Paper Money - Vol. XLII, No. 6 - Whole No. 228 - November - December 2003

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PC, ""oeli uTmga a 13831 ". at said ill' . the T. AP TftLc)AEY 1 ems, Official Journ of the Society of Paper Money Collectors WHOLE No. 228 NOVEMBER/DECEMBER 2003 WWW.SPMC.ORG VOL. XLII, No. 6 )00 "RE-BUILDING A GREAT Ty. FOR A „,„„••• • • y" TM 1010):Efanat ' WI; IN .14:(1•11A•ZA' ) . ..••••Zz • nO.V DS ‘" • --- (1)14POSITRD .0t e • AN.,111renoepte..-e e:ere tiev, THE NATIONAL BANK OF KEYSER WEST VIRCIIHIA 1./t, PAY TO T. BEARER DEMAND • rvey sults Page 374 FaC ltintiles of U. OLTreatoury and Na- tional Bank BRIM, Consisting of nine exact imitations of United States treasury notes and nine of national bank bills, eighteen in all of various denominations. Asa rare and instant-■ncous means of detecting counterfeit money they are invaluable. Postal cards.not answered. A. C. Lowe, 49-52 311 Bowery, New York City. To indis deca that grea t Soul. lope New //HAVE SOME FUN WITH YOUR HOBBY READ ABOUT WHAT OTHER COLLECTORS FIND INTERESTING" You've spent years putting together an outstanding collection, and now you are ready to sell. Will the people who handle the disposition of your collection know as much about it as you do? They will at Smythe! Autographs; Manuscripts; Photographs; International Stocks and Bonds. DIANA H ER ZOG President, R.M. Smythe & Co., Inc. BA, University of London; MA, New York University — Institute of Fine Arts. Former Secretary, Bond and Share Society; Past President, Manuscript Society; Editorial Board, Financial History. Board Member: PADA. U.S. Federal er National Currency; U.S. Fractional Currency; Small Size U.S. Currency; U.S. MPG. MARTIN GENGERKE Author of U.S. Paper Mongpow -Tr -RN Records and American Numismatic Auctions as well as numerous articles in Paper Money Magazine, the Essay ProofJournal, Bank Note Reporter and Financial History. Winner of the only award bestowed by the Numismatic Literary Guild for excellence in cataloging, and the 1999 President's Medal from the American Numismatic Association. Member: ANA, SPMC. Small Size U.S. Currency; Canadian Banknote Issues; U.S. Coins. SCOTT L I NDQU I ST BA, Minot State University, Business Administration/Management. Contributor to the Standard Guide to Small Size US. Paper Money 6- US. Paper Money Records. Professional Numismatist and sole proprietor of The Coin Cellar for 16 years. Life Member: ANA, CSNS. Member: PCDA, FCCB, SPMC. Auction Calendar November 6th, 2003: Autographs — New York City December 2nd, 3003: Coins, Paper Money — New York City February 6-7th, 2004: Stocks and Bonds — Strasburg, PA March 2nd, 2004: Coins — New York City May 2004: Autographs — New York City July 24th, 2004: Coins, Paper Money, Stocks & Bonds — New York Why do so many collectors and major dealers consign to Smythe's Auctions? • Competitive commission rates • Cash advances available • Expert staff of numismatic specialists • Thoroughly researched • Flexible terms and beautifully illustrated • Record breaking prices catalogues Antique Stocks and Bonds; U.S. Coins; Paper Money. STEPHEN GOLDSMITH Executive Vice President, R.M. Smythe & Co., Inc. BA, Brooklyn College. Contributor to Paper Money of the United States, Collecting US. Obsolete Currency, Financial History, and Smart Money. Editor, An Illustrated Catalogue of Early North American Advertising Notes; Past President and Board Member, Professional Currency Dealers Association. Member: PCDA, ANA, SPMC, IBSS, New England Appraisers Association. U.S. Coins and Medals. JAY ERLICHMAN Contributor to A Guide Book of US. Coins and A Guide Book of British Coins. Assembled and managed investment portfolios of U.S. coins. Employed by the Federal Trade Commission as an expert witness on consumer fraud. Member: ANA, PCGS, NGC. Ancient Coins and Medals. DAVID VAG I BA, University of Missouri — Columbia. Author of Coinage and History of the Roman Empire; columnist for The Celator; Numismatic News, and World Coin News. Editor of the Journal for the Society for Ancient Numismatics; twice received the Numismatic Literary Guild's "Best Column" award. A recipient of the American Numismatic Association's Heath Literary Award and the Presidential Award. Member: ANA, ANS. We buy, sell, and auction the very best in Antique Stocks and Bonds, Autographs, Banknotes, Coins, Historic Americana, and Vintage Photography 26 Broadway, Suite 973, New York, NY 10004-1703 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-908-4670 E-MAIL: info@smytheonline.com INTERNET: smytheonline.com 4 \ SOCIETY OF P.. MONEY coLLscTORS eirisse4.1 Stephen Goldsmith Scott Lindquist 411.111111•1111=1 Our Outstanding Team of Experts Can Help You Get the Most for Your Collection 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 Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 Society of Paper Money Collectors, Inc., 2003. 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 (fred@spmc.org). 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 • Ads are accepted on a "Good Faith" basis • Terms are "Until Forbid" • Ads are Run of Press (ROP) • Limited Premium Space Available 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 • November/December 2003 • Whole No. 228 337 Paper M I ney Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLII, No. 6 Whole No. 228 NOVEMBER/DECEMBER 2003 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: www.spmc.org IN THIS ISSUE FEATURES Keep Makin' Mine Macerated 339 By Bertram M. Cohen On This Date in Paper Money History 360, 362 By Fred Reed Interest Bearing Notes: The Edifice Complex to the Fore 364 By Dave Bowers The Paper Column: The First National Bank Failure 366 By Peter Huntoon The Buck Starts Here: The 'Bird' Lives on Belgian Bank Note 368 By Gene Hessler The Green Goods Game: Is A.C.Lowe's Notice A Green Goods Ad? . 370 By Forrest Daniel About Texas Mostly: Dual Signature NBNs 372 By Frank Clark Notes from [up] North: Challenging Paper Numismatics 'Next Door' 380 By Harold Don Allen SOCIETY NEWS Information & Officers 338 Tennessee authors produce disk "book" 345 ANA Honors Paper Money; SPMC Meets at Show 353 SPMC Memphis Board Meeting, June 14, 2003 354 M4 E$$say Contest whopping succcess, Christof Zellweger tops others . 371 An Index to Paper Money, Vol. 42, 2003 Nos. 223-228 373 Compiled by George B. Tremmel SPMC 6000 Survey 'Great Success' 374 President's Column 376 By Ron Horstman Money Mart 376 4th Annual George W. Wait Memorial Prize Official Announcement . 377 Nominations Open for SPMC Board 378 SPMC Librarian's Notes 382 By Bob Schreiner Editor's Notebook 382 If you have not sent in your annual dues, your subscription has EXPIRED. Please do so immediately so as not to miss any issues. Remember J/F 2004 is the 1st Obsolete Notes extra-Special issue. SOCIETY OF PAPER MONEY COLLECTORS INC. Jfr7itL I2 338 November/December 2003 • Whole No. 228 • 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 www.spmc.org . 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 lie 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 as avail- able. 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 Ronald L. Horstman, 5010 Timber Ln., Gerald, MO 63037 VICE-PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TX 75002 SECRETARY Robert Schreiner, P.O. Box 2331, Chapel Hill, NC 27515-2331 TREASURER Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 BOARD OF GOVERNORS: Mark Anderson, 335 Court St., Suite 149, Brooklyn, NY 11231 Benny J. Bolin, 5510 Bolin Rd., Allen, TX 75002 Bob Cochran, P.O. Box 1085, Florissant, MO 63031 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 Tom Minerley, P.O. Box 7155, Albany, N.Y. 12224-0155 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 Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327 Wendell Wolka, P.O. Box 1211, Greenwood,IN 46142 APPOINTEES: PUBLISHER-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 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 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 Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 1929 NATIONALS PROJECT COORDINATOR Arri "AJ" Jacob, P.O. Box 1649, Minden, NV 89423-1649 WISMER BOOK PROJECT COORDINATOR Steven K. Whitfield, 879 Stillwater Ct., Weston, FL 33327 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 PAPER MONEY • November/December 2003 • Whole No. 228 339 There're iti■41 y, IQ Collect 1.2gor 121smuL Keep Makin' Mine Macerated By Bertram M. Cohen M ORE THAN A DECADE AGO, I PUBLISHED AN ARTI- cle in this magazine, Paper Money, on macerated money, which I had collected for many years already by that time. I'm still at it. In fact I'm writing a book on this subject, and you may have seen my ads here requesting information from the readers of this publication. There are many things that people like to do with money: spend it, save it, gamble with it. Some, like members of SPMC even collect it. . .but you don't find great interest in wanting to macerate it. The word macerate comes from the Latin, nzacero, maceratum, to make soft. Its same root as must!, a lump and means to steep almost to solution. Everyone, it seems has money problems. The Federal Reserve System is always on the look- out for ways to dispose of worn out currency. They literally have money to burn, but anti-pollu- tion laws make that illegal. In the early days of paper currency (remember, the first U.S. paper currency was issued in 1861) old notes were burned in furnaces, but that made disagreeable smoke and wasted the paper. There is an old story that sometimes on a windy day when the draft was very strong, partly burned notes would escape up the chimney, float over the city and settle down in the street to be gathered up and presented again for redemption! That is why people in the Treasury Department often spoke of currency destruction as "the burn- ing." This story may have been slander started by some friend of the new-fangled macerating system. Intricate and ornate designs attracted purchasers of the recycled U.S. curren- cy. The label on the back of this feder- al eagle (above and below) reads: "Made of United States Bank Notes redeemed and macerated at the U.S. Treasury, Washington, D.C. Estimated $2,000." 340 November/December 2003 • Whole No. 228 • PAPER MONEY Above right: The "Capitol" with Republican Elephant and Democratic Donkey symbols on top. Estimated $10,000 in used bills. Right: The White House made of an estimated $5,000 in redeemed U.S. currency. ti. t S N 1-■trier$14ii 1711J Mai ill itt-ti t}keIJ ts. NV .■■1111:.11,0, I C $;(5■Otl. Wtt,at Background During the years 1874 to 1942 currency considered unfit for circulation was destroyed by "macerating," a process of decomposing the paper by steep- ing it in a strong solution for several days to reduce the currency to pulp with- out recognizable features. The macerator is a huge spherical receptacle of steel which contained soda, ash and lime water to destroy the identity of the curren- cy. The average production of the macerating equipment was about 70 bales of pulp a day or a total weight of 17,000 pounds. These bales were usually stored in a yard near the macerator building. PAPER MONEY • November/December 2003 • Whole No. 228 341 One of the many interesting and ingenious safeguards protecting the gov- ernment from fraud in this process was a complex ritual which took place. Bills that were destined to be destroyed were counted, stacked according to denomi- nations and drilled in all four quarters to cancel them. The shape and size of the holes determined the assembly point for the worn currency. Then bills were cut in half horizontally. One half was shipped to the Treasury in Washington on one day; the remaining half on another. The upper and lower halves were never shipped on the same day. Every day at one o'clock, three officials (the Treasurer, the Secretary and the Comptroller of the Currency) with a fourth person designated by the Secretary to represent the banks, assembled at the macerator to deposit the money to be destroyed. Each member of the destruction committee was pro- vided with a special key for his individual lock on the macerating tanks so there was no way to remove any of the contents before they were totally destroyed. Each key-holder unlocked his respective lock. The lid was lift- ed. The package of halved bank notes were brought, and the macerator -- a veritable hungry monster -- received its million- dollar tribute. Then the lid was shut. The keys were turned in the locks. The machinery was put in motion, and the macerator began its revolutions. At the end of four or five days, maceration was complete. The com- mittee of four returned to unlock a valve. The liquid pulp then flowed out and was screened into a pit. Now the question: What was the government going to do with thousands of pounds of mushy paper pulp? At first, the sole use of the pulp was to transfer it to the Bureau of Engraving and Printing to be rolled out into sheets of book- binders board and sold at $40 a ton. Naturally in the land of opportunity, enterprising and creative merchants would come up with ways to make new dollars from the old ones. So a Civil-War veteran named Henry Martin, who was employed by the Treasury Department, got the idea to make "papier niache" sculptures from the macerated notes. He hawked these prof- itably to tourists. The macerated money becomes a dull grey in the processing, having somewhat the appearance of stone, but much more fragile of course. Still it was infinitely malleable and the designs proliferated for sale to tourists. The British magazine The Strand lauded such ingenuity. In a February 1897 article entitled "Curiosities," it wrote now "countless humble indviduals from Maine to California may be said to possess a fortune in one of these busts." Above: D.C.'s Washington Monument, comprised of an estimated $3,000 old cash and distributed by a Fifth Avenue New York firm. Below: A macerated profile bust of George Washington. November/December 2003 • Whole No. 228 • PAPER MONEY342 lade or U. S. National Green') r0deetned and macerated Ai the t. easiw . Estimated 55,,,x'. at Washintatm, P. C. 11111111re1.-011111111141■11•111A1111111111 l ." tine 011 r findtiditmorrret it, ' 0 suL__ I " IllOWAVIVrIMAIRA Allllllllll Above: Philadelphia's Liberty Bell reproduced from an estimated $5,000 in worn out notes. A 1901 article by Waldon Fawcett discusses how Martin conceived the idea of turning the worthless macerated money into profit. According to Fawcett's article: The stimulant for his (Martin's) idea was the sight of a clerk, who possessed of some artistic ability, molding by hand, a crude design for an official of the Treasury who desired to preserve a wad of the dilapidated currency in this form. The quick-witted watchman, Martin secured a key to the room in which churnings of the macerator were and night after night he pursued self-instruc- tion in sculpture until he was master of his strange medium. Soon others caught on to the potential of making and selling macerated sculptures. On the back of a macerated shoe I have, there is a label with "Patented 1879. This article represents about $5,000 and is made out of Greenback money after it is macerated by the U.S. Government. J. Wolston Hertford, Manufacturer, Washington, D.C." An advertisement of 1909 shown below, suggests that by then large businesses like the National Souvenir Company had an "in'' with the Bureau, and access to macerated pulp: MONEY PULP SOUVENIRS Articles made from Macerated Money that has been redeemed and destroyed by the U. S. Treasmy, and made into souvenirs are sold to visitors at the entrance to the Bureau of Engraving and Printing or at the place of manufacture across the street. Evelyone should have a souvenir of old money. National Currency Souvenir Co. 210 Fourteenth Street S. W. A contemporary postcard illustration from a postally-used 1898 macerated currency postcard made by U.S. Souvenir Co. of Washington, D.C. Note: the cap- tion: This is the U.S. Treasury Where the Macerated Money is Made." ($5 Pass Valid Thursday-Sunday)hursday, November 21..) Noon -61-'M Friday, Noveother 21 10ANT-triTki PAPER MONEY • November/December 2003 • Whole No. 228 343 St. Louis is calling... 0:04.01 ' - .!:").4,:■111P . I S r )0. 0_, • - - COLON: 1AL CFNQUANTE CENTIMES MI*g . Adak mitWit.2__Lqjg, 1111,1141, S , vat...MOW •nr rILSOYVILL I, otr,a +A* OL1117.1111t MCI VO Et:1011975115 ational and World Paper Money Convention Thursda•-Sunday, November 20-23, 2003 St. Lotus Hilton Airport Hotel 10330 Mit mil Briclt.tc Rona Si. Louis, MO 6.3134 Rooms: S94 (Ask for rate code DDC) Call (314) 426 -5500 - 75 &loth An Pzipk.:: NIonci's 13Qinsk: Arklo rylcctins ▪ 1- • 1-nrca1I Fograving and I ri wring Ftonth • DEP Sutivrnir Cdri Iut urc 2064 Nov111.1r 1.-21 2005 Nuvtunbr 17-20 2006 Nown)11,._'r 16-19 - EiiticAlotLit Plourturi. • umplimcntary Airport Shuttic. • Lyn Knight Auction Show ih-purs: !Wcdnesday. November 19 2PM-6PM Siturday. Nowinber 22 10AM-6PM (Proli:ssiona1Prc.viow—S50 Rs:gistration .17Qc;, Sunday. November 23 10253.N1-1.PM Liourse .Applivations Kes. II 171 din - P.0_ Box 57.4- Mil4S aukte_ WI 5.1.201 - witirr.o....xm 31 -421 -11R-1 - Fax: 41 4-4 234E1,43 344 November/December 2003 • Whole No. 228 • PAPER MONEY Top right: A macerated medallion por- traying a boot, gilded with gold. Above and right: two views of a shoe with a bow tie, and the label from the shoe's bottom estimating a cool ten grand was recycled to produce it. Below: an early 20th century illustra- tion of the macerating process at the Treasury building, showing a workman removing bundled redeemed notes from large trunks. The paper shredding machine is in the background, and the large mortar and pestle cauldron at left. „ Nital e cf Itilkt- 1. uitt-si reaboAtun r4 I :t. Mak`f,tr.ttt..(1.. „Ithr. Tre.tAtti-V, \‘'•'D. C. 1.- irnati -41 :1-pi O. 1 „ Macerated Objects Macerated items appeared in three basic forms: (1) postcards [several of which I illustrated in my previous article on this subject in Paper Money]; (2) plaques or free standing, upright objects such as the Washington Monument; and (3) shoes in the style of Louis IV etc. Many different types are illustrated here. Attached to the back of each souvenir was a label estimating the value of the notes contained therein. Busts and plaques of political and military idols were popular items. My collection also includes hats, bells, plaques, shoes, boats, a variety of ani- mal figures, and patriotic images of every description. The objects are gray, with some variation, and are often deco- rated with colorful stamps and patriotic ribbons. Most were small, about three to five inches. Some of the more unique items I have found are: • a three-dimensional bust of George Washington sold at the U.S. Centennial Exposition in Philadelphia in 1876 for 50 cents, made from an estimated $25,000 in greenbacks; MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 33/4 $18.50 $33.50 $150.00 $260.00 Colonial 5 72 x 31/16 19.00 35.00 160.00 290.00 Small Currency x .27/8 19.50 37.50 165.00 310.00 Large Currency 73/8 x 31/2 22.00 41.00 184.00 340.00 Auction 9 x 33/4 24.00 44.00 213.00 375.00 Foreign Currency 8 x 5 27.50 50.00 226.00 400.00 Checks 95/8x 41/4 27.50 50.00 226.00 400.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 x 141/2 $14.00 $61.00 $100.00 $226.00 National Sheet Side Open 872 x 171/2 15.00 66.00 110.00 248.00 Stock Certificate End Open 91/2 x 121/2 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 DC 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. DENLY'S OF BOSTON P.O. Box 51010, Boston, MA 02205 • 617-482-8477 ORDERS ONLY: 800-HI-DENLY • FAX 617-357-8163 PAPER MONEY • November/December 2003 • Whole No. 228 345 Tennessee authors produce disk "book" TENNESSEE AUTHORS DENNIS SCHAFL UETZEL AND TOM CARSON HAVE SHOWN US THE 1 "wave of the future," a stand alone electronic "book" on a Windows/MAC compatible CD-Rom disk entitled Chattanooga Money. While CDs are increasingly being used to market numismatic/paper money auction sales, they have yet to catch on as a means of delivering top-notch original numismatic research/writing/graphics. All that will change in the coming years, we are sure, and this book will ride the crest of that wave. What the authors do is immensely intriguing and worth a look, whether one collects Chattanooga money or not. "It is too expensive to publish highly illustrated books for small markets," co-author Tom Carson explains. "Electronic is the way to go," Carson (also author of Adobe Acrobat 6.0: The Professional User's Guide) affirmed. Such a book is almost immediately updatable, and capable of being printed (burned) on demand. Due to its electronic format, its price can also be kept reasonable. As might be expected from the work's title, the CD is solely devoted to numismatic items of Chattanooga, including obsolete bank notes, scrip of all kinds, National Bank Notes, exonumia, including census and rarity information. What is most impressive, of course, is the thousand-plus full color images, its original research, and the fact that it is word searchable throughout its entire text. This is a very impressive work. It is easy to use and access informa- tion. The catalog is laid out in a very logical order, and pages are chore- ographed, so it is easy to navigate from one section to another. Because it is electronic the user can zoom in on text and/or illustrations for a closeup look. Illustrations are beautiful, coverage is comprehensive down to a "want list" of items for future revisions. The reader can even launch an interactive e-mail right from the CD. Withal, this "book" is fun and takes up virtually no shelf space. Highly recommended. The CD is available for $25 from its authors at 1900 Red Fox Lane, Chattanooga, TN 37343. -- Fred Reed, Editor + I COLLECT FLORIDA Obsolete Currency National Currency State & Territorial Issues Scrip Bonds Ron Benice 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Benice@Prodigy.net Right: a rare Key to the White House fig- ural shape. Below: Label from the bottom of an "$8,000" hat. tn of c,%e mot midVetistirY, Etitimated Vit)00. ates ultworat,ed at \Vaihing Lon, I), Bank, 346 November/December 2003 • Whole No. 228 • PAPER MONEY ".. . there ought to be no ragged money [in circulation] at all. The merchant or grocer has only to gather up a package of old soiled money and send it by express in quantities of not less than $20 to the Treasury Department at Washington. There it will be redeemed. New money will be sent in place of the old and the old will be burned. Sometimes queer papi- er mache ornaments are made of it, which is a very questionable use indeed to make of it. . . ." -- The Farmers Cabinet, Milford, NY October 18, 1894 • A 6" canoe with U.S. stamps issued c. 1890 decorating the sides; • A 5" upright squirrel eating a nut; has two black glass eyes. The hand- written label appears to be old quill pen and ink dating it to late 1800s; • A 3" bas-relief plaque of the Capitol with red/white/blue flag, showing a "C" and "E" for Christian Endeaver, 1896; • Paperweights in three sizes, all round with outer circle showing old currency pasted on the plaque. One paperweight had an 1818 Large Cent and was issued by New York numismatist Thomas L. Elder. The second contained a replica $50 gold slug of the U.S. Assay Office in California. There are various other designs in existence. These paperweights are estimated to contain $500 in macerated currency according to an Elder ad; • An 8" rectangular picture frame with oval opening and indistinct, raised garland ornamentation, medium gray, with uneven surface. Label on back indicates that $50,000 of macerated currency was used in making it. Macerated Cards The look and texture of macerated sheets or cards is that of handmade paper, gray in color, and often with bits of the currency showing through. In my collection, I have 10 different types of postcards, both used and unused dated between 1905-1909. All are very rare and many were illustrated in an earlier article I wrote for this magazine. A few do sometimes show up in post- card auctions or at coin shows. One that occasionally appears has an eagle. Printed in the upper left-hand corner is, "Made from the pulp of bank notes redeemed and macerated in the U.S. Treasury estimated to contain $200." This type of card was published by J.F. Jarvis of Washington, D.C. Another type of card has cancelled stamps pasted on one side, with the following quote from Josh Billings, "Konsider (sic) the postage stamp my son. Its usefulness konsists (sic) in its ability to stick to one thing until it gets there." It also has the legend, "This card is made of Refuse Money from the US Government. Several dollars are used in making each card." It was published by W. M. Beach, Roxbury, Massachusetts. A third type of card, that may turn up at an auction, shows the Treasury PAPER MONEY • November/December 2003 • Whole No. 228 rmnrr,. Nide of Ott 11, .tedernicti I maceirated bY t/"- .,ionit i1 W1,1,..!).,. 347 Office where the macerated money was made. The card states, "Made from the pulp of bank notes redeemed and macerated by the U.S. Treasury, Washington, DC. Estimated to contain $200." I have this card in two thick- nesses. It was published by the U.S. Souvenir Company. I have seven other types of cards which are probably unique. One is just a plain blank card on one side, with the usual statement about containing $200 on the other. I have both a used and an unused example, dated 1909. Five oth- ers are also very unusual. They are about one-quarter of an inch thick and have the pieces of currency pasted on one side. One has illustrations of George and Martha Washington affixed. Another has a large profile of George Washington. The remaining three have other designs. Top left: The bull dog figure has glass eyes. Above: The bunny rabbit reconstitut- ed an estimated $4,000 in old cash. Your collection will not be complete without the newest Banknotablem collectibles! Our unique collectibles combine artistry, craftsmanship, the latest security paper technology and hidden facts and figures...all combined into exquisitely engraved bank notes rivaling the currencies of the world's leading nations. Each of our notes is issued as a limited edition and is guaranteed to be 99.28% counterfeit proof—assuring their authenticity. These unique notes look and feel like real money, and each comes with its own Certificate of Authenticity. If you are serious about your paper note collection, you owe it to yourself to visit our website to find out more about these hot new collectibles as they gain worldwide popularity. 348 November/December 2003 • Whole No. 228 • PAPER MONEY Right: a macerated currency reproduc- tion of Charles Lindbergh's famous air- plane, Spirit of St. Louis, and its label. -Spiiit of St. Louie made of United 41nel State.: The last type I own is an oversized postcard like those issued in Europe. On one side is the date, 1905, Washington, D.C. with a black porter shown in the bottom left-hand corner. At the bottom right-hand corner is a child, dressed up like a pirate with a sword pulling a toy train. The statement, "This card made from redeemed greenbacks macerated by U.S. Treasury is estimated to contain $2,000" appears in the upper right-hand corner. The opposite side is blank except that pieces of the U.S. currency can still be seen. There are probably a few other types of postcards similar to some that are discussed in this article, and I would love to hear about them. There are a couple of books that I know of which contain a sheet of mac- erated currency. One of them states, "William Cox, Editor of the Washington Meeting of the American Bankers Association: Souvenir Volume, issued in Washington, D.C. 1905," has a half-title page printed in brown ink. Another book which I have heard of but not seen, Inaugural Souvenir 1901, was issued by the Inaugural Committee for William McKinley, Washington, MCMI. There may be other books with similar pages of macerated currency in exis- tence. I would like to hear about these also. Maceration Since 1929 Until June 30, 1929, the macerated currency was sold to the highest bid- der. By that time, however, bids for the pulp were less than the cost of macer- ating. Also, compared to the amount macerated on a given day, only small amounts of it were being sold. These may have been some of the reasons why the process was continued. During the 1970s environmental concerns over burning old paper money a el LC- Li pap! 2.`.Y money at tn. 1)- C. Estimaioed $3,000 general 6ear9e Lortlan CORRESPONDENCE FROM INE THANK New Release PAPER MONEY • November/December 2003 • Whole No. 228 349 Winner of the 2003 NLE Award for Best Currency Book AhlER1CAN msnmy As SEEN THROUGH CURRENCY BY JOANNE AND EDWARD HADER A PICTONAL HISTORY OF SOME OF TN RAREST U.S. MONEY EVER SEEN 1111ENICH As Seen Through Currency loanne C H S 0 R N Edward A. Dao,, B 5.E.1 Ml) it,vwdenn Never before has a book been published illustrating in full color rare U.S. currency plus historical documents written by some of America's most famous people. See some of the most beautiful reproductions in full color of rare U.S. money The Grand "Watermelon" note shown left, is one of only three by type that exists in private collec- tions, and is extremely rare. Read about the Generals that are illustrated on the currency. See reproductions of docu- ments from the Titanic that were written and sent by some of the victims of the disaster, including a postcard and letter mailed from the ship. Dr. Edward and Joanne Bailer's book takes us, like a time machine, through the history of America as we ride eir magic carpet of U.S. currency Call Today! 1-800-US COINS • 1-800-872-6467 YES! Please send me American History As Seen Through Currency • 9"x12" Format • 400 pages • Full color • Beautifully hard bound • Please send rne copies at $79.95 ea. Shipping and handling•add $3.95 per hook Texas residents add 8,25% sales tax Total enclosed Make check payable to: CAA-HERITAGE. Money order, personal or business check OK.Credit cards accepted on telephone orders. (1-800-872-6467 Ext. 352, Danita Johnston). Order on-line at www.HeritageCurrency.com and save on shipping and tax. Gold certificates are among the most beautiful and popular issues of U.S. currency See many of these reproduced in full color with amazing detail. Not only could they be exchanged for gold coins, but the backs are printed in a bright golden color. CURRENCY AUCTIONS OF AMERICA Heritage Plaza • 100 Highland Park Village, 2nd Floor Dallas, Texas 75205-2788 www.CurrencyAuction.com • www.HeritageCoin.com Please allow 1 to 3 weeks for delivery. I Name I Address City State Zip g Daytime Phone i CURRENCY AUCTIONS OF AMERICA — HERITAGE Heritage Plaza • 100 Highland Park Village, 2nd Floor Dallas, Texas 75205 214-528-3500 • 1-800-US COINS (800-872-6467) 350 November/December 2003 • Whole No. 228 • PAPER MONEY "Any securities on distinctive silk fiber paper shall be destroyed by maceration unless destruction by burning is specifi- cally authorized by the Secretary. Other securities shall be destroyed by maceration or by burning." -- U.S. Treasury Department regulations, 1942 "Federal Reserve Banks and their branches with currency for redemption cancel the notes by punching four holes of distinc- tive shape. Each bank and branch has a punch of different shape which identifies the bank with the currency. The bank cuts the notes in half lengthwise, leaving two punched holes in each half note. . . .The lower halves are loaded into the trucks at one point and the upper halves into other trucks at another point. The trucks are then locked and taken to the macerators, of which there are nine. Into each macerator 1,350 pounds of half notes, 1,350 pounds of water and 70 pounds of soda ash are placed. A heavy metal cover is adjusted on the macerator secured by two locks by two committee members, each having separate keys. Thirteen pounds of steam pres- sure is then maintained in the macerator for twelve hours, dur- ing which the macerator is rotat- ed. After twelve hours of rota- tion the macerator is stopped and allowed to cool for four hours. It is then opened by the two committee members who examine the resulting pulp. If maceration is complete, the pulp is taken from the macerator and removed later to the dump. Certification as to complete destruction is made by the two committee members." -- Agent William D. Cawley, Jr. U.S. Treasury in "Currency Redemption and Destruction" monograph (April 2, 1942) resulted in a gradual return to maceration. This time however, the notes were simply shredded and not subjected to harsh chemicals. Philadelphia coin dealer and SPMC charter member Harry Forman, of Forman Enterprises, Ltd., Philadelphia, Pa. would buy bales of currency and make pillows and packets of money for sale to collectors. If you needed an "expensive" pen for signing big checks and important letters, you could get one filled with about $2,000 of shredded currency. Harry Jones, a Cleveland coin dealer, made the ballpoint pens filled with thousands of dollars of shredded bills. The Federal Reserve Bank of Minneapolis at one time would give a package of five shredded bills to tour members. A news report of the period suggested that recycling old dough had the sweet smell of success written all over it once again. According to the report Treasury official O.H. Tornkinson reported that "Army scientists have turned shredded U.S. currency into sucrose, a sugar commonly obtained from sugar cane and sugar beets." The byproduct is edible. "I've tasted it," Tomkinson said. Today old notes are not returned to the U.S. Treasury. They are tr. - met 4.. OM- •r- ot-% _ ,„14 e * 1" • • - 4'42" ..d• 111111111111i■ft- 4„, eet .47 PAPER MONEY • November/December 2003 • Whole No. 228 351 Facing Page Top and center: a macerated figure in the shape of a canoe with used U.S. stamps of the 1890s as part of its design. Bottom: Benjamin Harrison gave these macerated currency hats away when he ran for U.S. President. Top left: another of my great interests is marbles, which have been around for 10,000 years. This one was made from large pieces of U.S. currency. Left: Postcards are not as artistic as the figural pieces, but interesting neverthe- less. This macerated currency postcard was printed by W.M. Beach, Roxbury, MA in 1905, and bears its purchaser's com- ments penned on its back. destoyed by the Federal Reserve. The nation's Federal Reserve banks destroy more than $100 million in paper money daily! This amounts to about 3,000 tons of old paper waste. These beat up notes are sold to the highest bidder. The creative possibilities for these old greenbacks are endless. In 1988 Craig Whitford, of the Numismatic Card Co. of Michigan, made a unique post card that includes a piece of paper from shredded U.S. paper money as part of its design. In 1989 he also made some postcards similar to the old type with the following label, "Handmade from the pulp of shredded U.S. currency. . .Estimated to contain $200." There is a scarcity of authoritative information on macerated money, although articles have appeared in Coin World, Numismatic News, Frank Leslie's Illustrated, The Numismatist, Numismatic Scrapbook, Harper's Weekly National November/December 2003 • Whole No. 228 • PAPER MONEY352 These very attractive cards are each estimated to contain from $200 to $500 in formerly cool cash. Magazine and the aforementioned The Strand in England. An earlier version of this article appeared in Paper Money (Vol. 30, SEPT/OCT 1991) and a similar article in Paper Pile (Vol. 12, Summer 1991). Perhaps there are other publications with information on maceration that you could call to my attention. Titles for such articles will not be maceration, but rather Treasury Department under destruction or production of money, or about people who sold the items and may have advertised them for sale. I would appreciate hearing from others who can add their knowledge, articles and information to mine as I prepare a book on this subject, since one has not yet been written. You can contact me at 169 Marlborough St., Boston, MA 02116-1830. • Letter to the Editor Dear Fred: I am pleased and honored to have been awarded the 2002 Annual SPMC Literary Award for my article in the March/April issue of Paper Money. I am thankful that you and the Awards Committee thought enough of the article and the very extensive research that went into the article's creation, to give it the coveted, first place award. I had a short conversation with Wendell Wolka at the ANA Summer Seminar in early July. One of his questions was how long did I work on this article? The answer is four years, with another year to create the charts, tables, etc. and edit and trim the article into an acceptable length for publication. I wanted to assure that the arti- cle was truthful, factual and provable, but yet enjoyable to read. Without Paper Money, this information and discovery may not have been able to be shared with other paper money enthusiasts. I praise SPMC for their foresight in going to the periodic double size, 80 page issues. Keep up the good work. (signed) Geronte Walton • AMERICAN NUMISMATIC ASSOCIATION .2003. PUBLICATION AWARD SOCIETY OF PAPER MONEY COLLECTORS Paper Money 2003 FIRST PLACE OUTSTANDING SPECIALTY NUMISMATIC PUBLICATION Alabama Large Size NMAIKRIAMW:tikeieffENNTMC,' 71) t-t1.,P°6tiit 0,t went.: S j3._24, 443 .4/47/X • • Mikr17 ?fp/ tiojitik101,a Top Prices Paid David Hollander 406 Viduta Place Huntsville, AL 35801-1059 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Peter Huntoon P.O. Box 60850 Boulder City, NV 89006 702-294-4143 PAPER MONEY • November/December 2003 • Whole No. 228 353 ANA Honors Paper Money; SPMC Meets at Show FOR THE THIRD CONSECUTIVE YEAR THE American Numismatic Association has honored Paper Money as the "Outstanding Specialty Numismatic Publication" at its show this summer in Baltimore. While major attention was drawn to the display of all five 1913 Liberty nickels at the show, paper money collectors were also highly visible at the affair. SPMC's meeting drew about 40 people. Board Member Wendell Wolka's talk on the prob- lems encountered by a hypothetical merchant in the obsolete note era was well received by those in attendance. A special presentation during the meeting honored BEP Plate Printer Mike Bean for his recent effort to produce a sou- venir card for the Society's educational program. Member David Gladfelter, who loaned a vintage Peter Maverick obso- lete note plate that Bean used to print the card called the end product "beautiful. Mike is a real artist. We are fortunate that the bank didn't cancel this plate." To honor Bean, Gladfelter presented him a gift from SPMC, Stephen DeWitt Stephens' The Mavericks, American Engravers, published 50 years ago by Rutgers University Press in an edition limited to 500. Also at ANA, SPMC member John Whitney staged a memorable 43-case exhibit of U.S.currency that ANA President John Wilson called a "show stopper." Whitney (L) is shown below with BEP Director Torn Ferguson (C) and a BEP public relations person viewing a portion of the Whitney collection. (Photo courtesy John and Nancy Wilson) • 354 November/December 2003 • Whole No. 228 • PAPER MONEY Society of Paper Money Collectors Board Meeting June 14, 2003 Memphis, Tennessee Board Present: Mark Anderson, Benny Bolin, Frank Clark, Gene Hessler, Ron Horstman, Arri Jacob, Judith Murphy, Fred Reed, Bob Schreiner, Wendell Wolka. Board Absent: Bob Cochran, Steve Whitfield. Guests: Tom Minetley (all meeting); Bill Horton, Michelle Orzano (the letter two guests each present at part of meeting) The meeting was convened at 8 a.m. by President Clark. Schreiner agreed to serve as acting secretary. Minutes of the last meeting at the St. Louis show, Nov. 22, 2002, were approved (without motion). VP Report (Wolka). The web site continues to be the big recruiter for SPMC. It has had 200,000 hits in its four-year existence. Wendell acknowledged that there are pending web updates, among these a link to the SPMC Library web, sepa- rately maintained. Should we have a content committee? Should we link to dealers' or members' webs? In a motion by Murphy, seconded by Reed, passed unanimously, Wolka should form a content committee and choose its members. Treasurer Report (Anderson). He provided a separate printed report. We are in good financial health, with few changes since last year. The balance is up about $20,000 over last year, mainly because of advertising revenues. Our balance is about $240,000. The Tom Bain breakfast raffle garnered $1,037 ($1,136 last year). Ticket sales were $840. Cost was $1,992.72. We have paid for Paper Money two issues ahead. We have received one check for the upcoming Mississippi obsoletes book. Anderson asked for agreement to change banks, and the Board informally agreed to let this be his deci- sion. Above: Bob Moon gives the educational program at the SPMC meeting. Below: New FCCB President and SPMC Vice President Benny Bolin (L) accepts an SPMC Award of Merit on FCCB's behalf from outgoing SPMC Vice President Wendell Wolka for the soci- eties' joint Jan/Feb 2003 special issue of Paper Money on fraction- al currency. (All photos courtesy of Bank Note Reporter®, July 2003, ©Krause Publications, Inc.) Editor's Report (Reed). He provided a separate printed report. Paper Money continues to be very strong, raising the bar. He sees the Numismatist and ANS' publication as the pri- mary competition for content. Our membership is shrinking, and many are life members. He suggested suspending life memberships and calculating a new annual fee. It is now $600, unchanged since 1998; there have been 22 since then. The advertising rate increased last year; existing contracts were grandfathered. We lost 3 3/8 pages of ads over last year, but new ones more than made up for this, giving us a net gain of 1+ pages. Ad revenues have quadrupled over the last four years. Wolka is the new ad manager. Reed suggested the Board designate him as Publisher for a nominal $1/year as a formality, which he will donate it back to SPMC. Why not SPMC as publisher? Reed said that the publisher is an employee of the organization and serves as its business manag- er. As such, he would file cer- tain reports that are legally required of pub- lications. The Board agreed to this. The 2003- 2005 issues of Paper Money are planned. There is still flexibility for "newsy" arti- cles that may be submitted. Upcoming spe- cial issues Include Colonial/ Continental paper money. There is a longer lead time for lengthy articles; shorter ones get published faster. Winner of the essay contest "M4: My Most Memorable Money" will receive a $100 prize and some runners up Maverick souvenir cards. We should consider special issues sponsored by dealers, and more advertising of SPMC in other publications. The next issue will include a membership survey. Ad manager (VVolka). He has received many requests for rate sheets. Ad data was reported in the Editor's Report. Membership chair (Clark). He has been unsuccessful in get- ting a membership application in some auction catalogs, although thanks to Judith Murphy it is in the Memphis catalog (and thanks to R.M. Smythe for the support). He will contin- ue to seek placement in the catalogs of Lyn Knight and CAA. Wismer Project (Whitfield, absent). Edwards Brothers, Ann Arbor, MI, will be the printer. The status on this needs clarification by Whitfield, which Clark will seek. Librarian (Schreiner). The Library is slowly coming to life. He received the Library in early October, 2002. There are 363 items in the catalog, with another 75, mainly catalogs, articles, and periodicals, to be entered. There is a Library web site at http://home.earthlink.net/-spniclibrarian/ . This includes the catalog, how to order books, and how to order reprints from Paper Money. The link is ready to be put on the II 1 I b >I I 1. •10ap „ysit - •=.• • 4, .41110 ‘.; ALREADY CONSIGNED FROM A PRIVATE ESTATE is a beautiful collection of United States Federal type notes in high grade, mostly from a collection formed decades ago and off the market for some time. In addition, several lots of fine colonial currency will delight specialists in this field, while a selection of rare obsolete Proofs will attract collectors of this specialized series. WE ARE CURRENTLY ACCEPTING CONSIGNMENTS to add to this fine offering, but time is running short and our deadline is rapidly approaching! If you have rare currency for sale, please contact John Pack or Rick Bagg today at 866-811-1804. We would be delighted to add your name to our rapidly growing list of satisfied auction clients! I ;PV*17:// SW/VW: y 1111.4, i(11121i Biiii1 ii!ELS4141.4..tft 1 leiWq •.■ i..1-0.7111e1311•11111X1173211■11.1r. is 411. re. .et ayrksiligtt AT. a a H6934 fraZtrat:„ AO: TS, 511.78 : .................. Mit no i.u.A.40 !I IS1161241)::-. w/.04( 1)(11.14.11i s H426!, N; " "■•■="BiNt..74_, PAPER MONEY • November/December 2003 • Whole No. 228 355 eta* cholla 16.1, '401.317,311,VtIF1811,1,10' AMERICAN NUMISMATIC RARITIES Presents Currency at Public Auction DECEMBER 1, 2003 • NEW YORK CITY AMERICAN NUMISMATIC RARITIES, LLC PO Box 1804 Wolfeboro, NH 03894 Toll-Free: 866-811-1804 • Fax: 603-569-3875 www.anrcoins.com • auction@anrcoins.com 356 November/December 2003 • Whole No. 228 • PAPER MONEY SPMC web. He has loaned only three books; he has provided about 250 pages of Paper Money copies; he has bought about 12 books; he has written four or five Library columns for Paper Money. Schreiner suggested that we collect for the Library popular but expensive books; and scarce and difficult to obtain, but not unique, items. We should avoid personal research papers (these need a permanent home in a university, state or other public archive for preserva- tion), auction catalogs (no space), and popu- lar price guides. Items to be consid- ered include periodi- cals (cost of loaning may be too much to attract borrowers). To do: Find insur- ance for the Library; finish catalog (some data entry and key- word assignment); better catalog reports; paper catalog reports. On another matter, the last copy of George Tremmel's Paper Money Index (through 1999) was sold about four weeks ago. We agreed that future compilations (and Fred will ask Tremmel to update the cumulative index) will be made avail- able on the SPMC web, but possibly not in printed format. The Librarian can provide a printed copy on request for recovery of costs. 1929 Project. We need a new leader for this. Reed ques- tioned if it should be continued; others agreed it should be, primarily as a member benefit. Jacobs volunteered to take the project, conditional on his first understanding the scope from the last coordinator (Hollander). Clark will get Jacobs the necessary information from Hollander. It was clarified that the 1929 project does differentiate between Types I and II notes and that the president appoints the project coordinator. Regional activities (Murphy). The FUN meeting was great with the lively discussion on the topic of grading, with good strong member participation. Unfortunately, there was little or no mention of this in the numismatic press. In February, we participated in a grading seminar in Chicago, which was described on the web site and in PM. She said she will submit further reports on upcoming meetings to Paper Money. There followed a brief discussion on paper money grading issues. There is a new ANA com- mittee on paper money grading. Bill Horton reported that the ANA is not anticipating provid- ing a grading service or setting any standards; a recent survey of dealers opposed such a move. Murphy regretted that the collecting community was not consulted in this survey. Governors. No reports. Education committee (Bolin). He provided a separate report. We will continue to provide the ANA Summer Seminar supplement of $1,000. We have no report after several requests from the Smithsonian about how they used our contribu- tion. We made three separate $1,000 awards to be used for traveling exhibits and some for research to be done by Peter Huntoon and Mark Hotz. We expressed concern at the lack of response by the Smithsonian. We noted that our educational awards should not duplicate what PCDA does. Above left: John Herzog announces a research fund named in memory of the late Dr. Douglas Ball. Above: William Brandimore (L) receives the Numismatic Ambassador Award from David Harper. Left: Frank Clark (L) presents Ronald Benice his literary award at the SPMC meeting. Awards committee (VVolka). The committee (VVolka, Reed, Schreiner) has made its decisions, reported elsewhere. SPMC 6000 (Cochran, absent). This refers to a program adopted at the last St. Louis show to increase SPMC member- ship. "6000" is a base number of active paper money collec- tors. Additional details were provided in the Editor's report. Reed said he would provide the Board with more information about this program (subsequently supplied all board mem- bers). EARLY AMERICAN NUMISMATICS • UNITED STATES COINS AND CURRENCY • INDIAN PEACE MEDALS • COLONIALCOINS AND CURRENCY • OBSOLETE CURRENCY • ENCASED POSTAGE STAMPS • FRACTIONAL CURRENCY • REVOLUTIONARY WAR • CIVIL WAR & GREAT AMERICANA • WASHINGTON & LINCOLN • HISTORIC MAPS • AUTOGRAPHS P.O. Box 3507 • Rancho Santa Fe, CA 92067 • (858) 759-3290 • Fax (858) 759-1439 of Subscribe to Receive Our Beautiful, Fully Illustrated Catalogs Only $72 for a Full Year Subscription of Six Bimonthly Issues VISIT OUR WEBSIIE: www. EARLYAMERICAN • COM WANTED I I tkrida onals, 0 solaes, Sc • i ens In Stock for s late livery a Gold, Silver, and P1 nu Products Call for Quotes 80 0 7 - 3010 The South's oldest and largest co atop siu1. 1967 Top prices paid for all National Bank Notes, ollections, -id Estates Large Inventory of National Bank I., otes for sal See Our Website at Williamyoungerman.tom. or et us at wy ey@aoi.tont WILLIAM YOUNGEWW Your Hometown Currency Head 95 South Federal Highway, * 3, oca Raton. FL 33432 P.O. Box 177, Boca Raton, L 29-0177 (mailing) (561) 368-7707 (in Fonda) • (800) 327-5010 (outside Florida) (800) 826-9713 (Florida) • (561) 394-6084 (Fax) Members of FUN, CSNA. ANA and PNG PAPER MONEY • November/December 2003 • Whole No. 228 357 358 November/December 2003 • Whole No. 228 • PAPER MONEY Election of Board and Officers. There is no con- test for the Board. There are five openings and five candi- dates (Anderson, Bolin, Horstman, Minerley, Murphy). In such case, the secretary casts one vote for all. Acting secretary Schreiner cast that vote. The Board elects the officers. Officer nominations were made: Murphy nominated Horstman as president; Anderson nominated Schreiner as secretary; Schreiner nominated Bolin as VP; Horstman nominated Anderson as treasurer; Wolka seconded all. Wolka moved the officer slate, and Anderson seconded. The acting secretary cast one vote. Terms begin at the end of the general membership meeting SPMC officers mug for the lens, from left Paper Money Editor Fred Reed, Secretary Bob Schreiner, new SPMC President Ron Horstman, Treasurer Mark Anderson, past-President Frank Clark, and board members Tom Minerley and Gene Hessler. Below: Outgoing SPMC President Frank Clark presents the Julian Blanchard Award to Walter D. Allan. at Memphis. There was a discussion about use of email for communication and voting. Schreiner agreed to establish a listserv for officers (Note: It is spmc- officers@listserv.unc.edu). Hostman will receive email via a friend, but he will not submit emails. Have we ever officially approved use of email for voting? Old business. Reed spoke about a program to attract more members (SPMC 6000). Dealers could sponsor members. We could provide these sponsored memberships to dealers as an incentive for advertising more; they could use them to reward their best customers. We could provide "gift certifi- cates" for these sponsored memberships. Anderson moved that we try this as a pilot program for one year; he would monitor financial implications. Schreiner seconded. Motion passed unanimously. Reed reported that there will be a War of 1812 special issue of Paper Money. New business. Bob Cochran had previously raised concern about counterfeits on the web. Can we do something about this? We could add lists of known counterfeits to our web and inform internet sites. We will encourage Cochran to explore other measures. Three motions, from earlier discussions. (1) Provide the essay contest. Motion by Schreiner, second Minerley; passed unanimously. (2) Name Reed as publisher. Motion by Reed, second by Anderson. Passed unanimously. Anderson asked if this could be followed up with a specific contract with the editor/publisher. He asked how Reed backs up his work. One way is that Reed sends Anderson paper drafts of Paper Money before publication; (3) Examine life membership cost increase. Motion, Reed. Anderson said that the income from a life membership fee does cover the margin- al cost of providing the member with Paper Money. No sec- ond. Reed suggested providing members with a calendar, or using it as a revenue producer. He would consider licensing material he has (he has compiled 4000 -- since 6000+ -- signif- icant numismatic event dates) to someone else to produce the calendar. After some discussion, there was no motion. Minerley reported that Jacob (who had departed by now) was redesigning the membership card. Murphy suggested we introduce an award in memory of Douglas Ball. The educa- tion committee will be making a proposal. Reed asked that we consider increasing the page count for Paper Money. Currently, we produce three 48-page and three 80-page issues per year. We could add 16 pages to the smaller issues. Schreiner raised the issue of sustainability of Paper Money at the same quality level after the present editor retires (no such imminent occurrence is suggested). Both Reed and past edi- tor Hessler said that the fee we provide the editor is adequate to attract a qualified editor. We decided to wait until the member survey results are in to continue consideration of expansion. We adjourned at 11:20 a.m. Recorded by Bob Schreiner. + PAPER MONEY • November/December 2003 • Whole No. 228 359 New Hampshire Bank Notes Wanted Also Ephemera 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 P.O. Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: qdbarchive@metrocast.net 360 November/December 2003 • Whole No. 228 • PAPER MONEY On This Date in Paper Money History -- Nov. 2003 By Fred Reed © Nov. 1 1781 Bank of North America organized; 1862 T. Buchanan, Utica, NY issues "Straw- berry Grounds" scrip; 1882 Establishment of Canada Bank Note Engraving & Printing Co.; 1883 Engraver Waterman Lilly Ormsby Sr. dies; 1893 Thomas Morris becomes chief of the BEP Engraving Division; 1928 Last large size currency backs printed; Nov. 2 1734 Daniel Boone, who appears on b:anlmotes, born; 1841 Day's Near York Bank Note List gives non-existent Machias, ME bank a fine rating; 1845 Publisher J. Walter Scott born; 1963 Federal Reserve Notes without promise to pay in "lawful money" released; Nov. 3 1798 Virginia Senator James M. Mason, who appears on state notes, born; 1862 U.S. District Attorney John Hanna opines on illegality of small note circulation; 1918 Writer Carl Allenbaugh born; 1944 Minneapolis Fed Bank President Gary Stern born; Nov. 4 1816 Mississippi Govemorn James Lusk Alcorn, who appears on state notes, born; 1862 Angry Cincinnatians riot over lack of Postage Currency; 1879 Dayton, OH saloon owner Jacob Kitty patents cash register, sells rights two years later for $1,000; Nov. 5 1861 Pro-Southern Missouri government authorizes $10 million in Defence Bonds; 1862 Chicago Evening journal advertises to print "change checks"; 1873 BEP engraver John Eissler born; 1965 Lester Merkin sells Arnold Perl's Colonial paper money; Nov. 6 1775 Rhode Island Colonial Currency (FR RI 208-217); 1872 Union general George Meade (FR 379a-d) dies; 1904 Encased stamp issuer Hopkinton, MA merchant Arthur M. Claflin dies; 1963 Production of $1 FRNs with motto "In God We Trust" begins; Nov. 7 1780 General Francis Marion confronts Cu!. Banastre Tarleton at Richbourg's Mill, SC as depicted on Confederate S100 note; 1911 Mississippi Obsolete Notes author L. Candler Leggett born; 1912 Paper Money of the United States author Robert L. Friedberg born; Nov. 8 1796 Extraordinary collector Alexandre Vattemare born; 1823 Engraver Charles Burt born; 1872 Kidder National Gold Bank liquidated; 1955 Abe Kosoff sells T. James Clarke paper money; 1976 COPE error notes begin to be found in profusion; Nov. 9 1886 Dealer & United States Notes author Wayte Raymond born; 1917 Engraver G.F.C. Smillie begins engraving $1 Washington portrait based on Stuart's Athenaeum painting; Nov. 10 1796 Money and banking historian William Gouge born; 1843 Artist John Trumbull (FR 452-463), painter of Signing of Declaration of Independence, dies; 1902 First National Bank chartered in Puerto Rico (FNB of Porto Rico, San Juan #6484); 1951 Paper money cataloger D.C. Wismer Estate Sale Part 3 takes place; Nov. 11 1771 Engraver Abner Reed born; 1820 Encased stamp issuer Boston pharmacist Joseph Burnett born; 1869 Treasury Secretary Robert Walker (FR 1308-1309) dies; 1988 "Old Money: American Trompe l'oeil Images of Currency" debuts at Berry-Hill Galleries; Nov. 12 1895 Encased stamp issuer Chicago hotel proprietor John B. Drake dies; 1949 Dealer Steve Ivy born; 1963 First delivery of Series I953C $5 SC; Nov. 13 1862 Asst. Treasurer John Cisco issues Postage Currency permits; 1864 Stephen Girard's Banking House converts to National Bank; 1865 First Gold Certificates (FR 1166b-g); 1919 Colonel Bill Murray born; 1986 1st St. Louis Paper Money Show; Nov. 14 1765 Inventor Robert Fulton (FR 247-248) born; 1828 Union general James Birdseye McPherson (FR 353-355) born; 1861 Arkansas authorizes Treasury Warrants; 1985 SPMC sponsors a paper money show at Cherry Hill, NJ; Nov. 15 1637 Massachusetts General Court sets tender value of wampum at six to the penny; Put your ad here and reach your target market all month long Special Rates Apply Contact the Editor for Details 1777 Articles of Confederation confers to Congress right to borrow money and emit bills of credit; 1934 Fractionals collector Henry Russell Drowne dies; Nov. 16 1914 Federal Reserve Banks open for business; 1923 Artist and treasury note designer John Murdoch dies; 1973 Matt Rothert collection auctioned by Bowers & Ruddy; 1999 Treasury unveils redesigned $5s and SlOs with large vignettes and security features; Nov. 17 1829 Florida Territorial Legislature charters Bank ofIA'est Florida, Mariana over gov- ernor's veto; 1868 Spencer Al. Clark resigns as chief of National Currency Bureau; 1943 Last delivery Series 1934 $1000 FRNs; 1981 First delivery Series 1981 $20 FRN; Nov. 18 1880 Baltimore Hard Times storecard issuer John L. Chapman dies; 1886 President Chester A. Arthur dies; 1941 U.S. agrees to purchase Mexican silver to stabilize peso; Nov. 19 1780 American artist John Trumbull, whose art appears on several notes, arrested in London for treason; 1831 Union generaVPresident James Garfield (FR 466-478) born; 1863 Orator Edward Everett (FR 323-329) delivers principal address at Gettysburg National Cemetery dedication; 1973 Series 651 MPCs withdrawn in Korea; Nov. 20 1727 First counterfeiter convicted in America, Peregrine White Jr. dies; 1818 Alabama Territorial Act charters Bank of Mobile; 1861 Merchants Bank, Trenton, NJ issues first bank notes with current President Abraham Lincoln; 1862 BEP engraving staff of three begins work; 1923 Germany freezes rate of mark at 4.2 trillion to the U.S. dollar; Nov. 21 1579 Namesake of principle "bad money drives out good," Sir Thomas Gresham dies; 1620 Myles Standish leads small party of Pilgrims ashore (FR 380-386); 1919 Beginning of Elliott-Burke tenure; 1941 Treasury check forgery insurance fund set up; Nov. 22 1837 Treasury Secretary Franklin MacVeagh born; 1854 Banknote engraver George F.C. Smillie born; 1874 Collector-dealer Thomas Elder born; 1963 Future Treasury Secretary John B. Connally wounded by Oswald during Kennedy assassination; Nov. 23 1849 San Francisco paper money issuer Joshua Abraham "Emperor" Norton arrives San Francisco; 1907 Tromp l'oeil currency artist John Frederick Peto dies; 1956 Abe Kosoff sells William Donlon paper money collection; 1972 Author Harold Bowen dies; Nov. 24 1784 President Zachary Taylor, who appears on obsoletes, born; 1868 George W. Casilear patents fine line guilloche to foil tampering; 1986 Fort Worth selected for BEP's western facility; 1986 Paper money dealer/author John Muscalus dies; Nov. 25 1874 Greenback Party organized, advocating payment of national debt in greenbacks and suppression of NBNs; 1885 Vice President Thomas A. Hendricks (FR 291-297, so- called Tombstone Note) dies; 1919 Paper money dealer Art Kagin born; 1944 Barney Bluestone offers the first of his seven Albert A. Grinnell paper money collection sales; Nov. 26 1807 Tennessee Legislature charters Nashville Bank, first in state; 1963 Treasury Department announces $1 Federal Reserve Notes to replace 51 Silver Certificates; 1990 Dealer Stanley Apfelbaum dies; 1998 Writer Burnett Anderson dies; Nov. 27 1802 Banknote reporter publisher John Thompson born; 1806 Encased stamp issuer Detroit merchant Fred Buhl born; 1927 Treasury Secretary William E. Simon born; 1932 Artist Will Low, Educational Note designer (FR 224-225), dies; Nov. 28 1863 First National Bank chartered in Rhode Island (FNB of Providence #I34); 1864 First $1000 NBNs issued to Fourth NB (Charter #290) and Ninth NB (Charter #387), of New York City; 1955 Numismatic Association of Southern California organized; - Nov. 29 1825 Early paper money dealer W. Elliot Woodward born; 1872 Horace Greeley, printer of SJ. Sylvester's Bank-Note Reporter, dies; 1881 Banknote excutive Tracy R. Edson dies; 1902 John Elliott Ward, who appears on Confederate $10 notes, dies; Nov. 30 1656 Stockholms Banco established; first European bank to issue banknotes in 1661; 1840 Congress purchases John G. Chapman's Baptism of Pocahontas (First Charter $20 NBN backs FR 424-439); 1906 Ben G. Green auctions Hiram E. Dears Collection; 11019! !is...4 HUNDIa V111-111MIS $500 1880 Legal Tender Serial 91 Washington Brownback '7775;1dot viiiilkogio v9.04 Get( 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. n Currency Auctions PAPER MONEY • November/December 2003 • Whole No. 228 361 Lyn Knigh Currency Auctions Deal With The Leading Auction Company in U.S. Currency 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 tIóÔ rot ,t7t .17,1F 1890 $1,000 "Grand Watermelon" Note 1882 $1,000 Gold Certificate A Coliectors Universe Company Nasdaq: CLCT P.O. Box 7394, Overland Park, KS 66207 • 800-243-5211 • 913-338-3779 • Fec 913-338 -4754 • E-mail: lynflmight@aol.com • svmv.lynknight.com ESTABLISHED 1880 362 November/December 2003 • Whole No. 228 • PAPER MONEY On This Date in Paper Money History -- Dec. 2003 By Fred Reed ° Dec. 1 1837 Mobile, Alabama issues depression scrip; 1862 PMG Blair tells Congress nearly S800,000 stamps circulate as small change; 1920 Counterfeiter William "Long Bill" Brockway dies; 1973 Interest rate on Savings Bonds set at 6%; 1989 SPMC establishes Dr. Glenn Jackson Memorial Award; Dec. 2 1791 First Bank of United States banknotes; 1862 CSA Treasury Note Bureau consoli- dates currency designs; 1863 Thomas Crawford's statue Columbia (FR 1-5) placed atop Capitol; 1892 Patentee of anti-photographic ink for currency Dr. Thomas Hunt dies; Dec. 3 1755 Artist Gilbert Stuart whose George Washington was engraved for currency born; 1826 Union general George B. McClellan, who appears on obsoletes, born; 1924 Mrs. Fred SintHie donates important works to the Library of Congress; 1955 FUN formed; Dec. 4 1861 Virginia OKs non-interest bearing notes; 1864 Bank of North America converts to National Bank; 1931 Citizens Bank of Tenino, WA fails, leading to wooden scrip; Dec. 5 1782 President Martin Van Buren, who appears on obsoletes, born; 1792 Treasury Secretary James Guthrie born; 1861 Georgia authorizes $2.5 million in state notes; 1864 Third Issue Fractional Currency; 1969 Stack's sells Arnold Perl encased stamps; Dec. 6 1864 Treasury Secretary Salmon P. Chase (FR 16-17) appointed ChiefJustice; 1889 CSA President Jefferson Davis, who appears on 50-cent and $50 notes, dies; 1925 U.S. Treasurer Francine Irving Neff born; 1934 Last delivery of Series 1928A $100 FRN; Dec. 7 1775 Paul Revere's Sword in Hand notes circulate; 1808 Treasury Secretary Hugh McCulloch (FR 639-663a) born; 1886 First in-line Treasury signatures on NBN plates; 1894 U.S. Treasurer Kathryn O'Hay Granahan born; Dec. 8 1727 Royal Bank of Scotland's first banknotes; 1862 City of Atlantic City, NJ munici- pal scrip; 1945 Victory Loan Drive ends; 1948 Banknote engraver Alonzo Foringer dies; 1999 Current Paper Money Publisher-Editor Fred L. Reed IIEs tenure begins; Dec. 9 1862 Alabama Assembly prohibits private scrip after April 1st next; 1890 Thomas Cleneay Collection Sale begins; 1957 First delivery Series 1953A $5 SC; 1960 Last delivery Series 19508 $100 FRN; Dec. 10 1690 Massachusetts Colonial Currency (FR MA1 -4); 1810 Bank of United States peti- tions for charter renewal; 1890 Superintendent National Currency Bureau Spencer M. Clark (FR 1236-1239) dies; 1964 Collector-Boystown curator D.O. Barrett dies; Dec. 11 1750 Kentucky Governor Isaac Shelby, who appears on obsolete notes, born; 1816 Mississippi Territory General Assembly charters Planters and Mechanics Bank of Huntsville; 1945 Original deadline for turning in demonetized ration tokens; Dec. 12 1776 Continental Congress authorizes Robert Morris to borrow money for the Navy; 1791 First Bank of United States opens doors as government's fiscal agent; 1809 Banknote company excutive Tracy R. Edson born; 1811 Engraver Peter Maverick dies; Dec. 13 1816 Senator Clement C. Clay, who appears on Confederate $1s, born; 1879 First National Bank in New Mexico (FNB Santa Fe #1750); 1920 Treasury Secretary George P. Shultz born; 1970 First Kennedy-Kabis Series 1969A $1 FRNs printed; Dec. 14 1790 Treasury Secretary Hamilton argues Bank of United States is constitutional in report to Congress; 1799 George Washington (FR 18-40) dies; 1837 Republic of Texas authorizes change bills; 1855 Florida Legislature charters Bank of the State of Florida; Dec. 15 1820 Alabama authorizes warrants as currency; 1848 Artist Edwi n H. Blashfield, Educational Note designer (FR 247-248) born; 1862 Encased stamp issuer Evansville, IN merchant Henry A. Cook issues scrip; 1928 Last large size currency faces printed; Dec. 16 1896 ABNCo employs Fred Smillie as pictorial engraver; 1918 Beginning of Glass- Burke combined tenure; 1923 Publisher Chester L. Krause bons; 1945 First ANA President William G. Jerrems dies; 1954 Henry Holtzclaw becomes BEP Director; Dec. 17 1860 Congress authorizes $10 million in interest-bearing treasury notes; 1935 First delivery of Series 1934 81000 FRNs; 1971 Beginning of Connally-Banuelos tenure; Dec. 18 1863 First National Bank its Louisiana (FNB New Orleans #162); 1865 Treasury Secretary Thomas Corwin dies; 1895 Banknote engraver Frederick Girsch dies; Dec. 19 1814 Secretary of War Edwin Stanton (347-352) bom; 1821 Alabama authorizes state fractionals; 1831 Encased stamp inventor John Gault born; 1894 Mississippi Governor James Alcorn, who appears on state notes, dies; 1914 U.S. Treasurer Lee McClung dies; Dec. 20 1819 Jacob Perkins, Gideon Fairman & Charles Heath partner to print English notes; 1823 Alabama charters State Bank; 1862 Encased stamp issuer Hopkinton, MA mer- chant Arthur M. Claflin issues scrip; 1948 U.S. Treasurer Angela (Bay) Buchanan born; Dec. 21 1843 Congress purchases Robert Weir's Embarkation of the Pilgrims (1st Charter $50 NBN backs FR 440-451); 1863 Comptroller releases first NBNs; 1863 First NB exami- nation; 1907 Dealer Ben Douglas born; 1918 Treasury Secretary Donald Regan born; Dec. 22 1789 Massachusetts Colonial Currency author Joseph B. Felt born; 1885 Auctioneer Ed Frossard sells William Lee Confederate Collection; 1923 Hjalmar H.G. Schacht appointed Reichsbank president for life; 1924 Alvin Hall becomes BEP Director; Dec. 23 1783 General Washington resigns Army commission (FR 465); 1785 Paper money and Mint engraver Christian Gobrecht born; 1816 Missouri Territory OKs wildcat bounty certificates as tender for taxes; 1913 President Wilson signs Federal Reserve Act; 1919 Paper money collector Amnon Carter Jr. born; Dec. 24 1772 Colonial Currency printer David Hall dies; 1776 Washington Crosses Delaware River (FR 440-451) to surprise Hessians at Trenton, NJ; 1869 Secretary of War Edwin Stanton (347-352) dies; 1936 Paper money dealer, SPMC president Dean Oakes born; Dec. 25 1877 Laban Heath patents adjustable compound microscope for examining banknotes; 1949 Collector-curator extraordinaire Farran Zerbe dies; Dec. 26 1862 Boston printer L. Prang advertises small change bills; 1908 Artist Walter Shirlaw, Electricity Presenting Light to the World (FR 268-270) dies; 1955 Unites States Paper Money author George Blake dies; 1990 American Soc. of Check Collectors incorporates; Dec. 27 1862 Confederate note facsimilist Sam. Upham advertises McClellan medal in Harpers Weekly; 1878 American Bank Note Co. consolidates National & Continental BNCo's; Dec. 28 1856 President Woodrow Wilson, who appears on Series 1934 $100,000 Gold Certificate (FR 2413), born; 1861 Specie payments suspended; 1898 President McKinley proclaims U.S. currency will circulate in Puerto Rico; 1933 President Roosevelt orders surrender of Gold Certificates; Dec. 29 1785 North Carolina Colonials (FR NC208-215); 1938 Ancient specialist Vladimir Clain-Stefanelli weds Elvira Eliza Olinescu; 1965 Tennessee State Numismatic Society incorporated; 1969 Korean MPC Coupons Series 1 issued in Vietnam; Dec. 30 1814 Thos. Zingler issues scrip for "sweeping chinmy's" (sic); 1832 A7nerican journal of Numismatics Editor W.T.R. Marvin born; 1833 Massachusetts Colonials author A.M. Davis born; 1863 Comptroller's "Suggestions to the Managers of National Banks"; Dec. 31 1781 Continental Congress charters Bank of North America; 1815 General George Meade (FR 379a-d) born; 1863 U.S. Marshals arrest Winthrop E. Hilton in NYC for printing Confederate notes; 1890 Treasurer Francis E. Spinner (FR 1324-1342) dies; 1984 Great Britain abandons pound note; 1987 SPMC founder Glenn Smedley dies i■:• Nn si n ,S Lcnrld' 4 Linea lh, s.\\ 21" Stat Ce f ,t 72 fjeS 461,14 t • '60S.. PAPER MONEY • November/December 2003 • Whole No. 228 363 Light up your collecting life... Get collecting news electronicallyAV .,-':*;-77.: Catch a concise, reader-friendly recap of the biggest hobby stories and the latest coin and paper money news, every two weeks! How? By getting your own free Numismatic eNewsietter. Discover hot, current buys and get the inside scoop on what is increasing in value. Take advantage of special offers on coin and paper money books and periodicals. And get a wealth of numismatic information by tapping into connecting links. Jump right in and let us hear your opinions on topics that are in the news. It's informative! It's fun! It's interactive! It's simple to subscribe! And, best of all, it's FREE! It's the Numismatic eNewsletter! Just log on to www.collect.com and click the "Free Newsletters" button. Then click the Numismatic eNewsletter button and sign up. --D ,.i, ■ -0- t .. , '''''.-i-■\.‘ ' `" )r) \ ,.,,_ .d..- , ] A WE Sign up now...and tell your collecting friends to hop on the bandwagon. You won't find a better value than the Numismatic elfewsletter! Numismatic News,c 700 E. State St., Iola, WI 54990-0001 364 November/December 2003 • Whole No. 228 • PAPER MONEY Banks & Their Buildings The "Edifice Complex" to the Fore! ALTHOUGH STATE-CHARTERED BANKS FROM the late 18th century through the mid-1860s were housed in many different places, the directors of the new National Banks often felt that a grand building on the outside reflected a solid financial institution within and set about erecting their own structures. Appearances are Everything Over a long period of years many different styles were employed. Perhaps the most popular in the 19th and early 20th century time of National Banks were Greek Revival buildings, such as the Agricultural NB, Pittsfield, MA at right. Of course, when the first National Banks were established in Iriferest Bearing Notes By Dave Bowe' the twilight of the Civil War, the Greek Revival movement was already decades old in America—witness the Bank of the United States building in Philadelphia or, for that matter, the second Philadelphia Mint (the cornerstone for which was laid on July 4, 1829). In upstate New York there was a veritable wave of Greek tradition, what with towns and cities being given such names as Attica, Homer, Syracuse, Utica, and even Rome (oops, not quite in Greece!). As to the inspiration of Greek Revival buildings, no doubt architects were inspired by the Parthenon or concepts of the Temple of Diana (one of the Seven Wonders of the Ancient World). They did not know of the Athenian Treasury building at Delphi, a compact stone structure with four front columns, that once held immense wealth, which by the time it was re- discovered and excavated in the 1890s already had many unknowing counterparts in the United States. During the 19th century many other architectural styles were used for banks, loosely called Victorian (such as the NB of Lawrence, KS at left), but often reflecting other tastes rang- ing from German castles on the Rhine to the row houses of Amsterdam. However, most often a National Bank was simply tucked into a street-floor or, occasionally, a second floor loca- tion in a large commercial block. However, thousands did have their own buildings, and the contemplation of their styles is quite interesting to me. Into the 20th Century After a rush of construction in the 1870s and 1880s, the 1890s were difficult economic times in America, and few banks thought of erecting buildings. Into the early 20th century prosperity was regained, and many new structures were put up, often in the Greek Revival or other traditional style. Then in the 1910s, hitting its stride in the 1920s, came a further wave of bank construction epitomized by large, often very large, office-type buildings, rectangular in outline, situated in downtown areas. Such usually had a bank on the ground floor, sometimes bank offices on the second floor, and the upper sto- ries rented out for offices. With such the "edifice complex" reached its grandest scale. Some of these have all the aesthetic appeal of a storage warehouse, but that is only my opinion, and to others they may be attractive. For me, the smaller stand-alone buildings are the "cutest," but I also enjoy seeing images of banks in unprepos- sessing storefronts—sort of rustic America. What do you think? PAPER MONEY • November/December 2003 • Whole No. 228 365 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 • Obsoletes •Fractional Notes (a large selection) All Want Lists are cheerfully accepted and conscientiously pursued for the beginning, as well as the advanced collector. Krause Publications Customer Service Award Recipient (15 consecutive years) ALEX PERAKIS Member ANA,PCBA,SPMC,FCCB,CCCC P.O. Box 246 • Lima, PA 10031 Fax: f6101891-1466 Phones: [6101565-1110 • (610) 627-1212 E-mail: alperakis@AOL.com In Arizona (520) 544-7178 • Fax: [5201544-7119 BUY ALL U.S. CURRENCY Good to Gem Unc. I can't sell what I don't have A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 1001 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 83 It's Still Time - Currency & Coin Dealer Over 50 Years I attend about 15 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 M -V52=-0 ---t5=1 01,1.411-CURIAT 14,r rris :■-ifft.i /..: . - ;( ''.•71"••'----' ----' . , .,,, eNtyl)- ."'s , •\-.:::- BONDS OF, . -1 r • - ki - " ' ' 00114:}011 ti WC,31111/44.17KW..1111:(ft 101.1, • tiVAt`PollIPAg*MVCI'MVIlletir.VOK 'ffii'/H6 ..*monizsgAtErazitgicapcm_,,,-,'Ir •.Cli2i7111MEETS,C1.=,113:01211berwrrecnuo 1111211SAMS3 366 November/December 2003 • Whole No. 228 • PAPER MONEY First NB of Attica NY The First National Bank Failure C OMPTROLLER OF THE CURRENCY FREEMAN Clarke reluctantly wrote in his 1865 report to Congress: The First National Bank of Attica, N. Y., has failed, and a receiver has been appointed to close up its affairs. Its out- standing circulation, none of which has been presented for redemption, is $44,000, secured by $31,500 of six per cent. and $18,500 of five per cent. bonds" (Clarke, 1865, p. 4). A receiver was appointed for the bank on April 14, 1865, the day that President Lincoln was assassinated. The bank had been organized on January 14, 1864, under charter #199, just THE PAPER COLUMN by Peter Huntoon 15 months before. It was capitalized at $50,000. The cause of failure was succinctly attributed to "injudi- cious banking and insolvency of large debtors." It was a small bank and its failure was of little more than local consequence. Just who the debtors were who took the bank down are not reported by the Comptroller, but in a history written by Kane (1922, p. 36-37), the following is revealed: It is evident from this failure that the good advice which Mr. McCulloch gave in his circular letter of instructions to bank manages. . to "distribute the loans rather than concentrate them in a few hands," was not heeded by the managers of this institution, and disaster was the consequence. . . .The loans of a bank should be diversi- fied as fully as possible and not concentrated, as is so often the case, in a few or affiliated interests, to such an imprudent extent that the failure of one individual or interest may seriously impair the surplus of the bank, or threaten the institution with an impairment of its capi- tal, if not insolvency. . .Failures may occur, without the law having been violated, through injudicious banking within the restrictions of law, but beyond the limitations of prudence and safety. . The collapse of the bank took a big toll on the bank's depositors. On the date of suspension, the bank listed assets, mostly loans, of $194,414. Of this total, 59% were judged worthless, and 14 percent doubtful. The shareholders of the bank were assessed $50,000 -- the capitalization of the bank -- to sup- port the bank, but they ultimately coughed up only $1,164. Obviously they were not in such hot shape either. The depositors and other legit- imate creditors were owed $122,089. When the smoke finally cleared, and the receivership was officially closed on January 2, 1867, $76,373 worth of assets had been recovered for the ben- efit of the creditors. Of this, $5,562 went to pay the receiver's salary and expenses, leaving $70,811 for distribution. The depositors received 58% of the money they had entrusted with the bank, the last being turned over to them in 1867 (Comptroller of the Currency, annually). The bank had received 2,200 sheets of 5-5-5-5 Original Series notes, totaling $44,000, by the date of the failure. Its circulation should have been $45,000, because the bank had $50,000 in bonds on deposit, so $1,000 worth of notes was still due the bank from the Comptroller. Only $234 of the $44,000 was still outstanding in 1916, when such tallies were last reported for failed banks (Comptroller of the Currency, annually). That amount had remained unchanged since 1903, when a $5 came in. See Table 1. Notes from the bank have proven to be rare, with only one rumored to be in numismatic hands. That they are scarce is no surprise. Thompson's Bank Note and Commercial Reporter dated June 1, 1870, has the following offer by The National Currency Bank of New York (444), located at 2 Wall Street: "We have a small order for suspended National Bank Notes, and are paying 1 1/2 per ct. premium for notes on the follow- ing banks . . ." The list has 18 entries representing the first 15 failed and 3 liquidated National Banks in the country. The First National Bank of Attica is the first on the list. Their $5 notes were worth $5.075 to those willing to send them in. How this premium was being funded is unknown to me because there were no provisions in the law for the govern- ment to redeem the notes at above par; however, incentives like this took a significant toll on the notes in circulation. Although the Attica depositors took a bath, the holders of the $5 Original Series notes issued by the bank had nothing to The First National Bank of Attica, New York (#199) was the first National Bank failure. The bank issued only $5 Original Series notes. (Photo of a proof in the Smithsonian Numismatic Collections.) Table 1. Circulation outstanding by year for The First National Bank of Attica, New York (#199). The circulation was comprised entirely of Original Series $5 notes. Amounts for most years were rounded to even dollars; apparent dis- crepancies are caused by fractional pieces of $5 notes. Data from Comptroller of the Currency (annually). 1865 $44,000 1878 $349 1866 no data 1879 334 1867 26,255 1880 334 1868 11,250 1881 314 1869 5,772 1882 309 1870 no data 1883 279 1871 no data 1884 279 1872 1,093.50 1885 264 1873 1,093.50 1886-88 249 1874 593.50 1889-97 243 1875 484.00 1898-02 238 1876 483.50 1903-11 233 1877 383.50 1912-16 234 PAPER MONEY • November/December 2003 • Whole No. 228 367 worry about. The bonds used to secure that currency were sold and the proceeds deposited with the treasurer in order to redeem the entire circulation. This was the bedrock principal underlying such bond-secured currency: Bank note holders were protected. ACKNOWLEDGMENT The research leading to this article was partially support- ed by the National Numismatic Collections, National Museum of American History, Smithsonian Institution, Washington, DC. The assistance of James Hughes, Museum Specialist, is gratefully acknowledged. SOURCES Clarke, F. Report of the Comptroller of the Currency to the First Session of the Thirty-Ninth Congress of the United States. Washington: U. S. Government Printing Office (1865). Comptroller of the Currency. Annual Reports of the Comptroller of the Currency. Washington: U. S. Government Printing Office (Annually). Hawes, D. Thompson 's Bank Note and Commercial Reporter. New York: D. Hawes, Publisher (June 1, 1870). Kane, T.P. The Romance and Tragedy of Bank. New York: The Bankers Publishing Co. (1922). CHATTANOOGA MONEY CD CD Book on all Chattanooga, TN numismatic items • • Obsolete bank notes, & census, updated rarity • • Scrip: depression, railroad, city, private, Co. • • Certificates, coupons, advertising notes • • National Bank Notes & census • Checks, tokens & medals • • 1000+ color images, new research, $25 Dennis Schafluetzel & Tom Carson 1900 Red Fox Lane; Chattanooga, TN 37343 ray-mond@mindspring.com Collectibles INSURANCE FmoornTehyecPoalipeecrtor Your homeowners insurance is rarely enough to cover your collectibles. We've provided economical, dependable collectibles insurance since 1966. • Sample collector rates: $3,000 for $12, $10,000 for $32, S25,000 for $82, $40,000 for S132, $60,000 for $198, $1 per $1,000 above $60,000. • Our insurance carrier is AM Best's rated A+ (Superior). • We insure Paper Money, Stock Cer- tificates and scores of other collectibles in numerous categories. "One - stop" ser- vice for practically everything you collect. VISA g • Replacement value. We use expert/ professional help valuing collectible losses. Consumer friendly service: Our office handles your loss you won't deal with a big insurer who doesn't know col- lectibles. • Detailed inventory and/or professional appraisal not required. Collectors list items over $5,000, dealers no listing required. See our online application and rate quote forms on our website! Collectibles Insurance Agency P.O. Box 1200-PMC • Westminster MD 21158 E-Mail: info©insurecollectibles.com More Info? Need A Rate Quote? Visit: www.collectinsure.com Or Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 rep-, A Primer for Collectors BY GENE HESSLER 30700320450 NATIONALE BANK VAN BELGIE BELGISGHE NATIONALBANK 30700320450 1 BANQUE NATIONALE DE BELGIQUE November/December 2003 • Whole No. 228 • PAPER MONEY368 The 'Bird' Lives On Belgian Bank Note AFTER TWO YEARS IN THE ARMY DURING the Korean conflict, I returned to Cincinnati, my home, to complete my undergraduate degree at the University of Cincinnati. One morning as I was about to drive to the university, I heard a brief mention on the news that Charlie Parker (1920-1955) had died. The "Bird," as musicians called this extraordinary musician, was unique by the absolute meaning of the word. As Stravinsky and Schoenberg changed the direc- tion of classical music, Charlie Parker and his colleagues turned jazz inside out. Two years before my military service, I was in New York City with my first name band; we were there to record an album. There, through a friend, I heard and met Charlie Parker and trumpeter Red Rodney; I felt as though I "had arrived." We walked along 52nd Street, where, at the time, in the space of one block there were at least 10 jazz clubs: the Three Deuces, the Onyx, the Famous Door, and other names I have since for- gotten. From the open doors of these 1950 small non-air-conditioned clubs, one could hear all the jazz greats. If anyone then or until recently would have said that "Bird" would be rec- ognized on paper money, I would have laughed. (The nickname "Bird" came from a Parker recording of Yard Bird Suite, an early example of be-bop.) Before the introduction of EURO notes, the last 200 franc note honored Adolph Sax (1814-1894), who invented the saxophone in 1841 and patented it in 1846. Sax studied flute and clarinet at the Brussels Conservatory. Not included in the basic instrumenta- tion of the symphony orchestra, the saxophone (first used as an addition to the military marching band) is used increasingly in classical music. In Le dernier roi de juda (1844), Jean-Georges Kastner (1810-1867) was probably the first to use the saxophone. Other com- posers to use the instrument were Berlioz, Ravel, Debussy and Vaughan Williams. As an exhibit idea, you could display the Belgian 200 franc note with the French 10 and 20 franc notes with Berlioz and Debussy, respectively. The inventor and two composers who used his invention. The face of the Belgian note, including the realistic portrait of Adolph Sax was engraved by B. Gregoire; it was designed by M. Golaire. The back, designed by K. Ponsazers, was photoengraved. The two tenor saxo- phonists at left center resemble a number of musicians. However, the portly profile of the alto saxophonist in the foreground can be none other than Charlie Parker. Anyone who has seen a photograph of him will recog- nize the profile. Before Mr. Golaire, obviously a jazz aficionado, cre- ated his design, he researched the history of the saxo- phone and paid tribute to one of the greatest improvis- ers of all time. I have seen nothing written or have not heard any mention of this silent tribute, nev- ertheless, the "Bird" lives on a Belgian bank note. In previous columns I mentioned a number of musicians who have been honored on paper money. If you decide to add the Belgian 200 franc note to your musical collec- tion (it should cost no more than $10), you will get two historical images on one note: the inventor of the sax- ophone and the man from Kansas City who played as if possessed. Later in my career, I performed with some of Charlie Parker's colleagues, Dizzy Gillespie among them. I wish I could say that I worked with Charlie Parker, but I cannot. Nevertheless, I still cherish that evening when I strolled along 52nd Street with the man who influenced jazz as only one or two others have. (Copyright story reprinted by permission from Coin World February 24, 1997) PAPER MONEY • November/December 2003 • Whole No. 228 369 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: lhorwedel@insightbb.com website: horwedelscurrency.com Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Allenhurst — Allentown — Arbil°, Park — Atlantic Highlands — Belmar Bradley 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 P.O. Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: qdbarchive(cernefirocast.net 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 Conducted by FORREST DANIEL 370 SO. • • NI • WO • • J.6 • n a• • ■ a.. kr a.. • 1 • • P. R. R., Fargo, D. T Catalogues free., FaC imL1es of 13.13„Treasury and Na- tional Bank Bills, Consisting of nine exact imitations of United States treasury notes and_ nine of national bank . bills. eighteen in all of various denominations. As a rare and instantineous means of detecting counterfeit money they are invaluable. Postal cards,not answered: A. .C. Lowx, 49-52 311 Bowery, New York City. November/December 2003 • Whole No. 228 • PAPER MONEY Is A.C. Lowe's Notice Really Just a Veiled Green Goods Ad? GREEN GOODS OPERATORS FOUND SUCK- ers all over the country. Just how did they find the gullible, shady and crooked characters who would fall for their swindle? Probably there were as many ways of finding suckers as there were methods of working the grift. Counterfeit money was unnecessary to the green goods man. He sold the idea that he ha d unde- tectable coun- terfeit to sell. If it had been as undetectable as he intimated there would have been no need to discount it to strangers. Many contacts were made through specialized mailings to persons in need of money; often, the lists were obtained from commercial and official sources. The operators insisted on anonymity in any contact with customers, and strict avoidance of the United States mail. It was a secretive, one-to-one, dealer- sucker, operation. A curious advertisement appeared in four issues of the Bismarck (Dakota Territory) Tribune in June, 1882. It used catch words of the green goods man: fac similies, exact imitations and postal cards not answered. The advertisement intimated the eighteen facsimiles of United States Treasury Notes and National Bank bills could be used as counterfeit detectors. That might be construed, by certain people, to suggest the facsimiles were life size and accurate in all details. But should that be accepted to suggest the merchandise could be passed as currency? After writing for information, in an envelope without a return address, what kind of facsimiles did the purchaser from Dakota Territory get for money (certainly an amount well below the face value of the facsimiles) he sent to A. C. Lowe? Was it a set of eighteen cards with photographs of Treasury Notes and National Bank bills? It is a reasonable possibili- ty. R.C. Naramore registered photographic minia- tures of the various United States Treasury Notes and National Bank Notes mounted on cards in the office of the Clerk of the District Court in Connecticut in 1866. It was a method of copyright- ing the idea. Secretary of the Treasury Hugh McCulloch approved the plan and the "Souvenirs" were published by the American Photograph Co., Bridgeport, Connecticut. Cards published under the Naramore registration had printed gilt frames on their fronts and pertinent information on their backs. That they could be use d as counterfeit detectors was not part of the text, how- ever. They were simply sold as sou- venirs. Other Bismarck, Dakota Territory, Tribune, June 9, individuals 1882, page 4 mounted and sold photograph- ic minia- tures of bills on plain cards, perhaps in contraven- tion of the Naramore copyright. Either of these sets of facsimiles may have been sold by Lowe as invalu- able "instantaneous means of detecting counterfeit money." If not these, Lowe undoubtedly was selling coun- terfeit detectors of some kind. But he certainly was using the jargon of the green goods man to attract customers through a public advertisement. Just how legitimate was his "counterfeit detec- tor" business? We may never know. Dare one sug- gest he compiled a mailing list for genuine green goods operators? We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals Colonials Nationals National Gold Bank Notes Encased Postage 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 www.kagins.com Call Judy Come to the City for High Quality US Paper Money oide ci NUMISMATICS Large Type Notes Midlantic Nationals Fractionals Obsoletes FREE PRICE LISTS ON REQUEST (215) 736-3946 P.O. Box (215) 738-6433 Morrisville. Pa. 19067 OldeCity@NNI.com ANA GSNA PAN SPMC BuYinq Carl Bombara Selling United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Phone 212 989-9108 Pt(' PAPER MONEY • November/December 2003 • Whole No. 228 371 M4 E$$ay Contest whopping success; Christof Zellweger's entry tops others S IX SIGNIFICANT SHORT ESSAYS ROSE TO the top of the pile in Paper Money's first M4 e$$ay contest, but the contribution of Swiss member Christof Zellweger was deemed "best of the best." Topic for the contest announced in our July/August issue was "My Most Memorable Money." Zellweger's winning entry tells how a boy's search for a note from a mysterious country located behind the Iron Curtain unexpectedly brought him an Albanian 1 Lek note, leading him to a lifelong quest of numismatic adventure and discovery. The contest was part of the ongoing SPMC 6000 program initiated by Board Members last fall to improve member services, provide more hobby value and fun for members, and spur SPMC growth. Each of the winning entrants provides a unique snapshot that rings numismatically true. Runner up Terry Bryan pens how persistence paid a premium when pursuing a Frederica, DE 1882 Brown Back $5. Runner up Susan Cohen sketches in fine detail how a Cohen NB of Sandersville, GA #1 $5 helped pass values and a lasting legacy from a father to a daughter. Runner up John Nyikos reminds us that beauty remains in the eye of the beholder and that a Series 1886 $20 Silver Certificate needn't be UNC to be a gem. Steve Whitfield's honorable mention essay vividly recounts how even a soldier can get sweaty palms when confronted by a killer note such as a Lawrence KS $2 obsolete. While honorable mention winner David A. Brase reports how a FNB of Olive, CA $10 note can be more valuable than gold. For their fine efforts Zellweger takes home top prize of $100. Runners up receive the new SPMC Peter Maverick souvenir card for contributions to numismatic education, while honorable mention honorees receive a special embossed and signed, limited edition of the SPMC 40th anniversary souvenir card. Each essay will also be published in a future Paper Money. Watch for details of another e$$ay contest. + DO YOU COLLECT FISCAL PAPER? The American Society of Check Collectors publishes a quarterly journal for members. Visit our website at http://members.aol.com/asccinfo or write to Coleman Leifer, POB 577, Garrett Park, MD 20896. Dues are $10 per year for US residents, $12 for Canadian and Mexican residents, and $18 for those in foreign locations. 372 About T E Mostly By FRANK CLARK Tilf NATIONAL BANN 0 KEYSilt GST VIRGINIA 74.1t; DOLLtHi A006491 13831 Dual Signature NBNs Same Cashier and President TT IS POSSIBLE TO FIND THE SAME SIGNA- ture for cashier and president on National Bank Notes. There were no regulations that forbid this. I have been able to document eight such occasions, and there are probably more. Here is my listing, and if you know of more, I can be contacted at PO Box 117060, Carrollton, TX 75011- 7060. • The Florida National Bank of Lakeland, Florida, Charter #13370 -- Series 1929 Type 2 $5 ??? Greeney as cashier and president • The West Side National Bank of Chicago, SCORE I SPMC 6 tow BOARD: I. November/December 2003 • Whole No. 228 • PAPER MONEY Illinois, Charter #11009 -- Series 1929 Type 1 $20 - - Thomas J. Henley as cashier and president • The First National Bank of Bristol, New Hampshire, Charter #5151 -- Series 1929 Type 1 $20 -- William C. White as cashier and president • The Fairport National Bank and Trust Company, Fairport, New York, Charter #10869 -- Series 1929 Type 1 $20 -- E. G. McGinnis as cashier and presi- dent • The First National Bank of Palmyra, New York, Charter #295 -- Series 1902 Plain Back $20 -- R. H. Smith as cashier and president • The Waukomis National Bank, Waukomis, Oklahoma, Charter #10227 -- Series 1929 Type 1 $10 --John R. Camp as cashier and president • The Merchants National Bank of Defiance, Ohio, Charter #2516 -- Series 1929 Type 1 $10 -- Fred S. Sture (?) as cashier and president • The National Bank of Keyser, West Virginia, Charter #13831 -- Series 1929 Type 2 $10 --Jos. E. Patchett as cashier and president. This is the note that is pictured. Bibliography Huntoon, Peter, and Van Belkum, Louis. The National Bank Note Issues of 1929 -1935. Society of Paper Money Collectors. Chicago: Hewitt Brothers (1970). Job Opening No pay. No office. No expense acct. No perks except satisfaction/service. Great opportunity to enjoy paper money I. collecting as SPMC Board Member. See page 378 for details. 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: Marblebert@aol.com PAPER MONEY • November/December 2003 • Whole No. 228 373 An Index to Paper Money Volume 42, 2003 / Numbers 223-228 Compiled by George B. Tremmel Yr. Vol. No. Pg. Yr. Vol. No. Pg. A Peep Into the Bank of England in January 1861, illus. 03 42 227 267 Allen, Harold Don. Fractional Currency Collectors Use Two Catalog Numbers, Fred Reed, illus. 03 42 223 24 King George VI: An Accessible, Challenging Fractional Currency Errors, Benny Bolin, illus. 03 42 223 52 Canadian Note Issue, illus. 03 42 227 259 Father of U. S. Fractional Currency': General Francis E. Spinner, Note Graffiti Far From Home, illus. 03 42 227 283 John and Nancy Wilson, illus.. 03 42 223 3 Notes from North of the Border: Gleanings from My Fractional Currency Archive - 1, Challenging Paper Numismatics 'Next Door', illus. 03 42 228 380 Fred Reed, illus. 03 42 223 48 It's Your Turn to Expand Hobby Horizon, illus. 03 42 227 332 Gleanings from My Fractional Currency Archive -2, Aspen, Nelson Page. Fred Reed, illus. 03 42 223 62 A Bermuda-Canadian Connection, illus. 03 42 227 310 Gleanings from My Fractional Currency Archive - 3, Bermuda --A Different Crown Colony, illus. 03 42 227 326 Fred Reed, illus. 03 42 223 66 Baeckelandt, David. Gleanings from My Fractional Currency Archive - 4, A Visit to Bank of Japan's Currency Museum, illus. 03 42 227 293 Fred Reed, illus. 03 42 223 70 BANKS, BANKERS AND BANKING. Gleanings from My Fractional Currency Archive - 5, Contemporary Methods to Dispose of Currency Can be Very "Different", Fred Reed, illus. 03 42 223 76 Richard Giedroyc, illus. 03 42 227 314 Inverted and Mirrored Plate Number Fractional Notes, Myrtle T. Bradford & Nancy R. Bradford, Rick Melamecl, illus. 03 42 223 25 National Bank Presidents, Karl Sanford Kabelac, illus. 03 42 225 172 Musings on Milt, Benny Bolin, illus. 03 42 223 20 The Edifice Complex to the Fore, Dave Bowers, illus. 03 42 228 364 Notes from the Vault: An Examination of Holdings in the NNC, The First National Bank Failure, Peter Huntoon, illus. 03 42 228 366 Tom O'Mara, illus. 03 42 223 33 The Life & Hard Times of Ed Mays, Ron Horstman, illus. 03 42 225 153 Served Fractional Term, Honored on Fractional Note: Samuel Dexter, The Willius Brothers of Sc. Paul and Ethnic Banking in Minnesota, Tom O'Mara, illus.. 03 42 223 16 Steve Schroeder, illus. 03 42 225 190 The First U.S. Government Currency Engraving Error, Bednar, Bob. How I Made Millions of Euros...for Fun!, illus.03 42 Jerry Fochtman, illus. 03 42 223 68227 285 Bolin, Benny. Fractional Currency Errors, illus. 03 42 223 52 Friedberg. M. R. A Catalog of Known BEP Made Exposition 223 20 Souvenir Handkerchiefs, illus. 03 42 226 211Musings on Milt, illus. 03 42 Boling, Joe. AMC Lire Stage Money, illus. 03 42 227 320 Giedroyc, Richard. Contemporaiy Methods to Dispose of Currency Can be Very "Different," illus. 03 42 227 314Bowers, Dave. Interest Bearing Notes: 248 Gil del Real, Joaquin.Bank Signatures on NBNs, illus. 03 42 226 364 Panama: 1903-2003 A Numismatic Overview, illus. 03 42 227 297The Edifice Complex to the Fore, illus. 03 42 228 83 Spanish language work illustrates Costa Rican notes, illus. 03 42 227 331Bowers, Q. David. Paper Money & Collecting of It, illus. 03 42 224 Hessler, Gene.Cassel, David. 63 Ferdinand Schirnbock Portrait and Picture Engraver, illus. 03 42 227 274A Misnomer Postage Currency Mystery Solved, illus. 03 42 223 Highlights in the Development of Paper, Bank Notes, illus. 03 42 227 322Clark, Frank. About Texas Mostly: The Buck Starts Here:Dual Signature NBNs, illus.. 03 42 228 372 Female Note Engravers Few But Talented Group, illus.. 03 42 224 118Engraved Vice President Small Size National, illus. 03 42 224 116 Notes Were Artistic Success But Bankers Panned Them, illus. 03 42 226 246FNB of Ganado, Where Are the Notes Now?, illus.. 03 42 226 244 Olympic Subjects Appear on Currency, illus. 03 42 227 312MG James Birdseye McPherson Union General, 03 42 226 226 The 'Bird' Lives on Belgian Bank Note, illus. 03 42 228 368Currency Subject, illus. 03 42 224 72 Hill, Barney W. & AnonymousPresident's Column 03 42 225 120 'Twas Ever Thus: Scam Artists Leave Paper Trails, illus.. 03 42 224 104 03 42 226 200 Horstrnan, Ronald L. 144 President's Column 03 42 227 328Union Planters NB&T Co. Memphis, Tenn. Rug, illus. 03 42 225 Cohen, Bertram M. Keep Makin' Mine Macerated, illus. 03 42 228 339 03 42 228 376 The Life & Hard Times of Ed Mays, illus. 03 42 225 153CONFEDERATE AND SOUTHERN STATES CURRENCY. Huntoon, Peter. The Paper Column:Three Sub-Varieties of the Confederate T -35 110 Contender for Littlest Signature on a Large Size NBN, illus. 03 42 226 242Indian Princess Exist, George B. Tremmel, illus. 03 42 224 Hey, Doctor this Proctorsville Plate!, illus. 03 42 224 119COUNTERFEIT, ALTERED & SPURIOUS NOTES. Newly Discovered $5 National Currency Back, illus. 03 42 225 204Is A. C. Lowe's Notice A Green Goods Ad?, 370 The First National Bank Failure, illus. 03 42 228 366Forrest W. Daniel, illus. 03 42 228 INTERNATIONAL.'Twas Ever Thus: Additional Scam Artists Leave Paper Trails, 104 A Bermuda-Canadian Connection, Nelson Page Aspen, illus. 03 42 227 310Barney W. Hill & Anonymous illus.. 03 42 224 A Culion Leper Colony Lowered Note, Jim Watson, illus. 03 42 227 319Daniel, Forrest W. The Green Goods Game: A Peep Into the Bank of England in January 1861, illus. 03 42 227 267Is A. C. Lowe's Notice A Green Goods Ad?, illus. 03 42 228 370 A Visit to Bank of Japan's Currency Museum,ENGRAVERS & ENGRAVING AND PRINTING. David Baeckelandt, illus. 03 42 227 293A Catalog of Known BEP Made Exposition Souvenir Handkerchiefs, 211 AMC Lire Stage Money, Joe Boling, illus. 03 42 227 320M. R Friedberg, illus. 03 42 226 Bank of England Contracts with De La Rue,Female Note Engravers Few But Talented Group, Robert Leuver, illus. 03 42 227 272Gene Hessler, illus.. 03 42 224 118 Bermuda --A Different Crown Colony,Ferdinand Schirnbock Portrait and Picture Engraver, 274 Nelson Page Aspen, illus. 03 42 227 326Gene Hessler, illus. 03 42 227 Contemporary Methods to Dispose of Currency Can be Very "Different",Highlights in the Development of Paper, Bank Notes and Stamps, 322 Richard Giedroyc, illus. 03 42 227 314Gene Hessler, illus. 03 42 227 Ferdinand Schirnbock Portrait and Picture Engraver,Notes Were Artistic Success But Bankers Panned Them, 246 Gene Hessler, illus. 03 42 227 274Gene Hessler, illus. 03 42 226 Foreign Notes Gain Popularity: Here Are Some ofFochtman, Jerry. 68 My Favorites, Joel Shafer, illus. 03 42 227 269The First U.S. Government Currency Engraving Error illus 03 42 223 Highlights in the Development of Paper,FRACTIONAL CURRENCY. 50 Bank Notes and Stamps, Gene Hessler, illus. 03 42 227 322A Fractional Currency Dealer's Story, Robert J Kravitz. 03 42 223 How I Made Millions of Euros...for Fun!, Bob Bednar, illus. 03 42 227 285A Misnomer Postage Currency Mystery Finally Solved, David Cassel, illus. 03 42 223 63 71 59 374 November/December 2003 • Whole No. 228 • PAPER MONEY Yr. Vol. No. Pg. Fractional Currency Collectors Use Two Catalog Numbers, illus.03 42 223 24 Yr. Vol. King George VI: An Accessible, Challenging Canadian No. Pg. Note Issue, Harold Don Allen, illus. 03 42 227 259 Gleanings from My Fractional Currency Archive - 1.illus. 03 42 223 48 New Book Seeks to Catalog Paper Money of Belarus, Gleanings from My Fractional Currency Archive - 2.illus. 03 42 223 62 Letter to the Editor 03 42 227 279 Gleanings from My Fractional Currency Archive - 3.illus. 03 42 223 66 Note Graffiti Far From Home, Harold Don Allen, illus. 03 42 227 283 Gleanings from My Fractional Currency Archive - 4.illus. 03 42 223 70 Notes from North of the Border: Challenging Paper Numismatics Gleanings from My Fractional Currency Archive - 5.illus. 03 42 223 76 'Next Door', Harold Don Allen, illus.. 03 42 228 380 Husband-Wife resin up to pen 'whale of a note book' 03 42 226 241 Notes from North of the Border: It's Your Turn to Expand On This Date in Paper Money History -July 2003 03 42 226 237 Hobby Horizon, Harold Don Allen, illus. 03 42 227 332 On This Date in Paper Money History - August 2003 03 42 226 239 Olympic Subjects Appear on Currency, Gene Hessler, illus. 03 42 227 312 On This Date in Paper Money History - Sept. 2003 03 42 227 280 Panama: 1903-2003 A Numismatic Overview, On This Date in Paper Money History - Oct. 2003 03 42 227 282 Joaquin Gil del Real, illus. 03 42 227 297 On This Date in Paper Money History - Nov. 2003 03 42 228 360 Spanish language work illustrates Costa Rican notes in full color, On This Date in Paper Money History - Dec. 2003 03 42 228 362 Joaquin Gil del Real, illus. 03 42 227 331 Part 4: More Additions to "A Catalog of SPMC Memorabilia" 03 42 224 124 Ivy, Steve and Jason Bradford. Part 5: More Additions to A Catalog of SPMC Memorabilia, illus.03 42 227 296 A Primer to Texas Large Size Nationals, illus. 03 42 225 131 The Editor's Notebook 03 42 223 78 Kabelac, Karl Sanford. Myrtle T. Bradford & Nancy R. Bradford, 03 42 224 126 National Bank Presidents, illus. 03 42 225 172 03 42 225 206 Klaes, Francis X. Mismatched Suffix Error Series 1999 $1 ERN: If If 03 42 226 254 How Rare Is It?, illus. 03 42 224 108 I I I I 03 42 227 334 Kravitz, Roberti. A Fractional Currency Dealer's Story. 03 42 223 50 03 42 228 382 Letter to the Editor: Tremmel Catalogs Bogus Confederate Notes, illus. 03 42 225 148 New Book Seeks to Catalog Paper Money of Belarus 03 42 227 279 Schlingman, David / Research Verified by Peter Huntoon. Leuver, Robert. Is a 82 Legal Tender 1928C Mule Star Note Possible?, illus. 03 42 226 232 Bank of England Contracts with De La Rue, illus. 03 42 227 272 Schroeder, Steve. The Willius Brothers of St. Paul and Lofthus, Lee. Collecting Gettysburg Series of 1929 Ethnic Banking in Minnesota, illus. 03 42 225 190 National Bank Notes, illus. 03 42 225 176 Shafer, Joel. Foreign Notes Gain Popularity: Melamed, Rick. Inverted and Mirrored Plate Number Here Are Some of My Favorites, illus. 03 42 227 269 Fractional Notes, illus. 03 42 223 25 SOCIETY OF PAPER MONEY COLLECTORS. NEW LITERATURE. 4th Annual George W. Wait Memorial Prize Tremmel Catalogs Bogus Confederate Notes, Fred Reed, illus. 03 42 225 148 Official Announcement 03 42 228 377 O'Mara, Tom. About This Issue 03 42 223 12 Notes from the Vault: An Examination of Holdings Advertisers Index 03 42 ?-73 79 in the NNC, illus. 03 42 223 33 03 42 224 127 Served Fractional Term, Honored on Fractional Note: 03 4? 225 207 Samuel Dexter, illus.. 03 42 223 16 03 42 226 255 Reed, Fred. 51 03 42 227 335 A Partial Catalog of Naples Bank Note Co. Banknotables, illus. 03 42 227 289 I I 03 42 228 383 SPMC 6000 Survey 'Great Success;' will help guide future planning, growth ICOR THE FIRST TIME IN ITS 43-YEAR HISTORY I: Society leaders have gone directly to the membership to find out THEIR desires for SPMC's future when a comprehensive member survey was included in the July/August issue of this mag- azine. That survey was a visible part of the SPMC 6000 program initiated last fall by board members to improve SPMC member services and grow our membership base. Survey participation exceeded expectation. More than 200 (225) readers took time and made the effort to make their voices heard. These responses will be factored into future planning. Among the information gleaned from the survey is that our members are very, very savvy paper money collectors. The medi- an respondent has been collecting for 30 years. A baker's dozen of respondents have been hobbyists for a half century or more. Our average member spends slightly more than two hours poring over each issue of this magazine. Readers give virtually all areas of our journal high marks. Not surprisingly Nationals, Obsoletes, U.S. Currency and Confederates have vast followings among readers. But interest in worldwide material is strong too. About half (107) expressed some interest in foreign notes, with 57 of those being extremely interested in such currency. Canadian, general worldwide, Mexican and Latin America, United Kingdom and European issues had the strongest followings. Although in the last two years, the number of pages in our journal has doubled, not surprisingly, many readers want even more of the same from our talented authors. Nearly one-in-two of the respondents would like to see either larger magazines (34) and/or more issues (67) per year. Only one respondent thought issues were too frequent. None said they were too large. As expected, the biggest -unmet desire expressed by survey participants was the general lack of ads selling items they could purchase. Nearly four in five (178) would like to see more "FOR SALE" listings in this journal. Are you listening dealers? Here are some additional gleanings from the survey: • 77% of respondents are very interested in NBN; 61% of respondents are very interested in obsoletes & Confederate notes; 66% of respondents are very interested in large size U.S. notes; 58% of respondents are very interested in current small size U.S. notes; 25% of respondents are very interested in mili- tary currency; 39% of respondents are very interested in fraction- al currency; 28% of respondents are very interested in stocks/bonds; 22% of respondents are very interested in checks; 27% of respondents are interested in an additional moderately priced newsletter; 81% of respondents save their issues of Paper Money; 3% throw them away after reading what interests them; 5% rip out and save articles of interest and throw away remain- der; 11% pass issue along to another collector or library. The Board thanks those who participated in this survey. Hopefully, now that the people have spoken, SPMC leaders can fashion even better products/services for our members' enjoy- ment. As advertised one-in-10 randomly drawn participants will be receiving one of the limited edition (100) SPMC 40th anniver- sary souvenir cards, with the embossed SPMC seal, autographed by BEP Plate Printer Michael Bean. (Unembossed/unsigned souvenir cards were included in the J/E 2001 issue of PM.) These winners will be published in a future issue.-- Fred Reed, Editor + PAPER MONEY • November/December 2003 • Whole No. 228 375 Yr. Vol. No. Pg. Yr. Vol. No. Pg. ANA Honors Paper Money; SPIVIC Meets at Show 03 42 228 353 illus. 03 42 224 106 Contributions to Wismer & Wait Funds Rise 03 42 225 203 SPMC 6000 Survey 'Great Success' 03 42 228 374 Deadline for George W. Wait Prize Nears. 03 42 223 76 SPMC Awards at Memphis 03 42 227 330 Deadline for George Wait Prize at Hand 03 42 224 124 SPMC Co-sponsors Grading Forum at CPMX in February 03 42 225 170 Editor's Notebook (Fred Reed) 03 42 223 78 SPMC Election: 5 Candidates Vie for 5 Seats, illus. 03 42 224 122 03 03 03 03 42 42 42 42 224 225 226 227 126 206 254 334 SPMC Librarian's Notes (Bob Schreiner) 03 42 225 a a a 03 42 226 a 03 42 227 a a a 03 42 228 206 254 334 382 03 42 228 382 SPMC Memphis Board Meeting, June 14, 2003 03 42 228 354 Husband-Wife team up to pen 'whale of a note book' St. Louis 2002 SPMC Board Meeting Report 03 42 225 169 (Fred Reed) 03 42 226 241 Talk Back 03 42 226 250 Information & Officers 03 42 223 2 Wanted One Volunteer to Serve as Ad Manager for PM 03 41 223 15 03 42 224 Wismer Catalog Update (Steve Whitfield) 03 42 224 114 03 42 225 130 Tremmel, George B. 03 42 226 210 Paper Money Annual Index: Vol. 42, Nos. 223-228 03 42 228 373 03 42 227 258 Three Sub-Varieties of the Confederate T -35 03 42 228 338 Indian Princess Exist, illus. 03 42 224 110 In Memoriam: Noted Confederate Authority U.S. NATIONAL BANKNOTES. Dr. Douglas Ball Dies, illus. 03 42 225 139 A Primer to Texas Large Size Nationals, Steve Ivy and Letter from the Editor (Fred Reed) 03 42 223 74 Jason Bradford illus. 03 42 225 131 Letter to the Editor 03 42 228 378 Bank Signatures on NBNs, Dave Bowers, illus. 03 42 226 248 Librarian's Report (Bob Schreiner) 03 42 223 78 Collecting Gettysburg Series of 1929 National Bank Notes, 03 42 224 126 Lee Lofthus, illus. 03 42 225 176 03 42 225 206 Contender for Littlest Signature on a Large Size NBN, 03 42 226 254 Peter Huntoon, illus. 03 42 226 242 a 03 03 42 42 227 228 334 382 Dual Signature NBNs, Frank Clark, illus.. 03 42 228 Engraved Vice President Small Size National, Frank Clark, illus. 03 42 224 372 116 M4 E$$say Contest whopping success, FNB of Ganado, Where Are the Notes Now?, Frank Clark, illus. 03 42 226 244 Christof Zellweger tops others 03 422 228 371 Hey, Doctor this Proctorsville Plate!, Peter Huntoon, illus. 03 42 224 119 M4 Paper Money Essay Contest 03 42 226 224 Myrtle T. Bradford & Nancy R. Bradford, National Bank Money Mart 03 42 223 72 Presidents, Karl Sanford Kabelac, illus. 03 42 225 172 03 42 224 120 Newly Discovered $5 National Currency Back, 03 42 225 200 Peter Huntoon, illus. 03 42 225 204 03 42 226 250 The Life & Hard Times of Ed Mays, 03 42 227 328 Ronald L. Horstman, illus. 03 42 225 153 59 03 42 228 376 The Willius Brothers of St. Paul and Ethnic Banking in Minnesota, New Members 03 42 223 74 Steve Schroeder, illus. 03 42 225 190 03 42 225 191 Union Planters NB&T Co. Memphis, Tennessee Rug, 03 42 226 252 Frank Clark, illus. 03 42 225 144 03 42 227 330 Vandergrift, Pennsylvania, the 'Town for the People,' 03 42 228 378 Eric Vicker, illus. 03 42 225 150 No George W. Wait Prize Awarded This Year 03 42 225 142 U.S. SMALL SIZE NOTES. Nominations Open for SPMC Board 03 42 223 75 Is a $2 Legal Tender 1928C Mule Star Note Possible?, David Schlingman, 03 42 228 378 Research Verified by Peter Huntoon illus. 03 42 226 232 Official Announcement: Mississippi Obsolete Notes Ordering Instructions 03 42 225 201 Mismatched Suffix Error Series 1999 SI ERN: How Rare Is It?, Francis X. Klaes, illus. 03 42 224 108 Paper Money Annual Index: Vol. 42, Nos. 223-228 Vicker, Eric. (Compiled by George Tremmel) 03 42 228 373 Vandergrift, Pennsylvania, the 'Town for the People,' illus. 03 42 225 150 Paper Money's Upcoming Ad Deadlines/Ad Rates 03 42 225 201 Watson, Jim. A Culion Leper Colony Lowered Note, illus. 03 42 227 319 Paper Money's Upcoming Publishing Program/Ad Rates 03 42 223 73 Whitfield, Steve. My Favorite Notes and Why President's Column (Frank Clark) 03 42 223 72 (Memories of an Old Collector), illus. 03 42 226 234 03 42 224 120 Reference Works on Paper Money 03 42 224 114 03 42 225 200 Wilson, John and Nancy. "Father of U. S. Fractional Currency": President's Column (Ron Horstman) a a 03 03 42 42 227 228 328 376 General Francis E. Spinner, illus.. 03 42 223 Winslow, Richard E., III. 3 Research Exchange 03 41 223 78 A Peep Into the Bank of England in January 1861, 03 42 225 193 Ganuary 19, 1861 Polls-mouth journal extract), illus. 03 42 227 267, 6 .., 1 i 6 : ,i2 iii IA! ,.,i :I:1 g !* N .--.' 01 .'li I -- 1 Zell 2 1--; . ii--1 r3t..1, k- t. hl 77 1.:,'N ‘.. - -;A3.1 F' 'orl i I 111 11 iti_ " 41k Illi, .i: e: ‘0 7 1 ,, I Ji II, . , a- ii7:-In7,;(,c,O;r0c1O.tiotzt ,—.51■,. ,,, — ...e tz- 1 1" in 0 I lig - Al ii , “; !I i 1 - 1 1. 1 1 e 11 1/ . i t 1 : I t I I 1 i 1I r. ,°. 1 C i _ • I 1 k 11 aiit I! lp I ti j. P. ! ii ii 1 t i 4 II 1 , I .1 i 11 i 1 i 11 5 rt°-.:".0 0 '-' 'efe.s CI 07.%0‘41 t),:e 1.-tat a -.. ''.. ' 2rp_A-1 3 z . 2. • •- P'° `i-gi-P10 ?t.,,? 1.4.111. 4.F.i-rt "31' 2 a - 0.. , -4! '., t t . F ll i il,,st il pi ih t/ II ii MI 04111 / II I j ' 1 J AI 5 4 r 1 f f..r• I_ ! c ili/is t lc E E 1 c / 4 November/December 2003 • Whole No. 228 • PAPER MONEY376 The PRESIDENT'S Column By Ron Horstman IN JUST A FEW WEEKS, THE PROFESSIONAL Currency Dealers Association (PCDA) will be hold- ing its annual paper money show at the St. Louis Airport Hilton, conveniently located just across the interstate highway from Lambert St. Louis airport. The BEP has indicated a desire to attend with its Spider Press exhibition, and Lyn Knight will be conducting a three-session auction in the evenings. Our Society will hold a general membership meeting on Saturday at 2 p.m. at which time I will talk and present slides on the relationship between advertising and money. I will have some of the material on display in the bourse area. By now, those of you who ordered a copy of the Mississippi Obsolete Notes book should have yours in hand. This book, as well as the society's future books, will be sold on a pre-order basis only. For those who neglected to act, a few copies should be available from certain dealers who pre-ordered a supply. This project, which involved many years of research by Guy Kraus, will be a valuable addition to your library and hopefully you will enjoy it as much as Guy did preparing it. Editor Fred Reed wrote of an interesting situation in his last column; that of a company, FedEx, refusing to accept currency for its service, despite the fact that the U.S. government has stated that Federal Reserve Notes are legal tender for debts both public and private. This brings to mind an incident several years ago, where a friend went to the Missouri state capital, Jefferson City, to take a test for a real estate broker's license and was told that cash or checks would not be accepted. He was directed to a local drug store to purchase a money order, the only medium of exchange the state would receive. (What ever happened to "In God We Trust," all others pay cash?) Do any of our members know of any law or court decision upholding the right to refuse U.S. currency in payment of debt? Fred and I are both interested, and will share any information we obtain. Ron Have an idea how SPMC could serve YOU better? Contact SPMC 6000 "Re-Building a Great Society for a New Century" TM c/o the Editor PAPER MONEY will accept classified advertising on a basis of 150 per word (minimum charge of $3.75). 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-fine classified ad in recog- nition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. MARYLAND OBSOLETE BANKNOTES WANTED. Charles Sullivan, PO Box 8442, Gaithersburg, MD 20898, e-mail: Charlessul@aol.com or phone 888-246-8040 (233) LAST CHANCE TO ACQUIRE official hardbound SPMC 40th anniver- sary issues of Paper Money with gold stamping. Three years ago, SPMC celebrated its anniversary with the largest issue of Paper Money EVER. The 164-page issue was jam-packed with members' names, photos, lists, data, anecdotes, and well wishes of hundreds of collectors and dealers. The Numismatic Literary Guild named that issue the BEST SPECIAL- TY NUMISMATIC PUBLICATION OF THE YEAR. We special bound 25 copies and sold (at cost) 20 of them to subscribers. The last five of those volumes were recently "rediscovered." First five orders for $55 each plus $7.95 (for shipping, handling, insurance, boxing and mis- cellaneous, etc.) per book postage will receive this bit of Society history. Make check payable to SPMC and mail your order to the Editor at 5030 North May # 254, Oklahoma City, OK 73112. (PM) WANTED: $2 OBSOLETE NOTES FROM NEW YORK (1782- 1866 blaxby). I am an intermediate collector looking to acquire addi- tional notes for my collection. Joseph M. DeMeo, PO Box 987, Valley Forge, PA 19482 or jmdemeo@yahoo.com (232) BANK HISTORIES WANTED. Collector seeking published histo- ries of banks which issued Obsoletes and/or Nationals. Also seeking county/state/regional banking histories. Bob Cochran, PO Box 1085, Florissant, MO 63031 e-mail: spinclm69@cs.com (228) LINCOLN NATIONAL BANK. Collector desires notes, photos, postcards, checks, memorabilia, metal coin banks, banking histories, publications, or what have you? from Lincoln National Banks or Lincoln State Banks or insurance companies, or other corporations named for Abraham Lincoln for use in forthcoming book. Please contact Fred Reed at P.O. Box 118162, Carrollton, TX 75051-8162 or freed3@airmail.net for immediate purchase (228) NEVADA NATIONAL BANK NOTES WANTED. Any bank, denomination, we buy it all! Better California's also wanted and pay- ing "stupid" money for the note. Arri Jacob, P.O. Box 1649, Minden, NV 89423-1649 (228) HELP ME TURN UP THESE NOTES. NB of Commerce of Dallas #3985 ($5, $10 T2), & North Texas NB in Dallas #12736 ($10, $20 T1). Frank Clark, POB 117060, Carrollton, TX 75011-7060(228) WANTED. Anything related to Ohio banks or banking prior to the end of the Civil War including bank notes, scrip, documents, checks, drafts, stock certificates, correspondence and the like. Collector prices paid for material that I need. Please write first, including a photocopy of the items being offered and your desired price. You may also use e-mail and JPEG scans if that's easier. Wendell Wolka, PO Box 1211, Greenwood, Indiana 46142 (228) WANTED. Fractional Currency Errors / Manuscript Notes; encased postage currency cases; South Carolina railroad paper items. Benny Bolin smcbb@sbcglobal.net (228) WANTED KANSAS. Obsoletes -- Checks -- Drafts. S. Whitfield, 879 Stillwater CT, Weston, FL 33327 (234) SOUTH BEND, INDIANA. Obsolete paper money from South Bend or St. Joseph County wanted. Bob Schreiner, POB 2331 Chapel Hill, NC 27515-2331; email: rcschreiner@mindspring.com (228) PAPER MONEY • November/December 2003 • Whole No. 228 377 4th Annual George W. Wait Memorial Prize Society of Paper Money Collectors Official Announcement Purpose: The Society of Paper Money Collectors is chartered "to promote, stimulate, and advance the study of paper money and other financial documents in all their branches, along educational, historical and scientif- ic lines." The George W. Wait Memorial Prize is available annually to assist researchers engaged in important research leading to publication of book length works in the paper money field. George W. Wait, a founder and former SPMC President, was instrumental in launching the Society's successful publishing program. The George W. Wait Memorial Prize is established to memorialize his achievements/contributions to this field in perpetuity. Award: $500 will be awarded in unrestricted research grant(s). Note: the Awards Committee may decide to award this amount to a single applicant, or lesser amounts totaling $500 to more than one applicant. If, in the opinion of the Awards Committee, no qualifying applicant is found, funds will be held over. Prior Award Winners: Two individuals have thus far been awarded the Wait Memorial Prize. Both received the maximum award. 1st annual Wait winner was Robert S. Neal for his work on the antebellum Bank of Cape Fear, NC. The second award went to Forrest Daniel for his manuscript on small size Treasury Notes for the War of 1812. There was no award last year. Eligibility: Anyone engaged in important research on paper money subjects is eligible to apply for the prize. Paper Money for the purposes of this award is to be defined broadly. In this context paper money is construed to mean U.S. federal currency, bonds, checks and other obligations; National Currency and National Banks; state-chartered banks of issue, obsolete notes, bonds, checks and other scrip of such banks; or railroads, municipalities, states, or other chartered corporations; private scrip; currency substitutes; essais, proofs or specimens; or sim- ilar items from abroad; or the engraving, production or coun- terfeiting of paper money and related items; or financial histo- ry in which the study of financial obligations such as paper money is integral. Deadline for entries: March 15, 2004 A successful applicant must furnish sufficient information to demonstrate to the Society of Paper Money Collectors Awards Committee the importance of the research, the seriousness of the applicant, and the likelihood that such will be published for the consumption of the membership of SPMC and the public generally. The applicant's track record of research and publication will be taken into account in making the award. A single applicant may submit up to two entries in a sin- gle year. Each entry must be full and complete in itself. It must be packaged separately and submitted separately. All rules must be followed with respect to each entry, or disquali- fication of the non-conforming entry will result. Additional rules: The Wait Memorial Prize may be awarded to a single applicant for the same project more than once; however awards for a single project will not be given to a sin- gle applicant more than once in five years, and no applicant may win the Wait Memorial Prize in consecutive years. An applicant who does not win an annual prize may sub- mit an updated entry of the non-winning project in a subse- quent year. Two or more applicants may submit a single entry for the Wait Prize. No members of the SPMC Awards Committee may apply for the Wait Memorial Prize in a year he/she is a member of the awarding committee. Winner agrees to acknowledge the assistance of the Society of Paper Money Collectors and the receipt of its George W. Wait Memorial Prize in any publication of research assisted by receipt of this award and to furnish a copy of any such publication to the SPMC library. Entries must include: • the full name of the applicant(s) • each applicant's social security number • a permanent address for each applicant • a telephone number for each applicant • the title of the research project/book • sufficient written material of the scope and progress of the project thus far, including published samples of portions of the research project, if appropriate Entries may also include: • the applicant's SPMC membership number(s) • the applicant's e-mail address (if available) • a bibliography and/or samples of the applicant's past pub- lished paper money research • a photograph of each applicant suitable for publicity • a publishable photograph(s) of paper money integral to the applicant's research • a statement of publishability for the project under consid- eration from a recognized publisher Judging: All entries must be received by March 15, 2004. All entries must be complete when submitted, and sufficient return postage should be included if return is desired. Address entries to George W. Wait Memorial Prize, P.O. Box 793941, Dallas, TX 75379. The single, over-riding criterion for the awarding of the Wait Memorial Prize will be the importance of the publication of the applicant's research to SPMC members and the general public. All decisions of the SPMC Awards Committee will be final. First publication of the awarding of the Wait Memorial Prize will be revealed in the May/June 2004 issue of SP.MC's magazine, Paper Money, with subse- quent news release to additional media. 378 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 11 7060 Carrollton, TX 75011 November/December 2003 • Whole No. 228 • PAPER MONEY Ohio Obsoletes and Advertising Notes), Website 10658 Scott Barnes, 125 Greenbrier Dr, Sikeston, MO 63801 (C & D, US Small, Nationals, Sheets, FRN's) Tom Denly 10659 Morton Barnett (C), Frank Clark 10660 Don A. Levine, 30 Massachusetts Ave 3rd Floor, North Andover, MA 01845 (C, Nationals, US Large & Small), Website 10661 Ronald Ferrara (C), Judith Murphy SPMC NEW MEMBERS - 08/24/2003 10644 Walter A. Bradford, PO Box 233, Greenbackville, VA 23356-3360 (C & D), Website 10645 Charles Sullivan, 908 Pointer Ridge Dr, Gaithersburg, MD 20878 (C, Maryland Obsoletes & Nationals), Website 10646 George Apostolakos, 10187 SW 200 St, Miami, FL 33157 (C & D, All), Website 10647 John C. Cox (C, Fractional, Confederate), Website 10648 Robert Reeves (C), Frank Clark 10649 Jesse Stiller, Special Advisor Executive Committee, Office of the Controller of the Currency (C), Bob Cochran 10650 Linda Hegel (C), Richard Hegel 10651 Larry N. Singleton (C), Frank Clark 10652 Christopher J. Vernier, 2110 Bedrock Lane, Redding, CA 96003 (C, US Large and California Nationals), Website 10653 Milton S. Adams, PO Box 506, Blue Bell, PA 19422 (C, US Large), Website 10654 Alan S. Palm (C), Frank Clark 10655 August Van Dessel (C, Colonial, Us Large, Obsoletes), Tom Denly 10656 Jeffrey J. Gaughan (C, Plymouth & Cape Cod Nationals), Tom Denly 10657 Greg DeLong, 9 Sun Circle, Strasburg, OH 44680 (C, LIFE MEMBERSHIP LM342 Daniel B. Van Voorhis, 13 Long Acre Dr, Cream Ridge, NJ 08154 (C & D, Nationals), Website LM343 Randy Shipley (C & D) Website letter to the editor Dear Editor, I've been doing some research on U.S. small-sized currency, and as a sidetrack have tried to find all the names for all the initials in signatures used on small cur- rency. I have managed to find all the names except for two. I am hoping that readers of Paper Money can tell me what the middle name of Edward E. Jones was and what the first name of H. Theodore Tate was. Any help in this matter would be greatly appreciated. Jon Winberg 1647 Oak View Ave #4 Kensington, CA 94707-122 1 e-mail: j_o_n_1999@yahoo.com Official Notice: Nominations Open for SPMC Board THE FOLLOWING SPMC GOVERNORS' TERMS EXPIRE IN 2003: Fred Reed Steve Whitfield Bob Schreiner Wendell Wolka After long terms on the Board Whitfield and Wolka have announced they are not running for re-election. If you have suggestions for candidates, or if the other governors named above wish to run for another term, please notify Nominations Chairman Tom Minerley, PO Box 7155, Albany, NY 12224-0155. In addition, candidates may be placed on the ballot in the following manner: (1) A written nominating petition, signed by 10 current members, is submitted; and (2) An acceptance letter from the person being nominated is submitted with the petition. Nominating petitions (and accompanying letters) must be received by the Nominations Chairman by March 15, 2004. Biographies of the nominees and ballots (if necessary) for the election will be included in the May/June 2004 issue of Paper Money. The ballots will be counted at Memphis and announced at the SPMC general meeting held during the International Paper Money Show. Any nominee, but especially first-time nominees, should send a portrait and brief biography to the Editor for publication in Paper Money. PAPER MONEY • November/December 2003 • Whole No. 228 379 * * * * * * * * * * * * * * * * * * * * * * * * * * * * NUMISMANIA RARE COINS * * P.O. BOX 847 -- Flemington, NJ 08822 * * Office: (908) 782-1635 Fax: (908) 782-6235 * * Jess Lipka, Proprietor * * * * * * * * * - Naillimani Currency- * . UNITED STATES OFDIERICA * •...:-. K 8207. _68, :,- * 7:•' rim /e'er/ e , /w *SEUll 4 * mogickt--44KNic 79'7E3 * * N .4 SIOSUOINI *• 14 " -,v1.14A tii. " AMA" "I'l'il1" 9 * qi tS/Ir ijkt,t1 4 11U___AAW, * /hp4.4w. 444.4,,,,..,v< ;/ * - s) „,.. * TROPHY NATIONALS Buying All 50 States, Territorials, Entire State and Regional Collections, Red Seals, Brown Backs, Statistical Rarities, New Jersey. Also Buying Coin Collections and Type NO DEAL TOO LARGE! * * * * * * * * * * * * * * * * * * * * * * * * * NOBODY* ** * PAYS MORE* ** * 380 November/December 2003 • Whole No. 228 • PAPER MONEY Challenging Paper Numismatics 'Right Next Door' AS A LIFELONG "WORLD PAPER" ENTHUSIAST, how does it happen that I have a score or more of good Canadian notes for every, say, Swedish, Belgian, or Malaysian?, you reasonably might ask. The answer is overly simple. I've haunted central banks and note dealers in all four named countries, and in many more, but you tend to do best where contact is most frequent and opportunity most extend- ed. In that spirit, let me concentrate on "Canadian paper." For you, it can be accessible but challenging; interesting and rewarding. Further, it calls for but limited preliminary famil- iarization. Notes from orth of the Border By Harold Don A n Canada, the present federal union, dates back a century and a third, to July 1, 1867. The Dominion of Canada initially represented the political union, mutually advantageous, of four British North American entities, the colonies of Nova Scotia and New Brunswick, and the settled, southernmost portions of what now are Quebec and Ontario. British Columbia, which by then incorporated the Vancouver Island colony, joined the federal union in 1871, Prince Edward Island in 1873, and Newfoundland (now, more correctly, Newfoundland and Labrador) in 1949. Territorial boundaries were redrawn and new provinces and territories created on several occasions--for example, the storied Yukon Territory at the time of the Klondike gold rush. Canadian paper money, both government and bank releases, much predated federal union in all areas. Notes of Bank of Montreal, "Canada's first bank," still redeemable, date from 1817. The more accessible material, however, came with Confederation, and federal note issues and banking regu- lations of 1870 to 1871. For more than 75 years, an inter- val of unprecedent- ed growth and development, Canada's folding money, let it be clearly understood, fell into two dis- tinct categories. Notes of the Dominion of Canada, Department of Finance, and subsequently of the gov- ernment's central bank, the Bank of Canada, were unlimited legal tender. Period. Dominion of Canada notes, for much of their 1870-1934 interval, were, however, restricted to 25-cent, $1, $2, $4, some $5, and some very high denominations. Notes of Canada's scores of federally chartered commercial banks-- so-called "chartered bank notes"--accounted for all $10, $20, $50, and $100 bills and for most $5s as well. Such notes were not legal tender, strictly speaking. You could refuse to accept one, stipulating payment in government notes or in gold. However, with the decades, as Canada's banks of issue became larger, fewer, and more universally known, and as note redemption became federally guaranteed, the distinction became academic. Acceptance, in practice, becoming all but universal. Canada's present-day collectors, for whatever reason, strongly favor government and central bank issues. Appropriate Pick volumes, in late editions, will provide a fair overview of both aspects of Canadian paper numismatics. Somewhat greater depth will be found in two works of Canadian origin, Canadian Government Paper Money, for the legal tender, and Canadian Bank Notes, for chartered bank issues, both published by Charlton Press. An overview of the more collectible Dominion paper may prove both useful and instructive. We shall consider the legal tender, both federal and central bank, and some of the later, more accessible chartered bank releases. Dominion of Canada note issues include 21 major varieties that would seem of dis- tinct collector interest in that they once were broadly accessi- ble to the Canadian public and, as type notes, should be rela- tively collectible today. These comprise, by my reckoning, seven $1 notes, issue-dated 1870, 1878, 1897, 1898, 1911, 1917, and 1923; six $2 notes, dated 1870, 1878, 1887, 1897, 1914, and 1923; three $4 notes, dated 1882, 1900, and 1902; and $5 notes dated 1912 and 1924. Popular at this late date are three issues of negotiable 25-cent "shinplasters," undersized "Britannia" notes dated 1870, 1900, and 1923. Interesting ranges of intentional varieties characterize most Dominion issues. Signatures (including hand signings), seals, seal colors, numbers, imprints, and design details are looked to by special- ists. Next time out, we'll highlight Canadian central bank releases and chartered bank issues. 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 PAPER MONEY • November/December 2003 • Whole No. 228 381 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: BartIncCor@aol.com 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 Pas 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Jpolis7935@aol.com Member: SPMC, FCCB, ANA New CSA Currency and Bonds Price Guide "CSA Quotes" — A detailed valuation guide: $20 • Written by a collector building CSA cur- rency collection by variety. Also CSA bonds. • Useful for beginners as well as the most advanced collector. • Lists types, rare varieties, errors, in grades G-VG to CU and "Scudzy" to "Choice". Long time variety collector (30 years) -- U.S. Large Cents, Bust Halves, now CSA paper money and bonds. Member EAC, JRCS, SPMC. From long time Louisiana family Please send S20 to - Pierre Fricke, P.O. Box 245, Rye, NY 10580 914-548-9815 pfricke@attglobal.net www.csaquotes.com ; eBay "armynova" 382 November/December 2003 • Whole No. 228 • PAPER MONEY Last time I wrote about auction data available on the Internet and how useful it could be for learning about what we are interested in. That's a resource that requires a com- puter as well as access to the Internet. These are tools most of us can buy and learn to use. But we could also go to our local public library. Most libraries have public access com- puters hooked to the Internet, no cost to use. Most also offer some degree of instruction. I serve on the board of trustees of my local public library, and we are seeking voter approval this fall for funds to expand the library, primarily space for books and readers. But we also want to expand our present 9 computer stations to 30. I get asked, but we're a fairly well-to-do community, everyone has a computer, why add computers? Of course not everyone owns a computer and some can't afford to, and one reason to provide computers is for those who can't afford one. One could apply the same argument to books: Why doesn't everyone just buy more books, and let's not spend more money on the library. But we can't afford to own all the books we might want to read or have near as a reference. That's why we have public libraries. SPMC Librarian's Notes By Bob Schreiner, librarian The same reasoning applies to having computers in libraries. Sure, we can buy a computer, add some software, and get an Internet connection. But can we afford all the information sources we may want? It's not all going to be free on the Internet, or even on the Internet at all. One information source I find interesting is two Civil War era newspapers that are completely word-searchable. That's part of a proprietary database that our library provides its patrons, and one reason to have computers in the library. I want to explore putting our 40 years' history of Paper Money on a CD. The information in these volumes is impressive. George Tremmel's excellent index (which we have now added to the SPMC web) is a big help in finding information in PM. But what if we could search every arti- cle by key words? So I might look for "North Carolina" and find interesting sidebars about my state's paper money in articles that don't have "North Carolina" in their titles. But transfer from paper to CD is a costly undertaking. Even with modern scanners and optical character reading capabilities, the transfer is extremely laborious. This is why, if we do it, it probably will not be free. Of course, the more copies we can sell, the less expensive it will be per copy. And CDs like this are another reason we need computers in libraries: The library can buy the CD, like it can a reference book. But, also like reference books, the CD stays in the library, where there must be computers to read it. Unlike your neighborhood public library, materials in the SPMC library that don't circulate don't serve members. Is Paper Money on a CD that you can purchase something that interests you? Let me know at POB 2331, Chapel Hill, NC 27515-2331, or email rcschreiner@mindspring.com . Change is Good -- Part 2 Coin World Editor Beth Deisher, whose work I have admired for more than 20 years (even prior to her following me as CV-News Editor in 1981) wrote an Editorial a while back that is "right on the money" from where I sit. It appeared in her March 24, 2003, issue under the title "Change = collecting opportunities." Beth wrote: "Times of change translate to just one word: Opportunity. And 2003 can rightly claim to be a 'Year of Opportunity' for collec- tors." Writing then, shortly after the selection of John W. Snow as new Treasury Secretary, with its attendant Series changes for Federal Reserve Notes, coupled with announce- ment of the first appearance of the Treasury/BEP/Fed's "nextGen" colorful notes in Fall 2003, the CW Editor espoused the view that changing times mean both new items to collect, and focusing of public attention on the paper money we prize as collectibles. "The release of NextGen notes .. . is likely to spur inure interest in paper money collecting," the Editor wrote. "Their co-circulation with older series notes will allow new- comers to explore a number of collecting pursuits." She specifically mentions that beginners and those with modest financial resources might embark upon collecting signature combinations. Logic indicates that they might then easily be attracted to districts on older series. Once ignited, that collecting spark which we all know well, might be further inflamed. It's hard to believe but a whole genera- tion has grown up since seal colors other than green on the various classes of currency appeared regularly in circulation. These newcomers, not necessarily all of modest means either, also might be delighted to know that this is NOT the first time U.S. currency has sported primary colors other than black and green. "For example, advanced collectors may think in terms of historical notes with color [such as] the Series 1869 $10 legal tender 'Rainbow' note [and] the Series 1905 $20 'Technicolor' Gold Certificate," she continued. With BEP promises that U.S. currency will enjoy major changes every five to seven years in the future to stay ahead of encroaching technology and potential counterfeiters, all this churning of new note types/varieties means "chumming" of the paper money waters that should whet the tastebuds of any paper money collector and/or dealer worth his/her salt. If you want to attract fish, you need bait. There'll be bait aplenty for the forseeable future in the form of new notes. What does that mean for YOU? One word: oppor- tunity. What does that mean for us collectively as the Society of Paper Money Collectors: Great opportunity. + 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 0 .1111111P- mEArl,'IER 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: BillLittPaol.com Member SPMC, PCDA, ANA P0 M 0 R IS THE #1 WHOLESALE SOURCE OF Paper money (historical & modern ), notgeld, coins (Chinese, Roman, modern, etc.), tokens, stamps, checks, Primitive monies, etc. Wholesale list is available on request Please contact us at: P. 0. Box 2-S, Ridgefield Park, NJ - 07660 - USA Toll Free: 1-800-775-8450 Telephone: 1-201 -641 -6641 / Fax: 1-201-641-1700 E-mail: OrderPpomexport.com / Website: www.Pomexport.com Coming to Paper Money First Ever Obsolete Currency Special Issue • Ad space available Jan/Feb 2004 AD INDEX AMERICAN NUMISMATIC RARITIES 355 AMERICAN SOCIETY CHECK COLLECTORS 371 BART, FREDERICK J. 381 BENICE, RON 345 BOMBARA, CARL 371 BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 359 BOWERS, Q. DAVID 369 BUCKMAN, N.B. 369 CHATTANOOGA MONEY 367 COHEN, BERTRAM 372 COLLECTIBLES INSURANCE AGENCY 367 CURRENCY AUCTIONS OF AMERICA 349 CURRENCY AUCTIONS OF AMERICA OBC DENLY'S OF BOSTON 345 EARLY AMERICAN NUMISMATICS 357 FRICKE, PIERRE 381 HOLLANDER, DAVID 353 HORWEDEL, LOWELL C. 369 HUNTOON, PETER 353 JONES, HARRY 383 KAGIN, A.M. 365 KAGIN'S 371 KNIGHT, LYN 361 KRAUSE PUBLICATIONS 363 KYZIVAT. TIM 381 LITT, WILLIAM 383 LITTLETON COIN CO 384 NAPLES BANKNOTE CO. 347 NUMISMANIA 379 PERAKIS. ALEX 365 OLDE CITY NUMISMATICS 371 PCDA 343 POLIS, JAMES 381 POMEX, STEVE 383 ROB'S COINS & CURRENCY 369 SHULL, HUGH 338 SMYTHE, R.M. IFC SMYTHE, R.M 362 YOUNGERMAN. WILLIAM, INC. 357 PAPER MONEY • November/December 2003 • Whole No. 228 383 (left to nght) Josh Caswell, Jim Reardon, Butch Caswell and Ken Westover Littleton 's experienced team of buyers. 384 November/December 2003 • Whole No. 228 • PAPER MONEY 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, Presiden ANA Life Member #4463; 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 St 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 coinbuy@littletoncoin.com Dun & Bradstreet #01-892-9653 ' rAYES T I'm interested in selling paper money to Littleton. Please contact me regarding mycollection or holdings. Fill out this coupon and Fax Toll Free to (877) 850-3540, or Mail to: Name Address J LittletonCoin Company Dept. BYA305 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 coinbuyOlittletoncoin.corn City/State/Zip Daytime Phone Best time to call 7 BOWERS AND N ERENA GALLERIES A COLLECTORS UNIVERSE COMPANY—NASDAQ: CLCT Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • In NH 569-5095 • FAX 603-569-5319 www.bowersandinerena.com • e-mail: auction@bowersandmerena.com PM0901 A 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. bz,b, STATES, - -- 10t,4 Impressive $100 Treasury or Coin Note, realized 5138,000 A t tit LI 01.1Att,* .45, 1 4 ,„ 0.44;:if ,//e/ .4t 101' MONTGOMERY,' Choice VF 1861 Montgomery Issue $100, realized $25,300 air !Ismer - Unique Territory of Dakota, National Bank Note, Serial #1, realized $55,200 It's 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 along- 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. s'16. Weehawken, New Jersey $5 A'ational Bank :Vote Pair, Serial #1, realized 515,525- me, Bid Online, Books Online! www.bowersandmerena.comtatigisigal Agatosisimaria, -4, WEEHAWKEN:1,r -006...—Meft 4401Alint.,4VM 1289 WEEHAWKEN " "4111F" /IF -iv e Your Success! Consign with Bowers and Merena Galleries Today! ,ra& REALIZE TOP MARKET PRICE 1 FOR YOUR PAPER MONEY! Let Our Success ,1111111II STARS OF AMERICA k. CURRENCY AUCTIONS OF AMERICA — HERITAGE Official Auctioneer: FUN 2004 • January 9-10, 2004 • Orlando, Florida TOWN@ HaffilaIr r 1 X,raxti;n*,. ,7,.;;.,;: it wootra,f, 1r tt: 17544249 Old e.,T7-cn ▪ •*fflor.W.-4ftt 115992 ■••ir,trii4mil %t; .r44ky. g5ro.164,4`Y‘k, 51, 1%601.1114111N snvi MINIM TiO5P851: • 911111": 15 9047 . • .miaux.•..." i • t"it'kuotstto — 111 01 riik.tfrAG:/(4,o,ki2 ,44)(.6/kity - , 0 IIRAIATZ1?-41Iiikt 9 wars 300104410t featuring A major collection of Confederate Currency including all T numbers 1 through 72 The Best Collection of Michigan Obsolete Currency Ever Sold at Public Sale (over 1200 different notes) The David Schneider Collection of Insurance-Related Obsolete Currency (Part I) A Major Collection of Canadian Bank Notes A Major Collection of Alabama National Bank Notes The Best Collection of Georgia National Bank Notes Ever Sold at Public Sale A Collection of National Bank Notes including 50 Serial Number 1 Notes from virtually all states. A Major Collection of Error Notes A Large Consignment of Colonial Notes including a Vermont Note The Dustinn Gibson Collection of Large Size Oregon National Bank Notes UNITM STATES IFIMERICA 154563 •****,4, ot Itis'Conletztra beam sod ot, Len Glazer. at Ext. 390 Len@CurrencyAuction.com Allen Mincho, at Ext. 327 Allen@CurrencyAuction.corn 2004 CAA-HERITAGE Schedule: Orlando, FL (FUN) - January Milwaukee, WI (CSNS) - May Cincinnati, OH - September 1. CCT1P CAA—Heritage's FUN 2004 auction is rapidly filling, with more than $2 million in fresh currency already on hand. We welcome your consignment, whether you wish to sell an entire collection or just one valuable note. Give us the opportunity to serve you, whatever the size of your consignment! Call Today! 1-800-US COINS 1-800-872-6467 Jason W. Bradford, at Ext. 280 JBradford@CurrencyAuction.com Kevin Foley, at Ext. 256 KFoley@CurrencyAuction.com Licensing/Bonding: Heritage Numismatic Auctions, Inc.: California 303062 16 63; Florida AS 0000665; and Ohio 2001014318. Currency Auctions of America: Florida AS 2218; Illinois 044000217; and Ohio 2001014317. Auctioneers: Leo Frese: Ohio 62199772599, Florida AU 0001059; California 3S 3062 16 64, New York City: Day 1094965, Night 1094966; Samuel Foose: Texas 00011727; California 30 3062 16 65; North Carolina 7642; Illinois 041000914; and New York City, Day 0952360, Night 0952361. CURRENCY AUCTIONS OF AMERICA Scott Peterson: Texas 00013256; Florida AU3021; and North Carolina #7627. Heritage Plaza • 100 Highland Park Village • Dallas, Texas 75205-2788 www.CurrencyAuction.com • vvww.HeritageCoin.com