Paper Money - Vol. XIV, No. 5 - Whole No. 59 - September - October 1975

Paper litehe9 BIMONTHLY PUBLICATION OF THE society of Paper Money Coliector4 Vol. XIV No. 5 Whole No. 59 Sept./Oct. 1975 Long before it became a catchword, "detente" appeared on this "short snorter" autographed by World War II personalities. see Paul Carr's article on page 229. BOSTON CLEVELAND 110.00 F-757-AU $95.00: CN 150.00 150.00 F-759-Fine $33.50 • CN 140.00 67.50 RICHMOND 79.50 F-760 -AU 170.00 100.00 F-761 -Fine $52.50; AU 160.00 CHICAGO F-765-CN 110.00 F-767-Fine $37.50 ; ExF 52.50 AU $62.50 ; CN, Top Close 75.00 CN 110.00 ST. LOUIS 79.50 F-769-CN, F/F 150.00 105.00 MINNEAPOLIS 62.50 F-772 CN, Top Mgn. Close 236.00 42.50 CN Plate 6 275.00 F-747-CN F-748-AU F-749-AU CN, Top Mgn. Touches CN NEW YORK F-750-CN, Top Close 69.50 F-751-CN 87.50 F-752- CN 92.50 PHILADELPHIA F-753-CN, Top Close CN F-754-AU F-756-VF $1.00 FEDERAL RESERVE BANK NOTES All Circulated Notes are Accurately Graded. The Low and/or Unusual Numbers in Both the $1.00 and $2.00 are Superb Crisp Unc.-Truly "Prestige" Notes from the Famous James M. Wade Collection. All are Offered Subject to Prior Sale. BOSTON F-708-CN, F/F 42.50 CN 57.50 F-709-FINE 107.50 F-710-VF $21.50; ExF 29.50 AU $38.50; CN 52.50 NEW YORK F-711-AU 31.50 CN, F/F $37.50, CN 49.50 F-713-CN 49.50 PHILADELPHIA F-714-AU $39.50, CN 59.50 F-715--VF $27.50, ExF 37.50 CN, F/F 47.50 F-717-VF $24.50, ExF 32.50 CN, F/F $42.50, CN 57.50 CLEVELAND F-718-ExF 22.50 AU $32.50 ; CN 52.50 F-719-CN, F/F 42.50 F-720-AU 32.50 CN, F/F 39.50 RICHMOND F-721-ExF $39.50, AU 54.50 CN, Top Mgn. Close 63.50 CN, Small Brown Spot 56.50 CN 75.00 RICHMOND F-722-Fine $17.50, VF 27.50 ExF $38.50 ; AU 54.50 CN 75.00 ATLANTA F-723- -VF $28.50 ; ExF 39.50 AU $49.53; CN 72.50 F-725--( N, F/F 52.50 F-726-Fine $19.00; VF 31.50 ExF $41.50 ; AU 52.50 CN 68.50 CHICAGO F-727-CN 42.50 F-728--AU 32.50 F-729-ExF $24.50 ; AU 32.50 CN 42.50 ST. LOUIS F-730-AU 69.50 CN, Top Mgn. Close 83.50 CN 99.50 F-732-ExF $44.50 ; AU 62.50 F-733-CN, F/F 57.50 CN, Top Mgn. Close 69.50 CN 89.50 MINNEAPOLIS F-734-F-VF $44.50 44.50 ExF/AU 97.50 MINNEAPOLIS F-736 Fine $41.50 ; VF 62.50 CN, F/F 147.50 KANSAS CITY F-7 -7-ExF/AU 37.50 CN, Bottom Mgn. Close 52.50 F-738-CN,F/F 49.50 CN, Top Mgn. Close 56.50 CN 72.50 F-739-CN, F/F 44.50 ('N, Top Mgn. Close 49.50 CN 62.50 DALLAS F-740-VF 29.50 F-741-F-VF 94.50 F-742-Fine 21.50 ExF 47.50 SAN FRANCISCO F-743-ExF 29.50 ExF/AU $38.50 ; AU 48.50 CN, F/F 59.50 F-746-ExF 29.50 ExF/AU 39.50 AU 48.50 BOSTON F-708-A131A, A141A 110.00 A150A, A161A 110.00 A444888A, A919191A 85.00 NEW YORK F-711-B55A, B80A 125.00 B200A, B600A 105.00 B800A, B900A 105.00 B1144A, B1500A 85.00 B667667A, B836836A 105.00 NEW YORK F-711-PALINDROMES B1444441A, B715517A 135.00 B767767A. B811118A 135.00 B8383838A, B99099A 125.00 PHILADELPHIA F-714 C7000A, C8000A 77.50 C7777A 150.00 CLEVELAND F-713-D91A, D125A 95.00 D170A, D222A 95.00 D388A, D404A 90.00 RICHMOND F-721-E44A, E55A 140.00 E50A, E70A 130.00 ATLANTA F-723-F90A 135.00 $2.00 FEDERAL RESERVE BANK NOTES MINNEAPOLIS F-773-Fine $47.50 ; AU 190.00 KANSAS CITY F-774-AU $145.00 ; CN 245.00 F-775-VF $90.00; ExF/AU 125.00 DALLAS F-776-CN. Top Mgn. Close 210.00 CN 295.00 F-777-CN 295.00 SAN FRANCISCO F-778-F-VF $65.00; VF 90.00 ExF 125.00 F-779--VF $90.00 ; ExF 125.00 AU 155.00 F-780-VF $90.00; ExF 125.00 BOSTON F-747-A75A, AMA 160.00 A1500A, A1600A 150.00 A1700A, A1800A 150.00 A1414A, A1515A 150.00 A1717A, A1818A 150.00 NEW YORK F-750-B75A, B125A 135.00 B150A, B175A 135.00 B400A, B500A 115.00 B333A, B888A 150.00 B1600A, B1700A 115.00 PHILADELPHIA F-753-C66A, C77A 165.00 C70A, C88A 150.00 C400A, C500A 150.00 C444A, C555A 175.00 C55555A, C77777A 200.00 C60000A, C80000A 145.00 CLEVELAND F-757-D50A, D60A 200.00 D72A, D80A, D91A 200.00 D55A, D77A, D88A 215.00 D104A, D118A 200.00 CLEVELAND F-757-D181A, D241A 200.00 D272A, D303A 200.00 D143A, D499A 200.00 D900A, D1000A 185.00 DALLAS F-776-K30A, K40A 365.00 K50A, K60A 365.00 K44A, K55A 385.00 K66A, K77A 385.00 K80A, K90A 365.00 MONTHLY SPECIAL FRIEDBERG'S "Paper Money of the United States." 8th Ed. ($17.50). Special-During Oct.-Nov. NET , Postpaid 13.50 Please Refer to our Ad in the July/August Issue for Prices on other Books-also Small Size $1.00 Federal Reserve Sets. Please write for our List of Small Size Currency, Books & Accessories. Please add $1.00 under $100.00. Nebraskans add Sales Tax. 100% Satisfaction Guaranteed always. MEMBER: Life #110 ANA, ANS, PNG, SCPN, SPMC, IAPN, Others. 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 is published every other month beginning in January by The Society of Paper Money Collectors, Inc., J. Roy Pen- nell, Jr., P. 0. 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 Space Outside 1 Time Contract Rates 3 Times 6 Times 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 6- 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. Papa *obey Official Bimonthly Publication of THE SOCIETY OF PAPER MONEY COLLECTORS, INC. Vol. XIV - No. 5 Whole No. 59 Sept./Oct. 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 & 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. a Box 4082, Harrisburg, PA 17111. IN THIS ISSUE: THE DUNBAR NATIONAL BANK —Gene Hessler 227 . NUMISMATIC-SYNGRAPHIC AUTOGRAPHS —Paul K. Carr 229 PRELUDE TO THE FIRST NATIONAL BANK IN DAKOTA —Forrest W. Daniel 232 EXCERPTS FROM THE "REPORT ON THE FINANCES 1855-6" —Harry G. Wigington 233 DEVELOPMENT OF THE SPINNER SIGNATURE —Brent H. Hughes 236 SIEGE MONEY ISSUED IN THE OCCUPIED TERRITORIES OF ITALY 1813-1848 —Dr. Michael Kupa 243 POSTAL USE OF RUSSIA'S CURRENCY STAMPS 244 "PETER" NATIONALS AND A THEORY ABOUT COLLECTING —Peter Huntoon 245 THE UNKNOWN FACTOR REVEALED: CALIFORNIA WAR BOND COUPONS —Lawrence F. McGrail 248' FIRST CHARTER ONE-DOLLAR NATIONALS: PART III —Howard W. Parshall 249 COLLECTING OBSOLETE AND BROKEN BANK NOTES —C. John Ferreri 250 SPMC BICENTENNIAL FEATURE: A NOTE ON COLONIAL COUNTERFEITING —Charles E. Kirtley 254 TABULATION OF SMALL-SIZE SILVER CERTIFICATES 256 MY ALL-TIME CHAMPION—THE SMALL-SIZE SILVER CERTIFICATE —Graeme M. Ton, Jr. 257 THE CHECKBOOK 257 TYPE COLLECTING—U. S. PAPER CURRENCY —Paul H. Johansen 258 KANSAS OBSOLETE MERCHANT SCRIP OF JOHN PIPHER & CO., MANHATTAN —S. K. Whitfield 260 INDIAN PAPER MONEY —Parmeshwari Lai Gupta 261 The Society of Paper Money Collectors, Inc. SPMC CHRONICLE 262 SECRETARY'S REPORT —Vernon L. Brown 264 Cacietv of Paper Motel Collecter4 OFFICERS President Robert E. Medlar 220 Alamo Plaza, San Antonio, TX 78205 Vice-President Eric P. Newman 6450 Cecil Ave., St. Louis, MO 63105 Secretary Harry G. Wigington P.O. Box 4082, Harrisburg, PA 17111 Treasurer C. John Ferreri P.O. Box 33, Storrs, CT 06268 APPOINTEES Barbara R. Mueller Librarian Wendell Wolka BOARD OF GOVERNORS Larry Adams, Thomas C. Bain, Vernon L. Brown, Forrest W. Daniel, 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. PUBLICATIONS FOR SALE TO SOCIETY MEMBERS 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: We have the following back issues of PAPER MONEY for sale for $1.00 each. For orders of less than 5 copies at one time, please include $0.25 per issue for postage. We have only the issues listed for sale. q Vol. 4, 1965, No. 2 (No. 14) q Vol. 9, 1970, No. 3 INo. 351 q Vol. 4, 1965, No. 3 (No. 15) q Vol. 9, 1970, No. 4 (No. 361 q Vol. 4 , 1965, No. 4 (No. 16) q Vol. 10, 1971, No. 1 (No. 37) q Vol. 5, 1966, No. 1 (No. 17) q Vol. 10, 1971, No. 2 (No. 38) q vol. 5, 1966, No. 2 (No. 18) q vol. 10, 1971, No. 3 (No. 39) q vol. 5, 1966, No. 3 (No. 19) q Vol. 10, 1971, No. 4 (No. 401 q Vol. 5, 1966, No. 4 (No. 20) q Vol. 11, 1972, No. 1 (No. 41) 0 Vol. 6, Vol. 6, 1967, No. 1 1967, No. 2 (No. (No. 21) 22) Vol. q Vol. 11, 11, 1972, 1972, No. 2 No. 3 (No. (No. 42) 43) q Vol. 6, 1967, No. 3 (No. 23) Vol. 11, 1972, No. 3 (No. 44) q vol. 6, 1967, No. 4 (No. 24) q Vol. 12, 1973, No. 1 (No. 45) q vol. 7, 1968, No. 1 (No. 25) q Vol. 12, 1973, No. 2 (No. 46) q Vol. 7, 1968, No. 2 (No. 26) q Vol. 12, 1973, No. 3 (No. 47) q vol. 7, 1968, No. 3 (No. 27) q Vol. 12, 1973, No. 4 (No. 48) q vol. 7, 1968, No. 4 (No. 28) Vol. 13, 1974, No. 1 (No. 49) q Vol. 8, 1969, No. 1 (No. 29) Vol. 13, 1974, No. 2 (No. 50) El Vol. 8, 1969, No. 2 (No. 30) q Vol. 13, 1974, No. 3 (No. 51) q Vol. 8, 1969, No. 3 (No. 31) Vol. 13, 1974, No. 4 (Nb. 52) q Vol. 8, 1969, No. 4 (No. 32) Vol. 13, 1974, No. 5 (No. 53) q Vol. 13, 1974, No. 6 (No. 64) q Vol. 9, 1970, No. 1 (No. 35) q Vol. 9, 1970, No. 2 (No. 34) Index Vol. 1-10 $1.00 We have a few cloth bound copies of PAPER MONEY for sale as follows: Vol. 5 & Vol. 6 Nos. 17 through 24 Cloth Bound $12.50 Vol. 7 & Vol. 8 Nos. 25 through 32 Cloth Bound $12.50 Vol. 9 & Vol. 10 Nos. 33 through 40 Cloth Bound $12.50 Vol. 11 & Vol. 12 Nos. 41 through 48 Cloth Bound $17.50 We have the following books for sale: q FLORIDA OBSOLETE NOTES & SCRIP $4.00 Harley L. Freeman q MINNESOTA OBSOLETE NOTES & SCRIP $5.00 R. H. Rockholt 1:3 TEXAS OBSOLETE NOTES & SCRIP $6.00 Robert. E. Medlar q VERMONT OBSOLETE NOTES & SCRIP $10.00 Mayre B. Coulter • NATIONAL BANK NOTE ISSUES OF 1929-1935 $9.75 Warns - Huntoon - Van Belkum q MISSISSIPPI OBSOLETE PAPER MONEY & SCRIP t6.50 L. Dandier Leggett The above prices are for SPMC Members. All of these cloth bound books are 8 1 :2 x 11" and have many illustrations. Write for Quantity Prices on the above books. ORDERING INSTRUCTIONS 1. Check the box at the left of description for all items ordered. 2. Total the cost of all publications ordered. 3. ALL publications are postpaid except orders for less than 5 copies of Paper Money. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. 6. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Send remittance payable to The Society of Paper Money Collectors, Inc. P. 0 Box 858, Anderson. S.C. 29621 Be Sure To Include Zip Code! WHOLE NO. 59 Paper Money PACE zn Cig!"1"4-1 NITED STATES OF AMERICA VIANi_4441t, C3 -4.7-E=CUEI-::. ,r4 TION 1:)(!i.la•kl!C taul tour -o,: 13 ;Nail rhAlltaif 424,e‘in43CCatier:^ I'rw : . PruaLua,... • Rail • Ptull Launatar Tilantellaaav • - ' 14, ._°-.A 13 ttarnow Raul Lauunrant Dtinbar THE DONBAN NATIONAL RANI OE NEW YORK UM YORK FIVE IKILI4Ittio FOOQ001A (3.111 Auu Mau: Luarrn, : Laurence Paul Law-enc.: Rule Lauren. , 1.aurera. Paul Laurence Nut-Lauren,. Dunbar Dunbar. : Dunbar : Dunbar : Dunbar : Dunbar : Dunbar : Dunbar , extrEeeLcalttrwilFFNiffl!gellti TAEIN04.11".""-1114*'-"Amfratio, " Paul Dunbar .... UK D.°, F 000001A ktS 10.41 Lauren.. Dunbar The number 13 usually has a connotation of bad luck; however the Dunbar National Bank proved to be a most successful bank. This bank only issued large size notes ($5, 10 & 20) for one year, the last large size notes being printed on August 7, 1929. $5, 10 & 20 small size notes were issued by the Dunbar National Bank. ber 1 is a reminder that the Harlem community considered their NUMBER-ONE Serial num- bank to be The Dunbar National Bank By GENE HESSLER Curator The Chase Manhattan Bank Numismatic/Syngraphic Collection Photographs by the author. N MAY 1, 1975 a United States stamp was issued honoring Paul Lawrence Dunbar, the first Amer- ican black poet to receive such recognition. The Dunbar National Bank, which was named after the poet, has also been credited with a few firsts. Before we examine the bank, who was Paul Lawrence Dunbar? Dunbar. a writer of poetry and folk tales, was born in Dayton. Ohio in 1872. His parents were former slaves who came north from Kentucky. He attended Dayton's Central High School and saw his first poem published at the age of 16. For the graduating class of 1891 Paul Lawrence Dunbar composed the school song. He composed a second school song a few years later, this time for Tuskegee Institute. When he was 21, Dunbar's first book of poems, Oak and Ivy, was published, the author selling the book himself to repay the publisher. Two years later Majors and Minors was published. The book that gained national attention for Paul Lawrence Dunbar was Lyrics of Lowly Life. Greater recognition followed. In 1898 the musical review "Clorindy" was produced in New York City. The story and lyrics were the work of the young black writer. Mozart and Schubert were only two of many creators who died at an early age and to this list we can add Paul Lawrence Dunbar. who lived only 34 years. succumbing to pneumonia in 1906. William Dean Howells wrote of young Dunbar, saying he was the first man of African descent and American training who had felt the life of his people esthetically and expressed it lyrically. About twenty years after the poet's death, John D. Rockefeller, Jr. and his associates were looking for a way to make a contribution to the community of New York's Harlem. At a meeting with members of the community, Rockefeller suggested an apartment com- plex, which would bear the name of Paul Lawrence Dunbar. The idea was accepted and the Paul Lawrence Dunbar Apartments soon became a reality. However, to PAGE 228 Paper Money WHOLE NO. 59 Mr. Rockefeller's surprise, members of the black com- munity also expressed interest in having a bank. Being in a financial position to assist, he agreed, and very soon thereafter in August, 1928, the Dunbar National Bank received Charter Number 13237, and opened for busi- ness at 2824 Eighth Avenue. (Only 70 additional banks would be chartered during the time large-size National Bank Notes were to be is- sued, the last issuing bank being the City National Bank and Trust Co. of Niles. Michigan, Charter No. 13307.) As of December 31, 1928, the capital of the new bank was $500,000, and by January 19, 1929, the employees of the bank numbered 15. J. D. Higgins was named president, A. H. Thien, vice-president and G. C. Loomis, cashier. Alderman Fred R. Moore and Principal Robert R. Moton of Tuskegee Institute were elected as directors of the Dunbar National Bank. The prestigious mem- ber of the Board of Directors was J. D. Rockefeller, III. As founder of the bank, Mr. Rockefeller wanted the residents of Harlem to feel the Dunbar National Bank was their bank. In the Dunbar News—a newspaper for residents of the Dunbar Apartments—on July 10, 1929, bank president Higgins wrote, . . Mr. Rockefeller has now set aside a number of shares with which he wishes us to make as wide a distribution as a maximum of ten shares to each individual will permit. It has been arranged, therefore, that you may have anywhere from one to ten shares." The purchase price was $52 per share. Mr. Higgins went on to say, "Mr. Rockefeller agrees to take back the stock at purchase price any time prior to January, 1930." During the following year when some banks lost de- positors and some even failed, the Dunbar National Bank became a pillar of security in the Harlem com- munity and became known as "One of the World's Safest Banks." It was locally referred to as "The Friendly Bank." In 1931, a thousand new depositors were added. While many banks had to borrow money to stay open during the depression, the Dunbar National Bank never had to borrow a cent. 1932 proved to be the bank's most successful year. The Dunbar National Bank was not only one of the select banks to receive a license to resume normal busi- ness following the bank holiday, it was the first National Bank permitted to open a branch, doing so on July 10, 1933. The manager of the new branch, at 135th Street and Seventh Avenue. was Robert P. Broddicks, a black who had worked as a Pullman porter and valet to John Barrymore. On July 22, 1935, all National Banks lost the privilege of issuing currency. However, the two banking facilities of the Dunbar National Bank operated until May 31, 1938, when the bank was placed in voluntary liquidation with a liability of $1,447,220. Depositors could freely withdraw their funds in full at their convenience. The Dunbar National Bank was not absorbed or succeeded by another bank. Paul Lawrence Dunbar came from a poor and simple background, as previously mentioned, proving his worth in the field of prose and poetry. This background established somewhat of an ascetic outlook, an attitude of resignation. Many of his poems expressed joy, love and happiness but the following lines almost seem to say-don't expect too much: LIFE A crust of bread and a corner to sleep in, A minute to smile and an hour to weep in, A pint of joy to a peck of trouble, And never a laugh but the moans come double; And that is life. If Paul Lawrence Dunbar would have lived to see the success of the National Bank which took his name, he most certainly would have been happy to admit he was wrong. For once the Dunbar National Bank was orga- nized, it was operated by blacks, for blacks. The success of the bank also gained recognition for the black com- munity, and most certainly caused some envy from a few white-operated banks which had failed. "Majors and Minors," Poems by Paul Lawrence Dunbar, Mnemosyne Publishing Co. Inc. Syngraphie Sidelights from Old Newspapers Selected by GARY DOSTER From the Southern Watchman, Athens, Georgia December 18, 1856 BANK OF EAST TENNESSEE This institution has failed to pay specie at two of its branches (Jonesboro and Chattanoga). The Knoxville Register, published in the town where the mother bank is located, says that brokers there refuse to take its notes at any price. Look out reader. Be careful as to what bank bills you receive. While on this subject, we must again request our customers not to send us "Wild-Cat" bills (as some are in the habit of doing) and furthermore, when we send them back we hope they will return us good money (as none of them have yet done). A WILD CAT SKINNING We learn by a gentlemen from Dalton (Ga.) that Capt. James Morris, President of the Planters and Merchants Bank, in that town has at last got his eyes opened—that he has recently discovered some stupendous schemes headed by Preston and Kibbee, not only calculated to ruin the wild cat nest, but designed to rob him of his own private estate. The name of Capt. Morris gave the con- cern all the credit it ever had and we always felt satisfied that his motives were right; but we have been equally certain that there were two or three sharpers around who would finally work out his ruin if he did not discover their nefarious designs in time to thwart their accomplishment. We further learn that Preston is in jail in Louisville, Ky., on two charges—one for swindling and the other for passing counterfeit money; and that an officer from this state is in hot pursuit of Kibbee, who is somewhere in the Northern cities, with a requisition from the Government of the State. ;77 d: /2,D4 of jeer-ems/74s. No. *. 4g4404.0,4... %its,/ g _ i'1 yy ---)C -./9=4... 0-4...ea-A_C/ k. szsTr, .. ".,12/se - _ — hct ' 797 - • golfers, ".0•4+.0.0%"• City of Washington, iss sir TAFEL UP 111311111114MILI PAY to }Xs-I-x.4.4..9 „/".--Ajos•-, al-••••a' or Bearer , •±L — Dollars, 11$00111, War. DA• SR Jr. Pr. 210..00084 00719199• q.44, (r"06'2.) 4," tfr.3t ,,"(,,,/(;/ ie.?? C ," /;, /7 . 5 10 5n, cr e(earer o Offic4 of .:1-liecosent* 2004,e, auestmiston, 44/ >so., Co 4-,r7linfr/2/‘'Co-r-rat.'c - or Bearer, 00 , /60. DOLLS... WHOLE NO. 59 Paper Money PAGE 229 George Washington Thomas Jefferson 1835 check filled in and signed by Andrew Jackson. Note his desire to receive the amount in gold coin. John F. Kennedy geAdece4 CfrIA A 50c note signed by Brigham Young and Heber C. Kimball NEW•TORK, AlncuTJ, r5 THIS 1 s_ that on pitying the aura of Fire Hundred Hallo, c")!eyei or Sir assignee will he entitled to one share in the ,ft rEyk FITE,431.- p, DA J STor ,R. As per articles of tisreeitoint with Hubert Fulton, beating dote the thirtictli dity play, 1814, and &certain memorandum of agreement with him. hearing date the first day of August, 1814, which stock is only toxiiiifernble on the books of sail company on producing thin certificate. RECEIVED of the above mentioned now Tiro Hundred Dollars. :27,71.-^ ....f • Stock certificate signed by Robert Fulton Numismatic- Syngraphic Autographs By PAUL K. CARR Dear Daddy, Please sign your John Hancock on these 11 dollar bills for. . . . from Harry S. Truman by Margaret Truman HE SEPTEMBER 1974 issue of PAPER MONEY carried an article by Larry Sanders entitled "Auto- graphed Currency" which furnished invaluable suggestions to collectors of such material. Autograph collectors have long competed with numis- matic collectors for banking and related paper items signed by prominent people. We have all read about auctions offering checks of such famous people as George Washington, Abraham Lincoln and the like for prices beyond the reach of most serious collectors. But, un- known to many people, items of almost equal interest are sold for far lower prices and mostly within the scope of the average person's resources. Checks signed by Theodore Roosevelt, Harry Truman, Albert Einstein. Babe Ruth and other such notables are available at reasonable prices. Second World War "short snorters" signed by illu- strious people of that era are avidly bought and sold. Currency signed by Douglas MacArthur, Dwight Eisen- hower, in fact, almost an endless procession of names— are available and at equally modest costs. Taking these examples from the past, collectors can form a potentially valuable and historic collection by acquiring autographs. The forming of such a collection is limited only by the imagination of the collector. As an example, the Joseph W. Barr series of Federal Reserve Notes, obviously not a rare issue, could be made into a collector's item by having such notes signed by Mr. Barr. 1 might add I have never known him to refuse a request. vtt / r. James L. Garfield on Riggs & Co. check, 1879 Ott ijniniltoti, ,/y7„, j 11.11 clYik N" 11(// h A Jf /fit 47):)/ /5/ t A if e (4 PAGE 230 Paper Money WHOLE NO. 59 Autographs on Checks: A check filled out and signed by R. E. Lee Abraham Lincoln on Riggs & Co. check, 1862 Signed checks usually can be purchased from any reputable autograph and some currency dealers who specialize in checks. All reputable dealers guarantee what they sell, but beware purchasing material offered "as is." Forgeries do exist and mechanical pen signa- tures are abundant. I have known collectors who ask the famous for can- celled checks and very frequently are given one for an honest request. The secret is in knowing where to write to ask for autographs or to send material to be signed. Check with your public library for a current copy of "Who's Who;" listed along with each person's biography is unsually a business address, and in most cases a home address. The use of home addresses guarantees the best results. Common sense dictates that you enclose en- velopes along with postage for your requests: don't expect others to pay for your collection. Treasury officials are very considerate in signing cur- rency for your collection. You will find that all living Secretaries of the Treasury (John W. Snyder through William E. Simon, excepting George Humphrey, who is deceased), will oblige collectors. Remember Georgia WHOLE NO. 59 Paper Money PAGE 231 An interesting "short snorter" with signatures (top to bottom) of Franklin D. Roosevelt, Winston Churchill, Carl Spatz, Harry Truman, and Dwight D. Eisenhower. Neese Clarke is now Georgia Neese Gray, and Elizabeth Rudel Smith is now Elizabeth Rudel Gatov. Both will autograph currency using their former names. To make autograph collecting challenging you need to be aware of two problems, viz. Secretarial Signatures and Machine Signatures Secretarial signatures should not he a real problem for a serious collector. Secretaries or authorized forgers are not infallible. If you take time to study your subject's autograph, you will soon find signatures signed by an amanuensis are not difficult to spot. The real problem of modern times (1960 or so 1 has been the increasing use of mechanical signature pens. These devices use authentic signatures as models and can reproduce that model up to 3,000 times per day. The individual involved furnishes an authentic example, and the manufacturer makes a matrix from that specimen. By playing that matrix on their machine, much like play- ing a phonograph record, the matrix will reproduce the signature using whatever writing device is placed in the machine, ball point pens to felt writers. This machine is known as the "Autopen." Currently another device called the "Signa-Signer" is on the market, and it, too, can sign names as well as write out whole sentences. This device works on a taping principle whereby it can be programmed and replayed at will. The federal government is a heavy user of mechanical pens. President Ford makes use of one, as do most members of Congress, the Cabinet, and Departments. This includes Secretary Simon, who has used an Autopen since his days as "Energy Czar" under the Nixon Administration. Patience will pay off if one waits until these people leave public office and material is sent to home addresses. The only way to prove the use of mechanical pens is to superimpose two examples to see if the signatures match. If they do, you know the mechanical pen was used since no one signs his name exactly the same way Machine signature of the present Secretary of the Trea- sury, William E. Simon Vice President of the United States and President of the Senate. Authentic signature of President Ford Mechanical pen signature of President Ford each time. Keeping this in mind, strive for authentic material which will have value as opposed to secretarial or machine examples which will have none. 1!■dtr1it'usllial treye'e.: //4, VIAIPSONWit, 1 WITS1.04111.31 'egitr,<1 ..... . - . . ... PAGE 232 Paper Money WHOLE NO. 59 Here Sec. David M. Kennedy used the mechanical pen to sign these two different notes. Both signatures match perfectly. Notes and Stock Certificates A truly rich area for autographs often overlooked lies in the domain of engraved stock certificates, broken bank notes and colonial currency. With the coming of our Bicentennial, more interest in colonial currency will bring many notes into the forefront. A large amount of these notes were signed by prominent colonial leaders and in sonic cases, notes were signed by signers of the Declaration of Independence. Broken bank notes also were signed by the famous. The Mormon note pictured has the signatures of Brigham Young and Heber C. Kimball, the latter being one of the Twelve Apostles of the Mormon Church. An American Express Co. stock certificate signed by Henry Wells and William G. Fargo of Wells, Fargo fame Stock certificates are a rich and visual history of American commerce. Many old certificates long cast aside as worthless or valueless possess valuable auto- graphs. In recent years. a collector turned up a cache of certificates on the Alabama Gold and Copper Com- pany of J arilla, New Mexico signed by the secretary, Pat Garrett. This is the same Pat Garrett who shot --Billy the Kid" and himself was later killed by an ambush. The American Express Company had stock certificates issued signed by Henry Wells as President and William Fargo as Secretary. Fargo is also available as president of American Merchants Union Express Company. President Millard Fillmore at one time was a comptroller for the Hudson and Berkshire Railroad Company. These are but a few examples which are available on stock certificates. Paul K. Carr, a member of the Society of Paper Money Collectors, is also vice-president of the Universal Auto- graph Collectors Club, an organization d'3voted to the study of autographs in all historical areas. Correspondence would be welcomed at 5618 Pier Drive, Rockville, Mary- land 20851. Inside Washington - circa 1871 PRELUDE TO THE FIRST NATIONAL BANK IN DAKOTA By FORREST W. DANIEL HEN Moses K. Armstrong arrived in Washington, D. C., in February, 1871, as Congressional Dele- gate from Dakota Territory he was introduced to the city by resident Dakotans. He had several pro- posals in the interest of Dakota and he got right to them. After being introduced to President Grant he and Secretary Batchelder called on the secretary of war to see what could be done to procure arms and equip- ment for the Dakota company of national guards. He was told Dakota was already overdrawn and that until Congress appropriated funds the Yankton guards would have to uniform themselves in buckskins and use bows and arrows. "We next called at the treasury department to inquire about starting a national bank in Yankton, and were plainly told that no bank would be ordered by the government unless the citizens could unite harmoniously in an application. He ( whether the secretary of the treasury or the comptroller of the currency, Armstrong does not say I had no desire to establish a political bank in the interest of anyone." In closing his first newsletter to constituents in Dakota, Armstrong wrote, "I have been in the house of repre- sentatives twice this week, and in coming out each time I lost my way among the labryinths, and found my- self once in the basement and once in the garret of the capitol. I have learned to watch the drinking mem- bers, for when they go out they take the shortest cut to the street." After his week of discovery and diversion he got to work for the advancement of the 10-year-old territory. The principal need was for a railroad, for without the necessary transportation to haul produce to eastern markets settlers would have little incentive to move to Dakota. After a year a few bills of interest in Dakota had been passed but he was still working for a rail- road and more settlers. In February, 1872, Armstrong again went to the treasury in reference to a bank for the territory. In his newsletter dated on the 24th he described the activities of the office of the comptroller as though he were escort- ing his readers on a tour of the city. After an imaginary visit at the White House: "We now stroll down through the eastern lawn of the grounds, passing a number of gushing fountains and smooth grassy mounds, to the broad stone approach to the mammoth treasury building. (Continued on Page 2421 WHOLE NO. 59 Paper Money PAGE 233 Excerpts From the "Report on the Finances 1855-6" While researching several items, I located some interesting information in the REPORT ON THE FINANCES 1855-6. The full title of this informative publication is Report of the Secretary of the Treasury, on the State of Finances, for the year ending June 30, 1856. It was printed by P. Nicholson, Printer, Washington, D. C. in 1856. Statement "N" deals with the balances due from banks, formerly depositories of the public money, which are unavailable, and have been so reported by the Treasury for a number of years. There are 39 banks named, with locations, and the amount due per the last state- ment of the Treasury. In short, this is a listing of 39 banks which failed, and their out- standing circulation, as of 1856. Also, there is a short statement regarding some of the banks, giving some background information on their failures. It is hoped that this reprint of the REPORT ON THE FINANCES will give students of obsolete currency some information on speci Sc banks. HARRY G. WIGINGTON STATEMENT N. Statement of balances due from banks, formerly depositories of the public money, which are unavailable, and have been so reported by the Secretary of the Treasury for a number of years. Amount due per last settlement No. Name and style of the banks. of the treasury. 1 Bank of Vincennes $168,511.64 2 Bank of Missouri 159,199.87 3 Bank of Tombecbee, Alabama 98,178.70 4 Bank of Washington, Pennsylvania 5,658.15 5 Bank of Steubenville, Ohio 300,056.33 6 Elkton Bank of Maryland 25,372.19 7 Bank of Somerset, Maryland 62,420.36 8 Farmers, Mechanics, and Manufacturers' Bank of Chillicothe, Ohio 29,729.45 9 Miami Importing and Exporting Company 3,469.54 10 Farmers and Mechanics' Bank of Greencastle 595.00 11 Commercial Bank of Buffalo 846.94 12 Farmers and Mechanics' Bank of Pittsburg 1,311.00 13 Centre Bank of Pennsylvania 6,381.73 14 Farmers and Mechanics' Bank of Cincinnati 16,753.00 15 Bank of Illinois, Shawneetown 46.909.59 16 Saline Bank, Virginia 10,121.00 17 Juniata Bank of Pennsylvania 3,200.00 18 Bank of Edwardsville, Illinois 46,973.00 19 German Bank of Wooster 4,023.42 20 Bank of Columbia 49,225.66 21 Farmers and Mechanics' Bank of Indiana 31,683.90 22 Franklin Bank of Alexandria 48,000.00 23 Union Bank of Tennessee 246,905.21 24 Planters' Bank of Tennessee and branches 271,630.87 25 Franklin Bank of Cincinnati 12,753.52 26 Agricultural Bank of Mississippi 583.404.30 27 Franklin Bank of Boston 12,331.25 28 Merchants' Bank of Alexandria 3,217.00 29 Parkersburg Bank 198.00 30 Urbana Bank 2,839.00 31 Huntington Bank 2,380.00 32 Lebanon Miami Banking Company 9,575.00 33 Bedford Bank 4,059.57 34 Bank of Cincinnati 3,846.00 35 Commercial Bank of Cincinnati 1,021.50 36 Bank of Columbia, Georgetown 469,113.50 37 Commercial Bank of Lake Erie 10,900.00 38 Farmers and Mechanics' Bank of Cincinnati 20,213.01 39 Bank of the Metropolis 3,059.64 2,776,067.84 Deduct the amounts paid, and held up for payment, in the following banks, viz : Farmers and Mechanics' Bank, Indiana $31,683.90 Agricultural Bank, Mississippi 583,404.30 Bedford Bank 4,059.57 Commercial Bank of Lake Erie 10,900.00 Union Bank of Tennessee 246,905.21 Planters' Bank and Branches 271,630.87 Franklin Bank, Cincinnati 12,753.52 Bank of Washington, Pennsylvania 5,658.15 1,166.905.52 1,609,072.32 No. 1.—Bank of Vincennes.—In 1821, an arrangement was made with this bank for the security of this debt, by which sundry tracts and lots of land, and other securities, were vested in trustees, to be sold for its payment. In March, the Secretary of the Treasury was advised that the debt would be nearly all lost. On the 3d September, 1830, the district attorney was instructed to institute suit against the bank and sell all the trust property. One of the tracts of land was sold in 1831 to William H. Neilson for $6,000, and the remainder of the trust property was disposed of at auction for $2,650.40; and on the 14th January, 1833, the district attorney reported that the above sums were all he expected to realize in the case, the bank being hopelessly insolvent. On the 16th July, 1834, the department informed the district attorney of a suspected abstraction of the funds of the bank, previous to its failure, to avoid the claims of creditors; and in- structed him to inquire into the matter, and if there should appear a probability of establishing the fact, to engage associate council in any legal proceedings that might be necessary. On the 24th March, 1835, the dis- trict attorney reported that nothing new could be estab- lished, and the matter was suffered to rest. On the 3d January, 1856, the district attorney was again written to by the department, and a full history of the case, from its earliest stages, furnished him, with a request to as- certain what disposition has been made of the assigned property, and the proceeds arising therefrom; and, also, whether there has been legal proceedings commenced against the officers of the bank, to make them liable for the debt due the government beyond the property assigned, to which no reply has been received. No. 2.—Bank of Missouri.—This bank failed in 1821. In 1823, its officers assigned and transferred to the United States, for the security and ultimate payment of this debt, notes, bonds, judgments and real estate due and be- longing to it, amounting to $189,237.19. These evidences of debt were placed in the hands of George S. Strother, esq., a special agent appointed by the Secretary of the Treasury, for collection, and for which he receipted, January 20, 1823. Mr. Strother entered upon the duties of his agency soon after, brought suits, recovered judg- ments, foreclosed mortgages, caused executions to be issued and levied on real estate, &c., and the property sold; most of which he bought in as agent of the United States. Mr. Strother surrendered his agency in 1830, and was succeeded by Messrs. Shannon, O'Fallon and Maginis, they by A. S. Jones, and he finally by the dis- trict attorney A. S. Maginis. Of the sum of $194,402.17, which consisted of judg- ments, mortgages, rents, interest, &c., in Mr. Strother's hands, but $40,503.69 and $6,078.61 compensation, allowed Mr. Strother as agent, have been collected. On the 1st February, 1856, the district attorney was furnished with a history of this case by the department, and requested to give his early attention to the matter, with a view to closing the account against this bank. On the 25th Jan- uary, 1856, Charles D. Drake, esq., acting district attor- PAGE 234 Paper Money WHOLE NO. 59 ney, advised the department that Mr. Reynolds, the dis- trict attorney, was then in Cuba, on government business, and on his return would doubtless give the subject his usual diligent attention. This case is now in the hands of the proper government officer, but the department is with- out advice as to the probable eventuality of success. No. 3.-Bank of Tombecbee, Alabama.-Suit was in- stituted in this ease July 21, 1827, and in December fol- lowing, a transfer was made by the bank of notes dis- counted, bonds, judgments, &c., to an amount exceeding the debt to the United States. The district attorney was instructed to suspend legal proceedings, on the debts assigned being secured to his satisfaction, and to grant indulgence to the parties of 1, 2, 3 and 4 years. Henry Hitchcock, esq., then district attorney, was appointed to carry this arrangement into effect, and all the notes, bonds, &c., assigned, were placed in his hands for collec- tion. Mr. Hitchcock collected at different times, and paid over to the United States, the sum of $117,987.90. A large amount of these debts still remains uncollected. Mr. Hitchcock, although repeatedly requested, failed to make a report before his decease, of his transactions in the premises. On the 1st March, 1856, the district attor- ney for southern Alabama was put in posession of all the information respecting this case within the knowledge of the department, and requested to ascertain the wherea- bouts of the missing securities, and the responsibility of the officers of the aforesaid bank to meet their obligations to the government. The district attorney, on the 17th March, and April 8, 1856, advised the department that the case was utterly hopeless, both in regard to a recov- ery of the lost securities and the balance due. No. 4.-Bank of Washington, Pennsylvania.-This bank failed in 1817. To secure the debt due by this bank to the United States, George Baird, William Baird, and Thomas H. Baird, on January 12, 1821, executed a bond to the United States for $3,784.47, payable in eight an- nual instalments, with interest from the date thereof. On the same day, George Baird, John Wilson, and Wil- liam Baird executed a similar bond for $4,000, with like conditions, making the debt due and thus secured by the hank $7,784.47. The obligors on these bonds made payment on account of interest and principal at different times, amounting to $9,657.73, leaving a balance due, on the 20th August, 1842, of $5,658.88. On the 18th August, 1856, an act was passed for the relief of Thomas H. Baird, administrator of Absalom Baird, a commissioned surgeon in the army of the revolution. From the amount thus appropriated, the balance due on the above bonds has been suspended as security for the debt. No. 5.-Bank of Steubenville, Ohio.-This bank stopped payment in 1825, and in that year an agreement was made with the Secretary of the Treasury, by which the bank confessed judgment for $170,000, and gave its note for the amount, payable January 1, 1827, with interest. B. Wells & Co., debtors to said bank, also confessed judg- ment for $120,000, and gave their two notes for $60,000 each to the United States, one payable January 1, 1830, and the other December 31, 1830, each bearing interest from January, 1827. The parties having failed to comply with the terms of this arrangement, executions issued against both the bank and Wells & Co. The amount collected and paid into the treasury, from the sale of property belonging to the bank and Wells & Co., was $38,295.13. A general proposition for compromise was made, under the act of March 3, 1837, the result of which is unknown to the department. On the 13th March, 1856, the district attorney was furnished with a detailed statement of all the facts in this case within the knowledge of the department, and requested to give a full history thereof. The district attorney is now engaged in its investigation, the result of which has not transpired. No. 6.-Elkton Bank of Maryland.-The Bank of Co- lumbia, while acting as fiscal agent of the United States, towards the close of the last war with Great Britian, received and held certain notes of the Elkton Bank on special deposite. Suit having been ordered on these notes, the bank assigned two notes of P. Thomas to the United States, amounting to $20,000. The payments credited on said notes amount to $20,184.06, and warrants were drawn to cover the interest in favor of the Treasury of the United States. The balance due the United States, December 31, 1843, for principal and interest, was $25,372.19. The district attorney, on the 30th April, 1856, advised the department that the debt was desperate, all the officers of the bank having passed away, and the act of the general assembly of Maryland of 1810 having absolved all those concerned therein from individual liability. No. 7.-Bank of Somerset, Maryland.-On the 15th July, 1820, an agreement was entered into between the Comptroller of the Treasury, on behalf of the United States, and directors of this bank, by which the latter entered into bond to pay the principal of this debt on or before the expiration of five years. The bond not being paid at maturity, the district attorney of Maryland was instructed to institute suit against the parties. Suit was instituted, but never decided for want of the report of the accountant, and was finally stricken off the docket. The amount due by this bank, February 1, 1844, exclusive of interest, was $62,420.36. On the 7th April, 1856, the district attorney was furnished with all the leading facts in this case, and directed to give it his personal attention, but up to this time has made no report of the proceedings. 8.-Farmers, Mechanics and Manufacturers' Bank of Chillicothe, Ohio.-At the time this bank stopped pay- ment, in 1817, the receiving and disbursing agents were in posession of its notes and bills to the amount of $23,905. Suit was instituted against the bank, and at September term, 1823, judgment was obtained for $29,729.45 and costs, upon which executions issued, which were returned, "no goods, no lands." On the 16th April, 1856, the district attorney was informed of all the facts in this case known to the depart- ment, and requested to give it his immediate attention, to which that officer has made no reply. 9.-Miami Importing and Exporting Company.-In this case, the bank claimed a greater sum than the bal- ance against it. The suit brought was tried at June term, 1825, and the court allowed a credit of $5,417.41, and judgment was rendered for 3,373.59. Further pro- ceedings were suspended to enable the parties to petition Congress for relief. On the 21st April, 1856, the district attorney was written to by the department, and put in possession of all the information within its reach. No report has been received from that officer. 10.-Farmers and Mechanics' Bank of Greencastle, Pennsylvania.-This bank stopped payment in 1817. Judgment was obtained in 1821, against Matthew Lund. cashier, and the president, directors and company for $595, for which an execution was issued, and returned "nulla bona." On the 25th April, 1856, the district attor- ney for Eastern Pennsylvania was written to concerning the debt, and requested to ascertain the liability of the defendants or their legal representatives to meet the claim of the United States, but the department is unad- vised of his action in the premises. 11.-Commercial Bank, Buffalo.-On the 25th October, 1837, this bank failed to comply with the requisitions made upon it in conformity with the first section of the act of Congress for adjusting the remaining claims upon the late deposite banks, passed October 16, 1837. On November 13, 1837, its officers entered into bond to secure to the United States the balance then due; payments were made from time to time, until the debt was reduced to $846.94. The department addressed a communication to the district attorney for Northern New York, setting forth the facts of the case, and requesting his attention thereto, but is without advice as to the result of his in- quiries. WHOLE NO. 59 Paper Money PAGE 235 12.—Farmers and Mechanics' Bank, Pittsburg.—This claim arose from a deposite of the notes of this institu- tion in the Bank of Columbia, as early as January 1, 1817, which were included in the special deposite transferred by the Bank of the United States. On the 29th April, 1856, the district attorney was requested to furnish a full history of this case, with a view to its settlement, but the result of his labors has not yet been communi- cated to the department. 13.—Centre Bank of Pennsylvania.—This bank stopped payment in 1823. On the 26th March, 1826, it executed a bond to the United States for $10,901.25, and on the 20th June, 1826, paid $1,000. It also assigned to the United States the bond of John Norris, dated August 8, 1821, for $11,500, the payment of which was secured by mortgage on real estate, from John Norris and James Chiswell. These papers were delivered to the district attorney, where it is believed they still remain. The sum of $4,500 has since been collected from the proceeds of a sale of Mr. Norris's property. On the 26th June, 1856, the district attorney was fully advised of all the facts in this case, and requested to report all the pro- ceedings had therein. The department has not yet been advised of the result of his labors. 14.—Farmers and Mechanics' Bank of Cincinnati.—On the 8th March, 1822, the bank was indebted to the United States in the sum of $36,966.01. Joseph S. Benham, esq., by letter dated May 12, 1831, informed the department that while he was district attorney for Ohio, he recovered a judgment for a large amount against this bank, in favor of the United States, which was still unsatisfied. A large amount of the stock of this institution was at its failure transferred by the stockholders to the bank, in payment of their debts, and in this way the fund to which the creditors had a right to look for payment was absorbed. The supreme court of Ohio decided that the transfer was illegal, and that the stockholders were liable in chancery to the amount of their stock. Proceedings were commenced against the stockholders in June, 1831, but the result thereof is unknown at this time to the de- partment. The district attorney, on the 3d July, 1856, was furnished with all the information known to the Solicitor of the Treasury, and requested to investigate the matter thoroughly, with a view to the final disposi- tion of the case. No answer thereto has been received. No. 15.—Bank of Illinois, Shawneetown.—This bank stopped payment in 1825. In 1828 it made an assign- ment to the district attorney of debts due the bank to a large amount. Of the debts thus assigned, collections had been made to the amount of $25,173.16, and there yet remained to be collected about $2,000 of good debts, and $16,000 of bad or doubtful, on which no calculation could be made, (vide district attorney's report dated April 23, 1836.) In April, 1856, the district attorney for southern Illinois was furnished with all the information concerning this case known to the department, with in- structions to use his best endeavors to secure the debt, and ultimately close this case. No report has been re- ceived. No. 16.—Saline Bank, Virginia.—Suit brought in this case against the stockholders of the bank, the bank itself being hopelessly insolvent, in August, 1820. In 1825 the court decided that the stockholders were not liable, and at January term, 1828, the Supreme Court confirmed the decision. No. 17.—Juniata Bank of Pennsylvania.—This bank stopped payment in 1817. It has never been reported for suit. No. 18.—Bank of Edwardsville, Illinois.—This bank failed in 1821. Suit was brought against it in the United States district court of Illinois, in March 1823; and judgment was recovered at June term, 1824, for $53,442.86. In the year 1829 an execution issued on the judgment at law against the bank, under which the bank- ing-house and sundry lots of land were sold by the marshal for $1,189.29, and the marshal returned "no more property found." On the 6th March, 1833, the district attorney reported that the trustees of the bank were all insolvent. In the years 1834, 1835, and 1836, the district attorney reported that the receiver was using his exer- tions to make collections, but with little prospect of suc- cess; that the chancery suit was still pending, but that he had little hope of making anything out of it. No. 19.—German Bank of Wooster.—Judgment as- signed Adamson Bentley $3,857.72; judgment assigned Robert Bentely $165.70. No. 20.—Bank of Columbia.— Not reported for suit. No. 21.—Farmers and Mechanics' Bank of Indiana.— Under an act of Congress passed July, 1832, this debt was settled by compromise, and the amount was secured to be paid in three annual instalments of $10,561.30 each, from 15th March, 1833, without interest. The first in- stalment of $10,561.30 was paid at maturity; the second instalment of $10,561.30 was also paid at maturity; but the third instalment was not paid, and suit was brought to collect it, and the sum of $10,692.17 was collected, leaving a small balance not accounted for, which the present district attorney is in pursuit of. The whole amount collected is $31,814.77. No. 22.—Franklin Bank of Alexandria.—Not reported for suit. No. 23.—Union Bank of Tennessee.—Referred state- ments of payment to auditor for settlement, 22d April, 1856. Not reported for suit. No. 24.—Planters' Bank of Tennessee, and branches.— Not reported for suit. Referred statement of payments to auditor for settlement 22d April, 1856. No. 25.—Franklin Bank of Cincinnati.—Not reported for suit. Referred to the First Auditor for settlement (money having been paid) 22d April, 1856. No. 26.—Agricultural Bank of Mississippi.—Case closed. No. 27.—Franklin Bank, Boston.—Brought suit Janu- ary 22, 1838, and the sum of $4,368.75 was collected. Judgment was obtained August 2, 1839, for $14,897.10. Execution issued, and was levied upon real estate, which was set off to the United States, by extent, for $9,784.15, the title to which is in litigation. Nothing further col- lected. Bank is insolvent. No. 28.—Merchants' Bank, A lexandria.—Suit ordered in 1820, but never brought, the district attorney reporting the bank as hopelessly insolvent. No. 29.—Parkersburg Bank.—Suit brought in 1820. In 1825 the district attorney reported that the cause a- waited the decision of the Supreme Court, the questions being the same as Saline Bank in all respects. That case was decided against the United States, and this debt was consequently lost. No. 30.—Urbana Bank.—Not reported for suit. No. 31.—Huntingdon Bank.—Not reported for suit. No. 32.—Lebanon Miami Banking Company.—Not re- ported for suit. No. 33.—Bedford Bank.—Case closed. No. 34.—Bank of Cincinnati.—Not reported for suit. No. 35.—Commercial Bank of Cincinnati.—Not re- ported for suit. No. 36.—Bank of Columbia, Georgetown.—Not reported for suit. No. 37.—Commercial Bank of Lake Erie.—Case closed. No. 38.—Farmers and Mechanics' Bank, Cincinnati.— Utterly insolvent. Nothing done since date of settlement. RACE 236 Paper Money WHOLE NO. 59 Development of the Spinney. Signature By BRENT H. HUGHES SPMC #7 THE world of numismatics has had its share ofcharacters and personalities over the years, all of whom left their mark of one kind or another. Among paper money collectors one individual stands out in both the charm of his personality and the distinc- tion of his signature. He is fondly remembered today as "the father of fractional currency," the man who delighted in closing his many letters with "your obedient servant, F. E. Spinner." His famous signature has fascinated people for over a century. It symbolizes the spirit of a time when the schoolmarm insisted upon strict attention to the teaching of "readin'. writin' and 'rithmetic," when the graceful curves of Spencerian script were seen on every black- board, and every businessman expected every employee to write a "good hand." As a result, today's collector finds in every box of old documents a wealth of beautiful handwriting with signatures rendered with a flourish rarely encountered in the modern business world. But even among his countemporaries, Francis Spinner's signature stood out. So unique was his autograph that two reporters from Scribner's Monthly in 1873 delighted in watching him sign his name with his unusual pen, which they described as "of peculiar construction, and has three points, . . . the ink used has the thickness and consistency of mud and the blackness of Egyptian dark- ness, and is piled up on the paper to a height of which we would be incredulous had we never seen it, arid which, having been seen. renders us more ink-credulous (sic) still." The female member of the reporter team had examined Spinner's portrait on the third issue fifty-cent fractional currency note and found that it did not do him justice. She stated, "There is an expression of honesty and open- ness of nature about his homely features, and a twinkle of humor in the eye, which the artist has failed to re- produce, and which render the face, like Lincoln's fine and genial. and far from unpleasing. A grizzly mus- tache, cut unreasonably short at the corners of the month, does not help to supply the lack of beauty in the features. The wide, determined mouth, and the square, heavy chin, suggest the irreverent idea that personal appear- ance, no less than watchful care, of the nation's treasure, have led to the bestowal of the sobriquet of 'Watchdog of the Treasury' by which the faithful Treasurer is so, well known." Development of the Man A study of the famous autograph shows that it deve- loped, even as yours and mine, over a period of years with many variations. To trace this development, some biographical material is in order. Francis Elias Spinner was born on January 21, 1802, the first-born of John Peter Spinner and Mary Magdalene Bruement Spinner. The year before his birth, his Photographic enlargement of the engraved portrait of Francis E. Spinner used on the Third Issue 50c fractional currency note (Friedberg 1324 through 1338). It is this portrait that many modern writers mistakenly view as illegally used since Spinner was living at the time the note appeared. The law banning such use stated, ". . . no portrait or likeness of any living person hereafter engraved, shall be place upon any of the bonds, securi- ties, notes, Fractional or Postal Currency of the United States." The key words are "hereafter engraved"; since this act was dated April 7, 1866, any note engraved prior to that date could be legally issued. The Third General Issue was provided by the Act of June 30, 1864 with notes being issued from December 5, 1864 to Au- gust 16, 1869. Thus the statement that the portrait of Spencer M. Clark on the 5c note, William Pitt Fessenden on the 25c note, and Spinner on the 50c note were used illegally is incorrect. parents had emigrated from Baden, Germany where his father had been a Catholic priest before embracing Protestantism and marrying. In this country his father became pastor at the old Fort Herkimer Church at Ger- man Flats (later Mohawk) in New York state. He was to remain at this church for the next 40 years. As was the custom at the time, young Francis was apprenticed, first to a candy maker in Albany and later to a saddler in Amsterdam, N. Y. At age 22. Francis returned to Herkimer where he opened a small store. Two years later, he married Caroline Caswell. Some- how he became interested in the military and took an active part in the State Militia, which was climaxed in 1834 when he achieved the rank of Major General of 1825 - Age 23. (-3,N ce— • • , 1826 - 1st. Lt., State Militia 1831 - Deputy Sheriff To asierrr of ff ni!,1 Mohawk Bank1855 - Cashier, 1847 - Cashier, Mohawk Bank 1866 - Treasury document 1848 - Cashier, Mohawk Bank 1869 - U. S. Treasurer 1869 - Personal letter 1876 - Retired, age 83 1 .•=z 1887 - Age 85. i t 1889 - ‘g7. 1865 - U. S. Treasurer --- 1- .E...tsurn of tlgt r!lititrb ,.4"tatts. ti- 1839 - Bank Document 0 Cf. \ L BUSINESS. 1865 - Written frank on envelope1845 - Cashier, Mohawk Bank 1846 - Cashier, Mohawk Bank 1866 - U. S. c4/q(°( Treasurer WHCLE NO. 59 Paper Money PAGE 237 DEVELOPMENT OF THE SPINNER SIGNATURE •1825-1890 eor. ) 1832 - Col. , State Militia 1836 - Sheriff ) 1838 - Hospital Fund Raiser PL411 1859 - President, Mohawk Bank 1860 - Member of Congress • 1PgiliC' ,Treasurer ale 5S'. 1869 - Printed Signature as U. S. Treasurer 1872 - U. S. Treasurer 1890 - Age 88, six weeks before his death. the Third Artillery Division. Two signatures from documents signed during his military career have sur- vived and are illustrated in our chart. It was in his military work that Spinner first demonstrated the organi- zational abilities that would serve him well in later years. He was tireless in his efforts to bring industry to his town, and the development of the Mohawk Valley was due largely to his influence. As a young man he was appointed Deputy Sheriff and later was elected Sheriff of Herkimer County. In this office he became involved in some kind of incident in which his signature was forged, one possibility being the fraudulent release of a prisoner. One old record states that as a result of this incident Spinner "perfected" his signature to make it more difficult "for counterfeiters." This apparently consisted of adding flourishes and broad RE.CLI‘A'ALE FOR ALL CFI PAGE 238 Paper Money WHOLE NO. 59 Photograph of engraved portrait of Francis E. Spinner, Treasurer of the U. S., 1861-1875. U. S. Fractional Currency varieties showing two printed signatures of Spinner. Minor variations are present, but the general configuration is more or less standardized. U. S. Fractional Currency varieties showing autographs of Spinner. Such notes were personally signed by the Register and Treasurer for presentation to Congressmen and other dignitaries. Photograph of Treasury Department official envelope bearing handwritten frank of F. E. Spinner, Treasurer, addressed to M. D. Phillips, Esqr., Henrietta, N. Y. Paper Money PAGE 239WHOLE NO. 59 Nfl VALLE I2-46 if.51;f,t ° ////," /-//;/. ( c/7 c / This note is rejected because it was stolen when unsign,ed, and is therefore worthless, the sign,atares being forged. 4.7(Zsie st,4‘,#.4AC Treas. U. S. vInd Redemption Agent. Check of the Mohawk Valley Bank, Mohawk, New York, 1853, bearing signature of F. E. Spinner as cashier. Photograph of printed Treasury Department form advising citizen that a note submitted for redemp- tion was worthless. Note the short concise language used, a feature missing from so many govern- ment form today. Vasurp of tip IniteD *tats. 0 CIA L BUSINESS. //i/— lacy-• i as... '4 4177 ( 9--t■ r z CC7eli Pla (4- PAGE 240 Paper Money WHOLE NO. 59 Photograph of letter entirely hand-written by E. F. Spinner: "Treasury of the United States, Washington, March 5, 1869. Dear Sir:—In response to your note of the 3rd instant I would answer that country where every citizen is the political peer of every other citizen—the adoption of the 15th article of the Constitution will go a long way in the right direction. Very respectfully yours, F. E. Spinner. John N. Scouller, Esq., Philadelphia, Pa." The 15th Amendment referred to deals with the right to vote by any U. S. citizen regardless of race, color, or previous condition of servitude. strokes toto the capital letters. Hours of practice are necessary to consistently achieve a smooth flow with the pen point needed for such strokes, and Spinner be- came an expert. In 1839, Spinner joined some other local businessmen in founding the Mohawk Valley Bank, an institution which he served for the next 16 years as cashier, director and finally president. During this time his signature acquired a certain uniformity, and we are fortunate that many checks signed by Spinner still survive today. In fact, most collectors of checks today regard the Spinner item as a most interesting part of their treasures. Inevitably Spinner moved toward national politics and service in Washington. In 1854. he was elected to Con- gress as a Free-Soil Democrat, a party which had been formed in 1848 in a dispute over slavery in the newly- formed states. The Free-Soilers and Northern Whigs formed the nucleus of the Republican Party when it was established in 1854. Spinner was re-elected twice but declined the nomination in 1860, apparently intending to return to his beloved bank. Salmon P. Chase, Lincoln's Secretary of the Treasury, had other plans for Spinner, however, and on March 4, 1861. he was appointed Treasurer of the United Treasurer of the United States. WHOLE NO. 59 Paper Money PAGE 241 rmutp of fly. anitcb er;/.2:,0 CneVaded yca vara ' Aczyaa /a olli° ciao' . rjee'eldl (7//C/ zee( f, aim/ falizzn e ./ 7(7 /41 #ef' 17Y 070004// 7L //a acaanzAerpwraa:f a12(-7 catata (71117 41/ 71/ ait aa74 41ezemplaa /aymapt weidatyl (.7 4 Ce 7/ 71'1'/O//?; /) del ?XII N. B.—The payee vf a Treasury draft, ylan he ectlosses it, or. presenting it jar payment, receipts it, should • write his 'name thereon as it is 7ClittC11, ill the draft or in the endorsement that assigns it to him, taleing care to AFFIX his official or representative style or tide, if it be written in the draft or in said C71110CSCMCl2t. At C -fielOrSC- wwq by a MARK dirndl/ be attested by two subscribing witnesses; if by a substitute, it nntst be accompanied eridnnee of 81,7,4itction, except in the rw.,e of in, , ,ddvnt or each ivr ryf a bank cc other institution. Photograph of a cover letter bearing hand-written signature of Francis E. Spinner. The letter asks the payee to sign and return a receipt for the enclosed check, and to cash it without delay. Note that Spinner felt inclined to fill all the available space with a large, exuberant signature. States. The famous autograph would soon be known all over the world, for the approaching Civil War meant that the U. S. Government would be forced for the first time to issue paper money. Spinner's signature would appear on the first issues and on a multitude of Treasury Department documents. Spinner faced great difficulties in operating the Trea- surer's office during the war. His staff was continually depleted by the military draft. He solved the problem in a novel fashion he hired women. This immediately brought on a political flap in Congress where all kinds of charges were w oiced that these women engaged in "immoral activities" while on duty, especially on the night shift. Throughout the turmoil Spinner staunchly defended his employees and eventually the so-called scandal died out. In his annual report for 1864, the Treasurer paid his "Treasury girls" a great compliment: "But for the employment of females, whose compensation is low, and in most cases too low, it would have been impossible to have carried on the business of the office with the compensation allowed." His continual battle for better wages and working conditions for his staff brought him great respect, and his obvious ability kept him in office until 1875. if:.t ye,e./ c42, cefiX,/ 7* Z..te/: v/c,;,/1 7,-„„ rit 7et PAGE 242 Paper Money WHOLE NO. 59 Photograph of letter entirely hand-written by F. E. Spinner: "Jacksonville, Fla., May 26, 1876. Dear Sir: Your letter of the 20th instant, by you directed to my address at Utica, was from there forwarded to my home at Mohawk, and from there to me here, where I spend my winters.—The request therein preferred has been complied with. Very respectfully yours, F. E. Spinner. Mr. Louis R. Mengh, Newark, N. J." The Spinner signature underwent minor changes, pri- marily in the large flourishes, to fit it to currency de- sign limitations. He continued to sign many documents at the Treasury and the signature became more or less standardized. To the end of his career in Washington he took time to personally greet visitors and willingly signed a variety of items that were offered. If Spinner were living today, most commentators would probably say that he had "charisma," the personal magnetism that great men have that separates them from the usual run of mankind. Upon retirement he moved to Florida where he re- mained active for another 15 years. As he aged, the famous autograph became more and more erratic, finally becoming almost illegible just before his death. Cut down by cancer, he passed away on December 31, 1890 at the home of his daughter, Mrs. James Schumacher, wife of the president of the First National Bank of Jacksonville. His unique signature lives on, as fascinat- ing today as it was a century ago. The chart shown herein is based on one compiled by Herman K. Crofoot, an early collector of Spinner material, with additions from the author's collection. Much of the Crofoot collection is now housed at the Smithsonian Institution, but enough other Spinner docu- ments are still available even today to make the search interesting. First. National in Dakota (From Page 232) "Let us climb the great granite steps and enter its marble palaces of gold and greenbacks. First we will try to find our way to the office of the comptroller of the currency, to ascertain what he can do for us in the way of starting a national bank in Dakota. We pass between marble pillars standing as thick and large as forest trees, until we find at the entrance a one-legged messenger who points us up a broad, gas-lighted and steam heated hall, as long as a whole block of lots in Yankton. We pass on, witnessing scores of clerks at work in the long line of rooms that open upon either hand, until we reach the other end. Here we inquire of another mess- enger, one-armed this time, who directs us up the iron stairs to the next floor, and here we are met by a little old Irishman, with an eye shot out by a rebel bullet, who points us down another long passage, to the comp- troller's room. On we go, passing, as before, hundreds of clerks busily engaged in the rooms that open to the right and left. We find the comptroller attentively engaged signing his name to papers and a female clerk beside him 'blotting' his signatures, and withdrawing the manuscripts. "He turns to us for a moment, and says that he has awarded to Dakota $100.000 of the national currency, but that the parties whom he had authorized last summer to subscribe for the bank stock have thus far failed to deposit the required security before the issue of notes can be authorized. We then filed the application of forty merchants of Yankton, who agree to deposit the bonds in thirty days, if a charter be given them for the First National Bank of Dakota. He takes the paper, reads it and requests us to call to-morrow. We bow and retire, and walk down the long aisle past the multitude of rooms where are flying the lightning fingers and flexible tongues of five hundred female clerks who are counting, cutting, trimming, packing and making, bright, new, laughing greenbacks. If a man can ever believe with Shakespeare, the 'money is worthless trash,' he will believe it here, where the stuff is handled and packed by young girls as freely and abundantly as new mown hay. But we must begin to get out of this great cave of the national finances. There are too many ladies and greenbacks here for the safety of a Western man, so we begin to descend again the heavy iron stair- ways to the marble gold rooms, where we witness a number of male clerks standing and counting, by the wagon load, filthy lucre, with a rapidity truly astonish- ing. . . ." (Concluded on Page 247) A I III Palmanova siege notes, 1848 (AR TA MO%ETA1.4 CL ItitMrP, y.,01052. COMMISSIONEto FINANZA 4, P I WHOLE NO. 59 Paper Money PAGE 243 Siege Money Issued in the Occupied Territories of Italy 1813-1848 By DR. MICHAEL KUPA Budapest, Hungary URING both the Napoleonic (1813-1814) and the Revolutionary (1848) Wars in Italy, the following siege money was issued in the occupied territories: I. 1813 CATTARO At the siege of the French-occupied town and fortress of Cattaro by the British and Montenegrin troops, the Town-Council issued emergency paper money, the so- called "Billet", of two francs denomination. The note was printed in black on white paper. The signatures and serial numbers were handwritten; the reverse was blank. No copy is known in existence today. At the same time obsidional coins (siege pieces or necessity money) of one and five francs denominations were in circulation. II. 1813 ZARA During the siege of the French-occupied fortress and town of Zara, the Town-Council issued emergency paper money of two francs. Seven series appeared, each is- sue consisting of 10,000 pieces of the two franc note. They were printed in black on white paper. Each has two signatures as well as the serial numbers handwritten, and a brown oval stamp. The reverse is blank. Dimen- sions are 105 x 85 rnm. This "Papier de Siege" had valuations in both French francs and Venetian lira. The French 2 francs equalled Venetian lira 3:18:2. During this period also, obsidional coins in the fol- lowing denominations were circulated: 1 once equivalent to French francs 4.60 2 onces equivalent to French francs 9.20 4 onces equivalent to French francs 18.40 The coins were also marked with the valuations ac- cording to both the Italian and French monetary sys- tems. III. 16 October 1813-19 April 1814 PALMANOVA The fortification of Palmanova was occupied by the French General Barone di Volterre. After the start of the siege by the Austrian troops, the COMMISSIONE DI FINANZA PALMANOVA issued emergency notes to alleviate the money shortage. The notes were done on bluish-white handmade paper in a sum of 50,000 lire, with the usual handwritten parts supplied by an oval stamp. The paper has the watermark C e I HONIG, or A F G-1810. The notes were signed by the following: Giuseppe T o r n a s c h i, Burco, Francesco Carminati, Giacomo Biasiolli, Pasquale Celin, Paolo Ebro, Gio Batta Fabris, Gio Batta Pellegrini, Lodovico Ferrari, Giovanni Nada- nich, Giuseppe Putelli, Gaspar() Zanulini. 2 Lire, 95 by 145 mm (7,500 pieces) 5 Lire, 125 by 125 mm (3,000 pieces) 10 Lire, 180 by 125 mm (1,000 pieces) 25 Lire, 205 by 110 mm ( 400 pieces) During the siege a bronze coin in the 50 centimes denomination was also struck and put into circulation. IV. 24 March 24 June 1848 PALMANOVA While Milano and Venice were free from the Austrian troops, the Austrian fortress PALMANOVA went over to the Italian insurgents and later was besieged by the Austrian forces. The COMMISSIONE DI FINANZA again issued emergency paper money as during the 1813-14 period in the sum of 60,000 lire. The centesimi notes were printed on white card 75 x 90 mm. The single signature and the serial numbers were handwritten, and at the left border is an oval stamp reading COMMISSIONE DI FINANZA PALMANOVA IN STATO D'ASSIDIO 1848. The lire notes were partly handwritten, partly printed on white card with two stamps in a dimension of 166 x 146 mm. The notes appeared rarely on watermarked paper with only a single letter or mark visible on a note. On the printed notes the value indication is made in red, the date in green. The lire notes were signed by the following: Dr. Giuseppe Putelli, Dr. Bastiano Torre, Pietro Fredericis, Paper MoneyPAGE 244 WHOLE NO. 59 Sebastian° Buri, Nicol° Michielli, G. Batt. tliana, Francesco Fabris, Giuseppe Focazzi. Each note has two stamps: in an oval, COMMISSIONE DI FINANZA PALMANOVA IN STATO D'ASSIDIO 1848; and in a circle, COMANDO DELLA FORTEZZA PALMA NOVA. Both are in black. The reverse of each note is blank. Naturally, there are some varieties among the hand- written notes. A. Handwritten notes : 1 Lira 3 Lire 2 Lire 6 Lire B. Printed notes : 5 centesimi 1 not put into circulation 10 centesimi j 25 centesimi, 6,000 pieces 50 centesimi, 9,000 pieces 1 Lira, 11,000 pieces (together with handwritten ones) 2 Lire, 8,000 pieces (together with handwritten ones) 3 Lire, 5,000 pieces (together with handwritten ones) 6 Lire, 2,000 pieces (together with handwritten ones) 10 Lire 50 Lire not put into circulation 100 Lire V. 7 April-12 October 1848 OSOPPO The fortress Osoppo also went over from the Austrian forces to the Italian insurgents. To remedy the money shortage the Finance Commission issued wholly hand- written emergency paper money in a sum of Austrian lira 6,180. The notes were written on greyish-white paper in a dimension of 158-169 x 70-74 mm. The reverse is blank. All notes have five signatures as follows: Zannini, L. Andervolti, G. Vecchiaritti, Enrico Francia, Giacinto Franceschinis. All notes also have three stamps in rectangles: COM- MANDO D'ARTIGLERIA IN OSOPPO, Deputazione Comunale di Osoppo. and COMMANDO DEL FORTE D'OSOPPO. 50 centesimi, 169 by 70 mm 1 Lira, 159 by 72 mm 2 Lire, 158 by 72 mm 3 Lire, 159 by 74 mm 6 Lire, 159 by 72 mm 50 Lire, 160 by 73 mm 100 Lire, 160 by 73 mm BIBLIOGRAPHY: BUKY, Jozsef DR: Ausztria papirpenz kibocsatasanak tortenete a XVIII. szazad kozepetol 1850-ig (History of the Austria's paper money emissions from the middle of 18 Century to 1850), Budapest, 1937. Katalog der Papiergeldsammlung weiland Dr. Adolf Ehrenfeld, Wien, 1927. KUPA, Mihaly DR: Carta-Moneta. del Regno Lombardo-Veneto 1796- 1866. Reprint from Italia Numismatica 5/1964. CIAMBERINI, di Scarfea Cesare DR: La Carta Monetata in Italia. Volume I., Bologna, 1907. MINI, Adolfo: La Carta Moneta Italiana 1746-1960. Palermo. 1967. MANCINI, Libero : Catalogo Italiano della Cartamoneta 1746-1966. Bologna, 1966. BOBBA, Cesare: Cartamoneta. Italiana dal 1746 ai giorni nostri. IV. edizione, Asti, 1971. Postal Use of Russia's Currency Stamps (From "Philatelic Magazine," London, December 1974) One of the results of Russia's economic troubles early in the first world war, was a desperate shortage of metal for coinage. As a stopgap measure, the imperial govern- ment reprinted certain of the current postage stamps on card and released them for circulation as currency. It has been stated that their use for postal purposes was categorically prohibited and that postage due was charged on any letter found to be bearing them. The August 1974 issue of our Moscow contemporary "Philateliya SSSR" carries an article by D. Kouznetsov which offers evidence to modify the view previously held. We reproduce the article below, in translation, by courtesy of "Philateliya SSSR". In 1915 the Ministry of Finance issued "stamp money" in values of 10, 15 and 20 kopeks. These items were printed on very thick paper from cliches of the postage stamps of the Jubilee Issue of 1913*. On the reverse side they carried the inscription: "In circulation on equal footing with silver coinage." In philatelic journals and catalogues one reads that it was forbidden to make use of these currency stamps for postal purposes. Certainly they were not sold in post offices; and in cancelled state, especially on cover, one rarely comes across them. Recently in the State Archives of the Perm Oblast* * a document was shown us which demonstrates that the postal authorities did not in fact stand in the way of the use of this "stamp money" for the payment of postage. Carrying out instructions received from the Chief Directorate of Posts and Telegraphs and dated October 8th 1915 (Order No. 8907), the Chief Officer at the Perm Posts and Telegraphs region instructs all establishments under his jurisdiction that "in the event of payment being made, for the transmission of postal communications, with currency stamps issued by the Ministry of Finance, then such items are to be accepted without hindrance . . ." At the same time, the instructions do point out that "it is required to be explained to the public that the afore- said stamps are intended for circulation exclusively as coinage and therefore should not be used for payment of postal fees of any kind, instead of postage stamps." Whether a dispensation similar to that described above was given in the case of the 1, 2 and 3 kopek values which were put into circulation as currency in 1917, is not at present established. However, as the 10, 15 and 20 kopek currency stamps were "accepted without hindrance" postally, their exis- tence on cover does not after all present itself as "an oversight on the part of postal employees" or as a case of "cancellation by favour", as was previously thought. These currency stamps were in practice as valid for postage as any other stamps. They must therefore be allowed to take their place in the albums of philatelists. Commemorating the 300th anniversary of the Romanov dynasty on the throne of Russia. '' A province on the western slopes of the Urals. • WHOLE NO. 59 Paper Money PAGE 245 "Peter" Nationals and a Theory About Collecting By PETER HUNTOON TOR ME a currency collection represents a challenge,a source of pride, an investment, and, some people would argue, a point of vanity. The photos that accompany this article may substantiate that last charge! I heavily weight the challenge part. I discovered early that if you want to collect, you must collect something that is tractable BUT virtually impossible to complete. Tractability implies that you design your goal so that it falls within your financial means to carry it to a reasonable conclusion. At the same time it must be of sufficient scope so that you can be successful in adding items to the "set" periodically to maintain interest. However, the task should be impossible to complete; otherwise you wake up some day with the realization that you have "done it" and the whole thing becomes anticlimactic. In paper my first experience with this frustration occurred when I set as my goal a state collection of Nationals. I figured this to be a lifetime proposition in 1965. However, one fortuitous situation followed an- other and I landed the keys early an Alaska for $50, for example—and in less than three years the set was finished. For months before I added the last states—North Dakota, Delaware, North Carolina, and finally Vermont to be specific I realized that the task was almost done and I began casting about for a new challenge. I settled on trying to build a bank collection of Arizona Nationals with its primary objective of containing one note from every hank which issued them. That is impossible, in my opinion, although I have gotten within 75 percent so far. This brings to mind a very interesting observation by a coin dealer friend of mine in Tucson, Hal Birt. It was Hal's opinion that collectors statistically outlived non-collectors. He attributed this solely to the fact that die-hard collectors were going to make it just a little further along in hopes of the chance to fill that last hole in the album. I think there is something to this. In fact, I figure that since I will have to wait forever to find all my Arizonas, I have found the key to im- mortality! With my Arizonas, I found a task that is impossible but now the problem develops that the new additions to the "family" are so few and far between that I stand a chance of burning out, facing such discouraging odds. The solution is to diversify. I have now set a sub- sidiary goal to complete a type collection of the small note mules through the $5 denomination. This lets me work with other classes of currency and also places me in a field that currently seems to be in the syngraphic doghouse. This sad status implies that knowledgeable competitors are probably scarcer than the rare pieces, so I may build this collection for little or nothing. Of course, my heirs may get a lot less for it. Another secondary collection struck me as a possibility a few years ago. As 1 picked through the rags looking for state notes and Arizonas, I began to realize that there were a lot of Peter-towns. Naturally with the first name of Peter, I noticed such a thing. I had already checked and found no Huntoon Nationals were possible although there is a Huntoon, Texas lost out on the Texas pan- handle. (My brother discovered this town while routing oil tank cars for Shell Oil. He traced one "lost" string of tank cars to a siding in Huntoon.) My curiosity was aroused, so I got out a postal zip code directory and dug out all the Peter-towns; I omitted towns like Petersen because these were proper names in themselves. Table 1 is the result of this tedious search. The worst part came in searching the 380 pages of tables in Van Belkum's great book to find if these towns had banks. Table 2 summarizes this effort and the data are taken from Van Belkum's lists. Listed are 20 banks in 12 different towns; 19 issued—a genuine challenge. The best part is that if you succeeded in getting all the 19 possible banks, you would be forced to put together a great type collection as well as have notes from diverse locations. I couldn't resist. I set as a goal a collection of notes in any condition from each different town. TABLE 1. PETER-TOWNS Petersburg, Alaska San Pedro, California Saint Petersburg, Florida Petersburg, Illinois Saint Peter, Illinois Petersburg, Indiana Petersburg, Kentucky Petersham, Massachusetts Petersburg, Michigan Petersburg, Minnesota Saint Peter, Minnesota Saint Peters, Missouri Petersburg, Nebraska Peterborough, New Hampshire Peterboro, New York Petersburg, New York Petersburg, North Dakota Petersburg, Ohio Petersburg, Pennsylvania Saint Peters, Pennsylvania Saint Petersburg, Pennsylvania Petersburg, Tennessee Petersburg, Texas Petersburg, Virginia Petersburg, West Virginia Peterstown, West Virginia This collection has been in the works for a number of years now and at the risk of appearing vain. I am taking this opportunity to display the results of my quest to date. You will notice that nine of the 12 towns are represented and there is one bank from each of the six Petersburgs. Naturally, I am forced to admit that the Saint Peter, Illinois has my vote for the most appropriately named town of the bunch. Of the remaining notes, the Saint Peter, Minnesota will he the toughest, particularly because my Minnesota friends such as Ed Kuether have advised me that if they got one, they wouldn't part with it no matter how much I pleaded or offered! ' OASO7CUItiogoit '14.#011,r'-4: I '" ' I I qI, m44-rwii,r4-- 1" i;74,,, r"''''"-. • 20 04114210 WI* lir fiCrinottrerAilkawl 19t1k. 4 43043. //,/ ltaktlx N WET Of NB AL 1111X011:104TATESOPANIEINUA ,; THE FIR / ST BFI NATIONAL RANK OF PUT FRSIBBIRC, TENNESSEE TEN IS )11414Alt 800141 a 742V11)(111,14AIIIS S (AN .Ø1IffED STATES OFAMERICA . W NATOMit, --oku 11185 41233312:1=644*.411011,21.MIRMIN 1.1,1 >10.2 ig 00111,14.„*.A27141* 10 dr=-- THE FIRST iLLL, NATIONAL BANN Of PETERSBURG PENNSYLVANIA • VIKLOR■111t. KAMP 01. Vt.. TEN 1110t4LAINS 1000217 13313 ) 1000217 sr 4/1140W UN l)OLLIARS Aaow 0.* R2166574 TNT VIRGINIA NATIONAL FATE! DT PETERSBURG ml dINONNA ,unAI IL txt NAP.. ore.. INIMARS C O 02603A e eLe 1111110-2MIXDITATAVFAINAWAIENDED ONE FIRST NATIONAL SANK OF PETERSBURG *DIANA Mia,;;;;Z:;:117; 8000059A TWENTY DOLLARS B, THITTFNIITIOUNILININTeittPABIEltilIA THE FIRST NATIONAL RUE OF 'A A RSTOWN WEST VIRGINIA ISTNITIMILIARS B0000:731 Timal. DOLLARS 00101Mainta 25 9898 N W '.EELSSN 55 THE FIRST I..- NATIONAL BAHR OF PITUNBOROUGAI NEW NAIVPSNIRE C0013651 TEN IN114.4.1441ItS Cool, 'R0 .11ULTIVIVS.1114.CillACIIIINCV 441.ANEIVEA THE FIRST •-- 00004?1 NATIONAL OUR OF SAINT PETER ILLINOIS v■-■ rAN... ,,,,s 9 noi,"..uts a a 00006210 9 PAGE 246 Paper Money WHOLE NO. 59 Notes from the six possible Petersburgs Notes from other Peter-towns v.vgavvogovooveavavosvaiv ::.11,11110114$05411114611 E312861 F — 0 S h, T-I 44.14•AutussUir.uthutiltiaximAutio jemitsa :4041144141Mate i//9/: S %AM- 10dt0 ", NATIONAL 11:110i r. WHOLE NO. 59 Paper Money PAGE 247 TABLE Location California San Pedro Florida Saint Petersburg Saint Petersburg 2. NATIONAL BANKS IN THE PETER-TOWNS, DATA FROM VAN Period in Operation Charter Bank Name Open Close 7057 First National Bank 1903 Jan. 24, 1929 7730 First National Bank 1905 Jun. 9. 1930 7796 National Bank : 1905 Apr. 21, 1931 BELKUM Circulation Out in year in ( ) 48,900 (27) 196,100 (26) 196,900 (22) Central National Bank (Jan. 21, 1910) ; Central National Bank and Trust Company (Jan. 16, 1922) Saint Petersburg 12623 Alexander National Bank 1925 Oct. 27, 1927 200,000 (25) Saint Petersburg 13498 Florida National Bank 1930 did not issue Illinois Petersburg 3043 First National Bank 1883 49,600 (34) State National Bank (Jan. 23, 1929) Saint Peter 9896 First National Bank 1910 May 25, 1932 25,000 (31) Indiana Petersburg 5300 First National Bank 1900 25,000 (34) Minnesota Saint Peter 1794 First National Bank 1871 15,000 (34) New Hampshire Peterborough 1179 First National Bank 1865 100,000 (34) North Dakota Petersburg 11185 First National Bank 1918 Dec 20, 1930 25,000 (29) Pennsylvania Petersburg 10313 First National Bank 1913 18,750 (34) Tennessee Petersburg 10306 First National Bank 1913 30,000 (34) Virginia Petersburg 1378 First National Bank 1865 Sep. 25, 1873 179,200 (73) Petersburg 1548 Merchants National Bank 1865 Sep. 25, 1873 360,000 (73) Petersburg 1769 Commercial National Bank 1871 Jan. 14, 1879 99,800 (79) Petersburg 3515 National Bank ; First 1886 Nov. 16, 1933 692,200 (33) National Bank and Trust Company (Sep. 30, 1931) Petersburg 7709 Virginia National Bank 1905 Sep. 30, 1931 981,040 (30) Petersburg 13792 Citizens National Bank 1933 100,000 (34) West Virginia Peterstown 9721 First. National Bank 1910 25,000 (34) A note from Victoria, Texas for Vicki As you see, the Peter collection is not complete and probably never will be. I have an uphill fight to get a San Pedro, California, or a nice St. Petersburg, Florida. Even so I have some of the truly scarce notes, Peters- town, West Virginia. and Petersburg, Indiana to name just two. To date, the collection has given me a good run and a lot of pleasure. It has provided hours of con- versation with both dealers and collectors and even writing this article has been fun. What more could a collector ask of his hobby? At first my wife Vicki scoffed at the Peter-notes but then I bought her off with the Victoria, Texas note illustrated here. Funny, she is now searching for a note on the First National Bank of Victoria, Virginia, char- ter 12183. When she learned that I passed up a brown back on the First National Bank of . Victoria, Texas, did I take the heat! I sincerely thank the following dealers for supplying the notes on these pages. Each has contributed nobly to making this collection the enjoyable success that it has been for me. These friends are listed alphabetically to remove any special bias: each has been equally help- ful and appreciated: Tom Bain, Johnny 0. Baas, David Dorfman. Ted Gozanski, John Hickman, Curtis Iversen, Art Liester. Dean Oakes. and John Waters. First National in Dakota (From Page 242) The First National Bank, Yankton, Dakota, received charter No. 2068 late in 1872 and filed its first reports in 1873. For five years it was the only national bank in the territory. Although the total apportionment of national currency for Dakota was $100,496, based $65,- 096 on population and 535,400 on wealth, the bank maintained a circulation of only $45,000 as limited by its capitalization of $50,000 and deposit of $50,000 of bonds. That $45.000 of circulation represented $3.17 per capita and .7 per cent of the wealth of the territory in 1873. according to the comptroller of the currency. SOURCES: The Early Empire Builders of the Great West, by • Moses K. Arm- strong, 1901 Message and Documents, 1873-'74. GPO Annual Report of the Comptroller of the Currency, 1897 National Banks of the Note Issuing Period, 1863-1935, by Louis Van Belkum PAGE 248 Paper Money WHOLE NO. 59 The Unknown Factor Revealed A Campaign to Wipe Out Indians California War Bond Coupons By LAWRENCE F. McGRA I L THE CALIFORNIA War Bond Coupons submittedby Don C. Kelly for the May/June issue of PAPER MONEY were issued by the state of California and paid by the U. S. government for the debts arising from suppressing Indian hostilities during the 1850's. Between 1769 and 1846, the California Indian population had dropped from 275,000 to about 100,000 due largely to the effects of epidemics. As the American expansion gradually progressed further west, the removal policy used as a general solution to the "Indian problem" was put to a severe test. In California, where it was no longer possible to remove the Indian to lands furthur west, many American settlers argued that the only solution was to re- move them from the face of the earth. Governor Burnett told the legislature that a "war of extermination will con- tinue to be waged between the races until the Indian race becomes extinct," and that it was "beyond the power or wisdom of man" to avert the inevitable destiny of this race. One method of solving the Indian problem was to enact laws to protect the citizens from them. The Act of April 22, 1850, entitled "An Act for the Government and Protec- tion of Indians" provided in part: Sect. 20. Any indian able to work and support himself in some honest calling, not having wherewithal to maintain himself, who shall be found loitering and strolling about, or frequenting public places where liquors are sold, begging or leading an immoral or profligate course of life, shall be liable to be arrested on the complaint of any resident citizen of the county, and brought be- fore any justice of the peace . . . and if said justice . . . shall be satisfied that he is a vagrant . . . he shall make out a war- rant . . authorizing and requiring the officer having him in charge or custody, to hire out each vagrant within 24 hours to the best bidder . . . for the highest price that can be had, for any term not exceeding 4 months. . . . The money received for his hire, shall, after deducting the costs, and the necessary expense for clothing for said indian, which may have been purchased by his employer, be, if he be without a family, paid into the county treasury, to the credit of the indian fund. Sect. 6 provided: Complaints may be made before a justice of the peace, by white persons or indians ; but in no case shall a white man be con- victed of any offence upon the testimony of an indian, or indians. Units loosely organized as state militia went on inef- fectual and expensive Indian hunting expeditions in 1850. In 1851, Governor John McDougal asserted in a letter to President Millard Fillmore that 100,000 Indian warriors were in a state of armed rebellion. Cost of the Militia The state's politicians demanded that the federal govern- ment provide the funds to pay the expenses of campaigns conducted against the Indians by state militia volunteers. This, at first, the federal authorities refused to do. General Persifor F. Smith complained that the pay of a private in the latest Indian campaign of the California militia was equal to the salary of any officer in the Regular Army, except his own. The Act of March 17, 1851 provided for the pay of those called up to suppress the Indian hostilities under that act. Entitled "An Act authorizing the Governor to call out troops to defend - our frontier, and providing for their pay and compensation," it stated: "Whereas, our Eastern frontier is now being ravaged by hordes of savages, who are murdering our citizens and destroying prop- erty of gieat value, and whereas the existence of such a state of things demands from us prompt, immediate, and determined actions. Therefore : Sect. 1. The Governor is hereby authorized to call into service any number of men, not exceeding 500 in addition to those already engaged, . . . for the purpose of defending our Eastern frontier against the attacks of Indians on others. Sect. 3. All persons now engaged . . . and all others who may enter the service under the call of the Governor . . . shall be entitled to receive out of the "War Loan Fund," the following pay per diem . . . Each Major ten dollars, each Captain eight, and each Lieutenant six ; each Sergeant five, each Corporal five, each Private four, each Quarter Master eight, each Commissary eight, each Surveyor eight, each Adjutant eight, each officer and private who has furnished his own horse one dollar per day." The Act of March 7, 1851 provided for payment for services rendered in the Indian wars, since November 13, 1849: ". . . to each Major $15, Captain $12, Lieutenant $10, Sergeant $7, Corporal $6, Private $5, Quarter Master $12, Commissary $12, Surveyor $12, Adjutant $12, plus 01 per day per horse furnished." Secretary of War C. M. Conrad wrote to Governor McDougal that the pay of California's volunteer Indian- fighters was "exorbitant and beyond anything ever known in this country";that "in a population like that of Cali- fornia, where there are so many ardent young men, the love of adventure with some and the high pay with others" offered "inducements to perpetuate collisions with the Indians" and that this abuse was "as injurious to the State" as it was "revolting to humanity." Features of the Loan Under the Act of February 15, 1851, entitled "An Act Authorizing the Treasurer of State to Negotiate a Loan upon the Faith and Credit of the State, for the Purpose of Defraying the Expenses which have been, and may be, Incurred in Suppressing Indian Hostilities in this State, in the absence of Adequate Provisions being made by the General Government", $500,000 was authorized, payable in 10 years, or at any period after five years at the pleasure of the state, at a rate of interest of 12(4 pay- able annually or semi-annually, by virtue of the power given the legislature by the constitution of the state "in case of war to repel invasion or suppress insurrection." It was intended that the obligations provided for by the Act should be payable out of any money which should at their maturity or thereafter be found in the state treasury, and at which time it reached the treasury, had not been appropriated to some other purpose. By the Act of May 3, 1852, entitled "An act authorizing the treasurer of the state to issue bonds for the payment of the expenses of the Mariposa, Second El Dorado, Utah, Los Angeles, Clear Lake, Klamath and Trinity, and Monterey expeditions against the Indians" it was pro- vided: Sect. 1. "A sum not exceeding $600,000 is hereby appropriated and set apart as an additional war fund, payable in 10 years. out of any moneys which may be appropriated by congress to defray the expenses incurred by the state of California and in- terest thereon at the rate of 7% per annum, in the suppression of Indian hostilities, . . . and should no such appropriation be made, or if an amount sufficient should not be appropriated within the said 10 years, then the bonds authorized to be issued by this act shall be good and valid claims against the state. . . ." Sect. 5 authorized the State Treasurer "to cause suitable Bonds to be provided for said payment in sums of $100, $250, $500, and $1,000 each." The interest was represented by coupons attached to the bonds, each coupon representing one year's interest. These coupons were alike in general language, and differed only in number, amount, and date of maturity. Coupons numbered 2, 3, and 4 were for $70 each. Coupon number 5 was for $46.66 each. I have been unable to discover the amount on coupon number 1, or whether there were coupons numbered higher than 5. Repayment of the Loan In January, 1854, a bill was introduced in Congress to appropriate sufficient funds to cover California's liability on the bonds. The amount of bonds issued by the state WHOLE NO. 59 Paper Money PAGE 249 in liquidating valid claims existing against it for expenses it had incurred in the suppression of Indian hostilities within the state was as follows: Bonds issued under act of Feb 15, 1851 Bonds issued under act of May 3, 1852 Bonds issued under act of Apr 16, 1853 Bonds issued under act of Apr 16, 1853 Bonds issued under act of May 18, 1853 $848,500 On August 5, 1854, Congress passed an act (10 Stat. 576) whereby the Secretary of War was authorized and directed to examine into and ascertain the amount of expenses incurred and actually paid by the state of California, prior to January 1, 1854, and then pay that amount into the state treasury, provided that amount should not exceed $924,259.65. At the time this act was introduced in Congress-in January 1854-the amount specified was estimated to cover all the state's liability, both principal and interest, under the Acts of 1851 and 1852. But, at the time the act passed, April 5, 1854, interest had accrued on the bonds issued under those acts, so that the amount ap- propriated by Congress fell short of the total amount of principal and interest then due. The amount clue on the bonds issued as of January 1, 1854 was $995,290. The amount of the same debt owing and unpaid on August 5, 1854, with interest, was $1,036,- 634.13. The amount of the same debt owing and unpaid on September 1, 1856 was $1,180,243.32. On or about September 1, 1856, the Secretary of War paid $914,071.02 on the state bonds dated prior to January 1, 1854. This left $10,183.63 of the congressional appro- priation remaining. On June 23, 1860, Congress provided (12 Stat. 104 § 4) for payment out of the unexpended balance of the ap- propriation for California's war debt for bonds bearing date subsequent to January 1, 1854. Apparently no bonds were turned in based on this ap- propriation, and the balance left in the fund lapsed and reverted into the treasury on June 30, 1863. Again, on July 25, 1868 Congress passed an act (15 Stat. 175) "to reappropriate an unexpended balance of an appropriation made by an act approved August 5, 1854" for the amount of $10,183.63. Since under the Act of 1851 California would not be- come obligated on the bonds until there were sufficient funds in the treasury that had not been appropriated for other purposes, California never paid on these bonds until 1890. From 1862 to 1889 there was not any surplus in the fund of the treasury not already allocated for other purposes. In 1890, for the first time, a surplus of about $500,000 was received into the state treasury. At that time California became liable for the unpaid bonds. As late as 1901 over $34,000 was paid on outstanding war bonds. References Bean, Walton E., California: An Interpretive History, 2d ed. New York. McGraw-Hill. 1973. Statutes and Amendments to the Codes of California U.S. Statutes at Large. Sawyer v. Colgan, 36 Pac. 580. Reis v. State, 59 Pac. 298, reversed 65 Pac. 1102. Mead v. Same, 59 Pac. 1112, reversed 65 Pac. 1105. $200,000 600,000 23,000 2,500 23,000 First Charter One-Dollar Nationals: Part III By HOWARD W. PARSHALL T HIS ARTICLE is a supplement to two articles bythe same title which appeared in earlier issues ofPAPER MONEY (Whole Nos. 47 and 52). Its purpose is to report the existence of additional note varieties on previously reported banks and the existence of notes on banks not previously reported. Of the 88 banks reported under "states" in this article, 62 are in addition to those identified in the earlier articles. An additional District of Columbia note (#2358) has been reported and three additional uncut sheets of notes, two from Indiana (#55, #804) and one from New York (#1416). The series of notes issued by a bank is indicated im- mediately following its charter number. The symbols used are as follows: Original (1865) series, (65) ; 1875 series (75). Banks issuing Original series notes with charter number are indicated by the addition of a "W" to the identifying series symbol, thus: "65W". If a bank issued Original series notes without and with the bank charter number, this would be indicated in the following manner: (65, 65W). If it issued both Original and 1875 series notes, the symbols would be: (65, 75). If no notes were reported on the bank in the two earlier articles, an asterisk follows the bank charter number. When an asterisk does not appear after the charter num- ber it indicates that an additional variety (65, 65W, 75) has been reported. This series of articles has raised a number of questions about this brief but significant series of notes. For instance, which banks are known to have issued all three varieties (65, 65W, 75) of notes? Why did the charter number appear on some Original series notes and not on others? How many banks are known to have issued $1.00 Nationals of which none is known to exist today? The author hopes to speak to these and related questions in future articles. The reader is urged to share additional information on this early series with the author. Send to Howard W. Parshall, P. 0. Box 191, Pineville, Louisiana 71360. Uncut sheets: 3 INDIANA, #55* (75). INDIANA. #804* (65). NEW YORK, #1416* (65). District banks: 1 DISTRICT OF COLUMBIA, #2358* (75). Banks by states: 88 CONNECTICUT: 2 banks, charters #845* (65), 1314* (75). DELAWARE: 1 bank, charter #1281 (75). ILLINOIS: 8 banks, charters #320* (65), 531* (65), 759* (65), 967 (65W), 1792* (65), 1900 (75), 2042* (65W), 2048 (65W). INDIANA: 3 banks, charters #968* (65), 1967* (75), 2119 (65W). KANSAS: 1 bank, charter #1902* (65). KENTUCKY: 1 bank, charter #995* (not known). MAINE: 5 banks, charters #65" (65), 330* (75), 782* (65), 2089* (65), 2306* (75). MASSACHUSETTS: 31 banks, charters #14* (65), 439 (75), 442* (65), 462* (65), 484* (75), 510 (65W), 578* (75), 582* (75), 595* (76), 603 (75), 609 (75), 615* (65), 647 (65W), 669 (65), 688 (65W), 712* (65, 75), 714* (65), 716* (65), 806* (65), 833* (75), 934 (65), 957* (65W), 985 (65W), 1028* (75), 1099* (65), 1107 (65W), 1144* (65, 75), 1260* (65), 1367* (65), 2265* (65W), 2304* (75). MICHIGAN: 1 bank, charter #191* (65). NEW HAMPSHIRE: 2 banks, charters #318* (65W), 1059* (75). NEW JERSEY: 1 bank, charter #374* (65). NEW YORK: 9 banks, charters #34* (75), 262* (65W), 963* (65), 1231 (75), 1250 (75), 1264 (75), 1344 (65W), 1350* (65), 2370* (75). OHIO: 2 banks, charters, #422* (65W), 2181 (75). PENNSYLVANIA: 4 banks, charters #293* (65), 371 (65), 774* (65), 1579* (65). RHODE ISLAND: 9 banks, charters #983* (75), 1035 (65), 1126* (65), 1283 (65W), 1366 (75), 1402* (65), 1419 (65W), 1472 (65), 1616* (75). VIRGINIA: I bank, charter #1137* (65W). VERMONT: 7 banks, charters #404* (65), 489 (65), 820* (65), 1004* (65), 1197 (65W(, 1488* (65W), 2109* (65). PAGE 250 Paper Money WHOLE NO. 59 Collecting Obsolete and Broken Bank Notes A Primer for Syngraphists By C. JOHN FERRERI ALTHOUGH many "rag-pickers" have seen or heardabout the issues of paper money referred to as"obsolete or broken bank notes," relatively few have actually gotten their feet wet in this area of note col- lecting. One reason for this reluctance may be the fact that the average new collector cannot easily find the answers to his many questions concerning these notes. I hope this article can help answer some of those typical questions asked by the neophyte and in some way strengthen his desire to press on and become involved to a greater degree in collecting, assembling and cata- loguing these very historically significant and artistically executed notes. Obsolete bank note collecting is quite different from coin collecting or collecting of U.S. currency. Collectors of these other numismatic and syngraphic materials in general have many references with which to evaluate and catalogue their collections and guide their interests. With obsoletes, price guides, save for auction catalogs, the SPMC Wismer revision books and Criswell's catalog, are practically non-existent. Although the notes in these catalogs are priced and their rarity established, we must consider the figures only relative up to this time. It will be years yet before publications can confidently report correct values and rarities for these issues. The reason: not enough specimens of each issue have changed hands to establish a firm price. This in itself attests to the rarity of the different issues. Geographical location at the point of sale also influences price. HISTORY During the years 1790 to 1865, the populace was faced many times with a shortage of specie, this being, of course, the metallic coins that were legal tender during that time. The U.S. Government issued only coins and had no facilities for the printing of paper money. This void was subsequently filled by the state chartered banks, reputable businesses, and even downright fraudulent conspirators. Counterfeiting had its heyday in the early 1800's. The banks usually issued notes from $1 to as high as $1000 and some issued in fractions of a dollar. The merchants who issued notes more often had denominations of less than a dollar printed. In some states this was the law, but often it was to facilitate the making of change during business transactions. Because of the lax banking laws and auditing controls, many banks went "bankrupt," some of necessity, some by design. The notes available today from banks that went bankrupt are most often termed "broken bank" notes. Those from institutions that terminated business with honor or are still in business are referred to as "obsolete" notes, as they are now not current money and by law do not have to be redeemed if presented at the bank for payment. Some issues are termed "wildcat" notes. These are nothing more than notes from a bank that was organized with intent to defraud and located itself in some out-of- the-way place so as not to be readily found. Many of these banks were in the wilds. Usually the persons or officers involved in these banks wanted only to circulate their paper in exchange for coin or paper of sound banks. One such bank, the Granite Bank, was supposed to have operated in Voluntown, Conn. The bank inspectors, it is said, found no trace of it there nor anyone who had ever heard of it. Someone became suspicious of it when a flood of its notes appeared in New York City. Some of these are still available to collectors. Many of the available notes today have been passed down through families as mementos of bygone years. Many have been found in old bank vaults. It has been reported more than once that rooms in some old houses were found to have been wallpapered with this then- worthless currency. COLLECTING One of the nicest things about building a collection of bank notes is that the collector seemingly has an inex- haustible list of ways to collect. Some like to collect notes from their home state or town. Others like notes from certain engraving firms. Some like notes showing livLstock, ships, trains, monuments, village scenes, etc. Collecting notes showing different denominations of coins is also becoming popular. Still others collect for the portraits or signatures on these notes. Collecting by denomination can offer quite a challenge also. One will find notes good for 8c, 33 1/3 c, $1.25, $4.00 and $6.00 among others. Whatever course is chosen, it seems that there are al- ways some previously unknown issues popping up to add to the excitement. To seek out all possible hiding places, a collector may find himself eventually corresponding with other collectors perhaps thousands of miles away or traveling to distant shows in hopes of locating something now. It isn't often that one can find an ample supply of these notes in one small area. HOW A BANK NOTE WAS BORN Assume you are living during the early 1800's and are to open a bank and want to issue paper money. After clearance from the State, you employ one or more of the many bank note engraving companies to print your money. You probably want distinctive and pretty notes to carry your bank's name. With this in mind you have the rep- resentative from the engraver call on you with his many "salesmen's samples" of notes and together you decide which vignettes you would like to appear on the notes. The company puts all this together and then sends you some finished "proofs" of the different denominations you will probably use. These proofs look like regulation notes at first glance but actually are printed on India paper, which takes a precise impression. After looking over these proofs and deciding which to have printed for cir- culation, you send your choices back to the engraver. After some time and just prior to the printing of the notes for circulation, you receive from the engraver the final "specimens." These are printed on regulation bank note paper and in most cases have cancellation holes in the areas reserved for the signatures of the bank president and cashier. These notes can now be used for reference and comparison against counterfeits that may show up later on. Now the time has come to order your stock. Suppose you decide that for this order you will need 1000 each of these denominations: $1, $2, $3 and $5. If this is the case, the engraver prints up 1000 sheets containing the $1-2-3-5 denominations, and probably in that order from the top of the sheet to the bottom. These sheets are then sent to you. Before the notes can be issued they first must be signed, dated and cut from the sheet. They then can be put into circulation through loans to people or withdrawals from savings. You now have had the experience of issuing your own paper money! APPEARANCE Condition: Just like anything else, some notes will be found in perfect condition and others in terrible shape. The paper tre:fyi ,167," /-409.014m. ,criA //////)/(/// One Tholusalui //«ii ri/ (-4C/(7//r/ [ r y s OS kr, "LOSOlgiNIN 001.A,NON!.-71rti-O NA S N 1if411, S V,117.0NE IOU 1.71oaiti1:x7Anti1,,t=Y:4±i:P EOM:NSW 001 .1ln" GPI ONE 11101)4,13NO N Al -//6)//X/// S • 77' fah, / ..M111.• . DoLLAa, WHOLE NO. 59 Paper Money PACE 251 used for these issues was quite durable and was mostly of rice base. Of course, a better quality note is worth more than a "rag," the exception here being the crisp "remainder" notes that on occasion appear in quantity. These notes are distinguished by the fact that they are almost always found in extremely high grade; most often they are not signed or dated. They most likely were re- cently cut from remainder sheets and sold to meet the demand. These usually are worth very little even though most are very attractive. Many notes have fuzzy brown spots on them. This is called "foxing" and is possibly caused by moisture. Sometimes one will notice where the paper is eaten away by the ink of the signature. This is not uncommon. Front and Back: Most of the engraving was on the front of the notes. The back seldom carried any design at all. Occasionally an anti-counterfeiting device was printed on the reverse. To find a vignette there is very rare indeed! Authenticity: Counterfeiting was quite popular during this time and many bad notes circulated for years along with valid issues. Some counterfeits themselves were works of art. Authentic notes should show a good quality of engraving. The eyes will be lifelike, the fingers true in proportion. There will be good depth to the lathework. Counterfeits are usually flat or crude and some have a washed-out appearance. Perhaps the hardest bad bills to detect are those that were altered from one bank that had closed to another that was still in business. Here the "con" man's product is very deceptive. Preservation: Many bills have been expertly repaired where they may have been torn. Some have been backed to another piece of paper in order to give them some body. Those repaired with Scotch Tape are recent attempts at pres- ervation. The best type of holder I have found is made of acetate. This won't "bleed" the way polyethelene holders do. A note stored for a couple of hot days in a polyethelene holder could be ruined for good. SUMMATION The bank note collector will soon realize that his growing collection will be an experience in United States history and will develop a legacy of its own. He will be able to follow the development of the engraving industry in America. He will notice historical events engraved on these bank notes. He will see signatures of people who helped mold the history of this nation. He will associate places, times and perhaps famous events, and they will have more meaning. He will notice scenery, possibly of his own home town, and notice landmarks that are still there today. From the engravings he will notice the industry of particular areas and how it has changed to that of today. The final gratification, however, will come when this collector fully realizes the educational and historical potential of a bank note collection and is able to introduce yet another syngraphist to this segment of our hobby. -:"NVI:1024 •Ituire to Pa inn/ nine TCCarv' PAGE 252 Paper Money WHOLE NO. 59 Pine Tree Auction Company, Inc. Announc Featuring The Elizabeth &Morton ei (And Other Consignments) To Be Sold At Pt The New York Barbizon Plaza Hotel 106 Central Pa, Street And 6th A venue, New York, New York, Octobi An Offering of Colonial Currency and Coins seldom if ever equalled Highlights of this special sale Continental Currency — A choice example of the rare May 10, 1775 $20 issue, a very rare antedated 1777-78 $1 /6, a rare James Wilson $60 note of Sept. 26, 1778 (Wilson was a signer of the Declaration of Independence), 3 Tory counterfeits of Sept. 1778 (all $60 issues), a very rare uncut upper panel of four detector notes (40. 45. 60, 65 dollar issue of Jan. 14, 1779). Connecticut — A superb uncancelled 40 Shillings of June 1, 1773. 6 Shillings of June 1. 1775, 20 Shillings of June I, 1775, 40 Shillings of June 1, 1775, and I Shilling of June 7. 1776. Delaware — A choice 20 Shillings of June 1. 1759. Florida — The unique Newman Plate note of 177-. Georgia — A superb 1776 I Shilling. the extremely rare 1777 No Resolution Date $13 and $17. An exceptionally choice June 8, 1777 $5 issue, as well as the rare $5 issue of Sept. 10, 1777. The May 4, 1778 $20 issue is included as well as the second finest known 5 Shillings of Oct. 16, 1786. Maryland — Features the very rare July 17. 1775 Anti-Royalist issue . Massachusetts — A superb offering featuring five different historic Paul Revere "Sword in Hand" notes including possibly the finest known of Nov. 17, 1776 (22 Shillings). New Hampshire — The extraordinary 7 Shilling of Dec. 25, 1734, in excep- tionally choice condition. '1 10 the hest of our knowledge one of only 3 known to exist. Additionally the 3 Pounds of Aug. 24. 1775 in Brilliant Crisp condition as well as the Newman Plate note for the 4 Shillings June 28. 1776 issue. New Jersey — Featuring the extremely rare 6 Pounds issue lone of only 5(1(1 printed) of Dec. 31. 1763. the 3 Pounds issue signed by John Hart (signer of the Declaration of Independence ) of Feb. 20, 1776, a 6 Shillings John Hart note of March 25, 1776 q is well as the desirable Newman Cover Plate 6 Pound note of March 25. 1776. Rounding out this section will he The Finest Known I Shilling Sixpence of Ian. 9. 1781. New York — A parade of rarities is offered in this section starting with the excessively rare 8 Pounds of July 2(1. 171 I as well as the 10 Pounds of July 21, 1746, 10 Pounds of March 25. 1755 and an unpublished variety of the 5 Pounds of Feb. 16. 1771. Additionally there's the rare Albany 20 Shilling issue of June 22, 1775 and the $1 /8 Albany issue of Feb. 17, 1776. This section is further enhanced by The Finest Known 52/3 of March 25. 1776 as well as The Finest Known 51 issue of the same date. Florida — The unique Ne North Carolina — This section of the sale requires special attention because it is with- out question the single most important col- lection of North Carolina notes ever auc- tioned in the United States. Until the present collection came to light a few months ago, our knowledge of the notes of this colony remained in its infancy. In particular the existence of notes of certain denominations of 1748. and of any notes whatever for the issues dated between 1756 and 1759. was unconfirmed. Eric Newman listed these notes only on the basis of available public records in his Early Paper Money of America. For the 1756-59 issues. not even the dates of the notes were known, let alone the in- scriptions or the designs. The notes offered in this section forced a major rewriting of the North Carolina chapter in the Newman hook. and so far as we know they are not only unpublished. they ire unique or nearly unique. though poor duplicates of a few are reported. They represent an unprecedented orbital leap in our knowledge of Colonial American numismatics and an unprece- dented opportunity for collectors. Among these extraordinary notes numbering 114 examples. we find the following: April 4, 1748 2 Shillings Proclamation Money the finest kno■Y n of arts denomina- tion. brilliant. crisp. as well as the 5 Shillings pine wee auction company, inc. 200 LU. Willets Road Albertson, New York 11507 a Subsidiary of First Coinvestors, Inc, WHOLE NO. 59 Paper Money PAGE 253 'es csE.cx Dllection iblic Auction At rk South At 59th ,r 18, 19 75 lunan Plate note of 177-. and a unique example of the 6 Shillings. The 7 Shillings Sixpence is included as well as the 9. 10. and presently unique 15 Shil- lings example. This section is rounded out with the 20. 30. and 40 Shillings, and 3 Pounds examples. \larch 9. 1754 — An unpublished new de- sign of the Fourpence as well as the finest known Fourpence (Puma). and a superb extraordinary unpublished design — pres- entl\ unique of the 8 Pence (Boar) in bril- liant crisp condition. September 13. 1756 -- 1756/7 written dates and denominations. This date features an example of an exceedingly rare 5 Pounds issue number 158 of possibly 200 issued in all). May 28, 1757 -- Two extraordinary unique unpublished varieties of the 5 Pounds issue are featured. November 12, 1757 -- This section has two unpublished varieties of the 5 Pounds issue. May 4. 1758 — For the first time at public auction this section features an exceedingly rare complete denomination set, including the 10. 20. and 40 Shillings which is pos- sibly unique. • '75 ellart I) December 22. 1758 Edenton Act -- .1 - he offering of this date features two unpublished varieties of the One Pound note. July 14, 1760 — We start here with an excessively rare Sixpence, an extraor- dinary choice brilliant crisp 20 Shillings, the finest known 40 Shillings, and the finest known 3 Pounds. April 23, 1761 — The exceedingly rare Fourpence is featured as well as a brilliant crisp 15 Shillings and the finest known 20 Shillings. December 1768 — For the first time at public auction an offering of the complete denomination set of this issue as well as two varieties of the 2 1/2 Shillings note which until the present time have been unknown and unpublished. December 1771 — Features a complete denomination set. August 21, 1775 — The excessively rare Hillsborough -Provincial Congress" issue. This section including the possibly unique One Quarter Dollar and the exceedingly rare $4, $8, and $10 issues. April 17, 1780 — We offer here the extremely rare $50 Liberty and Peace issue. May 17, 1783 — The exceedingly rare Hillsborough issue. We strart here with the 20 Shillings which is considered to be the only known genuine example ever found. as well as a unique presently unpublished Tory counter- feit of 40 Shillings. December 29, 1785 — .1 -he North Carolina section closes with an extraor- dinary unique blue detector note (2 Shillings Sixpence) as well as a Tory counterfeit 20 Shillings. While many notes that will he included in the sale from the state of North Carolina have not been listed. one can only surmise that the offering is unprecedented. and likely never to be repeated. The material is of museum quality and surely much of it is destined to go to one. Pennsylvania — We start with the extremely rare 10 Shillings of Oct. 1. 1755. a choice 21) Shilling of June 18. 1764. the 2 Shillings Bettering House issue of March 10. 1769, a 10 Shilling Francis Hopkinson note of March 20, 1771 and. a 2 Shillings Morton note (signers of the Declaration of Independence) of April 3. 1772. and the extremely rare $4 issue of June I, 1780. This sec- tion is rounded out by an exceedingly rare historic 1783 $2 note signed by Mint Director David Rittenhouse and the 3 Pence of the Bank of North America (August 6, 1789). Rhode Island — Among the 14 notes from Rhode Island is the very rare 3 Shillings of Nov. 6. 1775 and an unlisted 1777 written date 2 year treasury note. South Carolina — This section featuring 2 7 notes is highlighted by a unique Newman Plate note — that being the I Pound Counter- feit of July 25. 1761 as well as an unpublished unique misdated Dec. 23. 1776/7 sheet and an exceedingly rare 3 Pound Loan Office issue of May I. 1786. Vermont - An offering of the excessively rare Feb. 1781 2 Shillings Sixpence. 5 Shillings. the latter pos- sibly the finest in private hands. Virginia — A small group highlighted by a possibl ∎ unique early May 24. 1760 5 Shillings counterfeit as well as the very rare April I. 1773. James River Bank 3 Pounds and the July 17. 1775. I Pound Ashby note. STATE 77 I would like to consign coins. Please call me at Please reserve for me the following catalogues and prices realized: G.E.N.A. '75 - PART I — ()CT. 18, 1975 @ $3.00 G.E.N.A. '75 - PART II — NOV. 21, 1975 @ $3.011 F-1 Full Annual Subscription through Dec. 1976 (id $10.00 NAME ADDRESS ZIP I Include Area Code) I PAGE 254 Paper Money WHOLE NO. 59 SPMC Bicentennial Feature A Note on Colonial Counterfeiting By CHARLES E. KIRTLEY T HE PROBLEM of counterfeiting currency in Americabegan almost as soon as the first paper bills were issued by Massachusetts Bay Colony in 169o. By 1708, the Massachusetts emissions were overprinted with a red monogram in an unsuccessful attempt to thwart the abuse. As the other colonies followed the lead of Massachusetts and began issuing their own bills, the problem of counter- feiting, grew rapidly. No colony was immune to counter- feiting, and no colony was able to effective by combat it. In 1775, the United Colonies, acting together through the Continental Congress, voted to emit an issue of paper cur- rency to be redeemable in specie. Almost immediately the counterfeiters went to work and spurious notes began to ap- pear. Newman writes in The Early Paper Money of Amer- ica that a counterfeit $30 note of that first emission is often found even today. It is important to remember that the circulation of large amounts of counterfeit bills had severe consequences for the new government. Unlike today, when the existence of counterfeit bills in the nation's money supply is more of a curiosity than a danger, the early American counterfeits were a real detriment to the national treasury and the people's confidence in it. The struggling national govern- ment needed a dependable circulating medium of exchange in order to establish its credit both at home and abroad. It also needed good credit to conduct the day-to-day business of government while fighting the Revolution. Since the con- cept of paper money as valid legal tender was quite new and untried, the people were slow and often unwilling to accept it. This fear of paper money was heightened by the poor performance of the various colonial issues which often proved to be worthless and hard to pass in the processes of trade and commerce. In its attempts to thwart the counterfeiting of its paper bills the new government tried several things. Among them were the use of fancy engravings on the bills which would have been hard to duplicate exactly; the nature printing process, developed by Benjamin Franklin, which enabled extraordinarily detailed prints of leaves to be printed on the backs of certain emissions, which were also hard to copy; high quality paper, some of which contained colored threads or mica chips, which would have been hard for counter- feiters to obtain; printing the bills in two colors, usually red and blue, using what were then sophisticated techniques; and finally, the signing of the bills by certain authorized signers in hopes that the signatures would be easily recogniz- able and hard to counterfeit. All of these methods met with varying success, but none was able to stop the flow of counterfeit money. Another way by which it was hoped to curtail the counter- feiting of the nation's money was the issuance of specimen notes. These notes were printed on specially colored blue paper and were to be used for comparison purposes with suspected counterfeits. It has always been thought that these specimen notes were all issued unsigned and unnum- bered. However, the following letter from Joseph Nourse, a treasury official, to Richard Caswell, the governor of North Carolina, was turned up in The Colonial Records of North Carolina. Joseph Nourse, Esq to Gov. Caswell Philadelphia, Treasury Office, Oct. 22, 1779 Sir: By a resolution of Congress of the 14th of January last, it being provided that a sufficient number of proof sheets of the New Bills, then ordered to be emitted, should be struck and sent with the Sign- atures of each Signer to the Assembly of the respective States, to be lodged by them under proper Regulations in public Offices in the several Counties, Towns and Districts for the benefit of the Inhabitants of the United States, the Board of Treasury have so far carried this Resolution into effect as to have caused a sufficient number of Proof Sheets of the said Bills, and also of the Emission of the 26th of September, 1778, to be lodged with the Treasurer in order to be sent to the several States. Part of the said Sheets are transmitted to the States without the signatures, and the same measures will be adopted with the residue, as it is found by experience that each signer so often varies his writing that the signature of one day differs materially from that of the next, and would afford very little assistance in detecting counterfeits, but the advantages of having the proof sheets dispersed in every part of the United States being such that each Inhabitant thereof, who may suspect a Counterfeit Bill, may with little trouble to himself be thus enabled to compare it with the standard, and detect the person passing the same. The Board request your Excellency to communicate their desire to the Assembly of your State that the Resolution referred to may be carried into effect as early as possible. I have the honor to be. Your most obedient servant, Joseph Nourse Although the wording of this letter is somewhat ambig- uous, it seems to indicate that there may have been some signed blue counterfeit detectors issued along with the un- signed specimens. As of this time, however, only the un- signed varieties are thought to exist. Readers who are unfamiliar with the appearance of these counterfeit detectors may have signed specimens (if, indeed, they do exist) in their collections without realizing that they differ from the regular issues. The paper upon which they are printed is a very light blue in color. Since it is not drastically different from the color of the circulation issues, which range in color from light brown to gray, a signed counterfeit detector which was worn, stained, dirty I j....44-,, ,,t..,....f44:,4711',,,' .,.- .1'; ', 4,, iiE,12:14-J-•:-Vni'l# . ' L1G11 -1 if:OLLAR:■.44're 'TA iIIS BILL cntitk " rip-,,,, •.. the BEARER. to _ 11:- ''''`- 7 1;\.s. Cc 've E I ci III Spany'r, -‘,,,–,'" mailed 1)1) 1 .1,41{6 Ts -:`,i' ri. ,-..-- ..s...„,_,. , , . . 4'1\s. ;;_ ji , or the Va:ue thet:of if .4.. ...-•4 \ '7:-.1.\' Gold or :fp-1:pr, accord- P '''''' ` ...-1‘ hig LOA ItC1,crttiti011 p.1.1-1 4, sl.A. C.), Pkiltidelp2,:a., &pr. 2,6th1 11)1:..(1 by (.:01tGRESS, act? -)e \ , i7lt• tr"Vi Q .5 Q-;• (v. Cev, EIGH" DOLL ARS. .zwl-tiowicAttivt PxotmIe to "Pay- the Idle Run o1 Marie Tee pRINTED By AND '7,911 t- • 4; •.;01: CO «.,t 6'1 ,.re • 41.y., ;40 1 ' Cs:I -tit"; ‘Ozli..?`' "'taw SELLERS. ■ WHOLE NO. 59 Paper Money PACE - 255 The above note provides an example of how a signed counterfeit detector could be mistaken for a regular issue. The obverse of this unsigned specimen note has been bleached by light to a grayish-brown color. The reverse still retains the original blue. or bleached from exposure to light could easily pass for a regular issue bill. Owners of Continental Currency should check their notes to see if any are on blue paper or paper that shows traces of light blue in any way. If these notes do exist, their dis- covery would contstitute an important and rare numismatic find. It is asked that anyone who has, or thinks he has, a signed counterfeit detector contact this writer at P. 0. Box 5807, Duke Station, Durham, NC 27706. Pine Tree to Auction Unique Florida Colonial Note Herbert Melnick, Chairman of the Board of Pine Tree Auction Company, Inc. I a subsidiary of First Coin- vestors, Inc.), has announced that his firm has been selected to auction one of the most extraordinary items of Colonial Americana ever to be placed at public sale in this country. (See advertisement in this issue.) Pictured on page 85 of Eric Newman's Early Paper Money of American, this Florida note dated 177- is described by cataloguer Walter Breen as follows: 177- Unnamed firm, Pensacola, Florida. Script in amount to be written in, reading Pensacola 177-/I pro- mise to pay bearer/ the sum of/value received—(this spelling exact; space left for month, date, final digit of year, amount firm name and/or authorized signer.) Printed in deep orange red, from an engraved copper plate, in lettering or typical British 1760-80 style, using the long S; on 18th century paper of the same general type found on many of the colonial notes of the period— this paper most probably from H. M. Company of Sta- tioners in London, though the note is too small and/or from the wrong part of the sheet to show the watermark, which was crowned Royal Arms. This note is UNUSED, faint corner fold, paper some- what aged. THE IDENTICAL NOTE PICTURED IN EARLY PAPER MONEY OF AMERICA, PAGE 85, BY ERIC NEWMAN. TO OUR KNOWLEDGE, UNIQUE, NO DUPLICATE REPORTED FROM THIS SUBJECT PLATE. The only other similar note ever reported (from the Harley Freeman collection) is printed from a different subject plate (differing in border elements and lay out of text) in very dark greenish brown; Newman has theorized that these two notes were issued from the same firm and probably at the same time, to represent two different denominations. Though nothing definite is known about this issue, Harley Freeman (the ranking expert on Florida notes) has conjectured that these may have been made on behalf of Panton and Leslie, Royal Fiscal Agents under George III during the entire British occupation of Florida (1763-83), with branches in many cities in which Pen- sacola was one, and continuing in business during the Spanish rule. The importance of this unique item, the only piece of Colonial Americana attributable with certainty to Florida (aside from a couple of Rare Proclamation Medals made in 1760 and 17891 is impossible to over estimate. 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