Paper Money - Vol. XLI, No. 5 - Whole No. 221 - September - October 2002

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OUR 2ND ANNU NATIONAL SPECIAL ISSUE E POD ESTE BI LUTE SUE MAY OEPOSITADOS EN CO CENTRAL DE EMISION DE LARAT5M.ILAII 0108'1- .1; AN V8345381 11M7. I A )( ) • G.., ON ,,,,, to,•Cl0 141...104 CM 0000 oomrommg • L.*, m111011 DI i• r Z , • - . 4 PCIRTADO..A4 VI, • DO DOUAHtMC D. DIIIONO DL •211,A QOANTI• A NV83453 F' PA©AEY e ih..s.p6_e_amLisol Official Journal of the Society of Paper Money Collectors VOL. XLI, No. 5 WHOLE No. 221 SEPTEMBER/OCTOBER 2002 WWW.SPMC.ORG 4 (,-, piimigit DAB C.CIMR_ riarieeuvmasinliPmra rmnom no.... mi " ----.41,1111I00101Formdit X6673341-1-' :...,„...— , ■ =,01r44,4404;irmtiii;:: ,At e e.,., -;,,,-s. V) !"31"4:127*—": 44.--' 11063 =I: tif7"--■• ,, : :Sititie.2147403:42sitilt.0 fl• JOIN US FOR THESE "MUST AI I END EVENTS' The Strasburg Currency and Stock and Bond Show September 12-15, 2002 Lancaster Host Hotel, 2300 Lincoln Highway East (Route 30), Lancaster, PA 17602 Featuring: • A World Class Currency and Stock & Bond Auction by R.M. Smythe & Co. • Free Parking • 100 Booth Bourse Area • Pennsylvania Dutch Tourist Attractions • Factory Outlet Malls Nearby • Live Spider Press Demonstrations • Special Intaglio Souvenir card available only at the show Make Your Plans Now to be Part of this Exciting Collecting Tradition Show Hours: Thursday, September 12, 2-6 pm Saturday, September 14, 10 am-6 pm (Professional Preview, $25) Friday, September 13, 10 am-6 pm Sunday, September 15, 10 am-2 pm A three-day pass valid Friday-Sunday is $5 - Children 16 and under are FREE Show Information: Kevin Foley - R.M. Smythe P.O. Box 370650, Milwaukee, WI 53237 (414) 421-3498 Fax (414) 423-0343 e-mail: Hotel Reservations: To reserve a room at the Lancaster Host Hotel, call 800-233-0121 and ask for the special $82 Strasburg Currency and Stock & Bond Show rate. The Strasburg Stock, Bond and Currency Show February 7-9, 2003 The Historic Strasburg Inn, One Historic Drive, Strasburg, PA 17579 Thursday, February 6, 2-6 pm (Professional Preview, $25) Friday, February 7, 10 am-6 pm Saturday, February 8, 10 am-6 pm Sunday, February 9, 10 am-1 pm A three-day pass valid Friday-Sunday is $5 - Children 16 and under are FREE Featuring • A World Class Stock & Bond Auction by R.M. Smythe & Co. • North America's Most Important Stock and Bond Show • Pennsylvania Dutch Tourist Attractions • Free Parking • Factory Outlet Malls Nearby Show Information: Kevin Foley - R.M. Smythe P.O. Box 370650, Milwaukee, WI 53237 (414) 421-3498 Fax (414) 423-0343 e-mail: Hotel Reservations: To reserve a room at the Historic Strasburg Inn, at our special rate of $94 call 800-872-0201 and advise the agent that you are attending the Stock & Bond Show. Visit the R.M. Smythe & Co. website: TERMS AND CONDITIONS PAPER MONEY is published every other month beginning in January by the Society of Paper Money Collectors (SPMC). Second-class postage is paid at Dover, DE 19901. Postmaster send address changes to Secretary Tom Minerley, P.O. Box 7155, Albany, NY 12224-0155 C) Society of Paper Money Collectors, Inc., 2002. All rights reserved. Reproduction of any article, in whole or in part, without express written permis- sion, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $6 postpaid. Send changes of address, inquiries concerning non-delivery, and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a spe- cific issue cannot be guaranteed. Include an SASE for acknowledgment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone num- ber should appear on the first page. Authors should retain a copy for their records. Authors are encouraged to submit a copy on a 3 1/2-inch MAC disk, identified with the name and version of software used. A double-spaced printout must accompany the disk. Authors may also transmit articles via e-mail to the Editor at the SPMC web site ( Original illustrations are preferred. Scans should be grayscale at 300 dpi. Jpegs are preferred. Inquire about other formats. ADVERTISING • All advertising copy and correspondence should be sent to the Editor • All advertising is payable in advance To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or addi- tional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. Advertising Deadline: Copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for exam- ple, Feb. 1 for the March/April issue). With advance approval, camera-ready copy, or elec- tronic ads in Quark Express on a MAC zip disk with fonts supplied, may be accepted up to 10 days later. ADVERTISING RATES Space 1 time 3 times 6 times Outside back cover $500 $1350 $2500 Inside cover 400 1100 2000 Full page 360 1000 1800 Half page 180 500 900 Quarter page 90 250 450 Eighth page 45 125 225 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested, but not guaran- teed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper cur- rency, allied numismatic material, publications, and related accessories. The SPMC does not guar- antee advertisements, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. SPMC assumes no financial responsibility for typographical errors in ads, but agrees to reprint that portion of an ad in which a typographical error occurs upon prompt notification. PAPER MONEY • September/October 2002 • Whole No. 221 257 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLI, No. 5 Whole No. 221 SEPTEMBER/OCTOBER 2002 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: IN THIS ISSUE FEATURES Father George Antoine Belcourt & the Farmers Bank, P.E.I. ..... 259 By Forrest W. Daniel The Farmers Bank Notes 266 A Review of Treasury Bills of Panama 268 By Joaquin Gil del Real The Many Incarnations of Paul Thumann's 'The Fates' 274 By Mark D. Tomasko Scrip Recalls 'Maryland in Liberia' Movement 286 By Jim L. Watson Discovering El Banco del Estado de Chihuahua 290 By Peter Huntoon Armenian Commemorative Bank Note Marks 1700th Anniversary 297 By Bagrat Sahakyan Gypsy Women 298 By Gene Hessler Panama's Arias or Seven Day Notes 304 By Joaquin Gil del Real Return of the Short Snorter 316 By Michael E. Marotta Jindra Schmidt Czechoslovak Artist & Engraver 318 By Gene Hessler Fall of Soviet Empire Creates Opportunity for Collectors 324 By Richard Giedroyc SOCIETY NEWS Information & Officers 258 President's Column 314 By Frank Clark Money Mart 314 Research Exchange 334 Editor's Notebook 334 Advertiser's Index 335 SPMC EDUCATION COMMITTEE The SPMC board has established an eduation committee to screen requests for funds for outside educational projects. Projects funded thus far include research at the Smithsonian Institution, and scholarships to ANA summer paper money semi- nars. Requests for additional funds should be addressed to committee chairman Benny Bolin. His address appears on Page 258. SOCIETY OF PAPER MONEY COLLECTORS INC. 442.. BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX (803) 432-9958 SPMC LM 6 BRNA FUN 258 September/October 2002 • Whole No. 221 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) was orga- nized in 1961 and incorporated in 1964 as a non-profit organiza- tion under the laws of the District of Columbia. It is affiliat- ed with the American Numismatic Association. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). Up-to-date information about the SPMC and its activities can be found on its Internet web site . MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for member- ship; other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. Junior mem- bership numbers will be preceded by the letter "j," which will be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world add $10. Life membership -- payable in installments within one year is $600, $700 for Canada and Mexico, and $800 elsewhere. The Society has dispensed with issuing annual mem- bership cards, but paid up members may obtain one from the Secretary for an SASE (self-addressed, stamped envelope). Members who join the Society prior to October 1 receive the magazines already issued in the year in which they join. Members who join after October 1 will have their dues paid through December of the following year; they also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. Dues renewals appear in the Sept/Oct Paper Money. Checks should be'sent to the Society Secretary. OFFICERS ELECTED OFFICERS: PRESIDENT Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 VICE-PRESIDENT Wendell A. Wolka, P.O. Box 569, Dublin, OH 43017 SECRETARY Tom Minerley, P.O. Box 7155, Albany, NY 12224-0155 TREASURER Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 BOARD OF GOVERNORS: Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002 C. John Ferreri, P.O. Box 33, Storrs, CT 06268 Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037 Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515- 2331 Steven K. Whitfield, P.O. Box 268231, Weston, FL 33326 APPOINTEES: EDITOR Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 CONTRIBUTING EDITOR Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 ADVERTISING MANAGER Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06426 LIBRARIAN Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Bob Cochran, P.O. Box 1085, Florissant, MO 63031 1929 NATIONALS PROJECT COORDINATOR David B. Hollander, 406 Viduta PI, Huntsville, AL 35801-1059 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, P.O. Box 268231, Weston, FL 33326 PAPER MONEY • September/October 2002 • Whole No. 221 259 T HE FARMERS BANK OF RUSTICO, PRINCE EDWARD Island, was a unique organization: it was the smallest bank char- tered in Canada; it was open only one day a week; and, it defied closure for many years. The bank's founder, the Reverend Father George Antoine Belcourt, himself, was one of a kind: missionary priest in Red River Settlement, linguist, colonizer and participant in a spectacular automo- tive accident in 1867. Father Belcourt and The Farmers Bank of Rustico pro- vide an interesting juxtaposition. Father George Antoine Belcourt Er The Farmers Bank of Rustico, P.E.I. By Forrest W. Daniel Antoine George Belcourt was born in La Baie-du-Febvre, Lower Canada (Quebec), on April 23, 1803; later he transposed his given names. He attended the local school, the Seminary of Nicolet, and was ordained a priest on March 18, 1827. After serving several parishes, he offered himself for missionary work in Red River Settlement, the area that was later to become Manitoba. When the call came he took a crash course in the Algonquin lan- guage. His journey west began at Oka, Quebec, on the Ottawa River on April 27, 1831. Transport was a 36-foot long Hudson's Bay Company canoe equipped to carry all the merchandise, passengers and provisions necessary for the arduous 2,000-mile journey across the rugged Laurentian Shield. A crew of 16 voyageurs manned the canoe. They arrived at Red River Settlement on June 16, and Father Belcourt began his 17 years of mission- ary service from St. Bonniface (Winnipeg), with mis- sions at Pembina on the Red River 60 miles south, and White Horse Plains 18 miles west. On his arrival Father Belcourt began to study the Chippewa language, one of the Algonquin group, and within a year was able to communicate the Christian reli- gion to the Indians. He compiled a grammar of the lan- guage; it and a book of piety in the Chippewa language were published in 1839. His dictionary of French and Chippewa, including etymology of each word and other language characteristics, was not published until after his death. 260 September/October 2002 • Whole No. 221 • PAPER MONEY Father G.A. Belcourt (1803-1874), missionary, linguist, parish priest, founder of the Farmers Bank of Rustico. (Courtesy State Historical Society of North Dakota.) In the summer of 1832, Father Belcourt established a mission to the Crees, Assinaboines and Chippewas at Baie St. Paul on the Assinaboine River about 35 miles west of St. Boniface. It was said he would "first domesticate [the Indians] by making them farmers and then teach them to be Christians." Building the establishment took several years, since the people scattered annu- ally to their usual winter camps where shelter, food, fuel and water were more accessible than on the open prairie. The summer and fall buffalo hunts occu- pied several weeks each year. , Father Belcourt accompanied the annual summer hunt in 1845. The hunt lasted about six weeks and centered between Devils Lake and the Missouri River, now in central North Dakota. The summer hunt reaped the usual year's supply of meat, summer hides and pemmican. The fall hunt provided heavier buffalo hides for winter robes. As priest, he held daily religious services throughout the hunt. The following year his services as a physician were required when an epidemic of dysentery and measles raged through the camp. When his medical supplies were exhausted, he traveled from the hunt camp located in the vicinity of Dog Den Butte to a location some 50 miles farther west. There at Fort Berthold and the adja- cent Mandan/Hidatsa village, Like-a- Fish-hook on the Missouri River, he acquired additional medicine. After preaching in the Indian village he was asked to return and establish a mission there. The Hudson's Bay Company monopoly on all trade north of the international border was challenged in 1846, by the Metis (mixed blood) traders who wanted to be fee to trade across the border into the United States. While Father Belcourt went through the motions of promoting peace between the Company and the hopeful free traders, he covertly sup- ported the Metis traders and their "smuggling." As a result of the Hudson's Bay Company's insistence, he was recalled to Montreal and resigned his position in Hudson's Bay Company territory in 1847. Father Belcourt was immediately assigned to the vast Diocese of St. Louis, in the United States, and was able to return as assistant missionary at Pembina on the Red River, barely south of the international border. He had returned to the people he chose to 1 For a detailed description of the governance of Red River Settlement by the Hudson's Bay company during the time Father Belcourt served as mission- ary there, see: "Hudson's Bay Company Trade and Paper Money," by Forrest W, Daniel, Paper Money, Nos. 50 and 51, 1974. Illustrations of a typical buffalo hunt camp and Red River carts appear there. PAPER MONEY • September/October 2002 • Whole No. 221 261 serve. After the 1850 flood at Pembina, Father Belcourt reestablished his mis- sion to the Metis about 30 miles to the west at St. Joseph (now Walhalla), North Dakota. About half way between Pembina and St. Joseph, where the heavily wooded valley of the Pembina River met the international border, was a crossing called Smuggler's Point. Many of the priest's former parishioners followed him across the bound- ary and St. Joseph became a thriving community, boasting the first printing press (no imprints have been located), and the first flour and saw mills in what became Dakota Territory. Free traders made up a good portion of the popula- tion of St. Joseph; and, with their relatives and friends across the line an active cross-border trade was established. Prices in far-away St. Paul, Minnesota, were much higher than those paid by the Hudson's Bay Company right next door, so the business was profitable. There is little question Father Belcourt encouraged the free traders to participate in the international sport. Again active pressure from the Hudson's Bay Company forced the Roman Catholic Church to transfer Belcourt out of their trade area -- this time to the farthest point in settled Canada, the small French parish in Rustico, Prince Edward Island. Father Belcourt left St. Joseph in March, 1859, and after several months in his native Quebec was assigned to serve the parish of Rustico and a mission at Hope River. The community of 300 families of Acadian farmers and fisher- men welcomed their French-speaking priest on November 1. One of his first activities was to relocate some of his parishioners to more favorable settlement areas. He became a colonizer. The Acadians at Rustico were surrounded by Protestant land owners so there was no land available for purchase by young Catholics who wanted to begin farming. Belcourt found a favorable location for a colony on the Gaspe Peninsula. The first five colonist families sailed to Metapedia, Quebec, in May 1860; in the year following at least 35 more families left for Bay Chaleur. In the early 1860s other families started another parish on the Island. About the same time, another daughter colony was established in Kent County, New Brunswick. Closer to home, Father Belcourt opened a high school in the parish house, organized a library, a band and an agricultural institute, with the latter open to abstainers only. And to ease the poverty of his parishioners, he set up a small bank. The Farmers Bank of Rustico had many distinctions, even getting it start- ed was a long process. The petition for an act to incorporate the bank was pre- sented to the Prince Edward Island Colonial House of Assembly on March 30, 1863. After three readings, passage came on April 18 and the lieutenant gover- nor's assent on the twenty-second. Royal assent from Queen Victoria and her ministers came almost a year later, on April 7, 1864; and then only after a great deal of debate about the need for such a small bank in such an out-of-the-way location. The granted bank's charter was to expire on June 1, 1883. When Royal assent seemed assured, sales of shares in the bank began in February. Capital was set at 200 pounds Island currency (800 pounds Sterling, or less than $3,900) with shares at one-pound each; allowance was provided for an additional capital issue of 20,000 in one-pound shares. No individual could own more than 10 per cent of the stock; and no director's obligation to the bank, in any fashion, could be more than 10 per cent of the capital. It was a tightly run bank; a farmer, Jerome Doiron was president; and school teacher Marin Blanchard, cashier and secretary. A substantial building, built with 14-inch thick walls of red sandstone and hand-hewn 12-inch timbers fitted together without nails, was constructed by the shareholders and parishioners in 1864. Designed by Father Belcourt, the building also held, in addition to the bank, a high school and library on the 262 September/October 2002 • Whole No. 221 • PAPER MONEY The Farmers Bank of Rustico and com- munity center building designed by Father Belcourt, newly restored except for bilingual name of the bank across the top. (Courtesy P. E. Blanchard, Sec'y-Treas.) ground floor and a large meeting hall upstairs. The building still serves as a parish hall. The first notes of the Farmers Bank, $1s, $2s and $5s, were dated November 2, 1864. A second issue was dated January 2, 1872. The bank was open only one afternoon a week, on Wednesdays; and notes for discount were required to be presented to the cashier before one o'clock. After a prosperous first year, the Farmers Bank of Rustico, paid a divi- dend of 12 per cent early in 1866 and was ready to increase its capital by 3,000 shares to 4,200. Stock sales, however, failed to reach that goal: peaked at 2,734 shares in 1871, with declines in later years. The principal business of the bank was small loans to farmers, as low as $35, for six, 9 or 12 months. One source calls the bank the "first and only Credit Union, or People's Bank, in North America, ..." 2 Early in its existence, the bank's circulation was more than twice the capi- tal of the bank, but sale of additional stock may have taken care of that situa- tion. Otherwise the bank seems to have been cautious in its banking practices. Between 1871 and 1875 business began to slacken noticeably and note circula- tion dropped by about $1,000 a year. There were rumors that the bank was in trouble so Father Belcourt, who had left Prince Edward Island for the Magdalen Islands in the Gulf of St. Lawrence in 1869, was called back to make an investigation of the bank in 1873 -- only a few months before his death, as it happened. Belcourt declared the Farmers Bank of Rustico was completely sound and worthy of support, although he did admit that losses might reduce the dividend rate somewhat. Despite the assurances of Father Belcourt, difficulties continued at the bank. Reports required to be filed with the provincial government seem to 2 According to a pamphlet published by the Credit Union National Association, credit union associations were first established in Germany in 1849. Alphonse Desjardins brought credit unions to Quebec in 1900; later, in 1909, he started the first credit union in United States in a church parish in New Hampshire. The example of the Farmers Bank of Rustico demon- strated to Desjardins that commercial banking rules did not suit the people's banking movement, so he devised a method to circumvent any legal obsta- cles and the result was credit unions. PAPER MONEY • September/October 2002 • Whole No. 221 have stopped in April, 1875; customers often found the bank closed with only a notice posted on the door, and the bank began to defer payment of its notes in 1876. Whether the trouble was ignorance or indolence by the management is difficult to determine now. A change in management of the Farmers Bank of Rustico came eventually and redemption of its notes resumed in February, 1877, after a suspension of about eight months. The Farmers Bank was unique in Canada. It operated under a provincial charter, but was permitted to issue $1 and $2 notes, a privilege lost by federally chartered banks in 1871. Neither did it have to make monthly reports to the Minister of Finance. These privileges continued until the expiration of its colonial charter, June 1, 1883. As the expiration of its Prince Edward Island charter drew near, the bank petitioned the Canadian Parliament to extend its charter until 1891. 3 The bill for re-charter sought to bring the bank into conformity with the Canadian Bank Act and continue its existence to July 1, 1891, the same date most other federal bank charters were scheduled to expire. The new charter placed severe restrictions on the Farmers Bank of Rustico; it was forced to reduce its circulation of notes from double its capital, permitted by its Prince Edward Island colonial charter, to the top limit of its capital. While the amount of circulation was to be reduced in equal annual amounts over the period of the eight-year extension of the charter, there was no provision for the bank to increase its capital to equal its circulation. Thus, Canada's smallest bank was forced to become even smaller. It was, however, permitted to continue its issue of $1 and $2 notes. The bill which extended the life of the Farmers Bank of Rustico, and sealed its eventual fate, was passed; royal assent was received on May 25, 1883. Three years later a member of Parliament implied that the bank was going out of business; that all of the other banks were trying to kill it and that the only ones trying to save it were a bunch of farmers who ran or were served by the bank and respected the memory of the reverend gentleman who founded it. But the Farmers Bank of Rustico remained in business. It faithfully made its reports to the Minister of Finance; but it was not so strict in reducing its cir- culation. In 1891 a petition to renew its charter was presented to the House of Commons, but protests of the bank's policies were presented by larger banks. Action came so late in the session, however, that another extension was granted to July 1, 1894. All of the bank's circulation was required to be withdrawn by the end of that period. The extension granted permission for the bank to merge with a loan company, provided that the loan company assume responsi- bility for the bank's debts. No such merger occurred. In face of the opposition, the bank increased its circulation and went on with its business until its charter expired on July 1, 1894. Cashier Doiron died a few days later, and the bank was deserted. It appears the bank just faded away; in 1897 Joseph Gallant, president of the bank, reported to the Deputy Finance Minister that about $200 of Farmers Bank notes were still outstanding, and that steps were being taken to close the matter. The bank's notes were redeemed until 1900. The Farmers Bank of Rustico, founded in 1863 by Father Belcourt, was no more. * * * * * * Father Belcourt was a traveler. He traveled half way across the North American continent four times -- at least once by Hudson's Bay Company freight canoe across the rough Laurentian Shield; and over the broad prairies of future Manitoba and North Dakota he traveled by Red River ox cart. Both 3 Prince Edward Island joined the Canadian Confederation as a province in July 1873. 263 264 September/October 2002 • Whole No. 221 • PAPER MONEY were primitive means of transportation. In the East, he was accustomed to the luxury of steamboat and steam railway travel. So, since the Frenchman Nicholas Cugnot's 1770 "road wagon" had been refined over the years to a point of availability, Father Belcourt decided personal transportation was for him. In 1866 the 63-year-old priest ordered a steam wagon from a firm in Philadelphia and had it delivered to Rustico. It was reported in the Charlottetown news- paper that on June 24, 1867, St. Jean Baptiste Day, a picnic of more than 900 persons, was held on the church grounds. A demonstration of the four-wheeled machine was the featured entertainment of the day. By the time the engine got up enough steam to operate, the crowd was anxious to see how the contrap- tion worked. There were doubters, of course, who thought the machine would frighten horses and cause grave bodily injury. Undaunted, their pastor mounted the seat, adjusted the levers, opened the valves and the horseless carriage was on its way. What happened next is not exactly clear. One report says the great wonder steamed down the road a half mile and back at a fast speed, after which the crowd dispersed. Another version says the demonstration went well until the steam-propelled carriage went out of control, off the road and crashed into a fence. Yet a third "observ- er" said the craft put on a burst of speed without the permission of the driver, became unmanageable, left the road of its own accord and became entangled in a fence. No one seems to have questioned the capability of the driver to con- trol the machine. Even what happened to the wreckage following Canada's first automotive accident is not clear. Some say a mechanic found use for the engine in his machine shop; others say the steam engine was used in place of a windmill for threshing and sawing. But since Father Belcourt had always been mechanically inclined, and proved it with his inventiveness by building his own farm imple- ments and tools on the western plains, it is more likely he put the stationary engine to practical use himself. He had the ability to adapt whatever resources he had for the good of the community. During his 10 years as pastor at Rustico, Father Belcourt continued to work compiling his French-Chippewa dictionary begun early in his tenure in Red River country. It had reached about five hundred pages and was ready for the printer. The Smithsonian Institution in Washington, D. C., offered to publish the dictionary and asked for a companion Chippewa-French volume. At the urging of Bishop McIntire, Father Belcourt asked Bishop Bourget, when he arrived in Rome, to propose that the dictionary be published by the Propaganda. He hoped he might be called to Rome to help with correcting proofs and technical matters. That plan fell through. The dictionary was not printed until many years after his death, and then under the auspices of Archbishop Tache of St. Boniface, where Father Belcourt had begun his mission work so many years before. Belcourt was in declining health when he resigned the pastorate in Rustico in late 1869 and purchased a small farm at Shediac, New Brunswick, where he hoped to spend the rest of his life. Two years were spent plying his hobbies as carpenter, joiner and blacksmith. It is said he built a steam automo- bile which actually traveled under its own power. The Reverend Father George Antoine Belcourt was unique among bankers. Farmers Bank safe purchased by Father Belcourt in 1864, inscribed "E. L. Morse / Fireproof / Boston." (Courtesy P. E. Blanchard, Sec'y-Treas.) As advertised in Paper Money M/J & J/ A issues Don't Miss Out Hurry limited Time opportunity Make Your Mark! 265 Buying British Notes White notes, Bank of England, Treasury, Jersey, Guernsey, Isle of Man, Scotland, Ireland, Books, Accessories, etc. Request a Free Catalogue for Your Specialist Area Pam West British Bank Note Specialist 1694 to Date PO Box 257 Sutton, Surrey SM3 9WW England Tel/Fax: 020 8641 3224 Web-site: E-mail: PAPER MONEY • September/October 2002 • Whole No. 221 D&R NUMISMATICS P.O. BOX 2793 NORTH CANTON, OH 44720 (330) 494-2072 RUTHHA UDE@A OL. COM RARE COINS & BANKNOTES SPECIALIST IN FOREIGN COINS & NOTES RICHARD H. HAUDE ANA, IBNS, RNS MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4 3/4 x $18.50 $33.50 $150.00 $260.00 Colonial 5 1/2 x 3 3/46 19.00 35.00 160.00 290.00 Small Currency 6 5/8 x 2 7/8 19.50 37.50 165.00 310.00 Large Currency 7 7/8 x 3 1 /2 22.00 41.00 184.00 340.00 Auction 9 x 3 3/4 24.00 44.00 213.00 375.00 Foreign Currency 8 x 5 27.50 50.00 226.00 400.00 Checks 9 5/8 x 4 1 /4 27.50 50.00 226.00 400.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 x 14 1 /2 $14.00 $61.00 $100.00 $226.00 National Sheet Side Open 81/2 x 17 1 /2 15.00 66.00 110.00 248.00 Stock Certificate End Open 91/2 x 12 1 /2 13.50 59.00 94.00 212.00 Map & Bond Size End Open 18 x 24 54.00 235.00 385.00 870.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar Do is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar® Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp. Melinex Type 516. DEN LY'S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 Announcing A New Standard Catalog from the author of Civil War Encased Stamps So you're not Friedberg, nor Hessler, nor Kelly, nor Newman, nor Pick, nor Krause, nor Criswell Fred L. Reed III doesn't claim he is either But Fred has penned numismatic classics in the past and Show Me the Money: The Standard Catalog of Motion Picture, TV, Stage & Advertising Prop Money is destined to be another one. This 660- page, ground-breaking catalog of 1,800 never-before-listed notes will to appeal to movie fans, libraries, and paper money collectors alike for years to come. You can bet it will be good! Now YOU, too, can leave YOUR mark on paper money collecting. How? YOU can have YOUR name on this new reference work as its Co-author! Imagine YOUR name on the cover of a paper money classic! This is a limited-time patronage opportunity, so you must act now. For a fee of only $ X5,000, you can secure YOUR numismatic legacy for all time. Write Robert F. Welch, Agent, 2433 NW 48th St., Oklahoma City, OK 73112 266 September/October 2002 • Whole No. 221 • PAPER MONEY His retirement lasted less than two years. In August, 1871, Father Belcourt was assigned as pastor to Havre-aux-Maisons, plus a mission at Etang- du Nord, an area which included much of the Magdalen Islands in the middle of the Gulf of St. Laurence. Most of his parishioners were fishermen. He became an active carpenter again, building a new parish house at Havre-aux-Maisons and a chapel at Etang-du-Nord both of which lasted for many years. He returned to his farm at Shediac for a couple of months in the fall of 1873 during which time he made his appraisal of the Farmers Bank of Rustic() which had fallen on difficult times. Seeing his frail condition, friends urged Father Belcourt to remain at Shediac. They felt another winter in the Islands would further impair his health; but he decided to spend another winter there rather than leave only one priest to serve the Islands. He promised to return the following summer. His more than two-week return trip to the Magdalen Islands at the end of November was delayed by damage to the ship and a violent snow storm. Prolonged sub-zero weather and hardships of missionary work during the long winter resulted in his physical breakdown. The Farmers Bank Notes THE FARMERS BANK OF RUSTIC() ISSUEDnotes in two series, dated November 2, 1864, and January 2, 1872. Text of the obligation was in English and French denominated in dollars (piastres); the 1864 series carried sterling equivalents. The dollar denominations used by the Farmers Bank and two other Prince Edward Island banks were in circulation years before decimal currency was intro- duced into Canada by the Decimal Currency Act of April 17, 1871, which took effect on January 1, 1872. The Farmers Bank chose to value its dollar at $5 to the pound sterling, the exchange rate in Nova Scotia. The other banks valued their notes at $4.80 to the pound sterling, the rate in New Foundland. That meant that Island merchants had to have a special col- umn in their currency conversion tables to accommo- date notes of the Farmers Bank of Rustico. Those notes added yet another confusion to the wide variety of foreign coins, currency and tokens that circulated in the commerce of Maritime Canada which had to be converted into pounds, shillings and pence for everyday trade. Every merchant had to be an expert in foreign exchange to operate his busi- ness. The second series of notes issued by the Farmers Bank of Rustico, under the Decimal Currency Act and dated January 2, 1872, were valued at the standard Prince Edward Island dol- lars rate -- $4.86 2/3 to the pound sterling. The first issue of bank notes by the Farmers Bank was engraved and printed by the American Bank Note Co. in sheets of $1, $1, $2, $5. All have plain backs. Each note had three rural vignettes, one large and two small, fitting illustrations of the nineteenth century life of the farmer patrons of their bank. All notes were printed in black with an overall green tint. They were machine numbered in blue and signed by Marion J. Blanchard and Jerome Doiron. The second issue, dated in 1872, was printed by the British American Bank Note Co. from revised American Bank Note Company plates. The earliest notes of 1872 series, signed by Blanchard and Doiron and numbered in red, are rare. Those with blue serial numbers are signed by Adrien Doiron and Joseph Gallant. The Farmers Bank of Rustico bilingual note for one dollar. Second issue 1872, green tint, blue serial number, signatures of Adrien Doiron and Joseph Gallant. PAPER MONEY • September/October 2002 • Whole No. 221 267 In 1850 Father Belcourt, lost in a blizzard in the Turtle Mountains of Dakota, found shelter at a hill he later named Butte St. Paul and erected a cross there. On June 28, 1933, this cairn was erected where the original cross had been. In 1937 an effort was begun to have the remains of Father Belcourt removed from Memramcook, New Brunswick, to the Butte St. Paul site. Permission for the move was received from the senior surviv- ing Belcourt relative, but World War II intervened and action for the removal was abandoned. The monument was rededi- cated in 1975. (Courtesy State Historical Society of North Dakota.) He decided to return to his farm in the spring. In May, 1874, fishermen took him to Prince Edward Island for a brief visit at Rustic() before he returned home to Shediac where he died on May 31. He was buried at Memramcook, New Brunswick. Father Belcourt's estate of $3,636.68 included $640 in stock of the Farmers Bank of Rustico. SOURCES: Allan, Waiter D. (ed). The Charlton Standard Catalogue of Canadian Notes. 3rd edition. Quebec: The Charlton Press (1996). Callbeck, Lorne C. "The Extraordinary Father Belcourt and His Horseless Carriage," The Atlantic Advocate (April, 1966). Collections of the Minnesota Historical Society, Vol. 1 pp. 240 -244. "Biography of George Antoine Belcourt," (1872). Croteau, John T. The Farmer's Bank of Rustico: An Early Peoples' Bank. Halifax, N.S.: Dalhousie University Press (1956-57). Graham, Robert J., Earle K. Kennedy, J. Richard Becker, et al. The Currency and Medals of Prince Edward Island. Willowdale, Ont.: The Numismatic Education Society of Canada (1988). Johnson, Alien (ed.). Dictionary of American Biography, Vol. 2. New York: Charles Scribner's Sons (1929). Macmillan, Rev. John C. The History of The Catholic Church in Prince Edward Island From 1835 till 1891. Quebec: L'Evenement Printing Co (1913). Reardon, James Michael. George Anthony Belcourt: Pioneer Missionary of the Northwest, 1803 -1874. St. Paul, Minn.: North Central Publishing Co. (1955). 2-eel72/471247-&-4 /err e.ref (../e.4e,yo Fre.A. 0 0 0 tit 11:1'4,:rsi. :NI(A, • 61.'C073.422772€ z _ e ,43) 268 September/October 2002 • Whole No. 221 • PAPER MONEY A Review of Treasury Bills of Panama BY JOAQUIN GIL DEL REAL 1 N HIS BOOK HISTORY OF COLOMBIAN MONEY, GUILLERMO Torres Garcia tells us that the "first paper money experiment" of what is today Colombia, was carried out by the Provisional Government of Tomas Cipriano Mosquera on August 24, 1861. 1 Prior to this the Government circulated Payment Orders and Promissory Notes 2 as media of exchange. Using as a base Colombian Legislation, the Legislative Assembly of the State of Panama (since 1855 Colombia was experimenting with the federal sys- tem of government) approved a Law of October 28, 1861 authorizing the emis- sion of Treasury Bills: 3 " . . . for a value of twenty five thousand pesos. The Bills shall be of twenty, ten and five pesos, in the amount of each class that the Executive con- siders convenient." Billete de cinco pesos, original of the 1861 issue. This bill was unnum- bered and apparently an "excess" or "over-production" item. Due to the economic needs, it was "decreed" into service via the Decree of September 22, 1868, issuing 3,200 pesos in 640 notes of five pesos each. These Bills, according to Article 3, of the Law: ". . . shall be compulsori- ly admissible in payment of all debt to the Treasury of the Sate," and shall be guaranteed by State land at the ratio of one hectare for every two pesos. The Decree of December 24, 1861, 4 regulates the original law, amended by Decree of March 1862 5 and stipulates that the Bills shall be "lithographed in a foreign country." This first emission was printed by Snyder, Black & Sturm of New York, and only one example is known. In 1865 the Constituent Assembly approved Law #17 of August 24th, ordering a new issue of Treasury Bills 6 ". . . in the amount necessary to pay all compulsory Government Loans. . . ." These Bills were engraved by the American Bank Note Company in denominations of one, two, three and ten Please add $2 postage to all orders under $50; foreign - $4 ANGOLA P-121b 1000 kwanzas 11.11.87 UNC - $37.50 ARGENTINA P-51472 1 real 187x AU horse head - $172 ARGENTINA P-S1524? 1 peso plata boliviana 1.5.1867 AU- $192 CHINA P-S2449s 1 dollar 1940 AU-UNC SPECIMEN - $82.00 CONGO DEM. REP. P-6a 100 francs 1.8.64 AU-UNC canceld- $25 CONGO DEM. REP. P-15a 10 zaires 30.6.71 F light soil - $39 COSTA RICA P-S163r2 5 pesos 1.4.1899 AU-UNC lion - $62.50 CUBA P-92a 5 pesos 1960 UNC Gomez at center - $14 DOMINICAN REPUBLIC P-123b 1987 VF cats. $200 - $70 EAST CARIBBEAN STATES P-24g (1988-93) UNC QEII - $28 ECUADOR P-119b 500 sucres 20.6.82 UNC cats. $30 - $18 EGYPT P-32 10 pounds 1958 UNC King Tut at right - $40 ETHIOPIA P-44c 50 birr (1991) UNC - $23 FIJI P-82 20 dollars (1988) UNC QEII - $47.50 FRENCH INDOCHINA P-82b 100 piastres (1949-54) AU super- $47 GERMANY P-73 500 mark 27.3.22 AU-UNC - $25.50 GERMANY P-194b 10 mark 1944 Allied Military note EF-AU- $27 GHANA P-8 50 cedis (1965) palm trees on back AU-UNC - $44.75 HAITI P-121s 2 gourdes 27.2.04 AU-UNC SPECIMEN- $226.50 IRAN P-106c 5,000 rials (1974-79) AU Shah at right - $87 IRAQ P-66a 25 dinars 1978 AU 3 Arabian horses (large size)- $16 JAPAN P-50 5 yen (1943) AU-UNC nice WWII era item - $38 JORDAN P-14b 1 dinar no date UNC King Hussein at left - $25 KEELING COCOS ISLANDS P-S124 1/4 rupee 1902 EF - $28 MADAGASCAR P-35 5 francs (1937) EF - $35.50 MALAWI P-20b 5 kwacha 1.4.88 UNC - $29.75 MALAYA P-M10b $1000 (1945) AU-UNC scarce JIM note- $17 MALAYA & BR. BORNEO P-3 $10 21.3.53 F pin hole QEII - $39.75 MALI P-1 50 francs 22.9.60 UNC — tough note — great grade - $105 MAURITIUS P-32b 25 rupees (1967) UNC QEII at right - $47.75 Orders of $50 or more to USA are shipped postpaid by us MEXICO P-$419r 5 pesos (1911) AU gorgeous antique - $14 MEXICO P-S1042 50 centavos D.1915 UNC neat old item - $7 MEXICO P-S1074s 20 pesos 1.3.15 VF-EF SPECIMEN - $165 NEW ZEALAND P-163a 1 dollar (1967-68) AU-UNC - $36 NICARAGUA P-119a 50 corclobas D.1968 UNC - $24 NIGERIA P-18e 20 naira (1977-84) AU-UNC - $24.50 NORWAY P-37d 50 kroner 1983 UNC - $25.75 PAKISTAN P-R7 100 rupees (1975-78) AU usual staple hls- $12 PERU P-S606b 1 libra 1.10.21 VF-EF - $19.50 PHILIPPINES P-99b 50 pesos (1944) F stains, pinholes - $82 PHILIPPINES P-157b 100 piso no date AU-UNC - $16.50 RUSSIA P-51249 100 rubles 1918 (1920) AU Agriculture - $32 RWANDA P-22 5,000 francs 1.1.88 F colorful and scarce - $26 SINGAPORE P-4 $25 (1972) UNC yellow flowers - $127.50 SPAIN P-58b 50 pesetas 24.9.06 F-VF female at center - $53.75 SURINAME P-45 500 gulden 9.1.88 AU-UNC pretty - $29.50 TURKEY P-140 2 1/2 lirasi L.1930 VF-EF - $42.75 UNITED STATES G14a $5 (1860's) UNC Bank of America - $48 UNITED STATES F-1551 $100 1966A F decent - S149.50 WEST AFRICAN STATES P-301Cf 100 francs no date UNC - $50 YEMEN ARAB REP. P-21 100 rials (1979) AU pretty - $14 ZAIRE P-31 a 1,000 zaires 24.11.85 AU-UNC - $22.50 ZAMBIA P-13c 20 kwacha (1969) AU nice earlier note - $58.75 10 different circulated Philippines guerrilla notes - $7.75 100 different high grade world notes (beginner's lot) - $24 6 different denominations ($1-$100) Abe Lincoln prop notes - $10 8 different denominations Confederate movie prop notes - $8 15 different Hollywood Mexican movie prop stage notes - $15 Hollywood US $1000 Washington movie note (pictured) - $52.75 See more notes, specials, & wholesale lots on our web site! RICHARD J. REED WORLD PAPER MONEY PMB# 444-PM 5824 BEE RIDGE ROAD SARASOTA, FL 34233 5065 E • MAIL: RJREED@MISTERBANKNOTE.COM WEB SITE: WWW.MISTERBANKNOTE.COM ...BECAUSE MONEY DOES NOT GROW ON TREES PAPER MONEY • September/October 2002 • Whole No. 221 269 WORLD PAPER MONEY — HOLLYWOOD MOVIE MONEY .)/S)i; v. It •••• "7".;: 441ilitDil tiTttio 1iaiiaitt t (.70;ri ef&r,4: ei't• st, /17 4' Kft ---C."-JECOMIRESEED67,15 ■;14:);i4nreiMk4P ;....(./.. ;/(4.,/, ',”;/%?///;',////”7/4;4' ZJEICA7430,3e, 270 September/October 2002 • Whole No. 221 • PAPER MONEY In 1866 the American Bank Note Co. printed 40,000 bank notes for the Estado Soberano de Panama (Sovereign State of Panama). The portrait of Toman Herrera was engraved by James Bannister. Notes are one-peso (Pick S186), two-pesos (Pick S187), three-pesos (Pick S188), and 10-pesos (Pick S189). An addi- tional 40,000 unnumbered notes were printed in 1869. pesos, in sheets of four (or $16 pesos in all). These were issued in 1866, with sheets numbered to 10,000. A vignette of General Tomas Herrera appears on the side of the Bills. A second unnumbered printing of 10,000 sheets was effected in 1869. There are many fine examples of this issue still available. In was not until 1873, when by Decree of 23 June 7 that the President of the Sovereign State of Panama, considering: ". . . 1st That recent disturbances in the City have caused considerable burden to the State that ordinary obliga- tions cannot be met. 2nd That salaries are owed to the military and civilian . . PAPER MONEY • September/October 2002 • Whole No. 221 271 Not listed in the Standard Catalog of World Paper Money, this issue of 1875 20 pesos, black on brown, was printed by Star & Herald, Panama. This is the only example known and is on display at the National Historical Museum. ." that an issue of $6,500 pesos were authorized of 700 $5 pesos bills and 150 $20 pesos bills. We have not been able to locate any examples of this issue. Two years later, because of " . . . a lack of funds to meet the most urgent needs. . ." the Executive, by Decree of 28 October 1875 8 authorized another issue of $15,000 pesos, consisting of 400 bills of $5 pesos and 650 bills of $20 pesos. The issue was oriented towards "those businesses, merchants and well-to- do people of the Capital City." There is only one example of this issue known, a $20 peso note on display at the National Historical Museum. The last Treasury Bill emission, that we know of, is Law 12 of 27 January 1880 9 wherein $20,000 pesos were authorized in three different series. The first series is 20,000 fifty cent (0.50) bills. The second series is 6,000 one ($1.00) peso notes. Lastly, the third series consisted of 2,000 two peso ($2.00) bills. These notes were printed by the Star di Herald Company in Panama. Only copies of the fifty cent and one peso bills are known. All Treasury Bills, just as Bond issues, promissory notes, etc., had by Law to be incinerated once they had been redeemed. Affidavits of these incinera- tions were published in the Official Gazette as they occurred. According to Law 25 of 23 December 1878, as the State retired Treasury Bills, it was authorized to reissue them in amounts of one, three, seven and ten pesos. However, there is not evidence of any such bills ever being issued. Under Decree 98 of 22 May 1882, the Presidency of the State authorized the issue of $50,000 in treasury bills as capital for the formation of the Banco Estados Unidos de Colombia, 50 cen- tavox (unlisted in Pick), 2 1/4 inch by 3 7/8 inch. Discovered in a private collection in Panama. Printed by Star & Herald, Panama, black on brown. 1111,0 41111-it de d4^41:iii i!aonto cope* .ta• let 12*?_`" Pa , Prealdente.i/e/. 04A onfo11 0. 1.88& El Nilo dR Ilaclend 272 September/October 2002 • Whole No. 221 • PAPER MONEY Estados Unidos de Colombia one peso, Pick 5195, 3 inch by 4 3/4 inch. Few examples are known. A two peso note was also printed but no examples are known. del Estado de Panama.'° However, nothing ever came of this either. END NOTES 1 Torres Garcia, Guillermo. Historic de la Moneda Colombiana. Bogota: Imprenta del Banco de la Republica (1945), pg. 87. 2 Gaceta del Estado, Numero 108, October 24, 1857. 3 Gaceta del Estado, Numero 209, November 20, 1861 4 Gaceta del Estado, Numero 212, February 26, 1862. 5 Gaceta del Estado, Numero 213, March 8, 1862. 6 Gaceta del Estado, Numero 110, November 6, 1865. 7 Gaceta del Estado, Numero 124, July 5, 1873. 8 Gaceta del Estado, Numero 222, October 30, 1875. 9 Gaceta del Estado, Numero 488, February 1, 1880. 1° Gaceta del Estado, Numero 689, June 8, 1882. (left to fight) Josh Caswell, Jitrr Reardon, Butch Caswell and Ken Westover Littleton's experienced team of buyers. riVi -YES! • collection or holdings. I'm interested in selling paper money to Littleton. Please contact me regarding my PAPER MONEY • September/October 2002 • Whole No. 221 273 Last Year Alone... Littleton Spent More Than $14 Million on U.S. Coins & Paper Money! We can afford to pay highly competitive buy prices because we retail all the notes we buy. David Sandman, President ANA Life Member #4163; PNG #510; Society of Paper Money Collectors LM#163; Member, Professional Currency Dealers Association Over 150,000+ Littleton Customers Want Your Notes! Wide Range of U.S. Notes Wanted! • Single notes to entire collections • Early large-size notes to high denomination small-size notes • All types including Legal Tender Notes, Silver & Gold Certificates and more • Very Good to Gem Why You Should Consider Selling to Littleton • We buy for our retail customers — so we can pay more • Fair appraisals and offers • Fast confirmation and settlement • We pay finder's fees and make joint arrangements • Over 56 years experience buying and selling coins and paper money Contact us: Buyer Phone: (603) 444-1020 Toll Free: (800) 581-2646 Fax: (603) 444-3501 or Toll-Free Fax: (877) 850-3540 Facts D97 CoinNet NHO7 Dun & Bradstreet #01-892-9653 Fill out this coupon and Fax Toll Free to (877) 850-3540, or Mail to: Littleton Coin Company Name Address City/State/Zip Daytime Phone Best time to call Dept. BYA302 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 L. APAINTING DONE BY THE GERMANARTIST PAUL Thumann (1834-1908) was very appealing to the security engraving busi- ness. No less than three, and probably four, bank note companies used this artwork as the basis for vignettes. In the late nineteenth century, bank note companies had much less need to commission allegorical and decorative art for vignettes. Why? Because what we today refer to as "Salon" art or "Classical Realism" was the prevailing artwork of the day. It provided the bank note engraving organizations with many opportunities to appropriate an image of an allegori- cal or decorative female from a paint- ing, to be used as the basis for a vignette. The normal procedure for turn- ing one of these paintings into an engraving was to start with a photo- graph of the painting. If no alterations of the image were desired, the photo was simply reduced to the size to be engraved. If the image was to be altered, a bank note company designer would make the desired changes by adding new artwork right on the photo. The modeled photograph was then reduced to the size to be engraved so the engraver could get a tracing on the die. Figure 1 Paul Thumann's painting, The Fates, which was heavily used in bank note engrav- ing. 274 September/October 2002 • Whole No. 221 • PAPER MONEY The Manu Incarnations (If Paul Thumann's `The Fates' By Mark D. Tomasko Tao ,f1 7/tataate 21/oired Poet ?12ogeey Specialist in Rare MPC & Replacements, Africa, Europe, German & French Notgeld, Commonwealth & the Americas An Extensive Inventory from A to Z Rarities and Bulk Modern Uncirculated Notes Always Required. Retail & Wholesale Lists Upon Request Wants Lists Actively Solicited & Worked P.O. Box 1075 Adelaide St. Post Office Phone & Fax (416) 445-0286 Toronto, Ontario, Canada M5C 2K5 E-mail: Life Member SPMC, IBNS, ANA, CNA, NI, CPMS --"zraz.g..,..itizezrtsza.,==.2zniaa,„'4.a=. 3=1, PAPERM YOUR SOURCE FOR WORLD PAPER MONEY Looking for World Banknotes? Go to and view world banknotes in every price range. Have notes to sell? I offer consignment service Looking for a special note? Send me your want list 41 SOT T Y 11 Greenleaf Drive-C..). ..° PAPER MONEY Seabrook, NH 03874coLLEuToRs 216-338-7723INC - -' ml:1 ‘ Dealers Contact Me For A Wholesale List Alabama Large Size ''"" tiM.0044*.(14101 ".' . ,4,433a NIA1Mialla 4 Top Prices Paid David Hollander 406 Viduta Place Huntsville, AL 35801-1059 PAPER MONEY • September/October 2002 • Whole No. 221 275 276 September/October 2002 • Whole No. 221 • PAPER MONEY PAUL THUMANN WAS Aprofessor of art, originally at the Art School in Dresden, and later at the Royal Academy in Berlin, where he was a professor of genre painting. He specialized in historical scenes, folklore, family life, and genre paint- ing in general. The original painting of The Fates was done life size, and the painting received considerable acclaim. One commentator described the scene: "The thread of human destiny is spun by beauteous hands, 'tis gathered up amidst fresh leaves and beautiful flowers, by those to whom life is a field of sensuous enjoy- ment; 'tis clipped by the stern and haggard dame, who has the mystic shears, sitting in the shaded back- ground, where unseen she watches the gliding thread, and at her will dis- poses of human destiny." In the painting, (Figure 1), the three fates are Atropos, the cutter of the thread of destiny, Clotho, the mid- dle figure, holding the distaff and spinning the thread of destiny, and the figure on the right is Lachesis, who measures the thread of destiny. Atropos, not surprisingly, did not make it into any vignettes. She is a depressing, homely figure, who would not very well decorate (or "embell- ish," as the bank note engravers used to say) a bank note or security. Clotho and Lachesis, however, were much sought after in the bank note world. We can credit the Homer Lee Bank Note Company, and probably either Thomas Morris, their new designer at the time, or G.F.C. ("Fred") Smillie, the picture engraver then working for Homer Lee (see my article on the Smillie collection in the June 2001 Bank Note Reporter), for being the first to select this art for engraving. FRED SMILLIE USED A MODELED VERSION OF THEpainting, with Clotho and Lachesis and a new background, to engrave for Homer Lee Bank Note in May of 1888. Figure 2 above illustrates an early pro- gressive proof of the vignette, and Figure 3 above has a finished die proof, with the title Prosperity, doubtless a more appealing name to corporate clients than The Fates. Prosperity was evidently popular with clients as the vignette was used on various securities done by Homer Lee, including The John Good Cordage and Machine Company stock certificate (Figure 4 opposite), New York City bonds of the 1890s, as well as two bank notes, the 1000 peso Banco Mercantil de Yucatan (PS452) and the 800 Bolivares Banco Caracas (Venezuela PS139). A successful vignette begets variations, especially with a relatively young bank note company such as Homer Lee, which did not have a large stock of vignettes. Clotho was used by herself (Figure 5 opposite, City of Duluth bond) Figure 2 (top) Early progressive proof of Fred Smillie's engraving of an altered version of The Fates for the Homer Lee Bank Note Company. Figure 3 (above) Die proof of Prosperity, Fred Smillie's finished engraving of the altered version of The Fates Figure 4 (opposite top) Stock certifi- cate of the John Good Cordage and Machine Company, by the Homer Lee Bank Note Company, using Prosperity. Figure 5 (opposite bottom) City of Duluth, Minnesota, bond, 1896, by the Homer Lee Bank Note Company, with the Clotho figure from Prosperity used by herself. 277PAPER MONEY • September/October 2002 • Whole No. 221 thglliparajdffilliEr ittfthinplif thaita4lif tiowJenk /////,/( (0 //f/j( /%1 70/X i/ /7// /),4°,/ % i/Y/ 1;1%/4, • 278 September/October 2002 • Whole No. 221 • PAPER MONEY Figure 6 (above left) Die proof of the Clotho figure with a locomotive, another vignette prepared by the Homer Lee Bank Note Company using a figure from The Fates. Figure 7 (above right) Die proof of the Lachesis figure seated by herself in a pastoral setting, by the Homer Lee Bank Note Company. Figure 8 (right) Die proof of the head of the Clotho figure, entitled Reverie and engraved for the American Bank Note Company in 1894 by S. Oyama. Figure 9 (below) Proof of the intaglio portion of the Brazil 1000 Reis bank note, 1926, by American Bank Note, using Reverie. and next to a railroad engine (Figure 6 above), in both cases holding an electric light. A far cry from the thread of destiny! Lachesis also was split off by herself, to sit next to a tree in a pastoral setting, but I have only a die proof of this (Figure 7 above), and do not know if it was actually used on a security. THE AMERICAN BANKNote Company must also have noticed The Fates because they asked S. Oyama, an out- standing engraver from Japan working for ABNCo on Trinity Place in New York, to NATIFFORNmiuloOlAniUMENN,R0001 ,NNiocc ; m4so ttRooli4ilmooMmisoom!,.MnoodN,Iti•0411,mttoNNEn.40000: A CAIXA OE t•rasiulaci.o MAC/ARÁ AO tM OVRO CONFORM[ • LEI N.•1011.01E l• PORTAOME VISTA,NO RIO OE JANEIRO, OEZEMBRO Or 11116,A QUANTIA OE ,,,,,, •"'T sbli^1 PAPER MONEY • September/October 2002 • Whole No. 221 279 J&F Rubenstein Buying and Selling the Finest U.S Currency Uncut Sheets Nationals - Large and Small Type Notes Fancy Serial Numbers Error Notes Auction Representation Consignments Accepted Actively Buying Collections Want Lists Serviced See us at all the major shows Members PCDA, FUN, ANA, ANS P.O. Box 4543 Greensboro, NC 27404 Telephone: (336) 299-7061 E-mail: WORLD BANK NOTES BUYING AND SELLING MILITARY PAYMENT CERTIFICATES ALLIED MILITARY CURRENCY ESSIE KASHANI PO BOX 222, CHINO HILLS, CA 91709 e-mail: Phone: (909) 627-2776 Fax: (909) 627-3996 ANA SPMC IBNS Fairest Prices Offered MILITARY PAYMENT CERTIFICATES Replacements & Multiprints a Specialty ALLIED MILITARY CURRENCY POW and Concentration Camp Notes And their related Books BUYING and SELLING Free Fixed Price lists issued bimonthly Web Site David E. Seelye ANA LM 1088 North Chili, NY 14514 USA NI LM 49 Phone 585-594-1987 IBNS 8238 FAX 585-594-2311 SPMC 10297 Comprehensive Catalog of Military Payment Certificates 4th ed. Fred Schwan $54.95 Cam-. 111101VM — N IINTERV,L.----- —pA,I,AB LEPRINCIPAL. A— --- IN TIII5 -17- TRUSTEE'S CERTIFICATE. k.-)y///1 fv,i/0?)////e'r,(/40 (//,',//or. / riy./ mit.w/eiritivoev/ .it7eivtif WIR)14N0I,V$1'024034NK 77WN 7 280 September/October 2002 • Whole No. 221 • PAPER MONEY engrave a modeled version of Clotho's head. (For more information on S. Oyama, see Gene Hessler's and my articles in the International Bank Note Society journal, Vol 40, No.2, 2001.) The portrait was engraved in 1894 and entitled Reverie (Figure 8). She has a drape from the back of her head, and is clothed, which was not the case with Clotho. The por- trait was well used, on Brazilian bank notes (P103-109 faces; P65 back) (proof without tint of P109 shown in Figure 9), Canadian bank notes ($50 Merchants Bank of Canada, 1903 and 1917, PS1159 and PS1170), and various securities (one is shown in Figure 10 at left). Reverie was even used in 1973 on "Consumers' Friend Saving's Money," appar- ently a bonus points marketing program for which American Bank Note Co. prepared currency-like engraved notes. THE COLUMBIAN BANK NOTECo. was founded in Chicago by people who left Western Bank Note after its sale to American in 1901-1904. The designers at Figure 10 (slightly reduced) Outside panel of Newport News & Old Point Railway and Electric Company $1000 bond, 1901, by American Bank Note Company, using Reverie. —11111.*...rge PAPER MONEY • September/October 2002 • Whole No. 221 281 Columbian evidently had their eyes on The Fates too, as they probably saw the use that Homer Lee and American had made of the painting. They pulled sev- eral vignettes out of the artwork. One is a modified Clotho, by herself, (clothed, of course), vignette no. 5449 (Figure 11 left), but most often used with two side pieces, seated females resting their chins on their hands, vignette no. 6138, shown here on the Gamble-Skogmo stock certificate (Figure 12 below). They made even more use of Lachesis, seating her by a globe, with Greek temples and trees in the background, but otherwise very much the way she is pictured in the painting, vignette no. 5579, shown on the Lima Cord and Sole Co. stock cer- tificate (Figure 13 following top). Vignette no. 5579 is more commonly encountered on the White Stores Inc. and Dunhill International Inc. stock certificates. Another version of Lachesis, with alterations in her hair, is vignette no. 6320, where she is seated in front of waterfalls with city and industry scene backgrounds (Figure 14 fol- lowing bottom). UNFORTUNATELY I AM AWAREof virtually no engraver information about Columbian Bank Note vignettes. From comments made by my late friend Russ Esty, who was with Columbian Bank Note before the merger with Security in 1957, I understand that freelance engravers Figurel 1 (left) Die proof of Clotho fig- ure, by the Columbian Bank Note Company, no. 5449. Figurel2 (below)) Stock certificate of Gamble-Skogmo, Inc., by the Columbian Bank Note Company, using a vignette with the Clotho figure in the center. CUMULATIVE PREFERRED STOCK (Convertible on or before October 31, 1983) CUMULATIVE PREFERRED STOCK (Convertible on or before October 31, 1983) t I N PO R ATY.D ENDER TI! l: LAWS OF THE STATE OF DE LAWA LIP: Scunffe-ZiusLtru9-, 41,C . SEE REVERSE F CERTAIN DEFINIT Ill 0ertity that FULL-PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF FORTY DOLLARS ($40) EACH OF THE CUMULATIVE PREFERRED STOCK (CONVERTIBLE ON OR BEFORE OCTOBER 31, 1983) • am , tir#4, A3 it,ra /h; /74:/ /POP:a:tin .4 14. /;,/(4..(4:6;1,0*,,,, AotitY/;tit'4,144/0f";19w/k/../ PI/ /0(Y/ JuierCari4///ei ari////:wir res*;wle-erii(1///;'.i/t;ri4) ielemiewki ate,e:Aleseyiim/ /441,/%>1;%/../ (5/24,. 4,v,;471/0(//14,,Op?/th;vi, ad apt twfrfo/ co/i9;;;Iftle;;17. 4) eir /4/./e/d/ /4/1arre/da,,,-,' ,e,/,7 , iryzik:c / 7/.. 2002 • Whole No. 221 • PAPER MONEY282 V3321 ELIMA- IC 111014,5111Erfl HEEL CU AUTHORIZED CAPITAL 200,000 COMMON SHARES OF THE PAR VALUE OF ONE DOLLAR PER SHARE .e- INCORPORATED UNDER THE LAWS OF THE STATE OF OHIO Ills ) /a7/7/f/if/fml.)/(w-mi)Kinr/V/ 4/irifitw row) (//k iwk( i/t/if _///// i. THE LIMA CORD SOLE AND HEEL COMPANY //////01////(7)// /4, di Ilk' 4,0/ ,//////// kh/f/ /1/ // a////piity/.//44///// Opp ../t/ fiy/f4 / 4/44fteri1/4///filx /1//k ii ,9///y/f/ //604/./ //.///)//i/tri /1/4 //;) iam0%/1/7/witawf/a . 7tis h //)%.)7(//// /X/ /(//40,////mi)//m//kiiii/' e/rib /44 /1/ , -frpa M E N Figure 13 (above) Stock certificate of The Lima Cord Sole and Heel Company with Columbian Bank Note vignette no. 5579, the Lachesis figure. Figure 14 (right) Die proof of Columbian Bank Note vignette no. 6320, with the Lachesis figure sur- rounded by a different background and with a different arrangement. ^rtate. Your Hometown Currency Headquarters $$ Top prices paid for ALL National Bank Notes $$ We have thousands of Nationals for sale Visit us at our website williamyoungerman. corn or e-mail us at Call 1-800-327-5010 for a Free Catalog or write PAPER MONEY • September/October 2002 • Whole No. 221 283 EARLY AMERICAN NUMISMATICS P.O. Box 2442 • La Jolla, CA 92038 • (858) 459-4159 • Fax (858) 459-4373 e'c'ce f c.,./. bed . .4' `',9,> . „ e • (44 • UNITED STATES COINS AND CURRENCY • INDIAN PEACE MEDALS • COLONIAL CURRENCY • OBSOLETE CURRENCY • ENCASED POSTAGE STAMPS • FRACTIONAL CURRENCY • REVOLUTIONARY WAR • CIVIL WAR & GREAT AMERICANA r Subscribe to Receive our Beautiful, Fully Illustrated Catalogs Only $72 for a Full Year's Subscription of Six Bimonthly Issues Visit Our Website: www•EarlyAmericanscom William Youngerman, Inc. Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 Member: PNG, PCDA, ANA, SPMC and others 284 September/October 2002 • Whole No. 221 • PAPER MONEY did much of the picture engraving work. In any case, I have no indica- tion of who engraved the Columbian versions of The Fates. ANOTHER ENGRAVEDVARIAtion on The Fates I know only from a partial proof. In my collection is an engraving of a Clotho figure (Figure 15 left), obvious- ly a die made from an altered roll, that is not similar to the Columbian Bank Note Clotho. I suspect that she is a Security Banknote Clotho, but I am not sure, and from the notation on the proof it suggests that "Burlington," probably the textile firm, may have used this engraving. Security Banknote, by the way, was the Philadelphia firm that merged with Columbian in 1957 to form Security-Columbian Banknote, and later changed its name to United States Banknote Corp. The final use of The Fates on prominent lithography firm, The Strobridge Lithographing Company of Cincinnati, Ohio. The advertising piece shown in Figure 16 opposite, laid out in the form of a bond, has a version of The Fates at the bottom. It is very similar to, but slightly different from, the Homer Lee version of Prosperity (compare it with Figure 3). In all likelihood, this piece was a product of the 1890s, and a conscious copy (appropriation would proba- bly be the appropriate word) of the Homer Lee vignette, something lithogra- phy companies did regularly with bank note vignettes. When Paul Thumann finished his painting he probably never imagined that his figures would grace countless thousands of security documents. Sources NYPL Artist Files; G.F.C. Smillie engraving records; American Bank Note Company engraving records; The Life and Work of Thomas F. Morris 1852-1898, by Thomas F. Morris II; The Standard Catalog of World Bank Notes, Vols. I and II, by Albert Pick; conversations with Fred R. Esty, early 1990s. All illustrations are from the author's collection. Figure 15 (above) Die proof of Clotho figure, probably by the Security Banknote Company. Figure 16 (opposite) Advertising broad- side of The Strobridge Lithographing Company, circa 1900, in the form of a bond, with an altered version of Homer Lee's vignette Prosperity. Strobridge has made some minor changes, probably to avoid copyright claims. security documents comes from a MACERATED MONEY Wanted information on U.S. Chopped up Money. Who made the items, where sold, and anything of interest. Also I am a buyer of these items. Top Prices paid. Bertram M. Cohen, 169 Marlborough St., Boston, MA 02116-1830 E-mail: PAPER MONEY • September/October 2002 • Whole No. 221 285 " OP- Win r 0 i AIN A. q4111PJAPI u414 ..///- .-4.4.4i, ,q, ///e/A.W,././/4/7///y70../t //et, (,..i&N-04,,if /.., j . (/ f,(ii /../, //y///fify/ trf.i/. .7r / 1/ //l f1/ ,//, fyyr /'(' /7 (/ 7.4mrfir(f ()/ 7 ,/fi ,.////izie,i- exer( / - A; et/r-r .///, (11/1//1//f/.1/ revii//,;/('' // i.i'e,A, ' /f4.44,,,e4, /74" --7/7/ahi. 4.1Y,"(///, /ii//' ; / r ry/y///7 -;'/k;:Y'....1,...- ,,..,,,,, '' N-/,:,-,/;47p•/f.' /Yr' //// r // / / / /4 r/ ..yAr/y//6/5v ,,,,,,,i, y„- ,,(..,&.,.. --,,,,,,?i,-,- //, .),;//7-1., ,,,.:_t_",,q),.,./,,... / rrY,101 40 ////r/ ///' /r/(„tirj,/ // /V r: / %r/(/:,/. ;'1// r/(-4-44r// /r /,/- riK/1). /)-/7Vi',-?..if,.,ikd54.,(14:41,-i,;/A•1„ ji • , . - , 2) ,„...k., // '., - 6 Y / / r/// /A !i : -1- 7:7 1>-"r-2-----//P. (q/ (I t-/al, .. 7 - .1 /fri / fr/fr,,i ' ffr',/ / if' "7 r1.104''..-,;,,,,, r. 11// /"/ ',,' ” / //r / ' '"?-.. ?-A"P: 'IS / , fir r4.)'! 4 ,fr:// /- 4/.;////).;14e4i/,, , , .,:::::0,, , ,,-„,;,,.-_rf(i . - (- ,A7.' • • 4:14 y - ",„.-".? / ?•i,. .241/ / / fr fr i - 4;' . 4140 464 (. 7 • / /. / frf 7 '?").1 /13 ;;:le e--=, /, "i', ,-"/,,,•., /* /,, ; , _. ,r/ . e//X,-// //mt./ /////, ,/ /// .' //// ty':/ . / .///(itztlr..-7-..--..- . //,///e/ f,(/ .,../..- ii/ //ti-f/ fr./ ffr//7 /k/ f, frfrfr - 47t,e //-/' ..):X/ (///,, /11/.11'1/ //' / II/ / ./1•/// f/1/1/ '/'/VW/ ./ ? fi /7 1 1 / / //// ( /i/ 1/1//1.47(E4.1 3. -... e-i-fr., t;,///i.ei .4. - mit/tKw../7 trt&i i A '../ vey( //',-//, ./f, frfrtfryl•/ fry,, /,e//..,//7 vti/r iq{ .4fr: H Lbo,brid e kfitt 124. 126. 128,130 & 132 W . ( ;ANAL ST. r • r- --(7„/ (/' • tit .1 :19 Wav Coe”.. 4fkELLEMILEITO &MAW Zelt&SIMAYLPIMS5 VaMILETWo ' ' " ' glczettheitr, 9Iov. seD7 286 September/October 2002 • Whole No. 221 • PAPER MONEY A.' # W4241"24411011D MUM 00134DIME.21.1i/ ZVI:MUM "- *4,4# , Mad-r;mai,e, ,, ;;;;;,, Ooziemle4,, ig97 .';,...4 -; (0 ' i' (4,1 NI - . ..-: 1.4 . 1101- .01 :ft. no& war —swiii----,— ie e(.-ev d oiAe ...: ,..d....,:. 6..v .. ON11 DOLLAR a ih ,Vovevnwemi Yeoze, t;t geez4 er viirinci e•'4 ,Yz4zeit, aire.,a, e3t .11,a7mozi /67 ',each. -e,,. ,-- . ( C . ...")) " .,, ,'.: 1 Awn., I ,..61. ,i, .5b14..,:, gideat,d. sa&a.ced Squa le .41$4 Scrip Recalls 'Maryland in Liberia' Movement By Jim L. Watson THE COLONIZATION MOVEMENT STARTED IN America inthe late 18th century. The plan was to give the free Blacks in the country a colony of their own in a tropical climate, where they could prosper and have an opportunity to succeed without the prejudice that existed in the United States. Both whites and blacks were divided on the issue for a variety of rea- sons. The majority of Americans were against slavery. Most felt that it was morally wrong, and many were convinced that it was also unconstitutional. The American Colonization Society (ACS) was formed in 1817 for the purpose of sending Free African Americans to Africa, and helping them form their own country. In 1822 the Society established a Colony on the west coast of Africa. In 1847 the colony became the independent nation of Liberia. Like the United States, Liberia used dollars and cents. Since so many of the emi- grants were engaged in agriculture, early Liberian currency tend- ed to depict farm ani- mals and agricultural scenes. During the 1830s the Maryland Coloni- zation Society, which had broken away from the ACS established its own colony, called "Maryland in Liberia," and issued its own cur- rency. This currency was printed in black and golden brown on thin pink woven paper which bears no watermark. The full face value of all the notes in the original printing in 1837 was $1,450.00. All or nearly all the notes were redeemed. In 1885 one hundred notes of each denomination were reprinted and the plates destroyed. Reprints, issued in sheets were not signed. Reprints are on watermarked paper. One hundred of these were given to members as souvenirs. The Pick Catalog does not give any prices for either the issued notes or the reprints. I was able to pick up a reprint of the 10-cent note at a paper money show in St. Louis. Since then, I have found three more of the notes, and now only lack the 5-cent note to have a complete set. Pick also states that reprints carry the watermark containing the 1885 date. The only watermark I New Hampshire Bank Notes Wanted Also Ephemera 1// / 7; rgiianthif$ 7/' _ (///t1"1 /%71: ,40 4 • WI 1, 1.,•4~1 vItig witoonletell T Pies• • Gas I am continuing a long-time study on currency issued by banks in New Hampshire, including state-chartered banks 1792-1865, and National Banks circa 1863-1935. Also I am studying colonial and provincial notes. I would like to purchase just about anything in colonial and provin- cial notes, nearly everything in state-chartered notes, and items that are scarce or rare among National Bank notes. I am not seeking bar- gains, but I am willing to pay the going price. I will give an immedi- ate decision on all items sent, and instant payment for all items pur- chased. Beyond that, I am very interested in ephemera including original stock certificates for such banks, correspondence mentioning cur- rency, bank ledgers, and more. With co-author David M. Sundman and in cooperation with a special scrip note project by Kevin Lafond, I am anticipating the production of a book-length study of the subject, containing basic information about currency, many illustrations including people, buildings, and other items beyond the notes themselves, and much other informa- tion which I hope will appeal to anyone interested in historical details. All of this, of course, is very fascinating to me! Dave Bowers Box 1224 Wolfeboro, NH 03894 Telephone (603) 569-5095 Fax (603) 569-5319 E-mail: PAPER MONEY • September/October 2002 • Whole No. 221 287 Oied'e .144 Si* 910/ Avon., ."0",.!« EGA.11.13Trak= ZIPAISIE anzamzuwilar Ad-v./note; vem IT,P,Z 1 A 1.1P, 0***1E,LaTaLlinD OU&'111§3 anlagrII12151105 ENA111/272ro aer.4;noze, avem. a,97 gtrei noGe wee 4 zeceeve. eel FIVE CENTS at de ,ovawnient doze, en. gea,z/eee., Libazydenal en.,&ime'a, ,Ayfer.,a, in Aaymmec pocZe. fl add. .. -We. gid e „Aid ..9iege. 11.1LIIMAIMID Offk9112 Taa7Vi/inIEWEEIM3 aczie‘noze, --, 5‘e:o Hole we'd !-"'-';;-4: 4 z,eceeee/ /./. TEN CENTS at de .oveeninene Yeme, en •..70aveer ,t&ve km/ en Zehieez, ,it/e'ea, en ,iayment in< rah. noie wai 4ecciveci TWENTY-FIVE CENTS, ea ,.76eezer, ,Aafyieni .Zekeeee, Alueee, e" mod ler yobeZ, gldr blue. See tii September/October 2002 • Whole No. 221 • PAPER MONEY have found to date is the name C. Dalton vertically on the left side from bottom to top. So far I have only found one person who says he has seen one of the issued notes. He is Mr. Denwood Kelly, the retired curator of currency for the Maryland Historical Society. Mr. Kelly described it as "a rag." The Maryland Historical Society was able to help me with a great deal of background information. They also retain one set of the original uncut sheets of the reprints. They also supplied me with a copy of the sheets for this article. Their website has a great deal of information on the founding of Liberia and the American involvement. Acknowledgements: Denwood Kelly, Claud Murphy Jr., Hugh Shull. Bibliography: Boncroft, Frederick. Essays on the Colonization of American Negroes from 1801 to 1865. Library of Congress. African-American Mosaic. 288 01475Z. (0°4111 VilliertlftlfA VIVU11111101ftillitIlkil4 1 1111110111—n- 111,14116f11 111111%11S Lyn Knight Currency Auctions If you are buying notes... You'll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful "grand format" catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances •Expert Cataloging •Beautiful Catalogs Call or send your notes today! If your collection warrants we'll be happy to travel to your location and review your notes 800-243-5211 Mail notes to Lyn Knight Currency Auctions P. 0. Box 7364, Overland Park, KS 66207-0364 Deal With The Leading Auction Company in U.S. Currency 1882 $1,000 Gold Certificate We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowlege receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 1 h t Currency Auctions A Collectors Unverse Company Nasdaq: CLCT P.O. Box 7364, Overland Park, KS 66207 • 800-243-5211 • 913-338-3779 • Fax: 913-338-4754 • • 1890 $1,000 "Grand Watermelon" Note $500 1880 Legal Tender Serial #1 Washington Brownback PAPER MONEY • September/October 2002 • Whole No. 221 289 290 September/October 2002 • Whole No. 221 • PAPER MONEY A 30-.near Note Odusseu Discovering El Banco del Estado de Chihuahua 0 NE OF THE MOST SUPREMELY BEAUTIFUL SERIES OFbank notes ever created was the revolutionary issues for El Bancodel Estado de Chihuahua. The bank never existed other than inconcept, and the notes never circulated as legitimate money as far as I can determine. They were apparently designed as currency to be issued by Pancho Villa's government while he was the self-appointed governor of Chihuahua following his consolidation of power there during the revolution. The series consisted of 1-, 5-, 10- 20-, 50-, 100- and 500-peso notes made by the American Bank Note Company which bear an authorization date on the face of December 12, 1913. The one peso apparently was added to the series near the end, and never went into production. it THE PAPER COLUMN h`lf by Peter Huntoon Uniface proofs of the face and back of the one peso were sold from the American Bank Note Company holdings, and this is the only form of the note that I have seen. Penciled on the backs of the proofs are notations such as "sent out March 1915." In contrast, the specimens of the other denominations that I have seen bear October, 1914, rubber stamped dates in the margins. The 5- and 10-peso notes were easily obtainable from dealer junk boxes singly for a dollar or two, and probably cheaper by the dozen, when I first started collecting in the early 1960s. I got hooked on the series when I fell for a fabulous 10 peso in Hal Birt Jr.'s Glass Shoppe Coins in Tucson. The vignette of the cattle drive on it captured that western scene like nothing I had ever seen. The orange back representative of the promised gold backing was Right and following: Detail of 50- peso, 10-peso, 20-peso and 5-peso Banco del Estado de Chihuahua notes showing the superb, self explanatory central vignettes on what would have been the work- horse denominations in the series. PUBLiC AUCTION SALE AMERICANA COLONIAL AND 'FEDERAL COINS, MEDALS AND CDFIRENOZ I Tristoreing ■Thesi4/i/kar. I NertYrrcv Cevisece '4714 iTimpunii thy: IVESTT2r.L325=7,TATina3.1.LTIL11. Va.r. PUBLIC COIN AUCTION 66' L .,--Inniversary Sale Trivaie :11useuni Collection of LI oiled States 'Type Taper :Monty OCTOBER /6, 2001 123 WEST 5711 STREET, NEW YORK, N.Y. PUBLIC AUCTION SALE AMERICANA COLONIAL AND FEDERAL COINS, MEDALS AND CURRENCY featuring Selections from the Hain Family Collection Part II January 15, 16, 17, 2002 .3 WEST EMI STRETT, NEW YORK, N.Y_10019-.7230 pRafESSLO NUMISMATISTS 5 51L5 - INC PAPER MONEY • September/October 2002 • Whole No. 221 291 America's OLDEST COIN Auction House Is Also America's OLDEST CURRENCY Auction House When you think of selling, you must think of Consignments are now being accepted for our upcoming 2002/2003 Auction Schedule Contact Harvey or Lawrence Stack for consignment information. 2001 AMERICANA SALE Prices Realized nearly $4.5 Million, including $850,000 in banknotes. 66th ANNIVERSARY SALE Private Museum Collection of U.S. Type Notes Prices Realized $300,000+. 2002 AMERICANA SALE Prices Realized Over $7.3 million, including $500,000 in currency. 123 West 57th Street New York, NY 10019 ® Telephone (212) 582-2580 FAX: (212) 245-5018 e-mail: Visit our Web site at Larry Stack Harvey StackTorn Panichella STACK'S NUMISMATISTS Auctions — Appraisals — Retail SINCE 1935 September/October 2002 • Whole No. 221 • PAPER MONEY agailgjj1 REL No wow 292 i. 1917 OEL compro. , Above and below: 10-peso face with a vignette that perfectly captures the essence of ranching. also a knockout. The classic rendition of the eagle capturing the serpent, which is one of the most common motifs on Mexican issues, was icing on the cake. I have a weakness for any gold or orange backs, so the face and back were competing for top honors. The notes are colorful. The central counters on either side of the face vignettes are multi-colored. The serial numbers are red. The uniform orange backs are outstanding both in color and for the quality of the lathe work which is pleasingly different on each denomination. The backs of the 20s are ren- dered more stunning by not being surrounded by a rectangular frame. The imbedded V in the 5s on the back of the 5s is superior. The central vignettes evoke human industry, optimism and power. The 100 with its imagery of industry and the 500 with education and plenty reveal that whoever selected these designs had grand visions and aspirations. I have been told these same vignettes have made their way to other security docu- ments, but I haven't made an attempt to track them down. I soon discovered the other denominations after I got my 10. Even in the mid-1960s, the higher denominations were selling for more than $10 for nice specimens so I tentatively collected the 5 through 50, and stopped at the expensive 100 and 500. The ones I had were works of art more than anything else, so I framed them and hung them on the wall for 30 years. This was one series that I wanted to learn about. The revolutionary story behind their issuance had to be significant, and the plight of the notes themselves had to be interesting. Obviously, the notes I was seeing were unissued remainders. Over the years, mentors like Hal Birt Jr, Gary Snover, Ken Tabachnick and many other dealers, have filled me in on the series as best as they could. The problem is that the details have clouded with time, and the people who were on the front lines of this numismatic story are gone. I figured I would stumble onto the full story one day and write an authoritative piece, but that hasn't happened. The issue never saw circulation because the movement supporting the concept of the bank and that segment of the Mexican revolutionary economy failed. It is doubtful that shipments of the notes reached Chihuahua. I don't even know that the American Bank Note Company was fully compensated for PAPER MONEY • September/October 2002 • Whole No. 221 the production of the notes. The notes did, of course, survive, and were sold or dumped. They appeared first in great profusion in two dis- parate settings. Many were used as movie money in 1940 vintage films -- maybe even 1930 films -- how- ever I don't recall seeing many movies that employed El Banco notes. Far more com- monly used were the El Estado de Chihuahua notes. Never the less, El Banco notes were apparent- ly used widely, but the series had the disadvantage of having no 1000-peso. Some studio had crude 1000s printed for it which, if my memory serves me well, was accom- plished by adding zeros to the 10-peso note. The faces of the spurious 1000s that I have seen are unattractive being offset printed in blue ink. You occasionally can find them for sale. The other place the notes turned up was in border towns where American tourists were handed specimens by hawkers as they crossed the bor- der. These contained advertisements overprinted on the backs. These hand- bills are particularly interesting, and highly collectable by specialists. At least they were used in commerce! They seem to have been utilized in several bor- der towns, always, to my knowledge, with advertising for south of the border businesses. I believe they were used particularly heavily in Juarez and Tijuana. Naturally the survivors are somewhat dog eared because they were "used." I understand from dealers that only the low denominations were used as handbills. I have observed 5s and 10s, but my exposure to them is very limited so my observations should be considered incomplete. A nice example is illustrated here. It exhibits a rather sloppy cut revealing that it was probably trimmed from the sheet using a hand operated paper shear after the advertisement was overprinted. The notes have the overprinted signature of the cajero (cashier), but the signatures for inter- ventor del gobierno (controller of the govern- ment) and gerente (manager) are blank. Naturally, some people got their hands on some, added signatures and attempted to spend them. Occasionally you can find a signed specimen, and they are usually circulated or made to look circu- lated. Colin Bruce's Complete Encyclopedia of Mexican Paper Money claims that some of the notes were issued by revolutionary forces in the state of Chihuahua, but I have been unable to substantiate this. The notes were printed in sheets of four. The 5- and 50-peso sheets are very common. About five sheets of the 10s are reported, and only 1 each of the 100- and 500-, according to Ken Tabachnick. No 20-peso sheets have turned up. I have a couple of the 5-peso sheets. The serials on these advance by 1000 in the following succession: upper left, lower left, upper right, and lower right. 293 """""i 294 September/October 2002 • Whole No. 221 • PAPER MONEY Spectacular back of the 20-peso which is the only denomination without an enclosing rectangular border. All the backs were print- ed with vivid orange ink. Representative advertising hand- bill created from the unissued specimens. These were handed to tourists as they crossed the border. 1- peso proof prepared for approval in March, 1915. This design did not go into produc- tion as only a few uniface proofs of the face and back are known. The primary source for the sheets seems to be escapees from the movie industry. One dealer told me he bought about 80 sheets of 50s in the 1979-80 period from a movie source. A year later the same source sold him 45 sheets of 5s. Dealers were also finding sheets in Tijuana in the 1960s that had escaped overprinting as handbills. A few sheets of specimens of each denomination, except the one peso, appeared in the great sale of the American Bank Note Company holdings sev- eral years ago. Most if not all of these were cut. I happened on a dealer of for- eign currency at a major show who displayed in his case a set consisting of the 50, 100 and 500 that were cut from the specimen sheets. It struck me that this was a once in a lifetime opportunity to get all the denominations I hadn't obtained from the regular printings, and that they were pristine to boot. That purchase was a "no brainer," and at the time they seemed to be priced just a bit above what the regular notes were going for. I asked if he would look for the lower denominations for me, and left my name and address. I was delighted to PAPER MONEY • September/October 2002 • Whole No. 221 295 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME (OR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (U.S. Paper Money Records by Gengerke) BUY ALL U.S. CURRENCY Good to Gem Unc. I know rarity (have handled over 95% of U.S. in Friedberg) and condition (pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Pay 2-3 times "book" prices for some) BUY EVERYTHING: Uncut Sheets, Errors, Stars, Special Numbers, etc. I can't sell what I don't have Pay Cash (no waiting) - No Deal Too Large A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 910 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 82 It's Still Time - Currency & Coin Dealer Over 50 Years I attend about 25 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 Founding Member PNG, President 1963-64 ANA Life Member 103, Governor 1983-87 ANA 50-Year Gold Medal Recipient 1988 11.1.1MALIZIPLILE=0.10. 414'.117' ' ......... . ... EL BANCO DE1:4:ESTA11.01:44.E CHIHUAHUA ti s rzt; _ 4W4tr, 4t.' 74:741...--.N9 let° °4,1 WOW PE T1 296 September/October 2002 • Whole No. 221 • PAPER MONEY Face of the elusive 100 peso note. Face of the scarce 500-peso note. hear from him several months later that he had secured the lower denomina- tions for me. I was actually more surprised to find someone who actually fol- lowed up on such a "want" request. Naturally I bought his set of low denomi- nations as well. That completed the set for me, or so I thought. Then in August, 1996, I was stopped up short at Ponterio's table, probably at the ANA Convention. As I hurriedly glanced in their case, the uniface face of the one peso screamed for attention. Its significance sank in so rapidly, I was startled. The uniface back was in the same holder. Too bad, now what had begun as a no cost fancy over a spectacular 10-peso note 30 years before was going to cost me some real money. I purchased the thing at a multiple of what all the rest of the other pieces had cost combined. Now I was a "mature" collector of El Banco del Estado de Chihuahua pieces. I learned of Ken Tabachnick at a Long Beach show a couple of years ago, and got one of the advertising pieces from him, plus an enthusiastic earful of information. As with everything, the El Banco del Estado de Chihuahua notes have become less available with the passage of time. They are still in a few dealers stocks ready to be collected by connoisseurs of the beautiful and interesting. There is less carping these days about their not having been used as money. The dealers who do have them rarely throw them in junk boxes and only have a few, usually mishandled, pieces for sale. The high end proofs and specimens seem to be worth respectable money these days, and I never see them for sale. Intact hoards of sheets seem to be a thing of the past. However, the sheet col- lectors are still hoping a group of the 20s will rain down someday. PAPER MONEY • September/October 2002 • Whole No. 221 297 I'd like to think I am done with this series now! However, I don't know the full story of the failed issue of these wonderful pieces, how or when they made it to the movie sets as prop money, or how or when they made it to the border towns as handbills. Many of the dealers who knew important parts of this story have died. If you know any details that correct or add to what appears here, I would thoroughly enjoy hearing from you. Give me a call, (702) 294-4143, or drop me an e-mail, . + Armenian Commemorative Bank Note Marks 1700th Anniversary By Bagrat Sahakyan N SUMMER 2001 THE REPUBLIC OF ARMENIA RELEASED ITS NEWESTI bank note into the circulation -- the 50,000 Dram. At a first glance this event drew our attention, because it was dedicated to such an important date: the 1700th anniver- sary of the adoption of Christianity in Armenia as the state religion. It is known that in 301 A.D. Armenia was the first country in the world which declared the Christianity as its state religion. After the crucifixion of Christ, the Apostles Bartolomeo and Theodor came to Armenia as Christ had promised Armenian King Abgar to preach o r- Christianity and cure the sick. After Abgar's death the throne was passed and cruel to Christians and toe ,‘\ C--)BII Lto Sanatruk who was very negative ',11;tiekilfb Christianity in general. He began (WWI, persecuting them and the Apostles were killed. So it was in 301 A.D. when St. Grigor the Illuminator who was released after a long time in Khor 8 Virap's prison cured the Armenian 3 King Trdat Third. After that the persecutions of Christians ceased 6 and St.Grigor the Illuminator began to preach Christianity freely. As a result in 301 A.D., by the order of same King Trdat Third, GOO Christianity was adopted as state religion in Armenia. The new bank note commemo- rates this. It was printed by "G&D" Company (Germany) on high quali- ty 100% cotton paper. The notes were covered after printing with a special antisoiling layer. The water- mark shows an Armenian crest. Two electrotypes left and right of the crest reflect the little crests. 2001 The hologram shows the sym- bol of the celebration of 1700 years of Christianity in Armenia with microtext. The note also has a metallic windowed security thread with clear text. A raised, tactile ink layer was used on several parts of the front of the hank note. The note also has a gold metallic element with raised symbol of the celebration of 1700 years of Christianity in Armenia. This very beautiful bank note has micro lettering at various places, three-dimensional printed elements etc. Ln Ln O O Lfl Ln !an:LA.114PP b.N.P.P Loa bwtuulgivh 1U3UUSUbh ltibPIIMUSIMID3UL Litysrnbut,ub CIUS ,LUU e.1/1- Ube E O C LI) -1!' (FAWItraNNIVA4 i'slagiAstrsicialssE. rsizsitsits rm. ryo A 5 0 7 1 7 6 3 ato APAVERMIELICA-.cjwcao PIMOCIMISI —El 4109 A 14 VABUI PORTADOR EN EFUMINL 62 6.". .P1110 CVAIN iere nTOa on 298 September/October 2002 • Whole No. 221 • PAPER MONEY Gypsy Women By Gene Hessler1C 4 N A QUAINT CARAVAN THERE'S A LADY THEY CALL the gypsy" is the opening line from The Gypsy, a popular song from the 1940s. Another song, Golden Earrings, included the words, ". . .when your love wears golden earrings, love will come to you." Movies from that period often stretched the story to include a gypsy camp where an attractive starlet, skin darkened by makeup, with huge earrings and what looked like pounds of jewelry, danced around a campfire. When I look at engravings of females that suggest the gypsy image, I am reminded of those movies from my childhood, old movies that now appear on cable television. The Gypsy Girl (below) on the Mexico 5 Pesos (P21) was engraved by Robert Savage (1868-1943). This has always been one of my favorite engrav- ings of a female. When the size of Mexican paper money was reduced, Sidney Smith (1901-1942) engraved a smaller version of the Gypsy Girl; it appeared on the Mexico 5 pesos (P29, 34, 57 & 60). There is no documented source for the preceding images. For years, more than one writer said the likeness of this Gypsy Girl (Gitana) was based on the French actress Gloria Faure. A letter dated September 1, 1976, to Professor Guadalupe Monroy from American Bank Note Company (ABNCo) included the following: "That beautiful lady's effigy was originally reproduced on September 27, 1910, on an engraving by Mr. Robert Savage which was assigned number V43485 under the title "the ideal head of an Algerian girl", C GARY SNOVERURRENCY qf theWORLD Est. 1966 P.O. Box 9696 • SAN BERNARDINO, CA 92427 PHONE (909) 883-5849 • Fax (909) 886-6874 I am always buying let me know if you have banknotes to sell. LIFE NIENIBER - =10 My Lists 85 Pages Plus Send Only $1.00 to help with postage. PAPER MONEY BOUGHT & SOLD www.garysnover.corn ALEX PERAKIS COINS & CURRENCY WE HAVE TO BUY and are willing to pay substantially over green sheet bid for certain issues WE BUY IT ALL from VG to Superb Gem Specializing in: • United States large & small type notes • Large and Small Nationals • Fractional Notes • Obsoletes All Want Lists are cheerfully accepted and conscientiously pursued for the beginning, as well as the advanced collector. Krause publication Customer Service Award Recipient Member ANA, PCDA, SPMC, FCCB, CCCC ALEX PERAKIS P.O. Box 246 • lima, PA 19037 Fax: (610) 891-1466 Phones: (610) 565-1110 • (610) 627-1212 E-mail: In Arizona (520) 544-7778 • Fax: (520) 544-7779 I COLLECT FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 PAPER MONEY • September/October 2002 • Whole No. 221 299 Wanted One Volunteer to serve as Ad Manager for Paper Money This is an important, but not time-consuming posi- tion. Successful applicant should be organized, service-oriented, and a strict respecter of deadlines. Computer skills and Internet access mandatory. Ad manager will be responsible to send out annual ad renewal billings and follow up with clients. Graphic arts skills helpful, but not mandatory. Good rapport with paper money dealers is VERY helpful. This is NOT a high pressure sales job; however, initiative and good follow through in pre- senting Paper Money's positive sales message to prospective clients is required. Ad Manager will work with the Editor to assure timeliness of ads, payments, and other details as assigned. If you can help your Society and help your Society's Journal continue to meet members' needs, have the time, and the right stuff, contact the Editor now. Gown cmartuwkoluovimr•wctvg?...,,,,,,-.2=wa: NAN E N9 sir . xmliaLvit) 11111141illatpik zugsr- •■ MIME OF 1895 ^,1■01 , 1141211. 300 September/October 2002 • Whole No. 221 • PAPER MONEY having been kept among our vignette inventories to be used in the future. On April 1st, 1925, it was used for the first time on the [Mexican] five-peso note" (Chavez 148). Miss Faure was not living in Mexico until 1925, 15 years after Robert Savage engraved the first likeness (Chavez 151). Consequently the actress, it appears, was not the inspiration for this lovely engraving. Gypsy Woman or Haidee (above) was engraved by Sukeichi Oyama (1858- 1922), the Japanese engraver who was employed at ABNCo from 1891-1899. (See the IBNS Journal, Vol. 40, No. 2 for articles about Oyama by Mark Tomasko and Gene Hessler.) This portrait can be found on the following: Hawaii, $5 (P6); Mexico, 50 pesos (PS455 & 456); Canada $20 (PS627); and the Southern Railway $1000 registered bond, 1894. (Illustrated in "A Review of the Work of Sukeichi Oyama for the American Bank Note Company, 1891- 1899" by Mark Tomasko, IBNS journal Vol. 40, No. 2. p. 17). A smaller ver- sion of Haidee was used on bond coupons; it was engraved by F.L. Siebert and finished by Robert Savage. Charles Skinner (1841-1932) and Frederick Pauling (1874-1939) engraved the Gypsy Girl found on the following: Mexico 5-1000 pesos (backs) (PS101-107) and Brazil 200 mil reis back (P76) shown above. A smaller ver- sion appears on bond coupons for Cuba (1925) and Peru (1926); the engraver is unidentified. Charles Skinner, one of the legendary portrait engravers at ABNCo, was Frederick Pauling's uncle. PAPER MONEY • September/October 2002 • Whole No. 221 BUYING AND SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Certificates, Treasury Notes, Federal Reserve Notes, Fractional, Continental, Colonial, Obsoletes, Depression Scrip, Checks, Stocks, etc. Foreign Notes from over 250 Countries Paper Money Books and Supplies Send us your Want List . . . or .. . Ship your material for a fair offer LOWELL C. HORWEDEL P.O. BOX 2395 WEST LAFAYETTE, IN 47996 SPMC #2907 (765) 583-2748 ANA LM #1503 Fax: (765) 583-4584 e-mail: website: 301 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia -1//enburst — Allentown — Athol), Park — Atlantic Highlands — Belmar BradI9 , Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Matawan Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-533-6163 Fax: 732-282-2525 New Hampshire Notes Wanted: Obsolete currency, National Bank notes, other items relating to New Hampshire paper money from the earliest days onward. Dave Bowers Box 1224 Wolfeboro, NH 03894 E-mail: Fax: 603-569-5319 r 1 Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 916-687-7219 ROB'S COINS & CURRENCY P.O. Box 303 Wilton, CA 95693 L 302 September/October 2002 • Whole No. 221 • PAPER MONEY There is another engraving of a Gypsy- like image by Charles Skinner (right). If this attractive portrait were used on a bank note or other security instru- ment, I have not seen it. There was a story about Evelyn Nesbit in Smithsonian magazine (February, 1999, page 26). One of the pho- tographs there resembles the engraving so much, I can only assume the engraver made a few alterations, or there is at least one other photograph with a similar pose in the same costume. Charles Dana Gibson, the cre- ator of the timeless portrait of the Gibson Girl, sketched Evelyn Nesbit and titled the image The Eternal Question, because of the question mark-like position of her hair. Ms. Nesbit was the subject for the book and movie, The Girl in the Red Velvet Swing, which documented her scandalous life begun in her underage years. Jaroslav Cermalk (b. Prague August 1, 1831, d. Paris April 23, 1878) is the artist of Wife of the Outlaw, identified as Elena Psance in the Prague National Gallery. This oil painting of a Gypsy woman was clone in 1860. Cermalk studied at the Prague Academy under Christian Ruben in 1848, and from 1850-55 in Antwerp, Brussels and Paris. He was one of the first Bohemians to demonstrate Belgian and French influences. When Wife of the Outlaw (Elena Psance) was engraved by Josef Sahula, the engraver called it Montenegro Woman (right). In his work Cermalk often depicted the resistance to Turkish rule in the southern Slav region. Cermalk's work "was a typical mixture of certain trends of late Romanticism, French realist painting of the 1850s and the Barbizon landscape school" (Turner p. 344). Specific tastes, aromas and sounds often trigger something in our memo- ry, which reminds us of something from our past. When I see female gypsy images I hear the lyric "In a quaint caravan there's a lady they call the gypsy." Sources Hessler, G. The Engraver's Line. Port Clinton, OH: BNR Press (1993). Chavez, E.L. "A Legend Tumbles Down: The Gypsy on the Banco de Mexico Five Peso Note," IBNS Journal? (1995). Hewitt. V. (ed.). The Banker's Art, Studies in Paper Money. London: The British Museum. Turner, J. (ed.). The Dictionary of Art, Vol. 6. New York: Macmillan Publishers Ltd. (1996). Pick, A. Standard Catalog of World Paper Money, Vols. 1, 2, 3. Iola, WI: Krause Pub. (1995, 1996, 1997). 303 WANTED: NATIONAL BANK NOTES Buying and Selling Nationals from all states. Price lists are not available. Please send your want list. Paying collector prices for better California notes! WILLIAM LITT P.O. BOX 6778 San Mateo, California 94403 (650) 458-8842 Fax: (650) 458-8843 E-mail: Member SPMC, PCDA, ANA World & German Bank Notes You really should be getting our free list! Philip Phipps 31 Emsworth, Hants, P010 8XA U.K. PhonelFax 44-870-757-2527 We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals U.S. Small Size Nationals National Gold Bank Notes Kagin's -- an established name for conservative grading of quality notes. We specialize in building U.S. currency collections of premium quality and rare notes. Favorable terms to suit your individual needs. 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS Call Judy PAPER MONEY • September/October 2002 • Whole No. 221 Claud & Judith Murphy We Buy & Sell Paper Money, checks, bonds, stocks, letters, old postcards, stereoviews, cdv's If it's old and it's paper, we have it! Box 24056 Winston-Salem, NC 27114 336-699-3551 fax: 336-699-2359 e-mail: L J r CONSTE POR E5TE ERLEPTEOOE.NNY,DEPOSITADO EL BANCO CENTRAL DE* ERIS ION.DE' j1/41:KI:Ur133' g'72,1111"1-1‘.141 WIN ReALIAIR OUR. '• PAGALDERO AL PORTADOR A SOLICITIJD 304 September/October 2002 • Whole No. 221 • PAPER MONEY Panama's Arias or Seven Day Notes By Joaquin Gil del Real p ANA/VIA OBTAINED ITS INDEPENDENCE FROM COLOM- bia by separating on November 3rd, 1903. Article 116, of the origi- nal Constitution of 1904 reads: The power to issue legal currency, of any kind, belongs to the nation, and is not transferable. There shall not be private emitting banks." Article 117 says: "There shall not be in the Republic any paper money of forceful acceptance. Therefore any individ- ual may refuse all bills or promissory documents that do not inspire confi- dence, be it of official or private origin". 1 Dr. Arnulfo Arias was elected president in 1940, and held a popular plebiscite in December of that year whereby a new Magna Carta was adopted, effective the following January of 1941. In this new Constitution, Article 156, which replaced those mentioned above, reads: "The power to issue fiduciary currency of forceful acceptance, of any kind, belongs to the State and is not transferable. The power to issue legal tender fiduciary currency belongs to the State, but may be transferred to private or official emitting banks, so long as those banks are under State control in all matters relating to the emission, in the manner prescribed by law." The following Article 157 reiterates: "There shall not be, in the Republic, any paper currency of forceful acceptance." 2 With these changes, the road was open for Panama to have its own paper Panama one-Balboa note (Pick 22). Bust of Vasco Nunez de Balboa sculpted by William Clark Noble of the Philadelphia Mint for the 1931 Fractional Currency issued that year. Emerald green and black. Now available free to all subscribers 8* 4i* 8" 40*. LL•k._ .• hur Alt site•paaa, *auto. wh,te THEW ORLD'S LARGE V, HOBBY PUB STLISHER nn.Ause PuelICArichas 11174 coins g Paper Alottey Pioneer Memorial statue unveiledBy Robert R Van • coin designer and sculptor Trygve Rovelstad's headlines bro zed Pioneer ,e. j rnoo,„riill I e ti at its to. Permanent site et I, tmore Call Toll Free 800-258-0929 Or subscribe online at Mon. - Fri. 7 am - 8 pm Sat. 8 am - 2 pm, CST Offer ABA81T World Coin News 6 monthly issues, $10 This year, we celebrate 50 years of service to the coin and paper money market worldwide. PAPER MONEY • September/October 2002 • Whole No. 221 305 Bank Note Reporter • Numismatic News • World Coin News • Coins Krause Publications delivers your subscription online! Now you can access online the vital coin and paper money information you want. Read every issue right from your computer. You'll find: • It's faster than mail - no postal delays! • Information is available online only days after issue mails. • You get your mailed copy too. • You're among the first to check Display & Classified Ads. • World Coin News has been the leading publication solely devoted to world currency for 29 years, whether it be in the coin category of ancients, Roman Imperials, medieval or modern issues and commemoratives. • See every issue online and search every issue for the item you want. Wire's how ito access th information. Go to • Register & go to "View Online Issues" in My Corner • Fill in required subscriber information •You're ready to go! Take advantage of this special! CONSTE POR ESTE BlitETESUE HAY DEPOSI74D0S EL 1YGO cwriFtE.EIKISIONDE-LA. ifflknnik 01 No 0174 P.ELGADEROS /IL PORTAD Olt A SOLICIT JD. 306 September/October 2002 • Whole No. 221 • PAPER MONEY Panama five-Balboa note (Pick 23). Statue of Indian Chief Urraca. The original is on display at Escuela Normal de Santiago. Blue and black. money (coinage, on a par with U.S. currency, had been in circulation since 1904). Although Dr. Aria's short presidency was not considered as a period of peace and tranquility for the country, it was characterized as an administration that promoted traditional folklore and all aspects of a nationalistic nature. 3 Within this framework, on September 30, 1941, Dr. Arias, celebrating the first anniversary or his presidential mandate, addressed the nation and informed the country of the creation of the Central Bank of Emission of the Republic of Panama (Banco Central de Envision de la Republica de Panama) which would place into circulation the first paper money of the Republican period. Upon assuming the Presidency of the Republic of Panama in 1940, Dr. Arias had found the fiscal situation in a very difficult position. The country was in arrears on the service of its external debt. Seeking to remedy the situa- tion, in March of 1941, he sent the Comptroller, Augusto Arango, and the Minister or Finance, Enrique Linares, to New York 4 to re-negotiate the external debt and other matters, such as: the purchase of radio equipment; information on Social Security programs; automobiles; road construction equipment and, in secret, to negotiate the printing of paper money for what would be the Central Bank of Emission of the Republic of Panama. 5 Upon Messrs. Arango and Linares' return to Panama, on April 29, 1941, the Cabinet, approved an expense of B/35,000 to cover costs incurred in the printing of the paper money that would soon be issued by the Panamanian State. 6 Having thus approved the printing of the paper money, in the third quarter of the year, the Administration of the country began to get nervous, inasmuch as the bills have not been received. On September 7, the Comptroller was sent to New York to ". . .try to hurry the shipment of certain materials ordered by the Government some time ago...." 7 On the 24th of the same month, the Secretary General of the Presidency, Cristobal Rodriguez, wrote Arango, "His Excellency, the President, suggests I CONSTE POR ESTE Ell LLETE DUE HAY DEPOSITADOS EN EL BANCO CENTRAL DE EMISION DE LA ,C&PRI VAN i PAPER MONEY • September/October 2002 • Whole No. 221 write you, via air mail, on two important matters, appreciating the prompt attention that you may render same. Firstly, the matter of the fiat money; we are at the 24th and do not yet have news of shipment. . ." 8 Curiously, that very same day, the Minister of Finance, Enrique Linares, sent a memorandum to the President wherein he enclosed a specimen of the new paper money for him to have as a keepsake. Panama is a small country where everybody knows everybody and every- thing. Already strong rumors abounded, which were such that in its issue of September 30th, The Panama American announced on its front page: "Soon There Will Circulate Bills of the Bank of the Republic" Also, the paper said that the bills were printed by the Hamilton Bank Note Company, in that there had been no publication of public bidding for printing of same. 9 That night, the President of the Republic, Dr. Arnulfo Arias Madrid, speaking to the country, on the first anniversary of his administration announced the creation of the Central Bank of Emission of the Republic of Panama, and the placing into circulation of its own paper money. This last was legally effected by Decree Number 6 of 30 September, 1941, which creat- ed the Central Bank of Emission and empowered it to issue legal tender paper money. The Bank was to be managed by a Board of Directors composed of: President: Enrique Linares Jr. Vice-President: E. de Alba Director: G.A. de Roux Director: Jose A. Zubieta Director: Dr. Juan Lombardi Secretary: M. de Jaen Jr. To guarantee the emission of paper money, Article 4 stated: "For each Balboa issued and in circulation, the Bank should maintain a real and effective reserve of nine hundred eighty seven and a half milligrams of gold nine hun- 307 Panama ten-Balboa note (Pick 24). Tower of Old Panama, founded August 16, 1519, and destroyed by Morgan January 28, 1671. Reddish tone and black. September/October 2002 • Whole No. 221 • PAPER MONEY308 Panama twenty-Balboa note (Pick 25). Cart with sugar cane drawn by oxen. Orange and black. dred thousandths fine (987.5 and 0.900), or its equivalent in money of the United States of North America, taking into consideration the Monetary Convention between the two countries." Article 8 stated: "The Bank is oblig- ated to convert into silver Balboas or legal coin or money of the United States of North America for its nominal value any national paper money tendered by any bearer." 10 The following day, October 1st 1941, Decree Number 103, ordered the placing into circulation of paper money as follows: 720,000 one Balboa bills B/ 720,000 100,000 five Balboa bills 500,000 100,000 ten Balboa bills 1,000,000 25,000 twenty Balboa bills 500,000 Total B/ 2,720,000 The same Decree gave the specifications and characteristics of the bills to be issued. 11 On October 2nd 1941, the first and only paper money bills of the Republican Era began to circulate. The President, accompanied by his Minister of Finance, was the first client of the Banco Nacional. Rene Orillac, Cashier of the Bank, delivered number 000,001 of each series to the President. 12 These new bills were of the same size and dimensions as those of the United States. The 1-Balboa has the bust of Vasco Nunez de Balboa, which is the same as the one on the fractional currency that appeared in 1931. It was the work of sculptor William Clark Noble of the Philadelphia Mint. It's gen- eral coloring is emerald green. On the 5-Balboa note we find the image of Urraca, which is a reproduction of the original statue on exhibit at the Escuela Normal de Santiago de Veraguas. Its colors are blue. The tower of Old Panama, in a reddish tone, is portrayed on the 10-Balboa bill, which is yellow and green. Lastly, a large cart pulled by oxen adorns the 20-Balboa note in an orange setting. On the obverse of all the bills, the Coat of Arms of the Republic of Panama is displayed with the motto, Honor, Justice, Liberty (which N ere.712ARrela , , p-0,0 • .o. 70 lAry. SI N. DIRECTORES ,,,,,, • • ,•••••,... 401 17:0aCC/t1I4 P.1.215C mu n • sgrafico O FI CI NAS O., 4.31,43,4. ICA AV•VIA ft/ 1 17 5 millones de balboas pasto de las llamas SE EMITIERON DOS MILLONES SETECIENTOS VEINTE MIL IIALBOAS 11301 31 1(INT011 IA DE 1.11:: 11 1 1.1.301, ••*.1 kit AC.,4•• El la. .1e (1.1.. de 11 10 ....I. al IT ,. el I/0,1w. ‘..11• . Attr1.• 41. ■■• pr.,...1■11a At , figwal.• 4,1., 041,44. Cs, Ai N.,. torts•' • 1,,culat .tri elros.madA ,,,, 4". 0e1 gl ,,,,, ,laDNA 1,Illerrevo I,N.1 de la Ilep:r1,1■.. / 0 00 1,1.0 N. l/ 1.1 rAA 0,1.,A,A • N El 23 a.- S...itembre 4. me4iastle re 4. lote .1 1144, eni..11 44 4. la 1,,.:,4ra J.. a.., 41 otal 11" AiguiraTes Luaret Ilacmtsda y y 11, 11 Adar,,AA I..... 441 dr. raoalai, due 1l1 ..11 raw I 0, II,.,. AthtiAi,A...1... .4. in raiz. de A...N... 4.• J...•. 01 111,0, h•., I 414 ...Pal..., A a.. 31 1... 00 ilett,n. , . 44 .4, 4, 4 ,-444 4,...,1-.4- 4- -4.0 ,, •604 1,41v d. r3>si, 1,,a1ad. an ...di..., r.0,. ■100 0.11,AA awl* Au *5 , . 1 ,3134 ..41. e011 !man. 11140 Amis. 1,111.1,, Ia0T N lwula IArwt..a dal 0,0‘. 11.14r. al 0 •^MA A.0. OVv•VIN13, 14 LI...V.4,60d 1:04111, tlrl 11Ann. NarNo, 4.1,NA., el ,,,,s1”11. , de Ift.AAlsra • at ,1 PAPER MONEY • September/October 2002 • Whole No. 221 had replaced the traditional Pro Mundi Beneficio. 13 The day after the initial bank notes were circulated, the manager of the Banco Nacional, Eduardo de Alba, declared to the citizenry that the new bills were NOT of a forceful acceptance nature. At the same time he indicated that the following Monday, October 6, the bills would be available in the city of Colon. It is of historical interest that on October 7th, W.H. Kromer, Comptroller of the Panama Canal, issued circular Number 438, wherein he stated that Panama's new paper currency would be accepted in all agencies of the Canal Zone. This memorandum carried the approval and counter signa- ture of Acting Governor Colonel J.C. Mehafee. One week later, on October 9th, Dr. Arias was overthrown. It appears that he had left (he went to visit a girlfriend!) the country on a trip to Cuba, without the legal and proper authorization of the National Assembly. By virtue of this circumstance, all efforts related to the issue of Panamanian paper money ceased, and a chapter in the financial history of the Republic came to an end. In collectors circles, this emission of Panama's paper money is referred to as the ''Arias" or "Seven Day" bills, which are considered as one of the scarcest and rarest in the world. 14 This came about because of the Executive Decree Number 19, issued on December 30, 1941, whereby: ". . .Decree Number 6 309 Front page of the Mundo Grafico issue of June 20, 1942, with the story on the incineration of the Arias notes. September/October 2002 • Whole No. 221 • PAPER MONEY310 Officials gather to burn the "Arias," or "Seven Day," notes after Arnulfo Arias was deposed. of 30 September by which the Central Bank of Emission is created is repealed and provisions for the incineration of the emission are dictated." 15 The incin- eration of Panamanian paper money took place in eight different sessions between June 13, 1942, and July 6th of the same year 16 in the shops of the Arts and Crafts School, then located on 13th Street, whose principal was Rodolfo Rivera. 17 Though Article 4 of Decree Number 6 of September 30, 1941, autho- rized: ". . .paper money for an amount not to exceed six million Balboas," only five million Balboas were printed. This last was verified upon incineration, in that the crates that contained those not authorized for circulation arrived after ft-W.77%73 vnuiin iou nu ea •; S PO ESTE MUTE EWE fi4 nEvit, i) E " AF.MY° CPA ON Jig I.. v ' 47:. r $1 my 4:11 - 6..1104ie ovtt. PtlItT111011 4 sILLst ---- MONEDA FIDUCIAIRVIL DE CLIRSO LEGAL CONSTE FOR ESTE 51 LLETE OUE HAY DEPOSiTADO EN ,,J'A • .. a EL RANC CENTRAL DE EAIDISM ISION DE LA "• - :k ID EL 589126 589126 1' N.'„ i4.4.-t, „ , ...i.:6,0, i. ,, -9 , - . 1,,,a,,,b,;.. 'IN lurtr vc.norzemook. • ,.. ,L, sett 1 'f, • tmix,- x •... A ' ...I. ItARADERO ..r AlIOR A SOLI min .V'ir...1—,iiii .14 i — * .,.. ...I. PAPER MONEY • September/October 2002 • Whole No. 221 311 the fall of Dr. Arias. 18 The shipment of bills of the Central Bank of Emission of Republic of Panama arrived in a total of 34 crates, each of which contained four cartons with 24,000 bills each, with the exception of crate number 34, which held three cartons of 24,000 each. The crates from one to four were the ones that were opened and used for distribution of those bills authorized for emission to the public. These contained all or the 5-, 10- and 20-Balboa notes, and 144,000 of the 1-Balboa bills. The incineration took place on June 13, 19, 21, 26, 27 and 29, and on the July 1st and 6th, 1942. Curiously, the Notarized Affidavit of July 1st, 1942, states: "We leave express written evidence that immediately before proceeding with the incineration, the following bills were retrieved and delivered to the Representative of the Comptroller, for safekeeping: of twenty Balboas, num- bers 018570 to 018578 incl., of ten Balboas, numbers 017140 to 017149 incl., of five Balboas, numbers 035770 to 035779 incl., of one Balboa, numbers 113991 to 114,000 incl." 19 Perhaps the Comptroller Office still has these bills in it's custody? It would be interesting to know! It is interesting to note that in our travels, we have met collectors and Three of the supposedly incinerated notes that survive in collections today. Note the serial numbers. 312 September/October 2002 • Whole No. 221 • PAPER MONEY have held in our hands 1-Balboa bills whose serial number is 589,210, in the collection of the Banco Nacional de Panama, numbers 589,126, 594,400 and 595,422, all in private collections. The Notarized Affidavit (Acta Notarial) of June 29,1942, concerning the incineration of Panama's paper money which appears in the Report of the Ministry of Finance of 1943, pages 545 to 548, states: ". . .the third carton, number twenty-five (25) contained the sum of twenty four thousand Balboas (B/24,000) in bills or one Balboa each, series 576,001 to 600,000. . ." 20 To date we have not been able to find the official protocolization (copy) of that Affidavit. For those interested in the emission of these bills, there are two major questions: 1. How much circulated? and 2. How many bills survived? To answer the above we contacted Charlie Chan, Hercule Poirot and Sherlock Holmes, all of whom suggested: check the records and look at the numbers. So, we went to the Museum of the Banco Nacional and there found records of the serial numbers of those bills that were incinerated, which, together with serial numbers in the Notarial Affidavits more or less gave us our answer, which we believe to be about 90-97% accurate. Here goes. . . In the penultimate incineration, on July 1st 1942, it was reported that 20-Balboa bills, numbered 003,001 to 025,000, plus 2,950 with various serial numbers, or 24,950 were burnt. The records at the Museum show circulated, but not incinerated up to number 000,997, by which we assume that 1,000 20-Balboa bills circulated. (In this series the following serial numbers are not accounted for: 002,003, 002,278, and 002,370.) The 10- Balboa shows a cremation from numbers 012,001 to 100,000, plus 11,900 mixed numbers, for a total or 99,900 incinerated. The numeration of circulat- ed items goes to 011,986, by which we assume that upwards of 12,000 bills were circulated. For the 5-Balboas, the Acta Notarial indicates serial numbers 024,001 to 100,000, plus 23,800, plus another 50 for a total of 99,850 were sent to the flames. Museum records show a circulation of 24,000 bills. Finally, the 1-Balboa notes point out an incineration of bundles from 048,001 to 144,000 and 045,001 to 048,000, plus various for 40,750 which agrees with evidence in the Museum. Summing up, we can assume, with great certainty, that the following bills and amounts circulated: 1,000 Twenty Balboas B/ 20,000 12,000 Ten Balboas 120,000 24,000 Five Balboas 120,000 45,000 One Balboa 45,000 Total that circulated B /305,000 From the same sources we have concluded that the following numbers of bills were not incinerated and have survived, we hope, in some collectors hands: Twenty Balboa bills 50 B/ 1,000 Ten Balboa bills 100 1,000 Five Balboa bills 150 750 One Balboa bills 4,250 4,250 Total available 7,000 NOTE: Since he did the original research, the author has maintained a register of all surviving serial numbers, strictly for curiosity and also for securi- ty purposes in case some items were to disappear. If any collector has a one Balboa bill within the 576,001 to 600,000 series and wishes a copy of the Acta Notarial that appears in the Report of the Minister of Finance, the author will gladly supply a copy for this interesting piece of history. You can contact me at 546 N. Niagara St., Burbank, CA 91505. All information is confidential. IreesoRvA, ue14Ert1teic -Negwowi A WP. Diacy11Jy5y4136 Dec.€12 titA jowl.e. W0,14 oveLes riemivAp p cAus '2-P.714412. PAPER MONEY • September/October 2002 • Whole No. 221 313 END NOTES: Goytia, Victor F, Las Constituciones de Panama, Lifografia e Imprenta LIL, S.A., Costa Rica, (1987) page 391. 2 Ibid, page 444. 3 Conte-Porras, Jorge, Coleccion Numismatica Panameiza. Banco Nacional de Panama, Biblioteca Jose Agustin Arango, Boleti)/ Cultural, Volume V, Panama (1982). 4 Gaceta Oficial, Numero 8197, 30 de Enero de 1940. 5 Archivo Nacional de Panama, Administracion del Estado, Cajas de la Presidencia de Arnulfo Arias M (1940-1941). 6 Ibid. 7 El Panama America, 7 de Septiembre de 1941. 8 Archivo Nacional de Panama, Administracion del Estado, Cajas de la Presidencia de Arnulfo Arias M (1940-1941). 9 El Panama America, 30 de Septiembre de 1941. to Gaceta Oficial, Numero 8625, 4 de Octubre de 1941. 11 Ibid, Numero 8642, 24 de Octubre de 1941. 12 El Panama America, 3 de Octubre de 1941 13 Gaceta Oficial, Numero 8642, 24 de Octubre de 1941. 14 Grigore, Julius, Jr, Coins & Currency of Panama, Krause Publications, Iola, WI (1972). 15 Gaceta Oficial, Numero 8699, 8 de Enero de 1942. 16 Ministerio de Hacienda y Tesoro, Memoria 1943, pages 531-551. 17 Mundo Grafico, Segunda Epoca, Numero 470, 20 de Junio de 1942. 18 Ibid. 19 Ministerio de Hacienda y Tesoro, Memoria 1943, page 549. 20 Ibid, page 547. wig" to the Editor Cornish Separatists Circulate World Cup Note TAM A MEMBER OF SENETH _Lan Stenegow Kernow (The Cornish Stannary Parliament) and would like to bring to the notice of all concerned with your society that, as a nation, struggling for our lawful rights as a national minority, we have produced what we feel will be a most valuable item. This commemorative 500 Dynar note has been issued by the Cornish Stannary Parliament to mark the two hundred years since Richard Trevithick constructed the world's first passen- ger carrying motor car which made its pioneering jour- ney in Camborne on Christmas Eve, 1801. This remarkable event gave rise to the well-known Cornish song, "Goin' Up Camburn Hill Comm' Down," recog- nised by Cornishmen the world over. The word "dynar" appears in the 13th century Cornish Ordinalia miracle play. Line PC504 reads: "dhodh a della pymp cans dyner," which means, "he was owed five hundred dyner." Each note bears its own unique serial number and has been impressed with the official silver seal of the Parliament, thus adding to its appeal. This commemo- rative note is being marketed solely by Cornish Heritage on behalf of the Cornish Stannary Parliament. For obvious reasons, only the reverse of the cur- rency is herein attached, but I feel sure there will be great interest generated by this amongst your members / subscribers. Sincerely yours, Dr. Yowan gohnothiin) Ingram Editor's note: Parties interested in this note can e-mail September/October 2002 • Whole No. 221 • PAPER MONEY314 IHOPE EVERYBODY HAD A WONDERFUL summer,and was able to add and spend time with their collections. I did by attending the International Paper Money Show in Memphis, and also by taking the "Military Numismatics Since 1930" course at the ANA Summer Seminar in Colorado Springs. The instructors were Fred Schwan and Joe Boling. What a great course, and a great time! I learned a great deal. More and more paper money courses have been added to the ANA Summer Seminar. I recommend that SPMC mem- bers take those courses. Usually the paper money courses are taught by SPMC members. Besides the course I took, there were also courses on U.S. Large Size, detecting counterfeits, introduction to paper money, and several other courses. It is a week you will enjoy very much. At the SPMC board meeting in Memphis last June, it was voted to raise dues accordingly: $30 per year for regular U.S. membership, and $600 for U.S. life membership; $35 per year for a regular memberships in Canada or Mexico, and $700 for a respective life membership; and $40 per year for other for- Attend SPMC Regional Meeting Saturday Sept. 14th 1 p.m. during the Sept. 12-15 Strasburg Currency & Stock & Bond Show Program will be by Kevin Foley on "Current Issues Related to Paper Money Auctions" PAPER MONEY will accept classified advertising on a basis of 15c per word (minimum charge of 53.75). Ad must be non-commercial in nature. Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. SOVIET SPECIAL PRIVILEGE MONEY, also all short snorters wanted. Contact Richard Giedroyc, P.O. Box 4154, Sidney, OH 45365-4154 or by e-mail at (A) GEORGE BOND, deputy secretary Continental Congress, signer of Continental Currency. Need biography or biographical sketch. Forrest Daniel, 416 North 13th Street, Bismarck ND 58501 (A) CANDOR NY WANTED. Looking for FNB of Candor NY #353 note from the first sheet ($5 T2 serial number 1-6). Al Kaminsky, 7461 Brighouse Court, Alexandria VA 22315-3835 (223) 20th CENTURY U.S., articles relating to modern small size U.S. cur- rency are especially needed for publication in Paper Money. If you col- lect this material, try your hand at authoring an article too! (A) EXPAND YOUR COLLECTION. Classified ad rates are low, low, low. Send ad copy and check payable to SPMC to the Editor, PO Box 793941, Dallas, Texas 75379-3941 (A) AUTHORS WANTED. Expand your resume; impress your friends; win a cash award. Send your best articles to PM Editor today! (A) PAPER MONEY ADVERTISERS want to hear from you. When ordering or contacting an advertiser in this magazine, tell him/her "I saw your ad in SPMC's magazine Paper Money!" (A) r Comprehensive Paper Money Index By George Tremmel eign country membership and $800 for a life membership in this category with all dues payable in U.S funds. Dues had not been raised since 1987. Reasons for raising the dues included that SPMC had held off on an increase in dues as long as pos- sible, the Society's journal Paper Money has many more pages in it today than it did just a short while ago. Additional factors considered were rising postage rates and many more increases since 1987. These dues increases begin with the dues notice for 2003. SPMC is still a good value. I'm sure you will get your money's worth of enjoyment and learning out of Paper Money each year. Bob Schreiner is starting to revive our library. That way maybe you can check that book out that you want to inspect before buying, etc. Also, though dues have been raised, it is good to realize that your officers, board of governors and appointees are not reimbursed anything for hotel, travel, food, etc. while attending the board meetings. This helps our bot- tom line immensely. • Frank Now For Sale Includes complete listing to all issues of the SPMC journal Paper Money 1962-1999 • 130-page Hard Copy only $12 • • Hard Copy & Floppy Disk only $13 • (searchable) Make checks payable to SPMC Mail to: Robert Schreiner POB 2331 Chapel Hill, NC 27515-2331 Checks, Checks, Checks! Add to your check collection Acquire collateral material for your National collection Revenue Stamps & Imprints Thousands of Checks Exonumia and Bank History Books Now Selling on Ebay! Ebay Seller ID: We still service want lists OREGON PAPER MONEY EXCHANGE 6802 SW 33RD Pl. Portland, OR 97219 503-245-3659 Fax 503-244-2977 Email: opme© WORLD PAPER MONEY specialized in Poland, Russia & E.Europe ATS notes Free Price List ats@atsnotes.corn Torn Sluszkiewicz P.O.Box 54521, Middlegate Postal BURNABY, B.C., CANADA, V5E 4J6 PAPER MONEY • September/October 2002 • Whole No. 221 315 STOCKS & BONDS MONTHLY MAIL BID SALES RR's, Mining, Banking, etc. etc. Something For Everyone FREE LISTING RICHARD T. HOOBER, JR. P.O. Box 7917, North Port, FL 34287 Phone or Fax (941) 426-2620 I I I I I WANTED COLONIAL/CONTINENTAL BANKNOTES Any Quantity, Any Condition. Ship in confidence to: Steve Pomex (Member ANA, SPMC, IBNS) PO Box 2, Ridgefield Park, NJ — 0 7 6 6 0 Tel: 20 1-64 1-6 6 4 1 / Fax: 2 0 1-6 4 1-17 0 0 Email: CURRENCY & COIN SHOW OCTOBER 5, 2002 Elks Lodge, Massapequa, NY 80 Dealer Bourse. 9 a.m. to 4 p.m. Table: $50.00. Free Admission. Location adjacent to LIRR. Dealers Wanted. John Hanik, Bourse Chairman PO Box 102, Lynbrook, NY 11563 TEL: 1-516-887-2489 United States Paper Money --special selections for discriminating collectors-- Buying and Selling the finest in U.S. paper money Individual Rarities: Large, Small National Serial Number One Notes Large Size Type Error Notes Small Size Type National Currency Star or Replacement Notes Specimens, Proofs, Experimentals Frederick J. Bart Bart, Inc. (586) 979-3400 PO Box 2 • Roseville, MI 48066 E-mail: 316 September/October 2002 • Whole No. 221 • PAPER MONEY The Return of the Short Snorter By Michael E. Marotta Above: Ecuador 5 sucres signed by the Northern Indiana Aviation Museum crew of the Beech 18 Navy MC-45. Below: Northern Indiana Aviation Museum: Jake Ross, Janice Taylor, Lowell Farrand, John L Wesley, Michelle Wantz. A S READERS OF THIS PUBLICATION KNOW A SHORTsnorter is paper money signed by people who share a common expe-rience. Millions of soldiers, sailors, airmen and marines learnedabout short snorters during World War II. After the war, the tradi- tion faded quickly. Now, it is being revived at airshows where classic planes and warbirds fly in for a weekend to meet the crowds. (Editor's Note: a special "Short Snorter" topical issue of Paper Money was published last November) There were many ways to create a short snorter. The crew of an airplane would swap notes the first time they crossed the equator, or landed on foreign soil. A wounded soldier going home would collect a bill from each of his bud- dies with their name on it. "When you get home, pal," they would say, "have a snort on me." A platoon, battalion, or company might be shipped out togeth- er and the men would pass their notes around, each one signing as many as he could. Snort snorter rolls grew as notes were taped or pasted to each other in long streamers. During World War II, troops were often paid in the currency of the country they were occupying. Fighting in Europe, the Pacific, and Africa, they could be paid in Dutch guilders, British pounds, or French francs, as well as American dollars. As a result, short snorters often contain several kinds of banknotes. Short snorters became "challenges." If you had served with someone and swapped short snorters and they ran into you again, you had to show the note or else buy the next round of drinks. I scanned, archived, and returned a set of short snorters on French notes signed by Americans moving through Tahiti. They were not soldiers or sailors or marines, but civilian contractors. These consultants from North PAPER MONEY • September/October 2002 • Whole No. 221 317 American Aviation, Chance Vought, Bendix and other com- panies reported to the front to provide expertise in the mainte- nance, operation, and modifica- tion of their equipment. Although soldiers and sailors knew short snorters, they were most popular among air- men because the tradition began in the 1920s among barnstorm- ers. According to a September 26, 1984, story in Coin World, a pilot named Jack Ashcraft started the tradition in August, 1925, among the aviators of the Gates Flying Circus. The airshow had a supply of stage money. Ashcraft tricked Clyde Pangborn into signing two notes, one real, one play, and swapping them. Ashcraft came out ahead. Clyde Pangborn later flew into aviation history by crossing the Pacific nonstop with Hugh Herndon, Jr. Short snorters began a history of their own. The Happy Bottom Riding Club: The Life and Times of Pancho Barnes, by Lauren Kessler substantiates this story. Florence Lowe Barnes learned to fly in the spring of 1928. She set a speed record and flew some cross country races. When Chuck Yeager broke the sound barrier over Muroc, Barnes was already the center of the social whirlwind there. In the late 1920s, Barnes and her friends used the "short snorter" dodge to take hotshot pilots down a few notches. They would tell the egotistical victim that a select group of pilots wanted him to be member of the "Short Snorters." They asked him to sign a high- denomination note, a $50 or a $100 if he had one. There was no such club, of course. Pancho and her friends just wanted the pilot to pay for the privilege of being humilated. Short snorters remained an inside joke among aviators for 15 years. Then in World War II, millions more people joined the tradition, which faded when the war ended. Knowing what a short snorter is, and sharing both numismatics and avia- tion as hobbies, I have been rekindling the tradition. In May, 2001, five pilots were grounded at the Delaware County (Ohio) Airport, waiting for bad weath- er to roll past. I told them the story of the short snorter. We took out our dollars, signed and exchanged them. At the end of a ground school class in basic avia- tion, I spun the yarn again. This time, I came pre- pared with a stack of demonetized foreign notes from Latin America and the Middle East. Everyone signed all of the notes including an Iraqi dinar, a Kazakstan tenge, and a fiver from the Bank of Afghanistan. When the airport hired a new manager, we gave the outgoing manager a party. I created a string of notes starting with an American dollar and including an Iraqi 5 dinar with Saddam Hussein on it. Not even the geezers recognized the tradition, though about a dozen people put their farewell good wishes on the moneys. A few weeks later, at the annual airshow and fly- in the airport manager showed his roll to the crew of the Confederate Air Force B-24 Diamond Lil. They knew darned well what it was then. Uzbekistan 1 sum signed by Dan Pyles who flies a Russian Yak-52. Dan Pyles signs his short snorter on the wing of his Russian Yak-52. DVX KORtIN C114bSI / 19 5 8 S 18 BANKOVKA STATNI BANKY 6ESKOSLOVENSKE BANKOVKA. STAIN CESKOSLOVENSKEj T 4 7 6 8 1 1 s OVVYNFLIII.0 DO /MU POIWIDTM" 318 September/October 2002 • Whole No. 221 • PAPER MONEY Jindra Schmidt: Czechoslovak Artist & Engraver By Gene Hessler Above: P87 John Zizka, who died in INDRA SCHMIDT IS RECOGNIZED BY MANY AS THE MOST soldiers followed him to more victo- Blinded in one eye and then the other, j formidable security engraver to have worked in Czechoslovakia, nowled soldiers in the Hussite Wars. the Czech Republic. This portrait and picture engraver and designer was born in Racice at Jammer on 24 June 1897. A number of engravers 1424, was a charismatic soldier who ries. in Eastern Europe began as xylographers and wood engravers. Jindra Schmidt worked with K. Kabelka at one of the last wood engraving workshops in Prague. From 1914-1917 Schmidt attended the High School of Applied Art in Prague where he studied under Prof. Hofbauer. In 1918 he was employed at the Printing House Narodni Politika, where the first Czech bank notes were printed from plates made in Vienna. Mr. Schmidt was among the first engravers to join the new Narodni Banka Ceskoslovenska (NBCS) (Bank Note Printing House) in Prague. During his career Mr. Schmidt also engraved at least 100 postage stamps. Other countries soon recognized his artistry and requested him to engrave bank notes for them. Schmidt retired from the Statni Tiskarna Cenin (STC) (State Printing Bureau), the successor to the NBCS in 1967. During the German occupation of Czechoslovakia, the western German-speak- Max Svabinsky by Jindra Schmidt ing section, the Sudetenland, was designated as the Protectorate of Bahmen and Mohren (Bohemia and Moravia) in March 1939. The first notes to circu- PAPER MONEY • September/October 2002 • Whole No. 221 319 late in the protectorate were overprinted 1 and 2 korun notes that had been intended for the Czech army. Jindra Schmidt designed these two notes. Apparently the occupiers were anxious to get notes into circulation and did not notice the image of Liberty on the 1 korun note, and liberty was anathema to Nazi Germany. For a subsequent bank note Max A. Vabinska, an artist who stood second only to Alfons Mucha in Czechoslovakia, created another image of Liberty and Jindra Schmidt was to engrave it. If the Germans weren't smart enough to notice the first symbolic image perhaps A. Vabinska and Schmidt could get away with it again. It didn't work. The engraver was commanded to alter the image by removing the Liberty Cap. The original image of Liberty was not used until immediately after the war in 1945. It appeared on a 100 korun note. There was another image of Liberty that annoyed the Germans, the likeness that was placed over the entrance to the NBCS, where the paper money was printed. The fas- cade over the entrance was designed by Alfons Mucha in 1918. The Liberty Cap was removed from the stone figure. Martin Srb, one of the designers and engravers at the STC, related this story to me when I visit- ed there in 1990. When I asked why the Liberty Cap was not replaced, I was told that the altered image served as a reminder of what had happened during the war. Another assignment Jindra Schmidt was given during the occu- Above left: The original version of Liberty before the alteration. Above: Liberty after the Liberty Cap was removed. Left: P17 Bohemia & Moravia Portrait of Herzog Wenzal This was the last note to be issued in Bohemia & Moravia before the end of World War II. 4rwAt wito JirsnmeTawaecho] a .7 11' ,:t vi • .au taan3no4 wit • ". • 1tirtil 'mlt! vriStIti 0 no , lt. 19:IN.i'.202 1,1.111.0 • • n }l e t, r00111■11 ber1938 drae:20.nryno 1Q411. a 320 September/October 2002 • Whole No. 221 • PAPER MONEY Above: P6 Bohemia & Moravia Charles potion was to engrave a portrait of Moses for scrip to be used in the infamous Bridge with the Prague Castle in the Terezin Concentration Camp. Peter Kein, an inmate at this camp was told to background. create a bank note design with the image of Moses holding two tablets that represented the Ten Commandments. The original engraving was not Jewish enough" for Reinhard Heydrich the Reichsprotektor. Consequently Schmidt altered the engraving numerous times before this insulting demand was satis- Below: P11 Bohemia & Moravia fled. Portrait of Peter Brandt Terezin (Theresienstadt) an 18th century fortress and the surroundings were transformed into a ghetto and place of transit to Auschwitz. The Germans used this place as the model of their humanitari- anism. Representatives of the Red Cross made a visit and apparently fell for the deception. All visitors were announced well in advance, which allowed plenty of time for cosmetic alterations to give the appearance of a clean and happy (ghetto) village. "During such visits, with clothing hiding emaciated bodies of the 'villagers,' children played openly until the visitors left. A string quartet would play Brahms or Mozart in the courtyard for the visitors. To make Theresienstadt even more normal, paper money was created in 1943, even though there was nothing to purchase except some of the items confiscated from those interned there. "Jindra Schmidt engraved a second version, however the Germans were not totally happy with it. Heydrich wanted the facial features distorted and even more lines on the forehead of Moses. Nevertheless, notes were offset-printed with Schmidt's second version. The only ultimate use for these Terezin crowns (1- 100 korun) by the unfortunate internees was for deposits on books in the library. No one bothered to ask for the return of his or her deposits. Relatives were duped into sending money to the Bank of Jewish Self-Administration, where it would be converted into Terezin crowns, and carefully deposited in the appropriate name of a relative." (Hessler, 1998). My mother's maiden name was Schmidt, so I wondered if Jindra Schmidt PAPER MONEY • September/October 2002 • Whole No. 221 321 A self-portrait engraved by Jindra Schmidt and inscribed to the author. had family ties to Berlin from where my grandfather had emigrated to America. Frantiaicek Sedlacek, a friend in Prague, was also a friend of Mr. Schmidt. I asked him to inquire about the engraver's family history. Mr. Schmidt was ill at the time and, unfortunately, before my friend thought it appropriate to ask, Jindra Schmidt died on March 19, 1984. With the exception of three notes designed for Bohemia & Moravia, Jindra Schmidt engraved the following bank notes: Bank Notes Cuba P94 & 100 Castro Entering Havana, 1 peso (back). P97 & 105 C. Cienfuegos, 20 pesos. Bohemia & Moravia P2 J. Jungmann, 5 kr. (des.). P3 Girl, 1 kr. (des.). P4 Woman, 5 kr. (des.). P7 Prague Castle & Charles Bridge, 50 kr. P9 Boy (des. B. Fojtacek), 20 kr. P10 Bohemian Woman (art by J. Manes), 50 kr. P11 P. Brandl, 500 kr. P13-15 P. Parler, 1000 kr. 322 September/October 2002 • Whole No. 221 • PAPER MONEY P17 H. Wenzel, 5000 kr. Czechoslovakia P91 Farm Couple (des. F. Herman), 100 korun. P67 Liberty (des. M. A Vabinska), 100 kr. P87 J. Zizka (des. K. Svolinska), 25 kr. Slovakia P5 Andrej Hlinka, 20 kr. P13 King Svatopluk & Sons (des. S. Bednar), 1000 kr. Theresenstadt (Terezin) NL Moses, 1 - 100 kr. Guinea P12 - 15A Sekou Toure, 50 - 5000 francs. Mali P1 -4 Moclibo Keita, 50- 1000 francs. Poland P139 Man, 100 zlotych. Romania P62 & 67 Men with Torch, 100 lei. Bibliography Bajer, J. Papirova Platidla Ceskoslovenska 1919-1979. Prague: Ceska Numismaticka Spolecnost (1979). Bruce, C.R. & N. Shafer (eds.). Standard Catalog of World Paper Money, Vols. 2 (9th ed.) & 3 (6th ed.). Iola, WI: Krause Publications. The original engraving of Moses. QUITTUNG E FUNFZIG KIIKNVEN - - ' QUITTLING VEW,FALSCHT ODER .wipi;4Acro- ODER GEFALSCHTE QUiTTUNC ,',EN IN VERKEHR "BRINGT W!RD STRENDSTENS LiEStRAFT 50 PAPER MONEY • September/October 2002 • Whole No. 221 323 Hessler, G. The Engrave•'s Line International, a work-in-progress. "Notes on Paper: Schmidt Engraved Moses for Terezin Notes," The Numismatist, December, 1998. Vapenka, I. Tvurci Ceskoslovenskych Platidel 1919 - 1979. Prague: Ceska Numismaticka Spolecnost (1980). Above: Theresenstadt (Terezin) NL Moses, 50-kronen. All notes 1-100 K had the same design. Left: The design that was used on the notes. 324 September/October 2002 • Whole No. 221 • PAPER MONEY Fall of the Soviet Empire Creates Opportunity for Paper Money Collectors By Richard Giedroyc "Mr. Gorbachev, tear down this wall!" ABOUT THE SAME TIME AS THESE ELECTRIFYINGwords were uttered a set of events were in motion that resulted notonly in the destruction of the wall around Berlin, but the demise ofthe entire Soviet empire, including the Soviet Union itself. (The phrase was almost deleted from the ghost writer's text by political advisors prior to President Ronald Reagan's memorable speech of 1987.) The demise of the Soviet Union is something most of us never expected to see in our own lifetimes, but -- to those of us who are both staunchly anti- Communist and numismatists as well -- this became a golden opportunity to get in on the ground floor of the most prolific numismatic situation to develop in what had been the region of Russia since the time of the Russian Revolution of 1917 to 1923. During the Russian Revolution a plethora of emergency and private issues of paper money appeared as each political group grappled first for its piece of the pie, then in turn for survival as the dreaded Red Army eventually vanquished all opposition. Today enthusiastic collectors seek these many short-lived series, a silent reminder of that tumultuous time in history. For most of us these are the only remaining available artifacts. You might ask, "Has history repeated itself twice in one century?" During the 1990s the Soviet empire met its demise virtually by trying to keep up with the United States in military spending, going broke in the process. Soviet paper money became even more worthless than the toilet paper to which some of it was later converted. As the Soviet Union began to deteriorate politically as well as economi- cally, various of the nations absorbed by the prior czarist Russian government or by the Soviet Union itself, began to declare their independence. At first the move came from the outspoken Baltic states of Estonia, Latvia and Lithuania. Eventually most of the balance of European Russia and central Asia declared independent status also. In the wake of this political upheaval, new monetary systems and the accompanying coins and bank notes soon appeared. Considering all this happened during the early 1990s, it is still not too late for paper money collectors to obtain these fascinating new issues of the diverse nations born from the former Soviet state even now. It is difficult to pinpoint where the currencies of these new countries originated, but the unofficial festival coins and scrip notes of Estonia and Lithuania of the early 1990s are the likely catalyst. Each of these Baltic states PAPER MONEY • September/October 2002 • Whole No. 221 325 continued to be belligerent to its soviet masters, quickly establishing its own independent currency system almost as soon as it saw its way clear to declare independence. ESTONIA PAVES THE WAY Estonia had tested the waters as early as 1974 when a Song and Dance Festival token coinage was unofficially issued. This token issue was medalic in appearance, but was clearly marked with a denomination. Similar trade tokens have been widely issued elsewhere in the world as a novelty during special occasions, good as a legal substitute for money in a local area for a period of time, then later simply becoming a lasting remembrance. This was not true in Estonia Soviet Socialist Republic. This issue was an act of defiance. In 1990, by which time both Estonia and Lithuania were only nominally part of the Soviet Union, this issue was followed by the 21st Song and Dance Festival issues in kroon denominations. Following the earlier Estonian example, Lithuania issued "fair money" scrip in 1989 for the city of Siauliai in the district of Samogitia. Perhaps these isolated issues may not sound like much, but you have to understand this would be the equivalent of a belligerent state within the United States issuing its own money while negotiating for its sovereignty with the federal government. One irony of the fledgling Baltic state currency systems was that the new nations quickly turned to the Bank of England, request- ing $160 million in gold deposited there by the pre-World War II governments of these states prior to when the Soviet Union overran each of them in 1940. The embarrassed British bankers acknowledged the gold had been auc- tioned off several years earlier since there was little evidence new governments would ever arise to reclaim the precious metal. Britain did assist by giving the necessary backing to ensure the new currency systems for each of the three Baltic states would not simply become fiat money. This article may appear to focus heavily on Estonia, but understand it was Estonia that set the economic model all the other former Soviet states would attempt to follow. When in 1992 the Eesti Pank (Central Bank of Estonia) issued its first kroon denominated federal currency at an exchange rate of one kroon equal to 10 Soviet or Russian rubles, economic reforms were enforced in earnest. Taxes were raised, government subsidies were cut and the budget was balanced during 1992. The Gross Domestic Product dropped by 25 percent that year, but Estonia was on its feet economically when this adjustment period ended. The central bank enforced market discipline on commercial banks, merging two major banks and cutting risky lending practices. By the end of 1992, the new nation had a small current account surplus. Another key element in Estonia's currency success story was that Finland soon replaced the Commonwealth of Independent States (a trading association of the now independent former Soviet states) as Estonia's largest trading part- Kyrgyzstan 1-tyiyn bank note of 1993 depicts a domestic eagle similar to that living in the United States. Notes are issued by the Kyrgyz Bank. 326 September/October 2002 • Whole No. 221 • PAPER MONEY Latvia 1 rublis of 1992 was issued by the Latvijas Banka. In 1993 the Soviet ruble system was officially dumped in favor of the currently used lats denom- inations. ner, stimulating real economic growth, while giving Estonia access to hard currency for its goods. All the other former Soviet states would try to follow the Estonian model, but few would succeed. Lithuania actually issued its first official non-Soviet currency earlier than did Estonia, the Lietuvos Bankas releasing talonas denominated paper money on par with the Soviet ruble in 1991. A currency reform in June, 1993, dropped the ruble as a substitute currency entirely, while the talonas was exchanged at 100 to one for the new litas; the litas currency system still remaining firmly in place as of this writing. The third Baltic republic, Latvia, didn't draw as many headlines as did its neighbors, but it too was able to arrange having its gold reserves honored by Britain as backing for its rublis denominated bank notes issued in 1992. The rublis was issued on par with the Russian ruble by the Latvija Banka, central bank of Latvia. Latvia too, was anxious to drop the inflation riddled Russian ruble as soon as possible. On March 1, 1993, a cur- rency reform was enacted in which 200 rublis (or 200 rubles) could be exchanged for the new lat paper currency. Latvia is still using the lat today. NEW ISSUES ABOUND There is no neat order to the chronolo- gy of events leading to the independent cur- rency systems and subsequent issues of coins and bank notes by each of the other former Soviet states. The Baltic states led the way, but from there the other new nations began issuing their own currencies at whatever pace they found to be politically and economically expedient. There were attempts to keep the new nations within a unified currency system, even though the political boundaries were already defined. In late 1991 Russia, Bylorussia and Ukraine made an attempt to form a currency union, the forerunner of the ill-fated Commonwealth of Independent States currency, a system that exclusively used Russian ruble bank notes. Ukraine's President Leonid Kravchuck denounced the union soon after its existence was announced. It had been hoped the CIS would unite 11 of the new nations under a single currency, but this idea quickly disinte- grated. Inflation was a problem, but so was the Russian Bank's failure to print and ship enough paper money to satisfy the needs of the neighboring states interested in trying to make this currency union work. Since Russia was at the center of this currency union, it was the responsi- bility of its central bank to provide sufficient CIS bank notes to fill the needs of its constituents. None of the other CIS members were to issue CIS bank notes Any failure to fill these needs would be viewed as an attempt by Russia to dom- inate the economies of its fellow members. It likely was on purpose that Russia failed to supply the needed CIS bank notes to its fellow currency union members. The other CIS members reacted by taking matters into their own hands. During early 1992 Ukraine issued ration coupons to supplement the Soviet and Russian ruble bank notes in circulation domestically. Moldova (for- VISIT MY WEB PAGE AT WWW.KYZIVATCURRENCY.COM FOR A GOOD SELECTION OF NOTES CONSERVATIVELY GRADED AND REASONABLY PRICED FOR THE COLLECTOR NATIONAL BANK NOTES LARGE SIZE TYPE SMALL SIZE TYPE STAR NOTES WEBS MISCELLANEOUS?? TIM KYZIVAT (708) 784-0974 PCDA, SPMC , , 1,1 1'.1 'NION11111 4.( 41S 42. A137c,C)00,29>,, • 2ij ( 111! ).1901(1141)p,1 _ Imil•Vriliti65-7•14V• Are You Interested in Rarities? Proof Federal Notes! Specimens -- Essays! Large Size Error Notes! Serial Number 1 Nationals! Uncut Sheets! Harry E. Jones POB 30369 Cleveland, OH 44130 (440) 234-3330 PNG Paper Money Dealer PCDA SPMC Since 1967 LM ANA of.i4ruorA. • SOVEREIGN" MYLAR SLEEVES (Sx ENVELOPES Sovereign - Currency Storage - Just one of the categories in the Archivalware Catalog. 40 full color pages of Archival Collectibles Storage and Exhibition products. Send for your free copy & receive sam- ples of our 4 mil Mylar Currency Envelopes. archivailveFe' tools for serious coilectars Request your free Catalog Tel: 1.800.628. 7 912 Fax: 1.800.532.9281 E-mail: PAPER MONEY • September/October 2002 • Whole No. 221 327 Buying & Selling Quality Collector Currency •Colonial & Continental Currency • Fractional Currency •Confederate & Southern States Currency •Confederate Bonds • Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polis 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Member: SPMC, FCCB, ANA (uuovos RESPOILIKA -) (LIMIVOS IESPWILIKA) 1.1114110$ USPOILIKA (LIETCIVOS RESP011111A ) September/October 2002 • Whole No. 221 • PAPER MONEY328 Lithuania vasaris ration coupons uncut sheet issued during 1993 before the new Baltic nation had a stable curren- cy system. The litas denominated cur- rency now in use was introduced later during the year. mer Moldavia), Uzbekistan and Kazakhstan followed; Kazakhstan issuing "kuzbass" checks on par with the CIS ruble. Belarus, as Bylorussia was soon renamed, overprinted Russian notes in local circulation with the word Belarus in an effort by the National Bank of the Republic of Belarus to control the amount of Russian currency in use within its borders. As inflation rose dramatically in many of the former Soviet states, the desire to hold the unbacked and inflation-riddled Russian ruble bank notes declined. This is why Kravchuck quickly backed out of the CIS on behalf of Ukraine. On April 15, 1992, the Ministry of Internal Affairs of Russia announced one in 10 U.S. bank notes in local circulation was determined to be counterfeit! Such massive counterfeiting of such an important hard cur- rency widely accepted in Russia logically fol- lowed the demand to hold reliable hard cur- rencies rather than rubles at the time. It didn't help Russia's economic situa- tion since the demand for reliable hard cur- rency was becoming more critical as inflation continued to rage out of control. Higher denomination ruble bank notes were soon necessary as the purchasing power of low denominations diminished. This failure of the Russian central bank to provide sufficient paper notes to fellow CIS members may have partially been a logistical problem, but it was likely also done on purpose in an effort to exert economic control over the other member states. If this is true, the idea backfired. It resulted in many of these states finally concluding they had to issue their own currencies rather than depend on that of Russia for their needs. BANK OF RUSSIA INTERRUPTS CHANGE Adding to this problem, on July 26, 1993, the Bank of Russia announced it was withdrawing all pre-1993 bank notes on short notice. Citizens had only until August 7th to convert a maximum of 35,000 old rubles, a value of about $35 U.S. What was worse, President Boris Yeltsin had not been advised of the move by the bank — on purpose. Yeltsin rushed back to Moscow from a trip he was on, where he con- fronted the conspirators in the bank. The currency reform was needed. This he allowed. Yeltsin, however modified the currency exchange date to be con- tinued through August 31st, with a maximum of 100,000 old rubles (worth about $100 U.S.) to be exchanged without any questions asked. Larger exchanges in cash were allowable, but special procedures and investigations regarding suggested illegal activities were to follow such questionable larger transactions. Russia would once again revalue the ruble in 1998, exchanging the belea- guered 1993 ruble at a ratio of 1,000 to the new ruble. Unfortunately, the fail- ure to supply sufficient rubles to other CIS members coupled with the bungled 1993 currency reform by Yeltsin's political enemies drove CIS member states to issue their own currencies once and for all. Estonia, Latvia and Lithuania were already on their own. The National Bank of Ukraine issued karbovanets currency on par with the ruble during 1991. The karbovanets was initially planned to merely supplement low avail- PAPER MONEY • September/October 2002 • Whole No. 221 329 able supplies of rubles. Due to inflation in both countries, the karbovanets was replaced on September 2, 1996, at a ratio of 100,000 karbovanets to the hryv- nia, a currency unit still in use in Ukraine as of this writing. Other countries followed suit: • On May 22, 1992 Belarus (former Bylorussia) issued its own rubles at a ratio of one Belarus ruble to 10 Russian or CIS rubles. • Georgia issued its kuponi on par with the ruble in April, 1993. • Kyrgysztan issued som denominated currency, the som equal to 200 rubles, beginning May 10, 1993. • Kazakhstan issued tenge denominated currency beginning November 15, 1993. • The Turkmenistanyn Merkezi Dowlet Banky in Turkmenistan issued manat bank notes, the manat equal to 500 Russian rubles, in November, 1993. • Uzbekistan issued sum coupons the same month, once again initial- ly planned to supplement the CIS ruble. • Azerbaijan issued the manat equal to 10 Soviet rubles in late 1992 through the Azerbaycan Milli Banki. The ruble was officially dumped as a concurrent currency in January 1994. • The Central of Armenia began issuing its dram currency in November 1993. The Georgian Government Bank began with supplemental kuponi on par with the CIS ruble in April, 1993, but on August 3, 1993, demonetized the ruble. Inflation followed, resulting in a September, 1995, currency reform in which 1 million kuponi were exchangeable for one lari, the currency unit still in use. Moldova issued supplemental coupon rubles in 1992, but the following year the Banca Nationala a Moldovei issued coupon lei, one lei equal to 1,000 coupon rubles. On November 29, 1993, the first official lei bank notes replaced the coupon lei not as a supplemental issue, but as an actual independent currency unit printed as bank notes. The only state standing with Russia as a fellow CIS member by then was Tajikistan. It wouldn't be until May 10, 1995, that the National Bank of Tajikistan would issue Tajikistan ruble bank notes, the local ruble equal to 100 Russian rubles. Since that time Tajikistan has continued to have inflationary problems. On November 1, 2000, the bank issued somoni denominated bank notes at a ratio of one somoni to 1,000 Tajikistan rubles due to inflation. The CIS had utterly failed. The last vestiges of any economic attempt to keep the former Soviet empire together as a single nation in some manner had evaporated. Only history will tell us at some time into the future if this break up will be permanent or if this will be another appanage period for "Mother Russia" while it waits for some future Golden Horde to reunite the various countries by force once again as happened in the 14th and 15th centuries. Collectors shouldn't be intimidated by the unfamiliar names of these newly inde- pendent states. Some of them actually have a past numismatic history, while others do Commonwealth of Independent States (Bank of Russia) inflationary 10,000 rubles of 1992 was later replaced with the "new" ruble equal to 1,000 "old" rubles. 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Box 1200-PMC • Westminster MD 21158 E-Mail: info© More Info? Need A Rate Quote? Visit: Or Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 330 September/October 2002 • Whole No. 221 • PAPER MONEY not. Belams is probably the classic example of a state with no previous her- itage of political independence or independent numismatic system. Ever since it became independent Belarus has negotiated to try to voluntarily rejoin Russia. Since Belarus has a continuing inflationary problem much worse than that in Russia, Russia views Belanis as an unwanted liability. There were several unorthodox issues of paper money that appeared late in Soviet history and during the period of the birth of the new nations. Significant numbers of Soviet factories began issuing their own scrip good only at the company stores. These stores traded goods made at the factory they represented for dif- ferent goods made available from other company stores. In essence this facto- ry scrip represented a fairly sophisticated barter system brought about by eco- nomic necessity. The first unofficial notes of several of these new nations were simply coupons printed on newspaper quality paper, to be cut from the sheet to make change. Coins came later to some of the new nations. Some have yet to issue their first coin. Some of the factory scrip is still in use due to continuing prob- lems with local economies. There have been several break-away republics as well, unrecognized local governments desiring independence, but lacking the muscle to succeed. Among these Abkazia, Birobidzhan and the Chechen Republic did not issue their own currencies, but both Nizhni-Novgorod and Trans-Dniestra issued bank notes, while Tatarstan issued tokens depicting wheat or oil, for which these tokens were meant to be exchanged. Is it over yet? Likely not. The political and economic situations in many of these new countries is still unstable. This is history in the making, and an opportunity to collect a piece of history as it happens. The ground floor is in front of you. All you need to do is to begin to collect what is now or has recently been issued. Our next event will be held at the St. Louis National and World Paper Money Convention on November 21-24, 2002, NOW ACCEPTING St LOUIS CONSIGNMENTS Lyn Knight Currency Auctions is now accepting consignments for St. Louis. While we already have some outstanding material lined up for St. Louis, we are looking to even further augment our auctions. Lyn Knight Currency Auctions is well established as the preeminent United States paper money venue in the country. This fine tradition has now been carried into world paper money. We are proud to bring high quality material in both areas to collectors. Many outstanding world paper money items such as those pictured in this advertisement will be sold in St. Louis. We hold four premier auctions per year, check our website for additional dates. MAP CI V..) MILLE FRANCS., • Convention Hotel Reservations: 314-426-5500 Lzr dc Cott Lott TIIIIINEN 2,1sAN 1K EN ,Isles de France/Bourbon #10 0- Morocco #49s 5000 Francs ND (ca.'53-'58) 100 lures Tournois 10.6.1788 r, vast. -,,, ,. agrangte. e . ' '..A4,1' A W--- . N_ #44tA Switzerland #8s 1000 Franken 111910 St. Louis National and World Paper Money Convention November 21-24, 2002 St. Louis Hilton Airport Hotel 10330 Natural Bridge Road St. Louis, MO 63134 UNITED STATES PAPER MONEY Lyn Knight Post Office Box 7364 Overland Park, Kansas 66207 (800) 243-5211 (913) 338-3779 1-800-243-5211 ALL AUCTIONS ARE VIEWABLE ON-LINE ClYtnight Currency Auctions A Division of Collectors Universe NASDAQ: CLCT MPC/WORLD PAPER MONEY Joel Shafer, Managing Director World Bank Note Division Post Office Box 170985 Milwaukee, Wisconsin 53217-8092 (414) 228-7351 GrBayPa@) Ethiopia #11 500 Thalers 1.5.1932 PAPER MONEY • September/October 2002 • Whole No. 221 331 COC295320 A 7 332 September/October 2002 • Whole No. 221 • PAPER MONEY Denly's of Boston Making a Market in Paper Money View our list of notes at Small Size Type Collectors We normally stock hundreds of Small Size Type Notes (scans are viewable at our web site) Here is a sample / Please Call To Order Rare and Desirable FRBNs & FRNs Type Series Denom Description Grade Price FRBN 1929 $5 Boston CH CU 180.00 FRBN 1929* $5 Cleveland, Star Note VG/F 625.00 FRBN 1929 $5 Dallas CH CU 295.00 FRBN 1929 $10 Boston CH CU/GEM 205.00 FRBN 1929* $10 New York, Star Note VG/F 275.00 FRBN 1929 $10 Chicago CH CU/GEM 215.00 FRBN 1929* $10 St. Louis, Star Note, Small Hole FINE 200.00 FRBN 1929 $20 Boston, Low Low #78 XF 495.00 FRBN 1929 $20 Richmond, Highest #01627266 FNF 69.00 FRBN 1929 $20 St. Louis CH CU 260.00 FRBN 1929* $50 Cleveland, Star Note FINE 410.00 FRBN 1929 $50 Kansas City CH CU 395.00 FRBN 1929 $50 Dallas XF 475.00 FRBN 1929 $50 San Francisco, Highest Rec. Serial # VF+ 115.00 FRBN 1929 $100 New York CH CU 495.00 FRBN 1929 $100 Chicago GEM 675.00 FRN 1963A $1 San Francisco, Serial A00000045A GEM 140.00 FRN 1928A $5 Cleveland CH CU 225.00 FRN 1928 $5 Minneapolis, Ultra Rare in CU CH CU/GEM 1175.00 Ci? I00001097 A seVi432;, 9I00001057 A , T/12111.71TFED. /iy11TES orammuc... amiT61. .0.:1.401,1111C.23EMIOIRLIOILILNX0 11/4011101..1411kffi ixty, .-V9 • N'tt‘ Yi Special Offer to Readers of Paper Money Standard Guide to Small Size U.S. Paper Money by Dean Oakes and John Schwartz Yes, it is finally here -- the long awaited update. Experts from all parts of the field have given more effort than ever to provide prices for the common and rare. We are very pleased to have been a small part of this book, so we will offer this special deal: List $25, but for $25 we will ship it to you first class and include 10 of our special Mylar D'currency holders for small size currency. Mention this ad when placing order. Denly's of Boston P. 0. Box 51010 Boston, Mass. 02205 617-482-8477 FAX 617-357-8163 PAPER MONEY • September/October 2002 • Whole No. 221 333 FRN 1934C $5 St. Louis GEM 700.00 FRN 1934C* $10 New York, Star Note CH CU 325.00 FRN 1950 $10 New York, B-C Block, Narrow Rev. F/VF 135.00 FRN 1934* $20 Philadelphia, Mule, Star Note, DGS VF/XF 125.00 FRN 1934A $20 San Francisco, HAWAII CH CU/GEM 1050.00 FRN 1950* $20 New York Star Note CH CU 300.00 FRN 1928A $50 Minneapolis, UNL for Issue AU 375.00 FRN 1950B* $50 Cleveland, Star Note CU/CH CU 595.00 FRN 1928A $100 Chicago, LGS, Unl. Variety in Oakes CH CU 950.00 FRN 1934A* $100 New York, Star Note F/VF 350.00 FRN 1950E $100 New York CH CU/GEM 1000.00 FRN 1928 $500 Philadelphia FINE 760.00 FRN 1934 $500 Richmond VF 725.00 FRN 1934A $500 Chicago, Mule AU 825.00 FRN 1928 $1000 St. Louis, Pretty Note! VF/XF 1850.00 FRN 1928 $1000 Minneapolis, Scarce District VF+ 2250.00 FRN 1934 $1000 Boston, Much Scarcer CH CU 2400.00 Note: We can not accept credit card payments on high denomination, Small Size Notes with face values of $500 or higher. Research Exchange: a service for SPMC members 334 • Roger B. Taney. I need, if there is one available, a photograph of a note with Justice Roger B. Taney. No one I have asked can even confirm his being portrayed on PM. There are two or so still unidentified portraits on Maryland PM that do not look too much like him, but you never know. Actually, his portrait on currency from any state will do. I also need a good quality picture of duel- ing pistols. Contact or C. John Ferreri, PO Box 33, Storrs, CT 06268 • Can anyone explain? Mrs. E. F. Sell was president of the FNB of Fairfax MN from 1915 to 1952. But the three Series 1929 notes on the bank that I know about all have Albert G. Briese's signature as president. (He was the vice president.) Does any- one know why? Does anyone know of a Series 1902 or Series 1929 note with her signature? Karl S. Kabelac, 105 Raleigh Street, Rochester, NY 14620-4121 or • Movie Prop Money, also TV/Stage/Advertising Prop Money. Cataloger seeks information and illustrations of all types of the- atrical prop paper money, checks, bonds, stock certificates, etc. Contact Fred Reed, PO Box 118162, Carrollton, TX 7501 1-81 60 or freed3@airmaitnet • Waterman Lilly Ormsby. For a future article in Paper Money, I am looking for a photograph or other illustration of 19th century bank note engraving genius Waterman L. Ormsby. Contact Robert McCabe, c/o Toxicology, 5426 NW 79th Avenue, Miami, FL 33166 or • New York Obsolete Bank Notes (1784-1865). Researcher requesting info for SPMC state catalog on banking details for NY obsolete notes. All information welcome. At the moment, I am interested in any notes from "The Woodstock and Saugerties General Manufacturing Co." at Saugerties. I am looking for infor- mation when the bank opened, for how long, who the President and Cashier were, year of issue of notes, capital at founding, etc. Will gladly reimburse cost and postage of material received. Contact or John Glynn, 41 St. Agnells Lane, Hemel Hempstead, Herts HP2 7ax, England • Macerated Money. Wanted any information that would help in publishing a book on items made between 1874-1940 out of chopped up U.S. currency. Who made the products, where sold, etc.? Any help appreciated. Contact Bertram M. Cohen, 169 Marborough St., Boston, MA 02116-1830 or • Eastman College Currency. Authors jointly revising current cat- alog of Eastman notes. New listing to appear in Paper Money and subsequently as a separate pamphlet. Wanted xeroxes of unlisted notes, or census data of your holdings. Contributors will be acknowledged or kept confidential, as you desire. Contact Fred Reed, P.O. Box 118162, Carrollton, TX 75011-8162 or Austin Sheheen, P.O. Box 428, Camden, SC 29020 • New York County and town Civil War bounty bonds information wanted. Also information on railroad and turnpike bonds and financing. Contact or Don Farr, 19701 SW 110th Ct #837, Miami, FL 33157. • FNB of Groton, NY (Charter #1083). Wanted illustrations for article in Paper Money. Contact Karl S. Kabelac, 105 Raleigh St. Rochester, NY 14620-4121 or • Delaware Obsolete Notes and Scrip. SPMC state catalog researcher seeks information on existing notes, including serial and plate numbers. Records of other Delaware material such as old lottery tickets, vignettes, Colonials and National Currency are also being kept for population statistics. Will gladly pay copying costs and postage for pictures of your Delaware material. Contacts confidential. Contact or Terry A. Bryan, 189 South Fairfield Drive, Dover, DE 19901-5756 • Abraham Lincoln Research. Author preparing book length study of Abraham Lincoln's image on federal currency, national currency, bank notes, scrip, checks, stocks, bonds and other financial instruments. Desire photocopies of vignettes or unusual uses of the Lincoln image on this material. Contact Fred Reed, P.O. Box 118162, Carrollton, TX 75011 or • September/October 2002 • Whole No. 221 • PAPER MONEY Advertising Pays I wear several hats around the Paper Money office. The mast head calls me this publication's Editor, and of course I do edit articles. I also layout the publication, so you could call me the Production Manager. My least visi- ble role is Business Manager, the traditional Publisher's Role. I also, occasionally, find time to write for the publi- cation. I'm comfortable in all these roles because I have been doing many of them for upwards of 40 years now. Now, I'm not looking for applause, nor a raise, but I'd like to explain the economics of this publication for this Society's members. Paper Money is the principal ben- efit most members enjoy for their dues dollar, so as a pro- fessional communicator I'm very cognizant of the num- bers. Dues dollars pay the bulk of this publication's costs. Increasingly, however, advertising dollars are playing a more important role. You may have noticed that more and more ads are appearing in this publication -- and the size of the publication is growing rapidly. This means more and more information is available at the tips of members' fingers, more opportunity for members to con- tribute their findings, and hopefully more entertainment and hobby value for each member to enjoy. The SPMC Board (on which I also have served for several years, by the way) rightfully holds my feet to the fire regarding the economics of our publishing program. Since I have successfully managed multi-million dollar magazines with circulations exceeding one million per issue, negotiated bigtime publishing contracts, and sold national advertising, I'm happy with the arrangement. Advertisers have flocked to Paper Money because we have what they want -- a concentrated readership of well- heeled targeted buyers. One advertiser reported $34,000 in sales! So if you don't advertise in PM -- in the words of the street, your bad (fault). Advertising pays. You can- not afford not to advertise in PM if you want serious sales. But one person CAN be stretched too far. Since I signed on as this publication's Editor, members Bob Cochran and Bob Schreiner have ably assisted me as Ad Managers. Both did splendid jobs. Mr. Schreiner recent- ly agreed to take over the Society's Library creating an opportunity for somebody else to step forward to assist our Society's publication. If you've got some time and are a team player, see Page 299 for details. I could use some help. P.S. your name needn't be Bob to apply! nuiuu MEMBER ANA HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 1-440-234-3330 I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (651) 423-1039 SPMC LM 114—PCDA—LM ANA Since 1976 AD INDEX BART, FREDERICK J . 315 BENICE, RON 299 BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 287 BOWERS, Q. DAVID 301 BUCKMAN, N.B 301 COHEN, BERTRAM 284 COLLECTIBLES INSURANCE AGENCY 330 CURRENCY & COIN SHOW 315 CURRENCY AUCTIONS OF AMERICA 336 D & R NUMISMATICS 265 DENLY'S OF BOSTON 265 EARLY AMERICAN NUMISMATICS 283 HOLLANDER, DAVID 275 HOOBER, RICHARD T 315 HORWEDEL, LOWELL C 301 JONES, HARRY 327 JONES, HARRY 335 KAGIN, A.M 295 KAGIN'S 303 KASHANI, ESSIE 279 KNIGHT, LYN 289 KNIGHT, LYN 331 KRAUSE PUBLICATIONS OBC KRAUSE PUBLICATIONS 305 KYZIVAT, TIM 327 LITT, WILLIAM 303 LITTLETON COIN CO. 273 MARSHALL, IAN 275 MURPHY, CLAUD & JUDITH 303 OREGON PAPER MONEY EXCHANGE 315 PAPERM 275 PARRISH, CHARLES C. 335 PERAKIS, ALEX 299 PHIPPS, PHILIP 303 POLIS, JAMES 327 POMEX, STEVE 315 REED, RICHARD 269 ROB'S COINS & CURRENCY 301 RUBENSTEIN, J&F 279 SEELYE, DAVID E 279 SHULL, HUGH 258 SLUSZKIEWICZ, TOM 315 SMYTHE, R.M. IFC SNOVER, GARY 299 STACK'S. 291 WELCH, ROBERT F., AGENT 265 UNIVERSITY PRODUCTS 327 WEST, PAM 265 YOUNGERMAN, WILLIAM, INC. 283 PAPER MONEY • September/October 2002 • Whole No. 221 335 If you are not advertising Your notes in Paper Money You are missing sales SALES = $$$$$$ in your pocket Advertise your notes in Paper Money CURRENCY AUCTIONS OF AMERICA Len Glazer 1-800-872-667 Ext. 390 ( ) Allen Minch() 1-800-872-667 Ext. 327 ( ) 336 September/October 2002 • Whole No. 221 • PAPER MONEY NGC An unprecedented opportunity for Currelicy Buyers and Sellers NTION Currency Auctions of America joins the Heritage family of companies Currency Auctions of America, America's most respected currency auctioneer, has just become part of the country's largest numismatic auction house, Heritage Numismatic Auctions. Building on the combined strengths of both companies, opportunities for buyers and sellers of paper money will greatly increase with more frequent CAA auctions at conventions around the country, and twice-monthly sales on the Internet at . CAA founders Len Glazer and Allen Mincho, two of the top currency experts in the world, will continue handling all consignments, grading, and cataloging. CAA will be able to offer more material, hold more auctions, and have greater access to potential bidders through r 1 Heritage's huge customer base, worldwide marketing expertise, financial strength, and advanced technology. This gives CAA the unmatched ability to attract potential consignors and bidders, which means more choices for paper money collectors: •more frequent auctions, containing larger amounts of material •access to Heritage's active mailing list of 50,000 names and web site membership of nearly 40,000 numismatists •online interactive bidding and paper money search engine capabilities at and . •full color, enlargeable images of every single-note lot posted on the Internet • selected lots for the September CAA auction in Cincinnati will also be available for viewing through Heritage at the ANA convention in Atlanta in August •all CAA catalogs will be available in CD-ROM format as well as online • lead-times will be shortened between consignment deadlines and sale dates •greater financial resources for cash advances to consignors and for purchases We invite your participation in future CAA auctions. CAA Upcoming Schedule: September 2001 - Cincinnati November 2001 - St. Louis - Charity Auction January 2002 - Orlando May 2002 - Rosemont a 1J I am interested in consigning my currency to one of your upcoming auctions, please contact me. q 1 would like a copy of your next Auction Catalog Enclosed is a check or money order for $15, (or an invoice for 51.000 from another cur- rency company: Fax or Mail a copy to CAA). qI would like a one-year subscription to all your Auction Catalogs. Enclosed is S50 for the year. I would like a FREE copy of your video Your Guide to Selling Coins and Currency at Auction." o Fill in your e-mail address below for free, comprehensive e-listings, news. and special offers. E-mail Name Goy state Zip Daytona Phone Evening Phone FOR FASTER SERVICE. Ca111-800-872-6467 CURRENCY AUCTIONS OF AMERICA Heritage Plaza. 100 Highland Park village. 2nd Floor • Dallas. Texas 75205-2788 219-528-5500 • FAX: 214-493-8425 wimlieritagefoin.cont •• e-mail: BidsgeHeritageCOin.Com Len Glazes. Ext. 390 ( ) Allen Mincho. Ext. 327 ( ) America's # t Numismatic Auctioneer ITAGE mismatic Auctions, Inc. Pt-fis gem sieve Ivy Jog Halperin Grog Rohon Heritage Plaza, 100 Highland Park Village, 2nd Floor • Dallas, Texas 75205-2788 • I -800-US COINS (872-6467) • 219-528-3500 • FAX: 214-443-8425 • e-mail: Bids@HeritageCoin.corn • • e-mail: Notes@CurrencyAuction.corn OPUS 7/01 11).111. RP aft, ' ---tE STATES,44 ..70061. 00' f) ()-e•.■ , . p. 1 01' MONTGOMERY, / REALIZE TOP MARKET PRICE FOR YOUR PAPER MONEY! Let Our Success be Your Success! Consign with Bowers and Merena Galleries Today. We offer you the incomparable and very profitable ad- vantage of having your material presented in our superbly illustrated Grand FormatTM catalogue to our worldwide clientele of collectors, investors, museums, dealers, and other bidders. Your paper money will be showcased by the same expert team of cataloguers, photographer, and graphic artists that have produced catalogues for some of the finest collections ever sold. And, the presentation of your currency will be supervised by Q. David Bowers, one of the most well- known names in the entire hobby. Choice VP 186/ Montgomery Issue $100, ;valized 5,. i00 12 E169co Weehawken, New Jersey $5 National Bank Note Pair, Serial #1, realized $15,525 Impressive $100 Treasury or Coin Note, realized $138,000 Unique Territory of Dakota, National Bank Note, Serial #1, realized $55,200 Its Easy to Consign! Selling your collection will be a pleasant and financially rewarding experience. From the moment we receive your consignment we will take care of everything: insurance, security, advertising, worldwide promotion, authoritative cataloguing, award-winning photography, and more—all for one low commission rate, plus a buyer's fee. When you do business with Bowers and Merena, you do business with a long- established firm of unsurpassed professional and financial reputation. Over the years we have sold over $350,000,000 of numismatic items and have pleased more than 30,000 consignors. Just contact John Pack, our auction director at 800-458-4646 to discuss your consignment. It may well be the most financially rewarding decision you make. Buy Online, Bid Online, Books Online! BOWERS AND MERENA GALLERIES A COLLECTORS UNIVERSE COMPANY—NASDAQ: CLCT Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • In NH 569-5095 • FAX 603-569-5319 • e-mail: PM0901 A Now you can access online the vital coin and paper money information you want. Read every issue right from your computer. 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