See, for example, the "error" shown on page 121 of Donlon's book, second edition.) In the present case, if the scrap had remained with the bill, the inspector would have seen the full serial number and seal but most of the word "WASHINGTON, D.C." would be missing and so would a substantial part of "ONE DOLLAR" below the serial number. Certainly these things should have caught the eye of the examiner. Thus, with or without the scrap attached, the inspector should have seen this error. How- ever, inspectors, are human and do fail to notice and withdraw errors once in a while. In fact, the marvel is that so few errors get past the inspectors. My final conclusion? The bill is absolutely a genuine bill. The error, if genuine, was produced by a possible but very improbable combination of circumstances. The error, if a fraud, is so cleverly done that I can detect no positive signs. If it is a fraud I shudder to think what else the perpetrator can produce! My final vote would be that the error is absolutely genuine. I have examined the entire area of the seal and the missing digits with a microscope. The existing letters and digits of the serial number have been compared with the left-hand serial number. The letters in "WASHING- TON, D.C." have been carefully examined and I do not believe they are any but the original engraving. That is, I do not believe the seal and "WASHINGTON, D.C." were removed and the "WASHINGTON. D.C." restored in whole or in part outside the Bureau. Neither do I believe the existing part of the serial number was restored outside the Bureau. The impression of the seal is in the right relative position and has the right number of points. I believe the impression to be genuine. There remains the possibility that the error was made intentionally inside the Bureau. This is extremely un- likely as the originator would have very little chance of recovering the bill. The controls are much too strict. Also if it were an intentional error. I think it would be more spectacular, such as complete except for the por- trait or the entire back blank. One final observation is in order. Attempts are made to produce fraudulent errors. If the described bill was fraudulent and if the maker had left parts of appropriate digits and/or removed part of the series designation and signature. the fraud would be so much more probable that I might have passed it as genuine with less inspec- tion. What I am saying is that a fraudulent error might get through and be accepted as genuine if the possibility of such an error existing is not too improbable. In ex- amining or buying error notes you must be very alert. The note considered and described herein is crisp but has some dirty spots. It has not been folded but it has probably been carried and handled as an oddity for some time. What is this error worth? To the non-collector it is just another dollar—in fact, he might consider himself lucky to be able to "palm it off" in circulation and not be "stuck" with a bad bill. To the collector who is not especially interested in errors or oddities it is worth a nominal premium; perhaps up to $5 or $10. To the serious collector of errors the described error is almost unique and possibly an interested collector would pay up to $100 for it. As with most hobby material, this bill is worth only what someone will pay for it. The described bill is NOT the property of the author, and the author has no interest in it. The author was merely hired, as an expert, to examine the bill and make a determination concerning its authenticity. It is not known if the owner would consider a sale. * By the note before and after this serial number I do not mean one digit higher and one lower. The one digit higher and lower would be from positions F and D, respectively, on the same original sheet, as the subject bill is the 12-subject per sheet type. Thus by the before and after I refer to the notes from position E on the sheet before and after the sheet from which the subject note came. Such notes would have serial numbers either 6 or 12 units greater and smaller. I. r7 1- I) XL; • ...„AL „iv it WHOLE NO. 25 Paper Money PAGE 5 An Essay for a North Carolina Confederate Note By Julian Blanchard, Ph.D. During the past few years there has developed a rapidly increasing interest in Confederate Currency—as a matter of fact in all sorts of paper money. It extends to our colonial issues, the obsolete pre-Civil War bank notes, and the subsequent U. S. notes that displaced them. Partly as a result of such interest, and partly stimulating it, a growing literature in this field is making its appear- ance. Several good catalogs and listings of Confederate paper money now exist, and it may surprise the non- collector to learn that certain Confederate notes are now worth much more than they ever were during the life of that government. It has been said, and it seems to be correct, that the State of North Carolina put out more varieties of paper money than any other member of the Confederacy. Its last but one issue, dated Jan. 1, 1863 (the last was exactly one year later). was a long one, containing 14 denominations, from five cents to fifty dollars. The portrait missing from our essay was no doubt separately engraved on another plate (or die) and separately transferred to the stone. The same portrait was used in practically the same position on the some- what similar $20 note of this series. It can be said that the figure of Justice at the left is not well engraved. Even on the proof impression the eyes and mouth appear to be hardly more than dots, and the hands and fingers are poorly formed. Such features as these are tests of a good engraver and show that the artist here was not top notch. The lettering however, is quite creditable. No other copies of this essay have been seen by the writer and it is not known whether it has been previously reported elsewhere. It was discovered as a sort of "sleeper" in a large auction lot consisting of a miscellany of what was mostly "junk." N. C. $50 Confederate Note of 1863. Printed from a Lithographic Stone The $50 note of this issue is shown in the accompany- ing illustration. It has as its central vignette a portrait of Zebulon B. Vance, the state's war governor. Below this is a rectangular block of engine work forming the stencil-like word FIFTY in white. This block is in red and was printed first, as it can be seen that the black printing covers the red. All the printing was from a lithographic stone. The reason for showing this note is for comparison with our illustration of what appears to be an essay in the development of the note. It is a part only of the design of this note. omitting the portrait and the block of engine work mentioned. The imprint on the essay and the issued note is the same. Engel. & Lithod. by J. T. Paterson & Co., Augusta, Ga. While the issued note is obviously printed from a lithographic stone, the essay is just as obviously a print from an intaglio en- graved plate. So we have here the secret of how some, at least, of the Confederate notes were produced. The designs were first engraved on steel or copper plates, and then transferred by the method in vogue to a litho- graphic printing stone. J. T. Paterson & Co. The story of this firm, whose imprint is found on the above specimens, has been gleaned from August Dietz's great work on "The Postal Service of the Confederate States of America," 1929, and from his C. S. A. Catalog and Handbook, 1945. As told in the first-named book, J. T. Paterson was a resident of Richmond, a jeweler and a man of means, a friend and patron of Charles Ludwig, of the lithographic printing firm of Hoyer & Ludwig. About the time of the threatened investment of Richmond by McClelland's army, in 1862, Hoyer & Ludwig sold part of their equipment to Paterson, who removed it to Columbia, S. C., as a measure of safety. He had secured a contract for the printing of some of the Confederate notes. According to the Dietz Catalog, "Upon the passage of an act increasing the Confederate letter-rate from five to ten cents, in April, 1862, a pressing need arose for larger quantities of the ten-cent denomination. Hoyer & Ludwig were not equipped to meet this sudden demand for a greatly increased output, whereupon the Department commissioned the firm of PAGE 6 Paper Money WHOLE NO. 25 TY DOLLARS FIRST DAY OF JANUARY. 100111. Proof of Portion of Design for $50 N. C. Note. Recess Engraved. (Essay) J. T. Paterson & Co., of Columbia. S. C., to print an order of the ten-cent stamps, furnishing for this purpose transfers taken from the Hoyer & Ludwig stones . . . . "When the order came to Paterson he was located in Columbia, S. C., but shortly thereafter removed to Augusta, Ga., from which city emanated all the 10-cent stamps, as far as we know." However, it is stated that a curious erasure on one of his imprints suggests the possibility of Columbia imprinted stamps eventually being found. Immediately after removing from Richmond, Pater- son began printing money for the Confederate govern- ment, the work consisting chiefly in lithographing notes that had been engraved by Hoyer & Ludwig, probably being furnished with transfers by that concern just as in the case of the above-mentioned stamps. The early im- prints on the notes read "J. T. Paterson," afterwards "J. T. Paterson & Co.." the name of his associate not being known. Confederate States $5, $10 and $100 notes of 1862 bear the Paterson imprint as of Columbia, S. C., while some of the state notes of Alabama and North Carolina, including the one we have illustrated, show the imprint "J. T. Paterson & Co., Augusta, Ga." The Lithographic Process With the exception of the beautiful notes produced at the start of the war by the New York engraving firms, the National Bank Note Co. and the American Bank Note Co. (or the southern branch of the latter, the Southern Bank Note Co. of New Orleans), most of the notes of the Confederacy, national, state and local, were produced entirely by the lithographic process, by local firms. It is obvious from their flat appearance, to the experienced observer, that they are surface printed. Some collectors may be misled, however, by the im- print "Engraved by . . . ." or "Engraved & Printed by . . . ." seen on most of the later notes and wrongly assume that the word "engraved" refers only to the recess cutting that most of us are familiar with. As a matter of fact. the term may refer either to the recess engraved or to the lithographic "engraved" work that was transferred from the original metal dies or the primary lithographic stones, respectively, onto the print- ing stone. In the lithographic engraving process there is no cutting of the stone. The process is, rather, a "scratching" through of the special black coating that has been put over the face of the stone, the completed design appearing (in reverse) in sharp, white lines on a black background. After this. the engraving is rub- bed with linseed oil, then the black coating washed off with turpentine and water, leaving the clear, greasy de- sign on the stone. By means of a special transfer paper, a design on either a recess engraved plate or on a lithographic stone may be transferred to the printing stone. Also. by the same lithographic engraving process above described a design can be engraved ("scratched") directly on the printing stone without the use of any transferring. In fact, after such transferring there is nearly always some finishing work necessary to be done by hand. For the transfer paper. India is most generally used. It is coated with a mixture of starch. dextrine, flour, gelatine, glycerine and water. boiled to a paste. In making a transfer. the washed-off stone is inked with a fatty, black transfer ink by means of a dauber, the stone being kept well dampened. The transfer ink adheres to the lines of the design, having an affinity for the linseed oil, while the dampened area of the stone repels the greasy ink and remains clear. When the transfer paper is pressed onto this linked design it picks up a print a proof—of the "engraving." This in turn can be laid down on the suitably prepared printing stone, thus accomplishing the desired transfer. A similar pro- cedure is followed in transferring from a recess engraved plate or die, except that no wetting of the plate is done, the ink adhering to the unengraved portions of the plate being wiped off, while that in the incised lines remains. Bank Note Designs Used for Confederate Notes One more point may be mentioned with regard to the lithographed Confederate notes. It has been observed that many of their vignettes appear to have been copied from the current bank notes, though the details were not always reproduced with great accuracy. In fact, portions of the designs were sometimes considerably altered. How was this copying accomplished? In discussing the designs used on Confederate notes, Philip H. Chase in his book "Confederate Treasury Notes," 1947 (page 130), states that "At the time the firm of Hoyer & Ludwig was engaged by the Secretary of the Treasury in the late Spring of 1861, this firm undoubtedly had in stock a large variety of vignettes, WHOLE NO. 25 Paper Money PAGE 7 borders, portraits, rosettes and other illustrative as well as decorative material, either in the form of its own en- gravings on stone, or transfers from the originals of other concerns' engravings." Such was most probably the case, not only for this firm but printers generally. Some years before the war broke out there were several companies or individuals in the business of selling trans- fers (on metal or stone) of old bank note vignettes to the printing trade, these being used for such work as checks, receipts, bill and letter heads, etc. These de- signs were some that had been used on bank notes that had gone out of existence, and in many cases from dies obtained from bank note engraving companies that had failed. One of the most prominent of such dealers was W. L. Ormsby, who was in this business by 1852 or earlier, a portion of one of his catalogs being in the possession of the writer. Engravings procured in this way (and possibly in other ways) are seen to be rather accurately reproduced on the Confederate notes that used them. On the other hand, there are many vignettes on these notes that at first glance seem to be identical with those found on broken bank notes but which, on close inspec- tion, show considerable differences in details. These we suppose to have been copied directly from bank notes by the Confederate engravers. The method probably used was that of placing a thin sheet of transparent gelatine over the engraving to be copied and tracing the design, or a good part of it, on the gelatine by means of a sharp pointed engraving needle. The lines so cut were then filled with a colored chalk and the tracing laid face down on the stone that had been suitably pre- pared, thus transferring the design to its surface. The engraver thereupon completed the design by hand as he pleased. Of course, this method of copying could not be entirely accurate. In many cases certain parts of the original design would be completely altered in this proc- ess, as the substitution of a panel with an inscription for a shield, changing the numeral of value on a shield, etc. It might be mentioned that the same course of designs was being used for the Patriotic Envelopes that were such a fad at the beginning of the war, principally in the North, but also in the South. (Reprinted from The Essay-Proof Journal, No. 47, by permission of The Essay-Proof Society.) In Memoriam George J. Sten World paper money enthusiasts were saddened by the sudden death of George J. Sten on December 6, 1967. Ironically, Volume II of his monumental Banknotes of the World came off the presses the following day. The manuscripts for Volumes III and IV are in various stages of completion, and although Mr. Sten had no close rela- tives in this country, it is hoped that friends and as- sociates will be able to complete the series as a fitting memorial. Mr. Sten was born and educated in Warsaw, Poland. During World War II he was responsible for short- wave radio communication between the Polish Under- ground Army and London. After the war he was seized by Russia and made to serve as a Russian-German inter- preter in East Germany before escaping to West Ger- many. In 1961 he moved first to Hawaii and then to San Francisco, where he conducted auctions and dealt in foreign paper money. Together with Dwight Musser he published the "World Coin and Currency Handbook" in 1960. In the words of Mr. Musser, "George clearly under- stood the long range significance of his work and gave himself to it with a singular devotion. While always striving for the utmost accuracy, he considered per- fection a goal, not an accomplished fact. He was under no illusions that his was the final work on the subject, but he considered the task worthy of his best efforts. George took great pride in his work yet remained humble As long as world monetary paper is collected, studied or remains an item of wonder or numismatic consideration, George Sten will not be forgotten." Looking at Literature The Official Guide of United States Paper Money, by Theodore Kemm, available from the author at 390 West End Avenue, New York, N. Y. 10024 for $1.00. This little 4x5 compact book manages to cover the whole range of U. S. Government-issued paper money, including large- and small-size silver certificates, National Bank notes, Treasury notes, gold notes and others, from 1861 to date. Mr. Kemm, long-time dealer-member of SPMC, claims the following first for his book: The first low-priced catalog-type book to list and illus- trate all large- and small-size notes; the first to list all notes entirely by denomination and according to their correct order of issue; and the first to list estimates of current market values for both buying and selling. This useful book will be distributed through newsstands as well as coin shops and by mail order. BRM Donlon's Catalog of United States Small Size Paper Money, Fourth Edition, by Wm. P. Donlon, available from the author at P. O. Box 144, Utica, N. Y. 13503, at $1.00. The "Donlon Catalog" is now well-established as the most popular and authoritative in its field. Pricing is especially realistic, being based on the experience of a pioneer dealer in the field. In addition, new data about the growing block collecting specialty and new listings in Jim Grebinger's error section make this fourth edition a "must" for the collector trying to keep abreast of the rapid changes in the hobby. BRM PAGE 8 Paper Money WHOLE NO. 25 Portraits and Vignettes on Modern Paper Currency By Joseph Persichetti © Joseph Persichetti, 1968 Size In May 1927, Secretary of the Treasury Andrew W. Mellon approved the changeover to modern size paper currency. New face and back designs and the reduction in size were effectuated in 1929, the printing of the initial supplies being completed on June 30, 1929. The first of the new notes were released to the public on July 10, 1929. Over the years six distinct classes of notes have been issued: United States Notes, Silver Certificates, National Bank Notes, Federal Reserve Bank Notes, Fed- eral Reserve Notes, and Gold Certificates. One unique feature of the new notes was the incorpora- tion of the denominational-portrait and back design prin- ciple. Regardless of the class of currency, all notes of the same denomination bear the same portrait and back vignette. The engraved portions of the faces are uni- formly printed in black and the backs in green.' The use of green for the back of the notes was carried over from the old series because pigment of that color was readily available in large quantity. Green was also high in its resistance to physical and chemical change and psychologically identified with paper money. The use of engraved portraits for the faces of the notes was motivated by the fact that counterfeits are readily detectable since faulty lining tends to alter the facial expression of the subject. With the adaptation of the uniform portrait system the public was alerted to associate the denomination of a note with the associ- ated portrait and thus reduce the possibility of accepting a note which had been raised in value by altering the counters. The men pictured on modern size paper money are alike in two respects: they are distinguished American statesmen, and they are deceased. By law no living person may be portrayed on any obligation of the United States. The reason for this law dates back to Civil War days. At that time the portraits of President Lincoln and Secretary of the Treasury Salmon P. Chase, both of whom were living, had appeared on paper currency. If there had been any objection up to that point, the record of it has been lost to history. However, when Spencer M. Clark. the chief clerk of the National Currency Divi- sion of the U. S. Treasury, had his portrait placed on the face of a 5c fractional currency note, things changed. The matter was the subject of a running controversy in the columns of the New York Times and eventually reached the floor of Congress. Representative M. Russell Thayer of Pennsylvania denounced the practice of pic- 1 Except for Gold Certificates, Series 1934, which have re- verses printed in yellow. However, these notes are for use only within the Federal Reserve System. • Vignette of Monticello engraved by Joachim C. Benzing in 1928; the source for the engraving is unknown. Benzing was a Bureau of Engraving and Printing em- ployee who also engraved the vignettes on the backs of the $1, $5, and $100 notes. The engraving of Monticello appears on the now discontinued $2 notes. turing living persons on United States obligations and said that it was "condemned by the public sentiment of the country and by every principle of good taste and propriety." He also questioned the use of portraits of persons "not associated with the historic glories of the country." The Deficiency Appropriation Act of April 7, 1866 was before the House at the time. Mr. Thayer proposed an amendment to it which barred using the portraits of living persons on notes and other obligations of the United States. The bill passed and became law. 2 In fairness to Clark it must be noted that he bore the sole brunt of criticism in the situation. The fact that the likenesses of Francis E. Spinner a and William P. Fessenden,4 both very much alive, appeared on the 50c and 20c notes, respectively, seems to have been ignored. On August 20, 1925, Secretary of the Treasury Mellon appointed a committee to study the various aspects of the changeover to modern size paper currency. Regarding portrait selections for the new notes, the committee records indicate that Washington was favored for the $1 note because his portrait was familiar to everyone, and bills of this denomination had the greatest circula- tion. Garfield's likeness was suggested for the $2 note because of the sentiment attached to martyred Presidents and because his flowing beard would offer a marked con- trast to the clean-shaven features of Washington, thus 2 14 Stat. 25. 3 Treasurer of the United States from April 17, 1861 to June 30, 1875. 4 Secretary of the Treasury from July 5, 1864 to March 3, 1865. Paper Money PAGE 9WHOLE NO. 25 PORTRAIT & VIGNETTE SYSTEM FOR MODERN SIZE PAPER CURRENCY Denomi- Face Original Portrait Back Vignette nation Portrait Source Engraver Vignette Engraver $1 George Gilbert George F. C. Ornate Joachim C. Washington Stuart Smillie "ONE DOLLAR" Benzing Portrait Great Seal of the Joachim C. Benzing United States (1935) $2 Thomas Unknown Charles Monticello Joachim C. Jefferson Burt Benzing (1867) (1928) $5 Abraham Matthew Charles Lincoln Joachim C. Lincoln Brady Burt Memorial Benzing Photo (1869) (East View) (1927) $10 Alexander John George F. C. United States Louis S. Hamilton Trumbull Smillie Treasury Schofield Portrait (Circa 1927) $20 Andrew Thomas Alfred White House E. Hein Jackson Sulley Portrait Sealey (1867) (South View, Circa 1927) White House Charles A. (South View, Circa 1948) Brooks (1948) $50 Ulysses S. Brady Photo George F. C. United States Louis S. Grant or Smillie Capitol (East Schofield Payne Drawing View, Circa 1927) (1927) $100 Benjamin Unknown John Independence Joachim C. Franklin Eissler Hall (South Benzing View) $500 William Courtney John Ornate McKinley Photo Eissler "FIVE HUNDRED" $1,000 Grover George John Ornate Cleveland Prince Eissler "ONE Photo THOUSAND" $5,000 James Gilbert Alfred Ornate Madison Stuart Sealey "FIVE Portrait (1867) THOUSAND" $10,000 Salmon P. Unknown American Ornate Chase Bank Note "TEN Company THOUSAND" $100,000 Woodrow Moffett George F. C. Ornate Wilson Studio Smillie "HUNDRED Photo (1913) THOUSAND" permitting a ready distinction between $1 and $2 bills. Lincoln was proposed for the $5 note because he followed Washington in the rank of American heroes, and it seemed fitting that his likeness should appear on the de- nomination having the second largest circulation. The committee's recommendations were essentially followed, but somewhere along the way Jefferson's portrait was substituted for Garfield's on the $2 note. The table here lists the portraits and vignettes used on modern size paper currency along with their engrav- ers. George Smillie was perhaps the best line engraver ever employed by the Bureau of Engraving and Printing. His familiar portrait of Washington first appeared on the $1 Federal Reserve Bank Notes, Series 1918. It later appeared on the $1 Silver Certificate, Series 1923 and the $1 United States Note, Series 1923. Hamilton's por- trait was also used on the $1,000 Federal Reserve Notes, Series 1918 and the $1,000 Gold Certificates, Series 1907 and 1922. Smillie's portrait of Grant is quite similar to an engraving by Lorenzo J. Hatch.5 The portrait ap- pears on the $50 Federal Reserve Note, Series 1914 and the $50 Federal Reserve Bank Note, Series 1918. Charles Burt and Alfred Sealey were not Bureau em- ployees but worked on a contract basis. Sealey's portrait of Jackson was completed in 1867, and has since been used on the $10,000 Gold Certificates, Series 1870 through 1900, $10,000 United States Notes, Series 1878, $10 United States Notes, Series 1923, $5 United States Notes, Series 1907, $10 Federal Reserve Notes, Series 1914, and $10 Federal Reserve Bank Notes, Series 1915 and 1918. In December of 1867, Sealey was paid $500 5 I latch's engraving appears on the $5 Silver Certificates, Series 1886 and 1891, and the reverse of the $5 Silver Certifi- cates, Series 1896. PAGE 1 0 Paper Money WHOLE NO. 25 Portrait of Woodrow Wilson engraved by George F. C. Smillie in 1913. This portrait appears on the $100,000 Gold Certificates, Series 1934, and the $500 United States Registered Savings Bond, Series "A". REFERENCES , History of The Bureau of Engraving and Printing, 1862-1962, Treasury Department, Washington, D. C. , Know Your Money, Treasury Department, U. S. Secret Service, Washington, D. C. Smith, L. D., Counterfeiting, W. W. Norton & Company, Inc., 1944. SPMC at Texas Show The Society of Paper Money Collectors has a rare treat coming during the 10th Texas Numismatic Associa- tion Convention in San Antonio, Texas, on 17-19 June 1968. A special luncheon is usually held during each TNA Convention, as a tribute to the collectors of paper money. This convention is no exception. The luncheon will be held on 18 June 1968, at the historic Gunter Hotel, once used as General Robert E. Lee's headquarters. All SPMC members are invited to attend and hear Mr. John A. Conlon, Director of the Bureau of Engraving and Printing, as he addresses this group of highly spe- cialized numismatists. Additional information. reservations and tickets can be obtained from SPMC Luncheon, P. 0. Box 5526, San Antonio, Texas 78201. for the James Madison engraving. The portrait was adapted from a painting by Stuart commissioned by Madison in 1804. This portrait was used on the $5,000 Gold Certificates, Series 1870 through 1888, $5,000 United States Notes, Series 1878, and $5,000 Federal Reserve Notes, Series 1918. It was Sealey's engraving of Washington which graced the $1 United States Notes, Series 1869 through 1917. Charles Burt's sensitive portrait of Lincoln is probably the finest engraving of Lincoln. Robert Lincoln con- sidered it to be the best likeness of his father. Burt was paid $600 upon its completion in 1869, and it has since appeared on the $100 United States Notes, Series 1869 through 1880, $500 Gold Certificates, Series 1870 and 1875, $5 Federal Reserve Notes, Series 1914, $5 Federal Reserve Bank Notes, Series 1915 and 1918, and $5 Silver Certificates, Series 1923. Burt's engraving of Jefferson was completed in 1867 under contract, and it too has had a distinguished career. It appeared on the $2 United States Notes, Series 1869 through 1917 and the $2 Federal Reserve Bank Notes, Series 1918. Of the back vignettes, Schofield's East View of the Capitol is particularly noteworthy. It was engraved in 1927 from a photo from the Washington. D. C. Evening Star. Charles Brooks' engraving of the White House is another example of fine engraving. It was engraved in 1948 from a photograph furnished by the Department of Interior. ACKNOWLEDGEMENT I wish to acknowledge the kind assistance of the Bureau of Engraving and Printing, in particular, Mr. J. R. Baker who provided much valuable data. WE BUY AND SELL LARGE SIZE U. S. PAPER MONEY WANTED: Choice Condition and Scarce Large Size Notes Only. SEND LIST FIRST, WITH CONDITION AND PRICES. L. S. WERNER 1270 Broadway, New York, N. Y. 10001 Phone LA 4-5669 SOCIETY CERTIFIED PROFESSIONAL NUMISMATISTS ASK YOUR FRIENDS ABOUT US WHOLE NO. 25 Paper Money PAGE 11 An Economic and Numismatic Analysis of Chronic Inflation in Chile, 1880-1960 By Richard A. Banyai (Continued from PAPER MONEY No. 24, Page 112.) PART II. Just as the medical pathologist studies a section of malignant tissue growth so does the monetary specialist study the financial upheavals of different countries. At this stage a quotation by Cervantes seems appropriate: "The beginning of health is to know the disease." The period under analysis in this section, 1932-60, is one of chronic inflation for Chile. Although this period had been under close scrutiny by specialists and scholars, there seems to have been little in the form of so-to-speak "analgesic medication" administered to the Chilean economy during 1932-60 to alleviate the "pain" of the inflationary spiral. The years from 1929 to 1932 were difficult for Chilean exports. This was a period of depression for a significant part of the world. Chile remained on the gold standard during these years. This was unfortunate for Chile and her export trade, as other currencies were being devalued and other countries were gaining trade by these monetary manipulations. In mid-1931 there was political chaos in Chile as the Ibanez regime was overthrown. A period of govern- mental instability coinciding with the trough of the de- pression culminated in the 100-day Socialist government of Carlos Davila (July-Sept. 1932). (9, p. 180) This was soon dissolved. In 1932-33 Treasury borrowings from the Central Bank took place on so large a scale that the money supply and wholesale prices doubled while the cost of living went up by 30 per cent. Thus Chile experienced a sudden inflationary explosion after an unnecessarily prolonged deflation, and was perhaps the only country in the Western World which in 1933 had to fight inflation rather than deflation. The new administration of Arturo Alessandri, who had now been elected with right wing support, undertook a program of orthodox fiscal management which would ordinarily have deepened the depression had not the sudden monetary expansion of 1932 created a large amount of excess liquidity which served as the monetary basis for economic recovery. (9, p. 180) It was soon evident that the Kemmerer Mission had not taken the Central Bank out of the hands of the government. What it had done was force the govern- ment to share power with the private bankers and some of the principal non-government borrowers. As a result, the government could not increase its borrowing at the expense of the private sector but had to allow the private sector to increase its borrowing pari passu with the public sector. (5, p. 390) Herein is a chart of the money stock and its com- ponents for the years 1932 to 1939. The figures were extracted from the more comprehensive charts by John Deaver. given. Only the figures for June and December are Money Stock, Chile 1932-39 (Millions of Pesos) Demand Time Total Year Cash Deposits Deposits Money Stock 1932 June 289 392 545 1,226 Dec. 357 652 547 1,556 1933 June 351 800 603 1,754 Dec. 349 899 651 1,899 1934 June 357 1,048 684 2,089 Dec. 400 1,093 720 2,213 1935 June 425 1,096 840 2,361 Dec. 487 1,128 895 2,510 1936 June 498 1,316 931 2,745 Dec. 565 1,255 1,070 2,890 1937 June 620 1,370 1,142 3,132 Dec. 630 1,221 1,202 3,053 1938 June 661 1,213 1,279 3,153 Dec. 719 1,247 1,328 3,294 1939 June 808 1,381 1,327 3.516 Dec. 862 1,449 1,312 3,623 (Source: 6, pp. 61-63) Next is a chart depicting percentage price increases in Chile for the 1930 to 1940 period. These figures were extracted from Albert Hirschman's more comprehensive charts. Rising Prices in Chile, 1930-40 Percentage Increase by Decade 1930-40 Period Percent Average Annal Rate 1930-40 94 7 Percentage Increase During year 1930-40 Year Per Cent 930 -5 931 -4 932 26 933 5 934 9 935 -1 936 12 937 10 938 2 939 7 940 10 (Source: 9, p. 160) Data are taken from cost-of-living indexes for Santiago. The ten year data are based on the average value of indexes for terminal years, while the yearly data from 1930 to 1940 are calculated for 12-month periods run- ning from December to December. Yv--.7MMIEZ1V-111187T7na B COMERIMICIATI 114 CONINItTtet1 EN ono cowman ALA LET tuvettnhAr CONvCRIALES EN ORP 1"11NITIOME A LA Lt.. Nit'S'11.111.4111: Oi , . 18 de Abell le 1927 itti,s it "44°, 1,14,, 294.01,411=1.11•01., H ES E?i IIRrilINFORME A LA LEI Paper MoneyPAGE 12 WHOLE NO. 25 ta irav 3Plesothi aloivf.ir7i1N.0 ,440:!..Ni'Smi; A _A Paper MoneyWHOLE NO. 25 PAGE 13 One, five, ten, and one hundred peso notes of the Central Bank of Chile. Dated 12 Sept. 1932, 18 April 1927, 10 June 1929, and 14 May 1928 respectively. Provisional bills convertible in gold according to the law—"convertible en oro conforme a la ley." A government printing, "talleres de especies valoradas." The period from 1939 to 1952 has been named the "Radical" years. The reason for this is that the party members who occupied the presidency were Radical Party members—Pedro Aguirre Cerda (1938-41), Juan Antonio Rios (1942-46) and Gabriel Gonzales Videla (1946-52). This period was noted for its fiscal deficits, monetiza- tion of balance of payments surpluses, massive wage and salary increases in excess not only of productivity gains but often of price increases as well, bank credit expan- sion, war-induced international price booms, and Central Bank credit to state-sponsored development agencies. The war and post-war years, 1940-50, witnessed both a large increase in the money supply coupled with the above-mentioned explosive inflationary potential and a rapid rise in the cost of living index. Although anti- inflationary measures were taken, i.e., price controls and subsidies, they proved to be of limited value. Another important line of policy-making on inflation during Chile's "Radical" years was the attempt to live with it—to soften its impact should it come in spite of all efforts at control. Under this heading belong all measures to protect various sectors of the population or the purchasing power of various kinds of income against 1iANC4 1 CENTRAL DF: CHILE atalt.-- 5T , ) PE!AtV Paper Money rising prices through more or less automatic readjust- ment mechanisms. A most important step in this direc- tion was a 1941 law prescribing annual revisions of the "minimum salary." (9, pp. 185-6) This annual revision entailed an adjustment each January 1st of minimum salaries. That is, a price index is a base and salaries are adjusted according to the rise in the index of the previous year. Next is a chart depicting percentage increases in prices in Chile from 1940 to 1950. These figures were obtained from Hirschman's more comprehensive charts. Rising Prices in Chile, 1940-50 Percentage Increase by Decade 1940-50 Period Per Cent Average Annual Rate 1940-50 412 18 Percentage Increase During year 1940-50 Year Per cent 940 10 941 23 942 26 943 8 Data are taken from cost-of-living 944 15 indexes for city of Santiago. The 945 8 ten-year data are based on the ave- 946 30 rage value of indexes for terminal 947 23 years, while the yearly data from 948 17 1940-50 are calculated for 12-month 949 21 periods running from December to 950 17 December. (Source: 9, p. 160) The following chart depicts total liquid assets held by the public in Chile, 1940-50. The figures were extracted from David Grove's excellent study. Liquid Assests Held by Chilean Public, 1940-50 (Millions of Pesos) End of Notes Checking Time Total Year & Coins Deposits Deposits Liquid Assets 940 1,034 1,934 1,312 4,280 941 1,310 2,343 1,487 5,140 942 1,700 2,794 1,633 6,127 943 2,100 3,589 1,891 7,580 944 2,390 4,130 2,324 8.844 945 2,682 4,896 2,826 10.404 946 3,170 6,444 3,085 12,699 947 3,677 7,965 3,155 14,797 948 4,316 8,959 3,472 16.747 949 5,208 10,650 4,686 20,544 950 6,316 12,139 4,994 23,449 (Source: 7, p. 34) Indeed, the evidence shows that the decade of the 1940's can be labeled the take-off period into rapid deterioration of the monetary unit for Chile. This was mainly a result of the Central Bank and banking system being rather liberal with their facilities for mone- tary expansion in conjunction with the explosive in- flationary factors mentioned previously; i.e., wage and salary increases in excess of productivity and often of price increases, bank credit expansion, and Central Bank credit to State agencies. The increase in the money supply from 2 billion pesos at the end of 1937 to 18.5 billion pesos at the end of 1950 was made possible by a tremendous increase in the assets of the Central Bank which, by providing the other banks with additional reserves, permitted a multiple ex- pansion of credits and deposits. PAGE 14 WHOLE NO. 25 BANCO CENTRAL DE CHILE le 95 504:53 S 153 ." _ 1. E 1 • 1 1=1:* .-21d WHOLE NO. 25 Paper Money PAGE 15 Paper MoneyPAGE 16 WHOLE NO. 25 One, five, ten, twenty, one hundred, five hundred, and one thousand peso notes of the Central Bank of Chile. Representative dates are 3 March 1943, no date, 20 November 1946, 24 December 1947, 19 April 1939, 28 February 1945, and 7 June 1933 respectively. Government Bureau of Printing and Engraving. WHGLE NO. 25 Paper Money PAGE 17 Paper Money WHOLE NO. 25'PAGE 18 The Central Bank has followed a policy of rediscount- ing for banks any and all paper meeting the eligibility requirements prescribed in the Central Bank legislation. Thus, it has been purely passive in its rediscounting operations. Moreover, borrowing from the Central Bank has been quite attractive to the banks in view of the fact that over the entire period under review (1937-50) the rediscount rate was maintained at the low level of 41/2 per cent for commercial banks and 5 per cent for the Caja Nacional de Ahorros (a government owned savings and loan bank). On the other hand, the average rates charged by the banks rose from 7.73 per cent during the first half of 1937 to 10.98 per cent during the second half of 1950. (7, pp. 40-41) In contrast to Hirschman's figures on price increases for Santiago from 1940 to 1950, below is reproduced a chart of indices from Grove's study covering the whole of Chile for 1940-50. Indices of Wholesale Prices & Cost of Living in Chile, 1940-50 (1937=100) Year (end of year) Wholesale Prices Cost of Living End of Year Average for Year 940 108 119 119 941 148 147 137 942 183 184 173 943 186 199 201 944 203 229 224 945 211 247 244 946 265 321 283 947 330 394 378 948 386 461 446 949 451 556 529 950 572 649 609 Source: 7, p. 35) ljoletin Mensual, Banco Central de Chile For the war years, 1940-45, the paper by the Board of Governors of the Federal Reserve System on monetary developments should prove interesting as it deals with Latin America and includes comments about Chile. (2, pp. 519-30) Also for an interesting account of the period from 1939 to 1953, Claude Bowers' book Chile Through Embassy Windows is highly recommended. (3) The period from 1950 to 1960 is indeed an interesting pathological study as the price index for Chile rose at an average annual rate of 36%. In September of 1952, in a four-cornered race, General Carlos Ibanez was elected President. He staged this remarkable comeback at the age of 74, 22 years after he had been driven from power by his helplessness in the face of deflation. Now his victory derived from the economic emergency gathering around the inflation crisis. Backed only by a few minor left-wing and extreme nationalist parties, he had no organized movement; yet he received a large independent vote based largely on protest against the traditional parties and their inability to stop the inflation. The long association between inflation and parliamentary government based on evershifting coalitions favored the idea that all that was needed to stop inflation was for an authoritarian person in a strengthened executive to issue a command to that effect; ex-strongman Ibanez was ex- pected by many to be able to do just that. These expectations were to be totally disappointed. The inflation gathered momentum rapidly during the first three years of Ibanez' administration and approached the runaway stage in 1955, the climactic year in which the price level almost doubled. Only toward the very end of that year was a new effort to bring inflation under control attended by partial success. (9, pp. 192-3) Herein is a chart listing the increases in the money supply from 1950 to 1955. Figures were extracted from Deaver's more comprehensive charts and cover only March, June, September and December. Money Stock, Chile 1950-55 (Millions of Pesos) Demand Time Total Year Cash Deposits Deposits Money Stock 1950 March 5,077 10,092 4,605 19,774 June 5,122 10,G93 4,708 19,923 Sept. 5,629 10,791 4,800 21,220 Dec. 6,318 11,484 5,136 22,938 1951 March 6,435 12,942 5,286 24,663 June 6,682 14,174 5,508 26,364 Sept. 7,350 14,157 5,605 27,112 Dec. 7,969 14,954 6,146 29,069 1952 March 7,920 17,168 6,152 31,240 June 9,295 18,999 6,299 34,593 Sept. 9,755 20,241 6,604 36,600 Dec. 11,497 19,511 7,102 38,110 1953 March 12,120 24,296 7,635 44,051 June 13,492 26,617 7,998 48,107 Sept. 13,659 27,797 8,809 50,265 Dec. 16,660 29,932 9,316 55,908 1954 March 16,875 37,224 10,107 64.206 June 18,774 50,057 11,586 70,417 Sept. 19,208 43,340 11,726 74,274 Dec. 22,753 47,008 11,289 81,050 1955 March 26,851 57,712 12,846 97,409 June 30,137 69,280 14,096 113,513 Sept. 32,021 71,640 14,689 118.350 Dec. 40,028 74,440 15,100 129,568 (Source: 6, pp. 67-69) The Decree law No. 106, of July 28, 1953, bestowed upon the Central Bank the much needed authority to establish and vary bank reserve requirements and to control the volume of its own rediscounts and of bank credit in general. At the same time, it became clear that whatever contribution inflation at a rate of 10 to 20 per cent may have made to economic or social prog- ress in the past, it had ceased entirely in 1953-55. Having by then reached an annual rate in excess of 50 per cent, it had sharpened social conflicts and was caus- ing obvious economic losses, if only because of the in- creasing frequency of strikes. (9, p. 194) Unfortunately the Ibanez administration failed to bring the inflation under control during its first three years in office. Although there was an attempt in June of 1953 to stem the inflationary tide, the reform measures never got anywhere in Congress. Next is a chart showing the percentage rise in prices from 1950-55. Percentage Increase of Prices During year, 1950-55 Year Per cent 1950 17 1951 23 1952 12 1953 56 Paper Money PAGE 19WHOLE NO. 25 1954 71 1955 84 (Source: 9, p. 1960) By 1955 the inflation was out of hand. Inflation re- sumed full force in early 1955 after massive salary ad- justments of 60 per cent in January. During the first half of the year the country had three different Ministers of Finance, and signs of social and political disintegra- tion multiplied rapidly. Strikes became still more fre- quent and occurred in such vital services as transporta- tion and hospitals; workers involved in illegal strikes against the government agencies or essential industries outnumbered by four to one those striking legally. In July a general strike was called by the central trade union organization, Confederackin Unica de Trabaja- dores Chileiios, followed by other serious strike waves in August. Speculation and hoarding was rife as the free market value of the Chilean peso plummeted from an average of 313 to the dollar (US) in January to 752 in August (the rate of 840 was quoted on August 22). (9, pp. 199-200) The following excerpt from the International Monetary Fund's publication "Schedule of Par Values" reveals the extent of depreciation of the peso unit when one con- siders that the peso was three cents (US) or thirty-three per US dollar in 1946. The initial par value of the Chilean peso, established with the Fund on December 18, 1946 at the time of its initial determination of par values, was 0.0286668 gram of fine gold per peso or 3.22581 U. S. cents per peso and became effective on that date. On the proposal of the Chilean government, in which the Fund concurred on October 2, 1953, the par value of the peso was changed to 0.00807883 gram of fine gold per peso or 0.909091 U. S. cent per peso and became effective on October 5, 1953. . . . Forty-First Issue, Washington, D. C. February 1966 p. 13. Fortunately the internal inflationary crisis did not lead to external bankruptcy because 1955 was a year of record foreign exchange earnings from increased copper prices and production. There was also a new coalition of forces—a new Finance Minister, a new foreign mis- sion, a new parlimentory majority—which prevented the threatening runaway inflation. The new foreign mission mentioned above was the Washington, D. C. consulting firm of Klein & Saks. This firm had been contracted by the Ibanez government in July of 1955 to analyze the situation in Chile and to offer a solution to Chile's monetary problems. The mission, together with the aid of the Finance Minister, Oscar Herrera, and the new parliamentary majority, proved most helpful in slowing down the inflation. (2) New and tighter restrictions on bank credit. briefly the course of events during 1956-57. In this period the inflationary spiral was not stopped, but it was materially slowed down. The cost of living still rose by 38 per cent in 1956 and by 17 per cent in 1957, but It is useful at this point to anticipate and to outline (3) A simplification of the foreign exchange system, March 1956. The stablization program consisted of: (1) A bill limiting wage and salary readjustments to 50 per cent of the 1955 rise in the cost of living. compared with the continuous acceleration of inflation during the preceding period these figures indicated a fundamental change in the economic climate. (9, pp. 200-201) The above mentioned three points of the Klein-Saks stabilization program helped to slow down the inflation. The momentum of the program carried through to 1957, during which prices rose by only 17 per cent, but in 1958 the reins were definitely loosened and the rate of infla- tion returned to a lively 33 per cent. It was not so much the weakness of the program but rather the weak- ness of the Ibanez regime to follow through with it. In 1958, Jorge Alessandri ran for President with right- wing support. Alessandri's victory was widely inter- preted as the "last chance" for the traditional elites to show that they could solve the country's principal prob- lems among which inflation, proceeding in 1958 at the newly boosted rate of 33 per cent, retained a privileged place. The new attempt at stablization was launched in earnest in mid-1959. This timing showed some learning from previous attempts, including that of Alessandri himself when he was Finance Minister in 1949-50. At that time and in 1955-56 the stabilization effort was started at the year-end and under the circumstances the first move in the effort was inevitably to oppose the raising of wages and salaries in the amount of the previous year's in- crease in the cost of living. This move aroused con- siderable resistance which either killed the whole effort as in 1950 or definitely tagged it as unfairly anti-labor from the start. On the other hand it was virtually im- possible to launch a stabilization effort with credit restrictions and the like right after a salary increase at the beginning of the year. But by mid-year the annual January rise in wages and salaries would have largely worked itself through the price system; there remained a few critical months prior to the next January readjustment during which decided anti-infla- tionary action could take effect, so that the government could then point to the attainment of price stability in pleading for moderation in wage and salary demands. (9, pp. 218-19) In April of 1959 the government and Central Bank revised and reinforced the system of credit control. The government took the following measures: (1) It announced a new currency unit, the Escudo. One escudo=1,000 old pesos. One escudo=100 centesimos=1,000 milesimos (2) It unified definitively the exchange rate system. (3) It stopped Central Bank rediscounting for com- mercial banks, the State Bank, and the Treasury while finding various ways of avoiding any drastic curtailment of bank credit or of Treasury resources. The following extracts are from the International Mone- tary Fund's publication "Exchange Restrictions: Twelfth Annual Report 1961" covering the year of 1960, pp. 72 and 76: The Central Bank of Chile deals in exchange only with the Government and its agencies (including autonomous agencies) and with authorized banks. It freely buys and sells U. S. dollars, Deutsche mark, pounds sterling, Swiss francs, Argentine agreement dollars, and such other ex- 1-114.11■111CCD 4 :IF: PIW "V 1 C. III 1 U..: 4 _74 1514 le; - TRW °. T1114 $? Paper MoneyPAGE 20 One escudo note of the Central Bank of Chile. New monetary unit for the January 1960 reform. WHOLE NO. 25 change or payments agreement account currencies as it may decide from time to time. The Central Bank deter- mines the rate of exchange for these transactions; since January I, 1960, the Central Bank's rate for the U. S. dollar has remained unchanged at E° 1.049 buying, and E° 1.051 selling, per U. S. $1. (The E° symbol is escudo) January 1. A new monetary unit, the escudo, equal to 1,000 pesos, was introduced. The exchange rate and all prices and claims in pesos were adjusted at this ratio. After the reform was instituted public confidence, especially of the business community, was restored. Here is a chart of percentage price increases in Chile for the years 1955-60: Percentage Price Increase During Year, 1955-60 Year Per cent 955 84 956 38 957 17 958 33 959 33 960 5 (Source: 9, p. 160) For a general survey of development problems in Latin America and for excellent general charts refer to Victor Urquidi's volume (10). Next are figures on Chile's wholesale price and cost of living indexes extracted from Urquidi's tables. Chile: Wholesale Prices, 1950, 1955, 1960. (1950=100) 1950 1955 1960 1951-55 1956-60 100 2,237 455 303 555 Chile: Cost of Living, 1950 1955 100 555 1950, 1960 2,137 1955, 1960. 1951-55 455 (1950=100) 1956-60 285 (Source: 10, pp. 194-95) CONCLUSION The period from 1880 to 1960 is indeed an interesting one from the standpoint of Chile's economic and financial history. Here is a country whose history belongs in the textbook on monetary pathology. There were both monetary and structural factors involved in the chronic inflationary affliction of Chile during these eight decades; i.e., a relative abundance of currency and credit and production and distribution bottlenecks. Although there had been "money doctors" in the past analyzing Chile's monetary ailments, e.g., Kemmerer and Klein-Saks Missions, none were really completely successful in putting forth a solution for long run stability. Even the well administered reform of 1960 had come up against problems. Although the January 1960 reform contained the in• flation somewhat, there were still pressures which re- vealed themselves in both the internal price system and the external value of the new monetary unit the escudo. Below are excerpts from the International Monetary Fund's publication "Exchange Restrictions: Seventeenth Annual Report 1966" covering the year 1965, pp. 121 and 130: 1-19-101 I-19-101 867651867651 ,4A-gbetrit•SIMOMMIt, WHOLE NO. 25 Paper Money PAGE 21 • Paper MoneyPAGE 22 WHOLE NO. 25 0E6 •111 I)}1 0,11tlic A 3-100 41 allE POT X Iltt; 1.67•11124 1■1.si X Fifty, one hundred, and five hundred peso notes of the Central Bank of Chile. Reverse overprinted with the new escudo valuation. On December 31, 1965, the spot exchange in the banking market was E° 3.46 buying, E° 3.47 selling, per U. S. $ 1. On the same date, the effective exchange rates in the banking market for futures were E° 3.55 buying, and E° 3.56 selling, per U. S. $ 1. Transactions not permitted in the banking market may be settled in the brokers' market, but in many cases the approval of the Central Bank must first be obtained; certain invisibles that are channeled through the brokers' market are restricted. The exchange rate in the brokers' on December 31, 1965 was E° 4.20 buying, E° 4.219 selling, per U. S. $ 1. Purchases of exchange in the brokers' market for which the Central Bank has not approved a transfer application are subject to a four per cent exchange tax. December 20. Circular No. 758 of the Superintendent of Banks changed the official value of the Escudo from E° 3.10 to E° 3.46 per U. S. $ 1. Thus for the six years from January 1960 to December 1965, the new Chilean monetary unit of escudo depreci- ated. Although the magnitude of depreciation was not as severe as previous episodes, nevertheless it existed. For those specialists who are statistically inclined it is recommended that a copy of Carl Christ's book Measurement in Economics be obtained. Arnold Har- berger's paper on "The Dynamics of Inflation in Chile" is published in this book and treats the situation in Chile statistically well. (8, pp. 219-50) Also for a more comprehensive publication on Latin American business affairs which includes facts about Chile, refer to the Committee for Economic Development's publication listed in the reference section. (4) REFERENCES Beals, Carleton, The Long Land (New York 1949) Board of Governors of Federal Reserve System, "Mone- tary Developments in Latin America," Federal Reserve Bulletin Volume 31, #6, June 1945 (Washington, D. C.) Bowers, Claude G., Chile Through Embassy Windows (New York 1958) Committee for Economic Development, Cooperation for Progress in Latin America (New York 1961) Davis, Tom E., "Eight Decades of Inflation in Chile, 1879-1959: a Political Interpretation," Journal of Political Economy, Volume LXXI, #5, October 1963, Deaver, John V., "The Chilean Inflation and the Demand for Money," (Unpublished PhD. dissertation, University of Chicago 1961) Grove, David L. "The Role of the Banking System in the Chilean Inflation" IMF Staff Papers, Vol. II, #1, Sept. 1951 (International Monetary Fund, Washington, D. C.) Harberger, Arnold, "The Dynamics of Inflation in Chile" in Measurement in Economics, Ed. by Carl Christ. (Stanford University, Calif. 1963) Hirschman, Albert O., Journeys Toward Progress: Studies of Economic Policy Making in Latin America (New York 1963) Urquidi, Victor L., The Challenge of Development in Latin America (New York 1964) Williams, John H., "Latin American Foreign Exchange and International Balances During the War," Quarterly Journal of Economics, Volume 33, May 1919 (Harvard University, Cambridge, Mass.) CONCLUDED Lin s, , — — — cn - = — I = s:S. auCdr 4--' 4- r/) I..: ' < 1 X < 1 X < X QQ 4: Q X < X < X < X (4 -X < X < X < X < X < X PC X pc X X ■ cc '..) -X .- 0:7 X C, X ,fr,, 4: :.--', -X -1( f.. X C7, X C: CD it .x '--) 1, Q 4: (--) X < -X < 4: tzl •,..1 •'-- •T...1 cf) ;_: < oa c.) a:1 1.:. ::::--, < ..7..., < -r--.., < <-, • c!..., < Ln......, < C. r...) t,- --, t= Z. ---- ca ,H ---... cm w..1 I.L. Z :i.-- ---4---- CD L5 :::: < caO 3 1-. 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C.; :....) , .:.•P -^ -^ ^^ ::. o: o: of.) cO raO :c1 x :-- c.c. cc ::. ::... ::. a: < < < < < ,--.. <-..; --- <... < < < < 2 < < , < < ,-- Cf) U4 1--, r._. (J) os r4 cn -1 2 oS C.1 cn -4 = oc f',7 cp -, - _.', os r 1 cp --, :::: oS r'l cn ,--, X oS , 1 c.-- . -- -1.- ir-, cp ,---, Ln tn cn r: 0) ,-, i 7. Ln un cn .--1 2 up :n cn r-4 C.) •-■ .,:.%. ...7- 2 Li; rn cp 1- •H •-. :cf• ..?: C-3 .. _- 2 up un cp .---1 cd u •,•■ ',•-■ LI-I .. 2 Ln 1 ,` c - , 1.-1 : : 2 un N'''. cn r-1 : '..r.: c < Ln , '-'i cp r--I '''' , ,n 1 ,-. cn r-4 (._.) un rn 0-, .--1 C) -0 •1-1 '-- ,- un rn 0, r, -........ 0 S. ;•-• cd :4 in Np cn r-i ..o ,-- :.-_,' un ..n cP r-I r_12. un Pc) cn ,--. "-=, un (": cn ■-1 "2 2:: --------.. CD Ln l'-'. cn .--• 7-. -_,-- L: ,n i'-: 7. 1- 1"-- Ln 1": cn 1.-1 r- ....n cn r-4 < r- Ln cn ,--I '-':-.• r- Ln cn r-1 Paper MoneyPAGE 24 WHOLE NO. 25 A Collector Is Never By Alfredo P. Marcon Alone This is my opinion, strange as it may sound: Generally, the desire to collect and preserve particular objects of the past is not a desire born of us, but come to us, handed on by our own ancestors. Sometimes, in the evening, while turning over the pages of my albums containing paper money, I seem to feel watching at my back some of my ancestors. It seems to me that I can hear their amazed murmurs and comments about these obsolete notes. Someone says, "Look! When I needed that amount of money, I was forced, in great sorrow, to sell all the lands I possessed together with the house and furnishings, made up for the most part of so many memories . . . and everything for just that note which I had to give up again after such a short time." Another seems to ask me how I could succeed in keeping that obsolete note fixed and inactive in an album. Often he repeats that to get hold of it he had to sacrifice his whole life. Someone else makes up an account about the time he was obliged to work for two or three other notes. Still another seems to tell me that he couldn't keep the promise he made to his betrothed daughter to give her, as a dowry, one or two notes, and while saying so tears are welling up in his eyes. Someone points out this note, others that one; every- body has something to say. Almost all of them regret not having possessed in their time the note that is now displayed nicely and full of charm but completely in- active. What could have resolved so many of their troubles, helped them face the adversities of fate and satisfied their desires is now there within easy reach. But I feel that among so many complaints and sighs, there are also words of encouragement for me. It is my impression that everybody advises me to preserve those much longed-for notes, not from avarice but as souvenirs of the many vicissitudes, bound to the posses- sion or lack of such obsolete notes. They now quietly sleep a happy sleep between two plastic envelopes, un- aware at that time, as well as today, of the vital import- ance of their possession. However, I don't want to tell my ancestors about the relative ease with which I procured these notes, to let them know that such notes have no real value now as they were withdrawn from circulation a long time ago, that nowadays we can get them at a price that is not very excessive and, in any case, with a sacrifice ridiculous if compared to the one they made at that time. I leave them to rejoice and believe they have a descendant so clever to have been able to do, by him- self, what they all could not. What a pity that this ability is undeservingly praised and recognized only by my ancestors, whom I have not yet had the courage to tell how things really are. Should I speak the truth they would never again lean their hands on my shoulders with pride and confidence. Probably they would go away sighing sorrowfully; they would say that, on the whole, I am worth less, much less, than they. $1 Silver Certificate Oddity SPMC member Libero Zampieri was the fortunate finder of the unusual item shown here; he also found the paper scrap in the pad along with the note. According to Nathan Goldstein II, this oddity resulted from a piece of scrap paper becoming attached to the sheet as it was fed into the flat press. The printing pressure so firmly affixed the scrap to the note that it did not become dislodged until the notes were separated at a bank. Normally the scrap would have been lost and only the note with the missing portion found. The note is a Series 1935E $1 silver certificate from position M. TILE USEICEI) STATES CIFAMERICA. 01LE 1\ 11111 Till CIDFM.:13.1 1:1DCID1=1.41.talla ' IL, Irma ILTNITED STATICS tIFAMEIIICA ,-: -11 WHOLE NO. 25 Paper Money PAGE 25 A Board Break Error By Harry M. Coleman Although there may be other examples in private col- lections, none has been disclosed before or since a St. Louis hotel cashier, with a long memory and an inclina- tion to look back, found what apparently is a new type of printing error in U. S. paper money. The error appears on the reverse of 20 consecutive $1 St. Louis Federal Reserve Notes, 1963 series. It con- sists of a jagged, peg-like streak extending approxi- mately 1-1/16 inches at the base of the upper right nu- meral "1". Several irregular white blotches also appear across the right wing of the eagle in the seal. This type of error is usually caused either by a defect in the paper, or by an obstruction between the paper and the printing plate. This particular error was the result of a breakdown during the printing process. After examination of one of the 20 known existing copies, the following report was made by The Bureau of Engraving and Printing: "The defect in the printing on the back was caused by a 'board break'. The impression cylinders of our presses have what is referred to as a 'rigging' consisting of sheets of strong heavy fiberboard covered with a rub- ber-coated textile `drawsheet'. The boards deteriorate under the extreme pressures of intaglio printing and sometimes break so that inadequate pressure is applied to certain areas. A number of sheets may be printed having similar defects in the same location before the defect is discovered." The tendency of the average money-handler to note currency defects only on the front makes the present discovery of the 20 notes in uncirculated condition all the more unusual. It is generally accepted that there are far more errors on the front of a note than on the back. Since the front undergoes at least two printing impressions, as against one for the back, the percentage favors this. What percentage of defective currency reaches circulation is undeterminable. The only current information on percentage of star or replacement notes is summarized in a recent communication from the BE&P which states ". . . our spoilage rate has dropped to half of what it was a few years ago and is now averaging about 4 percent." 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 reirities for advantageous trade. JOHN J. FORD, JR. 176 HENDRICKSON AVE., ROCKVILLE CENTRE, N. Y. Paper Money WHOLE NO. 25PAGE 26 SECRETARY'S REPORT New Membership Roster Dealer or No. New Members Collector 2151 George A. Nicholson, 8545 S. Dixie Hwy., South Miami, C, D Fla. 33143 2152 Vernon H. Oswald, 1244 W. Jubilee St., Emmaus, Pa. C, D 18049 2153 Robert A. Condo, 17600 Freeland, Detroit, Mich. 48235 C, D 2155 Arthur C. Leister, 1611 Market St., Camp Hill, Pa. 17011 2154 Charles D. Fuhr, 6516 Flagler St., Hollywood, Fla. 33023 2156 C. P. Nichols, State Bank Bldg., Electra, Texas 76360 C, D C D C2158 Nelson R. Hilbert, Jr., Box 164, Scio, Ohio 43983157 CBarclay White, 3337 Market Street, Philadelphia, Pa. 19104 C GeneralJack Seiderman, 3675 E. 10th Court, Hialeah, Fla. 330132159 Obsolete notes of IndianaCDonald A. Schramm, 225 N. Hayes Street, Portland, Ind.2160 47371 CC. W. Thomas, 3313 Olivet St., N. W., Roanoke, Va.2161 24017 C, D U. S.T. L. O'Heren, 705 Cherokee St., Traverse City, Mich.2162 49684 C General banknotesGordon A. Brandon, 32 Bertha Street, Albany, N. Y.2163 12209 D U. S. and ForeignRichard T. Hoober, Jr., P. O. Box 63, Glenside, Pa.2164 19038 Fractional and low serial numbersCHenry J. Castorino, Sr., 110-05 66th Road, Forest I lills,2165 N. Y. 11375 C U. S., Canada and Australia2166 Desmond John Taylor, P. O. Box 12, Roma, Queensland. Australia 4455 C Block letters-F.R.N.Frank J. Grabowiecki, 475 F. D. R. Drive, New York,2167 N. Y. 10002 C Foreign and small size U. S.Charles H. Black, 7260 S. Shore Drive, Chicago, Ill.2168 60649 C Confederate bonds & paper money, Colonial &Major Richard F. Ropp, 11511 Raymond Ave., St. Louis,2169 Continental currency, State bank notes andMo. 63138 bonds C, D U. S. fractional currency, large and small size2170 M. Drillich, P. O. Box 611, Madison Sq. Sta., New notesYork, N. Y. 10010 C Small size currency2171 Ronald N. Day, 3115 Arlotte Ave., Long Beach, Calif. 908C8 C2172 Arthur Kelliher, Milian Terrace, Westerly, R. 1. 02891 C2173 James D. Fritz, 619 N. Monticello St., Winamac, Ind. 46996 C2174 Alfred R. Herbert, Holiday Inn, 1615 Rhode Island Ave., N. W., Washington, D. C. 20036 C, D2175 A. Kosoff, P. O. Box 456, Encino, Calif. 91316 C, D2176 Kenneth D. Saville, 1668 Chestnut Ave., Des Plaines. III. 60018 C, D2177 Paul Hoffman, "Nuevo Mundo", Box 2824, Grand Cen- tral Sta., New York, N. Y. 10017 C2178 Donald A. Davall, P. O. Box 219, Columbia Falls, Mont. 59912 D2179 Jack Friedberg, 79 Gilmar Lane, Roslyn Heights, N. Y. 11577 D2180 (Mrs.) Goldye N. Friedberg, 130 The Circle, Passaic, N. J. 07055 C2181 William D. Hunter, 566 Trapelo Road, Belmont, Mass. 02178 C, D2182 Emory M. Robinson, P. O. Box 6505, Jacksonville, Fla. 32205 2183 K. V. Ashton, 1134 E. Elm Street, Canton, Ill. 61520 GeneralC C2184 Charles L. Pichel, Shickshinny 2, Pa. C2185 Earl L. Albright, 254 Brooklyn Road, Williamstown, Block letters N. J. 08094 C2186 Mary E. Schulze, Box 91, Old Forge, N. Y. 13420 General C2187 Phillip B. Lawrence, 1940 Bellewood Road, Jackson, U. S. large size notes Miss. 39211 C2188 E. R. Hunter, 201 Potter Road, West Palm Beach, Fla. Private & state bank notes, Canadian Charter 33405 Bank notes C2189 Everett J. Miller, 3002 W. Columbus Ave., Chicago, Ill. Foreign 60652 C2190 Melvin D. Stark, 6119% Maple St., Omaha, Nebr. 68104 U. S. currency, broken bank notes, military currency, foreign C2191 Elliot S. Schwartz, 2941 Avenue V, Brooklyn, N. Y. General 11229 Specialty Large & small size Nationals Large & small size U. S. General Colonial & obsolete U. S. Low and matching numbers Railroad notes U. S. large size Small size currency Large size notes and fractional currency U. S. and foreign Broken bank notes under $5 Paper money of the world, specializing in Latin American paper money All U. S. paper money All U. S. paper money U. S. large size notes 2192 E. A. Rice, P. O. Box 355, Cranbury, N. J. C8512 2193 Guy C. Omer, Jr., 1080 SW 1 1th Terrace, Gainesville, Fla. 32601 2194 Joe B. Howard, Jr., 5040 Aurelia Lynn Dr., Clarksville, Tenn. 3iO40 2195 Leon T. Lindheim, 18503 Van Aken Blvd., Shaker Heights, Ohio 44122 2196 M. B. Rogers, 412 Fourth Ave., Devils Lake, N. Dak. 58301 2197 Oswaldo Campana, P. O. Box 600, Sao Paulo, Brazil 2198 Glenn H. Payne, 4016 E. 67th Terrace, Kansas City, Mo. 64132 2199 Ralph Shelly, 601 North Ridge Road, Perkasie, Pa. 18944 22C0 Philip B. D. Parks, 13571 Edwards - Apt. 44A, West- minster, Calif. 92683 2201 Earl Schill, 1434 Farmer Street, Detroit, Mich. 48225 2202 Clarence L. Criswell, 4500 - 67th Way North, St. Peters- burg, Fla. 33710 2203 Sidney T. Gilligan, 4138-D Howe St., Oakland, Calif. 94611 2204 E. T. Register, Jr., R.F.D. 2 - Box 57, Washington, N. C. 27889 2205 Alvin A. Farber, 6010 Mayfield Road, Mayfield Hts., Ohio 44124 2206 Robert E. Glendening, 119 W. Lincoln Ave., Delaware, Ohio 43015 2207 Austin M. Sheheen, Jr., P. O. Box 428, Camden, S. C. 29020 2208 Robert E. Wheeler, 18429 Asbury Park, Detroit, Mich. 48235 2209 Roy Edward Nelson, Star Rt. #2, Box 50, Hibbing, Minn. 55746 2210 Richard R. Bilkey, 4549 Turquoise Lane, Madison, Wis. 53714 2211 Peter Spiro, Librarian, The Institute of Bankers, 10 Lombard Street, London E. C. 3, England 2212 Paul F. Aslakson, Edmore, No. Dak. 58330 2213 George W. Marinos, 138 E. Main St., Bloomsburg, Pa. 17815 2214 Robert J. Moriarty, 725 Joanita Ave., Santa Barbara, Calif. 93105 2215 Fred W. Rowe III, Box 261, Greenville, Ky. 42345 2216 Americus Bandes, Box 826, Republic, Pa. 15475 2217 Edgar Kustanborter, 515 W. Chestnut, Chanute, Kan as 66720 2218 Michael C. Downey, 1083 Locust Street, Livermore, Calif. 94550 2219 Edwin Shapiro, G. P. O. Box 160, New York, N. Y. 10001 2220 Ralph Cornell, P. O. Box 1165, Scotia, N. Y. 12302 C, D 222'1 Charles Lotcpeich, 100 Somerset St., Garfield, N. J. 07026 C General 2222 Roy H. Williams, P. O. Box 1324, Florence, S. C. 29501 C South Carolina notes, silver certificates 2223 Alfred G. Schafer, 228 Fair Street, Berea, Ohio 44017 C Ohio currency, U. S. $1 notes, fractional cur- rency C Silver certificates C National bank notes C Indiana National Bank notes C Notes of Delaware, Maryland and Virginia C U. S. large and small size notes C U. S. small size notes and broken bank notes U. S. errors C Obsolete U. S. bank notes with scenes of ships or whaling 2232 Jack A. Haltley, 835 East Di Lido Drive, Miami Beach, C Large size U. S. currency Fla. 33139 2233 James E. Eacley, 20135 No. Indian Ave., No. Palm Springs, Calif. 92258 2234 Dudley W. Atwood, P. O. Box 5, Watertown, Conn. 06795 2235 Charles H. Blackburn, 10941 S. Groveland Ave., Whittier, Calif. 90603 C, D U. S. and foreign C U. S., Confederate and Southern States C Clarksville, Tenn. notes C U. S. large & small notes C U. S. $1 notes C, D Paper money of all countries C U. S. large size notes C Small size notes C U. S., Confederate, foreign D Large size notes, National currency C Confederate, Southern States notes and bonds C Large and small size notes C General C, D General C C South Carolina notes C Autographed large size U. S. currency, change- overs in small U. S. notes C C China, Mexico, Canada and U. S. C World wide, British Provincial bank notes C North Dakota nationals C Military scrip C Small size notes C, D U. S. currency C General C C U. S. small size notes D Paper money of the world 2224 Dr. G. W. Isenberg, 6870 Cathedral Dr., Birmingham, Mich. 48010 2225 Bert Harsche, 712 N. 24th Street, Bismarck, N. Dak. 58501 2226 Frederick C. Bahler, 558 W. Hill Street, Wabash, Ind. 46992 2227 Samuel L. Adkins, 347 Cedar Drive, Salisbury, Md. 21801 2228 Marvin K. Samosky, 9420 Murray Road, Cleveland, Ohio 44125 2229 Louis J. Rambo, 104 South 5th Ave., Coatesville, Pa. 19320 2230 Harry L. Strauss, Jr., 619 South Street, Peekskill, N. Y. 10566 2231 Eben P. Lufkin, 330 Beacon Street, Boston, Mass. 02116 C General C U. S. currency PAGE 27Paper MoneyWHOLE NO. 25 Paper MoneyPACE 28 WHOLE NO. 25 2236 George Durnford, 5302 Pheasant Hill Rd., Madison, Wisc. 53716 2237 Charles B. Allewelt, 1500 Arlington Blvd., Arlington, Va. 22209 2238 Edwin Roy Kelly, 1040 Delaware St., Shreveport, La. 71106 2239 Mrs. June Hunt, P. 0. Box 143, Merom, Ind. 47861 2240 Nicholas L. Deak, Deak & Co., Inc., 29 Broadway, New York, N. Y. 10006 Change of 1155 Earle T. Myers, 14012 Florida Ave., Tampa, Fla. 33612 1989 Marvin E. Bixby, 2537 - 17th St., Sarasota, Fla. 33580 376 Robert J. Lee, 400 N. River Rd., W. Lafayette, Ind. 47906 1723 Maurice Espointour, Bruno, Minn. 55712 1337 Robert S. Gamble, 3729 Midvale Ave., Los Angeles, Cal. 90066 962 Major C. T. Gore, 173rd Finance Det., Ft. Geo. G. Meade, Md. 20755 1292 Allen J. Richardson, 2013 E. Eucalyptus, Enid, Okla. 73701 1390 Raymond de Vos, Chateau Perigord, Monte Carlo, Monaco 208 R. Harvey Anselm, 1923 Dallas St. - Apt. 7, Aurora, Colo. 80010 1290 David Halsted, 10380 Sannois - Apt. 10, Greve Coeur, Mo. 63141 1373 Maj. Peter A. Graubard, 1427 Aladdin St., Norman, Okla. 73069 1125 Mrs. Sara Gwin Kelsh, 810 Grand Blvd., Greenwood, Miss. 38930 1143 Joseph Gilio, 2657 Martin Ave., No. Bellmore, N. Y. 11710 1538 Paul R. Peel, 1135 S. Cook St., Denver, Colo. 80210 1742 Phil. A. MacKay, 4446 Madison Ave., Kansas City, Mo. 64111 1799 Lawrence R. Hosmann, Philco Ford Corp., APO, San Francisco, Calif. 96291 1898 0. L. Sabetto, 1717 Burgess Road, Cleveland, Ohio 44112 C U. S. currency C Pennsylvania National Bank notes C U. S. currency C D Address 2056 Lt./JG A. W. Heine, 1303 Circle Road, Worland, Wyo. 82401 641 Bruce F. Schneider, 87 E. Dunedin Rd., Columbus, Ohio 43214 1322 Dean Oakes, R. R. 2, Iowa City, Iowa 52240 1475 William E. Florence, 301 No. Ocean Blvd., Apt. 1211, Pompano Beach, Fla. 33062 1819 Joe E. Compton, 2314 Blue Water, Houston, Texas 77018 1903 Jim Horntrop, Rt. #3, Box 73-A, Metropolis, Ill. 62960 1361 Edward R. Barnsley, 6209 Ocean Blvd., Beach Haven, N. J. 08008 2095 David W. Farmer, 2521 Highview, Fort Worth, Texas 76109 136 Edwin P. Janzen, 2372 Palermo Dr., San Diego, Calif. 92106 973 Hillery L. Walker, P. 0. Box 934, North Hollywood, Cal. 01601 319 Arnold R. Anderson, 6609 Wyoming Ave., No., Minne- apolis, Minn. 55428 1537 Clarence Clendening, 11855 Chesterton Street, Norwalk, Calif. 90650 232 Benjamin G. Egerton, 1008 Winding Way, Baltimore, Md. 21210 49 Lorenzo La Pierre, 16043 East Placid Dr., Whittier, Calif. 90604 405 Kenneth C. Levin, Shaar Hefer, Post Beit Yitshak, near Netanya, Israel 577 David F. Paskausky, 2106 -A Maloney, Bryan, Texas 77801 1691 Dick Rath, 2546 Ridgeland Road, Torrance, Calif. 90505 Reinstated 684 Capt. John L. Harrell, 616 Grandview Dr., Bloomington, 134 Ind. 47401 1477 Walter D. Allan, 2430 Lakeshore Hwy., Oakville, Ontario, Canada Jacksonville Coin Club, 3875 Conga St., Jacksonville. Fla. 32217 Correction The following members were erroneously listed as "Dropped" in Vol. 6, No. 4. They have been and remain members in good standing: No. 173 Russell W. Wright No. 1093 Gordon M. Perisho, M.D. IMPORTANT MESSAGE TO ALL MEMBERS If you have not paid your 1968 dues, this is the last issue of PAPER MONEY that you will receive. Send your check for $4.00 to I. T. Kopicki, Treasurer, 5088 Archer Avenue, Chicago, Ill. 60632. Paper Money PAGE 29WHOLE NO. 25 Catalog Published on Hong Kong Coinage By Jerry Remick STANDARD CATALOGUE HONG KONG COINS AND CURRENCY NOTES and BRITISH TRADE DOLLARS, by Antonio B. De Sousa, 75, 77 Wyndham Street, Hong Kong, $2. U. S., 47 pages, illustrated. Mr. De Sousa's catalog covers the Hong Kong currency coinage issued between 1863 and 1965 in the accepted detailed manner. All type coins are illustrated; mintage figures are given. Coins are priced in United States dollars in seven conditions from good through proof. Several pages are devoted to the British trade dollar in which prices and a listing of overdates are given; the latter is the work of the well-known numismatist H. Chang. The entire last half of the catalog is devoted to an illustrated and priced list of the bank notes issued by the Government of Hong Kong and the $1 bank notes issued by The Hong Kong and Shanghai Banking Corpo- ration. Bank notes issued by the Chartered Bank, the Mercantile bank, and those above $1 as issued by the Hong Kong & Shanghai Bank are not included in this catalog but will be given in subsequent issues. The many other banks issuing notes at one time or another are not mentioned in this edition. The various dates of and signatures on all bank notes are given. This catalog is excellent and is highly recommended to all interested collectors. It is without fault or error. New Banknotes for Singapore, Malaysia and Brunei By Jerry Remick Singapore, Malaysia and Brunei have each issued indi- vidual sets of bank notes in denominations of $1, $5, $10, $50 and $100. The same denomination of each coun- try's bank note is the same size and color, but the various denominations are of different sizes (the $1 note being the smallest) and of different colors. The colors of the bank notes are $1 blue, $5 green, $10 red, $50 blue and grey and $100 violet. The design on the obverse side of each note is basically the same for all denominations for all three countries, but the reverse design is usually different. Each has a watermark and a thin vertical strip of metal. Malaysia and Brunei have now each issued their own coinage of lc, 5c, 10c, 20c and 50c. The coins are in copper-nickel except for the lc, which is in bronze. Singapore was expected to issue its own coinage by the end of 1967. The coins and bank notes of all three countries are interchangeable in the three countries and are rated at 33c to the U. S. dollar. The coins and bank notes of Brunei are difficult to get, but Mr. Chew Keng Ban of G. P. 0. 177, Singapore, will help collectors get specimens of both the bank notes and coins of Malaysia, Singapore and Brunei. This information clarifies my article on Page 88 of PAPER MONEY No. 23. FOREIGN PAPER MONEY BRAZIL Among the world's most beautiful currency. Colorful. Quality engraving. Same size as United States notes. All crisp uncirculated. 1 Cruzeiro, Valor Recebido ABN .10 2 Cruzeiros, Valor Recebido ABN .10 2 Cruzeiros, Valor Recebido TDLR JO 5 Cruzeiros, Valor Legal TDLR .10 5 Cruzeiros, Valor Recebido Brasil .25 10 Cruzeiros, Valor Legal ABN .20 10 Cruzeiros, Valor Legal TDLR .10 20 Cruzeiros, Valor Legal ABN .20 20 Cruzeiros, Valor Legal TDLR .20 100 Cruzeiros, Valor Legal ABN .50 200 Cruzeiros, Valor Legal ABN .60 New system, overprinted notes. 1 centavo on 10 Cruzeiros TDLR .10 5 centavos on 50 Cruzeiros TDLR .20 10 centavos on 100 Cruzeiros TDLR .30 50 centavos on 500 Cruzeiros ABN .75 1 Cr. Novo on 1000 Cruzeiros ABN 1.25 ABN—American Bank Note Co., New York. TDLR—Thomas De La Rue & Co., London. YUGOSLAVIA—Series 1946, 1, 5, 10, 20, 50, 100, 500 Dinara. Set of 7 crisp uncirculated notes for only $1.50. SPECIALIZING in Foreign Paper Money, Buy, Sell, Trade, Lists available. Also deal in foreign paper money books, literature, catalogs, etc. DWIGHT L. MUSSER Box 428, Indian Rocks Beach, Fla. 33535 COLONIAL CURRENCY • NEW LIST JUST PRINTED Containing many rarities. GEORGIA NOTES VERMONTS FRANKLINS, etc. as well as commoner issues. For a copy, send name and address (plus Air-Mail Postage, if desired) to: FREDERICK G. WEBER ROUTE ONE, OAK HILL ROAD EMMAUS, PENNA. 18049 WANTED National Bank Currency Large or Small for My Own Collection Arkansas Eureka Springs, First N.B. Charter #8495 California Arcata, First N.B. #10372 Eureka, First N.B. #5986 Eureka, Humboldt N.B. #10528 Roseville, Railroad N.B. #11992 San Francisco, Wells Fargo N.B. #5105 Scotia, First N.B. #9787 Willits, First N.B, #11566 Iowa Humboldt, First N.B. #8277 Kansas Eureka, First N.B. #3148 Humboldt, Humboldt First N.B. #8277 Missouri St. Louis, Telegraphers N.B. #12389 Nevada Eureka, Farmers & Merchants N.B. #11784 New jersey Morristown, Nat. Iron Bank #1113 Ohio Cleveland, Engineers N.B. #11862 Cincinnati, Railway Clerks N.B. #12446 Would prefer a third charter note from most of the above banks, but will consider others. Please write if you have any of the above notes for sale or trade. WILLIAM K. BISH 2003 McClaskey Lane, Eureka, Calif. 95501 P.Searching for Answers!! AND I'M SERIOUS ABOUT IT! Research and study alone are responsible for the knowledge now known about the many currencies of our country. I continue the search. . . Will you help? State Bank at Montpelier Bank of Orleans at Irasburgh Windham County Bank at Brattleboro Desire to buy or trade for Vermont obsolete on the above three banks. Will trade uncut sheets from other states. Please write. Vermont is my speciality - nothing else. T. G. HARPER RFD 1 SACO, MAINE 04072 SPMC-ANA-CNA BLOCK COLLECTORS Send in your want list for our quote (no obligation, of course). We have a good selection, new or used, common or scarce. Here's a sample of our current stock: (order 25 or more and take 10% discount) 1935A $1 SILVER CERTIFICATE, CRISP UNC. *-A $10.00 QA, TA, VA, WA, XA 4.50 AB, CB, DB, EB, FB, GB, JB, LB 3.50 MB, NB, PB, QB, RB, SB, TB, WB 3.50 ZB, AC, DC, EC, FC, HC, IC, JC 3.50 KC, NC, QC, TC, UC, VC, WC, XC 3.50 YC, ZC, AD, BD, CD 3.50 The new "Standard Handbook of Modern U.S. Paper Money" (a must for block, star, and variety collec- tors) is now available. Send $1 for your copy, or send a $25 order from our current lists and request a free copy. PIEDMONT COIN COMPANY Post Office Box 848 Burlington, N. C. 27215 WANTED • Maine and New Jersey Broken Bank Notes FOR MY COLLECTION • PLEASE WRITE ROBERT R. COOK 93 OVERLOOK ROAD UPPER MONTCLAIR NEW JERSEY 07043 SPMC 529 WANTED Obsolete Paper Money of South Carolina, North Carolina and Georgia I HAVE A LARGE STOCK OF OBSOLETE AND U. S. CURRENCY FOR SALE OR TRADE. Please Send Me Your Want Lists. J. ROY PENNELL, JR. P. O. BOX 3005 ANDERSON, S. C. 29621 Maine Obsolete Notes 1.00 Georgia Lumber Co. A. 9/2/39. Unc. $10.00 2.00 Georgia Lumber Co. A. 9/2/39. Unc. 11.00 1.00 Eastern Bank. B. 7/4/37. V.F. 14.00 5.00 Agricultural Bank. B. 1/1/46. V.F. 11.00 5.00 Kennebec Bank. C. 8/1/23. V.F. 11.50 5.00 Lincoln Bank. L. 1/1/23. Fine 10.00 2.00 Lincoln County Bank. A. 2/1/62. Fine 8.00 3.00 Searsport Bank. A. Unsigned, Unc. 11.00' 1.00 Sanford Bank. A. 1/17/61. (green) Fine 7.00 5.00 Sanford Bank. A. 8/14/60. (red) V.F. 7.50 1.00 Ship Builders Bank. A. 9/8/53. Fine 5.00 2.00 Ship Builders Bank. A. 3/1/54. V.F. 7.25 5.00 Ship Builders Bank. A. 11/26/53. V.F. 7.25 1.00 Washington County Bank. A. 8/1/39. X.F. 7.50 2.00 Washington County Bank. Bb. 1/1/39. A.U. 8.00 5.00 Washington County Bank. B. 4/1/36. V.F. 6.00 5.00 Castine Bank. C. 7/1/18. V.F. Rare. 40.00 Many other notes in stock. Want lists solicited. Will also buy obsolete Cg colonial notes. RICHARD T. HOOBER P. O. Box 196, Newfoundland, Penna. 18445 OOK The Society of Paper Money Collectors is pleased to announce the publication of "Florida Obsolete Notes and Scrip" by HARLEY L. FREEMAN. This is a hard covered book of 103 large pages, profusely illustrated. PRICE TO SPMC MEMBERS $4.00 OTHERS $4.75 POSTPAID Send remittances payable to the Society to: J. ROY PENNELL, JR. "Texas Confederate County Notes & Private Scrip" By HANK BIECIUK and BILL CORBIN The only exclusive reference work on these notes. Book was the winner of an award from the historical society. Over 100 pages, profusely illustrated. $3.50 postpaid Also have a few copies of Vol. 1, No. 1 of PAPER MONEY (the first issue). $1.00 each postpaid. HANK BIECIUK BOX 3005 ANDERSON, SOUTH CAROLINA 29621 BOX 1235 KILGORE, TEXAS FRACTIONAL CURRENCY SERIES I buy and sell anything in the FRACTIONAL CURRENCY SERIES SINGLES SHEETS SHIELDS SPECIMENS PROOFS Try a specialist in this series for all your needs. SELL TO A SPECIALIST FOR THE BEST PRICE. Thomas E. Werner 505 N. WALNUT ST. WEST CHESTER, PA. BROKEN BANK • and other obsolete U. S. Currency available 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 LOUISIANA PARISH NOTES CRISWELL NUMBERS USED CARROLL PARISH $2 July 8, 1862 Military Assess- ment $100,000. #P-256, small steamboat bottom C. Very good + $5.50 CATAHOULA PARISH 250, Harrisonburg, La. May 25, 1862, very fine $7.00 CONCORDIA PARISH 500, Vidalia, La. Apr. 15, 1862 red and green, P-425, "Fundable in 8% Parish Bonds" etc! Crisp, A. Unc. $8.00 IBERVILLE PARISH $3 Plaquemine, La. Mar. 15, 1862, P-604 Green. Red ink used for numbering the bills. Scarce, A. Unc. $15.00 NATCHITOCHES PARISH 250, Feb. 20, 1863 brown colored paper, v.g. $4.50 POINTE COUPEE PARISH 250 March 24, 1862. Train at top C. Blue overprint on brown paper. Very fine to extremely fine $5.75 ST. JOHN THE BAPTIST PARISH $1 March 25, 1862 General Beauregard at left. Green overprint. Ex- tremely fine to A. Unc. $8.00 ST LANDRY PARISH $1 July 19, 1862. Printed in green ink. P-875, v.g. $5.50 TENSAS PARISH $5 St. Joseph, La. April 4, 1862 Indian and white woman at left. Ship at right. Fine $7.75 ORLEANS COIN SHOP (Helen H. Williamson SPMC #1850 — A.N.A. #204311 P. 0. Drawer 2347, New Orleans, La. 70116 WANTED TO TRADE Circulated Silver Certificates Please Help Me Before turning them into the Mint! I am trying to put together A COMPLETE COLLECTION of "POSITION NUMBERS" OF THE $1 1935 - 57 SERIES I still am missing a good many. If interested in helping by trading, let me send you a want list. E. HAROLD LANGDON P. 0. BOX 2154 NAPA, CALIFORNIA 94558 BUYING IOWA'S Iowa, loway, loa—However you say it, I need them for my collection. Broken Bank Notes Large and Small Nationals Interested in all, but especially the following: * FIRST CHARTERS * RED SEALS, V.O.B.'s * $50's $100's Also collecting Nationals by state especially * THIRD CHARTER $5's * T2 $10's SMALL SIZE If you have some rare states for sale, offer them to me at your top dollar. If I need it, I'll buy it. DEAN OAKES R.F.D. 2 Iowa City, Iowa SPM'C 1322 LM-ANA 510 AUCTION Usual rules prevail with closing date two weeks after publication. Successful bidders will be in- voiced, and material will be sent on receipt of remittance. Bid by Lot. Lot 1. International Trust Co. of Boston. Colorful Sheet of 3 Checks. Dated 188 - Abt. Unc. 2. Boylston Nat. Bank. Boston. Sheet of 3 Checks. 188 - A.U. 3. Bank of New England. Conn. Sheet of Broken Bank Bills. Consisting of 1-1-2-5 A.U. 4. Bank of Augusta, Ga. 1-1-1-2 full Sheet. A.U. 5. Frankfort Bank, Ky. 10-5-5-5 full Sheet. A.U. 6. State Bank of Michigan. Detroit. 1-2-3-5 Beautiful Sheet. A.U. 7. Girard Nat. Bank. Pa. Colorful Sheet of 5 Checks dated 187 - Printed in RED. A.U. 8. Bank of the Valley. Virginia. 1-1-1-2 Full Sheet of Obsolete Bills. A.U. 9. City of Richmond. Full Sheet of 60¢-60¢-60¢ A.U. 10. Gilliam Coal & Coke Co. Gilliam, W. Va. Set of 3 complete Un-Cut Sheets. 3-3-3-3 5-5-5-5 10-10- 10-10 All three of these Sheets are in Color and dated 194 - (These Bills were no longer used when the old Gilliam company store quit business. All are A.U.) WANTED Please list any Uncut Sheets of Old Bank Checks or Broken Bank Bills that you may have in case I can use them. Please price your offerings. Frank F. Sprinkle P. 0. Box 864, Bluefield, W. Va. 24701 NATIONAL CURRENCY • FARMERS NATIONAL BANK, BRENHAM, TEXAS $10.00 Series 1929-Donlon No. 310, Type 1 We have found a pack of these notes in an estate. Absolutely brand new. Many are numbered consecutively, if you want more than one. Also, several notes have the same number prefixed by different letters. '24" EACH (Donlon lists these at $35.00) • PERRY L. JONES A.N.A. - 31372 - S.P.M.C. - 1100 1807 Pearl Street Austin, Texas 78701 THE. OFFICIAL GUIDE OF UNIT ED STATES PAPER MON EY• ILLUSTRATED • LISTING AND PRICING OF LARGE AND SMALL SIZE NOTES. 1861 TO DATE $1.00 Postpaid THEODORE KEMM 915 West End Avenue New York, N. Y. 10025 WANTED Wisconsin National Bank Notes Private collector wishes to pur- chase needed Wisconsin National Bank Notes (National Currency). Both old large size notes and 1929 brown seals are wanted. Please describe and price. WANTED • Back Issues of Paper Money VOLUMES 1 & 2 COMPLETE (4 ISSUES EACH) VOLUME 3, NO. 1 Write with prices to: • M. PERLMUTTER P. O. BOX 48 WATERTOWN, MASS. 02172 L. J. WATERS POST OFFICE BOX 1051 MADISON, WISCONSIN 53701 S.P.M.C. #415 A.N.A. 40458 WANTED • National Bank Currency LARGE OR SMALL Issued on Texas Banks WILL TRADE COINS, PROOF SETS, Etc. OR WILL BUY. • LET ME KNOW WHAT YOU HAVE . . . . LISTS AVAILABLE Write for list of large size, small size or Fractional U. S. Currency. If you collect obsolete notes, please tell me the states which interest you. Also have engraver's die proofs of vignettes and sample sheets. Will trade any of above for proof notes. Will also exchange proof notes for mutual benefit. JOHN R. CULVER 107 WEST WALL STREET MIDLAND, TEXAS 79701 G. W. WAIT Box 165 GLEN RIDGE, N. J. 07028 UNCUT SHEETS OF OBSOLETE CURRENCY Canal Bank New Orleans, La. 5, 5, 5, 5 10.00 Citizens Bank of Louisiana New Orleans, La. 1, 1, 2, 3 9.00 Citizens Bank of Louisiana New Orleans, La. 10,10,10,10 ( Dix Note) 90.00 Bank of New England East Haddam, Conn. 1, 1, 2, 5 7.50 New England Commercial Bank Newport, R. I. 1, 1, 2, 3 15.00 New England Commercial Bank Newport, R. I. 10, 5, 5, 5 12.50 South Carolina Revenue Bond Scrip Columbia, S. C. 1, 1, 2, 2 12.50 South Carolina Revenue Bond Scrip Columbia, S. C. 5, 5,10,10 12.50 South Carolina Revenue Bond Scrip Columbia, S. C. 20,20,50,50 15.00 SPECIAL Tradesmen's Bank (1823) Catskill, N. Y. 1, 2, 5,10 7.50 Reprint from original PETER MAVERICK plates These plates are now in the Smithsonian. WANTED Collections of Obsolete Currency, Large United States Currency, Small United States Currency. New York State residents please add sales tax for your area. KNIGHT CURRENCY CO. P. O. BOX 74, STA. H BUFFALO, N. Y. 14214 WANTED $ FOR SALE 1929 Small Vermont National Bank Notes any condition 1929 Federal Reserve Bank Notes CU only 1 Vermont Small National $100 Note your price) All above notes are for my own collection; I will pay high for them. FOR SALE From my last ad, I bought a large amount of VERMONT LARGE NOTES. Sent for list. GEORGE DAUDELIN WARREN, VERMONT 05674 No Deposit. MAIL BID Closes April 1. 1968. Lot Silver Certificates $1.00 No. Lot No. 77 78 VF Fine 1 1928 Fine 2 Fine Silver Certificates $10 3 VG 79 1934A North Africa XII 4 VG 80 Fine 5 Good 6 1928A Fine U. S. Notes $2.00 7 Fine 81 1928 Good Corner off S VG 82 1928D VF 9 VG 83 Good Corner off 10 ... G 84 1928F VF 11 1928B Fine 85 Good 12 1935A Unc. (oo) 86 1928G VF 13 Unc. 87 VF 14 ... Unc. 88 1953 Unc. 15 AU 89 AU 16 1935B Unc. 90 VF 17 Unc. (000) 91 Fine (oo) 18 AU 92 Fine 19 VF 93 1953A Unc. 20 Fine 94 21 1935C Unc. 95 AU 22 Unc. 96 AU 23 Unc. (12 Conseq.) 97 1953B Unc. 24 AU 98 25 1935D-N Unc. 99 Uric. (6 Conseq.) 26 Unc. 100 1953C line. 27 XF 101 Unc. (4 Conseq.) 28 VF 102 Unc. (5 Conseq.) 29 1935D-Wide Uric. 103 1963 Uric. 30 XF 104 Uric. 31 VG 105 Uric. (lot of 14) 32 ... G 106 Unc. Star (oo) 33 1935E Unc. (Star) 107 Um'. Star (7 Conseq.) 34 Unc. 35 AU U. S. Notes $5.00 36 VF 108 1928C Fine 37 109 1953A VF 38 1935F Unc. 110 1953B Fine 39 Unc. 111 Fine 40 AU 112 1963 Unc. 41 ... EF 113 Unc. 42 1935G (N. M.) Unc. 114 Unc. (oo) 43 ...AU 115 Unc. Star 44 AU 116 ... Uric. Star oo 45 XF 117 AU 46 1935H AU 118 VF 47 Fine 48 1957 Uric. Federal Reserve Notes $5.00 49 Unc. (5 Notes) 119 1928A J Fine 5() Unc. (10 Notes) 120 1934 F Fine 51 1957B Unc 121 1934C H Fine 52 Uric. 5 Notes 122 1950 J VF 53 1935A North Africa AU 123 J Fine 54 Fine 124 1950A H Unc. 55 1 1957A Block letter set (starand A to Q) 17 Notes (10 Unc.) 125 126 H VF J Unc. Silver Certificates $5.00 127128 195011 J Star (oo) J Uric. 56 1934 Fine 129 J Unc. Star 57 1934A AU 130 H Unc. 58 XF 131 1950C J Unc. 59 VF 132 J AU 60 Fine 133 1950D J Fine 61 Good 134 1963 J Uric. Star oo 62 "1934C Unc. 135 1963A J Unc. Star 63 line. 64 Unc. (oo) Federal Reserve Notes $10.00 65 Fine 136 1934 J Fine 66 19351) Uric. 137 1934A G Fine 67 AU 138 J Fine 68 AU 139 1934B B Fine 69 Fine 140 1934C G Fine 70 1953 Unc. 141 J Fine 71 1953A VF 142 1950 J Unc. 72 VF 143 J Uric. 73 Fine Star 144 1950A J AU 74 Fine 145 1950B .1 Fine 75 195311 AU 146 1950C .1 Uric. 76 AU 147 J Unc. Lot No. 148 Unc. Star 149 1950D J Unc. 150 Unc. 151 1963 Unc. (oo) 152 Unc. 153 Uric. Star (oo) 154 Unc. Star (0000) 155 1963A Federal Reserve Notes $20.00 156 1928 10th Fine 157 1934 J Unc. (oo) 158 J AU 159 J XF 160 J Fine 161 1934A G AU 162 G XF 163 H VF 164 Fine 165 J VF 166 J Fine 167 L AU 168 L VF 169 1934B A Fine 170 F Fine 171 H Uric. 172 1934D J Unc. 173 J AU 174 XF 175 J Fine 176 1950 J Unc. 177 J AU 178 1950A J Unc. Star 179 1950B H Fine 180 1950C J . Unc. 181 F VF 182 1950D J Unc. 183 1950E L XF 184 1963 J Unc. 000 185 J .AU Star (000) 186 1963A D line. 187 J Unc. 188 J ..Unc. Star (oo) Federal Reserve Notes $50.00 189 1928 7th XF 190 1934 J XF 191 1950C L Uric. Bank of Canada 192 $1.00 1937 Gordon- Towers VF 193 $1.00 1954 Beattie- Rasminsky AU 194 $2.00 1954 Beattie- Rasminsky VF Dominion of Canada 195 25c 1900 Courtney Good Large Size Notes Legal Tender $2.00 196 F60-1917 Speelman- White VF Silver Certificate $1.00 197 F237-1923 Speelman- White )(le Silver Certificate $5.00 198 F279 1917 Speelman- White VF Federal Reserve Note $5.00 199 F871A 1914 White Melon XF PHIL. A. MacKAY 4446 MADISON AVENUE KANSAS CITY, MISSOURI 64111 SPMC # 1742 A.N.A. 48780 This is your last opportunity to fill in on Silver Certificates before they are redeemed. Minimum Bids for Silver Certificates 50% over face. Send me your block letter needs. check what I have and will reply. Notes Issued By The CONFEDERATE STATES OF AMERICA NUMBERS BY CRISWELL TYPES Cr. Ty. Description 5 $100 1st Richmond G VG VF CU 75.00 Cr. Ty. Description G VG 40 $100 Train Diffused VF CU 15.00 45.00 60.006 $50 1st Richmond Steam 2.50 3.95 4.50 60.00 41 $100 Negroes Hoeing7 $100 Ceres 8 $50 Washington 3.50 7.50 10.00 14.00 Cotton 2.50 3.95 4.50 42 $2 Benjamin 1.95 3.509 $20 Sailing Vessel 3.50 4.95 2.50 4.00 7.5010 $10 Lib., Flag & Eagle 43 Benjamin Green 17.50$2 44 $1 Lucy Pirkins 1.95 3.50 12.0011 $5 Lib. & Eagle 35.00 75.00 125.12 $5 Manouvrier 30.00 Pinkins Green 4.95-- 45 $1 Lucy 22.5013 $100 Negroes Loading Lucy Pickins 49 $100 Davis 9.50Cotton 3.50 4.75 7.50 50 $50 Jeff 14 $50 Moneta 3.00 4.75 7.50 3.95State Capitol 51 $20 18 $20 Sailing Vessel 2.25 3.00 3.50 2.95Capitol 52 $10 State 20 $20 Industry 2.00 - 3.00 8.50 2.95Capitol 53 $5 State 21 $20 Alexandar Stephens 9.00 4.95 9.50 4.50 Benjamin 54 $2 24 $10 Hunter 4.9555 $1 Clay 25 $10 Hope 3.50 1863 Issue 7.95 18.5056 $100 1863 Issue 26 $10 Hope Ovpt. 3.50 3.50 6.50 Fine 275.00 57 $50 Issue 27 $10 Liberty, Shield, & Eagle 1.95 2.9558 $20 1863 28 $10 Ceres & Commerce 3.50 59 1863 Issue $10 1.95 2.95 7.50 19.50 1863 Issue 29 $1 0 Negro picking cotton 15.00 1.95 2.95 4.50 7.50 60 $5 30 $10 Sweet Potato Dinner 2.50 3.50 3.75 9.5061 $2 1863 Issue 31 $5 Five Sisters 15.00 25.00 62 1863 Issue 3.75 5.7545.00 $1 32 $5 Machinist 25.00 45.00 1863 Issue 63 50c 1.95 2.95 7.50 64 1864 Issue 33 $5 Memminger 9.50 17.50 2.50 5.00 $500 1864 Issue 34 $5 Memminger 2.95 4.2565 $100 35 $5 Indian Princess Left Bottom corner missing .... 275.00 Iszue 2.50 3.2566 $50 1864 36 $5 Ceres 1.95 2.50 3.00 7.50 1.95 2.2567 $20 1864 Issue 37 $5 Sailer 3.95 6.00 1864 Issue 1.95 2.7568 $10 1864 Issue 38 $2 Error Note (poor) .... 19.50 2.25 2.95 2.50 3.95 4.50 69 $5 70 $2 1864 Issue 39 $100 Train Strait Steam 2.95 4.95 XXI Fine 10.00 2.95 4.95 1.95 2.95 71 $1 1864 Issue 72 50c 1864 Issue $500, V.F. or better $24.50 $ 5 N. Y. Ch. 891 Unc. 25.00Special-1864 Issue 50c thru 5 pieces-Type 39 with 5 different printed reverse $ 5 Ohio, Ch. 4318 Unc. 25.00 (Essays?) 75.00 SMALL NATIONALS $ 5 Texas Ch. 4294 Ty. I X.F. $17.50 NATIONAL BANK NOTES 3rd CHARTER $ 5 Texas Ch. 13706, Serial 5 Ty. II 40.00 $10 Nebraska, Ch. 1417 Unc. $110.00 $10 Texas Ch. 3200, Ty. II Unc. 35.00 $ 5 Calif. (Napier-Thompson) $ 5 Colorado, Ch. 8572 V.F. $ 5 Conn. Ch. 657 A.U. $ 5 Conn. Ch. 1338 Unc. 2104 XF. 30.00 30.00 30.00 35.00 $10 Texas, Ch. 4294, Cut part other Note A. U. $20 Texas, Ch. 2198, Ty. I X. F. $23 Texc:, Ch. 7617, Ty, II, Ser. 104 Unc. $20 N. Y. Ch. 976 Ty. I, ser. 6 Unc. 30.00 30.00 35.00 35.00 $ 5 III. Ch. 11009 Unc. 25.00 $ 5 Texas Ch. 4294 Ty. I X.F. pair 65.00 $ 5 Ky. Ch. 3052 Unc. 30.00 $ 5 Texas Ch. 4294 Ty. II X.F. Have Dallas 4 Zero Stars, 1963A, to Trade for Others. NOWLEDGE gOFESSIDlik NUMISMRTiSTS GUILD ° (tic gam 91. 6iaw2, NUMISMATIST LIFE MEMBER A.N.A. 402 P.N.G. 65 P. 0. BOX 2381 • DALLAS, TEXAS 75221 HEADING THE BEST SELLER LIST OF ALL PAPER MONEY BOOKS DONLON'S "U. S. SMALL SIZE PAPER MONEY" 1968 ED. "THE LITTLE BOOK WITH THE BIG IMPACT" One authority writes: "I think this book created more paper money collectors than all other factors combined. - Same Low Price $1.10 ppd. DONLON WANTS TO BUY UNITED STATES LARGE SIZE PAPER MONEY CONDITION AS PERFECT AS CAN BE EXPECTED FOR THE VARIOUS ISSUES. DEMAND NOTES GOLD CERTIFICATES SILVER CERTIFICATES LEGAL TENDER NOTES TREASURY OR COIN NOTES FEDERAL RESERVE BANK NOTES NATIONALS, ALL SERIES, ALL STATES INTEREST BEARING NOTES, ALL TYPES. Prefer to purchase well planned. complete collections, but will also purchase accumulations, or individual notes. Your estimate of value of your offerings will be appreciated. Please describe fully in first letter. Small lots of U. S. Large Size Paper Money, may be submitted for my best offer which will be accompanied by check subject to your approval. WILLIAM P. DONLON United States Currency Exclusively and Full Time! A.N.A. 4295 Life Member No. 101 UTICA, NEW YORK 13503 PROTESSIONk NUMIS M IITISis ,, UILD .1NC S. P. M. C. No. 74 P. 0. BOX 144