Paper Money - Vol. XLIII, No. 3 - Whole No. 231 - May - June 2004

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ER i#1,©AEY • ko, ammo 1, itOfficial Journal of the Society of Paper Money Collectors VOL. XLIII, No. 3 WHOLE No. 231 MAY/JUNE 2004 WWW.SPMC.ORG 0 • WILL PAY THE BEARERDEMAND - TEN D0.1410.11 S ON A000217 10313 1.e/11,4pi aut THE FIRST NATIONAL BANK OF PI PETERSBURG THIRD TIME'S A CHARM PENNSYLVANIA TIN HOLLUIS Cill••,•11 • • MO STATES -0140 PO 10313 A000217 SEE TOE U THE 3282a itauvazikontiftw",_ 41AMAINVI zmait„,. r. -,47 (41-71. q OE Ana 0 IF THIS IS MAY IT'S TIME FOR PAPER MONEY'S BIG THIRD ANNUAL PAEAN TO U.S. NATIONAL CURRENCY WELCOME ... YOUR SATISFACTION IS VIRTUALLY ASSURED AGAIN!!! f Antique Stocks and Bonds;U.S. Coins; Paper Money.STEPHEN GOLDSMITH Executive Vice President,R.M. Smythe & Co., Inc. BA, Brooklyn College. Contributorto Paper Money of the United States, Collecting U.S. ObsoleteCurrency 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 ERLICH MAN Contributor to A Guide Book of U.S. 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. THOMAS TESORIERO Proffesional Numismatist for 38 years in New York. Ancient Greek and Roman coins, medieval, world gold and silver, paper money. Long time member of the New York Numismatic Society, involved with the Membership Committee. Member: ANA, ANS, AINA, FRNS. We buy sell, and auction the very best in Antique Stocks and Bonds, Autographs, Banknotes, Coins, Historic Americana, and Vintage Photography 2 Rector Street, 12th Floor, New York, NY 10006-1844 TEL: 212-943-1880 TOLL FREE: 800-622-1880 FAX: 212-312-6370 EMAIL: info@smytheonline.com WEBSITE: sinytheonline.com kok, Stephen Goldsmith Scott Lindquist Our Outstanding Team of Experts Can Help You Get the Most for Your Collection 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 HERZOG President, RM. 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 & National Currency; U.S. Fractional Currency; Small Size U.S. Currency; U.S. MPC. MARTIN GENGERKE Author of U.S. Paper Money Records and American Numismatic Auctions as well as numerous articles in Paper Money Magazine, the Essay ProofJournah 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 LINDQUIST BA, Minot State University, Business Administration/Management. Contributor to the Standard Guide to Small Size U.S. Paper Money dr U.S. Paper Money Records. Professional Numismatist and sole proprietor ofThe Coin Cellar for 16 years. Life Member: ANA, CSNS. Member: PCDA, FCCB, SPMC. Auction Calendar February 6-7th, 2004: Stocks and Bonds — Strasburg, PA March 15th, 2004: Coins, Paper Money— New York City April 29th, 2004: Autographs — New York City July 24th, 2004: Coins, Paper Money, Stocks & Bonds—New York City October 21-22nd, 2004: Strasburg Currency and Stock and Bond Auction—Strasburg, PA 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 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 0 Society of Paper Money Collectors, Inc., 2004. 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 or CD 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 • May/June 2004• Whole No. 231 161 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLI1 I, No. 3 Whole No. 231 MAY/JUNE 2004 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 A History of the National Banks of Troy, New York 163 By Thomas Minerley and Robert Moon The Paper Column: Peter Town National Bank Notes 189 By Peter Huntoon Henry Well's Bank: The First National Bank of Aurora, NY 204 By Karl Sanford Kabelac The Paper Column: A Series of 1902 Vice President Note, Fairmont, WV . .216 By Peter Huntoon The First National Bank of Edinboro, Pennsylvania 218 By Hal Russell Blount Here Comes Gene Hessler's EPSN #2 226 On This Date in Paper Money History 233, 235 By Fred Reed SOCIETY NEWS Information & Officers 162 Gene Hessler Named Wait Award Winner 193 Now Available: A History of Nineteenth Century Ohio Bank Notes . 187 Candidates Vie for Seats on SPMC Board 214 President's Column 234 By Ronald Horstman SPMC 6000: Free Two-line Classified Ad 234 Money Mart 234 In Memoriam: Louis F. Davison Sr. and Tim Prusmack 236 New Members 236 SPMC librarian's Notes 238 By Bob Schreiner Editor's Notebook 238 Ad Index 239 SOCIETY OF PAPER MONEY COLLECTORS INC. 162 May/June 2004 • Whole No. 231 • 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 be removed upon notification to the Secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $30. Members in Canada and Mexico should add $5 to cover postage; members throughout the rest of the world add $10. Life membership — payable in installments within one year is $600, $700 for Canada and Mexico, and $800 elsewhere. The Society has dispensed with issuing annual mem- bership cards, but paid up members may obtain one from the Secretary for an SASE (self-addressed, stamped envelope). Members who join the Society prior to October 1 receive the magazines already issued in the year in which they join 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 Ron 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, 3457 Galway Rd., Ballston Spa, NY 12020 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 • May/June 2004• Whole No. 231 163 T OOKING TODAY AT THE CITY OF TROY ON THE EAST bank of the Hudson River in upstate New York, you would be hard pressed to see its industrial past through the shadow it projects 4 today. However, given the powers to see beyond what is there today, one would see a different Troy, a city at the center of this nation's Industrial Revolution. Located ten miles north of the capital city of Albany and 150 miles north of New York City, Troy bustled with tremendous foundries and sprawl- ing industrial complexes, all dependent on three things to maximize profitabili- ty: cheap local or easily transported resources; abundant labor; and readily available and cost-effective water power, Industry produced an ever increasing stream of products which helped swell the coffers of the city's rich and power- ful aristocrats. Throughout the 1800s, Troy's industrial position would blos- som, zenith and then slowly fade as the nation's fortunes headed west on the railroads it helped create. Troy's position in the industrial and commercial worlds changed forever, as did its stature and wealth, The history of the banks of Troy and in particular the national banks, closely paralleled these changing fortunes. A History of The National Banks of Troy, New York By Thomas Minerley and Robert Moon Banking in Troy Prior to the end of the eighteenth century, the collection of local settlers on the banks of the Hudson River never required extensive banking services, much less a bank of its own. The 1790 federal census enumerated 150 souls in Troy and the second national headcount found only 700 living in the loose community. In 1797, John Jay, the Federalist Governor, moved the State Capital from New York City to Albany. It might be argued that had it not been for the thrusting into prominence of nearby Albany, Trojan development might have been thwarted for years. His successor in the election of 1801, George Clinton, was known to strongly support the Trojan Farmers Company in their application to incorpo- rate a banking house and helped expedite the necessary approvals in the State Legislature. Until this time, all banking business had to be conducted at the Bank of Albany, chartered in 1792, and recipient of only the second such char- ter in the State. To traverse the distance from Troy to Albany to conduct bank- ing business was an all day affair, by boat or horseback, and took even longer for the more northern communities of Lansingburgh, Waterford and beyond. The Farmers Bank, incorporated in March 1801, had its physical location selected by lot by one of the original directors. Five pieces of paper with the Editor's Note: An exhibit on which this article is based won the 2002 John Hickman Award, sponsored by the Professional Currency Dealers Assn. for the outstanding National Currency exhibit at an annual Memphis International Paper Money Show. Population of Troy, NY Year Population Difference Between 1790 150 1795 700 366.67% 1800 1,802 157.43% 1805 2,255 25.14% 1810 3,395 50.55% 1815 4,254 25.30% 1820 5,264 23.74% 1825 7,859 49.30% 1830 11,551 46.98% 1835 16,959 46.82% 1840 19,334 14.00% 1845 21,709 12.28% 1850 28,785 32.59% 1855 33,269 15.58% 1860 39,235 17.93% 1865 39,293 0.15% 1870 46,421 18.14% 1875 48,253 3.95% 1880 56,747 17.60% 1890 60,956 7.42% Source: Troy's One Hundred Years. 1789- 1889. Arthur James Weise, William H. Young, Troy (NY), 1891. May/June 2004 • Whole No. 231 • PAPER MONEY name "Lansingburgh" written upon them and five inscribed "Troy" were placed in a hat and a blindfolded director selected three. Majority ruled, so as the papers were unrolled, the decision as to where to place the bank turned out to be Lansingburgh. This appealed to the farmers and factory owners in Waterford and points northward and surely met with the approval of the Bank of Albany, as the Lansingburgh location was, most likely, bound to diminish the competition with their establishment. This arrangement worked out well and remained in vogue until the Bank of Lansingburgh was chartered in 1813, prompting the Farmers Bank to move into the population center of Troy. There was competition for them in Troy now, as the Bank of Troy opened in 1811, giving the area the fiduciary advantage of having two commercial banks. Between 1811 and 1862, the number of discount, or commercial banks in Troy increased to eleven. Each, as a State chartered institution, issued its own obligatory notes that circulated as the paper currency of the day. At times during the national bank note issuing period (1863-1935), Troy could boast of possessing twelve note-issuing banks (eleven different institutions plus one metamorphosed by a name change). For a brief peri- od of time, ten of these financial institutions served the mill owners and factory workers simultaneously. It would be an error to consider the state of banking as strong and stable during the crises period leading up to the War of the Rebellion, particularly in the area of these obligatory notes. Long before the first cannon ball flew, banking as the founding fathers had left it was failing. Gone were the days of banking by locality, when people personally knew, with whom they were dealing on financial matters. As the nation grew and expanded prior to the War, banking on a metropolitan scale had grown obsolete. No longer an "across the street" business, its needs had grown to encompass cross-state boundaries and new territories the likes of which Washington, Hamilton and the others had never dreamt. In an increasing number of regions, local bank notes were reduced to being pretty pieces of paper; not as paper manifestations of wealth, not valued at par, but sometimes valued at dramatic and drastic discount. Always a risky business, bank notes, in areas where a particular bank had no status at all, came to fall into the category of "value me as you please." The clever speculator, the astute businessman, or the conniver bought or redeemed bank notes at depressed prices and redeemed them at a profit, at every commercial step, until they came home to the bank of issue. The depravity of war was not the cause of the banking and commercial crisis that the nation faced in the spring of 1861, but it provided the most inge- nious solution that would have made any true Federalist happy. Throughout the first half of the nineteenth century, the federal gov- ernment had secured sufficient income from tariff duties and inland rev- enues to finance most of its operations. Modern war, as the nation's lead- ership quickly learned, was a nasty and expensive exercise. First, the collections at the many ports were seriously reduced or, in the case of the Southern ports, eliminated. The second lesson to be learned was the cost of war. Companies, battalions and regiments had to be raised, equipped, trained, transported and fed. All this took money. If the war ended as most Northern "experts" felt it would, swiftly and victoriously, then the financial strain would have been loath- some, but probably not devastating. Regrettably, reality proved the optimists wrong. The 1861 military cam- paign season concluded with no resolution to the conflict and prospects for the new year were not bright. Worse still, the Unionists appeared to be losing both on the battlefield and in the hearts and minds of Americans. In Washington, the Lincoln administration had to face the challenge of financing the war. There were two obvious choices, either taxation or borrow- 164 FIRST STREET A - FIRST NATIONAL BANK B - CENTRAL NATIONAL BANK C - UNITED NATIONAL BANK D - MERCHANTS & MECHANICS NATIONAL BANK E - UNION NATIONAL BANK F - MUTUAL NATIONAL BANK O - NATIONAL STATE BANK First and State Streets Troy, New York 1865 - 1868 / D E F PAPER MONEY • May/June 2004• Whole No. 231 165 ing; neither was regarded as pleasant to contemplate. They chose a little of the former and a great deal of the latter. Government bonds flooded the national and world markets with varying degrees of success. The "Dollar Patriots" voted their disapproval with the progress of the war with their wallets. To finance expenditures, the federal government experimented with a project untried since the Jacksonian battles with the Bank of America: that of issuing paper money. The first issue of paper money was known as Demand Notes. Legal Tender Notes and Compound Interest Notes followed. With no hard currency to back them up, and with the Treasury suspending specie payment on all notes in December 1861, the experiment was floundering. On European currency exchanges, the fledgling currency of the Confederate States (backed by cotton) briefly held pre-eminence over Union currency. Banks throughout the north followed suit and suspended specie payment and federal notes traded at dis- counted values. With hard money increasingly difficult to find, commercial intercourse came to depend on regular postage stamps for change. With bonds not selling well and commercial activity grinding to a halt, matters were going from bad to worse. To paraphrase the great French canal entrepreneur, Ferdinand de Lesseps, when asked years later how he would han- dle the problems of building a canal across the Isthmus of Panama, he stated that when problems arise, people of genius will come forward with the solu- tions. Luckily, Lincoln had such a genius on his team, Secretary of the Treasury Salmon P. Chase. The Secretary and his people crafted, devised and pushed through a war-time Congress a solution which solved two crises at one time, the banking crisis and the crisis of funding the war. Above is a visual representation of the close proximity to one another of seven of the City of Troy's national banks. All were successfully engaged in business during the period 1865-1868. Additionally, the site occupied by the Central National Bank had already housed the Manufacturers Bank. Two additional Troy banks, The National Bank and the National City Bank, briefly had quarters within or near this repre- sented area. CXni ht Currency Auctions Building Collections For Collectors www.lynknight.com 800.243.5211 Lyn Knight has bought and sold more great national bank notes than anyone else. How can we help you? For nearly 40 years Lyn has assisted collectors with the purchase and liquidation of their collections. We have handled the sale of many great national bank note collections such as: ?zed Sweeoev'd Vamoteu: ealiecao4 fie Eadevd 64eciaama eateectiopt >4004 eaitter'dZettimeit Ecut4 7/late ediectim P. Z. 1,ta'd ?eivritenied, ?ma clod Veeit Nerico eoteeeth,. pale Suned'd 04eedom4 eallectiog Vale 44,4d Raadad Red seed edie-ctioo pew% Everzatid 611,44, 72eoad4 aid 7a4,4 eoriectiood Fecivet &zed e,olt.'eeficia 4 ed.ea1/14e.i../.4 ri'etcui 7eat'a Detacoane ediectiog cateut eattectioa o6Vevuyeetod Zatioptedd 9x/tad zaelers'd 7veaxdot4 4Ptee Vaktiddifrfti edeede. e,„,e„def edeee,ti. pay Duda d 71teoftewta ediecwoo Vt. Erma Stuatt'd7framoani eAteecriapt , (Pece-e) pawittoptC1 eateecti4a Pda Oita' 7/2ovad "Veadamet Small ee,eieere. Sam 7e-444,140'd 7ex44 6a-eat:opt Ratevtd Dwyer 'd Red Seat eateedeo4 Vcvuye eter d R‘oetie loixutd eoteeetc'ao If you are interested in buying or selling national bank notes, Lyn Knight Currency Auctions is a leader in the field. Contact Lyn for all your bank note needs. www.lynknight.com 800.243.5211 * Fax: 913.338.4754 * P.O. Box 7364 * Overland Park, KS 66207 Email: lyn@lynknieht.com support@lynknight.com 166 May/June 2004 • Whole No. 231 • PAPER MONEY PAPER MONEY • May/June 2004• Whole No. 231 167 CX,m ht Currency Auctions Building Collections For Collectors www.lynknight.com 800.243.5211 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 will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 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 acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. Make your plans now to join us at one of our upcoming auctions! Memphis June 10th - 13th, 2004 Consignment Deadline April 1, 2004 Dallas August 5th - 8th, 2004 Consignment Deadline June 20th, 2004 St. Louis Nov. 18th - 20th, 2004 Consignment Deadline Sept. 20111 , 2004 Chicago March, 2005 Consignment Deadline January, 2005 www.lynknight.com 800.243.5211 * Fax: 913.338.4754 * P.O. Box 7364 * Overland Park, KS 66207 Email:lyn@lynknight.com support@lynknight.com (1..)01.■■ I. • 168 May/June 2004 • Whole No. 231 • PAPER MONEY On February 25, 1863, Congress passed the National Banking Act, legis- lation that offered United States banks an opportunity to put their money up for the war and to turn a profit at the same time. Brilliant in its inception and a masterstroke in its execution, the inducement was not all based on patriotism or the belief in the righteousness of any cause, but was largely based on profit. There was no money to be made loaning it out conventionally, as the chances for default were far beyond acceptable risk levels. The government was stuck with bonds it could not sell, while the banks had a surplus of money they could not invest (without unacceptable risk). It was a good match for both. To obtain circulating notes, individual banks were required to buy government bonds from the Treasury in amounts of not less than $30,000 or 1/3rd of the value of the paid-up capital of the bank. These bonds would be transferred from the Treasurer of the United States to the Comptroller of the Currency who would then issue notes to the bank in various denominations up to 90% of the value of the bonds. The notes, hence, became an obligation against the bank's bond holdings, not the United States government itself. It appeared to be a "win-win" solution The plan, at its inception, however, failed to provide the panacea that the Treasury had pro- moted, but it did function adequately enough to secure funding and to provide a true national currency. The First National Bank of Troy (#163, chartered 1863) This new concept coming out of Washington did not crack much ice in Troy. None of commercial banks, ten at the time, made a move to join the national currency bandwagon. It was not one of the established institutions that brought this new concept to the city, but a new bank named The First National Bank of Troy. The new bank was organized with Thomas Coleman elected as its first president, who, as a director of the Bank of Troy and being unsuccess- ful in his attempts to persuade that institution to adopt the new system, resigned his position and joined with directors from several other city banks to form The First National Bank of Troy. Being the first chartered in Troy, the bank's #1 note is one of the earliest pieces of the new National Currency issued in the entire New York Capital District. The bank was assigned Charter #163 in December, 1863 and opened for business at 15 First Street in February, 1864, in the heart of the city's financial district. With the establishment of Troy's first national bank, the die had been cast in financial circles. In the succeeding years, the city would see the creation of eleven titled banking institutions bearing the name National Bank. This new concept in banking was not necessarily the end product of a surge of patriotism as much as practicality. In Washington, the Comptroller of the Currency's struggle to sign banks onto the concept of accepting federal jurisdiction met with limited success. In 1863, only 179 banks qualified for federal charters but Original Series - Thomas Coleman, President; Richardson Thurman, Cashier s, e , Wri-i - 1117;;; s 'Gt7;53;-; ;°1- C`IP q 9 4.866 'ii -6-?‘',i)s ' Ar.;> a - .. ... '+' 0"700.'"-= 6vvivil,0;1"1.Nyk.6.■1;:sbou 'fili.iwiAikik.- , - Ozitt:2R— •„Alux&lerjrairgi aru • ie. .rsmAkellbl. rvilp4 ITANICO .-111.14'k istA-3 I Eat tIy.:f, PAPER MONEY • May/June 2004• Whole No. 231 169 in 1864, these ranks swelled by 503, with an additional 944 taking up the chal- lenge in 1865. The war years (1863-1865) were the three largest growth years during the entire National Bank note issuing period. What produced these results? Patriotism? Not entirely. In June, 1864, legislation was initiated which altered the National Banking Act of 1863. The revised version added a number of "persuaders." Perhaps the greatest "incentive" was the introduction of a 10% tax levy on all state bank notes still circulating. This encouraged conversion. A subsequent nudge by the New York State Legislature to corral note-issuing banks "into the fold," was a law passed in 1867 which harshly dealt with the old circulating notes and eventually killed them off for good. The new law required banks to deposit, with the Superintendent of Banking in Albany, 1 1/4% of the value of circulating demand notes as a security fund in the form of government bonds. Refunds were made to the bank as their individual outstanding balances were reduced by redemption or active pursuit. The law made it impossible for the banks to turn their back on their obligations, threatening severe penalties to any institution that failed to redeem its notes. The final solution to the dueling forms of currency included a six-year sunset provision on all locally generated notes. As of March 28, 1873, the "old" notes would cease to have value or be obligations against the bank of issue. At that point, any monies left in the security fund would be refunded to the bank. A system of banking, utilized since colonial days in New York, had been legis- lated to death. As an example, the Ballston Spa National Bank, successor to the Ballston Spa Bank, had, in October, 1865, reported $94,517 as outstanding in bank notes. By January, 1869, that total had shrunk to $3,084. A brief history of the successive national banks established in Troy will be chronicled in the order in which they qualified and accepted their National Bank status. The National Exchange Bank of Troy (#621, chartered 1864) Succeeding the old Market Bank, the National Exchange Bank included among its investors and directorate some of the leading businessmen in the city: George P. Ide, a major shirt manufacturer, and the Gurley brothers, instrument makers whose work continues to this day. Enjoying an unspectacu- lar thirteen years in the banking business, the directors voted (on December 5, 1877) to terminate operations, pay the debts, and return the capital to the shareholders. The directors argued that since the combined taxes on their busi- ness -- local, state and federal -- were "...over 10 percent. per annum upon its capital stock," continuation in business, in the face of the fierce local competi- tion was counter productive. The local paper referred to it as an "...illustration of the effects of onerous taxation upon our business interest" and lamented that the closing threatened to "...increase the already burden [of taxation] upon our Original Series - Hiram Miller, tax payers." President; Shepard Tappen, Cashier A rivf r .10:P;T117's•raw / 7+, \ • kIvutivaitvellatiltrertwalattixia, 170 May/June 2004 • Whole No. 231 • PAPER MONEY The Troy City National Bank (#640, chartered 1864) Troy's third national bank was a reorganized state-chartered institution, the Troy City Bank, founded in 1833. Leading an unspectacular career in the financial world, the institution could lay claim to one boast. Its sole accom- plishment was that it became the first federally chartered banking institution to survive the sunset of its original charter and be rechartered. The bank survived independently until May 29, 1902, when it was absorbed by the Security Trust Company of Troy. Below: Original Series (1875) - John Pierson, President; George Stone, Cashier Bottom: Second Charter (Brown Back) - George Stone, President; Oscar Van Zile, Cashier 171PAPER MONEY • May/June 2004• Whole No. 231 413114411144/411141411)14Mie TiaXr ,47V/4 Curreittni+ 'augur 031.5nats wax toi 1.tuoal011141 UNITED STATES DI AMERICA_ X778918E m =ems ihript.t.,Atem ammo& „. re . XXVO 1 ,uaitullo sNCTRED uttluilagii772vjuye tc,e,;,-3 OR °T RR NEC URILTIRS /';• -/ TII 4 .1 we phillt Av0 001 I - .. .7:2.1 1(kervwreweeeiL.. . 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: BillLitt@aol.com Member SPMC, PCDA, ANA 7 _SCEUTIONSX ,4141.4144r y slfriws-,:iluallo KiltP,414TEN ar t DessionD. Cash: -E0 TEN .10 AEAA romettos,vq,c AC A AD AT 114E IR aPfROE hAna.A.R.AAA, THE MANUFACTURERS 010101A NATIONAL RANK OF B TROY NEW YORK TO THE BEARER ON DEMAND 172 May/June 2004 • Whole No. 231 • PAPER MONEY Second Charter (Brown Back) - George Ide, President; Samuel Gleason, Cashier Series 1929 - William Feathers, President; William Seber, Cashier The Manufacturers National Bank of Troy (#721, chartered 1865) This bank was the leading financial choice among the textile industrialists in the city: the Cluetts (who invented the Sanforization process for preshrink- ing fabric, named after Sanford Cluett) and the Ides, whose factories produced collars, cuffs and shirts. So successful were these leaders in the shaping of the City of Troy, that it will forever be known as the "Collar City." With coffers swelled by the factory owners' profits, the bank would merge with the Security Trust Company (which in 1921 had absorbed the Troy City National Bank) and the National City Bank of Troy in 1927, picking up some of the smaller community banks in the area along the way. The Manufacturers National Bank could boast of having circulated more National Currency ($9,042,920) than any of its rivals, nearly double the total of its nearest competitor. As a footnote to the bank's history, when President Franklin Roosevelt declared a "Bank Holiday" in 1933 and closed all the banks in the nation, access for Trojans to their safe deposit boxes was denied everywhere except at the Manufacturers National Bank. Due to the fact that safe deposit operations were run indepen- dent of the bank itself, the bank's customers were exempted from the freeze. After 1935, the bank was bought and now lives on as part of the banking con- glomerate known as HSBC. The Merchants and Mechanics National Bank (#904, chartered 1865) This bank, for better or worse, was dominated by the Vail family, a prominent old Dutch family who, as events turned out, could not boast about their infallible ability to run a banking house. Presided over by D. Thomas Vail and his brother, Townsend, the original bank, the Merchants and Mechanics Bank, was founded by their father, George, in 1829. The Vails were known as risk takers and their operation of the bank proved that label to be correct. In 1868, after just three years in operation, the bank's leadership miscarried the / /44-.7- 3.)oNIA °NE x wst INArr 4"-A •.■ PAPER MONEY • May/June 2004• Whole No. 231 173 institution. In its final published quarterly Statement of Condition (September, 1868), the bank listed $400,000 invested in a woolen mill in the nearby com- munity of Schaghticoke as an asset, a mill in which the president and several members of the board of directors had financial stakes. The problem was that the mill was liberally assessed in value at $224,000. The public had a problem dealing with this revelation. In the words of bank examiner Albert Kirkland, summoned to clean up the mess, The management of the bank has for years, in seeking to conceal the true condition of corporation with which its president and directors are closely connected, resorted to transactions of a very question- able character and for which it appears the president is wholly responsible." The bank reverted to a state-chartered institution, but was finally forced to close by the State Banking Department in October 1878. Original Series - D. Thomas Vail, President; Francis Sims, Cashier The United National Bank of Troy (#940, chartered 1865) The United National Bank rose out of the ashes of two venerable Trojan financial institutions, the Bank of Troy and the Farmers Bank when both decided to discontinue business in February, 1865. Depositors from both of tbese banks came together in creating another national bank in Troy. It per- formed its fiduciary tasks in a prosperous and profitable manner for 65 years until January, 1930, when it merged with the National City Bank of Troy, a marriage the former had balked at when the latter was chartered in 1905. 'Jr II Cl o. I NTT .";Ci II OPTIMIT - Cash! Above: Second Charter (Brown Back) - William Thompson, Vice President; John Neher, Cashier Right: Series 1929 - Henry Darby, President; Willard Van Derzee, Cashier ... III AL It T t Fillit 'IT --4. at CIA f C IIII Ift SlAft S MAWS IIERISIIIIIIIIII1111t Ilie3.0f FI III O.% 2, -(74*.(n:SeL, THE UNITED '.:.:,°- \ A000001A 1 NATIONAL BANK OF WILL PAY TO THE BEARER ON DEMAND FIVE DOLLARS A 0 0 0 0 1 A .111".101711E I A! fIrl #11. FK1 11tig 4 Ink' , 1,1411.11al • 174 May/June 2004 • Whole No. 231 • PAPER MONEY Third Charter (Date Back) - Henry Wheeler, President; Edward Strecker, Cashier The Union National Bank of Troy (#963, chartered 1865) Organized out of the old Union Bank, it once boasted of having William F. Sage, a relative of the famous philanthropist and college namesake Russell Sage, first as vice president (1863-1866) and then as president (1866-1870). The Union National Bank attained the honor of being the oldest surviving national bank in the city. It remained independent well into the 1990s and its lavish three-story edifice, first occupied in 1888, remains a banking facility today. PAPER MONEY • May/June 2004• Whole No. 231 175 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large and Small Size Type Notes, Colonial and Continental Currency, Fractionals, Obsolete Notes, Error Notes, MPC's, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money... and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency Stocks and Bonds, Fiscal Documents and related paper items. PCDA • Hosts the annual National and World Paper Money Convention each fall in St. Louis, Missouri. Future dates arc Nov. 18-21, 2004 and Nov. 17-20, 2005 at the St. Louis Airport Hilton Hotel. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention. • Publishes several "How to Collect" booklets regarding currency and related raper items. Availability of these booklets can be found in the Membership Directory. • Is a proud supporter of the Society for Paper Money Collectors. To be assured of knowledgeable, professional and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. The Professional Currency Dealers Association For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: PCDA James A. Simek — Secretary P.O. Box 7157 • Westchester, IL 60154 (630) 889-8207 • FAX (630) 869- 1130 Or Visit Our Web Site At www.pctIaonline.com :12L14 ;) THE UNION NATIONAL BANK TROY NEW YORK WILL PAY 10 THE BEARER ON OEMANO TEN 111)011.1111,91 E.- 0 0 1 5 9 9 11 171111.11M NINA NTATIHNNONPN BWtlRTERNTTUNRR VULASVNIMOr 4-7(AZ 16525703: nlatliaica Ii Tr. <7;r7iT,C,17,:-J721..157." tql M381.4821 00" E 4111 --. 901 -4LASaiiii.liiii144.144ILIALVAALUW ,4691.4E witieruoisa utts 71;:y; 4%4010 /YAW nortIttonv von. srrxtr, MOWER SO1 MITEN 176 May/June 2004 • Whole No. 231 • PAPER MONEY Series 1929 - Edward Strecker, President; Joseph Kober, Cashier The National State Bank of Troy (#991, chartered 1865) Continuing the trend of state-chartered banks converting to national banks, the old State Bank of Troy, on the southeast corner of First Street, com- menced a sixty-two year career as the National State Bank, before being absorbed by the much larger Manufacturers National Bank in September, 1927. The local paper regaled its readers with tidbits that the final shareholder disbursal of profits had been 26% (that being the 152nd dividend the bank paid out) and that was in addition to the final regular semi-annual dividend declared the previous July. Below: Third Charter (Red Seal) - Julius Hawley, President; Henry Colvin, Cashier Bottom: Third Charter (Plain Back) - Thomas Wotkyns, Vice President; Henry Colvin, Cashier This framed note is annotated on the back "Present to Mother Dear - being the First National Bank Bills I ever Signed. Oct. 17th, 1922 Tom S. Wotkyns" 1.1' Sr. g 1141, Vtaltit 414k . 14 I T art.' t .4TA.SH ' . 1" 0*!Ir ' _ ..4111"240: ';;Tii 44: X; 4.:,C -4 ;M".14. a7 ]7:t 4T ii i1t11F Y1D►t . ,44:: :47 11414 -.47/12-107 PAPER MONEY • May/June 2004• Whole No. 231 177 The Mutual National Bank of Troy (#992 , chartered 1865) The assignment of national bank charter numbers has long been a mys- tery to researchers, take, for example, the matter of the National State Bank (#991) and the Mutual National Bank (#992). Surviving First Charter Period notes issued by the two banks show an identical and most likely some sort of batch-processing date, of July 1, 1865. The individual historical records of the institutions show that the National State Bank became a national bank on April 15, 1865, while the Mutual National Bank took up the mantle three weeks ear- lier, on March 23, 1865. It appears that there was no rhyme nor reason to the assignment of charter numbers. After forty years of profitability, the Mutual National Bank merged with its younger sister, the Central National Bank, in 1905 to form a new institution, the National City Bank of Troy. The Central National Bank of Troy (#1012, chartered 1865) This bank was the last of the state-chartered banks to convert to the fed- eral system. Its career closely paralleled that of the Mutual National Bank with which it merged in 1905. The notes of the bank were, at times, graced with the signatures of bank officials who, literally, had the longest names of any Troy national bank note signers throughout the entire note issuing period. Jacob Lansing Van Schoonhoven was the first president (1865-1873). Not to be out- done, the last president (1900-1905) was suitably named William H. Van Schoonhoven. Research has thus far failed to determine what the "H" repre- sents. Below: Original Series - John Albertson, President; George Stone, Cashier Bottom: Original Series (1875) - William Kemp, President; George Sagendorf, Cashier 178 May/June 2004 • Whole No. 231 • PAPER MONEY The National Bank of Troy (#2873, chartered 1883) In addition to having the saddest history of any of the national banks in the city, this bank had the distinction of being the last chartered institution in Troy in the 19th century. There was no provision in the original National Banking Act stating what banks would do when their original 20-year charters expired. While amendments addressed this conundrum for banks chartered later, the First National Bank of Troy had to play under the old rules. There was simply no re-chartering. . .period. The solution turned out to be simplicity itself. On February 23, 1883, the First National Bank closed its doors forever. On February 24, 1883, customers who entered the familiar banking structure were greeted by a new name on an old friend. The end of the 19th century was cruel to Troy. Gone were the iron foundries and a great deal of the accumulated wealth built up over the decades; The nation was in the grip of hard economic times and everything seemed to conspire against the National Bank of Troy. In May of 1893, the firm of Neher and Carpenter, bankers, mortgage brokers, and insurance agents, doing business at 5 First Street (only a few doors down from the bank) was forced into insolvency by their principle, the Northwestern Guaranty Loan Company of Minneapolis, Minnesota. Philip Neher, before his death, had been on the board of the National Bank and his company's primary account was with the bank. When the news of the insolven- cy hit the street, a crowd gathered in front of-the-firm's offices and people began to stream between the office building and the bank. The bank honored the company's drafts up to the amount of their balance, but was in no way involved in the company's insolvency. As the crowd milled about in front of the bank, it appeared as though the Top: Original Series - Jacob VanSchoonhoven, President; John Kellogg, Cashier Above: Second Charter (Brown Back) - William VanSchoonhoven, President; Edward Greenman, Cashier NOBODY PAYS MORE lintionniCurress UNITED STATES CFAMERICA k82076g. 03 OMNI* Wry) Iviggitittigig 7 9 7 CI 1,1 von*. ilyAvvA,%>.' Atit, ;/. /9. TROPHY NATIONALS PAPER MONEY • May/June 2004• Whole No. 231 179 * * * * * * * * * * * * * * * * * * * * * * * NUMISMANIA RARE COINS P.O. BOX 847 -- Flemington, NJ 08822 Office: (908) 782-1635 Fax: (908) 782-6235 Jess Lipka, Proprietor 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!* * * * * * * * * * * * * * * * * * * * * * * * scriCAW_Ezo___421.710E.-4A la __wit zailiod, 44 / I) ' TROY .;91 utPlsV11241410W110) 011 DC1110.1k 4.0 Ht*WAX,S,S ( ash, 177Z, , 10 I) N X , MUNE WON National Bank Nalional C' Bank 180 May/June 2004 • Whole No. 231 • PAPER MONEY Second Charter (Brown Back) - Thomas Coleman,: President; Ceorge Morrison, Cashier bank itself was in trouble. A run developed and many depositors withdrew their funds from the bank solely because of mass hysteria and unsound judgment. The bank stood firm and was able to satisfy all the pressing demands for with- drawals. The following year, in an attempt to escape this sordid episode, the bank moved off of First Street to new quarters an the southwest corner of Fulton and Fourth Street. Unfortunately, this incident was only a harbinger of worse things to come. In 1896, a most unlikely catalyst for disaster walked down Fulton Street. Thomas Ganley, someone who might be described as a "bread and egg" man, was enjoying the late summer sunshine and warmth. Ganley operated a busi- ness on King Street selling tea, coffee, butter and eggs, but he was now getting along in years. He sold his business and took the position of secretary on the Troy municipal Civil Service Commission. It was September 9, when Mr. Ganley paused a moment in front of Robert Seitz's harness shop on Fulton Street, which was next door to the bank. The pause was eternal when he col- lapsed to the horror of the unsuspecting masses. Ganley's death now played an unknowing part as agent provocateur in the failure of an otherwise stable and profitable business enterprise, the National Bank of Troy. The prostrated form on the sidewalk quite naturally, attracted a large crowd of passersby. Ganley was carried into the harness shop where he awaited the pronouncement that he lived no more from a hastily summoned doctor. The crowd did not dissipate. It grew out of curiosity. With economic times being what they were, this sight had all the earmarks of a run on the bank. As Ganley's body was removed to the mortuary, a voice was heard saying that Ganley had gone into the bank to withdraw money and, when his request for funds was denied, he promptly exited onto the street and faded into eternity. •111111111111111M1 MIMI=MIMINIMIIIMMIIIIMM11111=1111=11MIIIIIMMIIM 1111MMIEMI.011 IMP! 111121111.1111.1111.1111.1111 .1111.11111111111 1863 EM111=11U1 MIECE11111 1880 1111 1111 IMI1 1111 1900 IIIKEZEIIILEIIECEINUEEHMEMIMMEEII111123 ∎ImmosimmismI∎nummimminl nummnImmummummin∎mummummimmu IIIMIUMIIMIIIIMMIIIIIIM111111111111111111111MMIIMIIIMIIM11111111•11111M11111 1111•1■1■11111M111111111HIMM11111111111111.1111111111111111MMIIIIMIIIIIIIIMIIM1111111111111111111111■1111=111111■ IIILEMW-L.ua.....=,— - %M=11 111=1111•1111111111111H1111=11111M11111•111111■1111!11111•1111111111•111111101111011•1111 IINNINIIIII•0111.111111111111.11111=11111■11111111M111M11111.11111111111111111•111111111011M111111111111111111MINIIIIIIII■ M21:111111_ - 1.-7., EP,' , :•, tik:SiAlRilifg.-. 4-i,:::- , :', ... - r. "Immommommmummumwmumummilimm■iiiiiimmlimiiiiiiiiiimiiiiiimiimmmiliiiiiiiiiimmun■un■mmimmmummuu■nom .-rmwommommi Imumminumiummummummuumummumminmummmummumunumnumanums orzo. - - • '11.--mom immommommumulimmummuumummummonnimmmuummiumummos 11111111111111111111111111111111111111111111111111111•111111•11111111111111111111111111MINIMMIMIMM11111=1111•111111111111111 1111: 3 • 1 = 1111111111101111111111111111=1111=111111111111 1111111111111110111111•1111111•11111111111111111111M11111.1111111111111111111=1111111111 imommuummummmoilinalimmommumommomminommmitulammumnumnimmmica NI National State MU= 11 1111∎rlI111111111111111M1111=1111111111111111M11111=1111M1111M1111.111111111111.111111111111.11111.1 111111111MEMIIIIMIIIIMHIIMIIIIIMMIIIIIMI111111111111101111111111111•111111■111111111111111111M1111■1111■1111•M IllailEMIE=E■IMIM 111111111111111M•1111■1111■1111■11111•111 IMIMIM1111■1111MIIIIINIMIMM11111111111111111111111111111111=1111111111•11111•11111111111•11111110111111M111111■ 111M1=111=111111110111111111111111111111111 111•1111111111111111111•11111•1111111111111111=MIIIIMIIIIIIIMI 1=■■1111M111111=11111=11111=1111•11111111•1111111111=1111M1111■111111111111111111•1111111MMIIIIIIIIII1■ ••=11U111111111111∎1111∎1111•MIM111111111111111•1111111MIMI TIN National Banks of T • , W 992 PAPER MONEY • May/June 2004• Whole No. 231 181 The demise of the National Bank was only beginning. The run on the bank, caused by unsubstantiated rumors, lasted ten days. The newspaper that shared the same premises with the bank never mentioned a word of what was going on right under its nose. Stories of failures in other places, some not long before, flooded the imagination of the Trojan citizenry. The bank was buffeted day after day with calls for cash. The president of the bank, sensing the desper- ation of the moment, tried to sell the perfectly good notes and obligations held by the bank, first to other banks in Troy, and then finally to major banking houses in New York City. The times, being what they were, nobody would loan the National Bank a sorry nickel. They were scared themselves, and felt that they had to save every dime just in case the panic spread. The Union National Bank, located less than half a block down Fourth Street, was particu- larly concerned. Eventually, even the Troy paper had to acknowledge what was going on when the bank failed to open its doors on September 19. Edward J. Graham of Albany, a national banking examiner assumed control of the situation and wound up the affairs of the bank. The depositors were paid every dime and the shareholders were only out 15% of their investment. During the audit of the bank's account, Graham noted that former bank cashier and current member of the board of directors, Rensselaer County Treasurer, George Morrison, had been using county funds for his own person- al use. The disparity in the account amounted to about $260,000, not all of which was in The National Bank of Troy; funds were distributed among sever- al local banks. Of the missing funds, only $40,000 was charged against The National Bank of Troy. Morrison pleaded guilty to creating the difference in his favor and was sentenced to six years in a State penitentiary. r I Coming in July/August I Another BONUS 32pages I of great Paper Money features! I Our thanks to Tom Denly for signing up at I Our thanks to Bryn Korn least 2 new SPMC members since March 1st I I Well, what are YOU waiting for? Sign up two (or more) of your friends/associates as members I or give them as gifts: I • (1) You'll receive a vintage souvenir card • I • (2) You'll help make SPMC stronger, and • I • (3) We'll all applaud YOUR efforts too! • I SPMC 6000: Rebuilding a Great Society for a New Century TM L .1 THE NATIONAL CITY BANK OF TROY NEW YORK 000048 A WILL V PAY SINTVD /OTIM NEARER ON DEMAND TII4ELLARS 0000461A 20 =" 1,046.42.40.c 0 182 May/June 2004 • Whole No. 231 • PAPER MONEY The National City Bank of Troy (#7612, chartered 1905) Created by the merger of the Mutual and Central National Banks, The National City Bank became the first chartered bank of the 20th century and the last. The United National Bank was "invited" to join the merged institution in 1905, but had politely refused. In 1930, the offer was resurrected and this time it was found acceptable. The National City Bank was one of only three banks (the others being the Manufacturers and the Union National Banks) to survive and serve the Trojan citizenry at the end of the national bank note era. Syngraphic Analysis Considering the fact that the twelve national banks of Troy issued a total of 4,664,092 large-size and 691,133 small-size notes, it is understandable that generic Troy national bank notes are not considered rare. The note output of the city (more than 5.3 million notes) exceeds the total issuance of several states! Numerous notes are readily available for collecting from all four charter periods (including several # 1 notes, both large and small) if the seeker has per- sistence and patience. When a collection is carefully undertaken, and a detailed and actual cen- sus of surviving notes on the individual banks is completed, a collector may be immediately blindsided by several challenges. Certainly, two banks stand out as having the most numerous survivors: the Manufacturers National Bank and the National City Bank. Upon close examination of a multitude of auction cata- logues and dealer's stockpiles, these are the notes collectors generally have to purchase if Troy is to be represented in their holdings. Upon closely examining the banks that existed for brief periods of time, the chance of completing a set is currently an impossible challenge. Top: Third Charter (Plain Back) - Thomas Vail, President; William Polk, Cashier Above: Series 1929 - Delmar Runkle, President; J.Frank Beebe, Cashier "'- 1111511ilt il MU tt A CHOICE UNCIRCULATED 1899 $5 SILVER CERTIFICATE REALIZED $6,440 A CHOICE UNCIRCULATED 1913 $50 GOLD CERTIFICATE REALIZED $6,325 ,...argw . '\17c. 7 • 11.3759770:- 141; • •st National Bank. 4%,.- •.5i/4/.."11..113.11 • AN UNCIRCULATED LAZY DEUCE ON KANSAS, ILLINOIS REALIZED $7,475 A CHOICE UNCIRCULATED PENNSYLVANIA SIXPENCE NOTE REALIZED $2,070 pence. Printed by B. FRANKLIN, ed D. HALL. '73lnd A CHOICE UNCIRCULATED 1862 $2 LEGAL TENDER NOTE REALIZED $4,370 PLAN TO PARTICIPATE • FIND OUT ABOUT CONSIGNING YOUR PAPER MONEY to one of our upcoming sales. Call Rick Bagg or John Pack, toll-free 866-811-1804. • BE A BIDDER IN OUR AUCTIONS. Send us an invoice for $500 or more and receive a free copy of our next catalogue. If you send us an invoice for $5,000 or more, we will send you all of our auction catalogues, free of charge, for one year. PAPER MONEY • May/June 2004• Whole No. 231 183 AMERICAN NUMISMATIC RARITIES' 111•1 111E ek ICS WIN BRINGS OVER $4.2 MILLION IN NEW YORK ,......._ . 60 - — —H 8 .. ."=" ttp- ___ H683A . ratimAigir". ataxilog tom:............ Inurrif tvafist .,., . .. . Se H-8 H683A ";43k-- :-=,:F 8 AVERY CHOICE EF 1918 FEDERAL RESERVE BANK NOTE REALIZED $10,350 -- 1:7; 11--2-'7.- .--t--,-;.-44,11. -,11."" 4.-"E4r-.• - , .41. tr,21as24 , ., i • F „ - • % ,,., 9*......1. 2 6 4i tr' If ,,,,AIL - 1 , udam.„12.am,„[ It ,0' . CHOICE UNCIRCULATED 1896 EDUCATIONAL $5 REALIZED $9,200 PO BOX 1804 • WOLFEBORO, NH 03894 • TOLL-FREE: 866-811-1804 • FAX: 603-569-3875 WWWANRCOINS.COM • AUCTION@ANRCOINS.COM 184 May/June 2004 • Whole No. 231 • PAPER MONEY These facts are borne out as follows: • The most extreme example of note unavailability is the Merchants and Mechanics National Bank. Considering the fact that it only operated from 1865 to 1868 and had a total outstanding balance in 1910 of only $1,447, its survival was just short of miraculous. The Kelly census reports only one note surviving on this. bank, an Original Series Ace listed by serial number in the Grinnell Sales of 1944-46 (Part IV, lot 2543, selling for $10.50 against a pre-auction estimate of $13). This note is featured in this article. • The next scarcest notes are on the National Bank of Troy. Issuing a small handful of Second Charter Brown Backs between 1883 and 1896, the bank had an outstanding amount in 1910 of $2,180. Only three $10 notes are presently known to have survived, one of which is illustrated in this article. • Tied in the number of surviving notes currently known is the National Exchange Bank which could boast of only having had $1,509 counted as unredeemed in 1910. While the Kelly census reports only one note known on this bank, investigative research has found that three notes, two Deuces and the above-illustrated Five Dollar Bill survived decades of redemption. • A final example of the scarcity of Troy notes are those issued by the First National Bank, another exclusively First Charter Period bank. Kelly's census reports only three notes, but a more up-to-date count confirms at least nine survivors, including the #1 Ace used to illustrate this article. In summary, finding a nice note to represent the long and sometimes ignoble history of National Banking in Troy, will not be too difficult a chal- lenge for the collector. If however, the goal is to assemble a complete set from all twelve National Banks, that will be a real challenge. As you can see, current- ly only the one set is available, and it is presented in this article. Appendix: Contemporary Terms of Troy NB Officers Charter Number° 163 Title: First National Bank of Troy Contemporary Terms President Cashier 1864-1882 Thomas Coleman Richardson H. Thurman 1883-1884 Thomas Coleman George H. Morrison Charter Number: 621 Title: National Exchange Bank of Troy Contemporary Terms President Cashier 1865 - 1876 Hiram Miller Shepard Tappen 1877 Shepard Tappen William Gurley Charter Number: 640 Title: Troy City National Bank Contemporary Terms President Cashier 1863-1872 John A. Griswold George F. Sims 1873-1874 Hannibal Green George F. Sims 1875-1885 John B. Pierson George A. Stone 1886-1893 George A. Stone Oscar E. Van Zile 1894-1902 George A. Stone Frank E. Norton PAPER MONEY • May/June 2004• Whole No. 231 185 Charter Number Bank Title Opened Closed Large Issued Small Issued Total Issued Outstanding 163 First 1863 Feb. 24, 1883 $913,060 $0 $913,060 $4,723 /a 621 National Exchange 1864 Dec.6, 1877 254,200 0 254,200 1,509 /a 640 Troy City 1864 May 29, 1902 2,010,890 0 2,010,890 11,470 /a 721 Manufacturers 1865 5,949,240 3,093,680 9,042,920 1,000,000 /b 904 Merchants & Mechanics 1865 Dec. 31,1868 188,050 0 188,050 1,447 /a 940 United 1865 Jan. 18, 1930 5,322,990 133,500 5,456,490 200,000 /c 963 Union 1865 5,015,260 805,590 5,820,850 100,000 /b 991 National State Bank 1865 Sept.17, 1927 5,175,660 0 5,175,660 250,000 /d 992 Mutual 1865 Mar. 23,1905 1,706,860 0 1,706,860 18,667 /a 1012 Central 1865 April 4, 1905 1,425,910 0 1,425,910 16,212 /a 2873 National Bank 1883 Nov. 16, 1896 415,900 0 415,900 2,180 /a 7612 National City Bank 1905 5,545,540 1,853,400 7,398,940 500,000 /b $33,923,560 $5,886,170 $39,809,730 $2,106,208 /a Amount Outstanding 1910 /b Amount Outstanding 1935 /c Amount Outstanding 1930 /d Amount Outstanding 1927 Charter Number: 721 Title: Manufacturers National Bank of Troy Contemporary Terms President Cashier 1863 Roger A. Flood Charles M. Wellington 1864-1876 Thomas Symonds Charles M. Wellington 1877-1882 Henry E. Weed Charles M. Wellington 1883-1898 George P. Ide Samuel 0. Gleason 1899-1906 George P. Ide Frank E. Howe 1907-1922 Frank E. Howe William C. Feathers 1923-1925 Frank E. Howe William F. Seber 1926-1933 William C. Feathers William F. Seber 1934- 1935 William F. Seber J. Donald Welch Charter Number: 904 Tide: Merchants and Mechanics National Bank of Troy Contemporary Terms President Cashier 1863-1878 D. Thomas Vail Francis Sims 186 May/June 2004 • Whole No. 231 • PAPER MONEY Charter Number: 940 Title: United National Contemporary Terms 1863-1864 1865-1866 1867-1885 1886-1889 1890-1901 1902-1904 1905 1906-1919 1920-1930 Charter Number: 1012 Tide: Central National Contemporary Terms 1863-1871 1872-1873 1874-1882 1883-1887 1888-1899 1900-1905 Bank of Troy President Joseph M. Warren E. Thompson Gale E. Thompson Gale Joseph W. Fuller George H. Cramer John H. Neher George B. Warren Samuel S. Bullions Henry S. Darby Bank of Troy President J. Lansing VanSchoonhoven J. Lansing VanSchoonhoven George C. Burdett Moses Warren Moses Warren William H. VanSchoonhoven Cashier Tracy Taylor Tracy Taylor George H. Perry John H. Neher John H. Neher Samuel S. Bullions Samuel S. Bullions Donald B. Thompson Willard E. Van Derzee Cashier Pliny M. Corbin Pliny M. Corbin Pliny M. Corbin Adam R. Smith Adam R. Smith Adam R. Smith Edward Strecker Edward Strecker Joseph E. Kober Fred W. Clements Cashier Willard Gay Willard Gay Willard Gay Julius S. Hawley Julius S. Hawley Julius S. Hawley Henry Colvin James W. Clark Cashier George Al Stone George H. Sagendorf George H. Sagendorf George H. Sagendorf Rice C. Bull Cashier John R. Kellogg Asa W. Wickes Asa W. Wickes Asa W. Wickes Edward W. Greenman Edward W. Greenman Charter Number: 963 Title: Union National Bank of Troy Contemporary Terms President 1863-1866 Ludlow A. Battershaw 1867-1870 William F. Sage 1871-1874 Hiram Smith 1875-1880 Hiram Smith 1881-1886 William Gurley 1887-1896 Lewis E. Gurley 1897-1914 William F. Gurley 1915-1928 Henry Wheeler 1929-1934 Edward Strecker 1935 Edward Strecker Charter Number 991 Title: National State Bank of Troy Contemporary Terms President 1863-1866 Alfred Wotkyns 1867-1882 Henry Ingram 1883-1886 Charles Warner 1887-1890 Willard Gay 1891 1892-1900 Thomas Colwell 1901-1925 Julius S. Hawley 1926-1927 Henry Colvin Charter Number: 992 Title: Mutual National Bank of Troy Contemporary Terms President 1863-1872 John P. Albertson 1873-1875 John P. Albertson 1876-1878 Calvin Hayner 1879-1894 William Kemp 1895-1905 William Kemp INit,'( I NTS 1. 4,...,0., t. ^ - (1414 ,r. yc to mem. Nab. Tu., ..4 .qtAttirlit4 Olt PAPER MONEY • May/June 2004• Whole No. 231 187 NOW AVAILABLE! A History of Nineteenth Century Ohio Obsolete Bank Notes and Scrip By Wendell Wolka The Society of Paper Money Collectors is pleased to announce that the latest volume in its series of State Catalogs covering obsolete paper money and scrip is now available for ordering. Books will be available for shipment by June 30, 2004. Advance orders are now being accepted. ROOK FEATURES • Over 1,000 pages of history and note listings • Well illustrated, with approximately 1,000 notes and scrip pictured ♦ Hard cover binding, matched to previous volumes in the series ♦ Nearly 7,000 different note listings • Detailed historical information regarding both the towns and note issuers throughout. ♦ Comprehensive Issuer and Town index to make finding notes easy ♦ Limited Edition of 400 copies Pricing: Single Copy: $66.00 (includes shipping & handling) 15 Copies: $765.00 50 Copies: $2,050,00 (includes shipping & handling) Send orders to: SPMC Ohio Book, Wendell Wolka, PO Box 1211, Greenwood, IN 46142 Make check or money order payable to SPMC and be sure to include your shipping address with your payment. BOOKS will ship approximately June 30, 2004. 188 May/June 2004 • Whole No. 231 • PAPER MONEY Charter Number: 2873 Title: National Bank of Troy Contemporary Terms President 1885-1894 Thomas Coleman 1895-1896 Francis A. Fales 1896 Daniel Klock Charter Number 7612 Title: National City Bank of Troy Contemporary Terms President 1905-1906 William H. VanSchoonhoven 1907-1908 William H. VanSchoonhoven 1909-1925 Thomas Vail 1926-1927 William F. Polk 1928 Delmar Runkle 1929- 1935 Delmar Runkle Cashier George H. Morrison George H. Morrison William P. Allendorph Cashier Rice C. Bull Edward W. Greenman William F. Polk J. Frank Beebe J. Frank Beebe Edgar C. Stillman Major Works Consulted Anderson, George Baker. Landmarks of Rensselaer County. Syracuse: D. Mason & Co. (1897). The Ballston Journal, 1863-1869. Hayner, Rutherford. Troy and Rensselaer County, Volume II. New York: Lewis Historical Publishing Company (1925). Hickman, John and Oakes, Dean. Standard Catalog;ue of National Banknotes, Second Edition. Iola, WI: Krause Publications (1990). Kelly, Don C. National Bank Notes, Third Edition. Oxford, OH: Paper Money Institute, Inc. (1997). NYS Legislature, Chapter 191 of the Laws of 1867. Parker, Joseph. Looking: Back: A History of Troy and Rensselaer County, 1925- 1980 . Troy: Alchar Printing Company (1982). Sylvester, Nathanial B. The History of Rensselaer County, New York. Philadelphia: Everts and Peck (1880). Teachers of the Troy Public Schools. Our Community: Troy and Rensselaer County. Troy: Whitehurst Printing & Binding Company (1943). Troy City Directory, 1863-1935. The Troy Daily Times, 1865 - 1935. Weise, Arthur J. Troy's One Hundred Years. 1789-1889. Troy: William H. Young (1891). Bad Taste marred fine Paper Money issue Dear PM, It's a shame that a particularly fine issue of PM (Whole No. 230) had to be marred by the inclusion of such a ridiculous item as the "Urban Legend" piece on page 156. I suppose you could fold American or almost any other currency in some way to suggest almost any- thing you want. The examples shown are as untrue and stupid as the other ones mentioned. Bad taste? Yes! Lawrence C. Koenig SPMC #9690 Federal Reserve Bank of New York PAPER MONEY • May/June 2004• Whole No. 231 189 'Peter Town" anal Bank N p ETER IS DERIVED FROM THE LATIN WORD FOR "stone." Probably the most famous Peter was the disciple of Christ. Next must be Peter the Great of Russia. Lots of my ancestors on my mother's side were given Peter as their middle name, so that is how I got the name. Many towns in the United States have been named after various Peters, most after the saint, and a few after the czar. Probably a few were named after lesser lights, but none after me. ( THE PAPER COLUMN 411 ,i by Peter Huntoon Early on in my collecting career I looked into the note issuing "Peter towns." They included St. Petersburg, Peterstown, Peterborough and six Petersburgs. My favorites were two Saint Peters, one in Illinois; the other, in Minnesota. My definition about what constituted a "Peter town" was quite liberal because I wanted to include Peters in other languages which broadened the list to include Spanish San Pedro, CA, and French Pierre, SD, and even Fort Pierre, SD. Never mind that the South Dakotans failed to import the correct French pronunciation for Pierre when they borrowed the word. Those unwashed called the place "pier," and being rather parochial about it, I note that there is no move afoot among them to fix the problem now! Peterson, Iowa, eventually made my list being Scandinavian for Peter's son. Close enough for me. I discovered one title that particularly caught my fancy, The Peters National Bank of Omaha, Nebraska (#11829), chartered in 1920. The officers of the bank opted out of issuing notes by selling their bonds to the Federal When Dean Oakes sold this note to me Reserve system under the terms of the Federal Reserve Act of 1913. Too bad, in 1968, he launched my quest for that interesting title was out. "Peter town" notes. 190 May/June 2004 • Whole No. 231 • PAPER MONEY Table 1. Note issuing banks in "Peter towns." Data from Van Belkum (1968) and Comptroller of the Currency (1863-1935). Inclusive Years Notes Issued Last Reported Ch No Town Title With Tide Circulation (Yr) Fatea California 7057 San Pedro First National Bank 1903 1929 48,900 (27) A Florida 7730 Saint Petersburg First National Bank 1905 1926 196,100 (26) F 7796 Saint Petersburg National Bank 1905 1910 Central National Bank 1910 1922 Central NB&TCo. 1922 1923 197,800 (23) F(31) 12623 Saint Petersburg Alexander National Bank 1925 1925 200,000 (25) A Illinois 3043 Petersburg First National Bank 1883 1929 State National Bank 1929 1935 49,600 (34) 0 9896 Saint Peter First National Bank 1910 1932 25,000 (31) L Indiana 5300 Petersburg First National Bank 1900 1935 25,000 (34) 0 Iowa 4601 Peterson First National Bank 1891 1935 25,000 (34) 0 Minnesota 1794 Saint Peter First National Bank 1871 1935 15,000 (34) 0 New Hampshire 1179 Peterborough First National Bank 1865 1935 100,000 (34) 0 North Dakota 11185 Petersburg First National Bank 1918 1930 25,000 (29) L Pennsylvania 10313 Petersburg First National Bank 1913 1935 18,750 (34) 0 South Dakota 2941 Pierre First National Bank 1883 1934 100,000 (34) L 4104 Pierre Pierre National Bank 1889 1935 49,650 (34) 0 4237 Fort Pierre First National Bank 1890 1894 11,250 (94) L 4279 Pierre NB of Commerce 1890 1925 79,500 (25) F 9587 Fort Pierre Fort Pierre National Bank 1909 1935 10,000 (34) 0 14252 Pierre First National Bank in 1934 1935 20,000 (35) 0 Tennessee 10306 Petersburg First National Bank 1913 1935 30,000 (34) 0 Virginia 1378 Petersburg First National Bank 1865 1873 179,200 (73) F 1548 Petersburg Merchants National Bank 1865 1873 360,000 (73) F 1769 Petersburg Commercial NB 1871 1879 99,800 (79) L 3515 Petersburg National Bank 1886 1931 FNB&TCo. 1931 1933 692,200 (33) F 7709 Petersburg Virginia National Bank 1905 1931 981,040 (30) A 13792 Petersburg Citizens National Bank 1933 1935 100,000 (34) 0 West Virginia 9721 Peterstown First National Bank 1910 1935 25,000 (34) 0 Number of different banks = 26 Number of different titles = 30 a. A=absorbed by another bank; F=failed; L=voluntarily liquidated; 0=open at the end of note issuing period in 1935. °THE FIRST NATIONAL BANS OF PETERSBURG PENNSYLVANIA O WILL PRY TO THE BEARER ON DEMANDTEN DOLLARS 4000217 10313 e, „,,„„) Tr it PAPER MONEY • May/June 2004• Whole No. 231 191 There were 15 national bank note issuing towns in the country that made the cut. Twenty six note issuing banks operated in those towns, under a total of 30 different titles. Some were cities with large banks such as St. Petersburg, FL, and Petersburg, VA. Others were small places or cross roads with thinly capitalized banks such Saint Peter, MN, or Fort Pierre, SD. Most were modest size towns. I liked the nationwide distribution. Also every series and type was repre- sented among their issues, and most denominations within the types. The indi- vidual banks ranged from impossible to collect to common. This seemed like fertile ground. Why not try to form some sort of collection from these banks? The first task was to define the scope of the collection. I decided that "completeness" would be defined as one note from every town with an issuing bank. There was no point in attempting to collect a note from every bank and every title. Some banks were simply impossible. Prime examples were three early Petersburg, VA, banks which failed early. They are prohibitively rare. Included were The First National Bank (#1378) and The Merchants National Bank (#1548) which went under in 1873, and The Commercial National Bank (#1768) which failed in 1879. Going after that class of rarity sounded like fill- ing a penny board where you are forever looking at the 1909-S VDB hole. Besides, why compete with Virginia location collectors for their greatest rari- ties and ultimately their rightful prizes if one should turn up? No, just going for one from each town sounded like a significant chal- lenge. Many of the towns were represented by a single scarce to collect bank which had a circulation of less than $50,000, so a town collection afforded plenty of challenge. Secondary objectives could include obtaining both a large and small size note where possible from each town, and collecting many different types in order to add variety to the set and give it some color. Certainly, it would be Notes issued by the banks in St. Petersburg are decidedly scarce for a medium size city. Making matters worse it the fact that all the banks issued only large size, and Florida col- lectors have a vice like grip on the few that are out there. Both large and small size notes are possible from rural Petersburg in central Pennsylvania. 0 `411114QULSILtaltilla Vtt24. .//////////7, U„tflutzza0 1:4Y1"!%/2 !!„tilS Vhz •SECURER STUMM STATES 110MOSOR 0111LIISECURITIES • -.1.72•rnA•AL UNITED STATES OF AMERICA 192 May/June 2004 • Whole No. 231 • PAPER MONEY Finding a nice looking 1902 note from here involved a long wait. The first printing of 1929 notes for Saint Peter, MN, contained an error so all but the first few were canceled. This note is from the first sheet of error-free $10s from the second print- ing. It appears to have been saved by a banker like a number one note. enjoyable to get different titles for banks with more than one. A critical note came my way that nurtured the concept behind this set, and launched me on the pursuit. It was a $5 1902PB from The First National Bank of Saint Peter, Illinois (#9896), which I got from Dean Oakes for $20 in December, 1968. I had stopped in to see Dean in his shop in Iowa City on a trip to visit my wife's folks in Grinnell over the Christmas break from college. He showed me the Saint Peter, and I thought it was great. I had never heard of that town before. After the Saint Peter, IL, purchase, I began searching through the entire newly released Van Belkum brown book for other "Peter towns." In due course, I found The First National Bank of Saint Peter, Minnesota (#1794)! It looked tough because it was a $15,000 outstanding bank. A note from that bank did not come easy, let me tell you, even though the bank issued a myriad of types from 1871 through 1935. I searched for 14 years for one without success. Along the way I asked everyone I knew if they had seen one, and I waited and waited. Minnesota was avidly collected, and yes some were discovered, but they went to Minnesota location collectors. Two wonderful uncirculated specimens turned up, a $10 Brown Back and a $10 1902 Blue Seal, but they went to Bill Higgins and into his museum in Okaboji, IA. People know where the money is, and the notes follow! Finally, early in 1982, I got a gleeful phone call from Lyn Knight telling me he had a small $20, serial F000117A in About Fine. I was glad to pay the $400 he asked, high as it seemed at the time. The fact is, an expensive phone call from someone who is willing to bother to remember your wants is sure a lot better than no phone call -- in fact, it is the type of event that earns both respect and friendship even if the caller is eating caviar at your expense! The Saint Peter, MN, story was not over though. Amon Carter had a ______ . -..,m,s --.ev; .., t,009fixEURITTO jiiffirifAST-6— Do OCR $:::: / totiatT RAT or v€7,74,_,._,,....., _--- _ .a.= THE FIRST 8000315A r. NATIONAL BANK OF 4 'al PETER f 1 .,-", '4%. RFD A a./ .EV OFW MINNESOTA ,, Ply WILL PAT TOT. BEARER ON DEMAND THE UN 0 ,y 7:4 . STATES TEN 1111A(111A11AIIS , TR y ;.s ,,, .SUE •` "... ,./., B000315A ‘ ,,-.--. ,,. ,.. trit-... •-x;,'" 0 T 9 ,,.. 44.1. *2-64, (.___ Baas,,,,,,) TV , 7 lig La a .1117 IL AMP PAPER MONEY • May/June 2004• Whole No. 231 193 Gene Hessler Named Wait Award Winner PAPER MONEY RESEARCHER / AUTHOR PARexcellence Gene Hessler has been named recipient of the 4th annual George W. Wait Memorial Award. Mr. Hessler's award-winning project is his forthcoming opus The International Engraver's Line. The book "will consist of biographical information and the work of engravers outside the U.S. from the 18th to the 21st Centuries," Hessler explained in his application for the award. "Until now no one has ever attempted to gather this information. Now that all but a very few security engravers who remain active have adopted engraving by computer pro- gram, this book will document an era that has come to an end." The book when published is expected to be 370-400 pages in length and similar in format to his The Engraver's Line (BNR Press, 1993) "but more comprehensive," Hessler noted. "Collectors view paper money as works of art and pieces of history. The raised intaglio lines of a portrait or scene on a beautiful piece of paper money, created by security engravers, are sensuous to touch." But most of these artists labor in obscurity if not anonymity. "If the artists responsible for designing and engraving [paper money] are not documented now, their identity and the identification of their work will be lost," the author noted. The Wait prize(s) is/are awarded annually to support the research and publication of book length paper money works. The prize fund is $500 per year which may be awarded to a single worthy project or divided among multiple projects at the discretion of the awards committee. Mr. Hessler has been awarded the entire $500 prize for 2004. A past Editor of Paper Money, Hessler has also been a columnist for The Numismatist, Coin World and author of The Comprehensive Catalog of U.S. Paper Money and other seminal works in the fields of currency, bonds and engraving. The Wait prize com- memorates the achievements and legacy of SPMC founding father and author George W. Wait and was instituted upon his death. Prior to Mr. Hessler, two individuals had been awarded the Wait Memorial Prize. Both received the maximum award. 1st annual Wait winner was Robert S. Neale for his work on the antebellum Bank of Cape Fear, NC. Two years ago the award went to Forrest Daniel for his manuscript on small size Treasury Notes used to finance the War of 1812. Last year, no award was made. Complete rules for the 2005 Wait Memorial Prize will appear in the Nov/Dec 2004 issue of Paper Money. The announcement will also be posted on the Society web site. + r 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 .0 ) L18381), ti Awil:r.re/rfot12./, A- FIRST IMMT $ ,/:///ci,>.7.,40-44704#,Llymighlekz THE FORT PIERRE NATIONAL BANK FORT PIERRE SOUTH DAKOTA SINTIIEDIITTIWTEDNEATENTIONIDEDTPONITENSTENTIRTIMINENEDDT WRAV21..1914L811"41§ftWAA1.41#01k ti co TwwknoLkuts F 000D 42A WILL PAY TO THE DEARER ON DEMAND Twp,sw Douktas F000042A 194 May/June 2004 • Whole No. 231 • PAPER MONEY This jewel emerged from the woodwork at a Las Vegas show in 2002, a half hour before I got there. It went through a Knight auction to become the center- piece of this collec- tion. Yt.7• 11PINI4w .10.7..ATLAX:11E,ELVNT,I3GAIFIIKA.A.T.E.PROVE1..LrIFTJP9„ .."1" :457:-LrNIT,P. " WIC .TPI4rP4•PAIT The Fort Pierre banks were among the smallest to contribute notes to this set. This note, the only one I ever had a chance at, appeared on an April 2000 Dean Oakes fixed price list in the BN R. high grade Series of 1875 $5 on the bank which was in his pack of gems that he used to show off at major conventions. It was XF with a skinned spot on the back. Steve Schroeder, a prominent Minnesota collector, got it when Amon's estate was sold. Bill Donlon auctioned a reportedly new Original Series $5 in 1971 that also made its way to Steve. Those were stellar notes, something to dream about. In the meantime, I was groveling for whatever other Peter notes crossed my radar screen. Eventually, not too long ago, Steve sold the early $5s to another high power Minnesota collector. Obviously those two simply weren't printed for me, and they now serve as centerpieces in some great Minnesota collection, probably where they really belong anyway. My next chance at a Saint Peter, MN, was more pedestrian, but very interesting to me. It turns out, the logotype plate used for the first printing of 1929 notes for Saint Peter contained some type of error. Only a few 1929 notes were sent to the bank before the error was discovered. The $10s C000004A through F000314A and $20s D000003A through F000104A were canceled. The Bureau made a new plate, and the serials on the next printing stepped off from where the first ended. Of all things, I learned that a $10 from the first corrected sheet had survived, and was in a prominent Minnesota col- lection. It was AU and bore serial B000315A. This had the appeal of a number one note to me, and it had probably been saved as such by a banker. Eventually the collection with the prize was sold at auction in June 1998, and Glen Jorde bid on it on my behalf and obtained it. Of all currency dealers, Glen has been the most helpful in locating Peter notes for me. Sometimes I wonder if he prints Saint Peter notes in his base- ment because he astonished me in 1999 by turning up two exceptional Saint Peter 1902 notes, selling one to me -- a $20 Date Back in CU. Finally I had a large note on the bank, and it was a beauty. My luck with this pocket change outstanding bank had been phenomenal, lawayi fro , ilintrolowjte / x ,s smit tft 441L_;:fir' itt-021W liteeMuneut Willitsjpit.,U 6 J_ 9u0 "3O4 <." - , °Pt ,OQIntool. Twir..Nrri PAPER MONEY • May/June 2004• Whole No. 231 195 This Series of 1882 Brown Back adds much needed color to this "Peter town" col- lection. San Pedro is a working class community that has been incorpo- rated into Los Angeles. The town overlooks the ocean from a hill just west of Long Beach. This note was cut from a sheet by Curt Iverson in the late 1970s. and I was more than satisfied. In fact, my fortune with the bank exceeded any- thing that seemed just. But then a retired BEP employee, who happened to collect a couple of notes during the course of his career, walked into a Las Vegas show with yet another Original Series $5, this one a shade under CU. Gary Whitelock, then an agent for Lyn Knight Auctions, intercepted it a half hour before I arrived at the show, and took it in as a consignment for Knight's August 2002, Dallas sale. Glen Jorde attended the sale and purchased it on my behalf thus providing what is the centerpiece of my Peter holdings. Another one that I thought I would never see turned out to be the last town I learned of that went with my set. The town is Fort Pierre, SD. I had never thought to check the forts, and when I stumbled across this town and its A chance encounter with Leon Thornton allowed me to obtain this attrac- tive note from this small southwest Indiana town. OEUXMIZZIUD) 1041_114 ILS2 , pirl'ERVIO/tore4,,„ (11‘1V k, "" ""*".", x -(.. ,1z..c.LL. .///:y iii 44?ilfzi,ripci1101; 7 9 0,1"" ep NationalCiarreney., SELLIRLD Wining STATES BMWSRR IITURSEculttilts • UNITED STATES OF AMERICA e* 1- 454701ES.U.4.1.1102. 111. lath ClfillgreratIr • RECIRINIVII1111-1.11 STATER eallOS RR EITHER SWAMIES 196 May/June 2004 • Whole No. 231 • PAPER MONEY two banks in 1995, I looked with dismay at the minuscule statistics for the banks there. The First National Bank was a Brown Back only bank, liquidating in 1894, with $11,250 in circulation. The Fort Pierre National Bank (#9587) opened in 1909, and survived the entire note issuing era, but had a minimal $10,000 circulation maintained by small emissions of the various Series of 1902 Blue Seal and 1929 types. A note from here would be ultra tough to find, and previously I had never even heard of the place let alone a note. Fort Pierre is located directly south of Pierre on US 83, and has a current population of under 2,000. It was hopeless, but I started looking anyway. Then out of the blue -- as all these things really are -- I was leafing though the April 2000, Bank Note Reporter when I spotted a Dean Oakes ad. I The dream note repre- sented by this proof sports the very attrac- tive and unusual title layout where FIVE DOLLARS appears in the tombstone instead of the town. The CAA St. Louis charity auction in 2001 generously delivered up this Peter's son note. West Virginia hosts the only Peterstown in the country, and notes from its little bank are tough to find in either large or small size. soth anniversary edition Paper Money of the United States FROM COLONIAL TIMES TO THE PRESENT THE STANDARD REFERENCE WORK ON PAPER MONEY A COMPLETE ILWSTRATED GUIDE WITH VALUATIONS • Large size notes • Fractional currency • Small size notes • Encased postage stamps •Colonial and Continental currency • Confederate States notes ■•■ Arthur L. and Ira S. Friedberg BASED ON THE ORIGINAL WORK BY ROBERT FRIEDBERG www.PaperMoneyo ftheUS.com PAPER MONEY • May/June 2004• Whole No. 231 197 Now available wherever numism atic books are sold. Paper M oney of the U nited States 17th edition by Arthur L. and Ira S. Friedberg based on the original work by Robert Friedberg (1912-1963) The one and only standard reference on United States currency is back - completely redone for its 50th anniversary. Improved and with up-to-the minute pricing information in a paper money market that continues to grow annually. This indispensible classic includes: ,..‘c Large Size Notes Fractional Currency A New: Prices for most large size notes and fractional currency in up to five states of preservation A Small Size Notes ▪ Encased Postage Stamps Uncut Sheets A. Colonial and Continental Currency A The Confederate States of America -A The Treasury Notes of the War of 1812 The universally-used Friedberg Numbering System. The world's standard method for describing U.S. currency A More than 8,100 notes A price history chart (1953 - date) A complete listing of note-issuing National Banks ▪ A complete listing of all signatures on U.S. currency A directory of leading paper money dealers --A A twenty page color section featuring the fabulous multimillion dollar currency collections of the American Numismatic Association in Colorado Springs and the Federal Reserve Bank of San Francisco A More than 800 photos on 332 pages .A Hard cover, sewn binding. 872X 11 inches ISBN 087184-517-2 -A $42.50 -A A must for every dealer, collector and library. Contact any paper money dealer, or clip and mail the coupon below. Call and place your order now. THE COIN & CURRENCY INSTITUTE, INC. 44: P.O. Box 1057, Clifton, NJ 07014 9 (973) 471-1441 • Fax (973) 471-1062 info@PaperMoneyoftheUS.com Please rush me the 17th (2004) 50th anniversary edition of Paper Money of the United States at $42.50 each. No. of books: @ $42.50 New Jersey residents: 6% sales tax Shipping Si handling (per order) $4.75 GRAND TOTAL Call toll free 1-800-421-1866 q Check enclosed Please charge my: qVISA q MasterCard q Discover q American Express Account No. Exp. Date Signature Name Address* City St Zip Phone No 'Please provide the billing address for your credit card if different troin shipping address. • c. Aril.: 1 ,141)YE - teENCY 4DISI;j 24. „ . .”" .001A3MX1310] /C., q iThe oVARA% wytkitar tU.e INvo.rtEroWneumana: 040' '4411W Q=D51014iii6oto ex4,0=0,1zirow-)=4:',-A.}. .ZZA1 198 May/June 2004 • Whole No. 231 • PAPER MONEY New Hampshire has the only Peterborough in the country, and its bank was the earliest chartered of the "Peter town" banks. glanced through the nationals, and there, of all things, was a 1929 $20 from Fort Pierre. I couldn't believe it. The note was very reasonably priced at $550, but the ad was stone cold. It had been on the streets for a week or 10 days. Even so, ever the optimist, I called Dean's office, got his assistant Bill Bagwell and made my plea. Amazingly, the note was still in stock. Stunned with my good fortune, I obligated my funds. The last town was in! Ironically, the pri- mary notes in the set started with a purchase from Dean and finished with Dean! From the outset in the 1960s, I knew San Pedro, CA, was going to be an uphill climb. The First National Bank there did not issue 1929 notes, and California was avidly collected even then. It was going to have to be a 1902 Blue Seal, and the competition would be overwhelming. The first one I saw was a $10 1902PB offered in a fixed price list from John Kraszewski in 1968, a GI who was finding notes in Europe and selling them from his German APO address. I sent for it but missed that one, and began to learn from California collectors that the bank was virtually impossible. Miraculously, Curt Iverson turned up a 1902 10-10-10-20 San Pedro sheet sometime around 1977. He cut it, not being able to sell an expensive sheet in those days. I met him at a show in February 1978, and saw one of the $10s in his case. It was way too expensive for my blood because California was really hot, but I couldn't leave it alone. I finally asked him if he still had the $20. His reply was "yes," and I couldn't resist. This would be the first Uncirculated note in my set, and a great bank besides, so I laid out the $450, and he sent it to me. Subsequently three more Uncirculated $10s have turned up on the bank along with a couple of circs. The reported population now The Peter town collec- tion even embraces this territorial issue. None are reported. Natrum..-alt sirreney, MIMEO enumesinissoposue OMR SLCURITIES • X349165HKITED STATES OF AM ERI CA yy T..., 2941 10) 4 'V • "4 "4-vtitilitLULLQIUSUA,111.kbitibU WAN' 4414,44 ...-.2410011,A3 goat* - !L: i:.CAMMAVAIttke angnommaitnahlk ; f : 1,1a,c2j21,12) t'•, 1.4 ''1-10=09Q,■3"•ard,X3.1--1, ';W;;Z4.40:1:41MR. git0 • q.i•43 3=VOUVILLE-1,r41;Z;:; T 4FR v 14237 • 4.9* PAPER MONEY • May/June 2004• Whole No. 231 199 stands at 10 notes; still not enough to go around. Two serendipitous finds stick in my memory, both coming within a year of the other. The first involved running into Leon Thornton rather late at the Memphis show in 1983. I asked if he had any nationals, and he replied that he had nothing from the west. Besides, he said, everyone had already looked at his stock, and had just about picked him clean. I asked to look at the remainders anyway. Don't bother to ask, and you won't be rewarded with discovery. Out of an envelope containing just a few notes came a beautiful 1902PB $20 on The First National Bank of Petersburg, Indiana (#5300). The bold red stamped sig- natures splashed across it were really eye catching. The second came when I ambled up to Art Leister's table at a show in January 1984. I have always held Art in high regard because he has always been a bastion of the retail paper money trade. He told me he had nothing from the western states I collect. Even so, I asked to look at his early nationals rather than walk away. You have to be reasonably aggressive in this game. Close to the top of the stack that he handed to me was an ace on Peterborough, NH (#1179). Talk about the perfect note to give this set a little color! The only chance I ever had at a small note from The First National Bank of Peterstown, WV, came early -- in 1968 -- on a fixed price list from Johnny 0. Baas. Johnny did business as Johnny 0 from Hazlehurst, MS. Eventually, after he retired, he and his wife sold everything they had, invested in a camper trailer and hit the road never to be heard from again numismatically. Anyway, there on his list was a VG or worse 1929 $20 on Peterstown for $30. The bank was a must because it was the only possible Peterstown. I wrote with the request that he send it on approval if he still had it. He replied that he did, but Pierre is pronounced Pier by its resi- dents, but even so its French origins give its notes a prominent place in a "Peter town" collection. The First National Bank of Fort Pierre only issued $5 Series of 1882 brown backs. They are dream notes to aspire to for this collection! tr...11.11.31111 'nulfdittAinfraMa 7iiiaammmummEmmotsatar; abo SOME% 01141. 1) rt2tiv, 1- 0711- (s-" t: 3515 119577 4411.44,41A.MA.A.L1111.11" t4,4XJAVUtitAl! WW1ilaWf4r411600gliuskiqft ,114.04.9y, Y//a701fri ct'',. 111111 WOJigiatrirliaaVkix FIRST NATIONAL HANK "'::c" AND TRUST COMPANY OF PETERSBURG VIRGINIA WILL PAY TO THE WEARER ON DEMAND TEN DOLIAIRS D001708A D00170811 OR OTHER SECUMTIES rou,//// fifq■ await 20 XX 20 •::20 T.19F,n7 it% vvrt x'/1,1;:: 2,'XX 0; May/June 2004 • Whole No. 231 • PAPER MONEY200 Two titles are possi- ble for this bank thanks to a title change in 1931 that reflected when the bank was licensed to enter the trust busi- ness by the Federal Reserve Board. Wesley is my middle name, and the only possibility was a large size note from The First National Bank of Wesley, Iowa. A Value Back turned up in 2003, one of my favorite type notes. he wouldn't send it to me because the grade was too low to be acceptable. Fortunately after a few weeks I sent the 30 bucks and still thoroughly enjoy looking at it. The note issuing town of Peterson, IA, with its First National Bank (#4601), gave me pause. Did this qualify for my set or not? I delayed adding it to the list until 1999 or 2000, after I had gotten the Fort Pierre which I consid- ered to be my last need. I had seen a few large and small notes go by from the bank years ago, but none in the last decade and a half. The town is in north- west Iowa, 60 miles northeast of Sioux City, and is now so small, it isn't even listed in the index to the Rand McNally road atlas. Its bank was modest, with an ending circulation of $25,000 in 1935. It should be possible, but not easy, to find a note from there. Search as I would, the task was beginning to look futile. Then, of all venues, someone donated a very respectable looking $10 02PB from the bank PAPER MONEY • May/June 2004• Whole No. 231 201 New Hampshire Bank Notes Wanted Also Ephemera *-> "- n rid '622 ttEett. vux4;44,37Z1 . tua swastrawas • xi/vb.:4 4;591:17,1,wW#(04. 4//i/m9Yr' tgv 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 PO Box 539 Wolfeboro Falls, NH 03896-0539 E-mail: qdbarchive@metrocast.net Nail fauandlfunprenelr 111C11100 BTnuTtl SIMS RIDS DI otAITt17111111TIK TRW,. or N NITF,DSTATESOFAMERICA R246657< mult010-1 sit 13.18Oltg 1AT t—teikiltdzWitt /4e,,,A, 4144.tut abusi.ALP HILII/VIIIDNILS.111. CIE ' IC SCIE:71:11-1 ANCEItEDIEVEMEDNLATESTENIDENEPOSEEZDIVETBERVENEASIENENDE w. wyjimmoljnimAmoutuak -770,fr.„ FIRST NATIONAL BANE IN PIERRE SOUTH DAKOTA WILL PAY TO THE DEANER ON DEMAND TIVFINTY DOLLARS A 0 0 0 1 8 7 . 1 14 2 5 2 e 14252 A000187 - TWENTY DOLLARS 202 May/June 2004 • Whole No. 231 • PAPER MONEY This well circulated note with great signatures from tiny Petersburg, ND, 30 miles west of Grand Forks on US 2, came from the fabulous Ella Overby hoard discovered in Glenwood, Minnesota, in 1970. There is even a 14000 charter in the "Peter town" set, this being from the elusive reorganized successor to charter 2941. to the Currency Auctions of America-Heritage St. Louis Charity Auction held November, 2001. That appeared to be a noble venture worthy of support, and finding the Peterson in the sale seemed like as a good omen. I submitted one bid to the sale, a bid that had to be classified as unlimited for the Peterson lot. The note hammered at a fraction of the bid. Now I think I have corralled a note from the last issuing "Peter town" that qualifies for the set. Ever the collector, I have been searching for decades for a related note, one with my middle name Wesley. The only possibility was a large size note from a very scarce Iowa bank, The First National Bank of Wesley (#5457). The bank opened in 1900 and failed in 1928. It had a closing circulation of $25,000. Two or three notes have been reported from the bank. I always hoped the one printed for me would turn out to be an 1882 Value Back because that is one of my favorite types; however, only 560 10-10-10-20 Value Back sheets were issued. Lightning struck in a May 2003 Stack's sale. Some truly spectacular Peter notes were issued. One I especially like is the $5 Brown Back from Peterborough, NH. That plate was made in 1885, and has the distinctive title block layout where FIVE DOLLARS appears inside the tombstone rather than the town name. Only one issued survivor seems to be known, and I saw it recently in a very prominent New Hampshire collection where it is thoroughly appreciated. Equally high on my dream list are the Brown Back $5s issued by The First National Bank of Pierre, Dakota Territory, and The First National Bank of Fort Pierre, South Dakota. I certainly wouldn't turn up my nose at a note from one of the three early failed Petersburg, VA, banks either. Speaking of Petersburg, VA, there are two each of $50 and $100 Red Seals reported from The Virginia National Bank (#7709), one of the $50s being a number 1. I doubt that any of them are in my future though! PAPER MONEY • May/June 2004• Whole No. 231 203 My little set could still use a bit of fleshing out in terms of color. It is light on Series of 1882 notes. In fact, I have no 1882 Date or Value Backs at all. There probably aren't enough Original Series or Series of 1875 notes in my little set, but then there aren't enough of those to go around period. Don't have a Red Seal either. The collection lacks notes from several possible banks. Various titles are missing. It could also use a large or small note from some of the banks which issued both. Is it incomplete? Are there holes that should cause frustration and burnout? Hardly, each potential find represents a tangent that can be taken when the opportunities arises. This set has provided pure enjoyment for about 35 years. It has no defined boundaries other than a note from each issuing town. What direction the set takes depends solely on what turns up next. The end is not in sight so maybe it will help me live a little longer just trying to get "there." The worst thing for a collector is to establish a fully defined set. Two things are possible, you finish the set or you find it impossible to finish the set. Either results in burnout, and in no time you are washed out of the game. The objective is to have a challenging unbounded pursuit. It is my opinion that one should carve out a collecting strategy that defies completion. If the limits on the set are undefined, the collection becomes sub- ject to the chance discovery in the next hoard or serendipitous walk-in purchase at some coin shop somewhere across the country. Consequently your quest can always offer up excitement, and the thrills will come at the most unexpect- ed times in the most inexplicable places. Notice that if you got this far in this article, you probably enjoyed the stories more than the actual notes that are illustrated. That is important. Along your own way your story will be populated by all sorts of interest- ing people, and it is from your interactions with those people that you will gain the greatest riches that this hobby can serve up. Ultimately the real enjoyment is in the people; the notes are only the vehicle for meeting people -- us! Sources of Data and Photographs Bureau of Engraving and Printing. Certified proofs of national bank note face plates (1875-1929), National Numismatic Collections, National Museum of American History, Smithsonian Institution, Washington, DC. Comptroller of the Currency. Annual Reports of the Comptroller of the Currency. Washington, DC.: U. S. Government Printing Office (1863-1935). Van Belkum, Louis. National Banks of the Note Issuing Period, 1863-1935. Chicago: Hewitt Brothers Numismatic Publications (1968), 400 p. 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 204 May/June 2004 • Whole No. 231 • PAPER MONEY Henry Wells' Bank The FNB of Aurora. NY By Karl Sanford Kabelac HE VILLAGE OF AURORA, NY LIES NESTLED ON THE eastern shore of Cayuga Lake in the Finger Lakes region of cen- tral New York. It is 25 miles north of Ithaca, the home of Cornell University, and 50 miles southwest of Syracuse. Aurora is across the country from San Francisco, the head- quarters of the great Wells Fargo banking empire, but a century and a half ago the vil- lage was the home of two of the founders of Wells, Fargo & Co., direct ancestor of today's Wells Fargo. They were Henry Wells, and Edwin B. Morgan, who served as the first president of Wells, Fargo & Co. These two men were also founders of the national bank in the village, which has occupied the same small cut-stone building on the lake side of Main Street since its founding in 1864. Henry Wells was born in Vermont Above: Postcard view of the bank (far right), from a distance, c. 1905. The train no longer comes to the village. The building to the left of the bank (across the yard which is still open) is the Aurora Inn, built in 1833, and reopened recently after a major reno- vation. Cayuga Lake is in the back- ground. The person in the carriage is said to be Dr. Cuddeback, the village physician. Henry Wells (1805-1878), the found- ing president of the village bank. The photograph was taken at Brady's National Portrait Gallery in Washington. (Courtesy Wells College Archives, Louis Jefferson Long Library, Aurora, New York) PAPER MONEY • May/June 2004• Whole No. 231 205 in 1805, but moved to upstate New York with his parents as a child. By the 1840s he was in the express business, and in 1850 was the founding president of American Express. That same year he moved to Aurora. When American Express was reluctant to venture as far west as California, he was one of the founders of Wells, Fargo & Co. in 1852. (William Fargo, the other founder for whom the company was named, lived in Buffalo, NY, where he was a Civil War mayor of the city.) In the late 1860s, Wells also founded Wells College, a college for women in Aurora. Today, his beautiful stone Italianate home, built in 1852, serves as a dormitory for this small liberal arts college. Wells died in 1878, and is buried in the village cemetery. Edwin Barber Morgan (1806-1881) was a lifelong resident of Aurora. He served as a Congressman for three terms in the 1850s, was a founder and long- time stockholder of The New York Times, and was involved in a number of business and philanthropic ventures during his active life. A found- ing partner of the Wells, Fargo & Co. in 1852, he served as its first president for a year. His former home along the lake in the village, a half a dozen houses north of the bank, is now a Wells College guest house. In March of 1864, a number of local men met to found the First National Bank of Aurora. The bank received charter #412. Wells was chosen its first presi- dent; and Talmadge Delafield, the cashier. E. B. Morgan was one of the founding directors. The next month the small stone building which still serves as the bank building was purchased for $1,100 and remodeled for banking purposes. It had been built about 1840 as a home. Wells served as president for over 10 years, resigning in November, 1875. Morgan, who had become vice-president of the bank in 1871 when that office was created, was elected president to succeed him. He held the position until his death in 1881. Allen Mosher became cashier in 1872 after Delafield's resigna- tion the year before. Nicholas Lansing Zabriskie (1838-1926), the son-in- law of E. B. Morgan, became the third president of the bank in 1881 and served for 45 years. A native of Long Island, he had married Louise Morgan in 1865 and moved to the village in 1867. A First Charter One Dollar National Bank Note signed by Henry Wells as president and Allen Mosher as cashier. (Courtesy Kurt D. Kabelac) Edwin B. Morgan (1806-1881), life- long resident of the village and second president of the bank. Treasury Department. Orr= ay COMPTROLLER or THE CI:raw:war, t WASHINGTON, May 4th, 1864. FLEAS, by satiatictori evidence presented to the undersigned, it has been made to Appearthat the First National Bank of Aurorasin the COunty of Cayuga, and State of New York has been duly organized uhder and according to the re- quirements of the act of Congress. entitled . " An act to provide a national currency, secured by a pledge ofIgnited States Stocks, and to provide for the circula-tiou and redemption thereof' red rebniary catautencing Comptroller coanplied with all t act required to be complied withthe business of Banking.Now tbere, I, Hugh lktthe Currency, do by that t a First Nation.41 Bank of Aurora, County of aynga and State of New Yor is authorized to commence the business of under the act aforesaid. onT whereof -witness my hand and seal ofoffice this fourth day of Id% 1864.Seal of the Comp- UGH McettjAkaK„trolieref th*Chr anaptoneratubscareacy. libm I 206 May/June 2004 • Whole No. 231 • PAPER MONEY A newspaper in Auburn, the county seat, briefly noted the organization of the bank in its March 11, 1864 issue. It was the fourth National Bank chartered in Cayuga County. The legal notice on the organization of the bank that appeared in the paper, late spring and early summer 1864. tar The National Bank of Aur,ra was or- ganized on the 8th inst. Capitol $100,000.— Hoary Wells, Ple8ideut. Talmadge Delafield, Cashier. graduate of Union College in Schenectady and a lawyer, Zabriskie was involved in various business and philanthropic endeavors during his long life. With Allen Mosher's death in 1906, Edmund Doughty became the bank's cashier. Sanford Gifford Lyon, an Aurora businessman and civic leader, was the last president during the National Bank Note issuing period. The grandson of Sanford Gifford, a local farmer and a founding director of the bank in 1864, Lyon became a director in 1906 and vice-president in 1908. Assuming the presidency in 1927, he served during the difficult Depression years until his death in 1936. With Edmund Doughty's death at the age of 77 in 1932, Marcus Webb became the cashier. The bank issued currency during all charter periods. Ones, twos, fives, tens, and twenties were issued during the first charter period; fives, tens, and twenties during the second charter period, and only tens and twenties during the third charter period. Series 1929 notes were also issued in only tens and twenties. Just slightly over one and a half million dollars in National Bank Notes in total were issued by the bank. The First National Bank of Aurora had four cashiers and four presidents during the note issuing period and, not counting possible assistant cashiers and vice president signatures, there are seven local signature (cashier-president) WANTED I 0 In Stock for a Gold, Silver, and P1 Call for Quotes 80 The South's oldest and largest co rida onals, ens livery Products 7-5010 op sin - 1967 WILLIAM YOUNGE Your Hometown Currency Hea AN INC ers 95 South Federal Highway, ' 3, oca Raton, FL 33432 P.O. Box 177, Boca Raton, L 9-0177 (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 • May/June 2004• Whole No. 231 207 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: Billtitt@aol.com Member SPMC, PCDA, 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 $20 to - Pierre Fricke, P.O. Box 245, Rye, NY 10580 914-548-9815 pfricke@attglobal.net www.csaquotes.com ; eBay "armynova" Top prices paid for all National Bank Notes, ollections, d Estates Large Inventory of National Banka otes for s See Our Website at Williarnyoungerman.com or et us at ey@aol.com ita=121,10;Whi=r6.3.17(Tz. t C,,AVARB S. 1St- /8 8_,F.4" 11.,- 11,111" 36(54 _eirEzzaocs=nezaa-- rBoNns 4.4 r (1),IIPPOSITRIA • - ;4 AN9 It f D14#1 WV') : .1;19 1,4MtV 4"--CIUMgEED, tor jitt 208 May/June 2004 • Whole No. 231 • PAPER MONEY First Charter Five Dollar National Bank Note signed by E. B. Morgan, as vice president of the bank and Allen Mosher as cashier. Morgan became vice president of the bank in 1871 and president in 1876. This may be one of the two similar notes in the famous Grinnell sales in 1945 and 1946. Y/r./%/r Flan IN) -j ktv II • e ,===s' •Tv-" r-1112770,E1 JIMEEIV _ Early check drawn on the bank, signed by Edwin B. Morgan, the second presi- dent. _ --,, \ i ---17. to ir.43,:_!".v:;,,.._.", Z- \ _*',.1f„,,' f X ' Id . rj „.--ki., Are./.09,1,/ ' J. -.P ,,..-.... //' 7 L It 1 L 1 -,...-,......--- 4-1.4. .C4.....7 /4/1=--c-e..— ill._ „ Ctl rad ' 0) e--r) 0-4 Condition of the bank in the fall of 1869, from the Comptroller of the Currency Annual Report. At that time there were 1620 National Banks; New York led in number of banks char- tered with 294 and Massachusetts was second with 206. combinations on its notes: Delafield-Wells, Mosher-Wells, Mosher-Morgan, Mosher-Zabriskie, Doughty-Zabriskie, Doughty-Lyon, and Webb-Lyon. Most are illustrated with this article. In 1960, the bank opened a branch in Union Springs, a larger village along the lake eight miles north of Aurora. Union Springs had once had a national bank (charter #342) from 1864 until 1890, but had been without a bank for a number of years. In 1976, the name of the bank was changed to Cayuga Lake National Bank, with the former branch becoming its headquar- ters in fact as well as reality, and the bank in Aurora becoming the branch. First National Bank, Aurora. HENRY WELLS, President. TALLMADGE DELAFIELD, Cashier. Resources. Liabilities. Loans and discounts $108, 249 76 Capital stock $100, 000 00 Overdrafts 1, 139 24 U. S. bonds to secure circulation 100, 000 00 Surplus fund 6, 500 00 U. S. bonds to secure deposits Undivided profits 5, 992 30 U. S. bonds and securities on hand... Other stocks, bonds, and mortgages.. National bank notes outstanding .. 84, 674 00 Due from redeeming agents 4, 902 09 State bank notes outstanding Due from other national banks Due from other banks and bankers... Real estate, furniture, and fixtures... 3, 85 300 92 00 Individual deposits U. S. deposits 32, 807 01 Current expenses 1, 359, 69 Deposits of U. S. disbursing officers. • Premiums Due to national banks L 433 05 Checks and other cash Items 321 62 Due to other banks and bankers Bills of national banks Bills of State banks Notes and bills rediscounted Fractional currency 48 04 Bills payable Specie Legal tender notes 12, 000 00 Three per cent, certificates Total 231,406 36 Total 231, 406 36 4 . 6-9Actp.a.ti 3:41ns PAPER MONEY • May/June 2004• Whole No. 231 209 St. Louis is calling you to the... 07458430, gta*M110A R V7-9A11A•Cf. mom - sAhOul au' CA • National and World Paper Money Convention Show Hours: Wednesday, November 17 2PM-6PM (Professional Preview—$50 Registration Fee) Thursday, November 18 Noon-6PM Friday, November 1910AM-6PM Saturday, November 20 10AM-6PM Sunday, November 21 10AM-1PM Future Dates: 2005 2006 November 17-20 November 16-19 1'1100'2' Thursday-Sunday, November 18-21, 2004 (Free Admission Thursday - Sunday) St. Louis Hilton Airport Hotel, 10330 Natural Bridge Road, St. Louis, MO 63134 Rooms: $99 Call (314) 426-5500 • 75 Booth All Paper Money Bourse Area • Major Paper Money Auction • Society Meetings • Educational Programs • Complimentary Airport Shuttle Bourse Applications: Kevin Foley P.O. Box 573 Milwaukee, WI 53201-0573 414-421-3498 E-mail: kfoley2@wi.rr.com : ,4"74?'.:"IraitiWfit ,e1W41AS 10: 1 .,,,71...111/7”/ 7(44,4,7 . cwiat ,-!- ;144gRevit 210 May/June 2004 • Whole No. 231 • PAPER MONEY Early check drawn on the bank, signed by N. Lansing Zabriskie, the third president. N. Lansing Zabriskie (1838- 1926), son- in-law of Morgan and president of the bank for 45 years. The bank continues to serve southwestern Cayuga County as it has for 140 years. With its two offices, it now has deposits of more than 65 million dol- lars. The current president, its tenth, G. William Ryan, has served since 1975. The bank has had one woman president during its long history, Edith P. Morgan. She was the granddaughter of founder Edwin B. Morgan and served from 1941 to 1951. The author is the grandson of Sanford Gifford Lyon and would enjoy hearing from anyone with notes of the bank. Perhaps someone even knows where the $2 note on the bank that was in the Grinnell sale is now. You can contact the author at 105 Raleigh Street, Rochester NY 14620-4121. karl@rochester.rr.com Sources Biographical entries for Wells and Morgan are found in the Dictionary of American Biography; Wells, in v.19 of the original edition, p. 639-640; and Morgan, in v. 13 of the original edition, p. 167-168. The National Cyclopedia of American Biography contains sketches on all four men: Wells, v. 39, p. 595-596; Morgan, v. 13, p. 218; Zabriskie, v. 25, p.179; and Lyon, v. 27, p. 477-478. Entries for all four are also found in Harry Roberts Melone, A Sesqui-Centennial Souvenir Describing One Hundred and Fifty Years ..., Auburn: The Author, 1929: Wells, p. 390; Morgan, p. 381; Zabriskie, p. 392; and Lyon, p. 378. The early history of the bank is covered in Elliot G. Storke, History of Cayuga County, Syracuse: D. Mason & Co., 1879, p. 408-409. This volume also has biographical sketches on Wells, p. 404; Series 1882 Five Dollar National Bank Note signed by third president, N. Lansing Zabriskie, and Allen Mosher as cashier. (Courtesy Lyn Knight) EARLY AMERICAN NUMISMATICS P.O. Box 3507 • Rancho Santa Fe, CA 92067 • (858) 759-3290 • Fax (858) 759-1439 • 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 Subscribe to Receive Our Beautiful, Fully Illustrated Catalogs Only $72 for a Full Year Subscription of Six Bimonthly Issues VISIT OUR WEBSITE: WwW EARLYAMERICAN • COM Alabama Large Size , .1,6433/1w76' -61MM Oat 41,1:1111i!ip4111:Ille rtftt Ura.14, AAO-VA-14.40, -.4;# /1,45, NalUmilltXt 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 • May/June 2004• Whole No. 231 211 1,41ASitanyak WI 1 Mt 111%1 tibtrlIZIF TWA{ VIA 01.- "MY , W4930 - NatituralCurreney SECURED ST Oa EU STATES EURO DR VINFR SECURITIES • . UNITED STATES OFAMERICA 212 May/June 2004 • Whole No. 231 • PAPER MONEY Series 1902 Ten Dollar Plain Back National Bank Note signed by N. Lansing Zabriskie as president and Edmund Doughty as cashier. NationalCurrentrx,, • SECURER STUMM! STATES SOROS OR OTHER SECURITIES • NITED STATES OFAM ERICA Series 1902 Ten Dollar National Bank Note signed by the fourth president, S. G. Lyon, and Edmund Doughty as cashier. 10370 %aim Sanford Gifford Lyon (1866-1936) last president of the bank during the note issuing period. He is pictured at his desk in the New York State Assembly in the 1920s. :Ark Itior 412 0111MTIEIMMILIVII. 14.111Will41141,411,141=41) i1/4/ tz THE FIRST NATIONAL BANK OF AURORA F000262A IILAMEIC10.7■TAIIG 111110XCILCIIMMIC'N'' SECIBEOWDYITEDSTATESDONDSDEPOSITEDRITIETRETIMES EBBE — wintWff....grANO...11101EAMII\ NEW YORK WILL PAY TO THE BEARER ON DEMAND TIVENTY DOLLARS F000262A 4' I TH THE FIRST NATIONAL BANK OF AURORA HEW YORK WILL PAY TO THE BEARER ON DEMAND TEN DOLIAILIS 412 A001660 REO THE U TREA MILMICIDICILL (7111:=11.18211■011- es`"ifigibejjekiV4Ar 14_,LgEi A001660 412 TEND WINS PAPER MONEY • May/June 2004• Whole No. 231 213 Morgan, p. 400; and Zabriskie, p. 408. Newspaper articles on the bank have appeared in The Citizen-Advertiser, "National Bank of Aurora Observes 100th Year, " Auburn, N. Y., March 31, 1964; Rochester Democrat and Chronicle, "Tiny Bank Had Famous Founder," May 20, 1979; an Associated Press article, and The Citizen, Auburn, N. Y., "Cayuga Lake National Bank: 'Bigger Doesn't Equal Better,'' January 31, 1990, p. Cl. Information on the number of notes issued by the bank is found in Don. C. Kelly, National Bank Notes, 3rd ed., Oxford: OH, Paper Money Institute, 1997, p. 307; and John Hickman and Dean Oakes, Standard Catalog of National Bank Notes, 2nd ed., Iola: WI, Krause Publications, 1990, p. 653. Series 1929, Type 1 Twenty Dollar National Bank Note with Lyon and Doughty's signatures. Series 1929, Type 2 Ten Dollar National Bank Note with Lyon's signature as president and Marcus Webb's as cashier. Webb became cashier on the death of Edmund Doughty in 1932. This is the bank's last signature combination on its National Currency. Postcard view of the bank, 1996, as it looks today. The lower part of the front window screens have scenes painted on them. The major change in recent years has been that the lobby was divided into an outer lobby with a 24 hour ATM, and an inner lobby open during banking hours. (Photo: Copyright 1996 Jacqueline Conderacci) 214 May/June 2004 • Whole No. 231 • PAPER MONEY Make Your Vote Count Candidates Vie for Seats on SPMC Board A TRULY CONTESTED RACE HAS BEEN RAREin SPMC elections in recent years, but this time around Society members clearly have choices to make. Seven candi- dates are running for four open seats on the SPMC Board of Governors. Hopefully, this is another indication that SPMC is generating increased interest and a desire among its mem- bers to serve in this important role. SPMC Board members generally meet twice a year at Memphis in June and St. Louis in November. The Board sets policy, votes the expenditure of funds, and provides leadership for various aspects of the Society's member services and pro- grams. Board members also elect Society officers. In-between Board Members perform assigned duties and represent SPMC at various national and regional events. Board members are elected for three-year terms. Terms for one third (four) of the 12 Board positions expire annually. This time around two veteran Board members Wendell Wolka and Steve Whitfield elected to step down and not seek re-election. The other two incumbents, Bob Schreiner and Fred Reed are running for re-election. New faces also seeking your votes are members (in ran- dom order) Dennis Schafluetzel, Jamie Yakes, Bob Moon, Rob Kravitz and Robert J. Drew. A ballot is enclosed in this issue of Paper Money. Please read the biographical information pro- vided by the candidates, mark your ballot, and return it ASAP. Ballots may be mailed as post cards or inserted into envelopes and mailed. Either way, please send your ballot to SPMC President Ron Horstman, 5010 Timber Ln., Gerald, MO 63037. Results will be announced at the General Membership Meeting at the Memphis International Paper Money Show in June. Candidates in random order are: Dennis Schafluetzel A native of St. Louis, MO, Dennis Schafluetzel, grew up and went to school in Greeley, CO and graduated from the University of Colorado in Chemical Engineering. He worked for DuPont in four locations over 40 years before retiring in 2001. He has two children, both married and three grandchildren. Dennis has collected U.S. and Canadian coins and tokens since 1954 and expanded to paper money in 1996, specializing in National Bank Notes, and obsolete currency from Chattanooga, TN. He has been a member of local coin clubs since he was a teenager in Greeley, CO and throughout his numerous location assignments with DuPont. He is a member and current treasurer of Chattanooga Coin Club and mem- ber and former president of Chief John Ross club. Dennis is currently Vice President of both the Tennessee State Numismatic Society (TSNS) and the Georgia Numismatic Association (GNA). He is a 25-year member and exhibit judge of ANA and is also a member of SPMC, CNA, BRNA, and ASCC. He has written articles for the Numismatist, Paper Money, GNA Journal and TennCoin. He is the co-author, with Tom Carson, of the electronic book Chattanooga Money with more than 1,000 color images published in 2003. He is currently working with Tom on a new e-book on Tennessee Merchant Scrip. Bob Schreiner Bob Schreiner began collecting coins as a child in the 1950s. His paper specialty is U.S. obsolete paper money with depictions of Spanish coins and obsoletes with unusual obligation statements. He has written numerous articles for Paper Money and other numismatic publications, and he maintains a web exhibit "Spanish Coins on American Notes," scoan.oldnote.org . Schreiner has been a Society of Paper Money Collectors governor since 1999 and currently serves as secretary, librarian, and web master. He has put the library's catalog on the SPMC web site, as well as the Tremmel's "Index to Paper Money." As web master, he is expanding the site, adding more educational materi- al. Schreiner believes that electron- ic media offer new opportunities for publishing information about our hobby, supplementing the traditional paper book and journal. CDs and web-based documents are often ideal for publications usually sold only in small quantity and especially those for which new research and frequent discoveries rapidly change the knowl- edge base. He is currently working to convert 40+ years of Paper Money to CD format, where the content can be viewed as it was original- ly published, and the text searched for key terms reflecting the reader's individual interests. He has been active in various numis- matic organizations, including serving as president of the North Carolina Numismatic Association and the Raleigh Coin Club. He has also served as an officer of the Blue Ridge Numismatic Association. Rob Kravitz Rob has been a collector since 1965. A former professional foosball player, he became a part-time coin/currency dealer in 1970. Since 1994 Rob has been a full time dealer. He is a mem- ber of the Professional Currency Dealers Assn. He is also LM of SPMC (#294), ANA (#5361), and Central States Numismatic Society (#791). Rob learned numismatic research with the help of Eric P. Newman and his library, and recent- ly authored A Collector's Guide to Postage and Fractional Currency. Because of his specialized skills, Rob was selected by the Currency Grading and Certification Service to be one of its fractional currency graders. Rob also collects rock 'n' roll posters and art work by Jerry Garcia and Stanley Mouse, as well as St. Louis Cardinals baseball cards. PAPER MONEY • May/June 2004• Whole No. 231 215 Fred Reed SPMC member since 1975. SPMC Governor (1998-pre- sent); SPMC Secretary (1998-2001); Paper Money Editor (1999- present); Paper Money Publisher 2003-present); George W. Wait Memorial Chairman (2000-present); Awards Committee Member (2001-present). Received SPMC Award of Merit (2001); SPMC- Bank Note Reporter Nathan Gold Lifetime Achievement Award (1995 and 2000). BNR "Most Inspirational" exhibit recipient (2002). Collector since 1955. U.S. Army newspaper editor (1970- 1972). News Editor and Staff Writer of Coin World (1975-1981); Vice President Publishing and Editorial Director Beckett Publications (1986-1996); owner enthusiast-media.com ltd a niche publishing and special interest con- sulting firm. Author, co-author or editor of dozens of hobby books, including Civil War Encased Stamps, Paper Money Errors, Coin World Guide to Collecting, Standard Catalog of Motion Picture Prop Money (2004), as well as books on U.S. silver dollars, U.S. commemorative coins, Canadian silver and nickel dollars, U.S. fractional currency. Principle interests in continuing to serve on SPMC Board are: (1) increasing number of Society members; (2) maintaining/improving SPMC membership services and Paper Money; (3) improving SPMC awards/incentives programs; (4) articulating and helping to implement SPMC 6000 goals; (5) assisting other board members in achieving SPMC goals; (6) rep- resenting collectors and SPMC member dealers' interests effec- tively. Fred is also a longtime member of TAMS, ANS, CWTS, FCCB and NLG. Jamie Yakes Jamie is SPMC Life Member #338. Born December 26, 1974, and raised in Point Pleasant, NJ, he currently resides in Jackson Township, NJ with his wife Nadine and two cats, Foster and Quincy. Jamie graduated in 1999 from Richard Stockton College of New Jersey with a Bachelors of Science in Chemistry. He currently is employed by Accutest Laboratories in Dayton, NJ as a supervisor of the inorganic chemistry lab in charge of the daily functions and personnel. Yakes has been collecting since the age of 11. He is a member of the Ocean County Coin Club (NJ), Garden State Numismatic Association, American Numismatic Association, and also life member of the Society of Paper Money Collectors. His other interests include weight training, cooking, sports, the weather, and reading. He specializes in United States $5 small-size currency by type and variety, and collects U.S. coins by type in Proof. He received the title "Numismatic Scholar," as conferred by comple- tion of the ANA School of Numismatics program in 2003, and had an article published in The Numismatist in May 2000. Robert Moon Bob has been a member of SPMC for over 20 years and pre- viously served on the Board of Governors for seven years. He is a graduate of Clarkson University in Potsdam, NY and just recently retired from a 30-year career in New York State government, including serving as the Chief Information Officer of a major state agency from September of 1996 until his retirement in November of 2003. He and his wife Christine are the proud parents of a son and daughter, both currently serving in the United States Army. A prolific writer, Bob has authored dozens of articles for Paper Money, Bank Note Reporter and other publications. Recognized by his peers, his articles have received four literary awards from SPMC. Also a perennial exhibitor at the annual Memphis show, he is a past recipient of the Bank Note Reporter "Most Inspirational Exhibit" award. He has lectured numerous times on his specialty, National Bank Notes, and has served as a numismatic con- sultant to the Federal Reserve Bank of San Francisco. With his retirement and impending relocation to South Carolina Bob would like to donate his extra available time to the betterment of SPMC by returning to the Board of Governors. With the growing number of adher- ents to our hobby, Bob would like to see a regular series of grad- ing seminars established at major paper money shows and, to increase member involvement, the expansion of our Society's web site including a chat room, census information and a grading guide. Robert J. Drew Robert started collecting in grade school, as many of us did filling Whitman folders and later adding Canadian and world coins. Then after taking a break from collecting for a few years he started again, adding early and modern commemoratives and proof sets. In the early '90s while attending a local coin show, he saw several MPC notes for sale and remembering that he used some while serving in the U.S. Army, he bought a few which was the beginning of his love affair with paper money. He started learning more about MPC and after attending the Military Numismatic class at the ANA summer seminar he expanded his collection to AMC, JIM and WW II notes. Then following the advice of a sage paper money collector he sold all of his shiny, round metallic things and expanded into other areas of paper money as well as books on paper money and currency auction cat- alogs. In addition to SPMC he is also a member of ANA, IBNS and three local clubs, all which he encourages to have programs to on various areas of paper money. Robert completed his BS degree in Business from Hawaii Pacific University, and after retiring from 21 years in the U.S. Army completed an MS degree in Counseling from Shippensburg University in PA. He has served on the board of directors of his local chamber of commerce, as a Court Appointed Special Advocate, has been active in his political party, and served as President of the local association of insurance agents. To help support his paper money collecting, he works as an insurance broker and as a dealer in paper money and books at local shows. He strongly encourages all SPMC members to attend an ANA summer seminar class on their choice of paper money and would like to see SPMC work with ANA to include a paper money course in the ANA School of Numismatics Diploma Program, and also include a membership application in each issue of Paper Money so it is easier for members to sign up new members. 216 May/June 2004 • Whole No. 231 • PAPER MONEY Fairmont, West Virginia A Series of 1902 Vice President Note AN UNUSUAL VARIETY THAT HAS BEEN RECOG-ni zed for years is the engraved "Vice President" on the later Series of 1902 Blue Seal Plain Back $5s issued by The National Bank of Fairmont, West Virginia (9462). These occurred first on notes with the engraved signature combina- tion of James H. Thomas, Vice President, and N. E. Jamison, Cashier, and later on notes with the combination James H. Thomas, Vice president, and J. Ray Smoot, Cashier. THE PAPER COLUMN by Peter Huntoon Mark Hotz and I were startled to find that the President's signature was placed on thel 0-10-10-20 plates for the bank as we sorted the Smithsonian proofs! First were 10-10-10-20 plates with Brooks Fleming Jr., President, and N. E. Jamison, Cashier, and later Brooks Fleming Jr., President, and J. Ray Smoot, Cashier. The data on Table 1 demonstrate that the bank twice ordered engraved signatures for the Vice President on the lower denomination plate and the President on the higher. This occurrence is unprecedented to my knowledge in either the large or small note issues. An amendment to the National Bank Act passed on March 3, 1919, revised the language of the act to allow for both new denominations and engraved bank signatures. The italics are added here for emphasis here: That in order to furnish suitable notes for circulation, the Comptroller of the Currency shall, under the direction of the Secretary Enlargement showing the engraved signa- ture of James H. Thomas, Vice President. of the Treasury, cause plates and dies to be engraved, in the best manner to guard against counterfeiting and fraudulent alterations, and shall have printed therefrom and numbered such quantity of circulating notes in blank, or bearing engraved signatures of officers as herein provided, of the denominations of $1, $2, $5, $10, $20, $50, $100, $500, and $1,000, as may be required to sup- ply the associations entitled to receive the same. Such notes shall express upon their face that they are secured by United States bonds deposited with the Treasury of the United States, by the written or engraved signatures of the Treasurer and Register, and by the imprint of the seal of the Treasury; and shall also express upon their face the promise of the association receiving the same to pay on demand, attested by the written or engraved signa- tures of the president or vice president and cashier; and shall bear such devices and such other statements and shall be in such form as the Secretary of the Treasury shall, by regulation, direct. Clearly this allowed a bank to order engraved signatures for a Vice President, and the officers of the Fairmont bank did exactly that for its 5-5-5-5 plates! The first 5-5-5-5 and 10-10-10-20 sheets with Jamison's engraved signature were sent to the bank respectively on July 10 and July 9, 1924. The first with Smoot's signature were sent respectively on November 21 and 20, 1928. 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. Table 1. Summary of the Series of 1902 Blue Seal Plain Back plates with engraved signatures prepared for The National Bank of Fairmont, West Virginia (9462), and the sheets issued from them. Combination Approval Date Plate Letters President or Vice President Cashier Sheet Serials Issued Sheets Issued 5-5-5-5 Jun 9, 1924 E-F-G-H James H. Thomas, v N. E. Jamison 74001-100390 26390 10-10-10-20 Jun 10, 1924 D-E-F-B Brook Fleming Jr. N. E. Jamison 50401-69493 19093 5-5-5-5 Sep 14, 1928 I-J-K-L James H. Thomas, v J. Ray Smoot 100391-105907 5517 10-10-10-20 Sep 17, 1928 G-H-I-C Brooks Fleming Jr. J. Ray Smoot 69494-73060 3567 ltivALGAIV3a9111 wpm_ Wer- imalimin •. ,<-6grr:447fte..,-c mimmoNivr ,suauhtia.r-tutilanuustastai 4, 41AtitailiWit '4.r.vi.o.so= //A, Ian , OV.11113 t,rmosrtrcnieoNus LIINISIT(.1.711111.7111.60116-11or • C- aluiiiitaleillta* - stcaNtosruomustarco 01111161KOMMIOMIDITIaTRUSIXO or ac UNITED STATES 0 FAM ERICA ,,,CSPOCIV" AZ "8 X' .4414144-4.41.AlikIlit1)_6012‘. '1714.11JN- 1144:141.74/.14..7 . 27/b, 0/M7 /a-mfaezt,1/ smur.s.-ryng, _-•*110.641M 19,(11.13111,7411211STAIISMCCIDS IMPFWITOWITHIVISTRIS.131£9Or roa% ItmAtimik 174`0t-,, 'ulttas.isa.r.s4.1A4A- ,, *a VI' I) ;NAM dita /0%,"////V/1/, .4441.4. X././// ./.7/0V ANsilimanICurrettey_ slum rrontommamon1109111T011,111117Ht MASA. as me -a Eihr INO--"WitalaPt 4=EarlZUL t33`.fivf4114.,141.0.Lt 'NW "s)"1.14 TutAft WOlui&81,1..; /77.7e, /aL, ‹..›. • 4.0 PAPER MONEY • May/June 2004• Whole No. 231 217 Subjects from the certified proofs for the Fairmont, West Virginia (9462), Series of 1902 5-5-5-5 and 10-10-10-20 plates with engraved signatures pre- pared in June, 1924. Notice that the $5 is signed by the Vice President. SOURCES Bureau of Engraving and Printing. Certified Proofs of National Bank Note Face Plates. National Numismatic Collections, Smithsonian Institution, Washington, DC. (1875-1929). Bureau of Engraving and Printing. Ledgers Showing Deliveries of National Currency to the Comptroller of the Currency: U. S. National Archives, College Park, MD. (1924-1935). Comptroller of the Currency. National Currency and Bond Ledgers for Individual National Banks. U. S. National Archives, College Park, MD. (1863-1935). Subjects from the certified proofs from the Fairmont, West Virginia (9462), Series of 1902 5-5-5-5 and 10-10-10-20 plates with the second engraved signature combina- tion made in September, 1928. The $5s are once again signed by the Vice President. 218 May/June 2004 • Whole No. 231 • PAPER MONEY The First National Bank of Edinboro, Pennsylvania By Hal Russell Blount Above: Although housed in a frame building, this was the original location of the People's Bank, later to become the First National Bank of Edinboro, PA, 102 Meadville Street, the bank's location from 1892-1903. F DINBORO, PA IS LOCATED IN THE MOST NORTHWEST- ern part of the commonwealth 20 miles directly south of Lake Erie and approximately 100 miles due north of Pittsburgh. Nestled in a i gentle sloping valley Edinboro became a borough on April 3, 1840, with a population of 232. Much of its early paper history and written records were lost in a fire in 1905, which destroyed most of the business district. It can be presumed that the early settlers were a tough, tenacious lot, as life was hard then and the little town's people had to be tough just to survive. They not only survived, but they prospered. Beginning as a farmer's community with a mill powered by Edinboro Lake, the town grew when a trolley line was run to the city of Erie. The trolley line was mutually beneficial: Edinboro farmers sent produce north to Erie and in turn Erie sent tourists down to Edinboro. Edinboro Lake became and con- tinues today a resort area keystoned by the Curtze estate, a Kennedy-like pri- vate compound that stretches along the northeastern shoreline. The greatest change came when the teachers' training school founded in 1856 as Northwestern Normal School slowly developed into what is today Edinboro University of Pennsylvania. Northwestern Normal School was the first teacher-training institute west of the Allegheny Mountains. Actress Sharon Stone is a notable former student at Edinboro. Edinboro's biggest athletic rival is nationally known Slippery Rock State University. Today Edinboro University of Pennsylvania is a dynamic multifaceted university headed by its visionary President, Frank G. Pogue. I followed my mother who followed her father before her to Edinboro State College. My parents' first residence as newly weds was two doors away ol1R6911.9:30,:,,,...73=1,1.1=111:21M01.6 =7, illittrDt•iiiitstitkwitita D907945:- o 8) AT.-144"& 114, '8" W; 96-0 PAPER MONEY • May/June 2004• Whole No. 231 219 Lyn Knight 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 will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 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 acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. cam°cvtiCXni ht Currency Auctions P.O. Box 7364, Overland Park, KS 66207 • 800-243-5211 • 913-338-3779 • Fax 913-338-4754 Email: lyn@lynknight.com • support@lynknight.com www.lynknight.com D249970A NationalCurrency • SECURER 0111111110 STATES HMOS RR OMR SECURITIES • . UNITED STATES OFAM ERICA 1440,44114' WM* o iairrbin9,444 /r -.77's74 220 May/June 2004 • Whole No. 231 • PAPER MONEY 1902 Date Back with hand signed sig- natures of Cashier Prof. J. B. Scott and President Warren Perry, probably issued in 1906. from the First National Bank when it was located at 131 Erie Street. I matricu- lated twice from Edinboro and developed a fondness for the town that draws me to it at least once yearly. For more than 30 years now I continue and grow relationships with a group of former roommates and friends who maintain a closeness rooted in our shared experiences at Edinboro. I acquired my initial First National Bank of Edinboro note in 1985. At the time only one large size note was known, with no known small bills, indi- cating a rarity of six. I have now collected six large and three small notes. Two other large notes are in possession of an elderly Edinboro resident handed down through his family. I will continue to search for and acquire the few oth- ers that are likely still out there. The legacy of the notes and the bank's history inspired me to research the background of the individuals involved from its beginning to its ending. Today the families, Allen, Cylenica, Kuftic and Orr, et al. have replaced the pioneer families Culbertson, Goodell, Campbell and Proudfit, yet the town maintains the character and independence forged by its founders. The People's Bank was announced in the Edinboro independent (the still existing local newspaper) when it ran the headline of June 25, 1892, "New bank in Edinboro." The fledging corporation rented the frame building at 102 Meadville Street on the corner of Meadville and Waterford Streets. Its first officers were listed as: President Sidney D. Hanson, buggy and harness shop owner; Vice President George Taylor, farmer; and Cashier David E. Gillaspie, grocer and hardware store owner. The People's Bank directors included hotel Closeup of the frosted stencil tran- som of the First National Bank of Edinboro at 131 Erie Street, location of the bank from 1903 to 1957. 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SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar D® 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 Collectibles Insurance Agency P.O. Box 1200-PM • Westminster MD 21158 E-Mail: info@insurecollectibles.eom VIM PAPER MONEY • May/June 2004• Whole No. 231 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 221 INSURANCE FmoornTehyecPoalipeecrtor Your homeowners insurance is rarely enough to cover your collectibles. 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See the online application and rate quote forms on our website Call Toll Free:1-888-837-9537 • Fax: (410) 876-9233 More Info? Need A Rate Quote? Visit: www.collectinsure.com • • • NattionalCulareney , •-+MIOPION • REGROW OY IMMO SLUES OXUS OR OTHER SECURITILS • (: UNITED STATES OFAMERICA NO.40101 . 222 May/June 2004 • Whole No. 231 • PAPER MONEY 1902 Plain Back with stamped signatures of Cashier E.P. Campbell and President G.W. Minium (probably issued in 1924 or after). owner Henry S. Cutler, grocer George S. Goodell, physician Dr. Frank G. Greenfield, furniture store owner and undertaker Warren Ferry, and carriage builder Porter W. Tucker. Stockholders included Ignatious S. Lavery, Alex Proudfit and Jesse N. Tarbell. Officers elected in 1898 remained the same for many years, President Warren Perry, Vice President George Taylor, Cashier David Gillaspie and Secretary Porter W. Tucker. On January 29, 1903, the Edinboro Independent headlines read "Edinboro Banks will Exchange Locations." Two years previous the People's Bank purchased the property housing the Savings Bank at 131 Erie Street and the Savings Bank bought the Cornell property at 102 Meadville Street. On April 1 of that year, wagons passed one another on the street as the two banks exchanged locations. May 26, 1904, the local newspaper headlines herald- ed, "National Bank for Edinboro." The People's Bank had applied for a nation- al charter and reorganized, maintaining its then current officers and directors. The newly organized bank opened August 1, 1904, as the First National Bank of Edinboro, Charter #7312. The Independent reported, "This is the only national bank between the Erie and Crawford County line and between Union City, PA and the Pennsylvania-Ohio line." When the bank opened the follow- ing Monday, the counter was piled high with crisp new $10 bills bearing the portrait of William McKinley and hand signed by President Warren Perry and cashier D.E. Gillaspie. Miss Georgia Gillaspie served as assistant cashier. In 1906, following 14 years of service as cashier, D.E. Gillaspie retired and was replaced by Professor J.B. Scott. That same year Clem L. Darrow became a director of the FNB, and in 1907 was elected president of the bank with Porter W. Tucker serving as Vice President. The advertisement announcing Clem Darrow as President of the bank also listed the recently elected directors. A new name appeared on this list, Dr. George W. Minium. The April 20, 1898, issue of the Edinboro Independent carried an article titled, "A New Dentist in Town." It reported that Dr. Minium had graduated from the Northwestern Normal School in Edinboro and received his dental degree in 1898 from the Northwestern School of Dentistry in Chicago. Unable to afford the cost of an expensive university education Minium fol- lowed the path of many local young people. He enrolled at Edinboro where one could obtain only a teacher's certification; however, tuition was free. Using his degree, he taught in the rural schools of Crawford and Erie Counties for six years until saving sufficient funds to enroll in dental college. Dr. Minium's original office was above the Agnew store and later upstairs from the Savings Bank office at 102 Meadville Street. Dr. Minium was described as a striking man with a trimmed mustache who dressed elegantly topping off his look with his trademark homburg hat. It was said he often practiced dentistry with a lit cigar in one hand and his dental drill in the other. PAPER MONEY • May/June 2004• Whole No. 231 223 NATIONAL BANK NOTE SPECIALIST I Have Over 3,800 Different in Stock WANT LISTS FILLED PREMIUM PRICES PAID I can't sell what I don't have BUY ALL U.S. CURRENCY Good to Gem Unc. A.M. ("Art") KAGIN 505 Fifth Avenue, Suite 1001 Des Moines, Iowa 50309-2316 (515) 243-7363 Fax: (515) 288-8681 At 84 It's Still Time - Currency & Coin Dealer Over 60 Years I attend about 15 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) How You Buy or Sell Does Make a Difference! 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 71;".." C000484ATHE FIRST NATIONAL BANK OF EDINBORO PENNSYLVANIA WILL PAY TO THEAtAREP ON DEMAND TEN DOLLARS C00 484A 1311, 'ea ""70-1-- Sr • May/June 2004 • Whole No. 231 • PAPER MONEY In 1924 Dr. Minium was elected president of the First National Bank of Edinboro and remained so until his death in 1959. Earl P. Campbell became bookkeeper of the First National Bank of Edinboro on August 10, 1911, and was promoted to cashier in 1919. He maintained this office (except for a short time) until his retirement on February 24, 1955. Dr. Minium and Earl Campbell guided the First National Bank of Edinboro through the Great Depression and its eventual move across the street to a new building in 1958. These two men served the bank a combined 71 years. For many decades, most people in town regarded Dr. Minium and Earl Campbell as "The Mister's National Bank." The First National Bank never closed during the depression depending on whether you asked a depositor or a stockholder. An ad in the newspaper in March 1933 read, "This bank is open for the transaction of business on special accounts." On March 6, 1933, President Roosevelt signed the document clos- ing all banks until each could be examined, i.e, "The Bank Holiday." If a bank could meet the established conditions of Section 207 of the Bank Conservation Act signed on March 7, 1933, it would be allowed to re-open. The First National Bank of Edinboro could re-open only if stockholders surrendered their stock for $120.00 per share and depositors signed a waiver of 45% of their deposits. The First National Bank was examined on July 12, 1933. Three trustees were appointed to handle deferred funds: Frank L. LaBounty, Asa I. Skelton and George D. Twitchell. They were successful in meeting the necessary con- 224 1929 Type 1 with stamped signatures of Cashier E.P. Campbell and President George W. Minium. ditions set forth by Section 207 of the Bank Conservation Act. The federal bank examiners announced on September 28th that 66 2/3rd percent of the bank's stock must be surrendered and 75% of the depositors were to sign a waiver for 45% of their deposits. By October 1933, 31 shares of the stock had been sold while 75 more were still required for compliance. A newspaper ad on that same day read, "Solvent but not liquid is a fair and honest description of the Edinboro bank today." The Independent announced on November 16, 1933, "First National Bank Open for Unrestricted Operations." Through the efforts of the trustees, almost every depositor regained all of his money, while most stockholders lost every- thing. The bank reorganized with the same officers except Earl Campbell who resigned, but returned shortly thereafter. The directors were reduced to seven, including V.L. Crandall, Clyde Dowler, Dr. Boyd Ghering, Dr. Harold A. Ghering, C.K. Henry, Ritchie T. Marsh and Dr. Minium. The bank continued its growth under the leadership of President Minium and Cashier Campbell. In December 1954, Earl P. Campbell retired after 43 years of service to the bank with 36 years of those years as cashier. Campbell died on March 10, 1955, at the age of 66. Milton M. Rouse was appointed cashier with Phyliis Hotchkiss serving as assistant cashier. PAPER MONEY • May/June 2004• Whole No. 231 225 Frosted stencil transom of the First National Bank of Edinboro at 131 Erie Street, now a gift emporium owned by Claudia and David Thornburg. The bank was housed here from 1903 to 1957. During this period of time the bank began considering expansion. Clyde Dowler, a director, served on the search committee. In 1957, they settled on a property at 104 Erie Street almost directly across the street from its then pre- sent location to what in earlier days had been referred to as The Brown Block." The new building went up featuring various new appointments includ- ing a modern vault. In October 1957, all of Edinboro watched as the First National Bank moved across the street to its new location. Dr. Minium was re- elected President for his 35th term on January 15, 1959. The following officers were also appointed: Dr. Harold Ghering, Vice President; Milton Rouse, cashier; R.A. Fuller, assistant cashier; and Phyllis V. Hotchkiss, secretary. The year 1959 proved to be a sad year for the banking family. Dr. Harold Ghering, an Edinboro physician for more than 40 years died on January 23. Dr. Minium retired June 15, 1956, having practiced dentistry for 58 years. He celebrated his 87th birthday December 29, 1958. He died at his home at 105 Waterford Street on February 20, 1959. R.A. Fuller served as a pallbearer. Roy Carlson and then Robert Dowler (son of Clyde) succeeded Minium as president. The number of direc- tors was reduced and it was decided the term length of future presidents would not exceed five years. It is reported the bank opened a branch office in nearby McKean. However, no information regarding the time period or location is known at this time. The bank, town and college continue to prosper during this period of time. Marine Bank purchased the First National Bank of Edinboro on September 31, 1970. On April 19, 1993, banking giant PNC took over Marine Bank. The First National Bank was the only banking institution in Edinboro from 1913 (when the Savings Bank closed) until its takeover by Marine Bank in 1970. Three banks now serve Edinboro. Stability and permanence were the keystones of the First National Bank of Edinboro as it was with so many small town banks in the past. Dr. Minium and others exhibited continuing service and loyalty to this institution rarely demonstrated by individuals in current times. The First National Bank of Edinboro, served the community loyally in return. A special thanks to Russell Vance for his invaluable contributions. Sources Edinboro Independent. Marsh, John L. and Karl E. Nordberg. The Journey's End. Edinboro, Pennsylvania: Giant Eagle Press (1989). Vance, Russell. A Portrait of Edinboro 1876 - 1977. Rochester, NY: PS1 Publishers (1977). "sigmfi: 3lle.11411-1- ZEIIVESSE (00,1,11v .iivr114 ""..P'llost, C").,11111( Pzr.1!, a IR feji % ,.fed rrl 4 226 May/June 2004 • Whole No. 231 • PAPER MONEY Roll Out the. Welcome Mat: Here comes Gene Hessler's EPSN #2; a long-awaited, welcome reference T HAS BEEN 25 YEARS SINCE THE FIRST AND ONLY CATALOG TO FEATURE "NOTES that might have been" Gene Hessler's exemplary Essay, Proof and Specimen Notes (BNR Press, 1979) appeared. The work was a painstaking, breakthrough paper money reference that was justifiably greeted with great fan- fare when it originally appeared. In the past quarter century as paper money has become a more mainstream collectible, its importance has grown. However many newer collectors are oblivious to this important work, and of course in the interim new discov- eries have been made by Hessler and others, long-since justifying a second, revised edition of that classic work. The hobby will soon have that long-awaited book. A new edition including all these new discoveries is ready finally to debut at next month's Memphis International Paper Money Show. Hessler's EPSN is important not only to national currency collectors but to collectors of all types of U.S. gov- ernment circulating currency. Meticulously researched and written by the premier researcher of U.S. paper money of our generation, the new work rightfully deserves a prominent place along side Gene Hessler's other standard and classic U.S. currency, engraving, and bond volumes. To show national currency collectors what we're talking about here, Gene has graciously shared the Series 1873 National Bank Circulating Note essai for the State National Bank of Memphis shown below, as well as New York City dealer Steve Goldsmith's foreword for the new edition, AND some important examples of new discover- ies to whet the appetites of Paper Money readers. Gene will be at the Memphis show to sign copies of this remark- able new edition. At press time price of the book had not yet been determined, but copies should be soon available from paper money book dealers as well as from the author and publisher BNR Press, 132 East Second St., Port Clinton, OH 43452.-- Fred Reed, Editor National Bank Circulating Note 1873 $10 NBE 17 This unissued series included a $10 design with a portrait of William Seward. Plates and impressions were made for at least 13 different national banks. The essai that should interest most collectors is the one for the National Bank of Memphis. The stains are from the glue that attached the note to the page of the ledger at the Bureau of Engraving and printing. Foreword to the Second Edition of U.S. Essay, Proof and Specimen Notes Twenty-five years ago the saga of America's federal essays, proofs and specimens lay hidden deep in the vaults of the Bureau of Engraving and Printing. It was buried in the drawers of the Smithsonian Institution and it faded away in the memories of the few surviving artists and engravers who were actually there when paper money history was being made. It would take a very special person to bring this story to light, and that is precisely what Gene Hessler accomplished with the first edition of this book in 1979. Gene did not have the luxury of working with one comprehensive reference collection. He had to hunt and capture his photographic images the hard way, one by one. His facts and figures came from official U.S. govern- PAPER MONEY • May/June 2004• Whole No. 231 227 ment records and official correspondence, other original sources, including newspapers, and data passed on from legendary collectors including Dr Glenn E. Jackson and Thomas F. Morris, Jr. The latter is the son of security designer Thomas F. Morris. The first edition was a true reflection of Gene Hessler's passion for paper money, and his commitment to excellence. It has been the standard reference work on the subject for the last two decades, but it was merely a beginning. Gene continued to educate us through his monthly columns in Coin World and The Numismatist. He served as editor of Paper Money, the journal of the Society of Paper Money Collectors, and he immersed himself in a new and more comprehensive book project, The Engraver's Line, a veritable encyclopedia of paper money and postage stamp art published in 1993. Gene then turned his attention to this new edition of U.S. Essay, Proof and Specimen Notes, which includes dozens of unpublished essays and four spectacular proofs of never-before-published interest-bearing treasury notes: $500 (HX124C and H1340a), $1000 (H1395) and $5000 (H1435b). (Catalog numbers in his Comprehensive Catalog of U.S. Paper Money.) The new edition comes at a time when interest in paper money is at an all-time high, and for a variety of reasons. The law prohibiting the reproduction of paper money in color was modified, allowing a new audience to see the true beauty of these remarkable miniature works of art for the first time in print. (Gene's 6th edition of the Comprehensive Catalog of U.S. Paper Money was the first paper money catalog to illustrate U.S. paper money in color.) With the use of color, the Internet has introduced thousands of new collectors to collectible paper money. Some of the world's great bank note company archives of essays, proofs and specimens have come on the market with competition among collectors to own them. For the first time in 70 years our paper money has been redesigned, capturing the attention of the public. I believe there was another important element at work, the constant effort of Gene Hessler, researching, writing, lecturing, and tirelessly teaching us to appreciate the rich heritage of America's paper money. -- Stephen L. Goldsmith, Executive Vice President, R.M. Symthe & Co., Inc. Preface to the new 2nd edition "Open for me your cabinet of [paper money] patterns and I open for you a record which, but for these half forgotten witnesses, would have disappeared under the fingers of Time. . . .Now, only these live to tell the tale of what 'might have been...."' ("The Pattern Piece," American Journal of Numismatics, Vol. 17, January 1883, p. 56). These words by Patterson and DuBois, written in 1883, also describe the rare and scarce engraved pieces of paper money essays, proofs and specimens that a relatively small group of sophisticated collectors seek. Paper money essays are comparable to coin patterns; however, they are much more rare. Coin patterns were, at times, given to committee members who were to vote on new coin designs. Paper money essays seldom left the Bureau of Engraving and Printing, and there were only a few examples prepared. In the last century securi- ty designers and engravers were at times allowed to have proof examples of their work. Later, most often after the death of a designer or engraver, these scarce pieces would be sold as part of the artist's estate. The theme for Bureau of Engraving and Printing Souvenir Cards in 1994 was "Unfinished Masterpieces." Thus, it was possible to own secondary uniface prints of some of these rare essays. Printed on heav- ier paper these prints cannot not be confused with original proofs. Proof coins are made specifically for collectors. Today they are minted in the millions. Paper money proofs, however, are made, or "pulled," to check the progress of the engraving. These proofs, most often, are print- ed on soft paper that will receive every detail of the engraving. These pieces in various stages or in their complete versions show the engraver's art to the best possible advantage. Consequently, they are sought after competitively by discriminating collectors. This edition includes about 100 designs heretofore unpublished. I am thrilled to show and collectors will be delighted to see proofs of four interest-bearing treasury notes ($500, H1340a and HX124C, $1000, H1395 and $5000, H1435b) unseen since circulating versions were redeemed over a century ago. Peter Huntoon, Lyn Vosloh and I discovered a group of heretofore-unseen U.S. paper money essays at the Bureau of Engraving and Printing. Many of these unissued designs survive only as photostats, photographs and composites; the latter consists of partially engraved portions with drawings and photographs pasted into position and are identified as such in this catalog. (Consequently, the quality of some of these illustrations is poor.) It is possible that design apprentices as part of their training could have prepared the examples represented by pho- tographs. TILE twiTED STATES OFAMEHICA A 0 0 0 0 0 0 0 0 A TWO DOLLARS THIS Nart rs tEtf AT ITS 'Ace sq.,' SOS PUSLHSAHD P1.11.0pwr um. ICU. 114104.M11114. v tiff f, t, 1)5 • ru 1'11S. , • &T.-4 LI eh_ _ 44-4, .4_7 _ " r-7 '7'- fti I 228 May/June 2004 • Whole No. 231 • PAPER MONEY Specimen notes are most often prepared for Federal Reserve Banks and the central banks of other governments. They appear to be the same as issued notes, except they might lack normal serial numbers. Instead, they have e.g., "00000000" or "12345678" with no prefix or suffix, which all U.S. paper money has. Most often specimens are can- celled. -- Gene Hessler, author Here are a few of more than 100 new visual delights in this new edition. The "E" in the catalog number signifies and essay or unissued design, e.g., USE, United States Note Essay, FRE, Federal Reserve Note Essay, GCE, Gold Certificate Essay, etc. Designs unknown outside the Bureau of Engraving and Printing have (BEP) at the end of the entry. United States Note 1941 $2 USE29 FD with portions pasted into position. In 1867 Charles Burt engraved this portrait of Thomas Jefferson based on a portrait by Gilbert Stuart. (BEP) Silver Certificate The educational series of $1, $2 and $5 notes included an unissued $10 note. SCE21 This wash drawing bears the noticeable change in the position of the right leg of Forestry. "Engraved by Chas. Schlecht---had a change in administration [and] led to adoption of a new set of designs by Lyman Gage, Secy. Treasy. Walter Shirlaw—designer. This group was utilized on the new issue of [Spanish- American War] Govt. Bonds, circa 1899." This statement refers to the $1000 Spanish-American War coupon bonds authorized on 13 June 1898. \ • IA \ -r 0 •AL. "",4777+, A00000000A ".. 1) . 4 ; 7 A 0 000 0 0 0 0 7 PAPER MONEY • May/June 2004• Whole No. 231 229 SCE24 FD, India paper on card. This version, unlike the Series of 1896, lacks the BEP credit. (NASCA Sale 89, $3400.) The following is one of five Federal Reserve note face designs found as photographs in a ledger book at the BEP, consequently the quality is not the best. It is unlikely that originals of these designs exist. Some of these designs include "paste-up" signatures and serial numbers. All bear the signatures of Julian-Snyder and the Federal Reserve seal for San Francisco. These and other 20th century designs as photographs could have been practice assignments by BEP apprentices. Federal Reserve Note $10/$20 FRE24 FD with A00000000A and signatures of Clarke-Snyder. The double denomination is for design considera- tion only. (BEP) Gold Certificate Series of 1923 $1000 GCE10 FD, pl. A on bank note paper. G.F.C. Smillie engraved the portrait of Alexander Hamilton. "This cer- tificate is a legal tender in the amount thereof in payment of all debts and dues public and private. Acts of March 14, 1906 as amended and December 24, 1918." This obligation appears on Series 1922 notes. (BEP) The original drawing by F.O.C. Darley. 1HE UNITED STATES OF ANIFRICA irv -"Tit 111110111113 k1113.111011111.1MAIIMIBMIIP 230 May/June 2004 • Whole No. 231 • PAPER MONEY Small-Size Back Designs for Unidentified Notes The following designs, some by W.A. Roach, were uncovered at the BEP. These and some face designs listed under U.S. notes, silver certificates and Federal Reserve notes were created in the 1930s and 1940s. Some of these designs are partially engraved and some include photographic images that are pasted into position. The fol- lowing are printed in green except where mentioned. UE8 Commerce was engraved by Marcus W. Baldwin. Valley Forge is by artist F.O.C. Darley; it was engraved by S.A. Schoff. The following was attached to this essay: "I like this back, except for the seated figure of the woman. In place thereof I would suggest an unfiirled scroll bearing at least a portion of the text of the Declaration of Independence, since the small lettering would constitute an added security feature" (H. Neal, BEP Design Dept.). UE9 The Declaration of Independence and Valley Forge. We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals Colonials Nationals National Gold Bank Notes Encased Postage Kagin's -- an established name for conservative grading of quality notes. We specialize in building U.S. currency collections of premium quality and rare notes. Favorable terms to suit your individual needs. 98 Main Street #201 Tiburon, CA 94920 1-888-8KAGINS www.kagins.com Call Judy I) 0 0 R T ,11 0.$ . ■•■ United States Currency P.O. Box 524 New York, N.Y. 10116-0524 Phone 212 989-9108 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: OrderOpomexport.com / Website: www.Pomexport.com Mill Milli I) )LL Buying Carl Bambara Selling PAPER MONEY • May/June 2004• Whole No. 231 231 SPMC cordially invites you to participate in these Society events at the Memphis International Paper Money Show • June 11 SPMC member breakfast $12, I order ticket from Wendell Wolka (address on page 162) • June 12 SPMC open board meeting, find out how your Society works • June 12 SPMC general membership meeting, reports and speaker; Mark Tomasko will give an illustrated talk on engraver Lorenzo Hatch, open to general public • June 12 SPMC informal round table dis- cussion on e-publication, self-publication and web sites moderated by Librarian Bob Schreiner, open to all interested par- ties Note: Please check events calendar when you arrive in Memphis for event dates/times/locations a 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 TINS ( IP AM It It L1, GtIn %SIC T1WST t 1 THE y FIDE PAL fif StrIVE NOR UNITED STATES °FAMED ICA ---- ,r-- b 123456781 ) , irt IL EA iftcum, B 12345678 D 232 May/June 2004 • Whole No. 231 • PAPER MONEY UE13 This drawing is done in green and rose. Here are two examples of original art that were observed at the BEP. They were intended or considered for military payment certificates. No series was indicated for Columbia. Soldier and Child, essay for $5 Series 681 Columbia Federal Reserve Note FRE3 la Professor Roman Hellmann, designer at the Austrian National Bank from 1952-1978, had a close working relationship with Gualtiero Giori at De La Rue Giori, S.A. in Switzerland. In 1971 when a particular print- ing press was in the developmental stage, Mr. Giori asked Professor Hellmann to design some notes to be printed when the press was completed. The pioneering type of printing that Mr. Giori intended to create was called multi-intaglio or 'Orlof intaglio.'" In 1970, during a visit to De La Rue Giori, Professor Hellmann met Director Conlon of the U.S. Bureau of Engraving and Printing (1967-1977). Subsequently Professor Hellmann created two U.S. designs in a watercolor technique. One of them was in the conven- tional genre of the U.S. dollar but with greatly improved security techniques. Sample prints were not possi- ble, as an Orlof intaglio printing press would not be in existence until 1998. Both essays are identified on the face as Series 1970B. PAPER MONEY • May/June 2004• Whole No. 231 233 On This Date in Paper Money History -- May 2004 By Fred Reed May 1 1815 British Army issues scrip at Ft. Mackinaw, MI; 1822 John Trumbull's Surrender of General Burgoyne at Saratoga appearing on First Charter 5500 NBN backs (FR 464- 464a) purchased; 1871 Supreme Court 5-4 in Knox v. Lee upholds constitutionality of Legal Tender Acts; 1944 Gilroy Roberts leaves BEP, returns to Mint as engraver; May 2 1862 Cherokee Council authorizes tribal notes payable in Confederate currency; 1863 "Stonewall" Jackson, who appears on Confederate $500 notes, wounded; 1952 SPMC member Stephen Cooker born; May 3 1864 House Select Committee begins investigations of fraud and promiscuity at Treasury Department; 1927 SPMC member Robert Payne born; 1933 SPMC member Ben Withers born; 1934 Treasury Secretary William H. Woodin dies; May 4 1626 Peter Minuit buys Manhattan for $24 in buttons and cloth; 1780 Massachusetts note engraver Col. Paul Revere resigns commission; 1816 Treasury Secretary Samuel Dexter (FR 1379) dies; 1900 Colonial counterfeiting author Kenneth Scott born; May 5 1972 U.S. notifies International Monetary Fund of intent to change par value of dollar; 1992 Paper money dealer and collector Aubrey Bebee dies; May 6 1808 Justice William Strong who wrote majority opinion upholding legal tender note constitutionality born; 1873 George Casilear receives patent for banknote engraving; May 7 1839 NY forbids circulation of shinplasters; 1839 Philadelphia banknote detector pub- lisher Robert T. Bicknell dies; 1873 Treasury Secretary Salmon P. Chase (FR 16-17) dies; 2001 U.S. Treasury launches "Money Math: Lessons for Life Curriculum;" May 8 1806 "Financier of the Revolution" Robert Morris (FR 186) dies; 1918 Chief Engraver G.F.C. Smillie completes $1 Washington portrait (FR 708-746) based on Stuart's Athenaeum painting that will become the most widely circulated paper money vignette of all time; 1969 Angela "Bay" Buchanan takes office as U.S. Treasurer; May 9 1754 First use of Franklin's "Join or Die" snake design; 1791 U.S. Treasurer of Loans Francis Hopkinson dies; 1863 Hugh McCulloch appointed Comptroller; 1956 Bank Holding Company Act passed; 1993 Crawford's Columbia (FR 1-5) removed for repair; May 10 1818 Engraver and printer Paul Revere dies; 1837 NYC banks suspend specie pay- ments, Depression begins; 1865 Jefferson Davis, who appears on Confederate 50-cent and $50 bills, captured by Union Army; 1881 Banknote engraver Joseph Ourdan dies; May 11 1647 Governor of New Netherlands Peter Stuyvesant, who appears on U.S. obsoletes, reaches New York; 1861 North Carolina authorizes state treasury notes; 1891 Treasury Secretary Henry Morgenthau Jr. born; 1908 Joseph Ralph becomes BEP Director; May 12 1837 City of Philadelphia issues municipal scrip; 1858 United States Paper Money author George H. Blake born; 1933 SPMC member Jay Kipfer born; May 13 1874 Overprinted black charter numbers appear on $5 NBNs; 2003 U.S. Treasury unveils colorful NextGen $20 FRN designs with improved security features; May 14 1761 Treasury Secretary Samuel Dexter (FR 1379) born; 1801 Albert Gallatin takes office as Treasury Secretary; 1901 Banknote engraver Sidney Smith born; 1937 U.S. Treasurer John Burke dies; May 15 1755 New Jersey Colonial Currency (FR NJ65-73); 1912 Alabama Obsolete Paper Money author Walter Rosene born; 1959 SPMC member Craig J. Dickherber born; May 16 Stake your claim to this valuable advertising space all month long Special Rates Apply Contact the Editor for Details 1779 Engraver John Draper born; 1801 Secretary of State William Seward (FR 376) born; 1861 CSA Congress authorizes $20 million in $5-$100 treasury notes payable two years later; 1865 American Numismatic and Archaeological Society incorporated; May 17 1781 Superintendent of Finance Robert Morris submits plan for national bank; 1792 24 brokers form NYSE to trade in U.S. loan certificates/Bank of New York stock; 1938 BEP occupies Treasury Annex; 1978 Smithsonian acquires Treasury currency hoard; May 18 1819 Asa Spencer signs contract to procede to England in employ of Perkins and Fairman; 1855 Treasury Secretary John Spencer dies; 1914 Federal Reserve Bank Notes bear this printed date; May 19 1903 Engraver Joseph Keller born; 1919 Tennessee banking/currency author Paul Garland born; 1933 Eugene R. Black becomes Fed Chairman; 1969 Series 651 MPCs withdrawn in Japan; May 20 1506 Christopher Columbus (FR 186d-1871) dies; 1777 United States replaces United Colonies on currency; 1896 Emanuel "Jim the Penman" Ninger sentenced to six years for counterfeiting; 1948 SPMC member George Swift born; May 21 1541 Hernando Desoto discovers the Mississippi River (FR 409-423) just south of pre- sent day Memphis; 1854 Tromp l'oeil currency artist John Frederick Peto born; 1881 Beginning of Bruce-Gilfillan combined tenure as Register and Treasurer; May 22 1661 Massachusetts General Court revokes legal tender status of wampum; 1917 U.S. Treasurer Dorothy Andrews Elston Kabis born; 1933 Congress declares all currency in circulation legal tender dollar for dollar as if they were gold; May 23 1752 William Bradford, printer of New York and New Jersey Colonial Currency, dies; 1887 End of Rosecrans-Jordan combined tenure as Register and Treasurer; 1934 Bank robbers Clyde Barrow and Bonnie Parker ambushed near Sailes, Louisiana; May 24 1795 Senator Silas Wright (FR 1188-1197) born; 1844 Inventor Samuel F.B. Morse (FR 247-248) sends first telegraph message "What Hath God Wrought"; 1926 Congress prohibits national banks with "United States," "Federal," or "Reserve" names; 1929 SPMC member Robert S. Marshall born; 2000 Series 1999 $5 FRN released; May 25 1775 Massachusetts commissions engraver Paul Revere to produce currency plates ; 1911 Early Paper Money of America author SPMC member Eric P. Newman born; 1945 SPMC member Bruce Spence born; 1955 SPMC member Frank Clark born; May 26 1781 Congress approves Bank of North America; 1912 Encased stamp issuer Evansville, IN merchant John W. Bussing dies; 1961 Series 591 MPCs issued; May 27 1863 Last issue of Postage Currency; 1868 Treasury Secretary William H. Woodin born; 1925 SPMC member Edward Lewandowski born; 1958 Series 541 MPCs issued; 1977 NASCA sells Paul Garland Collection of Texas notes; May 28 1818 Confederate general P.G.T. Beauregard, who appears on a Louisiana note, born; 1930 Colonial and Continental Currency author Ted Weissbuch bom; 1946 Treasury Secretary and "Father of the Federal Reserve" Carter Glass dies; May 29 1863 Articles of Association FNB of Philadelphia (charter #1) ; 1866 Winfield Scott (FR 212e) dies; 1912 BEP unveils currency laundering machine; 1932 SPMC member Donald Koehler born; 1964 Story of Paper Money author Fred Reinfeld dies; May 30 1830 Congress authorizes Land Scrip for veterans; 1908 Aldrich-Vreeland Emergency Currency Act permits more elasticity in National Currency circulation; 1922 Lincoln Memorial (FR 1525-1536) dedicated; 1941 SPMC member George DuBarry born; May 31 1853 Artist Will Low, Educational Note designer (FR 224-225) born; 1875 Idaho Territorial Treasurer issues Pay Warrants with deferred payments; 1878 Congress pro- hibits retirement of Greenbacks, fixes Legal Tender Note circulation at $346,681,016; 1930 SPMC member Al Munro born; • Mav/ftme 2004 • Whole No. 231 • PAPER MONEY234 The President's Column Ron Horstman THOSE WHO ATTENDED THE RECENTCPMX show in Chicago experienced an excellent, well attended show; those who did not will get another chance next year to attend an even larger event. The 2005 show will move a few weeks into mid-March with an expanded bourse and another fine auction by Lyn Knight and a stock and bond auction by Scott Winslow. Collectors will have a chance to attend an outstand- ing event in Milwaukee in early May as the Central States Numismatic Society holds its annual convention featuring a large auction conducted by Currency Auctions of America. Wendell Wolka has promised his long awaited book on Ohio obsoletes will be available by the Memphis show. Wendell has contributed a geat deal to the Society and the hobby in general; and while no longer an elected Board member, has agreed to serve as a spe- cial consultant to the Board. For those planning to attend the Memphis show, be sure to include attendance of the general membership meeting as our speaker will be Mark Tomasko, who will discuss the work of Lorenzo Hatch. In closing, I wish to mention the passing of Martha Schingoethe of the Herb & Martha duo. She was a very gracious lady and will be missed. Ron SPMC 6000: I I IRebuilding a Great Society for a New Century T"' I I • Free two-line classified ad in PAPER I MONEY (only 1 per member please) I • You must be a paid up member of I I SPMC for 2004 I I • Ad must be non-commercial I • Ad will run in a future issue on a SPACE AVAILABLE BASIS I • Offer ends June 10, 2004 J PAPER MONEY will accept classified advertising on a basis of 15e per word (minimum charge of $3.75). Ad must be non-commercial in nature. Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribution to the Society. These ads are denoted by (A) and are run on a space available basis. WANTED. National Bank Note from The Manilla National Bank (#6041), Manilla, Iowa, any denomination or condition. Lee Poleske, Box 871, Seward, AK 99664 (236) KANSAS NATIONALS WANTED. Goodland #14163, Olathe #3720, Pleasanton #8803. A.R. Sundell, Box 1192, Olathe, KS 66051 (236) WANTED. $50 denomination, Bank of the Old Dominion, Branch Bank at Pearisburg, VA (Jones-Littlefield BA30- or -27; Haxby G18a or 18b) and Pearisburg, VA, Lybrook scrip (Jones-Littlefield PP1706 and 1707). J. Tracy Walker III, 2865 Mt. Aire Rock Ln., Charlottesville, VA 22901 (235) VIRGINIA WANTED. Exchange Bank of Virginia issued by Abingdon Branch and Washington County notes. Also, old postcards depicting named and known Indians. Tom Merrihue, PO Box 25, Emory, VA 24327 or 276-944-3581 (232) MARYLAND OBSOLETE BANKNOTES WANTED. Charles Sullivan, PO Box 8442, Gaithersburg, MD 20898 or e-mail Charlessul@aol.com or phone 888-246-8040 (234) WANTED: $2 OBSOLETE NOTES FROM NEW YORK (1782- 1866 Haxby). 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: spmclm69@cs.com (234) 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 (234) WANTED. Canadian Chartered Bank Notes. Wendell Wolka, PO Box 1211, Greenwood, Indiana 46142 (234) 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: reschreiner@mindspring.com (234) 20th CENTURY U.S., articles relating to modern small size U.S. cur- rency are especially needed for publication in Paper Money. If you col- lect this material, try your hand at authoring an article too! (PM) AUTHORS RECEIVE FREE CLASSIFIED AD. Authors of arti- cles in Paper Money can request a free 3-line ad. WOW! (PM) EXPAND YOUR COLLECTION. Classified ad rates are low, low, low in Paper Money's "Money Mart." These small ads really get results -- why else would longtime collectors advertise year-in and year-out in this space. Send ad copy and check payable to SPMC to the Editor, PO Box 793941, Dallas, Texas 75379-3941 (PM) AUTHORS WANTED. Write the Editor (PM) ESTABLISHED 1880 PAPER MONEY • May/June 2004• Whole No. 231 235 On This Date in Paper Money History -- June 2004 By Fred Reed * June 1 1822 Alabama issues state fractional notes; 1837 City of Newark, NJ issues scrip; 1893 Beginning of Rosecrans-Morgan tenure; 1905 Farran Zerbe opens 'Moneys of the World" exhibit at Lewis and Clark Expo; 1943 Boise, ID Retail Merchants Bureau promises redemption of card board cents; 1998 European Central Bank established; June 2 1837 American Numismatic Society founding member Edward Groh born; 1863 First National Bank organized in Ohio (FNB Youngstown #3); 1899 Wild Bunch robs Union Pacific Railroad, dynamiting express car and blowing cash all over the landscape; June 3 1775 Continental Congress authorizes first domestic loan; 1808 CSA President Jefferson Davis, who appears on 50-cent & $50 Confederate notes, born; 1811 Superintendent National Currency Bureau Spencer M. Clark (FR 1236-1239) born; June 4 1828 William Clark becomes U.S. Treasurer; 1906 Treasurer John C. New dies; 1930 SPMC member Dave Hinkle born; 1963 Congress abolishes Silver Certificates; 1977 1st Memphis International Paper Money Show held with 947 attendees; June 5 1805 Massachusetts authorizes banknotes in denominations less than $5; 1955 Souvenir card cataloger Curtis Radford born; 1964 BEP accepts first order of standard currency paper from Gilbert Paper Company; 1972 First delivery Series 1969B SlOs; June 6 1756 Artist John Trumbull (FR 452-463), painter of Signing of Declaration of Independence, born; 1799 Virginia Governor Patrick Henry, who appears on obsolete notes, dies; 1895 Colonial/Contental paper money author Henry Phillips dies; June 7 1831 Engraver Peter Maverick dies; 1837 Republic of Texas authorizes Consolidated Fund notes, 1951 Treasurer W.O. Woods dies; 1955 U.S. House passes unanimously bill requiring IGWT appear on all currency and coins; 1981 Collector Ray Byrne dies; June 8 1799 Treasury Secretary William Meredith (FR 1264-1266) born; 1845 Andrew Jackson (FR 64-92) dies; 1942 First delivery of special HAWAII overprint notes; 1950 SPMC member Gayland R. Stehle born; June 9 1837 Republic of Texas authorizes notes, S5-S500; 1849 Henry Naglee and Richard Sinton establish San Francisco's first regular bank; 1942 SPMC member Charles Kemp born; 1948 SPMC member Raymond Voorhees born; 1950 Hobbies magazine publish- er Otto C. Lightner dies; 1951 SPMC member Terence Kafka born; June 10 1811 Bank of Mississippi opens at Natchez, MT; 1864 Merchants NB of Boston (charter #475) first bank ogranized under Act of June 3, 1864; 1885 Last delivery 5500 NBNs to Western NB, Baltimore (#1325); 2003 Treasury Secretary Don Regan dies; June 11 1832 Lucy Holcombe Pickens, who appears on Confederate $100 notes, horn; 1969 Series 651 MPCs withdrawn in Libya; 2001 KBA (King & Bauer AG) acquires De La Rue Giori to corner 90% of security press market worldwide; June 12 1865 Pioneer paper money collector Albert A. Grinnell born; 1947 SPMC member David Swann born; 1964 Bank Note Reporters and Counter felt Detectors author William H. Dillistin dies; 1972 Beginning of Shultz-Banuelos combined tenure; June 13 1786 U.S. general Winfield Scott (FR 212e) born; 1898 Congress authorizes bonds to finance the Spanish-American War; June 14 1858 American Bank Note Co. gets contract to print U.S. obligations; 1878 Congress requires Treasury Seal on U.S. obligations; 1932 SPMC member Joaquin Gil del Real born; 1963 Paper Money of the United States author Robert L. Friedberg dies; June 15 1800 Treasury officials occupy new Treasury building; 1864 CSA Treasury Secretary Christopher G. Memminger resigns; 1933 SPMC member Russell A. Hibbs born; 1979 SPMC releases first souvenir card with $2 Liberty Bank of Providence, RI note; June 16 1752 Benjamin Franklin conducts kite flying electricity experiment (FR 479-492); 1820 Planters & Merchants Bank of Huntsville suspends specie payments; 1933 Banking Act creates FDIC; 1953 Early paper money collector Alden Scott Boyer dies; June 17 1897 ABNCo makes first delivery from its plant in Ottawa, Canada; 1902 Comptroller of Currency permits FBN of Philadelphia to resume its charter #1; June 18 1764 Printing innovator Ben Franklin and partner D. Hall print Pennsylvania notes; 1948 U.S., British & French zones in West Germany convert currency from AMC to DM; 1954 United Artists film The Million Pound Note starring Gregory Peck debuts; June 19 1893 End of Rosecrans-Morgan tenure; 1935 SPMC member Ron Horsttnan born; 1937 St. Louis Fed Bank President William Poole born; 1981 SPMC Wismer book on Rhode Island goes on sale; 1984 Bowers & Merena sell Jim Ruddy EPS merchant set; June 20 1782 Continental Congress adopts Great Seal; 1860 Mrs. Hepburn signs promissory note to pay Henry Griswold 11,250 dollars on Feb. 20, 1862; 1944 BEP delivers R & S I935A $1 SCs; 1945 SPMC member Steven H. Weiner born; June 21 1731 Martha Washington (FR 215-221, 224-225) born; 1948 Soviet East Germany converts from AMC to Rentenmark/Reichsbank notes; 1953 Arkansas furniture sales- man/ANA President Matt Rothert conceives placing IGWT on U.S. currency; 1986 SPMC celebrates 25th anniversary at Memphis with a cake decorated like a $1 FRN; June 22 1775 Continental Congress OKs first Continental Currency; 1892 BEP engraver John F.E. Prudhomme dies; 1942 U.S. Treasurer Carmi A. Thompson dies; June 23 1822 Note designer/engraver Felix O.C. Darley born; 1860 Congress funds Secret Service to apprehend counterfeiters; 1895 Edwin Blashfield objects to BEP alterations to his $2 Educational Note face design; 1975 Treasurer Ivy Baker Priest dies; June 24 1863 First National Bank chartered in Massachusetts (FNB Springfield #14); 1887 Comptroller of Currency Freeman Clarke dies; 1945 SPMC member Terry A. Bryan born; 1968 President Lyndon Johnson issues E0 discontinuing redemption of SCs with bullion; June 25 1811 Engraver John W. Casilear born; 1862 City Savings Association of Mobile, AL, circulates shinplasters; 1943 Counteifeiting in America author Lynn Glaser born; June 26 1774 Engraver Gideon Fairman born; 1796 Inventor , currency engraver and first Mint Director David Rittenhouse dies; 1836 Treasurer Enos Nebeker born; 1878 Government purchases land for BEP; June 27 1940 SPMC member William H. Kelly born; 1967 De la Rue unveils first ATM at Barclays Bank in Enfield, North London; 1996 Fire ravages north wing of Main Treasury building; 2000 SPMC establishes George W. Wait Memorial Prize; June 28 1836 President James Madison (FR 188) dies; 1861 Virginia authorizes small denomi- nation notes; 1926 SPMC member William M. Dwyer born; June 29 1852 Senator Henry Clay (FR 151) dies; 1865 City of Houston, TX issues municipal scrip; 1885 Patent medicine vendor and Confederate currency facsimilist Samuel C. Upham dies; 1920 Ivory Coast authorizes overprinting stamps gummed to heavy paper for circulation as money; 1978 NASCA sells T. James Clarke currency currency; June 30 1812 Congress authorizes interest-bearing notes; 1857 Dr. T.S. Hunt patents anti- photographic green ink for banknote printing; 1929 BEP prints initial supply of small size currency; 1970 United States Savings Stamp program ends; 2003 End of Snow- Marin combined tenure; May/June 2004 • Whole No. 231 • PAPER MONEY236 NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 7501 1 In Memoriam Louis F. Davison, Sr. 1915-2003 Another of the well known paper money collectors and deal- ers, in our fraternity, has passed away. Word was received that Louis passed away on August 22nd at his home in Semmes, AL. Lou was well known to all of the old timers in our fraternity, whether he had a table at a show, or was working the bourse or convention rooms and lobbies at a show. He always seemed more at home while working the floor. Always a gentleman, Lou was quick to show you his notes from his always full briefcase. He knew most of the collectors and dealers who frequented the shows and usually knew what they were interested in. Much of his mate- rial was on consignment from dealers, such as Curt Iverson, Lyn Knight and others. Lou covered a lot of the country, from coast to coast, North and South. It might be a show in Miami one week, or the next week in Dallas or Long Beach. He put a great deal of miles on in his travels, and seemed to thrive on his connec- tion to the hobby. He had many friends where ever he was found. Helen, his wife, accompanied him on many trips to shows. Other wives seemed to search her out for company. A true lady, she always had a kind word for everyone. A victim of Alzheimer's disease, Lou cared for Helen until her passing several years ago. I can imagine that, with the passing of so many from our hobby, that Lou is probably now with them, trying to help them out, or just talking about our wonderful hobby that he was so much a part of. Good friends such as George Nicholson, Amon Carter, Jack Everson, J.L. Irish, Joe Kinney, and all the rest will have him in their good company. Although Lou no longer was able to attend shows, such as Memphis, he often would call me to just talk about the things and people who were in the hobby, and the great notes he handled in times past. Believe me, there were many in this category of type notes and Nationals. Lou is survived by his son Clyde Davison of Semmes and daughter Connie Davison Lord of Red Bluff, CA. A good friend, (signed) Roman L. Latimer Tim Prusmack, died 2004 SPMC member Fort Pierce, FL artist Tim Prusmack died Jan. 26, 2004. Tim excelled in reproducing, by hand, complicated antique money, vintage bank notes and self-designed artistic money. Mr. Prusmack was president of the Treasure Coast Coin Club for six years. He also was one-time New York junior golf champion. Survivors include his parents, Dr. Armand J. Prusmack and Florence Syrewicz; brother Ajon; and sister Nancy. A lengthy, illustrated tribute to Tim's paper money artistry by friends John and Nancy Wilson will appear in our July/August Paper Money as part of the "bonus" pages for that issue. SPMC NEW MEMBERS - 01/29/2004 10701 Richard E. Leach (C), Allen Mincho 10702 Dr. Frank G. Laiacona (C & D), Allen Mincho 10703 Henry Jenkins, 575 Seminole Dr, Merced, CA 95340 (C & D, "Big Head" Notes), Website 10704 Michael Rivkin, PO Box 654, Pomona, NY 10970-0654 (C, Obsoletes),Website 10705 Wayne F. Bosse, 40 W. Chadwick CR, Dothan, AL 36305- 1075 (C, $2 Notes including Obsoletes), Website 10706 Robert Coelln, 19 E. Lyons Dr, Pueblo West, CO 81007- 1409 (C,Western & Midwestern Nationals, Obsoletes & Scrip), Allen Mincho 10707 Russell P. Daigle, PO Box 324, Scott, LA 70583 (C & D, Large, Small & Fractional), Frank Clark 10708 Alton F. Rowe III, 440 Evergreen Farm Circle, Waynesville, NC 28786 (C, Obsoletes, Confederate & U.S.), Tom Denly 10709 John D'Antoni, 86 Jolen Dr, Hillsdale, NJ 07642 (C, U.S. Obsoletes, Confederate), Tom Denly 10710 Greg Henry (C), Website 10711 Thomas L. Reed, 12348 State Rt 34, Bryan, OH 43506 (C, Fractional, Obsoletes, Nationals), Allen Mincho 10712 James A. Kurre (C), Website 10713 Dale E. Hughes (C),Tom Denly 10714 B.E. Bensinger III (C), Frank Clark 10715 Theron Hunter (C),Website 10716 Edward T. Arrich (C), Wendell Wolka 10717 Gerald L. Kochel, PO Box 215, Lititz, PA 17543 (C, Colonial Notes signed by Adam Hubley), Judith Murphy/Wendell Wolka 10718 George E. Carnahan, 3921 Sanders Rd SW, Marietta, GA 30008-6049 (C, Confederate), Website 10719 Harold Deak Swanson (C), Tom Minerley REINSTATEMENTS 3040 Roland J. Cormier, 64 Knoll Crest Dr, Cumberland, RI 02864- 3437 (C & D, Rhode Island & Massachusetts Nationals), Website SPMC NEW MEMBERS - 03/28/2004 10720 Paul Thevenet (C), Tom Denly 10721 Barry Carol (C), Website 10722 David L. Balkwill, 4104 Tom O'Shanter, Tallahassee, FL 32309-2715 (C, Confederate, Southern States, Fractional, Obsoletes), Tom Denly 10723 Mark Drengson, 1235 Ramona Dr, Newbury Park, CA 91320 (C, Obsoletes, Nationals & U.S. Large), Website 10724 Larry Daniel (C), Website 10725 George Economou (C), Tom Denly 10726 Jim Booth, 1722 S. Carson #1800, Tulsa, OK 74119 (C, Small Size Notes), Frank Clark 10727 John S. Kosiorek, 7404 E. Ed Rice Ave, Mesa, AZ 85208-2717 (C, Various), Robert Schreiner 10728 Dan Patrick Hughes, 31 Terracima, Irvine, CA 92620 (C, US), Torn Denly 10729 Dennis Brooks, 550 Leaman Ave, Millersville, PA 17551 (C, Obsoletes), Website 10730 Chris Childress, 1365 Jersey Social Circle Rd, Covington, GA 30014 (C, Southern Obsoletes), Website 10731 Andrew R. Korn (C), Bryn Korn 10732 David M. Diaz (C), Bryn Korn 10733 Thomas Poirier, 64 Bailey St, Danielson, CT 06239 (C, FRBNs), Tom Denly 10734 William R. Hancuff (C), Judith Murphy 10735 Jay A. Krumholtz, PO Box 7185, Riverside, CA 92570 (C, Confederate, Obsoletes & Fractional), Frank Clark 10736 Robert Kanter, 2164 Crescent Dr, Tarrytown, NY 10591 (C, Small Size Nationals), Martin Gengerke 10737 Daniel Kornhauser (C), Michael Abramson 10738 Paul Burns, 3201 Griesmer Ave, Lindenwald, OH 45015- 1730(C, $100 Small Size Ohio Nationals), Website 10739 John S. Ohm (C), Website 10740 Peter A. Hunt, 21276 Meekland Ave, Hayward, CA 94541- 2441 (C, US Type, Wichita, KS banks, Guatemala), Rob Kravitz LIFE MEMBERSHIP LM348 Joe W. Overstreet, 8866 Prestancia Cove, Memphis, TN 38125 (C, Mississippi Obsoletes, Confederate Bonds & Notes), Tom Denly You are invited to visit our web page WINVV. kyzi vatc u r re ncy.com For the past 5 years we have offered a good selection of conservatively graded, reasonably priced currency for the collector All notes are imaged for your review NATIONAL BANK NOTES LARGE SIZE TYPE NOTES SMALL SIZE TYPE NOTES SMALL SIZE STAR NOTES OBSOLETES CONFEDERATES ERROR NOTES TIM KYZIVAT (708) 784 - 0974 P.O. Box 451 Western Springs, IL 60558 E-mail tkyzivat@kyzivatcurrency.com PCDA, SPMC Buying & Selling Quality Collector Currency • Colonial & Continental Currency • Fractional Currency • Confederate & Southern States Currency • Confederate Bonds • Large Size & Small Size Currency Always BUYING All of the Above Call or Ship for Best Offer Free Pricelist Available Upon Request James Polis 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Jpolis7935@aol.com Member: SPMC, FCCB, ANA U.S. CURRENCY -11 Box 631250, Irving, TX 75063 Kent Robertson, owner lailA ti;k1b-kikakik~.4044W-Weli Is Buying Everything "Still Paying Top Dollar for Rare Confederate" U.S. Type, Obsoletes, Nationals, and of course, Santa Notes PAPER MONEY • May/June 2004• Whole No. 231 237 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: BartlncCor@aol.com rtowswtopioN~Awi U.S. CURRENCY ..1 404-229-7184 Fred L Reed 111 fred@spmc.org 238 May/June 2004 • Whole No. 231 • PAPER MONEY We have a couple new additions to the library. Thanks to member Terry A. Bryan for donating Inventing the American Past: The Art of F.O.C. Darley, by Nancy Finlay. This is the 52-page catalog of a 1999 exhibit at the New York Public Library. Darley's engravings can be found on U.S. obsolete paper money. We have also acquired Michael McNeil's The Signers of Confederate Treasury Notes 1861-'65. This book was reviewed in the March/April issue of Paper Money. Mike McNeil's very attractive signers book is entirely of his own production, not just authorship. I was intrigued and asked him how he did this. He told me that after considerable investi- gation, he chose Internet-based Instant Publisher.com (www.instantpublisher.com) to produce his book. This is one of many similar companies that will print your book. These services offer the author an affordable means of printing a book entirely within the author's control. A traditional publishing house will usually expect that books they publish have the potential for mak- ing money. Self-publishing means that the author pays all costs, but receives all the profits if enough copies can be sold. Instant Publisher.com makes it easy to figure out what to do technically and how much it will cost. The company provides SPMC Librarian's Notes By Bob Schreiner, Librarian basic templates for common software such as Microsoft Word and Publisher and special software to convert your file to a for- mat that the company can use with its presses. You use your soft- ware to produce a "camera-ready" document--exactly as you want it to appear on paper. This can include all sorts of graphics as well as text in multiple sizes and fonts. You are not only the author, but also the book designer, graphics artist, editor, and proof reader! Once you receive the copies of your book, you are also the distributor, marketer, etc., etc. Once your book is finished, upload the electronic file to the self-publishing company, choose the book production details, provide a credit card number, and boxes of your book will appear at your home in a few days. Instant Publisher.com provides a handy web-based calculator to help you choose options and fig- ure your cost, down to the penny. Choices include: Binding and cover styles, size, type of paper, number of pages, number of pages in color (if any), and number of books to produce. The minimum is only 25 copies! You can play around with the para- meters and figure out how much it will cost. Really pretty neat, and very instructive. Edwards Brothers, the company SPMC has used for most of the Wismer books, also provides self-publishing services. Their web, www.edwardsbrothers.com , offers authors stylistic advice under such headings as "Manage Fonts Responsibly" and "Manage Graphics Responsibly." A little education about such matters will help you produce an attractive, readable, book. But the choices will be yours--the self-publisher company will simply faithfully print and bind your product. Are there low-volume self-publishing companies that will permit you to design your own book but offer professional edit- ing, design, etc., services on an a la carte basis? Most likely, but I haven't investigated this. Perhaps this is a topic for another col- umn. The library catalog is on the SPMC web, spmc.org . I wel- come your thoughts on library, web, and related areas. I can be reached at POB 2331, Chapel Hill, NC 27515-2331, or email to rcschreiner@mindspring.com . Many Hands Make Work Light I just shipped off the manuscript for a movie prop money book to the publisher (McFarland), which is interesting juxtapo- sition to Bob's column (at left). It was a big relief to get it off my back. It's not the most important paper money book to be published this fall by any means, but I learned a lot in doing it, and it's very gratifying to finish a large project such as this was. Of course, many talented and dedicated people contribute expertise, time and effort to any large project such as a paper money reference book. One name may be listed as author, but most books of any substance have lengthy lists of acknowledge- ments. An author worth his/her salt is very appreciative for the many hands that contribute to his work. Research, data, illus- trations are the most common types of "help" such contribu- tors supply. But often criticism, encouragement, and technical assistance such as proof reading is important, too. There's a proverb loosely translated that can be rendered as "many hands make work light." That's as true of research as it is for harvesting the hay. Finishing off the book manuscript, writing the acknowledgements, and reflecting on similar experi- ences during the past 40 years, I consider myself very lucky to have made a good many friends who have assisted me with vari- ous projects over the years. There are more than 125 individu- als cited in the most recent book. Over the years there are doubtless hundreds more. That's true with recruitment too. We're asking members to recruit two more members this year to help us "grow" the Society for the benefit of us all. We announced a challenge and a "contest" of sorts last issue and ALREADY in the first couple of weeks (as I write this) two of our members have qualified: Tom Denly and Bryn Korn. Bryn is a new member -- and a junior member to boot. Talk about initiative. We're delighted to have new, young members like Bryn who seize the initiative. At the other end of the age/experience spectrum, Tom Denley needs no introduc- tion and he's been a top recruiter (often THE top recruiter) for SPMC for years. The point here is simple. If you are able to help, do so. New research or recruiting new members means large magazines and other benefits for us all. It's like ripples on a pond. Oscar (my assistant here at SPMC's "executive offices") and I rely on one another. He'll do tricks in his "pond" all day if you'll watch. Most of us would too if we had an appreciative audience. Thanks Bryn and Tom. SPMC is a bit better and stronger because of YOUR efforts. PAPER MONEY • May/June 2004• Whole No. 231 239 SPMC Research Grants Available S PMC WILL AWARD UP TO FOUR $500 GRANTS to assist researchers each year (June 1 -- May 31). Applicants must be involved in research that will further and expand the mission of SPMC. Topics are not limited so long as they will add to the knowledge of the societys' membership. Researchers must fill out and submit a grant application detailing the type of research, how it will positively impact SPMC, and after the research is done, what the money was used for and supply some type of article, or other synopsis of the work that can be presented to the membership. Applications will be screened by the members of the edu- cation committee and up to four grants per year will be award- ed to SPMC members. The grant monies will be available to Always Wanted Monmouth County, New Jersey Obsoletes – Nationals – Scrip Histories and Memorabilia Allenhurst — Allentown — Asbuo , 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 HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES 7379 Pearl Rd #1 Cleveland, Ohio 44130-4808 1-440-234-3330 reimburse the researcher who applies for any part of the research, including travel, lodging and meals. Once the application is approved, it must be signed and returned to SPMC signifying that the researcher agrees to the terms of the grant. The money will then be awarded to the researcher. Awardees will have a maximum of six months to provide the SPMC education committee with details of how the money was spent and the results of the research in the form of an article for future publication in Paper Money or some other form that can be shared with the membership. The research will remain the sole property of the researcher(s) and will not transfer to the SPMC. Only one grant may be applied for at a time, but SPMC may award multiple grants to a single researcher based on quantity/quality of research being done and benefit to SPMC. For more information or grant application, contact Benny Bolin, SPMC VP, Chairman Education Committee, 5510 Bolin Rd., Allen, TX 75002. (972) 727-2395. email- smcbb@sbcglobal.net . PUMP UP YOUR BUSINESS ADVERTISE IN PAPER MONEY AD INDEX AMERICAN NUMISMATIC RARITIES 183 AMERICAN SOCIETY CHECK COLLECTORS 231 BART, FREDERICK J 237 BENICE, RON 221 BOMBARA, CARL 231 BOWERS & MERENA GALLERIES IBC BOWERS, Q. DAVID 201 BUCKMAN, N.B. 239 COHEN, BERTRAM 203 COIN & CURRENCY INSTITUTE 197 COLLECTIBLES INSURANCE AGENCY 221 CURRENCY AUCTIONS OF AMERICA OBC DENLY'S OF BOSTON 221 EARLY AMERICAN NUMISMATICS 211 FRICKE, PIERRE 207 HOLLANDER, DAVID 211 HORWEDEL, LOWELL C. 207 HUNTOON, PETER 211 JONES, HARRY 239 KAGIN, A.M. 223 KAGIN'S 231 KNIGHT, LYN 166-167 KNIGHT, LYN 219 KYZIVAT, TIM 237 LITT, WILLIAM 171 LITTLETON COIN CO. 240 NATIONAL & WORLD PAPER MONEY SHOW 209 NUMISMANIA RARE COINS 179 PC DA 175 POLLS, JAMES 237 POMEX, STEVE 231 ROB'S COINS & CURRENCY 193 ROBERTSON, KENT 237 SHULL, HUGH 162 SMYTHE, R.M. IFC SMYTHE, R.M. 235 YOUNGERMAN, WILLIAM, INC 207 (1 toto right) Josh Caswell, Jim Reardon, Butch Caswell and Ken Westover Littleton's experienced team of buyers. May/June 2004 • Whole No. 231 • PAPER MONEY240 Last Year Alone... Littleton Spent More Than $14 Million on U.S. Coins & Paper Money! We can afford to pay highly competitive buy prices because we retail all the notes we buy. David Sandman, President ANA Life Member #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 & 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 ! I'm interested in selling paper money to Littleton. Please contact me regarding my •collection or holdings. Fill out this coupon and Fax Toll Free to (877) 850-3540, or Mail to: 02003 LCC, Inc- 7 Name Address Littleton Coin Company Dept. BYA305 1309 Mt. Eustis Road Littleton, N.H. 03561-3735 L coinbuyelittletoncoin.com City/State/Zip Daytime Phone Best time to call _J N-Vg. AltihnOtrb Just contact Mark Borckardt, our auction director at 800-458-4646 to discuss your consignment. It may well be the most financially rewarding decision you make. Realize Top Market Price for Your Paper Money! Let Our Success be Your Success! Consign with Bowers and Merena Galleries We offer you the incomparable and very profitable advantage of having your material presented in our superbly illustrated Grand Format 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 some of the most well-known names in the entire hobby. — 11.-•4444".1541-111111711.11:WIfrdii 4 "31 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. 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 a long-established firm of Buy Online, Bid Online, Books Online! wwwbowersandmerena.com ICTil BOWERS AND MERENA GALLERIES When great collections are sold... Bowers and Merena sells them! A Division of Collectors Universe NASDAQ: CLCT 1 Sanctuary Blvd., Suite 201, Mandeville, LA 70471 • 800-458-4646 985-626-1210 Fax 985-626-8672 info@bowersandmerena.com • www.bowersandmerena.com LEN GLAZER 1-800-872-6467 Ext. 390 Len@HeritageCurrency.com ALLEN MINCHO 1-800-872-6467 Ext. 327 Allen@HeritageCurrency.com KEVIN FOLEY 1-800-872-6467 Ext. 256 KFoley@HeritageCurrency.com JASON W. BRADFORD 1-800-872-6467 Ext. 280 JBradford@HeritageCurrency.com r When the time to sell comes, you want the highest price. Perin HERITAGE We invite your participation in our upcoming auctions 1-800-872-6467 24 Hour Voice Mail at all Extensions ether you are selling extras from your collections, or a complete collection built over decades, Heritage-Currency Auctions of America has auctions for you. Heritage-Currency Auctions of America is part of the country's largest numismatic auction house, offering you: worldwide bidder demand through our exclusive Interactive InternetT" software on our award-winning website with 100,000 registered members at www.HeritageCoin.com and www.CurrencyAuction.com . With Heritage-Currency Auctions of America, you will benefit from: decades of experience, award-winning catalogs & catalogers, the world's finest numismatic mailing list - more than 100,000 numismatists, proven marketing expertise, state-of-the-art digital photography. Full color, enlargeable images of every single- note lot are posted on the Internet. We offer online interactive bidding and paper money search engine capabilites at www.CurrrencyAuction.com and www.HeritageCoin.com. Bidders trust our catalog descriptions and our full-color images, and use the Heritage Value Index and Permanent Auction Archives to formulate their bids. YES I am interested in consigning my currency to one of your upcoming auctions, please contact me. q I would like a copy of your next Auction Catalog. Enclosed is a check or money order for $30, (or an invoice for $1,000 from another currency company: Fax or Mail a copy to CAA). q I would like a one-year subscription to all your Auction Catalogs. Enclosed is $70 for the year. q I would like a FREE copy of your video "Your Guide to Selling Coins and Currency at Auction." q Fill in your e-mail address below for free, comprehensive e-listings, news, and special offers. E-mall Name Address C,5. State. Op Daytime Mona Evenng Phone FOR FASTER SERVICE, Call 1-800-872-6467 Heritage-Currency Auctions of America 3500 Maple Avenue Dallas, Texas 75219 2004 HERITAGE- CAA Schedule: Orlando, FL (FUN) - January Milwaukee, WI (CSNS) - May Cincinnati, OH - September 44. CAA CURRENCY AUCTIONS OF AMERICA 3500 Maple Avenue • Dallas, Texas 75219 • 1-800-US COINS (872-6467) • 214-528-3500 • FAX: 214-443-8425 www.HeritageCoin.com • e-mail: Bids@HeritageCoin.com • www,CurrencyAuction.com • e-mail: Notes@CurrencyAuction.com