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Paper Money - Vol. XIV, No. 1 - Whole No. 55 - January - February 1975


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Paper liteft4 BIMONTHLY PUBLICATION OF THE cocieq 4 Paper !honey CoIlectom Vol. XIV No. 1 Whole No. 55 Jan./Feb. 1975 Which is the real George Washington? Bill Koster tells, in his article on counterfeiting, Page 7. Star Sets (12) 29.75 (12) 28.75 ( 4) 9.75 (12) 27.75 (11) 25.75 ( 9) Write Soon Write Soon Write Six Star Sets 144.75 Star Sets - Last 2 Nos. Match 33.75 32.75 11.75 29.75 27.75 Write Write Write 159.75 SUPERB U. S. UNCUT SHEETS Beautiful Crisp New Sheets of Twelve-"Leaders" in Today's Great Rarities. These Potential "Best of Show" Winners can put Your Collection in the "Blue 'Ribbon Class". Just One or Two of most-So Subject to Prior Sale. WANTED-Perfect CN Sheets (4, 6, 12, 18). Call or Write. SILVER CERTIFICATE SHEETS 1928 $1 Tate/Mellon. Quantity issued is unknown but Very Rar 1928C $1 Woods/Woodin. Only 11 Sheets issued so Rarer than 1928E Sheets 1928D $1 Julian/Woodin. Only 60 Sheets issued-Far Less Exist today 1928E $1 Julian/Morgenthau. Only 25 Sheets issued but many were cut up and likely Less than 10 now Exist 1934 $1 Sigs. as last/ Only 25 Sheets were issued-Now Very Rare 1935 $1 Sigs. as last. 100 Sheets issued 1935A $1 Same Sigs. 100 issued 1935B $1 Julian/Vinson. 100 issued 1935C $1 Julian/Snyder. 100 issued 1935D $1 Clark/Snyder. Scarce Above Complete Set of all $1 Sheets-A Great Museum Collection LEGAL TENDER SHEETS 1928 $1 Woods/Woodin. Small Red Seal. Only Eight Sheets 1,699.50 were issued-and This, the Seventh Sheet Issued, indeed a Great Rarity and Truly an Exciting "Museum Show Piece" 10,449.50 is Priced Far below the Astronomical Price Range of many Coins of Lesser Rarity 9,989.50 5,449.50 1928C $2 Julian/Morgenthau. Only 25 Sheets issued-but Far Less Exist today 1,989.50 1928D $2 Julian/Vinson. Only 50 Sheets issued-Very Rare 1,649.50 1928F $2 Julian/Snyder. 100 Sheets issued but like others, many have been cut up 1,149.50 1928G $2 Clark/Snyder. 100 issued 989.60 Above Five Sheets-A Great Opportunity to acquire these Rarities 14,989.50 SPECIAL=These Two Great, Exciting Collections-Priced 36,689.50 at 49,998.50 14,449.50 1,849.50 1,149.50 1,099.50 1,199.50 949.50 889.50 $1 FEDERAL RESERVE SETS Superb Crisp New Sets-Buy Complete Sets 1963 Granahan/Dillon (12) 24.75 1963A Granahan/Fowler (12) 2.2.75 1963B Granahan/Barr ( 5 ) 8.75 1969 Elton/Kennedy (12) 18.75 1969A Kabis/Kennedy (12) 18.75 1969B Kabis/Connally (12) 17.75 1969C Banuelos/Connally (10) 15.75 1969D Banuelos/Schultz (12) 16.75 1963/1969D=All 8 Sets (87) 138.75 NOW at these Low Prices Sets - Last 2 Nos. Match 26.75 24.75 10.75 20.75 20.75 19.75 17.75 18.75 154.75 ALL-MATCHING NUMBERED SETS 1963/1969D (87)=Each Note with the Same Last Two Numbers 169.75 1963/1969B (63) Star Sets-Each with the Same Last Two Numbers 174.75 Please Write for our List of $1 F.R. Blocks -I- Also Small Size Notes & Accessories. Wanted - STAR NOTES - Wanted Paying Liberal Premiums for Packs (100) 1969B Dist. 9; 1969C Dist. 9-11-12: 1969D Dist. 1-2-6. Can Use Several Packs of Each. Please Call-or Write. WESTPORT CURRENCY ALBUMS Beautiful Album pages for following Sets: $1.00 Federal Reserve Sets-1963, 1963A, 1969, 1969A, 1969B, 1969C, 1969D each $2.95 $1.00 Block Set Pages-1963, 1969, 1969A, 1969B, 1969C, 1969D each 6.95 1963A, $13.95, 1963B 3.50 Deluxe 3-ring custom made binder-each 4.95 $1 "R" & "S" EXPERIMENTAL ISSUE 1935A $1 Red "R" & "S" Special Issue Notes. Superb Crisp New : Red "R" $99.75 ; Red "S" $69.75; The Pair 154.75 Similar Pair-Crisp New (not as well Centered) 124.75 DELUXE ANCO ALBUM A Handsome Durable Album. Size "10x11%". Gold Embossed Cover. Capacity 96 Large or Small Size Notes. Covers in Blue-Brown-Red-Green. (Specify Color desired). Price (Add $1.50 Shipping Charge) 12.95 IMPORTANT BOOKS-POSTPAID Send $1 for our Big Book Catalog (Lists over 100 on Paper Money). FREE with Order. Friedberg. "Paper Money of the United States". New 8th Ed.-DUE in DEC. Van Belkum. "National Bank Notes of the Note Issuing Period 1863/1935" Warns. "The Nevada 'Sixteen'." Price $17.50; but SPECIAL to SPMC Members Donlon. "U.S. Large Size Notes 1861/1923". 3rd, Latest Edition Hewitt/Donlon. "Catalog of Small Size Paper Money". New 11th Ed. Kemm. "The Official Guide of U.S. Paper Money". New 1975 Editio O'Donnell. "The Standard Handbook of Modern U.S. Paper Money". 4th Ed. (Third Edition of O'Donnell's Catalogue-While few Lasts $2.95) Shafer. "Guide Book of Modern U.S. Currency". 6th Edition 2.65* Werlich. "Catalog of U.S. & Canada Paper Money". New 1974 Edition 3.95* Schwan/Toy. "World War II Allied Military Currency". New 1974 Ed. 3.50 Toy/Meyer. "World War II Axis Military Currency". Out- of-Print 5.75 SPECIAL-Both Books 7.75 SPECIAL-Above BIG Six, STARRED * 19.75 Add 50c to Book Order for "Special Handling"-Faster P. 0. Service. Write 13.50 15.00 3.50* 2.25* 1.15* 9.75* "Aubrey and Adeline Bebee and their Stall extend to all, Very Best Wishes for a Joyous Holiday Season and a New Year of Peace-Good Health and Happiness". 100% Satisfaction Guaranteed. Please Add $1 under $100.00. Nebraskans add Sales Tax. BUY ON OUR E - Z PAYMENT PLAN. No Carrying Charges. Pay 1/4 Down, then 1/4 every 30 Days for the Next 3 Months. All Note Orders are Shipped Via Airmail. KNOWLEDGE N TEGRITY RESPO OLP '14 - 41 ROFESSIONk NUMISMATISTS ‘1 11.1)•INe' Bebee's, inc. "Pronto Service" 4514 North 30th Street Phone 402-451-4766 Omaha, Nebraska 68111 SOCIETY OF PAPER MONEY COLLECTORS INC. Founded 1961 Paper Money Official Bimonthly Publication of THE SOCIETY OF PAPER MONEY COLLECTORS, INC. PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, Inc., J. Roy Pen- nell, Jr., P. O. Box 858, Anderson, SC 29621. Second class postage paid at An- derson, SC 29621 and at additional entry office, Federalsburg, MD 21632. Annual membership dues in SPMC are $8.00, of which $5.25 are for a subscrip- tion to PAPER MONEY. Subscriptions to non-members are $10.00 a year. Individual copies of current issues, $1.75. © Society of Paper Money Collectors. Inc., 1975. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited. ADVERTISING RATES Vol. XIV - No. 1 Whole No. 55 Jan./Feb. 1975 BARBARA R. MUELLER, Editor 225 S. Fischer Ave. Jefferson, WI 53549 Tel. 414-674-5239 Manuscripts and publications for review should be addressed to the Editor. Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right to edit or reject any copy. Deadline for editorial copy is the 1st of the month preceding the month of publica- tion (e.g., Feb. 1 for March issue, etc.) SOCIETY BUSINESS Cr MAGAZINE CIRCULATION Correspondence pertaining to the business affairs of SPMC, including membership, changes of address, and receipt of magazines, should be addressed to the Secretary at P. O. Box 8984, Fort Lauderdale, FL 33310. IN THIS ISSUE: Contract Rates Space 1 Time 3 Times 6 Times Outside Back Cover $40.00 $108.00 $204.00 Inside Front & Back Cover 37.50 101.25 191.25 Full page 32.50 87.75 165.75 Half-page 20.00 54.00 102.00 Quarter-page 12.50 33.75 63.75 Eighth-page 8.00 21.60 40.80 25% surcharge for 6 pt. composition; en- gravings & artwork at cost + 5%; copy should be typed; $2 per printed page typing fee. Advertising copy deadlines: The 15th of the month preceding month of issue (e.g. Feb. 15 for March issue). Reserve space in advance if possible. PAPER MONEY does not guarantee adver- tisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. Advertising copy shall be restricted to paper currency and allied numismatic mate- rial and publications and accessories related thereto. All advertising copy and correspondence should be addressed to the Editor. THE VICE-PRESIDENT NOTE OF 1865 M. Owen Warns 3 ONE DOLLAR "ORIGINAL SERIES" NATIONALS WITH CHARTER NUMBERS —Howard W. Parshall 4 "NOTE-WORTHY NAMES" —Charles G. Colver 5 A SUPERB COUNTERFEIT/THE $100 COMPOUND INTEREST NOTE --William P. Koster 7 THE TREASURER OF THE CONFEDERATE STATES OF AMERICA 12 PAPER MONEY MARKET REPORT/ACTION AT AUCTION 13 WORLD NEWS AND NOTES M. Tiitus 18 NOTES ON BANK OF ENGLAND NOTES 18 FEDERAL RESERVE CORNER —Nathan Goldstein II 19 CORRECTION TO "CYRUS DU'RAND—INVENTIVE GENIUS" 19 SPMC BICENTENNIAL FEATURE: ALEXANDER HAMILTON AND THE UNITED STATES TREASURY WARRANT NUMBER 1 —Gene Hessler 20 SERIES OF 1914, FEDERAL RESERVE NOTES —Robert H. Lloyd 22 "UNITED SHARPERS": AN IMPEACHMENT ERA SATIRICAL NOTE —Harry G. Wigington 24 "CHATS ABOUT CHECKS" —Brent Hughes 26 PAPER MONEY PIONEER: D. C. WISMER —Richard T. Hoober 28 THE UNKNOWN FACTOR 32 The Society of Paper Money Collectors, Inc. SPMC CHRONICLE 29 SECRETARY'S REPORT Vernon L. Brown 33 MONEY MART 35 Cociell of Paper honey Collector-6 OFFICERS President J Roy Pennell, Jr. P. 0. Box 858, Anderson, S. C. 29621 Vice-President Robert E. Medlar 4114 Avenue Q, Lubbock, Texas 79412 Secretary Vernon L. Brown P. 0. Box 8984, Fort Lauderdale, Fla, 33310 Treasurer M. Owen Warns P. 0. Box 1840, Milwaukee, Wis 53201 APPOINTEES Editor Barbara R. Mueller Librarian Wendell Wolka BOARD OF GOVERNORS Thomas C. Bain, Vernon L. Brown, Forrest W. Daniel, James N. Gates, David A. Hakes, William J. Harrison, Robert E, Medlar, Eric P. Newman, Charles O'Donnell, J. Roy Pennell, Jr., Glenn B. Smedley, George W. Wait, M. Owen Warns, Harry G. Wigington, Wendell Wolka. When making inquiries, please include stamped, self-addressed envelope. Society Library Services The Society maintains a lending library for the use of mem- bers only. A catalog and list of regulations is included in the official Membership Directory available only to members from the Secretary. It is updated periodically in PAPER MONEY. For further information, write the Librarian—Wen- dell Wolka., P.O. Box 366, Hinsdale, III. 60521. The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the American Numismatic Association and holds its an- nual meeting at the ANA Convention in August of each year. MEMBERSHIP—REGULAR. Applicants must be at least 18 years of age and of good moral charter. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral char- acter. Their application must be signed by a parent or a guardian. They will be preceded by the letter "J". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or to vote. Members of the A.N.A. or other recognized numismatic organizations are eligible for membership. Other applicants should be sponsored by an S.P.M.C. member, or the secretary will sponsor persons if they provide suitable references such as well known numismatic firms with whom they have done business, or bank references, etc. DUES—The Society dues are on a calendar year basis and are $8.00 per year, payable in U.S. Funds. Members who join the Society prior to October 1st receive the magazines already issued in the year in which they join. Members who join after October 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. One of the stated objectives of SPMC is to "encourage research about paper money and publication of the re- sultant findings." In line with this objective, the following publications are currently available: OBSOLETE BANK NOTE LISTING SERIES Hard-covered books profusely illustrated Texas Obsolete Notes and Scrip by BOB MEDLAR Postpaid to members, $6.00 Others, $10.50 Florida Obsolete Notes and Scrip by HARLEY L. FREEMAN Postpaid to members, $4.00 Others, $5.00 Vermont Obsolete Notes and Scrip by MAYRE B. COULTER $10.00 postpaid —Dealers—Write for Quantity Prices to J. Roy Pennell, Jr. P. 0. Box 858, Anderson, SC 29621 Back Issues of PAPER MONEY $1.00 each while they last All issues from Vol. 4, No. 2, 1965 (Whole No. 14) to date. Earlier issues are in short supply. A limited supply of bound books containing two volume- years each also available for $12.50 per book. Specify Vols. 5 and 6 (Nos. 17-24) ; or 7 and 8 (Nos. 25-32) ; or 9 and 10 (Nos. 33-44). Send remittances payable to The Society of Paper Money Collectors, Inc. J. ROY PENNELL, JR. P. 0. Box 858, Anderson, S. C. 29621 Be Sure To Include Zip Code! The National Bank Note Issues of 1929-1935 by M. 0. WARNS-PETER HUNTOON-LOUIS VAN BELKUM This is a hard-covered book with 212 large pages and 329 illustrations. $9.75 Postpaid $12.00 to Others Send remittance payable to The Society of Paper Money Collectors, Inc. M. 0. WARNS P. 0. Box 1840, Milwaukee, Wis. 53201 Be Sure To Include Zip Code! R. I.Three-signature note—First National Bank, Woonsocket, v.M.F40.14.W-14P.-tloria.i€A-EwErdar..„ 'National giant 401413.344X, ' 1-paU-__ e "/.///lA,t/ 1 /1 1//1/1 /if/ /// f. . e.4). tit "Jos. E. Cole Vice Pres't." WHOLE NO. 55 Paper Money PAGE 3 The Vice - President Note of 1865 . . . THE FIRST NATIONAL BANK OF WOONSOCKET. RHODE ISLAND By M. OWEN WARNS THE NATIONAL Bank Note with three officers'signatures shown here is the first of its kind which we have seen. Whether the third officer's signa- ture was added intentionally becomes a matter of con- jecture at this late date. Whether this particular note and those notes of other denominations from this bank bearing the third officer's signature were placed in gen- eral circulation is also a matter of conjecture. How- ever, the copy illustrated does show moderate wear in- dicating circulation. The obvious question then arises: Was the third signature added before the note was circulated? This note could be unique in two respects. First, it is the only such note which has survived. Second, the issuing bank, charter 1402, seems to have been the only National Bank to employ three officers' signatures on its notes. If you have a similar note, please report it to the author, who is indebted to David J. Levitt for bringing this unusual specimen to our attention. The note. Friedberg #380. dated Aug. 15, 1865, is from the original printing of first charter notes by the American Bank Note Co. It bears. in addition to the hank officers' signatures, those of S. B. Colby, Secretary One Dollar "Original Series" Nationals WITH Charter Number By HOWARD W. PARSHALL .KZP.P410014114MAR401)01oNt. fitrifiiirs IiitYlttitteiNationaltianit 7s( ` ny,Kurl v N. • PAGE 4 Paper Money WHOLE NO. 55 of the Treasury, and F. E. Spinner, Treasurer of the United States. The charter number 1402 was omitted, the normal practice for notes printed during this period. ( However, some did have the numbers; see Howard Parshall's article in this issue.) The serial number A421784, the hank tally number 1467, and the Treasury seal are in red. The penned signature of E. Morris, president, is in black, while the signatures of Jos. E. Cole, vice-president, and R. G. Randall, cashier, are in brown ink. The bank itself was liquidated early in 1902. Visible (hopefully) in the enlargement of the Cole signature is what appears to he the intentionally printed position title "Vice Pres't." in an old English style type face. This tends to indicate that the third signature was not an afterthought or a whim. Rather it reflects a definite and permanent approach conceived to create an aura of trust, security and prestige for the banking busi- ness. Several theories can be advanced for the reasons that prompted the addition of the third signature, viz.— (A) Jos. E. Cole was a vain or important personage in Woonsocket. (B) Jos. E. Cole wanted recognition for a consider- able financial interest he put into the bank's capitaliza- tion. (C) The bank wanted to impress the public with the strength of its leadership in view of the prevalent and numerous bank failures at the time. (D) The president of the bank could have been stricken with a terminal disease with no prospect for recovery: such a situation could have resulted in the bank officers' decision to add the signature of the vice- president to any new notes that remained in the vault at the time. This action would have created an over- lapping, face-saving sense of security designed for public as well as customer consumption. One can be imaginative into the wee hours as to what the actual reason was for adding the vice-president's signature; your guess is as good as ours! In passing we might ponder about the Treasury Department's action in the matter. This was an irregularity. It would be of interest to learn the facts. Perhaps in the future an industrious researcher will take time to satisfy his curiosity by visiting the National Archives and ferreting out the facts from the voluminous cache of records of the Comptroller of the Currency that would shed light on the circumstances surrounding the bank's involve- ment in this highly unusual incident. IOR YEARS this collector of National Currency has read and heard it said: "The bank charter number overprint on Original series one and two dollar notes first began to appear in about 1873." This article proposes to show that some of the one dollar notes printed as early as 1865 carried the bank's charter number. According to William H. Dilliston in his booklet "National Bank Notes in the Early Years" (reprint from The Numismatist) page 14, the first million sheets of one and two dollar Nationals were issued between March 28, 1865 and October 4, 1865. The U. S. Treasury serial numbers were RED and without prefix letter or suffix bracket. The second million sheets carried BLUE U. S. Treasury serial numbers, also without prefix letter or suffix bracket. These notes were issued between October 4, 1865 and March 23, 1866. Between March 23, 1866 and August 19, 1875, four and one-half million additional sheets of notes were issued to the banks with RED serial numbers, prefix letters A, B. C, D. E (ended 543882), and suffix brackets. The Farmers and Mechanics National Bank of Buffalo, New York, is one example of the charter number over- print on notes issued as early as the summer of 1865. Illustrations of one dollar Nationals on this bank may be examined on page 11 of John A. Muscalus' booklet. "National Bank Notes of Buffalo and Vicinity, 1865- 1929." WHOLE NO. 55 Paper Money PAGE 5 The earlier issue one dollar note (Treas. #513787 RED Bank #756) does not carry the bank charter, while the second one (Treas. #579625 RED, Bank #47821 carries Charter 453. Since the first million sheets of one dollar Nationals were issued by October 4, 1865, we are able to establish the date of issue as having occurred prior to that time. This collector has been informed of the existence of a one dollar National on the First National Bank of Provincetown, Massachusetts, with charter number 736 overprinted and having the BLUE (Treas. #285635) U. S. Treasury serial number. Even though this is the only note known to the writer which contains both the BLUE serial number and bank charter number, it sup- ports his belief that a few banks received one dollar Nationals with charter number overprinted between 1865 and 1873. At the present time, the writer has recorded 79 Original series one dollar Nationals with charter num- bers. The U. S. Treasury serial numbers are known on only 20 of these notes. The total quantities of notes with serial numbers reported for each serial series are: RED, three notes; BLUE, one note; RED Prefix C, one note; RED Prefix D, five notes; RED Prefix E, ten notes. The absence of U. S. Treasury serial numbers on the vast majority of notes reported is unfortunate. However, the writer is of the opinion that the addition of the bank charter number to the Original series one and two dollar notes first became wide-spread with the "D" prefix. There appears to be little question that a few banks between 1865 and 1873 received sheets of one and two dollar Nationals with the bank charter number over- printed on the notes. This practice seems to have be- come popular and widely practiced by 1873. One of the important changes in the printing of the "1875 Series" notes (October 16, 1875 to December 13, 1878) was the addition of the bank charter number on every note issued. Research on these early notes has been neglected until recently. The writer would appreciate any additional information, especially U. S. Treasury serial numbers, on the notes listed at the close of this article. Send information to: Howard W. Parshall, P. 0. Box 191. Pineville, Louisiana 71360. Listed below are one dollar "Original Series" nationals reported to this writer which have the bank charter num- ber overprinted. RECONSTRUCTED SHEETS: Illinois, Lincoln First N. B., #2126 Minnesota, Winona, Merchants N. B., #2268 Ohio, Newark, First N. B., #858 TERRITORIAL NOTES: Dakota Territory, Yankton, First N. B., #2068, (Treas. #D395394) Montana Territory, Helena, First N. B., #1649 Wyoming Territory, Laramie City, Wyoming N. B., #2110 NOTES BY STATES: Connecticut, Birmingham, Birmingham N. B., #1098 (Treas. E151772) Connecticut, Hartford, City N. B., #1377 (Treas. #E126633) Illinois, Macomb, First N. B., #967 Illinois, Alton N. B., #1428 (Treas. #E509985) Illinois, Winchester, Peoples N. B., #1821 Illinois, Marengo, First N. B., #1870 Illinois, Kansas, First N. B., #2011 (Treas. #E480864) Illinois, Chicago, Home N. B., #2048 Illinois, Lincoln, First N. B., #2126 Indiana, Centerville, First N. B., #37 Indiana, Lafayette, LaFayette N. B., #2213 Iowa, Dubuque, Commercial N. B., #1801 Iowa, Monroe, First N. B., #2215 Kansas, Atchison, First N. B., #1672 Kansas, Paola, First N. B., #1864 Kansas, Emporia, First N. B., #1915 Kansas, Emporia, Emporia N. B., #1983 Louisiana, New Orleans, Union N. B., #1796 (Treas. #D833405) Maine, Augusta, First N. 13., #367 Maine, Gardiner, Oakland N. B., #740 Massachusetts, Springfield, Second N. B., #181 Massachusetts . Third N. B., #308 Massachusetts, Weymouth, Union N. B., #510 Massachusetts, Salem, Naumkeag N. B., #647 Massachusetts, Waltham, Waltham N. B., #68.8 Massachusetts, Provincetown, First N. B., #736 (Treas. #285635 BLUE) Massachusetts, Taunton, Taunton N. B., #957 Massachusetts, Boston, N. Union B., #985 Massachusetts, Hyannis, First N. B., #1107 Massachusetts, Fitchburg, Wachusett N. B., #2265 Minnesota, Faribault, Citizens N. B., #1863 Minnesota, Winona, Merchants N. B., #2268 (Treas. #E472275) Missouri, St. Louis, St. Louis N. B., #1112 New Hampshire, Portsmouth, First N. B., #19 (Treas. #C583876) New Hampshire, Concord, First N. B., #318 New Jersey, Freehold, Freehold N. Banking Company, #951 New Jersey, Newark, Manufacturers N. B., #2040 (Treas. #D284935) New York, Fishkill Landing, First N. B., #35 New York, Geneva, First N. B., #167 (Treas. #E230780) New York, Portchester, First N. B., #402 (Treas. #359433 RED) New York, Buffalo, Farmers and Mechanics N. B., #453 (Treas. #579623 RED; #579625 RED) New York, Lockport, Niagara County N. B., #639 New York, Troy, Troy City N. B., #640 New York, Poughkeepsie, Fallkill N. B., #659 New York, Buffalo, Third N. B., #850 (Treas. #D124156) New York, Troy, N. State 13., #991 New York, Saratoga Springs, Commercial N. B., #1227 New York, New York, Continental N. B., #1389 New York, Haverstraw, N. B. of Haverstraw, #2229 (Treas. #E388611) North Carolina, Fayetteville, Peoples N. B., #2003 Ohio, Youngstown, First N. B., #3 Ohio, South Charleston, First N. B., #171 Ohio, Pinesville, First N. B., #220 (Treas. #E8878) Ohio, Athens, First N. B., #233 Ohio, Ironton, Second N. B., #242 Ohio, Ravenna, Second N. B., #350 Ohio, Newark, First N. B., #858 Ohio, Tiffin, N. Exchange B., #907 Ohio, Springfield, Mad River N. B., #1146 Ohio, Plymouth, First N. B., #1904 Ohio, Napoleon, First N. B., #1917 Ohio, Sandusky, Third N. B., #206 Pennsylvania, Allentown, First N. B., #161 Pennsylvania, Athens, First N. B.. #1094 Rhode Island, Newport, Newport N. B., #1492 (Treas. #E415130) Rhode Island, Wickford, Wickford N. B., #1592 (Treas. #D869455) Rhode Island, Providence, Manufacturers N. B., #1283 Rhode Island, Warren, N. Warren B., #1419 Tennessee, Bristol, First N. B., #2167 Vermont, Burlington, Merchants N. B., #1197 Vermont, Manchester, Battenkill N. B., #1488 (Treas. #E156714) Wisconsin, Appleton, First N. B., #1749 "Note - Worthy Names" By CHARLES G. COLVER ANK officers' signatures on U. S. National Bank Notes offer an intriguing study. The longevity of the series saw the signatures evolve from a primitive quill pen type with its distinctive flourish clear through to a wholly-printed signature from engraved printing plates. Naturally the earliest notes are the most interesting. With relatively few notes to sign, the bank officers, president and cashier, took pen in hand and accom- plished the deed quickly. Unfortunately, many times the quality of the ink used was not too good, and the images have long since faded entirely away. Some- times one sees notes offered as "rare unsigned" while actually it is just a case of "disappearing ink" effect. Now and then we find a nice note with the old signatures "helped a bit," but remember, ball-point pens were unheard of during the large-size note era. PACE 6 Paper Money WHOLE NO. 55 WASHINGTON OFFICE OF THE CHICAGO RECORD, WILLIAM E. CURTIS. POST BUILDING. WASHINGTON, D. C. ITovewiber 19, 1900. Mr. Ward T. Huston, 34. Clark Street, Chicago, Ill. Dear Sir:--The Comptroller of the Currency holds that it is not necesnary under tne law for officers of national banks to sign the circulating notes in law required pen and ink; that they may use fac simile stamps. The ink until 1802 when an act was pass ed making the notes of national banks good whether signed by bank officei's or not. Since then the officers have been given latitude, and while the presi- dent or vice president and the cashier must sign they can do so as they please. Very truly yours, Photocopy of letter dated 1900 relative to legality of signing National Bank Notes by facsimile means. Increased issues caused busy bankers to delegate the signing of their notes, usually to a lesser officer. Thus, many notes bear a name and a handwritten "a" for "assistant" before cashier, or a "v" for "vice" ahead of president. Sometimes almost anyone handy in the bank would do the honors, in a sense forging the actual offi- cers' signatures. Many of us have heard time and time again the tale of the early banker who loved to carry a sheet of unsigned notes in his coat pocket. Entering a place of business, he would whip out the sheet, cut or tear off a note, sign it with flourish, and tender it to the bewildered salesperson. Ever-increasing issues led first to the fountain pen, and then to the development of a gang pen. This was a method of attaching four pens, controlled by a hand- held master, and signing all four notes in the sheet at one time. Eventually even this method became too slow and arduous. Finally the rubber stamp signature was authorized and became commonplace. Just about any- one could perform the task and still get a reasonable facsimile of the official handwriting. Usually stamped signatures can be distinguished by bad placement, tilting, poor inking, smearing, unusual (stamp pad) color inks and a blotchy appearance. Normally, stamp pad .ink does not tend to fade like many of the pen inks, one thing to be said in its favor. Many early bankers had very distinctive handwriting. showing many a flourish. Sometimes a large note will be referred to as a "vanity," due to the extra-large signatures. Occasionally such a signature will extend across half or More of the face of the entire note. Over- lapping onto the note below was common, and many notes show the remnant at the top even after cutting. Upon examining banker's signatures, one must soon conclude they possess the worst handwriting of any profession with the possible exception of medical doctors! Some bank officers may be traced about from bank to bank or to another town by their distinctive signatures. Some show a move from cashier to the president posi- tion during the note-issuing period while others might indicate a family-owned bank with both positions bearing the same surname. Very few notes are signed by women bankers but a few do bear reference to a pro- fession such as "Dr." Autograph collectors would revel at some of the famous names found handwritten on early bank notes. Names such as J. P. Morgan come to mind. Take heed though, the Charles Curtis signing the Bank of America, New York, notes is not the same man as U. S. Vice-President Curtis under Herbert Hoover. With the advent of small size notes in 1929, the his- toric period of hand signatures came to an end. All officers' names were engraved into the plates and printed on sheets of six notes in a single operation. Exit for- ever autographed bank notes. The small capital letter and number which appear in the upper left-hand corner just below the denomination numeral on the face of a Federal Reserve Note are re- ferred to as the plate position number. This designates the position of the note on the 32-subject face plate from which a particular bill was printed. -,O(4 .o cai)5C40(.41DC,Ac.'301:10, TB 0 .11f. '10.11Fri k_.. -1111GIO.C.4 ), )(Ht )-• 'N 'NOR / / / 7'// O // ,////17(////o/r .I///// //7/////(///// ONE/JUNOEO 11/NNÄ,N,..tetN.6et=6 11).,cils).)ry,4) as, evse:01C,,0 5'16 6 / MI_ 7,/ / 6, 6- OHE HUNDRED DOILARS 4646),,, ER.67 61 ,..6 per ,766)/T,wiikri6;46/ ,,,NuTSIX MORI OS 66,666,6 6,,,, ,b/P6vi,6,, ,)/666./66,60,,kik/k66 , 6 HOW IIS /66,6,6 , Jr)6eh 6tit Of ONE. YEAH IS MONTHS WIMANS 50 MONTHS• NUE TEARS WHOLE NO. 55 Paper Money PACE 7 A Superb Counterfeit THE S100 COMPOUND INTEREST NOTE By WILLIAM P. KOSTER . . . a counterfeit so deceptive that we must now ask, "Are there any genuine $100 Compound Interest Notes in existence?" FEW months ago I was asked by Bill Donlon to verify the authenticity of a $100 Compound Interest Note, the one offered by him in his June 28, 1974 Mail Bid Sale. After some investigations and study, it was concluded without doubt that this note was counterfeit. In looking at illustrations of other notes of this type and in light of the characteristics of Donlon's known counterfeit, more suspicions have been raised. Based on a preliminary assessment of the notes as can be seen from their photographs, Friedberg's illustration, Hessler's illustration and also the note sold at the ANA Auction in New Orleans in 1972 all appear to he coun- terfeit. These latter allegations could only be confirmed, however, from a study of the actual notes and not merely from photographic illustrations. As PAPER MONEY readers well know, our Federal Government first printed currency to fund the Civil War. This activity was started in the midst of widespread counterfeiting of the then circulating commercial and state hank issues. And in spite of safeguards against it, the Federal issues also came to be widely counterfeited. So widely, in fact, that it was reliably estimated in 1867 that about one-third of all paper money then in circula- tion was counterfeit! This situation was discussed in Fig. 1. Face of the $100 Compound Interest Note known to be counterfeit. Fig. 2. Reverse of the above note. PAGE 8 Paper Money WHOLE NO. 55 previous articles on counterfeiting which were published in PAPER MONEY (Whole Nos. 72 and 73, 1972). The first good counterfeits to appear in quantity were of the $50 Legal Tender Note, Series of 1863. The $100 notes as well as the smaller notes of this series were also copied. Counterfeits of $10, $20, and $100 National Bank Notes also began to circulate widely. A counterfeit of the $50 Compound Interest Note be- came troublesome at the close of the Civil War. Today, this note is recognized as having been successfully copied in quantity and occasionally one is seen at a numismatic event. The $100 Compound Interest Note, however, does not carry this same reputation. This note has not been recognized as having been widely counterfeited, although counterfeit detectors of that era identify one counterfeit series as follows: Plate "B," dated May 15, 1865 (plates captured March, 1866) The existence, today, of known counterfeit copies of the $100 Compound Interest Note has not previously been documented, to my knowledge. On the other hand, the scarcity of genuine copies of this note, since one known copy is verified as counterfeit and three others are suspect, offers new intrigue for the syngraphist. Counterfeits of the Civil War era were, for the most part, produced by hand engraving .. . meticulous copy- ing of the genuine. The majority of these counterfeits were not particularly good and could be detected with a little care. As I have described in previous articles, the hand engraving of vignettes and other features of the notes produced copies that frequently looked very much like the real thing but which were not exact dupli- cates. The geometric lathe work on these early notes, which played a large part in making them difficult to counterfeit effectively, was especially hard to copy on a freehand basis or with some simple drafting machine. In that period, counterfeits were judged and detected by comparison of engraving features on a suspect note with those on a copy known to be genuine. For this reason, the publishing of counterfeit detectors flourished. (Heath's detectors are commonly seen today and appear now and then in currency sales.) These were helpful to bankers, commercial houses, etc., by providing im- pressions of plates obtained from the Treasury Depart- ment, obviously genuine, for comparison with a suspect note. Precisely the same technique was used to examine the $100 note submitted by Mr. Donlon. Comparison of features of that note with known genuine vignettes clearly indicated that it was a counterfeit, as illustrated in this article. The main vignettes on this $100 note are not found in detectors of counterfeit currency but rather in bond detectors. The three main vignettes on the face of this note were located, in the genuine version, in "American Bond Detector and Complete History of the United States Government Securities," The American Bond and Currency Detector Company, Washington, D. C., 1869. This document covers U. S. bonds of all types, issued in a surprisingly large number of series, from 1861 through 1868. And of course, the Compound Interest Notes were legally considered as bonds although they did circulate to some extent as currency. The front and back of the Donlon note are shown in Figures 1 and 2. The condition is Fine-Very Fine, which is fortunate because, among other things, it per- mits a detailed photographic study of the engraving de- tails. (In contrast, most counterfeits from this period approach the "rag" condition, presumably because they were artifically aged by their makers before passing them, in order to reduce the chance of detection as a fake.) There are features evident in Figure I which, once recognized, will identify the note as counterfeit, as will he described later. When I first examined this note in Bill Donlon's office, it looked legitimate, or at least I wanted to think that it did. The reverse appeared to be excellent in every de- tail and the face also, except for the two denomination medallions at the upper right and left containing the "100." In these, the geometric lathe work did not appear as uniform and well-formed as it should be; the 1-0-0 also appeared a hit crudely formed . . . but much better than on many other counterfeits I had seen. And the back was so perfect. "Maybe over-inking had con- tributed to the problem or maybe since this engraving was made in the early days of U. S. securities production, things for some other reason were not quite up to snuff. After all, the reverse appeared to be perfect." Only after a comparison with the genuine as shown in Figures 3a versus 3b could the counterfeit nature of the note be positively established. But when the two are compared side by side, the difference is quite obvious. High magnification photographs of other areas of the note are both interesting and revealing . . . and also convincing. Washington's portrait is compared in Figure 4. At close range, there are several differences, the most obvious of which are the eyes and the mouth (consistently tough spots for counterfeiters). More subtle, however, is another difference which will become important later: Hold Figures 4a and 4b at arm's length and note the predominance of Washington's left eyelid, which is accentuated by the dark shadow of the left eyebrow. This is a characteristic feature, about which we say more. Closeup views of the statue of Justice, a vignette shared with some of the 500 fractional currency notes, are shown in Figures 5 and 6. Eye problems again pre- dominate; the counterfeit Justice looks cross-eyed. The mouth is also poor, there is an extra lock of hair on the left side of the face, as viewed, and the strings holding the balance pen are too prominent. But we have to marvel at a guy (presumably, but could be a gal) who would painstakingly copy dot for dot the line for line in actual size and come up with an engraved copy so good ... must have taken months and months. But may- be it seemed really worth the effort to those people .. . and worth the risk, too. In that era, a $100 note would buy about what $1,000 will buy today. And for most, the $100 was a lot harder to come by than is $1,000 today. I am reminded that in 1870, for example, the standard wage in the machine tool industry here in Cincinnati was 12¢ per hour with straight time for overtime including Saturdays and Sundays when worked . . . foremen were a. Counterfeit b. Genuine a. Counterfeit b. Genuine WHOLE NO. 55 Paper Money PAGE 9 Fig. 3. Close-up view of the denomination medallion of the counterfeit note (upper left corner) compared to a genuine impression. Observe the fuzziness both of the boundaries and the intersections of the geo- metric lathe work patterns. wealthier: 14 to 150 per hour! When a few "C" notes equaled a year's earnings, maybe this meticulous effort seemed worth it. Sort of sidetracked. Another comparison, perhaps showing the best of the three counterfeit vignettes, is shown in Figure 7. Subtle differences can be seen, but there is one positive telltale. In the genuine, the stars in the field of the flag are shown both above and below the panel which the female figure is holding. In the counterfeit, stars are absent below the panel. Without an observation of that difference, it would be very diffi- cult to look at a copy of this vignette and know for sure whether it was "good" or "bad." This one is an excel- Fig. 4. The central vignette of Washington. The de- fective eyes and mouth are most obvious. The promi- nent left eyelid on the counterfeit, once recognized, provides a quick means of identification. lent, but not perfect, likeness of the original except for the omission of the stars. The back of the note is another story. I thought it looked genuine when I first saw the note at Bill Donlon's office. And after a much more detailed look under a binocular microscope and with high magnification photographs, I still think it looks good. Figures 8a and 8b show some of the details. Note, in Figure 8a, the precision of the geometric lathe work. The lines are smooth and continuous with rounded curves; the inter- sections of these lines are uniform, clear and distinct. In contrast, the intersections of the lines that make up a lathe work pattern in a known counterfeit are fuzzy a. Counterfeit b. Genuine a. Counterfeit b. Genuine PACE 10 Paper Money WHOLE NO. 55 Fig. 5. Vignette of Justice in close-up. Here again the eyes and mouth are poorly copied. An extra lock of hair may be seen at the right side of the head. and irregular, as may be seen by comparing Figure 3a with 3b. Likewise, the details in Figure 8b look too good to have been copied by hand engraving, even when done with the aid of a drafting machine. The face of the note is counterfeit, without question. But one wonders about the back. We know that these notes were usually printed by several companies, one doing the face, one doing the reverse (usually printed first) and a third source, the U. S. Treasury, affixing the seal and serial numbers. In this regard, the basic printing of the National Bank Notes was done at three different sources as a security measure. The two-color reverse (black and green) plus the face comprised the three basic printings of these notes which Fig. 6. An extreme close-up of the head of Justice. Note that the actual geometric differences between the counterfeit and genuine are small but that even these small differences result in a different total appearance. were done at separate printing locations . . . separate banknote companies . . . until the Bureau of Engraving and Printing absorbed this work in the 1875-78 era. Well, anyway . . . the point to this train of thought is that this note might be a counterfeit face printed on a stolen reverse copy of a genuine impression! Records do indicate that banknotes were stolen in various stages of production before reaching the Treasury for the im- printing of the seal and for that matter, stolen from the Treasury building itself before distribution to the sub- treasuries and banks. For my part, this is pure specula- tion. If someone comes up with a $100 Compound Interest Note or a $100 One Year Interest Bearing Note with a legitimate face, the examination of the other side will tell the story. a. Counterfeit b. Genuine WHOLE NO. 55 Paper Money PAGE 11 Fig. 7. Close-up of the left vignette on this note. The counterfeit copy is very good but lacks stars on the flag in the area under the panel or shield that the figure is holding. This is a means of rapid detection on this particular note. After ascertaining that the Donlon note was counter- feit. some interesting observations were made. An examination of the Friedberg illustration of this note, Fr. 193, and also of the One Year Interest Note, Fr. 199, showed differences between them. The vignettes of the One Year note look like the genuine, while those of the Compound Interest Note resemble the counterfeit ver- sion. There are three or four features discernible in the photographs: 1) Washington's left eyelid/eyebrow stands out on Fr. 193 as it does on the known counterfeit, but not so on Fr. 199. Fig. 8. Close-up of two areas of the reverse of this note. The appearance is excellent. As explained in the text, the Donlon note might be a counterfeit face printed on a stolen, genuine impression of the reverse plate. 2) The illustration of Fr. 193 lacks the stars as does Figure 7a. Fr. 199 appears to have stars in the area under the panel as shown in Figure 7b. 3) In the central vignette, Washington is standing be- fore a wood-trimmed Victorian couch (not from Washington's era, but rather from the time that the v ignette was engraved!). Note that the outline of the wooden frame to Washington's right is much more pronounced on Fr. 193 and also on the counter- feit Donlon note than on the illustration of Fr. 199. 4) There is also a mechanical difference that can be a telltale. The position of the center of Justice's hand balance with respect to the border of the "100" medallion above it is shown on the known counterfeit note in Figure 9. The position is the same in the Fr. 193 illustration of the Compound Interest Note. This relative positioning is different . . . or appar- ently so . . . on the illustrated copy of Fr. 199, This difference is also shown in Figure 9. PAGE 12 Paper Money WHOLE NO. 55 Fig. 9. Close-up of the right end of this counterfeit $100 Compound Interest Note. Note the position of the center of the balance which Justice is holding in rela- tion to the medallion above it. In the genuine, the center of the balance is shifted to the left as indicated by the vertical dashed line in the illustration. Since the designs and master plates for both of these notes were the same but since there are geometric differ- ences. one must be hand-copied counterfeit. lacking, as always, in being a precise copy of the original. Stacking up all of the evidence, it appears that the $100 Com- pound Interest Note illustrated by Friedburg as his Fr. 193 is counterfeit but that the One Year Interest Note illustrated as Fr. 199 is genuine. Looking further, four illustrations of the $100 Com- pound Interest Note were readily located (no presump- tion is made that this is a complete list) in my files. These are listed below with certain characteristics: OVERPRINTED SOURCE PLATE SERIAL No. ISSUE DATE Donlon - June 28, 1974 Sale 4,13, 78226 May 15, 1865 Friedberg Illustration (Fr. 193) .3, 70013 May 15, 1865 Hessler Illustration (H 1137) .3, 70119 May 15, 1865 ANA 1972 Sale, Lot No. 1081 "B" 75237 May 15, 1865 Interestingly, from my point of view (since I am not the owner of one of these notes I. all four of them appear to have been printed from the same plate. While some of these illustrations are small. Washington's prominent eyebrow, the frame of the couch behind him, and the mechanical positioning illustrated in Figure 9 all appear to confirm this conclusion. The fact that all four notes bear plate letter "B" as well as the issue date of the historically recorded counterfeit series is not the basis of judgment, but is supporting evidence. One of the four notes is known to be counterfeit. The other three mentioned above strongly appear to be, but one could not be certain unless the actual notes were examined. This raises a fascinating question: Are there any genuine $100 Compound Interest Notes in existence? It is certain that if one or more genuine copies of this elusive note are uncovered, they are rarer than has been estimated by numismatic studies and appraisals made to date. The Treasurer of the Confederate States of America (The following originally appeared in the April, 1919 issue of The Numismatist T is not the intention of THE NUMISMATIST to become a biographical dictionary, but it would seem proper to make a single departure from the beaten paths of numismatics on account of one bill of the Confederate issues (my No. 30, THE NUMISMATIST for December, 1917, page 490). The hunt for the name of the man shown on this bill was the longest, hardest and most elusive of any research work I have ever done, and when at last the portrait was found to be that of John Elliott Ward, Mayor of Savannah, Ga., in 1854, and at that A MAN WHOSE SYMPATHIES WERE WITH THE NORTH, WHO BELIEVED THAT THE SOUTH WAS IN THE WRONG AND WOULD FAIL IN ITS ENDEAVORS, AND WHO LEFT THE SOUTH PARTLY ON AC- COUNT OF HIS BELIEF, the placing of his portrait on Confederate money partook of the nature of a hugh joke. I therefore present a portrait and brief history of the man whose portrait should, I believe, have been placed on the note—the Treasurer (and the only Treas- urer) of the Confederate States of America, the Hon. Edward C. Elmore, who personally signed all the bills issued at Montgomery, Ala., before Richmond was made the permanent headquarters of the Confederacy. The subject of this sketch was a very modest man, who invariably avoided the limelight of publicity so eagerly sought by mediocre public men. He has, therefore, never till now received the full measure of commendation to which his ability and record as a public official entitle him. He was in every sense of the term a representative business man and typical gentleman of the old school. His features bore the expression of firm resolution, the calm, quiet repose of self-possession, and a high order of intelligence and character. Mr. Elmore had been well trained in the best schools of the banking business of the day, in which, to personal integrity and scrupulous exactness in details, were added the graces and accomplishments of a culture more general than the one single thought and engrossing purpose of a money changer. Because of his high personal character and known integrity he was a representative among the financiers of Montgomery, Ala., and readily received the endorsement of the best known men of that city when suggested as a proper custodian of the money and securi- ties of the Confederacy. Without hesitation, President Jefferson Davis, on the approval of Secretary Memminger, sent in the name of Mr. Elmore to the Provisional Con- gress as Treasurer, and he was at once confirmed, his appointment being the first among those having charge of the several subdivisions of the Treasury Department. When one thinks of the enormous sums needed to fit out and maintain the Confederate army, to construct a navy where none had existed, to provide for the civil branch of the service, supplying purchasing agents and diplomatic representatives abroad with funds, it can be easily understood that his duties called for a man of large capacity. Environed as he was, and constantly annoyed by the large number of quartermasters, com- missaries, disbursing officers and politicians, all clamoring for money, he was under the most trying conditions, a self-poised, calm, deliberate gentleman, courteous to all, and most affiable in his manner. It is an error to sup- pose that he had only to receive, count, keep and pay out the money of the Confederate Government. As Treasurer, (Continued on Page 25) Paper MoneyWHOLE NO. 55 PAGE 13 ••■■.,•■• PAPER MONEY MARKET REPORT athan attfraDil (All descriptions and summaries are taken from the auctioneer's publications.) Stanley Gibbons Auctions, Sale of June 24, 1974, Lon- don, England. World Paper Money (Prices in pounds sterling) AUSTRIA Est. Value 135 Court Circular, dated Vienna August 1808. announcing the issue of 5 Gulder notes and containing a proof of the notes inside. GF £25 19 AUSTRIA (NOTGELD) 137 Three printer's test pulls for Neumarkt, Salzburg and Steinwald VF 12 8 138 Withering. Four printer's test pulls for the 10, 50 and 75 Keller values. In black, gold on light blue, gold on dark blue and violet and ochre. Also a sheet of four impressions in green showing a sower. VF 16 13 CANADA (HUDSON'S BAY CO.) 181 Five Shillings Sterling, 1840, No. 1283, York Factory, Rupert's Land. These notes were issued between 1821 and 1870 and most were payable at Hudson Bay House, London. VG 40 36 182 1/- Hudsons Bay Company 2480 Issued at the York Factory, March 1846. Cancelled. F 150 135 CHINA 215 Ming Dynasty, 1 Kwan (1,000 cash) note, circa 1368-99, printed on Mulberry bark. Is- sued by the Emperor T'AitsuHung Wa Ming. Condition excellent for this note 650 500 216 Ming Dynasty, 1 Kwan (1,000 cash), circa 1368-99. Excellent condition and, of course, very rare 650 400 ITALY—VENICE 463 Bank of Venezia, 10 Ducati, issued 1st Octo- ber 1798 during the occupation of Venice VF 55 40 NEWFOUNDLAND 499 Newfoundland Government 1 Dollar Cash Note 1901. 05619. GF 300 320 PALESTINE 516 Palestine Currency Board, £5 set of 3, dated 30th Sept. 1929, F; 20th Sept. 1939, GF; 1st Jan. 1944. VF 78 60 PARAGUAY 523 El Banco Paraguay y Rio de la Plata, 1 peso, 25 centavos, Ascuncion, 26th Decem- ber 1889. Unusual denomination. F 15 12 524 Republica Del Paraguay 5 pesos 26th Dec. 1907. Currency note with proof vignette, EF 45 34 .1)L, t ATI CEO c.1 ,1 —„ Y1z.at 9th , (Y /it ZItt C1 ,fin; rice vata itiitatv a/cl &tit. ie CeoCe 6z/raga:wile Ceartiuv;vit aku 0171C,0111? evz ..zium , giro per lila mho irt IN LT.RRELAZIONE d'ipuditna aid etteere PER DU(.7,1T1 DIE 1.1 46 cY.a Attu- 463 N" Oof 0:30t011n1(111. of icAtites B:orot r oofr iiro Boar, r Pt f 0 C3ITTS o o M 566 STRAITS SETTLEMENTS 591 Government of the Straits Settlements, 5 Dollars 1st Sept. 1898. 52711. VG 150 130 SWEDEN 600 Collection of early to modern Swedish Banknotes including a selection of the Rik- sens Standers Bank issues covering the pe- riod 1803 to 1849. Also a representative selection of the Swedish Riksbank issues of the 1869-1968 period. Varied condition. (42) 375 260 SUDAN—KHARTOUM 602 General Gordon Note for 20 piastres, issued and hand-signed by General Gordon during the siege of Khartoum in 1885. Very rare GVF 75 90 SEYCHELLES WESTERN SAMOA 560 Government of Seychelles, 500 King George 659 Territory of Western Samoa £5 'Specimen' VI, 6th January 1951. No. 147576. Small Issued pre-W.W.II. A very rare note nearly rust spots. Very scarce. F 42 38 VF 600 475 0, BANCO \5V■CtCUS4 "44316;f0T-D: (Ag5:5sxr. gocp4-AeTA /,4„,„; , f',4! Nee'4.//, j a, PACE 14 Paper Money WHOLE NO. 55 Almanzar's Coins of the World, Inc., Sale of Sept. 12, 1974, Houston, Texas. 12 B0170. P66. EL BANCO DE LA NACION BOLIV- IANA. 1 Boliviano. Obv. Winged Mercury in large circular watermark in center of note. Black with purple filigrees & red serial no. Rev. green. 136x 67mm. 11 de Mayo de 1911. Cartiere Pietro Mili- ani-Fabriano Italia. Series K-1. Three signatures, EF. Similar note sold in Farouk auction sale for $200.00 200-300.00 $230.00 BRAZIL 34 BCB8. IMPERIO DO BRAZIL. 500 Reis. Obv. Shield with crown left, seated woman right, man's portrait top center. Black on orange background, red serial numbers. Rev. bank name & denomina- tion. Orange. 167x75mm. No date. Printer ABNC. Serial # 29344. Series 16. Estampa la. Signature handwritten across bottom of obverse. V-VF, V. Rare 200.00+ 60.00 35 BCB9. IMPERIO DO BRAZIL. 500 Reis. Obv. Portrait of man with seated women left & right in center. Black on magenta background, blue serial nos. Rev. Bank name & denomination. Ma- genta. 152x72mm. No Date. Printer ABNC. Se- rial # 70748. Series 76A. Estampa 2A. Signature handwritten across bottom of obverse. Unbeliev- ably nice for a note this age, very rare. CU 250.00+ 66.00 42 BCB28. IMPERIO DO BRAZIL. 2,000 Reis. Obv. Top center, seated woman with horn of plenty, farm scene in background. Black on white paper with green denomination, black serial no. Rev. Plain. White. 176x100m. 1° de Junho de 1833. Printer Perkins, Bacon & Co. Serial # 14165. Se- ries X. Signature handwritten across face of note. Irregular left border. Extra Fine 150.00+ 40.00 43 BCB47. IMPERIO DO BRAZIL. 5,000 Reis. Obv. Seated woman with symbols of trades, 2 children to right at top center. Black on white paper, red denomination, black serial no. Rev. plain. Off white. 185x92mm. No date. Printer Perkins, Bacon & Co. Serial 18132. Series. Signature hand- written on face of note. V Good 100.00+ 33.00 44 BCB66. IMPERIO DO BRAZIL. 10,000 Reis. Wom- an seated with shield & sword top center. Black on white & tan background, black serial no. Rev. Plain. White. 190x119mm. No Date. Serial # 14476. Series 1A. Printer Perkins, Bacon & Co. Signa- ture handwritten. EF-F 50-80.00 15.00 86 P70A. NO THESOURO NACIONAL. 10,000 Reis. Obv. Alfonso Augusto Moreira Pena center. Blue on multicolor background. Rev. Coastal scene. Green. 185x85mm. No date. Printer ABNC. Se- rial # 044599. Series 21A. Estampa 16A. Signa- ture handwritten across face of note. W/Brazil. AU 35-45.00 38.50 BRITISH GUIANA 189 P13. THE GOVERNMENT OF BRITISH GUIANA. 2 Dollars. Obv. Tucan bird left, waterfall center, ship right. Green on multicolor background. Rev. man's portrait center. Green. 152x85mm. Jan. 1942. Printer W & S. Serial # D/7 67010. 3 Printed signatures. Abt CU 40-70.00 52.00 CHINA 217 China Specimen Note. 10,000 Yuan. 157x64mm. Obv. maroon. Rev. grey. 1947. Printer Security Banknote Co. Serial # 000000 (in red). Series 1A. CU 35.00 CUBA 286 P73. 50 Pesos Fuertes. Obv. Woman with branch leaning on table with lion & lamb. Date is rubber stamped. Green, red & black. 208x115mm. 15 de Mayo de 1896. Overprint- "PLATA" in red on rev. EF 80-150.00 45.00 287 Cuba-Puerto Rico. REPUBLICA DE CUBA. 1000 Peso Bond. Obv. Dark green on light green. Rev. Blue print. 280x170mm. Serial # 2153. Signature - Jose Morales Lemus. Very rare. Legend on front in Spanish in 13 lines is translated in English on reverse as follows: The Republic of Cuba, through Jose Morales Lemus, President of the Central Re- publican Junta of Cuba and Porto Rico, acting un- der special authority, hereby acknowledges itself bound to the Bearer in the sum of One Thousand Dollars, with interest thereon at the rate of seven per centum per annum from the date hereof, said interest to be paid at the time and upon the condi- tions following, viz.-after the ratification of a treaty of peace between the Government of Spain and the Republic of Cuba; or after the overthrow of the authority of the Spanish Government in the Island of Cuba; or after the recognition by the Government of the United States of America of the political independence of the Island of Cuba, and on the 31st day of July of the year succeeding that on which such ratification, overthrown of Spanish authority or recognition of independence should take place, the said Republic will pay in the city of New York the interest then accrued hereon, and there after will pay as well the in- terest accruing hereon semi-annually on the 31st days of January and July in each year, as the said principal sum of One Thousand Dollars ten years after the first payment of interest. The Gov- ernment of said Republic reserves the right to pay the principal hereof on any interest day succeed- ing the first payment of interest. And to the per- formance and payment of this obligation the honor and faith of the people of Cuba is hereby pledged in the name of Carlos Manuel de Cespedes, Presi- dent of the Republic. New York this first day of June A.D. 1869. EF 250-350.00 385.00 IC:Er'42iM3714, 44 9,13 EMWMt emm NUMERQ 0000 304 WHOLE NO. 55 Paper Money PAGE 15 385 ECUADOR 304 Specimen. BANCO HIPOTECARIO ECUADOR. 100 Sucres. Obv. Seated woman overlooking city with mountains in background. Grey on light green and yellow. Rev. Seated woman in center of round seal. Green. 195x88mm. Printer Security Banknote Co. Serial # 0000. This is the first note of this type we have encountered and we suspect it to be extremely rare. CU ....200-300.00 210.00 GUATEMALA 335 GP31-10A. P63b 100 Pesos. Obv. Quetzal bird right, harvest scene center, arms upper left. Black print on multicolor background with red serial no 209x 118mm. 20 de Febrero de 1910. Printer ABNC. Abt. CU 30-45.00 73.00 394 BANCO DE OCCIDENTE EN QUETZALTENAN- GO. 100 Peso Stock Certificate. Obv. Coat of Arms center, seated woman to either side. Black & orange. 275x190mm. -de 18- Printer ABNC. Se- rial # 18008 (red). Unsigned, undated. Tear in upper right hand corner. V. Fine, Rare .... 99.00 488 GP59-5. P27. 500 Pesos. Obv. 2 seated women EL BANCO AMERICANO DE GUATEMALA .. with symbols of agriculture, commerce & industry. Black print, orange background, black serial nos. 174x99mm. 15 de Febrero de 1926. Printer. W & S. Overprint: series & serial no (blue). Series A (blue), series c (black). Two sets of serial numbers, upper blue lower black. V. Fine+ 60-100.00 88.00 530 Guatemala Specimen Set. BANCO DE GUATE- MALA. Set consists of 50 Centavos, 1 Quetzal, 5, 10, 20, 100 Quetzales. All notes 1974 with over- print MUESTRA across face in red. Multicolor notes. All with serial numbers. Notes unsigned. CU 100.00+ 135.00 MEXICO 541 P712, 714, 716, 717, 718, 719, 720, & 721. BANCO DE MEXICO. 1, 5, 10, 20, 50, 100, 500 & 1000 Pesos. Set of Mexican notes all CU. 1 peso 1958; 5, 10, 20 pesos 1961; 50 & 100 Pesos 1963. 500 & 1000 Pesos 1961. A nice collection by denomination. CU. Should realize 200.00+ 253.00 MOROCCO 542 Morocco Specimen. BANQUE D'ETAT DU MA- ROC. 5000 Francs. Obv. Castle walls in center, watermark of lion at left. Dark Red. Rev. Stone bridge in center. Dark Red. 167x80mm. Printer TDLR. CU (RR) 60-100.00 121.00 PUERTO RICO 603 Gould-Higgie 510, P11, Bank of Porto Rico/ Banco de Puerto Rico, 10 dollars (Diez Dolares) Obv., black print, grey border on white background, orange seal w/ Paschal Lamb in center on right, bust of Columbus at left, Rev., sepia, allegorical figure in center. This note rates as one of the rarest of Puerto Rican notes, so rare, that the only one we could find illustrated was in Gould-Higgie catalog but that particular specimen was in poor raggedy condition and even in that condition it was evaluated in 1962 at $100.00. All other Puerto Rican notes were then evaluated in price ranges of $7.50 to $50.00 each. (Wouldn't it be nice if we could still obtain them at these prices.) Much water has passed under the bridge since this book was published and notaphilia is no longer a child in numismatics but a new gradually increasing force in the hobby. We read in Coin World July 7, 1971, of a note from this same bank but in a higher denomination (100 dollars) from the Wil- liam P. Donlon's collection having sold in an auc- tion at $8,750.00. We do not intend to come near '711 111,7 di if pYatr^dNlSd11,. 100,4Arrr , le oblv 4 ,e;.01.4;;■,, At! * 145 PACE 16 Paper Money WHOLE NO. 55 this mark nor are we asking for an astronomical bid, however we feel that it will be more than reasonable for this numismatic treasure to exceed the bid of (VFine) 1 000.00+ 1,430.00 SALVADOR PAPEL MONEDO DEL GOBIERNO—The following notes were the actual notes which were the subject of a two-page write-up from THE COINS AND PAPER MONEY OF EL SALVADOR, by Alcedo F. Almanzar and Brian R. Stickney. These notes were a form of money issued by El Salvador in 1877 and only 60,000 Pesos were authorized for payment to government troops, employees, and offices. However, the authors were able to obtain documentation which is illustrated in the book of extractions taken from Salvadorian news- papers in 1877 in which different shops were advertis- ing to accept them as regular currency. Since publica- tion of the book the authors have been unable to turn up any other pieces of this money which no doubt emphasizes their rarity. 635 Alm-Stick 125, 1 PESO-PAPEL MONEDA DEL GOVIERNO DEL SALVADOR. Obverse: Black and blue w/ red serial number (top-left). Radi- ant shield encircled. Reverse: Brown shield in center w/legend around "REPUBLICA DEL SAL- VADOR". 180x82mm, Abril 1° de 1877. Reverse has 3 black overprints. (The spotted areas on obverse are penetration of the 0/P on reverse Very Fine, should realize in excess of 200.00+ 500.00 636 Alm-Stick 130. 1 PESO DEUDA NACIONAL-RE- PUBLICA DEL SALVADOR. Obverse: Black and blue w/ red serial number (top left). National shield w/sunburst. Reverse: Brown National shield in center w/legend "REPUBLICA DEL SALVA- DOR" around shield, 215x127mm, Abril 1° de 2877. Obverse has 3 black overprints. Very Fine, should realize in excess of 200.00+ 520.00 636 699 P14, 15 & 16, Banco Mercantil Y Agricola. Speci- men set. 3 notes. unsigned, undated, pre 1940, each has serial no and blank stub at left, Similar to Pick numbers listed, 10 Bolivares is orange & mul- ticolor w/herd of cattle in center, 20 Bolivares is green & multicolor w/harbor scene in center, 100 Bolivares is purple & multicolor w/woman and globe in center. A very rare set, CU 225.00+ 265.00 COLOMBIA 727 BANCO DE LA REPUBLICA-1, 2, 5, & 10 Pesos 188. ., Ber-Darg 42. 43. 44. & 45. Set of 4 notes as follows: 1 Peso-1 Dollar, black on green, mules on side of hill, bridge. locomotive & railcars, moun- tains in background; 2 Pesos-2 Dollars, black on green, locomotive exiting from mountain tunnel WHOLE NO. 55 Paper Money PAGE 17 in center, rev., Washington's portrait in oval frame in center; 5 pesos-5 Dollars, black on green, por- trait of Washington in oval in center; 10 Pesos-10 Dollars, black on green, portrait of Washington in oval lower left corner, portrait of woman in armor in lower right corner. An unusually attrac- tive and rare set depicting in its themes a president of the United States and trains, a very popular collecting subject. This is the only occasion we know of where a U.S. President is portrayed on a Latin American banknote. This might be a life- time opportunity for the serious and advanced notaphilic collector to obtain a set of this rarity, unusual characteristics and beauty. The set ranges in scale of rarity from R3 to R5 in the CATALOG OF PAPER MONEY OF COLOMBIA/PERU by Beresiner/ Dargent. Also note that the photo in their catalog is marked as a specimen note with serial no. of 000. The set we are offering is in fact a uniformly numbered set with serial no. 485. Set is uncirculated and should realize in excess of 500.00+ 1,200.00 U.S.-HUNGARIAN FUND 665 Hungarian Funds used in America 1862, EGY FOR- INT, uncut sheet of 4 notes, undated, Black on white, 3 standing women under denomination at left, seated woman w/ stone tablet at right, EF 13-20.00 16.50 MILITARY PAYMENT CERTIFICATES 668 Toy-Schwan 60. U. S. Military Payment Certificate, 5 Cents, Series 611, deep blue print, violet & green background, 110x55mm, Lot of 10 notes with con- secutive serial numbers, CU 20-30.00 24.00 669 Same as above but a lot of 50 notes w/consecutive serial numbers, CU 90-120.00 127.55 670 Toy-Schwan 61, U.S. Military Payment Certificate, 10 cents, green print, blue-green background, Lib- erty in profile, 110x55mm, Lot of 10 notes w/con- secutive serial numbers, CU 25-35.00 32.55 671 Same as above but a lot of 50 notes w/consecutive serial numbers, CU 100-150.00 143.00 672 Toy-Schwan 62, U.S. Military Payment Certificate, 25 cents, Series 611, light brown print, blue-green background, Liberty in profile, lllx56mm, CU 4-8.00 7.50 673 Toy-Schwan 63, U. S. Military Payment Certificate, 50 cents, Series 611, dark red, green, & yellow underprint, Liberty in profile, 110x54mm, CU 4-8.00 8.50 674 Toy-Schwan 64, U. S. Military Payment Certificate, One Dollar, Series 611, aqua blue, deep orange background, lllx67mm, Woman wearing tiara at left, CU 9-12.00 10.50 675 Toy-Schwan 67, U.S. Military Payment Certificate, 5 cents, purple, deep & light blue background. head of lady at left, lllx56mm, lot of 10 notes w/consecutive serial No. CU 4-6.00 5.00 676 Same as above but lot of 100 notes w/consecutive serial numbers, CU 40-55.00 24.00 677 Toy-Schwan 68, U.S. Military Payment Certificate, 10 cents, Series 641, green print, deep red numbers, red & blue-green background, head of lady at right, lot of 10 notes w/consecutive serial num- bers, CU 4-6.00 5.50 678 Same as lot # 677 but a lot of 100 notes w/consecu- tive serial numbers, CU 30-50.00 33.55 679 Toy-Schwan 69, U. S. Military Payment Certifi- cates, 25 cents, light red print, dark green numer- als, light blue-green background, 111x55mm. Lot of 10 notes, w/consecutive serial numbers, CU 5-10.00 5.50 680 Same as above but a lot of 50 notes w/consecutive serial numbers, CU 30-45.00 33.55 681 Toy-Schwan 70, U. S. Military Payment Certifi- cate, 50 cents, orange print, brown numerals, aqua background, woman's head at left, 111x55mm, lot of 10 notes w/consecutive serial numbers, CU 8-15.00 12.50 682 Same as above but a lot of 100 notes w/consecutive serial numbers, CU 100-150.00 110.00 cate, 5 Dollars, Series 661, blue on brown and red, woman standing in center, 137x67mm, Lot of 10 notes w/consecutive serial numbers Unc 55-75.00 55.00 683 Toy-Schwan 82, U. S. Military Payment Certifi- 5 cents, green on blue & aqua, blue, nuclear sub- marine above water at right, 111x55mm, lot of 10 notes w/consecutive serial numbers, CU 1-3.00 3.00 685 Toy-Schwan 85, U.S. Military Payment Certificate, 686 Same as above but a lot of 50 notes w/consecutive serial numbers, CU 8-15.00 12.00 687 Toy-Schwan 86, Military Payment Certificate, 10 cents, purple, aqua & dark blue, nuclear subma- rine above water at right, 110x57mm, lot of 10 notes w/consecutive serial numbers, CU 2-4.00 3.00 688 Same as above but a lot of 50 notes w/consecutive serial numbers, CU 10-20.00 10.00 689 Toy-Schwan 90, U. S. Military Payment Certificate, 5 Dollars, purple, light green, yellow & blue, sailor in center, 135x65mm, EF 4-8.00 7.50 690 Toy-Schwan 91, U. S. Military Payment Certificate, 10 Dollars, blue and tan, soldier w/rifle in center, silhouette of sentry at right and left, 155x65mm, EF 10-20.00 13.20 691 Toy-Schwan 92, U. S. Military Payment Certificate, 20 Dollars, Brown on pink & blue, portrait of sol- dier in center, 155x65mm. EF 20-30.00 21.75 692 Toy-Schwan 93, U. S. Military Payment Certificate, 5 cents, reddish brown, pink & tan, mythological figure w/war helmet sitting at left, 110x56mm. lot of 10 notes w/consecutive serial numbers, CU 3-5.00 5.50 693 Same as above but a lot of 50 notes w/consecutive serial numbers, CU 15-25.00 12.00 694 Toy-Schwan 94, U. S. Military Payment Certificate, 10 cents, Black numerals, blue border, orange & green background w/aqua vignette, mythological figure with war helmet sitting at left, 110x55mm, Lot of 10 notes w/consecutive serial numbers. Unc. 5-25.00 10.00 695 Same as above but a lot of 50 notes w/consecutive serial numbers, Unc. 20-40.00 38.00 Lester Merkin Sale of Sept. 11, 1974, New York, N. Y. The nation may be having economic trouble, but there was certainly no indication of it at the recent Lester Merkin auction, where many records were broken by wide margins. The recent trend toward buying choice and rare numismatic properties continued its frenzied pace, as there seemingly was no limit to bids on top material. An outstanding collection of fractional currency opened the sale, and it was soon apparent that most lots would go to the standing room-only floor, as lot after lot was knocked down for double or triple the opening bid, often at several times catalog. The accent was definitely on condition in the regular issue notes: a gem perforated edge 5c, lot 4, brought $105, over double catalog; lot 11, a second issue 5c, also a gem, sold for $62.50, nearly triple catalog. Ten-cent notes also did well: F-1247, a second issue note, sold for $80, fully four times catalog. A second issue 25c note surcharged S-18-63 realized $125, over four times catalogue. The ex- tremely rare 25c, F-1300 set a new record at $900. Third issue 50c notes did well, highlighted by the rare Allison and New F-1330 (missing one corner) at $1250. A record was also set by the Lincoln 50c, at $110, over double catalog. PACE 18 Paper Money WHOLE NO. 55 Specimen notes followed, and more records fell, particu- larly for superb items. First issue specimens did especi- ally well, as did the rare 15c Grant and Sherman essays. Lot 151, the 15c with engraved signatures and green re- verse, both exceptionally choice, went for $320. Shortly afterward, a new record for a fractional specimen was set when lot 177, a 50c, autographed by Allison and Spin- ner, as yet unlisted by Friedberg, went for $1100, eclips- ing the record set at the Rothert sale for the 15c no signatures. Lot 183 (F-1357a-SP) was a close challenger at $950, despite its low catalog value of only $200. The 50c specimen of the third issue, second type reverse, brought $550, as collectors wisely ignored its low catalog value of $50. The rare experimental pieces, lots 192, 193, and 194, brought $250, $200, and $325 respectively, over triple their most recent auction records. A unique first issue essay, not in the Crofoot Collection in the Smith- sonian, ended the specimen section, going for $900. Sheets and strips brought excellent prices, and the high prices for the vignettes and peripheral material evidenced the increasing knowledge and interest of collec- tors in this series. WORLD NEWS AND NOTES by M. Tiitus AFGHANISTAN has issued new 20 and 100 Afghanis notes. Both feature President Douad and the republic's seal on the front. Both are dated 1352 (19731 . The predominately blue and purple 20 Afs depicts the Kabul River flowing through the old city of Kabul on the back. The red, purple and light blue 100 Afs has the mosque of Herat. CHINA, Communist: 5 Jiao, 1972, 115x5Omm. Happy workers busy in a textile plant. HONG KONG, Mercantile Bank Limited: 100 Dollars, 158x88mm, dragon watermark. Predominant colors are red and multicolored. Panoramic aerial view of islands is featured on the front. A girl holding a shield with her left hand and a spear with a pennant in her right hand (Standing Liberty?) is on the back. HONG KONG, The Hongkong and Shan- ghai Banking Corporation: 100 Dollars, 160x89mm, lion head watermark. Predominant colors are red multi- colored. Coat of arms is on the front. Back includes a building, two lion statues, and a design or seal incorpo- rating a dragon. QATAR, The Qatar Monetary Agency: 1 Riyal, 141x6Omm, dark red multi- colored; 5 Riyals, 146x64mm, brown & multicolored; 10 Riyals, 151x- 65mm, green & multicolored; 100 Riyals, 162x70mm, olive green & multicolored; 500 Riyals, 167x73mm, bluish-grey & multicolored. All have falcon's head watermark. All fronts have complex Arabic artwork designs (all different). Backs, in above order, have: harbor; two modern buildings; a different modern building; still dif- ferent building; and a mosque. SPAIN: 1000 Pesetas, 17 Sep 1971, 153x94rnm. The green & multicolored note features Jose Echegaray's por- trait on the front and as the water- mark subject. The back is dominated by a building with a truncated corner you know, where the main entrance faces the corner of a block so the building looks good on the institu- tion's (Unido de Emision) logo. SWAZILAND, The Monetary Authority of Swaziland: (Further details) 1 Lilangeni, 2, 5, and 10 Emalangeni, all 1 50x69mm. The predominant colors of the four notes, respectively, are reddish-brown, pink, green, and blue. The fronts feature King Sob- huza II (75th birthday was on 22 July 74). At least the two lowest denominations feature ten topless na- tive chicks in "traditional" dress. Printed by Thomas De La Rue. This new currency is designated to be at par with the South African Rand. 1910 - Contemporary Comments on - Notes on Bank of England Notes From the April, 1910 issue of The Numismatist FI IHE custom of indorsing English bank notes, even when they pass in some trivial purchase, is a surprise to most Americans who go abroad for the first time. It is an old custom and one which has led to many curious inscriptions on the notes. A debtor in prison wrote on the back of a £10 note "The first debt I have honestly paid for a year," while a prodigal son turned the tables against himself when he wrote on £20 note "The last of thousands left by my father, who slaved to earn them." In 1759 the Bank of England began to issue £10 notes as well at £20, till then exclusively used. It was not till thirty years after that £5 notes were brought out and in 1797 there were £1 and £2 notes but they ceased in 1821 owing to the immense amount of forgery they led to, says the Queen. H u n d r e d s if not thousands were hanged for counterfeiting notes of such small sums. A curious bank note designed by Hone has prison chains across one end, is signed by Jack Ketch, a row of malefactors hanging with ropes around their necks appears on the face and a series of criminals' heads on the other side, together with the words "Until the resumption of cash payments or the abolition of the punishment by death." The "£" which in the corner usually preceded the amount and the value of the note was formed of rope. From April 5, 1829, the £5 note has been the lowest procurable from the Bank of England. Of late the desirability of once more issuing the £1 note has been discussed. In 1827 a £1,000 note was the highest, but £50,000 notes have been issued, and there is a story of a cer- taro tradesman keeping such a one by him as a curiosity, while a gentle- man framed one, which his executors promptly cashed at his death. There is a family tradition about the visit of a certain church functionary at a house, when some disputed point had to be settled by reference to the Bible, and the one belonging to the deceased mother was brought down from a shelf, dusty and unused, but within was found a note for £40,000. The Bank of England note of to- day has taken some time and many inventions to bring it to its present condition. The numbering machine was first employed in 1809 steel, plate engraving was supplanted by the siderographic machine, and that by electrotype s u r f a c e printing. The great aim is to prevent forgery, the paper employed being unique, and the water mark and private marks are all in favor of the banker.—New York Sun. WHOLE NO. 55 Paper Money PAGE 19 Federal. Reserve Corner THERE still have been no further reports of double printed faces on the $1 Federal Reserve Note. It is doubtful whether another example from the sheet which printed the St. Louis district note will be found. We now are finding an entirely new type of error. This is a faceless note, with only the overprinting to be seen. At least two sheets (16 notes each) were printed, but all have not been found or reported. These were COPE overprinted, and at least two half sheets were processed, in error. One note had serial L 99115310 C while another had L 98615306 C. Can anyone report other serial numbers, which are same endings as these two. .. or different ones to mean a third or more sheet was processed? The Series 1974 $1 Federals are reported from all districts except Minneapolis. The last two to show were Boston and St. Louis. To date there have been no star notes. although we will have some printed when the New York, Chicago, and San Francisco districts change to suffix "B" after the first 100 million "A" suffix are printed. On the Series 1974 we have two important changes that are worth noting. First, the serial numbers on the $1 have been turned hack to "1." and the face plates were also started back to "1." Whether all districts will be found with plate "1" is not known, and some could well be in very short supply. So obtain these inter- esting first plates when possible. The first printings were combinations of plates 1, 2, 3, 4. On the higher denominations, $5 up, we find the serial numbers continue with the next higher number from the last Ser 1969C serial. However, here again the face plates are changed back to "1." This is a new first with regard to the higher denominations, and it is understood that this procedure was initiated at the request of Treasury Secretary Simon. The higher denominations for Series 1974 are being printed and released. The $10 from Boston was the first to show, and since then there have been reports of some $20 and $50 notes, but no $5 as yet. All new items appearing in this series will be welcome additions to the current listing and will be reported here. Your re- ports are all needed, so please send them directly to me. Thanks for your continued cooperation. The 11th edition of the "Hewitt-Donlon Catalog of Small Size Paper Money" has been released. For those members unable to obtain it locally, or who may wish an autographed copy, I will be happy to supply it again at 82.25 postpaid. This offer is made solely because in so many localities this valuable guide is not available. NATHAN GOLDSTEIN II P. O. Box 36 Greenville, Miss. 38701 Grading U.S. Notes Paper money grading and condition description are always thorny problems for syngraphists. Recently Nathan Goldstein II gave his set of standards in his Coin World column "Paper Money Periscope." Briefly stated, these standards are (for U. S. government, not broken, bank notes) : "Uncirculated" or "New" (Unc.)—perfect condition with no marks or creases and with designs on both sides well centered (equally proportioned borders on all four sides). "AU" or "Almost Uncirculated"—perfectly clean note that shows some slight imperfection as evidence of some handling. "Extra" or "Extremely Fine" (EF)—similar in gen- eral appearance to upper two grades but with slight creases or folds in one or two corners that do not impair the design, and with no evidence of washing. "Very Fine"—an acceptable condition for circulated notes showing some wear which did not, however, result in cuts or tears. Pin holes may be present in older notes. "Fine"—lowest acceptable grade for all but scarce notes. Some stains, discoloration and creasing is very evident. "Good"—lowest acceptable grade for very scarce notes, showing heavy circulation, considerable stains, slight tears and numerous pin holes. *110 • 0 11111 0• Correction to the Article "Cyrus Durand - Inventive Genius" J. Sarton Is J. Saxton In the article of the above title by Craig J. Turner which appeared in the November 1974 PAPER MONEY, Whole No. 54, the author referred several times to "Joseph Sarton" as being on the staff of the U. S. Mint. This was an error in transcription. The correct spelling is Saxton. The error was pointed out by Eric Newman and N. M. Graver, both of whom referred to the Eckfeldt and DuBois Manual of Coins and Bullion of 1842. Mr. Graver added the following sidelight about Saxton. who designed scales and spent his career with the Philadelphia Mint and later the National Department of Weights and Measures in Washington, D. C.: "My special interest in photographic history recently drew me to the Pennsylvania Historical Society in Philadelphia, where America's oldest photograph is preserved. This same Saxton captured a view from the Mint window on a piece of polished coin silver plate in a cigar box camera fitted with a magnifying glass for a lens. This image, produced on Oct. 16, 1839, was not the first instance of Daguerre's process in America, but is now the oldest extant. (Newhall, B., The Daguerreo- type in America, N. Y. Graphic Society, 1961, p. 24)." PAGE 20 Paper Money WHOLE NO. 55 SPMC Bicentennial Feature Alexander Hamilton and the tnited States Treasury Warrant Number 1 By GENE HESSLER (.7,/ at -if-Arid of kw/ 7//: ---)4y ,,,Ainad. I efh e a Ae42/, aced C'et/c/,, -ewe YL-st aqiere/ 4 a; ni 4 // ;Xit-41/a-pr a- /lit ;r to-z.rie.ea.nce an gni4ettce-trern onati(7 e eitle; uvrfc; / aaif Of •--176.11 ////f,(/ /Zed al 6 //owl *a-it a,,a1 ..- , t.., k . ks. :.?,, - at:Lite/4,4' kerdtt,,7' Are 4:- ...., t.' 1. "s- ,,\_\\‘' ,est.\.. /4;t/e-W/d a/cr7 7(,k///'4722/;11 ./1)?9 WHOLE NO. 55 Paper Money PAGE 21 An engraving of Hamilton by Chas. Burt, used on $20 U. S. Notes of 1869, 1875 and 1878. T HE financial genius of Alexander Hamilton might nothave been displayed were it not for the lack of authority of the Continental Congress to levy taxes. The colonists were able to raise locally the small amounts necessary for public expenditures; however, as the intensity of the American Revolution increased, expenditures soared. To raise revenues, loans of all types were made, both domestic and foreign. Commencing in 1775, $241,552,780 in Continental Cur- rency was issued. By 1780, $4o of these notes could be redeemed for $1 in new Continental note. Counterfeit Continental notes made by the English only contributed to the depreciation of notes issued by the Continental Con- gress. A few of our states currently hold weekly and/or monthly lotteries in order to raise revenue. This might seem like an innovation for this country ; however, the Continental Congress held similar lotteries almost two hundred years ago. Unfortunately, this form of legitimate gambling didn't seem to help eliminate the debt created by the War for Independence. To rescue the new United States from the financial morass following the Revolution, our first President needed a Secretary of the Treasury who could put the nation on sound financial footing, someone who could find a solution to the following: a foreign debt of $11,710,000; a domestic debt of $27,383,000 plus interest ; and an unliquidated debt of $2,000,000. Following the Revolution, Alexander Hamilton proved himself extremely qualified in matters of finance. In 1784, he drafted the Act of Association of the Bank of New York, which would he chartered in 1791. In 1799, four years after he left office, Hamilton along with Aaron Burr would he instrumental in establishing the Manhattan Company, forerunner of The Chase Manhattan Bank. As we know, he recommended the founding of a national bank, and such a bank was established in 1791 under the name of The Bank of the United States. (This legendary bank is a story in itself.) The year 1791 was a busy one for Hamilton, as on January 21, as Secretary of the Trea- sury, he gave a monetary report to Congress, leading to the adoption of our present decimal system and the estab- lishment of a mint. Alexander Hamilton first came to George Washington's attention in 1776 as an artillery commander. At the age of twenty in 1777, Hamilton was promoted to lieutenant- colonel and was appointed Washington's aide-de-camp. So in 1789, with no money in the Treasury and a monumental debt outstanding, President Washington chose him as his Secretary of the Treasury. Almost immediately the new Secretary decided to nego- tiate a loan with the Bank of New York. An illustration of U. S. Treasury Warrant No. I, the first installment of $20,000 for the loan of $200,000, accompanies this article. The fires set by British torches during the War of 1812 destroyed many documents, including a listing of how the first installment was put to use. There is a record of an appropriation of $20,000 for Indian Treaties, so the first installment could have well been the money spent for this purpose. By making additional loans from the Bank of New York, Hamilton was able to erase all foreign and domestic debts incurred during the fight for freedom. Hamilton's philosophy concerning borrowing was that ". . . the creation of debt should always be accompanied with the means of extinguishment." Warrant No. 1, approximately 12 x 9 inches, a document which represents the rescue from what was most certainly considered an insurmountable debt and the first step toward the beginning of a sound U. S. financial system, is held by the Bank of New York. So when we handle a $io hill we should be thankful to the man whose image is seen thereon. And, if on occasion the ghost of Alexander Hamilton walks through the U. S. Treasury Building, and if he has any suggestions on how to cure inflation, I'm certain words from the financial genius should not he ignored. The small number in the lower right-hand corner of a Federal Reserve Note relates to the face plate from which a note was printed. This is referred to as the plate serial number. This number is assigned in sequen- tial order at the time the plate is manufactured. It can be used to determine the number of the press plate from which a particular note was printed. The letter pre- ceding the plate serial number is always the same as the letter in the upper left-hand corner. IV(VIVIC, i itnicsMiatittax, *7 +0 "'/"'"7::,D Eittytql littfisirLuttis, 1'1 t 11 (), 2-B D *., 1 2-B aricaiticia.vt.irtscpilrkasic aluvirir: ITE11) ST.1■11.1_1' PG7C'.':,CCD 2-B ,1■ EiNtAjj INCLIMMISAtitij /6 tanftRolime. idiorasac itescoalkattimr. micranrs , IrNITILa STATIMet, B90C44376D PAGE 22 Paper Money WHOLE NO. 55 SERIES OF 1914, FEDERAL RESERVE NOTES Additional Comments on Plate Varieties By ROBERT H. LLOYD ILLUSTRATED herewith, perhaps for the first timein detail, are the three varieties of plates to be found in the Series of 1914 Federal Reserve Notes. In the early editions of books on currency there is no mention of the differences in these plates. Now both the Donlon and Friedberg volumes list the known varieties but with little attempt to evaluate the separate issues. Notice that all three illustrated notes are found in the third block of the New York bank's FIVES. Collec- tors of blocks who would like a real challenge will find this series not too costly while containing many "sleepers." Due to their relatively plain appearance, the Federal Reserve Notes have never enjoyed the favor of collectors. Admittedly, the older series are much more colorful. The top note shows the usual design and positioning of the district symbol ( number-letter). Each quadrant of the face has either a large or small district symbol used to identify fragments sent in for redemption. This note is variety "a" in Friedberg. It was in issue until 1927 for most banks. The second variety, known as variety "b," seems to have been issued quite early in the series, then drops from sight. and reappears just before the end. The change is that the engravers, possibly sensing that the lower left corner was a bit crowded, used the smaller district symbol at lower left, as used also in the upper left and lower right. The third variety shows the greatest change, coming into circulation in 1928 and 1929. The writer called attention to this plate change in THE NUMISMATIST for August, 1928, page 462. Since this alteration occurred so late, only some 18 months before the release of the small-size currency, just five banks needed new plates at this time. This is variety "c" in Friedberg. It is generally accepted that this third variety is the scarcest, with the "b" variety coming next. A recent check of a dealer's stock at a bourse table showed only three of this variety in a stock of 35 notes. It is quite likely, with the coming of the smaller notes and the financial recession of 1929, that very few of this last variety were put aside by collectors. And possibly many of those that had been saved were spent during the depression years that followed. Certain it is that very few crisp notes are in hands of dealers today. Those large notes in circulation after July 10, 1929, were supposed to be allowed to "wear out" in daily use before being retired. Actually they did not; the retire- ment of large currency notes took place very rapidly. Doubtless many very fine and crisp notes were returned by banks for cancellation. We are indebted to Mr. Thomas C. Bain for bringing further attention to this change in THE NUMISMATIST for December, 1958, page 1487. Mr. Bain's informa- tive article gives the approximate dates of issue for the three varieties of the White-Mellon issue. Besides mentioning the smaller number of banks that issued the later varieties, Mr. Bain shows the need for further study if we are to determine the relative scarcity of the notes. The small district symbol found on the White-Mellon "b" variety in the lower left hand corner is mentioned by Mr. Bain as being shown on the $20 note illustrated on page 112 of Paper Money of the United States by Robert Friedberg. This seems to be the only illustra- tion of the "b" variety in current publications. Inci- dentally, Friedberg's illustration of the Federal Reserve Bank Note of the Series of 1915 shows the use of the small district symbol in all four quadrants of the note. It is this variety "b" that poses very interesting questions. According to Friedberg it was widely used on the Series of 1914 in their first appearance with red seals. ( See catalog numbers 832 to 843 on page 129, 6th Edition of Paper Money of the United States.) The variety "b" is listed for all banks except Richmond, Atlanta and Minneapolis. When it comes to the blue seal issues released after May 9, 1915, there are no variety "b" notes listed for Burke-McAdoo, Burke-Glass or Burke-Houston issues. But with White-Mellon issues. the "b" variety reappears for all banks except Atlanta and Minneapolis. White & Mellon Totals 10 5 6 5 7 4 2 0 0 0 25 14 84 80 77 69 68 378 WHOLE NO. 55 Paper Money PAGE 23 The detail of these varieties are shown in the table: SERIES OF 1914, FEDERAL RESERVE NOTES NUMBERS OF BANKS ISSUING THE "a-b-c" VARIETIES (Presently known) Den. $5 Red Seals Burke & McAdoo Blue Seal Burke & McAdoo Burke & Glass Burke & Houston 12 9 12 12 12 12 10 12 9 12 12 12 12 20 12 6 12 12 12 12 50 12 7 12 12 12 12 100 12 8 12 12 12 12 60 39 60 60( ?■ 60 60 ( 7) Two persons expressed doubt that a full set of this issue could be assembled today. The writer feels it is almost incredible that the Bureau of Engraving and Printing, making such wide use of the "h" variety in 1914 and 1915, made no further plates in this style until 1927, a span of about 12 years. Two questions might be posed at this point: First - Did the Bureau stop the use of "b" variety plates as soon as the use of blue seals was contemplated? Second - Did the Bureau find that all of the plates of "b" variety used to print the red seal notes were worn and unfit on May 9, 1915, so that all were scrapped, and any existing printed stock from these plates was de- stroyed, not to be used thereafter? From the catalog listings. the answer to the first question would appear to be "yes." This is open to a reasonable doubt. Blue seal issues from "b" variety plates are "suspect." The writer thinks that the answer to the second ques- tion could likely be "no." Close examination of the blue seal issues from 1915 to 1921 could possibly re- sult in "new" listings. Knowing the economy that is practiced in the Treasury Department (one of the few Departments that really tries! ), it seems not unreason- able to believe that some of the "b" plates used in 1915 could have made stock to be overprinted with blue seals in the Burke-McAdoo series. However, if it can be shown that the "b" variety plates were the first to be used in printing the red seals, and the "a" plates fol- lowed, then we may safely assume all of the blue seal issues came from "a" plates. This would mean some correcting in the catalog. An intensive study of the plate numbers would help. The writer recommends that close attention be given to all "Burke" issues. The finding of one note of "b" variety issued after May 9, 1915 and before June 2, 1921 would be a sure indication that "Burke" blue seals exist on these plates. This bit of research could be as interesting and re- warding as the recent excellent work done on the National Bank Notes by authors Huntoon, Slabaugh and Van Belkum. REFERENCES: The Numismatist, Dec. 1958, p. 1487, Thos. C. Bain, "Federal Reserve Notes, 1914 Series." Excellent article on the "a-b-c" varieties, White-Mellon notes. Paper Money of the United States, R. Friedberg, 6th Edition, Pp. 129-134. United States Paper Currency, W. P. Donlon, Federal Reserve Notes. The Numismatist, Aug. 1928, p. 462, author's announce- ment, Variety "c". Machine Readable Paper Money According to World Coins magazine, August 1974 issue, automated money handling systems to feature machine readable paper money are to be designed and produced by American Bank Note-Security Systems, Inc., 60% owned by the American Bank Note Co., subsidiary of the New York-based International Bank Note Co. The remaining 40% of the firm will be held by Inter- national Security Systems S.A., Luxembourg; Giesecke & Devrient G.m.b.H., Munich; Gesellschaft far Automa- tion Organization G.m.b.H., Munich; Security Printing S.A., Glarus, Switzerland; and Papierfabrik Louisenthal G.m.b.H., Tegernsee, Germany. Primary customer for the automated notes will be the Bundesbank, central bank of West Germany. (Giesecke & Devrient, one of the group, is an old-line security printing firm, at one time headquartered in Leipzig, which has produced many postage stamps, particularly in the early days of stamps.) In Review Derzhawni Hr•shi Ukrainy 1917-1920 Rokiw (Paper Money of the Ukraine, 1917-20), by Mykola Hnatyshak, with a catalog and supplement by Stepan Kikta. Ukrainian Museum-Archives, Inc., Cleveland, 1973 (4176 Spring Crest Dr., Brooklyn, OH 44144), 356 pp. Illus., Map. Card cover, $8.00 (with English and German summaries.) The first part of this important reference work on Ukrainian paper money is a reconstruction of Prof. Hnatyshak's proposed book which was to have been published in 1928. Circumstances prevented the publica- tion of the book at that time, and the manuscript was later lost. The Ukrainian Museum-Archives has finally brought to the public Prof. Hnatyshak's reconstructed manuscript. It is further enhanced by the additional material and catalog compiled by the editor, Stepan Kikta, who provides a detailed catalog of Ukrainian paper money, the first of its kind. Prof. Hnatyshak presents a monograph on the money of the independent Ukrainian Republic and Monarchy of the years 1917-1920. A history of the governments in the Ukraine, monetary systems, printing and nomenclature of the banknotes, forgeries and copies provided by the enemies of the independent Ukraine are discussed. The author gives a detailed description of each banknote, and further describes postagestamp coinsubstitutes on which is printed on the ungummed reverses "Circulates in lieu of coins" in Ukrainian. Mr. Kikta provides further valuable information on financial policies, artists and designers of the banknotes, the history of numismatics in the Ukraine, postage stamps of independent Ukrainia and coins which have circulated within the ethnological borders of the Ukraine. The book is illustrated with a complete collection of Ukrainian banknotes, including those issued under Nazi occupation, stamps, and some other printed Ukrainian- related papers. A bibliography and an index is provided. Stepan Kikta's "Specialized Catalog of Paper Money of Ukraine, 1917-1920," which can be purchased separately for $1.50, is presented on 20 separately numbered pages in English, German and Ukrainian. The book should be well received despite the Ukrainian text. PATRICK D. Ho 3AN PAGE 24 Paper Money WHOLE NO. 55 An Impeachment Era Satirical Note "UNITED SHARPERS" By HARRY G. WIGINGTON 7,10R the second time in the history of our nation, we have experienced the trauma of a Presidential impeachment crisis. Most Americans know little of Andrew Johnson, the first President involved, his fight for political life, and the events before and after his impeachment trial. However, Americans and the world know well the events which have occurred in the past 18 months. History did not see another full impeach- ment, but for the second time in 200 years, our Consti- tution has been put to a severe test. Students of post-CiVil War history know well the turbulent times which immediately followed that conflict. The South was crushed and had neither the direction nor the wherewithal to pull itself up again. Lincoln's assassination was a deathblow for the already downed South. He had cherished no ill-feelings for the Southern States. His only desire had been to preserve the Union and make a lasting peace. Lincoln had his own plan for reconstruction for the South, but his untimely death brought its termination. His successor, Vice-President Andrew Johnson, had a plan of his own, which, briefly stated, embraced the following: Provisional governors were appointed and instructed to call conventions to amend the State con- stitutions. Only white citizens could vote for delegates to the convention. but any man who had held office before the war and afterwards served the Confederacy was disfranchised from the convention. After the con- vention met, they were required to do three things: First, to repeal the ordinances of secession; second, to abolish slavery in the State: third, to repudiate forever all debts incurred in carrying on the war. This was quickly done in each State, after which officials and legislatures were elected. The legislatures met, ratifing the Thirteenth Amendment. Congress met in December, 1865, and refused to recognize the President's reconstruction plan. It claimed that in dealing with the Confederate States during the war, it had recognized them as being out of the Union. Now they were not States but territories conquered by the armies of the United States and subject to the control of the Congress only. The State governments which President Johnson had organized were permitted to continue: but the names of these States were left off the rolls of Congress and their Senators and Represen- tatives refused admission. Congress passed the Four- teenth Amendment, which gave the Negroes the right to vote and denied this right to a large section of Southern whites. The President vetoed this and other hills relat- ing to the South, but the Congress overrode his veto. Southern States were required to ratify this amendment in order to be readmitted to the Union. Tennessee ratified it and was readmitted; however, ten other Southern States refused to ratify. Congress then passed the Reconstruction Act in March, 1867. This Act divided the South into five military districts. Each district was under the command of a Federal general. Another convention was held in each State, at which Negroes were given the right to vote for delegates and to sit as members. As constitutions were drawn up, found acceptable, and the conventions ratified the Fourteenth Amendment, the States were readmitted. The commanding generals of the districts removed the governors and other officials of the States, appointing Army officers to fill their posts, and held elections. To assist the generals, the Bureau of Freedmen, Refugees, and Abandoned Lands, commonly called the Freedman's Bureau, was placed at their disposal. A large number of agents, taken from commissaries' and quartermasters' departments of the Federal army, were brought South, filling posts in various county Bureaus. These individuals were largely responsible for the ensuing troubles in the reconstruction period. They came South with nothing more than the clothes on their backs and a carpet traveling bag. Many became rich quickly, imposing heavy taxes and burdens on the citizens they represented. For this reason, these individuals became known as "carpetbaggers." In seven states, North Carolina, South Carolina, Georgia, Florida, Alabama, Louisiana and Arkansas, carpetbag legislatures ratified the Fourteenth Amendment and those States were readmitted. How- ever, in Virginia, Texas, and Mississippi the new con- stitutions were rejected by popular vote. All political acts of Congress had been bitterly opposed and promptly vetoed by President Johnson. Congress. with equal promptness, passed each act over his veto. The President made a tour throughout the northern states, delivering public speeches in strong tones, in which he denounced Congress, stating that it was not a true Congress. One of his greatest complaints was that Congress had refused to admit the representatives from ten States. When Congress met, fearing that the President would prevent the carrying out of the re- construction laws, it passed certain acts to limit his power. One which brought matters to a head was the Tenure of Office Act, which prohibited the President from removing a member of his cabinet or any official whose appointment had been confirmed by Congress. In violation of this act, the President removed from office Edwin M. Stanton, Secretary of War, and was impeached by Congress for high crimes and misde- meanors. He was tried before the Senate and acquitted on May 26, 1868. Another act of Congress intended to limit his power to grant pardons by general proclamation. Notwithstand- ing this, on December, 25, 1868, President Johnson is- sued a general amnesty proclamation, granting pardon to all who had taken part on the side of the Confederacy during the war. The illustrated note ties in directly with reconstruction, impeachment, Freedman's Bureau. pardons, vetoes. and the general corruption of this period. I suspect that the Union general pictured was probably the military governor of one of the five military districts, and this note originated from that area. However, it does bear a resemblance to General Benjamin F. Butler, known in the South "affectionally" as "Beast Butler." Butler was a principal organizer in the House of Represen- tatives of the Republican impeachment attempt. On the WHOLE NO. 55 Paper Money PAGE 25 Fantasy satirical note (obverse) referring to impeachment issues. Reverse of satirical note with reference to "A. Tailor." reverse of this satirical note. reference is made to President Johnson in stating, "Counterfeiting or altering this note is vetoed by a tailor." Johnson had been a tailor in Tennesse prior his political career. CONFEDERATE TREASU he was obliged to have a perfect knowledge of the legisla- tion of the Congress, especially of the appropriations of the public funds made by the enactments of that body. All requisitions made upon the Treasury, and even war- rants approved by the Comptroller and sanctioned by the Secretary of the Treasury, were subject to his review be- fore being paid. Secretary Memminger often called him in consultation, and had a very high estimate of his opin- ions. Indeed, there was much in the character of these two men that made them congenial. Both had been trained in legitimate financial methods, possessing a high sense of personal honor, and neither would descend to the level of an unscrupulous manipulator of artificial values. The conservative methods of these financial representa- tives of the Confederate Government are plainly evidenced in the supplementary recommendations of Secretary Meniminger, and Treasurer Elmore's exhibits which ac- companied the messages of President Davis to the Con- federate Congress. In the fall of 1861, Baron Erlanger, the financial agent of the Confederacy at Paris, paid a visit to Richmond to confer with Secretary Memminger, and through him with President Jefferson Davis, in regard to negotiating Con- federate bonds in the financial centers of Europe. The Baron made a minute examination of Mr. Elmore's office, particularly his system of checks and balances, expressing his highest commendation. Before returning to his The only item on the note I haven't been able to associate at this point is the "4-11-44" reference. How- ever, the note certainly illustrates the feeling that must have been running high among the people. banking office in Paris he addressed a note to Mr. Elmore, through Secretary Memminger, in which he offered him a position in his Paris office, WITH A SALARY IN GOLD, MORE THAN THREE TIMES THE AMOUNT HE WAS RECEIVING IN CONFEDERATE NOTES. After considering the Baron's tempting offer Mr. Elmore declined it, stating in his letter to Secretary Memminger that if his services were as valuable as the Baron was pleased to estimate them, he considered it his duty to render them to his struggling country. Before filing this letter Secretary Memminger wrote on the back of it "A TRUE PATRIOT." The family and descendants, who furnish a good deal of the material for this sketch, take the greatest pride in recalling this incident, as well they may. Few men have lived who placed a higher estimate on personal honor than Edward C. Elmore and no one was ever readier to defend this honor when assailed. Some now living can recall the severe and envenomed criticisms of the administration of President Jefferson Davis by Mr. Daniels, editor of the Richmond Examiner. As long as these did not assume the form of personal attacks, they were suffered by the officials of the Government. Either encouraged by this great forbearance, or by an enemy of the Confederate cause, Mr. Daniels at last singled out Mr. (Continued on Page 34) RER—Continued from Page 12 NON .TRANSF5RABLE - RATION CHECK - THE UNITED STATE S OF AMERICA OFFICE OF PRICE ADMINISTRATION CHECK No TRANSFER TO THE SUGAR RATION BANK ACCOUNT OF BANK OF WOODLAND NATIONAL ASSOCIATION FR - 12 WOODLAND, CALIFORNIA 90.320 DATE 194 AMOUNTiNFIGUNCS (NAME or a LLLLL) POUNDS OF SUGAR I AMOUNT IN WORDS) IFIReNT OR TV•R Nor 6 OF YOUR ACCOUNT ) ORIRRO G Nei Gochise qoot 8,01 T"btnbstoiie, 4tizolik i,4/totqg ordet oft_skAA,ri, Delobig 8&T)k ti ewYork, 11,Y: I PAGE 26 Paper Money WHOLE NO. 55 Brent Hughes' "Chats About Checks" One of the fascinating aspects of check collecting is the wide range of interesting items that continually show up. Unusual designs, amounts, restrictions, autographs, paper and a host of other factors make the finding of a hoard an exciting adventure. Many people are unaware that a check does not have to be payable in money at all as illustrated by this Ration Check, "payable" in sugar, from World War II. Originated by the Office of Price Administration, these checks were used to transfer points in various goods from one account to another. There were also checks for gasoline, coffee, processed foods, meat, fats. fish, cheese and possibly others. A rich silver strike led to the establishment of the town of Tombstone, Arizona. Two years later it had a population of 7,000 which kept 100 saloons going full blast. The town's reputation for wickedness was such that Virgil Earp felt it necessary to bring in his brother Wyatt from Dodge City, Kansas to help establish some semblance of order. Climax of the effort was the West's biggest shoot-out, known to history as the "Battle of the 0. K. Corral." The fight occurred on October 26, 1881 when the three Earp brothers, Virgil, Wyatt and Morgan, teamed with "Doc" Holliday, gambler and gun-fighter, and tangled with the Clantons and McLowrys at the town livery stable. When the smoke cleared, Billy Clanton and two McLowrys were dead and almost every- body else was wounded. The town residents did not care for such activity by the Earps and eventually sent them pack- ing. Until the mines became unprofitable, the town prospered. At one time it had five newspapers including the famous Epitaph, and quite a few banking house including the Cochise County Bank which issued the check shown here. The unusual type-face used is interesting to check collectors who enjoy finding such items which recall the colorful past of Tombstone, "the town too tough to die." 4Sixteen NATIONAL BANKS Limited First Printing AND THE MINING CAMPS THAT SIRED THEM By M. OWEN WARNS Foreword by GLENN B. SMEDLEY THE DAYTON, SUTRO & CARSON VALLEY R. R. 404 Pages 455 Photos "THE JOE DOUGLASS" The town of Sutro was located at the portal of the Sutro Tunnel. Passing thru it was a short-line oper- ated railroad that consisted of a horse pulling a gondola car on a 3-foot narrow gauge track; it was estab- lished in 1869. Twelve years later 2 locomotives and a dozen gondola cars were added. Shortly thereafter the owner moved to California, taking the railstock with him and selling what was left to Joe Douglass in 1882, who in turn acquired a cheese box-like "dinky" locomotive whose engineer's cabin appeared to be twice the size of the boiler, and named it after himself, the "JOE DOUGLASS." At the same time the railroad became known as the Dayton, Sutro & Carson Valley R.R. The road was abandoned in 1896 as a result of the slowdown in the Comstock's ore production. It is estimated this railroad made some 50,000 trips during its 27-year span of operation thru the Carson River valley (6 trips a day) which could be considered quite an accomplishment for a railroad that started out "engineless" and with a single gondola car. One could safely remark without fear of contradiction, that it was indeed a remarkable "one- horse" operation! S.P.M.C. MEMBERS ONLY $15.00- SAVE $2.50 (PRICE TO NON-MEMBERS $17.50) Mail Your Check To M. O. WARNS Publication Fund POST OFFICE BOX 1840, MILWAUKEE, WIS. 53201 PACE 28 Paper Money WHOLE NO. 55 Paper Money Pioneer D. C. Wismer By RICHARD T. HOOBER 0 most of us working on the obsolete note proj- ect to update the monumental task started by D. C. Wismer many years ago, his name is some- thing of a mystery, surrounded by legend. To a very few of us, who knew him personally as a regular attendant at the Philadelphia Coin Club meetings for more than ten years, he was a man always eager to share his knowledge with others through his many addresses to the club and his writings. One talk given before the club membership was published in the May, 1939, issue of The Numismatist, which recounted his many experiences with coin and note collecting from the time he displayed an active interest about 1885. David Cassel Wismer was born in Hilltown Town- ship, Bucks County, Pennsylvania March 25, 1857, the youngest of seven children. He was educated in a small country school and then worked at his brother Jacob's country store in Silverdale. He later returned to his father's farm, which was then owned by another brother, Joel. On September 19, 1878, he married Annie R. Roberts, and located at West Point, Pennsylvania, where he learned the machinist trade. He was instrumental in organizing the West Point Public Library. contributing generously his time, money and books. After the Blizzard of '88, he moved to Quakertown, where he started a machine and repair shop of his own, and where he gradually became in- volved in numismatics. Following a few other moves, he settled finally in Hatfield, Pennsylvania in 1919. The Wismer marriage was blessed with seven children, of which Mrs. Edward F. Osmun was the youngest, and who resided with him until his death, May 31, 1949. The accompanying picture was taken outside a coin shop, on a Philadelphia street, in the autumn of 1939; he was then aged 82 years. During the American Numismatic Association Con- vention held in Philadelphia, in 1941, Mr. Wismer was elected to Honorary Membership No. 36 for having compiled his "Descriptive List of Obsolete Paper Money," state by state, which had appeared serially in The Numismatist from the June, 1922 issue. concluding in 1943. He was an enthusiastic collector of paper money for more than 51 years. S our SPMC-sponsored obsolete note project con- tinues to expand, those of our members who are working so diligently in this great effort must come to the realization that the listing of approximately 20,000 notes (excluding private scrip, which he did not include), together with their descriptions, was truly an outstanding contribution in this area of research. A man of rather modest means, he had no thought of per- sonal gain for his labors. Although he was interested in stamps. coins and books, he was especially fond of the old bank notes. Dealers would set aside in a cigar box such notes as might come their way, awaiting Mr. Wismer's visit. They were always glad to dispose of the unwanted notes at five or ten cents each. Almost without fail, D. C. would know at a glance whether or not he had ever seen a similar note, when such would be shown for his examination, and was often compli- mented by his friends on his remarkable ability right up to his final illness. He was always quick to correct the use of the term "broken bank notes." In a letter to a correspondent, he wrote, "I have some bank notes to ofter but none are broken. Some are torn and ragged. If you want bank notes, say bank note! There are only hank notes and scrip in my collection. In order to give you an under- standing of some of the Civil War scrip notes, I am sending you one unsigned, that Joshua Fiero, Jr., used at Catskill, New York, when he needed it for change, on the Tanner's Bank. It was a check they would pay a man if he would present sufficient number of them amounting to $5.00. Thus, his account would be charged by the bank, just as with any other check. The fact of the Tanner's Bank being willing to pay them gave the scrip a local currency. Do you understand? You may keep the Joseph Fiero, Jr., scrip note with my compliments." Use of the word "broken" came into rather broad usage when some banking groups, such as the Suffolk Bank and it affiliates. would stamp on a note the words, "broken bank note," denoting that the bank had closed. Some thoroughly good notes were also stamped in this manner in an effort to denigrate the currency of competitors! In September, 1948, he and Mrs. Wismer, then 88 years of age, celebrated their seventieth wedding anniver- sary. The family, including four great-grandchildren and many friends helped to celebrate the occasion. He was truly a friend to all who knew him. OF SOCIETY PAPER MONEY COLLECTORS INC. WHOLE NO. 55 Paper Money PAGE 29 SPMC Chronicle IS A MEMBER FOR THE YEAR 19 ,110011 No. NEW MEMBERSHIP CARD If you have paid your 1975 dues, you have probably received your new membership card by now. This card was printed for us by the American Bank Note Company. In the rosette at the left is the year in which the Society was founded, 1961. In order to see the date hold the card just below your eye level and rotate the card slowly. It is easier to see in sunlight. This is a type of security printing known as a "latent image." We are probably the only organization in the world with this on our membership cards. We are indebted to our president, J. Roy Pennell, Jr., for arranging with the American Bank Note Co. to furnish these engraved cards to the society. Don't you want one of these new membership cards? In case you have not yet mailed in your dues for 1975, may I suggest that you do so now. Mail your check for $8.00, along with your renewal notice. to our Treasurer, M. 0. Warns, P. 0. Box 1840, Milwaukee, Wis. 53201. Your cooperation in payment of dues, or in letting the Secretary know if you are not going to renew your membership, will be appreciated. VERNON L. BROWN, Secretary In Memoriam C. J. Affleck On September 21, 1974, shortly after he was pictured in PAPER MONEY receiving the Numismatic Ambassador Award, Charles J. Affleck passed away at the age of 82 years. Best known for his two-volume work on the paper money of Virginia, he found great fulfillment in his retirement years by researching the philatelic and numismatic issues of the Confederacy and his native state. He received the Nathan Gold award for his Vir- ginia catalog. In addition, he was a driving force in the development of the Virginia Numismatic Associa- tion. Membership Participation Column SYNGRAPH I-CHAT Lack of Interest in Exhibiting Obsoletes At the last two ANA conventions in which I exhibited the lack of entries in the obsolete currency category has made me wonder why there have not been more competi- tive exhibits in this class. I was not able to attend the convention in New Orleans so I don't know how many were entered there. I do know that at Boston in 1972 and Bal Harbour in 1974 there were only two. Could it be that collectors of this type of material are not proud of their collections or that they lack the competitive spirit to exhibit? Admittedly, putting an exhibit together re- quires a lot of hard work and some imagination. How- ever, I have found that in researching the material for my exhibit the added knowledge acquired has been worth every minute of the time spent. All of this pays off when you win your initial award, and that doesn't have to be a first place to make you feel it was all worthwhile. It is only through competition that you can learn what goes into the making of a successful exhibit. The remarks some judges put on the score sheets are a big help (but not enough of the judges take the time to do this and that is one of my pet gripes). Observe from other exhibits how color is used and get your imagination going as to arrangement and design, but most of all get a good de- scriptive title and use all the information you can to make your exhibit understood by the viewer, be he a syngraphist or a novice. These last two elements are most important. Why not get the ultimate enjoyment from the collection that you have spent so much time and money on by ex- hibiting it so that others can enjoy it also? My exhibit of Colonial notes and Continental currency has rewarded me with many enjoyable hours in my retirement in re- searching and planning. I sincerely hope this letter will stimulate more interest in the exhibit phase of syn- graphics, thereby creating more healthy competition. THOMAS J. FITZGERALD I would have to agree with my friend from Florida, Toni Fitzgerald, when he mentions the fact that too few collectors exhibit in the obsolete and colonial money categories. From my own experience I find perhaps one or possibly two entries at any given show, but most of the time no entries at all. This is a shame, as the sub- ject matter alone makes for such an interesting exhibit. Perhaps I am biased in my opinion but I specialize in obsolete currency and find it the most interesting and educational segment of syngraphics. Could it be that most collectors think that an obsolete currency exhibit could not stand the test next to the other coin and paper money exhibits? I have proved that wrong time and again, most recently at the New England Numismatic Association Convention in Worcester, Mass. last October, where my exhibit of obsolete notes won the best of show honors. I think it is time for us collectors to reevaluate the possibilities in this field. Let's give those judges and the public something better to look at than silver dollars and foreign gold coins. Let's get out there and show them a syngraphic history of America as depicted on our paper money of the 1800s. Yes, let's show them the educational and aesthetic impact of an exhibit that could easily stand up to that of any coin exhibit. C. JOHN FERRERI .-ING2AZGQI_IEY 4 cpastMONOW . H241g 4 CEMBECIEMM Z'tie 4.xxotztalt,,Hussa; kt{:f71:44,41q4, ,,,1 -264191.5 --'41111 UM STATES OFINERICA .2.1111:61P01,4011.00.1..54 *01-'144--'411-*A lame ‘1Zaltnte±33MP '4'11;:wir 4)(!?.A.1("1:tief; //,/ ,// 7/./ t;4%., 1323 1,malitzawmugor20.....r--kr,c