Paper Money - Vol. XLVII, No. 1 - Whole No. 253 - January - February 2008

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\ I ( 0; olo ■I TreitOlirer• I \ . - Cii4E1 1,...... ..... OFFICIAL JOURNAL OF THE SOCIETY ICAPER MONEY COLLECTORS VOL. XLVII, No. 1, WHOLE No. 253 WWW.SPMC.ORG JANUARY/FEBRUARY 2008 Kememberi "Lost Cal - — Is this the LASTConfederate note? fire,reaty• Vet fa-r4tAri/ra iyfrare los'Artv &frr 41) VON ? D itIttl*B terATES 1 '5111C1, Stib.191.4. )llector/scholar Steve Feller thinks it might be K27175 • 5000 rivET 'SAND 111411.1,1tUfti ast.,sfamels. "rtirretu, WE BUY, SELL, & AUCTION THE VERY BEST IN PAPER MONEY -99-99999999.9.999,999=W.( =clod - MILTED MUTES (•AKE leICA <11.8899.: j.,1115R-PME-.4MaitiCk it K2717A ea4241-1541451141661245612424201,4=4:WW?Yrettbetfflbew., • 1.04 Lunt:WO- If you are seriously thinking of buying, selling, or consigning paper money, why not do what many of America's leading dealers and collectors have done? Contact Smythe. Why do they choose us? They recognize what it takes to achieve the best results. They know there are no substitutes for our decades of numismatic experience, our first-class numismatic research facilities, our world-class catalogs, and our unquestioned reputation for integrity. For more information, or for our latest Buy Prices, please contact us at: 4/ Lie ///////4 NNW .440117 oXl.ra *! MTill IR TA OIR 1' if?.. Odtkififf 1.4 •-frAd,,,, iIIIOAL —9,9.03:tlet.t59, erste-4ty.A49ty ' -(;%74.t .9-9` • 9.9)9c,D9,9,919;49101119,><919199):KeeE9><.6>79.9.19-,C(On, /41,71.• 1-800-622-1880 101010101C0 el21201.1101013t0101012401010K101( GEORG IA. 1776. No.240/ rir" If Is CrRT.TFICArit intittet the Bearer to ONE ,PANlbti 1,131.1.111) IDL , 1 i • or 'the Value thereof, acomiing to Refolution of C 3NCHESS • I • eP: -4. V.7.■ 21 t ^ ,!. (7,„ 43'0101000131Bek* To View Our Extensive Inventory of Certified and Uncertified Small Size, Large Size, Nationals, Obsoletes, Fractional, and more, log on to: SMYTHEONLINE.COM I1 :IE 800-622-1880 I 212-943-1880 2 Rector Sc, 12th F1., NY, NY 10006 I info@smytheonline.com I smytheonline.com TERMS AND CONDITIONS PAPER MONEY is published every other month begin- ning in January by the Society of Paper Money Collectors (SPMC). Periodical postage is paid at Dover, DE 19901. Postmaster send address changes to Secretary Jamie Yakes, P.O. Box 1203, Jackson. NJ 08527. ©Society of Paper Money Collectors, Inc., 2007. All rights reserved. Reproduction of any article. in whole or part, without written permission, 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. 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SPMC assumes no financial responsibility for typo- graphical errors in ads, but agrees to reprint that por- tion of an ad in which a typographical error occurs upon prompt notification. Paper Money • January/February • Whole No. 253 1 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLVII, No. 1 Whole No. 253 January/February 2008 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site:www.spmc.org FEATURES Collecting Confederate Currency Began Early 03 By Brent Hughes A Survey of Nearly 1000 Type-64 CSA $500 Notes 11 By Steve Feller Hodgkinson & Co. Wookey Hole Mill Rare English Paper 1 9 By Pierre Fricke How Much Is That Confederate T-41 Worth? 24 By Les D. Lewis CSA Monetary Panic of 1862: One Bank Customer's Experience . .34 By George B. Tremmel A Civil War Sidelight: Confederate Notes Back Cherokee Scrip By James F. Morgan, PhD On This Date in Paper Money History By Fred Reed Ludwig's Plate, September 2, 1862 By Col. Crutch Williams, CSA SOCIETY NEWS 47, 49 .. 42 58 Revised Tremmel CSA Counterfeit book a colorful winner 18 Shull's Southern Currency wins PCDA Literary Award 40 An Index to Paper Money, Vol. 46, 2007, Whole Nos. 247-252 52 Compiled by George Tremmel Nominations Open for SPMC Board 56 President's Column 57 By Benny Bolin Money Mart 57 Extraordinary collector, author Arlie R. Slabaugh dies 59 ANA, NLG praise SPMC Journal 70 Researcher Puts SPMC Grant to good use 72 National Bank Note author Dewitt Gipson Prather dies 74 New Members 74-75 SPMC Treasurer Bob Moon reports 75 Authors seek assistance on Connecticut merchant scrip compilation 76 Website tracks euro note travels 76 SPMC Librarian's Notes 77 By Jeff Brueggeman What's on Steve's Mind Today? 78 By Steve Whitfield The Editor's Notebook 78 2 January/February • Whole No. 253 • Paper Money Society of Paper Money Collectors SOCIETY The Society of Paper Money ( )1: Collectors (SPMC) was organized in PAPER MONEY COLLECTORS INC. 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affili- ated 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, including its bylaws and 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 membership; 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 membership numbers will be preced- ed 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 eligi- ble 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 membership 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 available. 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 a fall issue of Paper Money. Checks should be sent to the Society Secretary. OFFICERS ELECTED OFFICERS: PRESIDENT Benny Bolin. 5510 Bolin Rd., Allen, TX 75002 VICE-PRESIDENT Mark Anderson, 115 Congress St., Brooklyn, NY 11201 SECRETARY Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527 TREASURER Bob Moon, 104 Chipping Court, Greenwood, SC 29649 BOARD OF GOVERNORS: Mark Anderson, 115 Congress St., Brooklyn, NY 11201 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 Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467 Robert J. Kravitz, P.O. Box 6099, Chesterfield, MO 63006 Tom Minerley, 25 Holland Ave #001, Albany, NY 12209-1735 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed III. P.O. Box 793941, Dallas, TX 75379-3941 Robert Vandevender, P.O. Box 1505, Jupiter, FL 33468-1505 Wendell A. Wolka, P.O. Box 1211, Greenwood, IN 46142 Jamie Yakes, P.O. Box 1203, Jackson, NJ 08527 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 Jeff Brueggeman, 711 Signal Mountain Rd. # 197. Chattanooga, TN 37405 MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011-7060 PAST PRESIDENT Ron Horstman, 5010 Timber Ln., Gerald, MO 63037 WISMER BOOK PROJECT COORDINATOR Bob Cochran, P.O. Box 1085, Florissant, MO 63031 REGIONAL MEETING COORDINATOR Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 2522, Lexington, SC 29071 PH: (803) 996-3660 FAX: (803) 996-4885 Auction Representation 60-Page Catalog for $5.00 SPMC LM 6 BRNA FUN Paper Money • January/February • Whole No. 253 3 Collecting Confederate Currency Began Early By Brent Hughes (deceased) B EING CURIOUS ABOUT THE EARLIEST COLLECTORS OFConfederate currency, I began accumulating printed references manyyears ago. I found that it all began shortly after the Civil War ended.There was certainly no shortage of notes because bankers and mer- chants had suddenly been left with boxes and barrels filled with worthless cur- rency. I know of one barrel half full of Confederate notes which survived until 1960 when a lucky collector happened to discover it in an old grocery store building in Petersburg, VA. Because the barrel was relatively light, the store owners over the years had assumed the barrel was empty and it had sat there for almost a century. There is little doubt that millions of notes were burned or thrown out as trash, but millions of others survived. The supply was so large, in fact, that when one of the first dealers, John W. Haseltine of Philadelphia, issued his catalog and pricelist in 1876, he offered a set of the 1864 issue, nine notes ranging from 50e to $500, for only sixty cents. The condition of the notes was described as "clean and perfect and in most cases Uncirculated." That same set was being offered in recent years by prominent paper money dealer Hugh Shull for $725. Collectors who want the same notes, hand picked in nice Crisp Uncirculated condition, can have them for $1,250. These prices are from Mr. Shull's First Edition 2000 catalog. There is no doubt that the prices will continue to escalate. (Editor's note: $850, $1,595 currently) Thinking back to 1865 and 1866, we can guess that many people set aside a few notes to keep as souvenirs of the great war, but since they were not serious collectors, they soon lost interest in the bills and gave them to their children to "play store." I can remember seeing cigar boxes full of Confederate notes in South Carolina as late as 1940. They were all $10 and $20 notes of the final issue, but even they have become valuable in recent years. Brent Hughes 1922-2001 Editor's note: When the author, a charter member of SPMC, passed away a number of his articles on hand were permitted to be published posthumously in his honor by special arrangement with his widow and son. CATALOGUE OF AMERICAN COINS, MEDALS, &c., Selected from the Cabinets of MESSRS. BACH, BERTSCH, COL BURN, EMERY, FINOTTI, I LSLEY, LEVICK, LI LLIENDAHL, LIGHTBODY, MCCOY, SEM- PLE, SH URTLEFF, and other collections, purchased at various times by W. ELLIOT WOODWARD, OF ROXBURY, MASS, ALSO, A few fine Foreign Coins and Medals, TO 13E SOLD AT AUCTION, IN NEW YORK CITY, On Tuesday, Dec. 19th, 1865, and following days, at the Trade-Sale Rooms of E. COOLEY, 498 Broadway. GEORGE A. LEAVITT, AUCTIONEER. Book 109 4e./J— 2670 $1,000 Note of the Confederate States of America ; genuine, very fine and rare. 2,,Sit 2671 $500 Note, Confederate States ; genuine, fine, scarce. .57) 2672 $50 Note, Confederate States ; genuine, fine, scarce. 2673 $20 Note, Confederate States; genuine, fine. ,Lj— 2674 $10 Note, Confederate States ; genuine, fine. „2 5.- 2675 $5 Note, Confederate States ; genuine, fine. 18 5. January/February • Whole No. 253 • Paper Money4 There was some interest in Confederate money shortly after the Civil War ended as evidenced by this auction catalog of December 19, 1865. Lot 2670, the Type 1 Montgomery Note in Very Fine con- dition sold for $4.75. Today it would probably bring $20,000 or more. Lot 2671, probably the Type 2 Montgomery Note, sold for $2.50. Today it would probably bring $18,000 and up. We should digress at this point to explain that when Richmond, VA, the Confederate capital, was evacuated in April of 1865, most of the government's documents were necessarily left behind. In the ensuing chaos, drunken mobs set fires which destroyed much of the city. A few days later, when President Lincoln was assassinated, Union officials suspected that Jefferson Davis and his close associates had been a part of the conspiracy. Convinced that evi- dence to support their belief might be found in the rebel archives at Richmond, they ordered the military commander there to seize and ship to Washington all documents that his troops could find. Evidently most of the records had been stored in the cellars of brick buildings where they escaped the flames. In any event we know that on July 21, 1865, a train hauling 490 boxes and barrels of documents, includ- ing millions of Confederate notes, left Richmond bound for Washington, D. C. For two years, government employees searched for incrimi- nating evidence, but found none. Disappointed Union officials called off the search, and the mass of paper was considered worthless. They would soon become a nuisance for govern- ment departments to store, so employees who wished to do so were allowed to take home what- ever they wished. Many workers were fascinated by the rebel cur- rency and the notes moved out in good quantity for many years. It appears that some employees turned this activity into a business and began to sup- ply scarce notes to the growing body of collectors. Thus the seri- ous hobby of collecting Confederate money was born. -We will never know all that went on in Washington at that time because the employees kept it quiet. Collectors submitted want-lists just as they do now and their needs were supplied from government file cabinets. Every one involved was understandably quite happy. There were also a few historians who were trying to assemble all the vari- eties of Confederate currency. I have records of a Dr. Thomas Addis Emmett of New York City who as early as 1866 already had a large collection. Professor Charles E. Anthon of the College of the City of New York was literary editor of the prestigious American journal of Numismatics at that time. He arranged to examine the Emmett collection and wrote several articles about it which appeared in his magazine in May, July and August of 1867. Paper Money • January/February • Whole No. 253 5 This pioneer effort was incomplete, but it created some interest until Dr. William Lee of Washington, D.C. wrote a history of Confederate currency in 1875. Privately printed, the book did not circulate widely, and is very difficult to find today. Meanwhile, an industrious government employee named Raphael Thian was hard at work on a detailed examination of the rebel currency. Thian had emigated from his native France and on. November 13, 1850, enlisted in the U. S. Army. Somehow he came to the attention of General-in-Chief Winfield Scott who persuaded him to resign from the army and join his civilian staff. When Scott retired on November 1, 1861, Thian moved to the Adjutant General's Office where he advanced to become Chief Clerk on July 1, 1871. Apparently well-liked by his superiors, he would serve until 1911, a total of sixty- one years in the federal service. , .. ..., S - 0 ee tot _i_...,. -E., li, A ,,, • .,1,0 2.-. 0 0 -3.. -+- --' N. 0 rV 1441 ALB -13- 1E49 I FOR A COMPLETE COLLECTION (WPM DESCRIPTIVE LETTER-PRESS) Of the various Designs for Face and Back selected by the Confederate Treasury Authorities for the Currency of the Confederate States of America. -.... 1864-1865. I I Thian's interest in Confederate currency may have begun when he was asked to assemble a number of scrapbooks full of Confederate notes which the Secretary of War wanted to present to retiring generals. Among the recipients of the scrapbooks was General Sherman, who had destroyed the Confederacy's Treasury Note Bureau in Columbia, S.C. during his famous march through Georgia and beyond. Thian soon became obsessed with his research into Confederate finance and would spend the next 20 years in the project. Fortunately for today's schol- ars, Thian made up six scrapbooks for his own use. These books, four containing notes and two with bonds, exist today at the Duke University Library in North Carolina. The Library purchased the books from Thian's son in 1944. Thian's legacy for modern collectors is his Register of the Confederate Debt which became available in reprint form in 1972. The book is of great value to advanced collectors interested in the signers and serial numbers of the various notes. In 1876 Thian copyrighted what he described as his Confederate Note Alb11771 for a complete collection of the various Designs for Face and Back selected b1' the Confederate Treasury Authorities for the Currency of the Confederate States of America, 1861-1865. The title page of the Raphael P. Thian album. Text is "Confederate Note Album for a Complete Collection (with Descriptive Letter-Press) of the various Designs for Face and Back selected by the Confederate Treasury Authorities for the Currency of the Confederate States of America, 1861- 1865." 7,rsa. kr' ,nk p—eatior41) • a, rue er -ad • 41187G,4r w - ns-a., • 6 January/February • Whole No. 253 • Paper Money In his preface, Thian said that the album was a result of his "desire to afford collectors of Confederate currency a tasteful repository for their notes, and at the same time furnish them an accurate and exhaustive description of the varieties comprising a full set." A page from the Raphael Thian album showing the ornate printed frame around the CSA Type 1 $1000 "Montgomery Note." The notes were usually held in place with paste, but in some cases sewing thread was used to form vertical loops to loosely secure them. His descriptions of the individual design types were exhaustive alright. His emphasis on detail can be seen in his description of note number one, the $1000 "Montgomery Note": No. 1. $1,000, Montgomery, (written date) 1861. Engraved by the National Bank Note Company of New York and printed on fine bank note paper, in black and green, with plain back. In the right lower cor- ner of the note appears a medallion likeness of Andrew Jackson, while directly opposite is found a corresponding medallion of John C. Calhoun, both of the ovals ornamented at the base and sides by an ele- gant tracery of scroll work. Each of the upper corners contain a very large circular die the one to the right bearing the number "1000", that to the left, the number "M" composed of twelve small elliptical dies grouped together, on each of which appears the words "One Thousand" encircling the number "1000." The central part of the note, above a narrow rectangular space left blank for the signatures, is divided by airy bands and columns of fine lines into forty-five squares -- five in height and nine in length -- the angles of adjacent squares bear- ing the number "M." From these numerals a narrow band arches upwards and is inscribed "One Thousand." The centre (sic) of each square, a dark ground formed by converging lines, bears the number "1000," while immediately beneath, two narrow bands looped up below the background of the number, are inscribed -- the one to the left, with the numeral "M", and that to the right, with the number "1000." This central part, a slight border surrounding the note on three sides, and a narrow band at the lower edge, inscribed: "Receivable in payment of all dues except export duties," are printed in green. This note is payable twelve months after date, bears interest at ten cents per day, has its ALBUM FOR D RJ_ ATE' , Containing numbered Spaces for the insertion of a Specimen of each TYPE of the Notes, issued by authority of the Tonfetitvatz go”trnmznt, TOGETFIZE VT= A MEMIGMTI, 7-rt7774, omen= AHD 11113.1HGED C_ C H REV TORE_ 1617. Paper Money • January/February • Whole No. 253 7 number printed in blue, and is signed, in person, by the Register and the Treasurer of the Confederate States Messrs. Alex. B. Clitherall and E. C. Elmore. The pages of descriptions were followed by pages bearing ornate printed frames and numbers matching those assigned to the descriptions. Unfortunately there was no Mylar or other safe material in which the notes could be housed on the pages so the collector had two choices. He could either paste the notes to the pages or use sewing thread to form loops to hold the notes in each frame. I have seen both methods used. I once took on the task of removing notes from a Thian album. The paste dissolved easily in warm water and I was able to remove most of the residue from the backs of the notes. The sewing thread never pierced the notes but was placed so closely to the edges that they cut into the notes slightly. Such cuts are easily repaired and cause no great harm to the value of the notes. It would be interesting to know if the Thian albums were made at the Government Printing Office or if he had a private printer. Since such albums were needed to be used as retirement gifts for government officials or military officers, someone in the War Department may have quietly had the albums pro- duced at the government facility. As I recall, the albums were rather plain and utilitarian, but that does not tell us where they were made. During the same year in which Thian introduced his album (1876), John Haseltine produced a price list offering Confederate notes for sale. It is interest- ing that collectors and dealers already knew which notes were rare, scarce or common. Haseltine called the $500 Montgomery Note (CSA Type 2) "exceed- ingly rare" which it certainly is. He also stated that "Uncirculated and even rare clean notes of the first issues are not very plenty." That's still true today. There were obviously several dealers in Confederate currency at the time who were engaging in what Haseltine felt were questionable practices. He said, "I simply wish to state to my friends, and in justice to myself, that in several of the The title page of the Bechtel album. Text is "Album for Confederate Currency, containing numbered Spaces for the insertion of a Specimen of each TYPE of the Notes, issued by authority of the Confederate Government, together with a Descriptive Index. Compiled and arranged by C.H. Bechtel, New York, 1877." o aik, a .-44;a, -/iale/u7.44-' -agazify,Oreace-2.1ideaeen,:e17-4./ /70V4et/e/c.x.azizy-4(/,(4e-/ cyeeeed.:,-3 / /07'FIVE /7; e///e, .P.6gzEzs leer REG IS .11 0-4j--/721'?,fe,hiioiical///e1//k2/ 2 8 January/February • Whole No. 253 • Paper Money published price lists some of the rarer notes have been mentioned at prices which I know it is impossible to furnish them at." In other words, he was accusing his competitors of engaging in what we call today the "bait and switch game." Collectors of 1876 now had an album in which to house their notes, and several dealers offering to sell them examples. Then, in 1877, a man named C. H. Bechtel of New York City introduced his Album for Confederate Currency, a rich- ly-bound volume which could take its place on any fine library shelf. It contained an index of the various designs which he called "types," the same term we use today. Like Thian, he listed the types from the largest denomination down to the smallest, a practice still used today. Somehow, this arrangement seems backward to me as I would have listed them from the smallest upward. It is too late to Page 34 of the Bechtel album show- ing what is generally considered to be the rarest Confederate note, which is kown today as the "Indian Princess." Bechtel did not use the word "princess." His description was "$5. Richmond; Negroes loading cot- ton in lower left corner; Indian in upper right corner." The name "Indian Princess" was first used by William West Bradbeer in his book which was published in 1915. change it now. Like the "QWERTY" typewriter keyboard used today, we are stuck with it. Bechtel's album had the same disadvantage that Thian's had. There was no easy way to mount the notes on the pages. Collectors used tiny dabs of paste or sewing thread and hoped for the best. Evidently Mr. Bechtel did not know about the Thian album because in his introduction he mentions the book by Dr. Lee and the catalog by Mr. Haseltine, but has nothing about Thian. Mr. Bechtel states that "another want has been made apparent, namely a book or album in which these mute reminders of our late unpleasantness can be preserved, classified and arranged for each reference." The "mute reminders" he referred to were of course the Confederate notes, but I also recall reading several contemporary diaries in which genteel ladies of the South also referred to the Civil War as the late unpleasantness." Could it be that Mr. Bechtel was a Southern gentleman, who had moved to New York City seeking business opportunities? Bechtel's descriptions of the various notes were much shorter than Thian's. Of the CSA Type 1, he described it as "$1000. Montgomery; interest at ten cents per day; head John C. Calhoun in lower left corner; head of Andrew Jackson in lower right corner; National Bank Note Co." Advertise in PAPER MONEY Paper Money • January/February • Whole No. 253 9 IN FULL LIVING COLOR, too! Pnwo LIST OCONFEDERATE NOTES AND BONDS. JOHN' Wt HASELTINE0 1225 CHESTNUT STREET, PHILADELPHIA, PA. LIST OF CONFEDERATE IRE AS iThr NOTES. LOT NO. 1861.-- Wriiten Datei, 1, loon donate, Montgomery National Bank Note Co. (Very rare) 9. 500 " B. 100 do. do. erclairneg) I Y ra r e) 'do. do. ((veexicye 4. 100 " Richmond, Southern Bank Note Co. (very rare) 6. 00 " Montgomery, National Bank Note Co. (vcrY bare) 6. 60 " Richmond, Southern Bank Note Co. (very rare) .60 40 .55 .49 .60 .25 .25 .95 .80 .110 cs back, be., (very rare) September 2, 1861.-Plain, white backs. 14. 100 dollar% Men loading a wagon with btals of cotton in centre, So 18. 60 Seated figure With money chests In centre, die 18. 60 !. Train of care In centre, be Southern Bonk Note Co. (vSry rare)...... 10. 50 " Head ot.Tefferson Davis In centre, So. (scares) El. fro " Head of Alexander H. Stevens In lower left corner, .......... 28. 20 Head of Alexander H. Stevens In centre, "Twenty" and "X3Pqa green, be. (rare) 24. 20 Three female figures in centre, "20 7 and scroll In green, be. (Very rare) 25. 20 Ship under full Ball In centre, be sg. 2U Kneeling female figure ; globe and ship In centre, be., Southern Rank July 25, 1861.- -White faced and back& 7. 100 dolnrs, Twn female figures In centre, be. (rare) IL 60 " Head el Washington In centre, be. (rare) 0. 20 " Ship under full sail In centre, So. (rare) 10. 20 " Female riding a deer in centre, Sze. (exceedingly rare) 11. 10 •• Female leaning on a Shield, on which Is a confederate flag, 55c. (very. rare) 12. 6 " Female Ironing on a shield, on which Is the figure 5, tic. (very rare).. 13, 'Flee" norms left end, "Confederate States of America" In blur, on Note Co. (very rare) 80. 10 " Negro plekingcotton In centre, be 81. 10 " Camp scene of General Marion in centre, fib 88. 10 " fiend of R. M. '.'Hunter In lower lett corner, to., SC 10 " Group of Indians in centre, Se., Southern Bank Note Co. (very rare) 05. 10 Wtigon loaded with cotton bales, In centre, Sc. (very rare) B8. 10 Two female; with an urn In upper left corner, 10 January/February • Whole No. 253 • Paper Money Haseltine may have been the leading dealer in Confederate notes and bonds when he published his catalog and mail-order price list in 1876. His catalog listed 136 varieties of notes and 55 varieties of bonds. The four- page price list offered notes from five cents to 75 cents each; bonds at 50 cents to 75 cents each, depending on rarity. He also used a much simpler and more dignified printed frame on the pages reserved for the notes, and he achieved a certain degree of security for the album owner in the classic design of the spine of his album. On a library shelf, his album looked like a typical fine book of that era. A burglar searching for valuables would not have been likely to scan several hundred book titles in a home library. So far as I can determine, these two albums satisfied the demand from collectors many of whom used individual white envelopes to preserve their notes. With a plentiful supply of notes available, most collectors of that era searched for scarce varieties rather than types. Bechtel estimat- ed that there were more than 1,500 varieties, but that an album to house them would have been far too expensive to market. Finally, in 1915, William West Bradbeer published his famous book Confederate and Southern States Currency, which listed all the varieties known to him. These Bradbeer numbers would eventually be adopted by Grover Criswell in his series of guide books which began about 1957, and which have generally prevailed in cataloging these notes down to today. Today, of course, collectors have a wide variety of albums avail- able to them, There are chemically inert holders which offer maxi- mum protection for the precious notes. Condition seems to be the most important factor in today's market- place, and we see enormous sums of money being spent by those who want only the finest specimens available. It is not likely that this desire for perfection will end anytime soon. I still find it amazing that even today collectors can pur- chase a Confederate note in Gem Crisp Uncirculated condition, but that fact just makes the hobby that much more fascinating. Sincerely, /law, d , , , Pnuriaitgir/rfrari, //r COYFICIMIL1TH wr_vr VIE 1":1'1TELISTt1iN, )- ,(//////r( !ol Paper Money • January/February • Whole No. 253 11 A Survey of Nearly 1000 Type-64 Confederate States of America $500 notes: What Was the Last Note Issued? by Steve Feller Introduction to the Type-64 CSA Note 0 NE OF MY FAVORITE NOTES IN THE CONFEDERATE SERIES IS THE CRISWELL TYPE- 64 (Fricke Type-64, PF 1) "Stonewall Jackson" note. Uniface, it has a provocative and symbolic look. The note is part of the February 17, 1864, series, the last one issued. It is an original design to that issue and was created because of the raging inflation as the war wound down. Who cannot be moved by the two vignettes—one of General Thomas "Stonewall" Jackson and the other a montage of Confederate symbols and war implements? General Jackson was a war hero and died a victim of "friendly fire" in May, 1863. General Robert E. Lee said of him in a message sent to Jackson's chaplain as the general lay dying, "Give General Jackson my affectionate regards, and say to him: he has lost his left_ arm but I my right." Is this the last CSA note issued? Note the serial number 38386. The notes were printed by Keatinge & Ball of Columbia, SC as can be seen just below the signature block. 1t'^^1 1 I Yv it t ( .;;".1 7 1141) The Confederate Printing Plant, circa 1865 Also, illustrated is a photo from around 1865 of the Keatinge and Ball plant that produced millions upon millions of Confederate notes. Serial Number Progression for T-64 Notes y = 40.05203x + 824.82115 Rz = 0.99654 40000 35000 30000 25000 (73 mcz 20000 (T) 15000 10000 5000 200 400 600 Note Number 0 800 1000 12 January/February • Whole No. 253 • Paper Money All the notes of 1864 have the following historic promise to pay after the war. ((AV///..P.t/i.///7(ift (fit:Pa/1m _mitt, 4-/mtm, the-. COXItiEbl -RAIIT 'STAVES & IME MIMS. A Statistical Look at the Type-64 CSA Note For the past several years I have been keeping track of the serial numbers on Type-64 $500 Confederate States of America notes. The references at the end of this piece list some earlier articles I wrote on these data. I have done this research so as to get some closure on the 1864 issue. No one knows the end serials for any of the denominations since the Confederate record keeping fell apart as the end of the war approached. It was my hope that the $500 denomination offered the best chance since it was a more limited issue than the others. To date (1 October 2007) I have found serial number information from 981 examples of this issue. This represents more than 2.5 % of the serial set and the serials range between 8 and 38386. I believe serial 38386 is near to or might just be the very last note issued from this type; indeed it might be one of the last Confederate notes issued. This assertion is a focus of this article. As a physicist, I'm a bit of a fanatic about numbers and statistics. I decided to give the observations the "college try." The graph below displays all 981 observed notes in order of serial number. Note the full coverage of the serial number range, without obvious gaps or large ranges of missing serials (the equation shown is for the best fit straight line and is consistent with this set of serial numbers being highly lin- ear with an R 2 value of 0.99654 and a slope of 40.05203. The slope is a measure of the separation between serials, and its value is close to 39.16 which is the average separation between serial numbers. To show the fullness of the data another way, I display a differential version of the data in the graph below. The vertical scale is the difference between a given serial and the one preceding it in the set of observed numbers (labeled "change") and the horizontal axis is each note's serial number. ij 150 100 - 300 250 cp 200cn 50 0 0 5000 10000 15000 20000 25000 30000 35000 40000 Serial # T-64: Change from one serial to the next 981 y = -0.0003862x + 47.0834481 Notes R2 = 0.0100716 ,M147,1*14,40,4,c 0.) ArJAIraihr-dnAocParnpqe.1,rouoitd,rldsomehe CONYSIASValtertAll. 7,11111:t ?MVO. VT h , )•., ,r/7'1 .4 ? -11 A „ tilt 4002#141Sitt 4te? ,)) // tele$414111,11hag /i/i//(//,/ r/r!.!, MEiiiitatakaidid#11))., Paper Money • January/February • Whole No. 253 13 Note two things: the uniform spread of serial number changes and the abrupt end of the data at or near 38386 (the fit line shown has an R 2 value of 0.01 which means that the differences show no apparent functional rela- tionship to serial number; i.e. the set is a nearly uniform set of differences as might he expected from random obser- vations). It is unlikely that there is a much larger serial number than 38386 since the mean difference in my observed serials is just 39.16. The randomness of the data may also be displayed by looking at the serial letters. There were four notes to a sheet with the top note having a serial letter of A and the bottom note being D. A sheet is shown below. 14 January/February • Whole No. 253 • Paper Money The next plot shows the serial letter distribution for the observed notes and it displays an essentially even spread among the four letters. Number of Notes with Serial Letters A,B,C, and D for Type 64 CSA $500 300 250 200 150 100 50 0 A B Serial Letter Raphael Thian gives two related pieces of information in his book, Register of the Confederate Debt. First, the serial number with the last recorded signature combination for the Type-64 notes is 32900. Second, the last observed serial number by Thian was 37607, and he indicates his data are incomplete although he had access to thousands of Confederate notes. Thus, from this it is reasonable to suppose that my observed last serial of 38386 is near or at the end of the issued notes. A final bit of information may be gleaned from the 981 observed serials. 1 looked at the last six groups of one thousand serials (this constitutes the entire range of Criswell 489B notes, the ones with the marvelous dark red ink) and counted how many notes there were in each group of a thousand serials. I observed the following: Group of Thousand Serials Notes Observed 33001-34000 30 34001-35001 32 35001-36000 34 36001-37000 39 37001-38000 35 38001-last note (38386) 13 1000 Serial Number Ranges for Type 489B Notes 45 40 35 30 - 25 z 20 - 15 10 5 0 33001 -34000 34001 -35000 35001 -36000 36001 -37000 37001 -38000 38001 -39000 Serial Range fur if/ '417r/1.#1( Q:out•tilevitte 5tilteti tit ,/,- //Id& ././.',0":/,y4Vofti mom CAI '0 Paper Money • January/February • Whole No. 253 15 Thus, for these Criswell 489B notes for the range of serial numbers 33001 to 38000 there is on average 34 observed notes per 1000 serials printed with only a small variation in the numbers observed. The sudden drop to 13 serials above 38000 is an indication that the serials stopped abruptly. Extrapolating the rate of observed notes of 34 per 1000 to the range above 38000 and using the fact that 13 notes have been observed above 38000 leads to a predicted end of the serial range to be 38000 + (13/34)*1000 or 38382. This is just four serials lower than the actu- al last observation of 38386! This means 38386 is close to the end. Type-2 CSA $500 Statistical Analysis for Comparison As a test of this statistical method I present data from the other $500 CSA note—namely the historic Type- 2 $500 Montgomery issue. Pierre Frick gives serial number data from 109 notes and it is known from Thian that the total issue was of 606 notes. This represents an incredible 18% of the printed notes! The statistical plots from these observations follow: Type 2 Serial Number Progression y = 5.463x - 8.627 IV-- 0.993 600 500 E 400 z2 7. 300 200 100 0 4- 0 20 40 60 80 100 120 Note Number Note the small slope of 5.463 in the first plot; this is indicative of the average separation between serial numbers (actual average is 5.556). The R 2 valueof 0.993 indicates that the data are highly linear, this means the data are unifirmly distributed. In the second plot a slope of 0.0028 means that the differences are unifirmly spread across all the observations; this was similar to the data from the Type-64 notes. Once again, the best fit line has an average value just above 5; this would be the average separation between serials once again. 700 16 January/February • Whole No. 253 • Paper Money Online Paper Money at Its Finest 1315 CM (Li vn- Ci2 66'8713 We are the Rickey Collection WWW. D B RCH rrency. o P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 FAX: 858-679-7505 >Large size type notes Especially FRAT's and FRBN's >Large star notes >1928 $500's and $1000's >National Bank Notes 4.4if 10i 1;;;;* tooltroliViin timits 82 ""' 10" . 1Ati lifilit nti I ,1 e II • 4,, a ,` >Easy to sort database By date added to Web site By Friedberg number All or part of any serial # >Insightful market commentary >Enlarge and magnify images "Honesty is not the best policy. It is the only policy." i-A (iXelliflint.21/11W-"1* •••■•e. 11'11e1111h1211,11 li,erttql1E 1111.1.^ K997 9 41 tr TEMP' gthKh 7,1r.sk!■!1..bc 61,1, •Orr rr 1922A 14 , ,1304444140,1,41ItIttom maick A Paper Money • January/February • Whole No. 253 17 Change from One Serial to the Next 30 y = 0.0028x + 4.7233 R 2 = 0.0081 25 • 20 •• a.) b.0 • • •cay 15 ..= C.) • • • • 10 ♦ • •♦ ♦ •• • • •♦ ♦ •♦ ♦♦ ••♦ ♦ ♦ ______..---------* 5 — - ♦ ♦ II ♦ • ♦ • ••♦. • • • •• ♦ . •• ••• ••• ♦ ♦ • •• •• ♦ • ♦ ♦♦ ♦ ♦ ••• • • • 0 0 100 200 300 400 500 600 Serial Number These two plots confirm the validity of the method presented for the Type-64s. The observations are quite similar in both sets of data. The numbers of observed serials in each set of hundred serials for the Type-2 notes are: Group of Hundred Serials Notes Observed 001-100 17 101-200 24 201-300 19 301-400 12 401-500 19 501-600 16 601- last note (604) 2 Thus we can estimate the last serial number by taking the average of the full sets of hundred serials, 17.83 and form the estimate by 600 +(2/17.83)*100 = 611. This is five higher than the known highest serial of 606. The method is reasonable. Conclusions I conclude that the pictured note with serial 38386 is very near the end of the run for the Type-64 notes. Since there was heavy inflation near the end of the "Lost Cause" it might be the case that the Confederates concen- trated more heavily on the higher denominations as the war concluded and there is a chance that this note was amongst the very last issued by the Confederate States. Inflation may be gauged from the price of gold in Confederate money which had the following values in 1865, according to a contemporary record that Hugh Shull gave to Pierre Fricke for use in his excellent book on Confederate currency. Date in 1865 Value (CSA Dollars Date in 1865 Value (CSA Dollars to buy one Gold Dollar) to buy one Gold Dollar) 01 January 60 20 April 100 15 January 65 26 April 200 01 February 50 27 April 300 15 February 46 28 April 500 01 March 55 29 April 800 15 March 57 30 April 1000 01 April 70 01 May 1200 15 April 80 • The Offic lel RED BOOK' A Gut& Book f Counterfeit Confederate Currency l7<7. late /h&j/ 18 January/February • Whole No. 253 • Paper Money In any event the note featured in this article is from near the end of the war and has the highest known seri- al number for a Type-64 $500 note. Since there were four notes printed for each serial number this implies that the amount of issued Tvpe-64 notes was about 153,544. 1 will continue my study and based on the rate of new observa- tions I make--about 5-10 a month and at a fairly steady rate still-- it is quite likely that there are several thousand surviving notes out there. If readers have additional serial number and letter reports I would be pleased to receive them at sfeller@coe.edu . Bibliography Criswell, Grover C. Comprehensive Catalog of Confederate Paper Money. Port Clinton, OH: BNR Press, 1996. Feller, Steve. "The Criswell Type 64 Confederate States of America Note," journal, 42 (3/2003), pp 41- 42 Feller, Steve. "The Criswell Type 64 Confederate States of America Note: A Statistical Update," I.B.N.S. Journal, 43 (2/2004) pp 54-55. Feller, Steve. "Is This the Last Confederate Note Issued?, I.B.N.S. journal, 44 (4/2005), pp 31-32. Fricke, Pierre. Collecting Confederate Paper Money: A Complete and Fully Illustrated Guide to Collecting All Confederate Note Types and Varieties. New York: R.M. Smythe, 2005. Thian, Raphael P. Register of the Confederate Debt. Boston: Quarterman Publications, 1972. Revised Tremmel CSA counterfeit book a colorful winner WIEN GEORGE TREMIvIEL RELEASED HISopus on fake CSA notes, Counterfeit Currency of the Confederate Staten. of America (McFarland, 2003), he created a much needed and groundbreaking reference work for Confederate note partisans. That book won SPMC's Nathan Gold Lifetime Achievement Award in 2004, and provided additional informa- tion updating the author's prior-published articles in this magazine. With the release of his revised second volume, A Guide Book of Countelfeit Confederate Currency (Whitman, 2007), the author not only has recreated a useful com- pendium, but with its full color illustrations has also released a splendid one as well. Packed into its 330 pages, the author describes and illustrates more than 350 bogus Confederate notes, which plagued the Southern officials, their economy, and sapped their morale. Since then, these interesting bits of ephemera have become collectable, so a useful catalog is a must. Hard cover, it retails at $29.95. The author supplies one in spades. Not only does Tremmel describe and illustrate on a variety-by-variety basis this bogus paper, but additional research has allowed him to expand his canvas to include fake southern shinplasters and bonds. He provides analysis, rarities and values in four grades. Footnotes, bibliography and index are also included. Tremmel also packs his book with a great deal of histori- cal data, including a brief history of the antebellum counter- feiting dilemma, tales of the Payne gang, and the shenanigans of Winthop E. Hilton and Samuel Upham. A survey of con- temporary printing techniques, a section on counterfeit Confederate sheets, a history of CSA Treasury countermen- sures, and original research based on the Thian materials at Duke University round out the presentation. The meat of the work, of course, is the illustration, description and analysis of many bogus CSA notes by Criswell-Bradbeer numbers. Empirical rarities are given. When known, the maker of the listed. Values for these fakes have increased in recent years, probably due to the success of the author's original book. Then notes were unvalued; prices are now listed for the first time. Values range from about $60 for beat up common varieties to $1,200 and up for rare specimens in AU-UNC grades. Listing prices is very beneficial to read- ers, since scales of values are important in transactions. This presents an interesting dilemma for an author, however, since prices tend to migrate over time. Perhaps, inclusion of prices in this Whitman "Red Book" indicate expectations of additional editions of this popular title. That would be good news for collectors. Be that as it may, no collector of Confederate currency should be without this new volume. As prices of genuine notes escalate, differentiating genuine from gamine grows increasingly important. This book will help readers sort it out. "This will remain the standard reference work for many years, perhaps for all time," well known collector and author Austin Sheheen speculates. Sheheen's appreciation for Tremmel's efforts do not seem misplaced. This book rocks! Available on the publisher's website, www.whitman- books.com , also at Amazon, Barnes & Noble, Booksamillion and hobby dealers. Pick up your copy even if you own the ear- lier work. It'll become your standby. -- Fred Reed • CHEDDAR WELLS Paper Money • January/February • Whole No. 253 19 Woollorifilauffralua 1-71M EiT41111 laT ]_P,npIT Many PErr., Pailtan The Hodgkinson & Co. Wookey Hole Mill watermark Confederate Treasury notes are some of the rarest and most interesting notes in the series. To actually see a complete collection of the "collectible" varieties of this watermark is a unique experience; while a good number have attempted, only a small number of collectors have suc- ceeded. There are eight collectible rare varieties (RV) and eight "non-collectible" varieties (NC, i.e. fewer than three examples available to collectors) of which two have not been seen in living memory. There was one watermark per sheet of 8 notes making this watermark even rarer. Only a small number of reams was imported, some of which were used for Virginia State currency. All of these Confederate note varieties have fewer than 25 known of each. There are less than 5 to 10 known of many of these notes, making them true rarities in Confederate paper money. We will explore this collection further in this article. This watermark is also found on Virginia state note CR-14. The watermark is illustrated above. The Paper Mill at Wookey Hole — History and Today This mill still exists today, located in Britain about two Miles from the town of Wells in Somerset. The region is famous for its caves, or holes. The Hodgkinson family sold the mill in the 1950s to the Inveresk which operated the mill as a museum of paper making. More recently, the Mill is privately owned. • The history of the mill is far longer than just the Hodgkinson years. In 1412 Thomas Wayfere and his wife Anderna leased a vacant plot in Wookey Hole to a Roger Wyx of Wells, presumably to build a house. In 1450 the mill was given to the Dean and Chapter to support the Wells Old Almshouses. For more than 400 years the mill formed part of the Manor of Melsbury and Wookeyhole, with the Dean and Chapter acting as lord and trustees. By the end of the 18th century paper making was well established not only at Wookey Hole but down the River Axe where there were six paper mills in operation at various times. Even the old mill at Bleadney was bought by John Band of Wookey Hole and used for papermaking for a while, while predecessors of what was to become St. Cuthbert's mill were established at Lower Wookey. Papermakers like the Coles and the Snelgroves and their suc- cessors like W.S. Hodgkinson, whose son built and lived at Glencot, encouraged the development of Wookey Hole into a village. 20 January/February • Whole No. 253 • Paper Money The year 1853 saw William Sampson Hodgkinson contact the trustees of Wells Old Almshouses regarding an outright purchase of the mill. The mill was dedicated only to paper and in a bad state of disrepair. A fire on April 20th 1855 saw much of the mill and dwellings disappear. The new mill began work in 1858 with four vats, its construction being far more impressive than before. The main building now spanned the river and enlarged the operation considerably. In 1852 work had begun to build a new dam and sluice which would see the River Axe rise five feet in the caves. At the same time, a new higher mill lent (artificial water trench) was cut and banked along the east side of the ravine. There was no Factory Act at this time dictating what hours should be worked. Employees at the mill were expected to work from 4 a.m. until 7 p.m., and on Saturdays until 2 o'clock; there was no limit to the amount of work and little opportunity to clock off early. In spite of up-to-date machinery and the need to attain the highest quality paper, the men were urged to produce the equivalent of nine or 10 days per week. It was at this time, in this relatively new building and under these working conditions, that paper used for some of the Confederate States currency was produced, though little of it made it through the blockade and into actual use. It is estimated that only a few reams (1000 sheets) were used for Confederate paper money with the most common being the T-41 and T-60 examples; common a relative term since all Wookey Hole Mill Confederate notes are rare to extremely rare. A few more reams were used for Virginia State notes. Today, Wookey Hole Mill is a tourist attraction and still features a working paper mill open to the public. The Victorian Paper Mill demonstrates via film the fascinating history of paper. Visitors can learn how the Egyptians developed the use of papyrus. Handmade paper is still made there, and visitors can watch it being made using original Victorian machinery. They can even have a go at making some paper themselves. The waterwheel can be seen working just outside the museum. The Wookey Hole Mill Watermark Collection of Confederate Paper Money One of the most intriguing watermarks on Confederate paper money, the Hodgkinson & Co Wookey Hole Mill paper collection represents one of the grand challenges to collectors today. There are 16 possible notes for a complete collection. I divide these rare notes into these two categories: collectible rare varieties (RVs) and non-collectible varieties (NCs). Collectible rare varieties are likely to be found within a collecting life time horizon, perhaps multiple times as there are at least three examples known in collectors' hands. Only two, one or even no examples are held by collectors of the non-collectible varieties. I present the collection of these rare watermarked notes in these two categories. New discoveries may change the status of individual varieties over time, albeit quite infrequently. The great late 19th-early 20th century collector John Browne is the earliest known collector of these rare notes. John Browne built one of the most extensive collections of Confederate paper money ever assembled and by the early 20th century, possessed more than 8,000 notes. It was the Browne collection that was the primary founda- tion for William Bradbeer's historic work Confederate and Southern State Currency, published in 1915 with 1945 and 1956 reprints. Bradbeer's work was the foundation of Grover Criswell's popular Confederate paper money books published from 1956 through 1996. Many of Browne's Wookey Hole Mill Confederate collection notes found their way via New Netherlands 144313< PMGNOTES REGISTRY 2214 4;14 AUTHENTICATION EXPERT GRADING ENCAPSULATION IMAGING INTEGRITY IMPARTIALITY Paper Money • January/February • Whole No. 253 21 INTRODUCING A NEW DESTINATION FOR PASSIONATE COLLECTORS Bringing the World's Greatest Notes Together PMG announces the launch of our new Notes Registry, exclusively for collectors of PMG-graded notes. The PMG Registry combines the world's greatest notes with the world's greatest collectors, and is a proud part of our continued commitment to expert, impartial grading, state-of-the-art encapsulation, collecting resources, and the highest standards of integrity. With the PMG Registry, you can track inventory, build sets and compete with others who share your passion for notes. You can also arrange unique Signature Sets based on your own creative criteria. Begin with one note and watch your set grow, or add an entire new collection. Visit www.PMGnotes.com today and click on "Registry" to include your collection among the world's greatest notes. (74.-::j Join the community LZPMG PAPER MONEY GUARANTY P.O. Box 4755 I Sarasota, FL 34230 I 877-PMG-5570 (764-5570) I www.PMGnotes.com An Independent Member of the Certified Collectibles Group 11:111., °boob FOR 110•t m1'1 =Put of All 1).•no / ii/////0//' 1,11/1 firttlit. Pea, be/trrrti 01,4, nar \ \ `•;. 4#4 • 1,1,1 1.11, rENr.c1.•eir hAr , ..;•-• • A' t I 0.s.ftl. 22 January/February • Whole No. 253 • Paper Money Coin Co. and John J. Ford Jr. into the Dr. Douglas Ball collection of Confederate notes during the 1960s. Other examples were found by Dr. Ball and other collectors of the mid-20th century period, but remained under-appreci- ated in relative obscurity during this time. By the 1980s additional collectors were building variety collections, of which Arnold Cowan's and Gene Mintz's were the most notable. In 1987, Dr. Douglas Ball sold his collection at auction with many of his Wookey Hole Mill notes finding their way into Cowan's, Mintz's and the Museum of the Confederacy in Richmond, VA collections. In 1998, the Cowan collection was sold with key Wookey Hole examples (such as the unique T-26 PF-10 which was discovered by Cowan) finding their way into the Gene Mintz collection. In 2003, I attended the Gene Mintz sale held by R. M. Smythe at the International Paper Money Show in Memphis, TN where I acquired a sig- nificant number of the Wookey Hole Mill notes for my collection. I supplemented this with other finds along with a trade with the Museum of the Confederacy where the Museum completed its Confederate type set and I added further Wookey Hole Mill notes (and numerous other rarities) to my collection. This collection is on display at http://www.csaquotes.com/collectingcsa/wookeyholemilleollection.html and represents the only complete collec- tion of examples of all varieties available to collectors assembled to date. Today, there are at least several collectors working to assemble complete sets of the Wookey Hole Mill notes as described below, with many more seeking out an example to add to their Confederate paper money collec- tion. Only two examples have changed hands that I know of in 2006 and 2007. The last appearance was at the April 2007 R. M. Smythe Western Reserve Society sale in which the lone example, a T-34 PF-8 in Uncirculated, cut-can- celled, brought $4,888. None are currently available on the market today. T-41 PF-4, serial number 1276, plen Z example. 17 currently identified. Choice Uncirculated, one of two known at that grade. (Fricke collection) T-59 PF-31, serial number 62147 (?), plen D example. 4 known with one in the Museum of the Confederacy. While holed-out-cancelled notes are generally shunned, I was thrilled to get this one! Collectible Wookey Hole Mill Varieties This eight-note set represents a challenging, but doable, collecting goal. It requires patience, knowledge, and an eye for rarity and watermarks. A few collectors have achieved this goal over the past century and a quarter. .SV,Ilwillts rifler /b,m, anievi Niermily 091 behrtri, /kr 04,/i7/m,/, Mria mu/ Mr Tidied SI fit's. kotitr. — ANiri N Doars Paper Money • January/February • Whole No. 253 23 When one becomes available, buy it! These notes range in value from at least $1,000 in low grade to well in excess of $5,000 today depending on grade, position in the condition census and rarity. Some of these known examples reside in museums, making the rarity of available examples for collectors even greater. The condition census and provenance are recorded in Collecting Confederate Paper Money – Comprehensive Edition (2005) by Pierre Fricke and will be updated in future books. T-25 PF-4 9 known; 7 available to collectors T-26 PF-3 5 known; 3 available to collectors T-34 PF-8 7 known; 5 available to collectors T-41 PF-4 17 known; 15 available to collectors T-41 PF-14 6 known; 4 available to collectors T-49 PF-4 7 known; 5 available to collectors T-59 PF-31 4 known; 3 available to collectors T-60 PF-17 11 known; 6 available to collectors T-26 PF-10, serial number 38945, plen Z example. Only 1 currently identified. Discovered by Arnold Cowan in the early 1990s. Passed to Gene Mintz. (Fricke collection since 2003) Non-Collectible Wookey Hole Mill Varieties No one has owned all of these notes. Two, the T-34 PF-14 and T-41 PF-19 may not even exist, although there is tantalizing evidence that they may once have in old auction catalogs and Dr. Ball's private library -. These make great "hunts" and additions to the collectible Wookey Hole Mill collection described above. I am missing the T-34 PF-14, T-41 PF-19 and T-58 PF-11. The T-58 PF-11 was in Dr. Ball's collection and was missing from John Browne's collection; it currently it rests in the Museum of the Confederacy. These notes have a value ranging in a few thousands of dollars and up. T-25 PF-8 T-26 PF-10 T-34 PF-14 T-41 PF-9 T-41 PF-19 T-41 PF-29 T-50 PF-15 T-58 PF-1 1 1 known in collector's hands 1 known in collector's hands None seen in living memory 3 known; 2 available to collectors None seen in living memory 2 known in collector's hands 2 known; 1 available to collectors 1 known; none available to collectors Other Information, References and Links Fricke, Pierre. Collecting Confederate Paper Money Comprehensive Edition. New York: R.M. Smythe, 2005. "Collecting Confederate Paper Money" web site: http://www.csaquotes.com/collectingcsa/wookeyholemillcollec- tion.html Hudsmith, David. Email to the author. "Wookey," http://en.wikipedia.org/wiki/Wookey "Wookey Hole Mill paper mill today," http://www.wookeypaper.co.uk/ "Wookey Hole Mill" tourist web page, http://www.wookey.co.uk/papermill.htm "Wookey Hole Mill information," http://www.bristol-link.co.uk/entertainment/wookey-hole.htm 1,....01,•• x 111I i• aots•F1,1,011:1101, ////„7- , waii tsrcitAs, p! Asz, pt." J. if. ( . .a i r , 1722 MAIN St., ItICIIMON11, VA —rna- 14.0 NPtir. i;sT ST6.HPO, DON Consfg, 24 January/February • Whole No. 253 • Paper Money How much is that Confederate T-41 worth? * by Les D. Lewis 0 _ NE OF THE MOST INTERESTING AND AFFORDABLE CONFEDERATE NOTES AVAIL- able today is the third interest bearing $100 note issue of 1862. This is one of the most attractive Confederate notes, but also one of the most interesting. A collector has a wide range of variations to choose from including watermarks, interest stamps, post office stamps, manuscript endorsements by Confederate Agents, Military Officers and a wide variety of locations from where they were issued. The backs of many of these notes are like reading a roadmap and history of where they have been. To some of us who start down this road, it is a never ending journey with something new always possibly around the next bend. However, all journeys have a start and this one should start with knowledge and all the information you can carry. The basic guide for most of us has been Grover Criswell's Confederate and Southern States Currency. Without this roadmap, most of us would have gotten lost a long time ago. His catalog numbers and rarity ratings have been a valuable guide. There is, however, some additional information that can help all collectors. Most of us are always looking for a note in the best possible condition we can find, and many times pass something by because we are looking for a better one. That however, may be the only note of its type you may ever run across. In 2004 a collector of Confederate currency, Robert Ayres, passed away unexpectedly. Robert had been collecting Confederate currency for more than 45 years and his knowledge of the T-41, a note he specialized in, was second to none. He had discovered notes that no one knew existed, and also had found notes that were unlisted in Criswell's book. Besides the two bottom frame lines variety Criswell lists, he discovered seven more. Ayres man- aged to put together a summary of the T-41s regarding the bottom frame lines or Sub-Plates, Plate numbers, paper used, notes estimated issued and notes estimated to still exist. With this type information in hand, a collector can now make a good decision of how scarce or rare a particular note might be. The condition might not be the best, or the price not be right, but if it is a note you may never see again, why wait? The following summary by Robert Ayres may be a surprise to some of you. I know it was to me. I now realize how common some of the notes I've collected are and how scarce others are. It has become an extremely valuable roadmap for me which I use all the time. Paper Money • January/February • Whole No. 253 25 TYPE-41 $100, DATED AUGUST 26, 1862, TO JANUARY 6, 1863 PRINTER - Keatinge & Ball, Columbia, South Carolina ISSUED - 678,600 SCROLLS - 1 & 2 PLATE 1 - Handwritten dates. No "THE" before Confederate PLATE 2 — Partial engraved date 186_. "THE" printed before Confederate SUB-PLATES — Bottom inside frame line. 8 sub-plates per scroll 1 Keatinge Duties 2 Columbia, S.C. Duties 3 Columbia, S.C. For R Duties 4 Keatinge Except 5 Keatinge For R For T Except 6 Columbia, S.C. Except Duties 7 Columbia, S.C. For R For T Except 8 Columbia, S.C. Except 9 Keatinge Except Duties The following notes have appeared on the market dated August 26, with "THE" printed before Confederate and a partial engraved date 186_ 1. T-41 CR311A X #4204 Block CSA Aug 30, 1862 2. T-41 CR312 W #1918 Script CSA Aug 30, 1862(Museum Conf.) 3. T-41 CR312 Z #1923 Script CSA Aug 30, 1862 4. T-41 CR317 W #1232 Plain Paper Aug 30, 1862(Museum Conf.) 5. T-41 CR319A Y #961 Script CSA Aug 26, 1862 6. T-41 CR320A X #1271 Script CSA Aug 26, 1862 7. T-41 CR320A X #1311 Script CSA Aug 26, 1862 8. T-41 CR320A X #1592 Script CSA Aug 26, 1862 9. T-41 CR320A X #1594 Script CSA Aug 26, 1862 10.T-41 CR320A Y #930 Script CSA Aug 26, 1862 SPECIAL OBSERVATIONS 1. No script CSA watermarks have been seen above serial #90,000 2. No Wookey Hole Mill watermarks have been seen above serial #50,000 3. No Whatman watermarks have been seen below serial #80,000 4. Block CSA watermarked notes are relatively uniform in number across all T-41 serial numbers 5. Plain paper varieties are relatively considerably fewer in serial numbers below serial #90,000 when compared to the frequency seen above the latter number. 6. These observations play a significant factor in determining rarity ratings especially among the 1863 dated notes. CR310 — CR314 Handwritten Dates Aug 26 and Aug 30, 1862 Scroll 1 7,200 notes estimated issued 1,000-1,200 estimated to exist Plate 1 Sub-plates 5 & 6 1. CR310 R-4 WXYZ Plain paper August 26, 1862 1,000 notes estimated issued 150 estimated to exist 26 January/February • Whole No. 253 • Paper Money 2. CR310A August 30, 1862 None seen 3. CR311 R-2 WXYZ Paper watermarked CSA in block letters August 26, 1862 6,000+ notes estimated issued 900 — 1,000 estimated to exist 4. CR311A R-8 WXYZ August 30, 1862 1 known 5. CR312 R-8 WXYZ Paper watermarked CSA in script letters August 26, 1862 25-30 notes estimated issued 2 known 6. CR313 Whatman watermarked paper not seen below serial #80,000 None seen 7. CR314A R-7 WXYZ Paper watermarked Wookey Hole Mill August 26, 1862 100-125 notes estimated issued 10-12 estimated to exist CR315 — 320A Partial written dates Aug 26 to Dec 31, 1862, 186_ of date engraved Scrolls 1 & 2 Plate 2 Sub-plates 1- 9 20-25% Notes Sub-plates 1-3 75-80% Notes Sub-plates 4-9 620,000+ estimated issued 93,000 estimated to exist 19,000-23,000 estimated to exist Sub-plates 1-3 70,000-74,000 estimated to exist Sub-plates 4-9 8. CR315A R-4 WXYZ Plain paper Scroll 1 Sub-plates 1-3 1,000 notes estimated issued 150 estimated to exist 9. CR315A R-1 WXYZ Plain paper Scroll 1 Sub-plates 4-9 77,500 — 83,000 notes estimated issued 11,500 — 12,500 estimated to exist 10. CR316A R-1 WXYZ Plain paper Scroll 2 Sub-plates 1-3 24,000 — 25,500 notes estimated issued 3,600 — 4,000 estimated to exist Paper Money • January/February • Whole No. 253 27 11. CR316A R-1 WXYZ Plain paper Scroll 2 Sub-plates 4 — 9 77,500-83,000 notes estimated issued 11,500-12,500 estimated to exist 12. CR317 R-1 WXYZ Paper watermarked CSA in block letters Scroll 1 Sub-plates 1-3 24,000-25,500 notes estimated issued 3,600-4,000 estimated to exist 13. CR317A R-1 WXYZ Paper watermarked CSA in block letters Scroll 1 Sub-plates 4-9 77,500-83,000 notes estimated issued 11,500-12,500 estimated to exist 14. CR318 R-1 WXYZ Paper watermarked CSA in block letters Scroll 2 Sub-plates 1-3 24,000-25,500 notes estimated issued 3,600-4,000 estimated to exist 15. CR318A R-1 WXYZ Paper watermarked CSA in block letters Scroll 2 Sub-plates 4-9 77,500-83,000 notes estimated issued 11,500-12,500 estimated to exist 16. CR319 R-1 WXYZ Paper watermarked CSA in script letters Scroll 1 Sub-plates 1-3 24,000-25,000 notes estimated issued 3,600-4,000 estimated to exist 17. CR319A R-1 WXYZ Paper watermarked CSA in script letters Scroll 1 Sub-plates 4-9 77,500-83,000 notes estimated issued 11,500-12,500 estimated to exist 18. CR320 R-1 WXYZ Paper watermarked CSA in script letters Scroll 1 Sub-plates 1-3 24,000-25,500 notes estimated issued 3,600-4,000 estimated to exist 19. CR320A R-1 WXYZ Paper watermarked CSA in script letters Scroll 2 Sub-plates 4-9 77,500 — 83,000 notes estimated issued 11,500 — 12,500 estimated to exist C urrencv Conservation Attribution LLC l.- nr...-C h.:1172r: • go to www,csacca.corn • erla rOT. • ct. -nail Js at ccIA LLC, P.O. Box 2017, Nederland, CO 80466 CC&A ( 28 January/February • Whole No. 253 • Paper Money 20. CR320A/1 (or B) R-7 Z Paper watermarked CSA in script letters Scroll 2 Sub-plate 7 Double "For Treasurer" at bottom 100+ notes estimated issued 10-12 estimated to exist CR321 — 322A, Paper watermarked J. Whatman 1862, Partial written dates Dec 1 — Dec 31, 1862, 186_ of date engraved Scroll 1 & 2 Sub-plates 1 — 9 20-25% notes sub-plates 1-3 75-80% notes sub-plates 4-9 2,000-2,500 notes estimated issued 400-500 estimated to exist 21. CR321 R-5 WXYZ Paper watermarked J. Whatman 1862 Scroll 1 Sub-plates 1-3 150-200 notes estimated issued 30-40 estimated to exist 22. CR321A R-4 WXYZ Paper watermarked J. Whatman 1862 Scroll 1 Sub-plates 4-9 750-800 notes estimated issued 150-200 estimated to exist 23. CR322 R-4 VATXYZ Paper watermarked J. Whatman 1862 Scroll 2 Sub-plates 1-3 400-500 notes estimated issued 75-100 estimated to exist MACERATED MONEY Wanted information on U.S. Chopped up Money. RARE. FREE MASCERATED POSTCARD FOR USEFUL INFORMATION 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 EARLY AMERICAN HISTORY AUCTIONS Sign lip to Receive Our Fully Illustrated Catalogs Free Online or Only $72 jiff a Full Year Subscription of Six Bimonthly Printed Catak AUTOGRAPHS COINS • CURRENCY • AMERICANA • MAPS Ever Auction Lot .Available /L)1 Online View www.EarlyAmerican.com 14' Consign lour Important laterial • Phone Dana I.incti Today'. EARLY AMERICAN • P.O. Box 3507 • RANCHO SANTA FE, CA 92067 (858) 759-3290 OR FAX (858) 759-1439 • Auctions@EarlyAmerican.com Paper Money • January/February • Whole No. 253 29 r Buying & Selling All Choice to Gem CU Fractional Currency Paying Over Bid Please Call: 314-878-3564 ROB'S COINS & CURRENCY P.O. Box 6099, Chesterfield, MO 63006 Special: my Fractional Currency Book FREE (free postage too!) to all new SPMC members who request one while supplies last I I I I 30 January/February • Whole No. 253 • Paper Money 24. CR322A R-4 WXYZ Paper watermarked J. Whatman 1862 Scroll 2 Sub-plates 4 — 9 750 — 800 notes estimated issued 150 — 200 estimated to exist CR323-324A, Paper watermarked Wookey Hole Mill, Partial written dates Aug 26, 1862-Nov 1862, 186_ of date engraved Scrolls 1 & 2 Sub-plates 1-9 20-25% notes sub-plates 1-3 75-80% notes sub-plates 4-9 125-160 notes estimated issued 25-35 estimated to exist 25. CR323 R-7 WXYZ Paper watermarked Wookey Hole Mill Scroll 1 Sub-plates 1-3 25 — 30 notes estimated issued 5-8 estimated to exist 2 known 26. CR323A R-6 WXYZ Paper watermarked Wookey Hole Mill Scroll 1 Sub-plates 4-9 75-100 notes estimated issued 15-20 estimated to exist 8-10 known 27. CR324 R-8? WXYZ Paper watermarked Wookey Hole Mill Scroll 2 None seen or known 28. CR324A R-7 WXYZ Paper watermarked Wookey Hole Mill Scroll 2 Sub-plate 1-3 25-30 notes estimated issued 5-8 estimated to exist 3 known CR325-328A, Partial written dates Jan 1 — Jan 6, 1863, 186_ of date engraved Scrolls 1 & 2 Plate 2 20-25% notes sub-plates 1-3 75-80% notes sub-plates 4-9 47,800 notes estimated issued 7,000-7,200 estimated to exist 29. CR325 R-3 WXYZ Plain paper Scroll 1 Sub-plates 1-3 2,400-3,000 notes estimated issued 350-400 estimated to exist Paper Money • January/February • Whole No. 253 31 Show Off Your Currency In the Registry, you can track your inventory, build sets, and compete with others who share your love of the hobby. Sets are ranked according to grade and rarity of the items registered. You can begin with one note and watch your sets grow or you can add an entire collection. Your partic- ipation provides you with many benefits which include free submissions, pedigrees for your sets, and interaction with others in the collecting community. ■ Join the community of currency collectors ■ Easily upload images of your notes ■ Compete with others who share your passion ■ Track your entire PCGS Currency-graded inventory ■ Automatically load new inventory into the sets you have started ■ Manage your cost, prices and source ■ Find out how your set rating would change using the "What If?" feature ■ Enjoy the many benefits including free submissions It's free! It's fun! Get started today! Go to www.pcgscurrency.com and click on Set Registry. PCGS CURRENCY SET REGISTRY Patent Pending www.pcgscurrency.com/SetRegistry newt----ra CURRENCY A Divis' ion of Collectors Universe Nasdaq: UM' The Standard for Paper Money Grading 2007 Collectors Universe, Inc. 713402 32 January/February • Whole No. 253 • Paper Money 30. CR325A R-1 WXYZ Plain paper Scroll 1 Sub-plates 4-9 9,000-9,500 notes estimated issued 1,300-1.400 estimated to exist 31. CR326 R-3 WXYZ Plain paper Scroll 2 Sub-plate 1-3 2,400-3,000 notes estimated issued 350-400 estimated to exist 32. CR326A R-1 WXYZ Plain paper Scroll 2 Sub-plates 4-9 9,000-9,500 notes estimated issued 1,300-1,400 estimated to exist 33. CR327 R-3 WXYZ Paper watermarked CSA in block letters Scroll 1 Sub-plates 1-3 2,400-3,000 notes estimated issued 350-400 estimated to exist 34. CR327A R-1 WXYZ Paper watermarked CSA in block letters Scroll 1 Sub-plates 4-9 9,000 — 9,500 notes estimated issued 1,300 — 1,400 estimated to exist 35. CR328 R-3 WXYZ Paper watermarked CSA in block letters Scroll 2 Sub-plates 1-3 2,400-3,000 notes estimated issued 350-400 estimated to exist 36. CR328A R-1 WXYZ Paper watermarked CSA in block letters Scroll 2 Sub-plates 4-9 9,000-9,500 notes estimated issued 1,300-1,400 estimated to exist CR330-331A, Paper watermarked J. Whatman 1862, Partial written dates Jan 1 — Jan 6, 1863, 186_ of date engraved Scrolls 1 & 2 Sub-plates 1-9 20 — 25% notes sub-plates 1-3 75-80% notes sub-plates 4-9 500-600 notes estimated issued 100+ estimated to exist 37. CR330 R-6 WXYZ Paper watermarked J. Whatman 1862 Scroll 1 Paper Money • January/February • Whole No. 253 33 Sub-plates 1-3 100-125 notes estimated issued 20 — 30+ estimated to exist 38. CR330A R-5 WXYZ Paper watermarked J. Whatman 1862 Scroll 1 Sub-plates 4-9 200-250 notes estimated issued 31-40+ estimated to exist 39. CR331 R-7 WXYZ Paper watermarked J. Whatman 1862 Scroll 2 Sub-plates 1-3 20-30 notes estimated issued 4-6 estimated to exist 1 known 40. CR331A R-5 WXYZ Paper watermarked J. Whatman 1862 Scroll 2 Sub-plate 1 — 3 200-250 notes estimated issued 31-40+ estimated to exist * P.S. I regard the T-41 CR 330A that appears at the head of the article a "Five Star Rating." First: Gem Uncirculated condition. Second: January 1863 issue with a rarity rating of R8. Third: Watermarked J.Whatman 1862. Fourth: Manuscript endorsed by Major James G. Paxton A.Q.M. (Assistant Quartermaster at Lynchburg, Va. supplied horses to Gen. R.E.Lee). Fifth: It is also a "Ad note," J.H.Childrey, Richmond, Va. v 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. website: www.executivecurrency.com (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: Bart@executivecurrency.com 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 34 January/February • Whole No. 253 • Paper Money The CSA Monetary Panic of 1862: One Bank Customer's Experience by George B. Tremmel Background 0 N AUGUST 20, 1862, B. C. PRESSLEY, THE CONFEDERATE ASSISTANT TREASURER in Charleston, South Carolina, telegraphed C. G. Memminger, the Confederate Secretary of the Treasury, that a large number of counterfeit Hoyer & Ludwig $50 notes of September 2, 1861, (T-14) were in circulation in that city. He emphasized that "It is greatly to be feared that, unless something be done especially to ally the fears and to re-create confidence, the credit of Treasury notes will be gone before you are aware of it." In response to Pressley's alert, Memminger decided that immediate, drastic action was required to maintain confidence in the Treasury's notes. In an announcement dated that same day, he proclaimed that the three denom- inations of Hover & Ludwig notes (Types-13, 14, and 18) were being recalled from circulation because of the large number of their counterfeits being passed. (Advertisement.) Counterfeit Treasury Notes. TREASURY DEPARTMENT, C. S. A., Richmond, August 20, 1862. Treasury notes of the denominations of one hundred dollars, of fifty dollars, and twenty dollars, dated September 2, 1881, of the lithographic plates-of Hyper & Ludwig, Richmond, have been counterfeited and put in circulation. The public are informed that no further issue will be made from these plates, and that the notes now in circulation will be withdrawn as soon as possible. Any holder may deposit them with the treasurer or depositary in exchange for interest- bearing notes or for call certificates, which will be taken up with other notes as soon as they can be prepared, and until taken up, interest thereon will be paid at the rate of 6 per cent. C. G. MEMMINGER, Secretary of the Treasury. (Extract from the Confederate Treasury Correspondence) Counterfeits aside, people had concerns about accepting ANY Confederate Treasury notes. For some it was because the new paper money lacked legal tender status. Others were concerned about the huge quantity of notes being placed into circulation and the inevitable increase in inflation. The recall now added the fear of coun- terfeit notes to those arguments against use of the new national currency as a medium of exchange. As a result, a monetary panic erupted among the public, merchants, and bankers. People stopped accepting those particular notes and in some cases any Confederate treasury notes at all. At first, Secretary Memminger planned to exchange the recalled Hoyer & Ludwig notes with the three types of interest-bearing notes recently authorized under the Act of April 17, 1862 (Types-39, 40, and 41). However, the quantity of the new notes on hand was insufficient to exchange for the huge amount of the recalled -- - ... ...... 1 oto► boot, lottccto6 0.1ffirc, allattnalt, , ..-"r"V" — , ......... Lt . .d4z reyy tt Zee'lee /cz c rl /ex annee/nt, nnefe7 erleeoneel. /n cenZine CJ. ,T guaarzzy enl.ezedi 611.1. 0/ oWyez data' Y;At. 2c1, epositary Confederate States. Paper Money • January/February • Whole No. 253 35 notes in circulation -- almost 3.5 million of the three Hover & Ludwig notes had been issued. Memminger then resorted to a two-stage exchange process. First, 6% interest-bearing call certificates were to be exchanged for the recalled notes. Next, the call certificates were to be exchanged for the new interest-bearing treasury notes when they became available. The awkwardness of the recall further reduced the credibility of the Treasury Department and its notes, an outcome Memminger desperately was trying to avoid in the first place. Savannah CSA Treasury Receipt - Referring to the Hoyer & Ludwig Plates of Recalled Notes On August 25, 1862, Pressley sent Memminger a follow-up message expressing his growing concern about the recall and its consequences. ASSISTANT TREASURER'S OFFICE., Charleston, S. C., August 25, 1862. Hon. C. G. MiNtattion, Secretary of the Trea.ntry. SIR; The panic and excitement here on the subject of the counterfeit bills is so greafthat I have not found time to write you without a crowd around asking my decision on bills which they hold. Your letter of the 20th, accompanying the advertisement, furnishes no marks by which I may determine which is counterfeit and which genuine. The 20's I have not been able to detect. I can guard against one of the counterfeit 100's and two distinct plates of the 50's ; but there arc others, both of the 100's and 50's, of which I can form no definite opinion. Nearly all the money I have on hand is of the class which has been counterfeited, so that I cannot make a single unsuspected payment except in the small bills or the Treas- ury notes, with few on hand. I have no six per cent. certificates wherewith to meet calls for them. In fact, the withdrawal of so large a circulation, so suddenly, will leave paymasters, quartermasters, and all other officers of the Government entirely penniless. They must immediately cease operations until other Treasury notes can be furnished ; and this delay will he a great detriment to the public interest. In view of this, I telegraphed you this morning asking that you send me a person whb could pronounce certainly upon the counterfeit bills, so that the genuine might be stamped for present use, as issued. This stamp could not be counterfeited to any extent for several weeks or even months, and that would afford time for the new issue. Very respectfully, your obedient servant, B. C. PRESSLEY. (Extract from the Confederate Treasury Correspondence) 4; /9'1;1' /i/y//7 ((Ara/ /4, /////11-.' it;1,1 :1 10.• 1 " , N1,01, 14 1o,', 1 • ( • .0 10. 1-1 ia// (hie 11 and red Dollars Ili 4. PO 1) ♦ //// /ee 36 January/February • Whole No. 253 • Paper Money Additional messages from Treasury agents and bankers reported the appearance of the counterfeits not only in Charleston but also in Columbia, Atlanta, Savannah, Augusta, Columbus and Montgomery. For instance, also on August 25th, W. H. Young, president of the Bank of Columbus (Ga.) relayed his concerns to Memminger and included a description of the counterfeit $100 note. From his description, the note probably was the CT- 13/55, a better quality ink-signed lithographic counterfeit. BAWL OF COLUMBUS, Hon. C. G. MEMMINGEB, Columbus, Ga., August 26, 1862. Secretary of the Treasury. DEAR Sin : I am to-day in receipt of your telegram informing me that the $50 note enclosed in my letter of 20th instant to you proves to be counterfeit. The bank has a bill of $100, signed C. C. Thayer, for register, John Ott, for treasurer, which is also counterfeit, and while I am writing five $100 notes, same signature (-received in a letter from Charleston), have been presented by a depos- itor, and they prove counterfeit. The signatures are all written with a pen, and the whole bill is so well executed that it is exceedingly difficult to discriminate between the bad and the genuine. I can only reiterate my opinion that the Government should authorize or request the banks to brand all such notes presented at their counters on their face as counterfeit. Respectfully, yours, W. H. YOUNG, President, •■••••••■1110. (Extract from the Confederate Treasury Correspondence) Hoyer & Ludwig Counterfeit $100 (CT-13/55) On September 1, 1862, Memminger sent Phillip Clayton, the Assistant Secretary of the Treasury, to the major cities in the South to determine the extent of the problem and attempt to reestablish the credibility of the Treasury's notes. Clayton reported to Memminger that while counterfeits of Treasury notes were in circulation in most of the cities, except for Augusta and Montgomery, they were not in such number as to create major problems. He went on to report that Assistant Treasurer Pressley was exhausted from overwork and implied that Pressley had exaggerated the problem. By year end the panic had subsided and CSA paper money circulated freely although many people were still suspicious of it. An aftermath of the 1862 counterfeit flood is the existence, today, of more varieties of counterfeits of the three Hoyer & Ludwig types than with any of the other note types. Currently known are twenty-two varieties of the CT-13, twenty-three of the CT-14, and thirty-nine of the CT-18. A eo/' :, evc-a 66'41-61-14 Cc,; rrit-o ;:j9 V ifecr 0_,.„4„, -e g 1 „,„ 41,4: cei4,-At en, t dice.„ f ee-c 4- /1414rk& „e ((etc 441":. tff4., 4e pc, ,fe rz .e4e Xe 7 7 Ctiv G-t/Z_L, Ast- ore Cbt'"'Y Wa— • c4) 12.:/-6 4 chic Aszo 0(76_ ote.".4 #ez- ovtt- C crc.,..,Cerrfee_c. Cfce., Asfek-,. ra.zo eIC c atu, i„„ 4 faCk A-A. 1, A/1AX/ ---- 44.13+.6 IA, 6_4,, t4A-3 2.4k l'-- 1(11- 61.7_ t.19' 40►-0-1s,- Paper Money • January/February • Whole No. 253 37 The Bank of Charleston The Bank of Charleston had a long and distinguished history and its descendants continue into the present day. The bank was chartered on December 17, 1834, with a capitalization of $3,160,000 and soon became promi- nent in Southern pre-war banking. By 1848 the Bank of Charleston was a regional power with affiliates in Georgia, Alabama, Florida, and Louisiana. The bank was the only South Carolina bank which managed to survive financially during the Civil War and Reconstruction, despite a $1.5 million loan to the Confederacy. It resumed post-war operations in late December, 1869, and by 1887 had recovered sufficiently to become a Federal Depository. In 1926, the Bank of Charleston merged with local banks in Greenville and Columbia to form the South Carolina National Bank, which in turn, was absorbed by Wachovia National Bank in the mid-1990s. One Customer's Experience In an August 26, 1862, letter to Confederate treasury official E.C. Elmore, J.A. Sass, president of the Bank of Charleston lamented that "I regret to say that a considerable amount of spurious notes have been discovered. This bank alone has $5,600, all in $100 notes." Apparently, two of the previously undiscovered $100 counterfeits found their way into the hands of a customer of the bank. In the affidavits shown below, the acquisition and disposition of two counterfeit $100 Confederate notes by one Patrick Hogan is chronicled in depositions given to a local Charleston magistrate. They tell an interesting short story: On August 2, 1862, Patrick Hogan received a check from Wilkes & Son for $821.20 drawn on the Charleston Bank. He cashed the check and tied a string around the eight $100 notes for safe keeping. Some time later, Hogan learned of the Hoyer & Ludwig counterfeits and took his notes to a local express company agent (W.T.J.0. Woodward) to have their genuineness verified. Woodward discovered that two of the $100 notes were counterfeit. Their serial numbers were recorded as 20237 and 9492. The State of South Carolina Charleston Dist Personally appeared Patrick Hogan who being duly sworn deposes that on the 2nd of August last he received from Wilkes & Son a check on the Charleston Bank for $821 20/100. This deponent presented the said check & received the said amount he then tied the bill around with a string and put it safely away having no (use) occasion for its use, when he heard of the counter feits he took the bills to Mr Woodward at the Express office to ascertain their genuineness and discovered two $100 dollar bills being numbered 20237 & 9492 are counterfeits. This deponent swears that the said bills here in closed are identical Bills he received at the counter of the said bank and therefore prays to have genuine bills substituted for them. Sworn to before me this 24th Septr 1862 P Hogan H W Schroder Magistrate 0,44,.;,>?;.: /7-(4.,/;,.. ry 2740'.-43....--0".-->e,,de-. dAt er- '41-is.s.-1". ,10-4;4- ...644'a./1:".:17....,--."4 ci ...e, "we %goo20.4.e, ",/, --. e , '% & P.37 _r...442re pit January/February • Whole No. 253 • Paper Money38 x./Z. cr2;- C 47.7_ C.--/_-71.-.1.....,,-•-41......- e.- ,4-, d.e;...,....... ...ts.ye.....0„7 C---.1...."-<, 31...,art--4,__ ,,,,,,, L.. ;,..- ;"'.--,..::,:_....‘ ...... /'fit. ' 1 If ,..-4-.4-...,•......._...„- p )20/6 VT/ 6- c."--zt--.. ',..1-64,L-. -•.'":"' '" -- c`-----.3 le,..._......„__ 2_ 1/ f crt, ...4 .--&—P-A—a....„, CI" --;---;--0C-L--(j. - c.-e.--- Ce- --CA:i:•.-_,' 4 . ■q•- 9 -.- L 2- ..--... - 4..., e.,_„,.., kre:*_, 1,„t . '0114-.--..7 .1...6.:. ^ (t-t-' ..,..- ett- f( -.-CC..4.4.--......._,...L 4., kk.......t......_ Vt•-•-._ J ' '......t.r.1.1 'CL6 .444444(-'4'4.-1.4-41 • ,..-4._ IIv 4,--,......-_ 6. " . .y,...,, . (..k•-F_ 4(•-4•'•....".4(- 161.k..-4• ki.L't ' -14-'-411"''4-9•■••41 ) j .7-:1 4, ..,, !'' '-'* (Jar '.-..- -t_.t.:-- kr...,24,...--w-J--)....„. The State of So Ca Charleston Dist Personally appeared W T J 0 Woodward who being duly sworn deposes that some time (?) Patrick Hogan Brought to him a Roll of Confederate Bills amounting to $800 to ascertain their genuineness. Deponent Examined them and found 2 of 100 dollar Bills counterfeit at the time. Mr Hogan brought the $800 the Bills were tied around with a piece of string. he said that the money had come out of the Charleston Bank and drawn by himself - that the Bills remained then the same way they were received by him from the Bank. Given before me this 24th Sept 1862 W T J 0 Woodward H W Schroder Magistrate Both Woodward and Hogan gave sworn depositions to Charleston District Magistrate H.W. Schroder on September 24, 1862, the height of the 1862 counterfeit panic. Their depositions essentially were the same and sup- ported Hogan's claim that since he received the counterfeits from the bank, he should have them replaced with gen- uine notes. Apparently, the bank officials agreed. On the back of Hogan's affidavit was written: Charleston SC 17 December 1862 Received of Bank of Charleston Two hundred dollars for the payment of two one hundred dollar Bills of Hoyer & Ludwigs issue nos. 9402 & 20237 received from said Bank and pronounced counterfeits. $200 P Hogan $200 F 044 1 9594 C 6 114111:11nilkittiii N7:11117$ 0k F 0461 95 94 1, Buying Carl Bombara ..;" United States Currency Mii2/ P.O. Box 524 New York, N.Y. 10116-0524 ItirerS\ Phone 212 989-9108 Harlan J. Berk, Ltd. "The Art & Science of Numismatics" 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www.barlanjberk.com e-mail: info@harlanjberk.com A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs PNG • IAPN • ANA • ANS • NLG • SPMC • PCDA MYLAR D® CURRENCY HOLDERS PRICED AS FOLLOWS BANK NOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 4-3/4" x 2-1/4" $22.50 $40.50 $180.00 $320.00 Colonial 5-1/2" x 3-1/16" $23.00 $42.00 $195.00 $350.00 Small Currency 6-5/8" x 2-7/8" $23.50 $45.00 $200.00 $375.00 Large Currency 7-7/8" x 3-1/2" $26.50 $49.50 $220.00 $410.00 Auction 9 x 3-314" $29.00 $53.00 $250.00 $450.00 Foreign Currency 8 x 5 $33.00 $60.00 $275.00 $485.00 Checks 9-5/8 x 4-1/4" $33.00 $60.00 $275.00 $485.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 8-3/4" x 14-1/2" $20.00 $88.00 $154.00 $358.00 National Sheet Side Open 8-1/2" x 17-1/2" $21.00 $93.00 $165.00 $380.00 Stock Certificate End Open 9-1/2" x 12-1/2" $19.00 $83.00 $150.00 $345.00 Map & Bond Size End Open 18" x 24" $77.00 S345.00 $625.00 $1425.00 You may assort note holders for best price (min. 50 pcs. one size). You may assort sheet holders for best price (min. 10 pcs. one size). 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 See Paper Money for Collectors www.denlys.com Paper Money • January/February • Whole No. 253 Always Wanted Monmouth County, New Jersey Obsoletes - Nationals - Scrip Histories and Memorabilia Allenhurst - Allentown - Asbury 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 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 39 Ole 1:ampleiv Catalog Of ON' ITII s•i'vrEN 1.111(4. SIZE SIAN NOTES 14111- 19,1 0,, II. nluo, Ivan C. Fartlurrd I & .itererr J. Swaney ram.. 40 January/February • Whole No. 253 • Paper Money Several interesting points emerge from this series of events. First, the bank's customer looked to an express agent as an expert on currency authentication, not the local CSA Treasury depositary. While this may have been more a matter of convenience, it shows that other trusted "authorities" existed during this time of uncertainty. Second, in spite of the concerns of Memminger and bank president Sass, Hogan was willing to accept replacements in kind rather than the call certificates being offered. So apparently, he was not particularly con- cerned by the "panic." Finally, as it did after the war, the Bank of Charleston valued its reputation and put the concerns of its cus- tomer first -- the counterfeit notes were replaced with genuine notes. Acknowledgements The author is indebted to Ned Lea of Leipers Fork, TN and Austin Sheheen of Camden, SC for generous- ly sharing information and some of the images used in this article. Sources Haxby, James A. United States Obsolete Bank Notes 1782 -1866, Volume 4. Iola, WI: Krause Publications Inc., 1988. Sheheen, Austin M. Jr. South Carolina Notes and Scrip. Camden, SC: Midlands Printing Inc., 2003. Thian, Raphael P. (comp.) Correspondence with the Treasury Department, Part V, 1861-62. Washington, 1880. Tremmel, George B. A Guide Book of Counterfeit Confederate Currency. Atlanta, GA: Whitman Publishing LLC, 2007. Shull's Southern Currency wins PCDA Literary Award THE PROFESSIONAL CURRENCY DEALERSAssociation presented its 2007 Literary Award to author Hugh Shull for his book Southern States Currency (Whitman Publishing, 2007) at the recent PCDA show in St. Louis November 10. "I was really surprised and it was nice being recognized by my peers," Shull said. Shull's book is an authoritative guide to the state-issued money of the South, from the pre—Civil War era through the war years, and into the late 19th century. It combines Shull's research and first-hand knowledge of the market with histori- cal text by Wendell Wolka. Detailed descriptions, hundreds of full-color images, and prices in multiple grade levels add to its value for the historian and the collector. The PCDA Literary Award recognizes significant works on the subject of paper money or related topics. The associa- tion publicly acknowledges these works and their authors as part of its ongoing commitment to providing educational and informational tools to collectors and the public at large. Southern States Currency offers an in-depth study of the paper money of Alabama, Arkansas, Florida, Georgia, the Indian Territory, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas, and Virginia. "Hugh Shull goes beyond Colonel Grover Criswell," says numismatic historian Q. David Bowers. "He provides more useful information, values, and other features than Grover ever dreamed of. This great book is absolutely essential to anyone interested in Southern states currency." The PCDA Literary Award is not the first public recogni- tion Shull's book has received. It also garnered a 2007 Extraordinary Merit award from the Numismatic Literary Guild and an SPMC Award of Merit. Shull is an active member of the PCDA, which represents a wide range of paper money dealers recognized as experts in their fields. He served the organization for 14 years as a board member, vice president, and president. In addition, he is Life Member #6 of the Society of Paper Money Collectors and a Life Member of the ANA. Shull has been a full-time dealer in Confederate, Southern states, and obsolete currency for more than 30 years. The author is currently working on a new title for Whitman Publishing, the Guide Book of Confederate Currency, due out later this year. Briefly noted Doug Murray has released a 3rd edition of his definitive Complete Catalog of United States Large Size Star Notes, 1910- 1929 (Coin and Currency Institute, 2007). The book lists nearly 6,300 large size stars by serial number in 29 types. Prices are listed by variety in five grades. The 160-page soft cover book is available from the publisher for $29.50 plus $4.75 p/h. Address orders to Coin and Currency Institute, PO Box 1057, Clifton NJ 07014. Word is received from past SPMC President Larry Adams of publi- cation of the James Ehrhardt and Steve Sweeney book Iowa National Bank Notes: a com- prehensive census of the notes and history of the banks by the Higgins Foundation. Adams reports the book lists 11,000+ Iowa nationals and 5,000+ officers. The 236 page hardbound book is priced at $45 plus $5 p/h. Orders can be sent to Adams at Higgins Museum, PO Box 258, Okoboji, IA 51355. 4.11tiolituria4 1a11)ti4 Deal with the Leading Auction Company in United States Currency Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 950 1880 S.C. Sold for $287,500 Paper Money • January/February • Whole No. 253 41 Currency Auctions If you are buying notes... You'll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful "grand format" catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances • Expert Cataloging • Bea u t iful 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 LiSPS 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. Currency Auctions 800-243-5211 - 913-338-3-9 - Fax 913-338-4754 Email: lynglynknight.com - support@lynknight.com Whether you're buying or selling, visit our website: www.lynknight.com John Ross, Principal Chief of the Cherokee Nation, sought a neutrality between the conflicting sides in the Civil War but was forced to capitulate to the pro- Southern faction of the tribe. 42 January/February • Whole No. 253 • Paper Money A Civil War sidelight Confederate notes back Cherokee scrip by James F. Morgan, PhD 0 N MAY 2, 1862, THE CHEROKEE COUNCIL AND NATIONAL COMMITTEE PASSED ANact authorizing the issuance of $20,000 worth of notes for the Cherokee Nation, in denominations of50-cents, Si, $2, and $5. An Act Authorizing the issuing of Bills for the purposes of change and pro- hibiting the issuing and circulating of shin plasters. 1. Be it Enacted by the National Council That, the Treasurer of the Nation be and he is hereby authorized to retain in the Treasury, of the Confederate Notes on hand the sum of Twenty Thousand Dollars and in lieu thereof to issue notes of the denominations of fifty cents, one dol- lar, two dollars and five dollars or such proportion as he may deem best and which notes shall be redeemed by him on presentation at his office out of the Confederate Notes so retained in the Treasury whenever such notes shall be presented to the amount of Twenty dol- lars, fifty dollars, one hundred dollars or above that sum in like denominations. The Trans-Mississippi Confederacy did not consist of states alone. The Indian nations of the Indian Territory were also its allies. Because their economies were strongly tied to the South, both the Cherokees and the Choctaws issued paper money. The Cherokees acted first when they issued scrip in 1862. The fact that this outpouring of bills was even required clearly demonstrates the degree to which the Cherokee economic conditions had degenerat- ed during the early months of the Civil War. It also shows how con- fused these same conditions were at the moment. 1 The Cherokees had successfully adapted to the white man's culture long before the begin- ning of the war in 1861. They pos- sessed a thriving economy which was closely aligned with the agrono- my of the South, including the use of Black slaves. Henry M. Rector, the Governor of Arkansas, made note of this fact when he wrote to John Ross, the Principal Chief of the Cherokee Nation, from Little Rock, AR on Jan. 29, 1861. In this letter Rector urged the Cherokees to side with the Confederacy because, "Your people, in their institutions, productions, latitude, and natural sympathies, are allied to the com- mon brotherhood of the slavehold- ing states." 2 This is not the only evidence of how highly developed the Cherokee economy was, the The original version of this article appeared in The Chronicles of Oklahoma, official publication of the Oklahoma Historical Society, Fall, 1975. It subsequently appeared in Coin World, May 18, 1977, and in the author's book Graybacks and Gold: Confederate Monetary Policy, Pensacola, FL: Perdido Bay Press, 1985. It is reprinted with permission. ■ ■ ■ ■ milr • IMMO • ■ Charter M e mber iN BANK OF CAPE PEAB iJ u4 , r c -tun 6t. c6 60T D. ■ Paper Money • January/February • Whole No. 253 43 CSA & OBSOLETE NOTES ARE MY BUSINESS!! SPMC LM #6 CSA, Obsolete Banknotes, Scrip, Bonds, Checks & Paper Americana HUGH SHULL ••■ 'THIRTY-FIRST YEAR IN BUSINESS" ••r • I • • 6.0 • • • • P.O. BOX 2522, LEXINGTON, SC 29071 • • LM #6 PH: (803) 996-3660 FAX: (803) 996-4885 ■ L ■ ■ ■ ■ • I have been a full-time dealer in Confederate and obsolete currency for over 31 years. eties. I've also helped hundreds of collectors with their obsolete note interests from I've helped many collectors assemble complete CSA type sets as well as find rare vari- rare to common. My catalogs are well known in both the dealer and collector fields for their reference value. If you are a serious collector of CSA notes, bonds or obsolete bank notes, I can offer you the following: 1. Thousands of bank notes in the Confederate and obsolete areas. 2. Accurate descriptions, grading and fair prices. 4. The knowledge and research capabilities to properly attribute these notes. 3. Reliable dealings with prompt and friendly service. 5. A want list service that has helped many find notes which they could not locate. 7. The respect and integrity of dealings that are well known in the hobby. 6. Top prices when buying one note or an entire collection. If you are selling, I want to buy your notes! 8. Representation to bid for clients at major auctions. 10. Appraisal services for reasonable fees. 9. Paying finder's fees on collections referred to me. 11. Institution and MUSFUM services for note authentication and valuations. If you collect, I offer my 2007 60-page catalog for $5.00, refundable on first order. It features one of the largest 12. Strong cash decisions and immediate payment for your material. CSA note inventories available, an extensive obsolete and scrip section, uncut sheets of notes, U.S. fractional notes, a Continental and Colonial section and a reference book section. Whether you are buying or selling, I Now Available: Guide Book to Southern States Currency by Hugh Shull would be pleased to have you contact me. 434 pages, color illustrations with Rarities and Prices. $29.95 plus $5.00 postage. a • • MIMI • MEI Confederate Brigadier General Stand Watie was instru- mental in leading the Cherokee Nation into the Confederate fold during the War Between the States. He was also the last Southern general to surrender at the war's conclusion. 44 January/February • Whole No. 253 • Paper Money 2nd Be it further Enacted That, in order to carry out the objects of this Act the Treasurer is autho- rized to have struck off on suitable paper the foregoing notes, which previous to being put into circulation shall be signed by the Treasurer and he shall be required to keep in his office a correct account of all notes so issued by him. 3rd Be it further Enacted That, it shall not be lawful after the passage of this Act for individuals to issue individual notes or shin plasters designed for general circulation as change or a substi- tute for money, under the penalty of being fined for each and every such offense in a sum not less than five Dollars nor more than two hundred Dollars, and the District Court shall have jurisdiction over all such offenses and it shall be the duty of the Solicitors to prosecute all offens- es arising under this Act. 4th Be it further Enacted That, from and after the 1st day of July, the circulating and passing of all indi- vidual notes and shin plasters of the Kind referred to above, is prohibited and forbid- den within the limits of the Nation, under like penalties and lia- bilities as in the pre- ceding section. 5th Be it further Enacted That, the Ar paper money produced in 1862 gives more than ample evidence of this. Before a discussion of the actual notes can be begun, the climate of the times that produced them must be fully considered. When the South began to withdraw from the Union, the Cherokee Nation was faced with one of several alternatives: they could remain with the United States; join with the Confederacy; or follow a course of neutrality. It was this last alternative that Ross chose to pursue when, on May 17, 1861, he issued a proclamation from Park Hill, in the Cherokee Nation, calling on the Cherokees to faithfully observe the treaties with the United States and maintain neu- trality. "There has been no declaration of war between the opposing parties," Ross incorrectly stated at the time, "and the conflict may yet be averted by compromise or a peaceful separation." 3 Ross's hopes were to be short lived, for hostilities had commenced with the firing upon Fort Sumter in the harbor of Charleston, SC on April 12, 1861. On August 21, a proclamation was issued by a special convention, presided over by Joseph Vann, Assistant Principal Chief of the Cherokee Nation. Through this document was affirmed both the principles of neutrality and slaves as property. The members of the convention also declared that there were to be no differ- ences between full-blood and mixed-blood Cherokees in the Cherokee Nation -- however, actions later proved they were wrong. The full-blooded Indians, called Pins for their habit of wearing a pin in their lapels to identify themselves, were to be strongly pro-Union. While the mixed-bloods were to be more solidly for the Confederacy. 4 The Pins found a spokesman in Ross, while the opposing faction eventually settled on Stand Watie as their leader. Watie was to rise finally to the position of Principal Chief of the Cherokees and a Brigadier General in the Confederate Army. Gaining a leading position among the Cherokees early in 1861, Watie's followers campaigned for a treaty of alliance with the Confederate States of America. As a result, Ross was per- suaded to ally with the Confederacy even though the convention voted for neutrality. Later Ross wrote to Confederate Brigadier General Benjamin McCulloch on Aug. 24, 1861, announcing his intention to seek a treaty with the South, and tendering a regiment of troops to fight. On Sept. 1, 1861, McCulloch answered Ross's letter and noted he had already authorized Watie to organize a force of 300 men to pro- tect the Cherokee Stations' northern border. This force had been orga- nized even though Ross had declined to allow those Cherokees with Confederate sympathies to organize as Home Guards, pursuant to an earlier request by McCulloch. 5 Why did Ross change his stance? McCulloch, writing to Confederate Secretary of War, Judah P. Benjamin, on Sept. 2, 1861, gave one reason. He stated that Watie, who belonged "to the true Paper Money • January/February • Whole No. 253 45 . FT. SCOTT e- KANSAS 4 9 ----.-------...,----- ----. -) - s,".-, CC 0 (f) (/)— 2 i - NO MAN'S LAND CHEROKEE OUTLET QUA PAW — . Cherokee Nation , i, OAF THE LEASED CREEK N A VON CHICKASAW NAT I ON NATION I l'... CREEK 0 IA o' HONEY SPRINGS ...-.^ .3", ■ : I,'N (r) 0,"wi i'" . ;• (1) ;6 V.. :.-‘SPRING----• "--"--"\ _.. ,C2 io0 9A , Southern party" was the one "by whose course and influence Ross was induced to join the South." 6 However, another version was later given by Federal officials of the United States. On Aug. 13, 1862, Brigadier General James G. Blunt, commander of the Department of Kansas, wrote President Abraham Lincoln from Fort Scott, Kansas, stating that Ross had delayed signing a treaty with the Confederacy in hopes that United States troops would arrive and insure his group's protection. "This hope fail- ing them, they were compelled to the policy they adopted as a matter of necessity and self-preservation." 7 On Oct. 7, 1861, a treaty was signed between the Cherokee Nation and the Confederate States of America, and two weeks later a declaration was issued by the National Committee and Council of the Cherokee Nation giving the reasons for this agreement. Stating that the Cherokee's origin was in the South and their "institu- tions are similar to those of the Southern" states, the Cherokee leaders reasoned that their interests were identical with the Confederacy. Further, they reiterated that they were loathe to break their ties and tried neutrality, but that the Confederacy was strong and established itself in a defensive struggle without denial of personal liberties, whereas the United States was "behaving in an unconstitutional and bestial manner." The complained that "Foreign mercenaries and the scum of cities and inmates of prisons were enlisted and sent sought to fight. The final reason given was by far the most telling one. They stated that they feared that the United States would force allotment in severalty on the Cherokees and deny them their slaves. 8 Almost as soon as the treaty was signed, factionalism divided the Cherokee Nation. The treaty was ratified by the Confederate Provisional Congress, with amendments to which the Cherokee Nation later gave its assent, on Dec. 24, 1861. But on Dec. 11, 1861, Confederate Colonel Douglas H. Cooper, commander of the Indian Department, wrote from Little Verdigris, Cherokee Nation, to Colonel James McIntosh, who was in command of McCulloch's Division, stating that disaffec- tion was wide spread among the Cherokees and there was a serious need for more white Confederate troops. There was soon even a secret society of pro-Union Cherokee Indians headed by a Cherokee named One Salmon. 9 Such was the situation which greeted the new year, 1862. Colonel John Drew organized a regiment of full-bloods for the Confederate service, in addition to \Vatie's mixed-bloods, and both saw action. But the question of money was also to be considered. In order to comply with the terms of the treaty, a survey was made of what bonds, issued by the states then within the Confederacy, were held in trust by A ,W4FACSA:1,'"*YV CfirOkSAT,,,, li , Wleir FIFTY cm 764,--fni,SRAA 41in Notes of the Confederate Stale:, D . ter US liothirs gate. ae Atr, (j .,; It dll. ' If • : yei ip Afr. --AW~.1-.4g6C".6Y6W-FiakpSW4W69 1.11.B3 • gri tn., AL, is. 7'11P t; I ER °KEE 46 January/February • Whole No. 253 • Paper Money the United States government for the Cherokees. This report was filed with CSA Secretary of War Judah P. Benjamin on Jan. 17, 1862. In it the acting commander of Indian affairs, S.S. Scott, was hopeful that the states would pay the capital and interest of the bonds over to the Confederate States government, which would then collect it and pay over these sums to the Cherokees as trustees. Apparently this survey was taken in order to determine how much would be due annually to the Cherokees. 10 By the actual terms of the treaty, the Cherokees were entitled to a one-time payment of $77,644.36 in fulfillment of the 1846 Treaty with the United States which the Confederacy assumed. This was to be paid "upon complete ratification of this treaty." 11 The money was quickly voted by the Confederate Congress, as Brigadier General Albert Pike notes in his Dec. 25, 1861, letter to Benjamin; however, the funds were not sent to the Cherokees for some time. 11 On March 26, 1862, S. Rindley wrote to Watie from Grand Saline, in the Cherokee Nation, asking when the money to pay the troops would be received. Declaring that "We have been advancing pretty heavily on the duplicates of the Quartermaster and Commissary as well as to some of your officers in anticipation of its reception" he expressed concern over the lack of money. 13 Rindley did not have long to wait because on March 31, 1862, the Confederate agent for the Cherokees, John Crawford, informed Watie that he had received money from Pike. 14 Even though the Cherokees, by the terms of the treaty, were not required to pay for any of the costs of the war, they still were to feel a financial pinch. As the con- flict progressed, small change was driven out of circulation among the Cherokees, creating a serious threat to the economy. The arrival of the Confederate money did little to alleviate this plight, for the only bills that could have been sent were the 1861 issues -- the first 1862 issues were not authorized until April 17, 1862 -- and no denomination lower than $5 was even printed in 1861. 15 Something then was required to correct this situation. On May 2, 1862, the Cherokee National Committee and Council passed an act requiring the Cherokee Treasurer to hold $20,000 in Confederate notes and issue in lieu thereof notes for the Cherokee Nation. The act authorized placing notes in circulation in the denomina- tions of 50-cents (above), $1 (following), $2 and $5, but gave discretionary authority to the Treasurer. A unique 25-cent note has also been reported. 16 These bills were to be redeemed at the Cherokee Treasury, for Confederate notes, when "presented to the amount of Twenty dollars, fifty dollars, one hundred dollars, or above the sum in like denominations." 17 With the passage of this act, the issuance of individual (private) bills was made illegal and punishable by a fine of from $5 to $200 for each offense. 18 The notes themselves were issued the following month in all the authorized denominations. It is interesting to observe that these bills are probably the only 0 -ov-. b ernmental issues authorized in what is today the United States that make use of the Treasurer be and he is hereby authorized to Employ a suitable clerk to assist him, under his direction in the duties of his office and who shall be allowed for his Compensation the sum of Three Hundred Dollars per annum. Talequah C.N. May 2, 1862 J.D. Woford President Protein National Committee Joshua Ross, Clerk National Committee Concurred with, the following amendments 1st insert in 2nd sec - tion 4th line after the word notes at the Expense of the Nation And in Section 3rd strike out the words, and the District Courts and all the line below to the word and (underlined) and insert in lieu thereof and all such offenses may be tried by any Court having jurisdiction over the same, and add to the end of Said Section and all fines so collected shall be turned into the nation- al Treasury. Spring Frog Speaker Council J.B. Wolfe Clerk Council Tahlequah C.N. May 2, 1862 Amendment accepted Thos. Pegg President National Committee Joshua Ross Clk National Committee Approved (signed) John Ross Image used with permission, cour- tesy of Whitman Publishing, LLC, from A Guide Book of Southern States Currency, 2007 Whitman Publishing, LLC. All Rights Reserved. Paper Money • January/February • Whole No. 253 47 On This Date in Paper Money History -- Jan. 2008 By Fred. Reed Jan. 1 1767, first true dollar in what would become the United States is Maryland Colonial $1 note of this issue date; 1867, Mayor's Office of Memphis Tennessee circulates scrip; 1879, Greenback Era in U.S. ends with restoration of gold standard; Jan. 2 1779, John Dunlap prints broadside "Description of counterfeit bills" done in imitation of notes bearing dates of May 20, 1777, and Apr. 11, 1778; 1900, second issue of Canadian 25-cent shinplasters; 1992, ABNCo publishes Nations Bank Corp. stocks; Jan. 3 1806, German soprano Henriette Sonntag, who appears on obsoletes, born; 1973, Rep. Victor Veysey (R-CA) introduces H.R. 1259 "Susan B. Anthony $2 Bill Act"; Jan. 4 1837, Kirtland Safety Society Bank Anti-Banking Society emits notes signed by Joseph Smith; 1965, NYC dealer Lester Merkin suffers mid-day $150,000 armed robbery; Jan. 5 1655, first colonial paper money engraver John Coney born; 2006, Don Kagin and Steve Contursi display "first complete type set" of Brasher and Barry doubloons; Jan. 6 1922, ANA President Virginia Culver horn; 1964, Series 611 MPCs issued; 1981, last delivery of Series 1974 $50 FRN; Jan. 7 1862, President of Citizens Bank of Louisiana authorizes loan of 5325,000 in coin on deposit of 8% bonds by CSA; 1986, Netherlands Bank issues 250 guilder notes; Jan. 8 1790, President George Washington urges Congress to develop a uniform currency; 1918, U.S. Treasurer Ellis H. Roberts dies; Jan. 9 1781, New Jersey Assembly authorizes 30,000 pounds in small bills of six pence to seven shillings and six pence; 1933, Time magazine reports barter associations and depression scrip being circulated in 140 communities in 29 states; Jan. 10 1855, John Jay Knox becomes cashier of Susquehanna Valley Bank.; 1983, NASCA sells Charles J. Affleck Collection; 1983, Dover Litho begins printing Paper Money; Jan. 11 1806, City Bank of New York president Moses Taylor born; 1862, Leslie's Illustrated depicts a Confederate $10 Treasury Note; Jan. 12 1862, Horatio Taft records in diary that Treasury Notes discounted 2-4% and gold is at 4% premiums; 2004, "Currency" board game copyrighted by Kendall Coleman; Jan. 13 1869, NYT reports defeat of Congressman Benjamin F. Butler's Greenback Bill; 1941, Irish novelist James Joyce, who is honored on an Irish Republic 10-pound note, dies; Jan. 14 1743, Massachusetts orders alterations to currency printing plates, viz. four shillings altered to half a crown, etc; 1790, Alexander Hamilton proposes paying national debt through sale of government bonds; Jan. 15 1857, U.S. paper money collector Charles Markus born; 1975, Vernon Brown announces his intent to resign as SPMC Secretary; Historically since 1933, the largest purchaser of rare American paper currency ... CALL 888-8KAGINS Jan. 16 1978, Smithsonian Institution acquires Chase Manhattan Bank money collection; 1990, two Bank of Credit & Commerce employees plead guilty to money laundering; Jan. 17 1706, Benjamin Franklin, who wrote "a light purse is a heavy curse," born; 1914, dealer and pioneer encased stamp collector Ben G. Green dies; Jan. 18 1862, Richmond Dispatch reports postage stamps are circulating as small change; 1974, Lee Majors debuts on TV as the "Six Million Dollar Man;" Jan. 19 1839, Republic of Texas authorizes treasury notes, 55-S500; 1991, professional wrestler Ted DiBiase takes role of the "Million Dollar Man" on TV; Jan. 20 1870, Woodhull, Claflin & Co., first female brokerage firm, opens; 2004, Professional Scripophily Trade Association launched; Jan. 21 1793, Opponents of BUS accuse bank and Treasury Secretary Hamilton of corruption; 1977, Senate confirms W. Michael Blumenthal to he Secretary of Treasury; Jan. 22 1813, fourteen year old John Warner Barber apprentices to banknote engraver Abner Reed; 1976, NASCA sells a 55 S. Straker chemicographic printing plate, the only such plate remaining in private hands; Jan. 23 1862, NYT reports Demand Notes to be made legal tender; 1967, Armed robbers shoot Florida dealer Sidney W. Smith in back; Jan. 24 1863, W.E. Hilton advertises 5500 in facsimile Confederate notes for $5 in Harper's Weekly; 2006, BEP online customer deluge crashes computer system; Jan. 25 1815, NYC Common Council pays J. Hays $50 for detecting counterfeit municipal small change bills; 1898, concern over "indelicate" partially nude figures on Educational Series Notes received from correspondent Ellen Collens at BEP; Jan. 26 1863, John Sherman introduces National Currency Act in U.S. Senate; 1868, Treasurer of the U.S. Francis E. Spinner writes Jos. Perkins, Second National Bank, Cleveland, Old that a specimen set of all fractional curency costs $5.63; Jan. 27 1750, Massachusetts assembly committee reports immediate need to strike off small currency bills for circulation redeemable in silver; 1910, Story of Paper Money author Fred Reinfeld born; Jan. 28 1847, Congress funds treasury notes issued during War with Mexico with six-percent registered bonds; 1953, Humphrey-Priest combined tenure commences; Jan. 29 1803, Austrian banker Anselm von Rothschild, who said "give me the power to issue a nation's money, then I do not care who makes the law," born; 1987, SPMC Secretary Bob Cochran warns Executive Board of a membership crisis; Jan. 30 1968, Jamaicaci House of Representatives unanimously approves decimalization of its currency; 1989, People magazine profiles Walter Cavanagh, a Santa Clara, CA finan- cial planner, and owner of the world's largest credit card collection; Jan. 31 1609, Wisselbank of Amsterdam established; 1866, Alabama legislature authorizes certain county scrip; 1913, Treasury Secretary MacVeagh approves uniform small cur- rency designs; ,V GO (.4011 ,1 11141C • - THE C HE R OK EE V./1 T O. V ONE DOLLAR,— c '4;3.1 In Note00,the Confederate States, e4; 511, or 190 Ilitts re.zee. -7 T hloptalt, 4". i/e i%t r u 4u It am t etaitml in the Vretuftw■ {teei•ot. 48 January/February • Whole No. 253 • Paper Money The Cherokee Nation scrip issue of 1862 was backed by an equal amount of Confederate curren- cy held by the Cherokee Treasurer. Issued in denom- intions of 50-cents, $1, $2, and $5 to the extent of $20,000, all are exceedingly rare today, especially in the higher denomi- nations. Image used with per- mission, courtesy of Whitman Publishing, LLC, from A Guide Book of Southern States Currency, © 2007 Whitman Publishing, LLC. All Rights Reserved. dollar sign (see above). They were apparently only issued in June 1862, but this was probably more a result of a combination of military events and the political situation, coupled with the arrival of Confederate notes, than any real change in the financial outlook. In July 1862, an Union expedition entered the Cherokee Nation. As the Confederate Cherokees advanced to meet the Federals they were defeated. As a result Colonel Drew's regiment deserted to the Union, practically to the man, leaving only a small body under Captain Pickens Benje to fight with Watie's regiment. The Pins now rose and the Confederates were driven back. On July 15, an expedition led by Captain Harris S. Grenno, entered Park Hill to take the "surrender of the Cherokees there." He found that Ross had just received orders from the Confederate Adjutant and Inspector General, Samuel Cooper, to issue a call for all men between eighteen and thirty-five to enlist in the Southern army. However, Grenno stated his arrival "gives Ross an excuse for not complying with the demand." Ross was thus made a "prisoner" and paroled to his house. 19 The Confederates were not deceived by Ross's stratagems for very long. Confederate Major General Thomas C. Hindman wrote Cooper on June 19, 1863, that Ross "was pretendedly taken prisoner, but as afterwards appeared, really went over to the enemy with the archives and money of the nation." 20 The Southerners soon began their campaign to reconquer the area, and the Federals withdrew. On Aug. 18, 1862, Cooper wrote Confederate President Jefferson Davis from Cantonment Davis that within a few days he hoped to retake Tahlequah and Park Hill and put the Confederate Cherokees into power. This was done and, in late August or early September, Ross was thrown out and Watie elected the new Principal Chief of the Cherokee Nation. 21 Even with the formation of a new government, the financial and political pic- ture did not improve. The United States forces kept the National Council from meeting on various occasions and money was still scarce. It probably was of no real concern to the Cherokees to know that in 1863 other Confederate States, such as Alabama and Georgia, followed their lead by issuing small denomination bills backed by Confederate notes. They had enough problems of their own. 22 On June 27, 1863, Elias Cornelius Boudinot, the Cherokee delegate to the Confederate House of Representatives, wrote his uncle, Stand Watie, from Fort Smith, Arkansas, about the law that had just been passed by the National Council. Stating the commissioners should use warrants or bonds rather than money, or failing that, he urged that they draw on army rations and transportation until arrangements could be made with the Confederate government. On Dec. 18, 1863, Boudinot introduced a bill in the Confederate Congress to appropriate $100,000 for the Cherokees. It was signed into law Jan. 18, 1864. By the terms of this act, this was only a loan, as the funds due the Cherokees could not be collected and were to be repaid after the war. This clearly demonstrated the Paper Money • January/February • Whole No. 253 49 On This Date in Paper Money History -- Feb. 2008 By Fred Reed © Feb. 1 1886, final semi-annual payments on Louisiana "Baby Bonds"; 1945, first clay of issue US Postal Notes with round holes on UNIVAC Card; Feb. 2 1849, Hamilton Bank of North Scituate, RI issues Lazy Deuce Note printed by Danforth & Hufty with numeral "2" extended horizontally across entire note face as counterfeit deterrent; 1927, BEP Director Robert J. Leuver born; Feb. 3 1690, date on altered denomination Massachusetts Colony indented bills actually issued in 1691 by changeover in calendar; 1899, BEP Director Claude W. Johnson for- wards proof impression of Lincoln vignette for Series 1899 $1 Silver Certificate to Assistant Treasury Secretary William B. Howell; Feb. 4 1797, Assignats demonetized in France; 1841, Second Bank of the United States clos- es its doors; 1998, first Sri Lanka polymer note Feb. 5 1864, George H. Perine revives flagging American Numismatic Society by inviting group to meet at his home; 1867, Congress approves HR 719 prohibiting advertising notes "similar to any bond or other obligation of the United States"; Feb. 6 1756, Bank of the Manhattan Company founder and Vice President Aaron Burr born; 1866, First National Bank organized in Arkansas (FNB Fort Smith #1631); Feb. 7 1870, Supreme Court 4-3 in Hepburn v. Griswold holds the Legal Tender Acts uncon- stitutional; 1927, Palestine Currency Order is passed by British Parliament; Feb. 8 1861, anticipating growing need for funds, Congress authorizes S25 million in large denomination obligations; 1962, prominent Native American numismatist Joseph Judson Mingo dies in Muskogee, OK; Feb. 9 1864, Anthony Berger takes Lincoln picture on which familiar $5 portrait 11929-19991 is based; 864, college currency issuer Harvey G. Eastman patents penman's assistant; Feb. 10 1858, extradition convention between the U.S. and France regarding criminals guilty of counterfeiting coins or notes agreed to in Washington, DC; 1884, Mississippi autho- rizes special auditor's warrants in denominations of $5, $10 and S20; Feb. 11 1818, Maryland General Assembly passes act "to impose a tax on all banks, or branches thereof, in the state of Maryland, not chartered by the legislature"; 1981, last delivery of Series 1977 S10 FRNs; Feb. 12 1809, President Abraham Lincoln (FR 6-101 born; 1909, NYC mayor George B. McClellan Jr. distributes official Lincoln birth medal by Bela Lyon Pratt; Feb. 13 1861, Alexander B. Clitherall becomes CSA Register of Treasury; 1997, Dow Jones crosses 7,000 barrier for first time, ending clay at 7,022.44; Feb. 14 1835, Southern Life Insurance & Trust Company last bank chartered by Florida Territory; 1946, Bank of England nationalized; Historically since 1933, the largest purchaser of rare American paper currency ... CALL 888-8KAGINS Feb. 15 1791, Secretary of State Thomas Jefferson advises President Washington that the bill for establishing a national bank is unconstitutional; 1876, Fifth Issue of Fractional Currency ceases, according to U.S. Treasurer Jas. Gilfillan; Feb. 16 1863, Chief Justice Roger B. Taney complains to Treasury Secretary Chase that income tax deductions from federal judges' salaries constitutes violation of constitutional doc- trine of separation of powers; 1828, banknote engraver Joseph Ourclan born; Feb. 17 1864, CSA notes seventh issue; 1967, "Banknotes," a song by Barry Paterson, Ricky Kemp and Keith Herd copyrighted; Feb. 18 1836, Pennsylvania recharters Second Bank of the United States as United States Bank of Pennsylvania; 1927, pioneering national currency dealer and researcher John Thomas Hickman born; Feb. 19 1863, Senate confirms appointment of Jeremiah Fenno as an Army paymaster; 1923, Sen. Kenneth D. McKellar (D-TN) filibusters on the floor of the Senate for 5 1/2 hours re. "Bureau of Engraving Dismissals"; Feb. 20 1817, leading banks in New York, Philadelphia and Richmond resume specie pay- ments; 1894, Attorney General Richard Olney rules that Silver Certificates are not 'lawful money"; 1920, Bishop and Co. acquires Bank of Honolulu; Feb. 21 1863, Scientific American reports NYC's Eighth Avenue Railroad Co. redeemed $8,400 face value in stamps taken as fares; 1876, Henry Jewell becomes BEP Director; 1967, The Early Paper Money of America by Eric Newman copyrighted; Feb. 22 1850, cornerstone for Crawford's equestrian statue of George Washington, which appears on CSA 1864 $500 notes, laid; 1980, Israel repudiates its currency; Israel pound bows out; 1988, SPMC member A.P. 'Del" Betschy dies; Feb. 23 1816, Ohio General Banking Law enacted; 1864, first National Bank chartered in Maryland (FNB Baltimore #2041; 1996, Treasury Secretary Joseph Walker Barr dies; Feb. 24 1809, New York Congressman and "inventor of the greenbacks" Elbridge Gerry Spaulding born; 1862, facsimile Confederate Treasury Note illustrated in Philadelphia Daily Inquirer; Feb. 25 1791, Congress incorporates first central Bank of the United States with capital of S10 million; 1866, NYT reports arrest of William Garnont and Herman Lochman for pos- session of $500 in counterfeit Fractional Currency; Feb. 26 1777, The "Baltimore" Continental Currency (FR CC55-621 bears this printed date; 1879, legislation provides for issuing of $10 Refunding Certificates; Feb. 27 1819, banknote printer Jacob Perkins patents a progressive lever press; 1872, House defeats bill directing National Banks to stamp spurious U.S. notes presented to them; Feb. 28 1872, House considers permitting printing of impressions of currency notes and bonds in Heath Counterfeit Detector; 1990, BEP director Peter H. Daly seeks repeal of law requiring it to print and issue USNs in testimony to Congress; Feb. 29 1940, Gone With the Wind, which traces collapse of Confederate finance, wins eight Oscars; 2000, Treasury & Fed report on counterfeiting of U.S. currency abroad; DOLLA S,W ■. %%in BUrrri. :kirt;;;;;,CBr 7,Fart Smtth Ark. Fowl. (;JBSON. (. N., April 8, 1862 1)11. Tin: BEMER N 1 t i v 701 1 11ter. a.....".... .avabl4 in Culltill,I•ao Note \Own $10 i ii20, or $50 is prose►itud at JS/, January/February • Whole No. 253 • Paper Money50 To remedy the shortage of cur- rency in Cherokee Nation, pri- vate individuals issue scrip to facilitate commerce. This note of Fort Gibson merchant F(lorian) H. Nash was payable in Confederate notes at White & Hanley's, Van Buren, Arkansas, or Mayers & Brothers, Fort Smith, Arkansas. Notes of Nash are also known in 25- and 50-cent and $1 denominations. The Cherokee National Act of May 2, 1862, not only authorized tribal scrip but prohibited further issues of private scrip like Nash's. (Illustration courtesy of Stack's) Cherokees desperate need for money. 23 Further funds were voted on May 1, 1864, and Jan. 16, 1865. On May 6, 1864, Boudinot introduced a bill for the relief of the Cherokee Nation, but nothing apparently came of this. However, it would seem that Confederate money was in circulation in the Cherokee Nation because when a tax of 33 1b percent was proposed on outstanding treasury notes, Boudinot wrote Watie on Oct. 3, 1864, from Paris, Texas, that he would try to save the Cherokees from this tax, but he doubted if he would succeed. 24 Through all these problems and hard times, the Confederate Cherokees still remained true to their cause. On June 24, 1864, the Cherokee troops unanimously declared their intention to reenlist for the war. They were still fighting when the end overtook them in 1865. 25 What can these notes tell about Cherokee society at the time? They tell of an economy that had developed to such a point that the loss of money threw it into a panic. They point to a people whose life style was very similar to their white neigh- bors. They are the abstract symbols that were of little value to those who did not know how to use them. Whenever a highly organized economic machine encounters a disaster such as war, it is thrown into utter chaos. That the Cherokees even had money points to how successful they had been at adapting to the white man's ways. And the fact that they experienced financial confusion as well as the hoarding of specie during the war, only demonstrates even further how tightly tied their economic system was to money. Barter does not know the panic of impending warfare, only a monied market exchange economy does. That the Cherokee economy was highly organized and was at the same level as the surrounding Confederate States may be seen in other ways. Even if one chose to ignore the words of the people themselves, the fact that the Cherokees were able to support the same degree of specialization of labor with a money supply that could integrate so well with the Confederacy's supports the contention about how highly organized they were. A tightly controlled governmental machine, with an elected official at the head, also points to this conclusion. When their money was withdrawn from them, the Cherokees faced the same panic and search for substitutes that is common to any government in the same situation. The pieces of paper then, together with the words of the people and their actions, demonstrate that the economies of the South and the Cherokee Nation were one and the same. It is only that the Cherokee National Council acted before the legislatures of the other states of the confederacy in order to create some form of small change to act as a circulating medium. In this they may have been ahead of their fellow slave- holders and, perhaps, more "civilized" than their white counterparts. Paper Money • January/February • Whole No. 253 51 References 1. "An Act Authorizing the issuing of Bills for the purposes of change and prohibiting the issu- ing and circulating of shin plasters," John Ross Papers, Thomas Gi!crease Institute of American Hist°iy and Art, Tulsa, OK, p.1. 2. United States Department of War, War of the Rebellion: A Compilation of the Official Records of the Union and Confederate Armies (70 vols., 128 books, Washington, D.C.: Government Printing Office, 1880-1901), Ser. I, Vol. I, p. 683. Hereafter cited as Official Records. 3. Ibid., Ser. I, Vol. XIII , p. 490. 4. Ibid., Ser. I, pp. 499-500. 5. Ibid., Ser. I, Vol. III, pp. 690-691; Brigadier General Benjamin McCulloch to Judah P. Benjamin, September 2, 1861, Ibid., p. 692; McCulloch to John Ross, June 12, 1861, and Ross to McCulloch, June 17, 1861, Ibid., pp. 591-592, 597. 6. Ibid. 7. Ibid., Ser. I, Vol. XIII, p. 566. 8. Ibid., Ser. IV, Vol. I, p. 669; Ibid., Ser. I, Vol. XIII, pp. 503-505. 9. United States Senate Document Number 234, 58th Congress, 2nd Session, journal of the Congress of the Confederate States of America (7 vols., Washington, D.C.: GPO, 1904), Vol. I, p. 611; Official Records, Ser. I, Vol. VIII, p. 709; Col. William Weer to Capt. Thomas Moonlight, June 13, 1862, Ibid., Ser. I, Vol. XIII, p. 43. 10. S.S. Scott, Letter of the Acting C0771711 ander of Indian Affairr, with Statement, c., In regards to certain Indian Trust Funds (Richmond: Ritchie and Dunnacrent, Printers, 1862), p. 9. 11. Official Records, Ser. IV, Vol. I, pp. 682, 685. 12. Brigadier General Albert Pike to Benjamin, December 25, 1861, Ibid., Ser. I, Vol. VIII, p. 721. 13. Cherokee Nation Papers, Western History Collections, University of Oklahoma Library, Norman, Oklahoma. 14. Ibid. 15. Official Records, Ser. IV, Vol. I, p. 679; "An Act Authorizing the issuing of Bills for the pur- poses of change and prohibiting the issuing and circulating of shin plasters," John Ross Papers, p. 1; Grover C. Criswell Jr., North American Currency, 2nd ed (Citra, FL: Criswell Publications, 1969), pp. 117-122. 16. Although not specifically authorized by law, a 25-cent note may have also been issued. The act seemed to give the Cherokee treasurer authority to issue other values, if he saw fit, and he may have done so. SPMC Oklahoma and Indian Territory Wismer cataloger Maurice Burgett reported a presumably unique 25-cent note in "Obsolete Paper Currency of Indian Territory and Oklahoma," Paper Money (1967), vol. 6 no. 1, p. 3, in conjunction with a report on his fabled Indian Territory exhibit. He called the note Cherokee Nation no. 4. This listing was not included in Burgett's book pub- lished in 1980. Whether this was due to a previous error, or to an oversight, or because Burgett died prior to publication of the volume which was then "tied togeth- er" by other hands is not known. See James F. Morgan, Graybacks and Gold: Confederate Monetary Policy, Pensacola, FL: Perdido Bay Press, 1985, p. 89. 17. "An Act Authorizing the issuing of Bills for the purposes of change and prohibiting the issu- ing and circulating of shin plasters," John Ross Papers, p. 1. 18. Ibid. 19. Major General Thomas C. Hindman to Inspector General Samuel Cooper, June 19, 1863, Official Records, Ser. I, Vol. XIII, p. 40; Captain Harris S. Grenno to Weer, July 15, 1862, Ibid., pp. 161-162. 20. Hindman to Cooper, Ibid., p. 40. 21. Ibid., Ser. I, Vol. LIII, p. 43; Brigadier General William Hudson to Colonel J.Y. Dashiell, September 15, 1862, Ibid., Ser. TV, Vol. I, p. 828. 22. Criswell, North American Currency, pp. 11-12, 201-202. 23. Cherokee National Papers; United States Senate, Document Number 234, 58th Congress, 2nd Session, Journal of the Congress of the Confederate States of America, Vol. VI, pp. 543, 683; "An Act appropriating one hundred thousand dollars for the use and benefit of the Cherokee Nation," Official Records, Ser. IV. Vol. III, p. 40. 24. United States Senate, Document Number 234, 58th Congress, 2nd Session, journal of the Congress of the Confederate States of America, Vol. VI, p. 483; Ibid., Vol. VII, pp. 489- 499; Ibid., p. 19; Cherokee Nation Papers. 25. Lieutenant H.T. Martin to Major General Samuel B. Maxey, June 27, 1864, Official Records, Ser. I, Vol. XLI, Pt. 2, p. 1013. • 52 January/February • Whole No. 253 • Paper Money An Index to Paper Money Volume 46, 2007 Whole Numbers 247 - 252 Compiled by George B. Tremmel Yr. Vol. No. Pg. Aguilera, Kristin. Museum of American Finance salutes Alexander Hamilton, illus. 07 46 247 3 ALEXANDER HAMILTON, 250 YEARS, 1757-2007. Alexander Hamilton and the Birth of a Capital Market, Robert E. Wright, illus. 07 46 247 36 Alexander Hamilton on U.S. Government Bonds, Gene Hessler, illus. 07 46 247 44 Alexander Hamilton: the Man and the Myths, Joanne Freeman, illus. 07 46 247 18 Bank of Hamilton, Ohio, Gone But Not Forgotten, Wendell Wolka, illus. 07 46 247 30 Concurrent Resolution recognizing and honoring Alexander Hamilton, Congressman William Pascrell, 07 46 247 57 Depictions of Alexander Hamilton on United States Federal Notes, Benny Bolin, illus. 07 46 247 10 Hamilton notes popular with collectors, Dave Bowers, illus. 07 46 247 42 Hamilton's Great Experiment: Society for Establishing Useful Manufactures, Russell Roberts, illus, 07 46 247 74 Hamilton's Great Invention, Howard Brod, illus. 07 46 247 52 Mr. Hamilton's Bank, Sanford J. Mock, illus. 07 46 247 17 Museum of American Finance salutes Alexander Hamilton, Kristin Aguilera, illus. 07 46 247 3 New sawbuck backs portray Hamilton clearly, Fred Reed, illus. 07 46 247 73 The "Laziest Deuce" of Hamilton Bank, Leslie Deerderf, illus. 07 46 247 50 The Story of Alexander Hamilton's Portrait on the new S10 note, Barbara Bither, illus. 07 46 247 65 U.S. Treasury securities market: Lessons from Alexander Hamilton, Alan Greenspan, Illus... 07 46 247 41 Washington & Hamilton grace Hamilton Bank $1, Leslie Deerderf, illus. 07 46 247 34 Web test press named for first Treasury Secretary, Michele Orzano, illus. 07 46 247 60 Allan, Walter D., FCNRS. Origins of Bank Note Vignettes: The Young Angler, illus. 07 46 248 155 Allen, Harold Don. Final Decade of Canadian Chartered Bank Circulation, illus. 07 46 252 409 Notes from Up North: The Best of Times, illus. 07 46 252 456 BANKS, BANKERS AND BANKING. Final Decade of Canadian Chartered Bank Circulation, Harold Don Allen, illus. 07 46 252 409 Francis E. Moulton, National Bank President, Karl Sanford Kabelac, illus. 07 46 249 212 Mrs. J.H. Moore, National Bank President, Karl Sanford Kabelac, illus. 07 46 250 295 Mr. Hamilton's Bank, Sanford J. Mock, illus. 07 46 247 17 Taylor, Texas, Banking: "What We Do Best", George W. Taylor, illus. 07 46 252 423 BEP Historical Resource Center Archives. Documentary History of "In God We Trust" on federal paper money, illus. 07 46 251 343 Bither, Barbara., The Story of Alexander Hamilton's Portrait on the new $10 note, illus. Bolin, Benny. Depictions of Alexander Hamilton on United States Federal Notes, illus. Booth, David. Some Interesting Essays of Palestine & the U.S., illus. Bowers, Dave. Interest Bearing Notes: Hamilton notes popular with collectors, illus. Bowers, Q. David. Catch Me If You Can: Printers vs. Counterfeiters, illus. Brod, Howard. Hamilton's Great Invention, illus. Bryan, Terry. Banknote Vignettes of Felix Octavius Carr Darley, illus. Clark, Frank. About Nationals Mostly: The Mary Moody Norther) Foundation, illus. Cochran, Bob. SPMC Officer Signed National Currency, illus. COLLECTING. Collector Receives "Split" Bill in Change, Dan Fox & Fred Bart, illus. Hamilton notes popular with collectors, Dave Bowers, illus. Labor Exchange Scrip, Steve Whitfield, illus. CONFEDERATE AND SOUTHERN STATES CURRENCY. Deaf Money: The 1861 North Carolina Note, Priscilla Scott Rhoades, illus. COUNTERFEIT, ALTERED & SPURIOUS NOTES. Catch Me If You Can: Printers vs. Counterfeiters, Q. David Bowers, illus. Counterfeit National Bank Note Survives Its Obituary, Dr. Jack M. Vorhies (deceased), illus. Emanuel Ninger: An "Honest" Counterfeiter, Harrison Knowlton, illus. Trial Listing of Raised, Altered & Counterfeit Notes, J. Roy Pennell, Jr., illus. Deerderf, Leslie. The "Laziest Deuce" of Hamilton Bank, illus. Washington & Hamilton grace Hamilton Bank $1, illus. ENGRAVERS & ENGRAVING AND PRINTING. Alexander Hamilton on U.S. Government Bonds, Gene Hessler, illus. Banknote Vignettes of Felix Octavius Carr Darley, Terry Bryan illus. Deal Money: The 1861 North Carolina Note, Priscilla Scott Rhoades, illus. Depictions of Alexander Hamilton on United States Federal Notes, Benny Bolin, illus. Dover Litho Printing Co. Celebrates 50th Anniversary, Mike Frebert & Staff, illus. Euros Swallow Up National Heroes, Gene Hessler, illus. Female Beauty as Depicted on U.S. Obsoletes, Clifford F. Thies, PhD, illus. Notes on Bank Note Engravers & Artist Attributions, Mark D. Tomasko, illus. Yr. Vol. No. Pg. 07 46 247 65 07 46 247 10 07 46 250 288 07 46 247 42 07 46 250 243 07 46 247 52 07 46 248 83 07 46 252 454 07 46 249 236 07 46 252 470 07 46 247 42 07 46 252 442 07 46 250 257 07 46 250 243 07 46 249 176 07 46 252 474 07 46 248 134 07 46 247 50 07 46 247 34 07 46 247 44 07 46 248 83 07 46 250 257 07 46 247 10 07 46 250 283 07 46 252 468 07 46 248 122 07 46 248 144 53 vol. No. Pg. 46 249 229 07 46 249 225 07 46 249 225 07 46 149 232 07 46 249 230 07 46 249 233 07 46 249 232 07 46 247 30 07 46 248 122 07 46 252 442 07 46 248 134 07 46 247 34 07 46 247 60 07 46 247 36 07 46 250 296 07 46 252 468 46 251 340 07 46 252 459 07 46 247 47 07 46 247 49 07 46 248 127 07 46 248 127 07 46 249 207 07 46 249 209 07 46 250 287 07 46 250 289 07 46 251 367 07 46 251 369 07 46 252 447 07 46 252 449 07 46 251 329 07 46 251 354 07 46 252 403 46 251 339 46 247 41 46 247 57 07 46 248 134 07 46 249 225 Paper Money • January/February • Whole No. 253 Yr. Vol. No. Pg. Origins of Bank Note Vignettes: The Young Angler, Walter D. Allan, FCNRS, illus. 07 46 248 155 Reader supplies data: Note printer was Hamlin, Roland Rivet, illus. Second Identity for Darley Vignette, Ron Horstman, illus. Some Interesting Essays of Palestine & the U.S., David Booth, illus. The Series of 1928 Design that Failed, Peter Huntoon, illus. The Story of Alexander Hamilton's Portrait on the new S10 note, Barbara Bither, illus. Web test press named for first Treasury Secretary, Michele Orzano, illus. Falater, Lawrence. First National Bank of/in Ontonagon, Michigan, illus. Fox, Dan & Fred Bart. Collector Receives "Split" Bill in Change, illus. Frebert, Mike, & Staff. Dover Litho Printing Co. Celebrates 50th Anniversary, illus. Freeman, Joanne. Alexander Hamilton: the Man and the Myths, illus. Gavel, John. Cash 'n' Carry, illus. Glynn, John. The Festival of Christmas Depicted on Paper Money, illus. Greenspan, Alan, U.S. Treasury securities market: Lessons from Alexander Hamilton, illus. Hennessey, Colleen & Franklin Noll. The Car Conundrum, illus. Hessler, Gene. Alexander Hamilton on U.S. Government Bonds, illus. The Buck Starts Here: Euros Swallow Up National Heroes, illus. Horstman, Ron. Second Identity for Darley Vignette, illus. Huntoon, Peter, Charles Dean & Matt Hansen. The Paper Column: Confederate National Banks, illus. 07 46 249 Kidder National Gold Bank of Boston, illus. 07 46 252 Huntoon, Peter, Doug Walcutt (deceased) & Robert Kvederas. The Paper Column: $5 Series of 1882 Circus Poster National Bank Notes, illus. Huntoon, Peter. The Paper Column: The Series of 1928 Design that Failed, illus. IN MEMORIAM. Death claims SPMC author Jack Vorhies, illus. INTERNATIONAL. Final Decade of Canadian Chartered Bank Circulation, Harold Don Allen, illus. 07 46 252 Notes from Up North: The Best of Times, Harold Don Allen, illus.07 46 252 Some Interesting Essays of Palestine & the U.S., David Booth, illus. Kabelac Karl Sanford. Francis E. Moulton, National Bank President, illus. 07 46 249 212 Mrs. J.H. Moore, National Bank President, illus. 07 46 250 295 Knowlton, Harrison. Emanuel Ninger: An "Honest" Counterfeiter, illus. Korn, Andrew R. & David M. Diaz. Seized Currency, illus. Mock, Sanford J. Mr. Hamilton's Bank, illus. NEW LITERATURE. Bowers' latest opus another virtuoso performance, John & Nancy Wilson, and Fred Reed, illus. Elaborate Hewitt Minnesota volume sets a high standard, Bob Schreiner, John & Nancy Wilson and Fred Reed, illus. 07 46 249 Yr. New editions update classic U.S., world paper money catalogs, Fred Reed, illus. 07 Hugh Shull dons Criswell's "King of Dixie" currency mantel, 07 46 247 35 Fred Reed, illus. 07 46 250 299 Spotlight falls on new paper money books, Fred Reed, illus. Ron Benice's Florida catalog surpasses all previous works, 07 46 250 288 Fred Reed, illus. 07 46 251 323 Terrific new book shows us rag pickers one and all, Fred Reed, illus. 07 46 247 65 TWO new Krause editions bring standard titles up to date, Fred Reed, illus. 07 46 247 60 Wally Lee's Michigan tome offers two great books in one, Fred Reed, Illus. 07 46 250 265 OBSOLETE NOTES & SCRIP. Bank of Hamilton, Ohio, Gone But Not Forgotten, 07 46 252 470 Wendell Wolka, illus. Female Beauty as Depicted on U.S. Obsoletes, 07 46 250 283 Clifford F. Thies, PhD, illus. Labor Exchange Scrip, Steve Whitfield, illus. 07 46 247 18 Trial Listing of Raised, Altered & Counterfeit Notes, 07 46 250 296 J. Roy Pennell, Jr.,illus. Washington & Hamilton grace Hamilton Bank S1, 07 46 252 403 Leslie Deerderf, illus. Orzano, Michele. 07 46 247 41 Web test press named for first Treasury Secretary, illus. 07 46 251 354 PAPER MONEY AND FINANCIAL HISTORY. Alexander Hamilton and the Birth of a Capital Market, 07 46 247 44 Robert E. Wright, illus. 07 46 252 468 Cash 'n' Carry, John Gavel, illus. 07 46 250 299 Euros Swallow Up National Heroes, Gene Hessler, illus. How I was inspired to seek to put the motto "In God We Trust" 163 on our nation's currency, Max Rothert, illus. 07 434 Murder and Inflation: The Kentucky Tragedy, Clifford F. Thies, illus. On this Date in Paper Money History - Jan. 2007, Fred Reed 07 46 249 93 On this Date in Paper Money History - Feb. 2007, Fred Reed On this Date in Paper Money History - Mar. 2007, Fred Reed 07 46 251 323 On this Date in Paper Money History -Apr.2007, Fred Reed On this Date in Paper Money History - May 2007, Fred Reed 07 46 249 178 On this Date in Paper Money History - Jun. 2007, Fred Reed On this Date in Paper Money History - Jul. 2007, Fred Reed On this Date in Paper Money History - Aug. 2007, Fred Reed 409 On This Date in Paper Money History - Sept. 2007, Fred Reed 456 On This Date in Paper Money History - Oct. 2007, Fred Reed On This Date in Paper Money History - Nov. 2007, Fred Reed 07 46 250 288 On This Date in Paper Money History - Dec. 2007, Fred Reed Seized Currency, Andrew R.Korn & David M. Diaz, illus. The Car Conundrum, Colleen Hennessey & Franklin Noll. illus. The Festival of Christmas Depicted on Paper Money, John Glynn illus. 07 46 252 474 Where's George Been Hanging Out Lately?, Fred Reed, illus. 07 U.S. Treasury securities market: Lessons from Alexander Hamilton, 07 46 251 329 Alan Greenspan, past Chairman Federal Reserve Board, Illus... 07 07 46 247 17 Pascrell, Congressman William, (D-NJ). Concurrent Resolution Recognizing and honoring Alexander Hamilton, illus. 07 Pennell, J. Roy, Jr. 07 46 249 226 Trial Listing of Raised, Altered & Counterfeit Notes, illus. Reed, Fred. Hugh Shull dons Criswell's "King of Dixie" 228 currency mantel, illus. 54 Paper Money Vol. No. Pg.Yr. Vol. No. Pg. January/February • Whole No. 253 • Yr. Reed, Fred, New editions update classic U.S., world paper Librarian's Notes iJett Brueggemam 07 46 252 477 money catalogs, illus. 07 46 249 229 Matt Janzen wins 7th George Wait Award 07 46 249 195 New sawbuck backs portray Hamilton clearly, illus. 07 46 247 73 President's Column (Benny Bolin) 07 46 247 58 On this Date in Paper Money History — Jan. 2007 07 46 247 47 07 46 248 139 On this Date in Paper Money History — Feb. 2007 07 46 247 49 07 46 249 218 On this Date in Paper Money History — Mar. 2007 07 46 248 127 07 46 250 297 On this Date in Paper Money History — Apr. 2007 07 46 248 127 07 46 251 377 On this Date in Paper Money History — May 2007 07 46 249 207 07 46 252 457 On this Date in Paper Money History — Jun. 2007 07 46 249 209 Michele Orzano promoted to paper money magazine editor 07 46 248 141 On this Date in Paper Money History — Jul. 2007 07 46 250 287 Money Mart 07 46 247 58 On this Date in Paper Money History — Aug. 2007 07 46 250 289 07 46 251 377 On This Date in Paper Money History — Sept. 2007 07 46 251 367 New Members 07 46 248 142 On This Date in Paper Money History — Oct. 2007 07 46 251 369 07 46 250 302 On This Date in Paper Money History — Nov. 2007 07 46 252 447 07 46 251 394 On This Date in Paper Money History — Dec. 2007 07 46 252 449 07 46 252 479 Ron Benice's Florida catalog surpasses all previous works, illus 07 46 149 232 Nominations Due for SPMC Board. 07 46 248 159 Spotlight falls on new paper money books, illus. 07 46 249 225 Nominations Open for SPMC Board 07 46 247 59 Terrific new book shows us ragpickers one and all, illus. 07 46 249 230 Nominations Open for SPMC Board 07 46 252 455 Two new Krause editions bring standard titles up to date, illus. 07 46 249 233 SPMC Activities at Memphis & Milwaukee ANA (Photos By Wally Lee's Michigan tome offers two great books in one, illus. 07 46 249 232 Dave Harper, Dave Kranz & Bob Van Ryzin) 07 46 )5) 452 Where's George Been Hanging Out Lately?, illus. 07 46 251 339 SPMC Memphis 2007 Board Meeting Minutes 07 46 )5) 450 Rhoades, Priscilla Scott. SPMC thanks donors to 2007 Tom Bain Raffle 07 46 251 396 Deaf Money: The 1861 North Carolina Note, illus. 07 46 250 257 SPMC Treasurer reports (Bob Moon) 07 46 251 399 Rickey, Dave. Two new faces, two incumbents to join SPMC Board Census Count Is Good Information-CAGR IS Better, illus. 07 46 250 312 in Memphis, illus. 07 46 249 238 Rivet, Roland. SPMC St. Louis 2006 Board Meeting Minutes 07 46 250 280 Reader supplies data: Note printer was Hamlin, illus. 07 46 247 35 Talks, R. Logan. Roberts, Russell. Hamilton's Great Experiment: A Study of Radar Serial Numbers in the 1928 tot 963 Era, illus.07 46 251 360 Society for Establishing Useful Manufactures, illus, 07 46 247 74 Taylor, George W. Rogan, Martin. Taylor, Texas, Banking: "What We Do Best", illus. 07 46 252 423 The Story of a Rose, Four Lazy Deuces and Two Casinos, illus.07 46 249 220 Thies, Clifford F., PhD. Rothert, Matt. Female Beauty as Depicted on U.S. Obsoletes illus. 07 46 248 122 How I was inspired to seek to put the motto "In God We Trust" Murder and Inflation: The Kentucky Tragedy, illus. 07 46 252 459 on our nation's currency, illus. 07 46 251 340 Tomasko, Mark D. Schreiner, Bob, John & Nancy Wilson and Fred Reed. Notes on Bank Note Engravers & Artist Attributions, illus. 07 46 248 144 Elaborate Hewitt Minnesota volume sets a high standard, illus.07 46 249 228 U.S. LARGE SIZE NOTES: FEDERAL RESERVE NOTES. SOCIETY OF PAPER MONEY COLLECTORS. 4th Annual SPMC Author's Forum, illus. 07 46 252 430 Count Is Good Intormation-CAGR IS Better, Dave Rickey, illus. 07 46 250 312 8th Annual George W. Wait Memorial Prize 07 46 252 476 U.S. LARGE SIZE NOTES: U.S. NATIONAL BANK NOTES. Dover Litho Printing Co. Celebrates 50th Anniversary, Mike Frehert & Staff, illus. 07 46 250 283 $5 Series of 1882 Circus Poster National Bank Notes, Peter Huntoon, Doug VValcutt (deceased) & Robert Kvederas,il. 07 46 249 93 Editor's Notebook (Fred Reed) 07 46 247 78 About Nationals Mostly: The Mary Moody Northen 07 46 248 158 Foundation, illus, Frank Clark. 07 46 252 454 07 46 249 238 Confederate National Banks, The Paper Column: Peter Huntoon, 07 46 250 318 Charles Dean & Matt Hansen illus. 07 46 249 163 07 46 251 398 Counterfeit National Bank Note Survives Its Obituary, 07 46 252 478 Dr. Jack M.Vorhies (deceased ), illus. 07 46 249 176 Information & Officers 07 46 247 2 Kidder National Gold Bank of Boston, Peter Huntoon, illus. 07 46 252 434 07 46 248 82 First National Bank of/in Ontonagon, Michigan, 07 46 249 162 Lawrence Falater, illus. 07 46 250 265 07 46 250 242 SPMC Officer Signed National Currency, Bob Cochran, illus. 07 46 249 236 07 46 251 322 The "Laziest Deuce' of Hamilton Bank, Leslie Deerderf, illus. 07 46 247 50 07 46 252 402 The Story of a Rose, Four Lazy Deuces and Two Casinos, Letters to the Editor 07 46 249 192 Martin Rogan, illus. 07 46 249 220 07 46 250 289 U.S. SMALL SIZE NOTES. 07 46 252 427 $5 1928C LT FA Mules and 1934A SC HA Mules, Librarian's Notes (Jeff Brueggeman) 07 46 248 221 Jamie Yakes. illus. 07 46 252 424 07 46 250 304 A Study of Radar Serial Numbers in the 1928 to1963 Era, 07 46 251 397 R. Logan Talks, illus. 07 46 251 360 c_r HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 (712) 332-5859 www.TheHigginsMuseum.org Open: Tuesday-Sunday 11 to 5 Open from mid-May thru September History of National Banking & Bank Notes Turn of the Century Iowa Postcards C, • ,A • HIGGINS MUSEUM We are proud to continue the numismatic legacy begun in 1933 Specializing in Quality and Rare U.S. Currency U.S. Large Size Fractionals U.S. Small Size Nationals National Gold Bank Notes Kagin's -- an established name for conserva- tive 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 You are invited to visit our web page www.kyzivatcurrency.com For the past 8 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 Sprints, IL 60558 E-mail tkyzivat@kyzivatcurrency.com %HAI, vp.11.14.s , et, iu Paper Money • January/February • Whole No. 253 FEDERAL RESERVE NOTES. New sawbuck backs portray Hamilton clearly, Fred Reed illus... 07 46 247 73 The story of Alexander Hamilton's Portrait on the new S10 note, Barbara Bither, illus. 07 46 247 65 Vorhies, Dr. Jack M. (deceased). Counterfeit National Bank Note Survives Its Obituary, illus. 07 46 249 176 Whitfield, Steve. It occurs to me: Certified and Graded Notes 07 46 252 478 Its time to add COPY? 07 46 251 398 What does Steve think today? 07 46 249 238 What would I do with S20,000? 07 46 250 318 Labor Exchange Scrip, illus. 07 46 257 442 Wilson, John & Nancy and Fred Reed. Bowers' latest opus another virtuoso performance, illus. 07 46 249 226 Wolka, Wendell. Bank of Hamilton, Ohio, Gone But Not Forgotten, illus. 07 46 247 30 Wright, Robert E. Alexander Hamilton and the Birth of a Capital Market, illus. 07 46 247 36 Yakes, Jamie. S5 1928C LT FA Mules and 1934A SC HA Mules, illus. 07 46 252 424 Coming to Paper Money in 2008 War of 1812 Treasury Notes Forrest Daniel's long- delayed,unpublished manuscript -- which won the 2d George W. Wait Memorial Prize 55 56 January/February • Whole No. 253 • Paper Money r WANT ADS WORK FOR YOU Money Mart ads can help you sell your duplicates, advertise your want list, increase your collection, and help you have more fun with your hobby. Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!!! * * Additional charges apply for longer ads; see rates on page opposite -- Send payment with ad Take it from those who have found the key to "Money Mart success" Put out your want list in "Money Mart" and see what great notes become part of your collecting future, too. (Please Print) ONLY $20.50 /YEAR I I ! (wow) Official Notice: Nominations Open for SPMC Board The following SPMC Governors' terms expire in 2008: Jamie Yakes Bob Cochran Tom Minerley Gene Hessler If you have suggestions for candidates, or if the governors named above wish to run for another term, please notify Nominations Chairman Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114. In addition, candidates may be placed on the ballot in the following manner: (1) A writ- ten nominating petition, signed by 10 current members, is submitted; and (2) An acceptance letter from the person being nominated is submitted with the petition. Nominating peti- tions (and accompanying letters) must be received by the Nominations Chairman by March 15, 2008. Biographies of the nominees and ballots (if necessary) for the election will be included in the May/June 2008 issue of Paper Money. The ballots will be counted at Memphis and announced at the SPMC general meeting held during the International Paper Money Show. Any nominee, but especially first-time nominees, should send a portrait and brief biogra- phy to the Editor for publication in Paper Money. v Paper Money • January/February • Whole No. 253 57 Christmas Came Early (and twice for this big kid) _Land YOU HAD A WONDERFUL HOLIDAY SEASON and that the new year rang in in a most fortuitous manner. My Christmas was great, although I had two early Christmases, both paper money related and I was a true little kid! The first was at the Whitman show in Atlanta in mid- October where Stack's/ANR sold the last of the John J. Ford Fractional Currency Collection. What a wonderful experience, especially for a fractional boy! I was able to procure the one note that is the ultimate for me, a third issue five-cent Clark note that Clark himself autographed!!! (BTW—to all you people who have been writing unfounded mis-truths about him for the past few years, once again I say—he was innocent and had permission and I can prove it—can you)? The sale was quite an event and the opportunity to pick up so many little treasures was a Christmas come early event like none other! The second Christmas came for me at the St. Louis PCDA show in early November. Rob Kravitz was able to build on an idea of Judith Murphy's and put together a tour of the Newman museum for about twenty members. The museum is in itself a sight to behold, but we were also treated to a visit and question/answer session with Eric himself! So much knowledge and such a gracious host. That is truly what sets us apart from other hobbies—graciousness and genteelness. I hope that you too had a great holiday. The new year is shaping up to be another great one. FUN should have been its usual great show, and we are now gearing up for Chicago, then Central States and finally Memphis! January 2008 marks the 25th anniversary of the partnership between Dover printing and the SPMC. I would like to take this opportunity to express my and the society's thanks to Dover for not only being such a great partner, but for delivering such an extremely high quality magazine for so many years. I look for- ward to twenty-five more! My early holiday wish for you, which you will receive late, is that you have a wonderful year in all aspects of your life and that of your family. Celebrate what you have now and give thanks for all your blessings. I hope that the SPMC can give you enjoyment and fulfillment as well. Thank you all for being a part of this great hobby! Benny vS MongF mETR Paper Money will accept classified advertising on a basis of 15( per word (minimum charge of $3.75). Commercial word ads are now allowed. Word count: Name and address count as five words. All other words and abbrevia- tions, figure combinations and initials count as separate words. No checking copies. 10% discount for tour or more insertions of the same copy. Authors are also offered a free three-line classified ad in recognition of their contribu- tion to the Society. These ads are denoted by (Al and are run on a space available basis. Special: Three line ad for six issues = only $20.50! INTERNATIONAL ENGRAVER'S LINE, World engravers & their work, 392 pages, 700 ill., most in color, $74 incl. post. Premium ed. with signed notes $140. Gene Hessler, PO Box 31144, Cincinnati., OH 45231 or engraversline@aol.com (252) COLLECTOR BUYING AND SELLING published U.S. National Bank Histories and other publications! Offer what you have; send your "Want List." Bob Cochran, PO Box 1085, Florissant, MO 63031 (PROUD SPM- CLM69) (252) AUTHORS RECEIVE FREE CLASSIFIED AD. Write now (PM) LINCOLN PORTRAIT ITEMS. Collector desires bank notes, scrip, checks, CDVs, engraved/lithographed ephemera, etc. with images of Abraham Lincoln for book on same. Contact Fred Reed at P.O. Box 11 81 62, Carrollton, TX 75051-8162 orfreed3@airmail.net (252) HUNDREDS OF PAPER MONEY MAGAZINES FOR SALE trom before I became Editor back to 1960s & 1970s. I bought these filling sets. Fill your needs now. E-mail me freec13@airmail.net & I'll sell you what I got! (252) WANTED. Canadian Chartered Bank Notes. Wendell Wolka, PO Box 1211, Greenwood, Indiana 46142 12521 AUTHORS RECEIVE FREE CLASSIFIED AD. Write now ( PM) CASH FOR BOOKS, PUBLICATIONS, DOCUMENTS related to finance, leasing, law, bail bonds, banking, accounting, royalties, insurance, mort- gages, etc. www.RichardHopp.com (818) 902-0532 (2541 WANTED. OBSOLETES AND NATIONALS from New London County CT banks (Colchester, Jewett City, Mystic, New London, Norwich, Pawcatuck, Stonington). Also 1732 notes by New London Society United for Trade and Commerce and FNB of Tahoka Nationals -18597. David Hinkle, 215 Parkway North, Waterford, CT 06385. (254) WANTED OBSOLETE BANKNOTES & SCRIP of Worcester, MA. Please e- mail or write to: edpognt@roalrunnerscom or Don Latino, 1405 Cape St., East Lee, MA 01238 12561 WANTED NATIONALS -- HAYS NATIONAL BANK in Clinton, New York. Charter #10295. Neil Schrader, 3320 Minglewood Dr., Beaumont, TX 77703-2734 (256) Take Note: SPMC now accepts commercial Money Mart ads Sell your duplicates; advertise your wants Permanent Wants: Paper Money Editor desires Articles on small size U.S. currency What are YOU waiting for? FIINDABLE IN EIGHT PER C STOCR,OR ONDS OF - _ .THE CONFEDERATE STATES 58 January/February • Whole No. 253 • Paper Money RECEIVABLE IN PfAIMENT OF ALL LIES 'P'S EXPO T EFTIES Criswell T-46, Confederate $10 Note, Sept. 2, 1862 (detail below) Ludwig's Plate, September 2, 1862 Col. Crutch Williams, CSA Trainmen & Other Collectors D E WITT BAILEY SENT ME ABOUT 100photo-copies that he ordered from the NationalArchives. * He was researching 7-30 interest-bearing $100s, and wanted to read new material he thought pertained to that issue. When it came in, it had noth- ing to do with those notes. The first page was dated April 23, 1863, and said at the top, "Schedule of $20 Notes B. Duncan Plate Sept 2. 1861." Below was entry No. 1 and serial num- bers with plate letters for 200 notes. The inscription reads, "200 Notes $20 each $4,000." The listings went on page after page. He wrote: "Enjoy my experience with N.A. mis- cataloging! I don't want it back & no doubt someone will find it of interest or use! Cheers, De Witt." I have found the material of great interest and I believe you will too. There is no name at the beginning of the ledger; but, 1 think it belonged to W. B. Johnston, the deposi- Record Group 109, chapter 10, vol. 121, "A schedule of Treasury note plates Sept. 2, 1861 - Apr. 7, 1864 Confidera " States Paper Money Includes currency trge1ZZfes 4 Slaba ugh Paper Money • January/February • Whole No. 253 59 Extraordinary collector, author Arlie R. Slabaugh dies EXTRAORDINARY COLLECTOR AND AUTHORi Arlie R. Slabaugh passed away on Sept. 26, Numismatic News editor Dave Kranz reports. Mr. Slabaugh was 81. A founding member of the Society of Paper Money Collectors, he served as an assistant editor of this publication, Paper Money. The news was disconcerting to the many hobby friends Slablaugh had collected over the numismatic decades. "He was a lovely man and we will miss him very much," Judith and Claud Murphy noted. "He gave so much to the hobby; [he was] one of the really good guys." Mr. Slabaugh's demise was espe- cially poignant as this issue of our Society Journal was in progress. He was perhaps best known in the hobby for his Confederate States Paper 'limy, which next year would have celebrat- ed an incredible 50th anniversary in print. Over 10 successive iterations, that work grew from a modest 48-page pamphlet (which was one of the original Whitman "black books") to a robust 256- page compendium in its current state, covering much, much more than its title suggests. Mr. Slabaugh was Charter Member #32 of SPA/IC. In addition to serving as assistant editor of Paper Money in our Society's formative years (1962-1963), Mr. Slabaugh served as an early Board Member (1963-1965), and then as the Society's 1929 National Bank Note chair for three years (1965-1968). Chet Krause and Bank Note Reporter presented him the covet- ed Nathan Gold Award in 1963 for concrete contributions to the science of numismatics. "Arlie was a standout," current Paper Money editor Fred Reed said. "I bought Arlie's Whitman book on CSA notes for a buck in 1958 when I was 10 years old. As much as anyone, he was responsible for my interest in Civil War numismatics, which I still persue today. It was my pleasure to meet Arlie in the 1970s, especially at annual meetings of the Token and Medal Society," he added. Slabaugh's numismatic contributions span the world of numismatics. A Chicagoan, he was associate editor and editor of Lee Hewitt's Numismatic Scrapbook during its halcyon days in the 1950s as THE leading numismatic publication of that time. Mr. Slabaugh also penned a catalog Encased Postage Stamps: U.S. and Foreign. "I recall fondly, Arlie's help and advice when I was preparing my own book on that sub- ject," Reed noted. Additionally Mr. Slabaugh edited Specialized Catalog of Small National Bank Notes, and wrote United States Commemorative Coins: the drama of America as told by our coins. He also wrote articles on exonumia and paper money for Paper Money, The Numismatist, Numismatic News, Bank Note Reporter, TAMS journal and others. Many of his extended research pieces in iVSM were reprinted as monographs, including The Ge17111177 Inflation: a study in the German monetary debacle after World War I, Japanese Invasion Money, Paper Money of the Mexican Revolution, and Prisoner of War Money and Medals. Mr. Slabaugh's interests were diverse. In addition to the preceding, he also collected and wrote about U.S. Centennial medals, Christmas numismatics, Admiral Dewey material, and Lincolniana. "Some of my favorite Lincoln items were offered to me by Arlie before he put his collections up for public sale," Reed said. During the days that Joe Segel's Franklin Mint was booming numismatically, Mr. Slabaugh was on staff there. He became its publicity officer in 1968 and later its archivist. After retirement, he continued as a consultant. Mr. Slabaugh received the TAMS Medal of Merit in 1967. He served as TAMS president from 1978-1980. For his many hobby achievement, Krause Publications presented Mr. Slabaugh its "Numismatic Ambassador" award in 1989. In Memoriam Arlie Slabaugh by Nancy and John Wilson It is hard to believe that we have lost one of the greatest numismatists of all time with the passing of our good friend Arlie Slabaugh, from Springfield, PA on September 26, 2007. This renowned numismatist was a collector, exhibitor, researcher, author, coin club officer and worker. In 1941, Arlie joined the ANA and later that year he was stricken with meningitis (pre-penicillin days) and subsequently became per- manently deaf. This illness never stopped Arlie from his numismatic pursuits. In 1989, he received the KP Ambassador Award. The ANA honored him with its Lifetime Achievement Award in 2004, Medal of Merit in 1991, Glenn Smedley Award in 1997 and President's Award, also in 1997. In 1981, he received the coveted NLG Clemmy Award. This numismatic icon received many coin club, literary and other awards during his lifetime which are way too numerous to mention. When Arlie was seven, Ile found an 1864 Indian head penny near his parents farmhouse and though it fascinated him, lie didn't start collecting until the age of 16 (around 1938) when Ile sent ten cents to a coin dealer for a banknote and foreign coin. Arlie was well known for his numismatic writing. He had his own collector magazine in the late 1930s or early 1940s, The Hobby Spotlite, and in 1954 he was appoint- ed Associate Editor of Numismatic Scrapbook magazine. Following this, he went to work for the Franklin Mint in 1967. Arlie told us that he has been writing since the late 1930s. Arlie was very proud of assisting younger collectors over the entideral. Aper • Over 300 photos • Loaded with now information years. We visited Arlie not to many years ago and were amazed at his many collecting interests. Like us, he collected everything in the numismatic hobby (except ancient coins) and even had a complete set of the won- derful publication, Hobbies Magazine. Rest in peace Arlie, as your numismatic legacy will live on forever. •:• rf /.• • NAME. No. of Polity. 4 J d' ,,111.1f 14 3 A ;./- t• y „I/0v; / - 771.7_ 1 .5 //•/••4 .1•//".2 /0 fir /, . , I "•, >1( f- 4- /-.,/_1-0-Le • k•, d /1/ 4 jr:" , /* , I .4' er`.. 14 `/,* • z"/ RIPTION. / /crk //'/1").-- 7gr /QC. it 71 „it At IP ...at dt 0:LA : 0 r 07?...Lu.t • z. Z.; t,"1--- v Recapitulation, 1st sheet (detail), $100,000 packs totaling $5,000,000 W.B. Johnston quit listing serial numbers after his first two large groups. It became too much work and the volume was so great it must have overwhelmed him. He does list the number of packages, the denomination, the amount per package, the plate, the date of the notes contained and the total amount in all his other entries. The largest entry is dated August 15, 1864, and was for $5,000,000. The smallest entry, his last, is for $49,587.00 to Richmond, Va. January [no day] 1865. This entry contains every denomination from several thousand $1 and $2 to only two pieces of 1864 $500. [Mutilated notes - image at end] NAME. DEBCBIPTIONNo. of Policy. ..7e. ,f__/.t Recapitulation (partial page) showing examples of number of packages per plate The entry listed as Box Number 12, September 20, 1864, got me really excited. I had just read where 1 package Sept 2d, 1861, $10 with $10,000 and 1 package Sept 2d, 1862, with $10,000 were shipped to Richmond. Below this were the $20 entries and I read, 2 Package $20 Notes 2000 Ea Sept 2d, 1861, $40,000; 5 [ditto] $20 2000 April 6, 1863, $100,000; 1 " " " " Dec. 2d, 1862, $20,000; 1 " " " " Sept. " 1862, $20,000. At this point I said WAIT! Did you catch that entry? 1 Package $20 Notes 20,000 Sept. 2, 1862, $20,000. I thought I'd hit the jack- 7.." /fx ...A.6> e7.1, 4.*-1 se. at rosci.:NAST. #•• et; e • _ 2 7 , ." r 7 /sr r 4. 17 JC . i z • ri Y 9, 41';', 4 Ai , a/ -••IV .r, X' 7X / 1") 7 . ,X .e..z - y , . F ...././4" ;,r 711;,e- Jj V X Jo X% i Y y> t!_ ,1:1171S- ,,,, 46,.. -4.,K a.? • //1_ - ..... 9 4`.1ri.f..-.:Z-1#0:1:1, 7 .. ft ..4.1/J), .26 .*.ie- i 1) .., 9 . , e x-4 4 •, • .2.1.1". )1 Z . a...it/00. • /Wet ....-t. Z ..--brfri,‘,.., ,, J. ..!.2.1., _, X-e.s.1:41 „. .... I *Ay- ,...„Yir.:1 471.f: - y 1 ' ' I z_if, / ) ./r' .4.e. /14 ..t. 4 _ 1 od or _ ,i to .17 11":,,,,v).4, Sy_ /40._ 2-41,41•.__. ....,14/407—_,X.9 it.r... AI n , ..y Y i.e-) 4 (I /dr9.4.• ...1 ..4'../...tr., ....t.t.v."7: 7,t4/— if, I i r : •...../...r.9" 2-_. ..._41•410_,...:',X ste, ty 4 , 3,715 ,..r -74, LZ.411---.Z.-1,-, /Jr 4(46 . . ji., -itAtig/.. ''`iVir- • ..cars 1 JOJ ---P-179 1„- --'- -4?-_-" Ar,/, .r.‘,..„„,_ , • Jr., .1./.1.13,1 • ,./.174•11 , DFSCRIPTIO:s7. /, G R n • err / 7y/ (Siii"„); 62 January/February • Whole No. 253 • Paper Money Schedule $10 Notes, Keatinge & Ball plate (detail); Keatinge spelled without "s" pot with that entry. I was all excited and then I asked myself the question, "did he make a mistake with the entry?" Of course and without a doubt he did; but, I still went back through all the listings to see if I could find a group of $20 Hover & Ludwig Plate Notes dated Sept. 2c1, 1862. I then rechecked his entries for that date and and found $5, $10 and $50 Sept. 2d, 1861, as well as Sept. 2d, 1862, $10; but no Sept 2d, 1861, $20s. There were Sept. 2d, 1861, $20s in all the listings except here. He made a mistake by listing the wrong year. The $10 September 2, 1862, has been known as an issue; but, it's been discussed for a long time because there is no printer's name on the note. Sidney Kerksis in his 1956 article "Enigmatical Confederate Currency Issues" * said, "The discovery of the signed vignette is additional evidence in this direction," meaning that Hoyer and Ludwig printed the T46. He also said, "All the previous writers have stated that the note was printed by Hoyer and Ludwig, which is likely, and that the date is in error, presumably that it should have been September 2, 1861. The author cannot agree with this premise." Depositary W.B. Johnston "Reported $30 Short; $680 Counterfeit" for a shipment of $725,000. The premise he disagrees with is that the note was an undetected error because it hears an incorrect date. I guess he thought the date was OK. I don't see that he explains himself on that point; but, Doug Ball, in his 1966 article, "Certain Enigmatical Confederate Currency Issues," ** while attempting to prove the Essay Notes were bogus and counterfeit, says "it would only be fair to note that the rest of Kerksis' article, concerning Ludwig's note, has stood the test of time." He goes on to say, "First, while our attribution of these notes has hitherto rested almost entirely upon Kerksis' discovery that Ludwig "signed" his vignette of Commerce, I have discovered new evidence that explains the entire situation." * Sidney C. Kerksis, "Enigmatical Confederate Currency Issues," The Numismatist, Vol. 64 (March 1951), pp. 255 ff. ** Dr. Douglas B. Ball, "Certain Enigmatical Confederate Currency Issues," The Numismatist, Vol. 79 (August 1966), pp. 995 ff. NAME. I No. of Policy. DESCRIPTION.. 4 „1"/ .9 ay*, .e.." dt. 1-7:1 re ^rrarrz «ty o ) / /.2 ./.0.71 .9, .1,(:9 ./Z/7; ,..074).C.1/4 )224. .e4 4.4. .Al ..21.2.4' 0 1 .917:1 4..4/41 .. 0 ietpd ...f.; .T. .1 id -4..f.ti, ' ..2 4.0y 4 , ..1....- all i ea(r.i, /47A_4. ..7..,.z...rri t...17. 11:71---....45-1:- ailly-...45, — 9 Ai, . ,.. ,:r -ri.t .9,...rof "zed:- ....., s.r.f3...-...-tritiy-ostio .zeisz?—_, A,: , ff./50-0-44 .4/0. .9 4■' 4.. _..' Aciajo) ,_-4-'eliz, '1.-C9 -`15..r-f .2.2)D-.4.../J2..14., .11 .. 449 I, ......./f!r2 4.•.,er le "........tizze.c...y..#44.... • , , • :le 14 e " /. /1 91" af"^ • AMOUNT. Rat& PREMIUM. EXPIRATION. REMARKS. , or ./.,,,i., :,r J.r4,..1 .../ ,*/...1/, .1",), 0, l -4,141 - - ..... e AP CfP .7 /4"7„ ae JO./ .- .* . • >/ •(,4.. .9.1.1;. '718/1j J/1 2" .r.irp 1 /.1)J.1 ,, 1/ , , , ,1 i° e .,,,4„, .,04 jr 4 . 4.1.y f . . .• 4J) / _ ;* 11•(7 .0›.07.-t° Ara/J. /r , . A' ....ry,....1 .r.t41; , ji,...r Paper Money • January/February • Whole No. 253 63 Dr. Ball gives some historical background culled from information found in the Treasury correspondence and says "Should any further proof be needed, I recently found in the National Archives two Treasury Warrants dated November 21 and December 13, 1862. These prove that Hoyer and Ludwig were paid $6,483.42 for litho- graphing 635,536 notes - only 336 more than were actually issued." Dr. Ball goes on to explain why Kerksis is incorrect about the date on the notes being correct. All this time I thought Doug was agreeing with Kerksis about the date on the notes; but, just now, when I reread the section, I see I was mistaken. After his explanation he says, "Their date, therefore, is nothing but a minor error." Doug Ball said: "These [warrants he found in the NA] prove that Hoyer and Ludwig were paid $6,483.42 for lithographing 635,536 notes - only 336 more than were actually issued." While there could have been some spoilage or unissued remainders, I wonder if the additional 336 T46 notes not accounted for could have been the number of ESSAY notes printed? It was common practice to only pay for the number of notes or sheets delivered. Spoilage would have been accounted for with the clerk who disbursed blank sheets. This is a total of 42 extra sheets, based on 8 notes to sheet, 84 sheets if 4 subject and 168 if 2 subject. 336 pieces just seems a rather large number of remainders. The information from the National Archives that Doug referenced is proof that Hoyer and Ludwig printed notes. It is additional circumstantial evidence that Hoyer and Ludwig created the plate to print the notes. Here, in these ledger entries, is what I think is definitive proof that the plate for the 1862 $10 regular issue notes, without printers name (T46), was created by LUDWIG, or by Hoyer & Ludwig. The listings for $10 September 2d, 1861, notes has H & Ludwig listed by them. Schedule $10 Notes H. & Ludwig Plate, Sept. 2, 1861 detail) Following those listings you find "Schedule $10 Ludwig Plate Sept 2d, 1862" and it is also found in the later entries. The T46 PLATE was attributed to LUDWIG in 1863 and for this depositary to know it, everyone associated with the CS Treasury must have known it. Schedule $10 Notes Ludwig Plate, Sept. 2, 1862 (detail) Images of the ledger showing H & Ludwig Plate 1861 and Ludwig Plate 1862 are PROOF the T46 was created by Ludwig -and, of course, the warrants Doug Ball found add additional proof that Hoyer and Ludwig were the printers of the issue, even if their name as a printing or lithographing company is not indicated on the note. •CZeiele.1 C.22:s...0:0-re:ZI e•;ZI- 0, ▪ 1 „ 0•02,•.././-11/,•••1 ..f.r. I .0:440 0 0,10.? • .4f/ ■ aaff#fL it," :141; • Afro) •• •,,t ••••4)/ • "IA,/ • ri :pi .es'! Aft.. /4 h. ! . I',.„*./. 9.r.k.et ;,_ 111; ;•,. • ,D/ . ', 07 r4, _„ ;# , /IWO , OW • :/4.1.40 . , i • ri., .., /y1 '4 V .! .4171; 1 * i4rArAr • /i . AI I IV AMOUNT. • Rate. , PREMIUM. EXPIRATION. REMARKS. A/We te471 4-.4. roe' NAME. -.7. 1,71/ — /i.43 :C.....—?f_r_,*.i._ t.---ep• 1r 14)16 ,.kil NI rt-i7":_. ..r)f.")/ ..—.,__Aff ,6 /.11 # 40, ____.4‘.Z . -139/, - A/ -9-17A e 7 5,‘ _Ased-st._..z, 2 1-172yikE___3J -zi. ' ).;).> 7.47 _is70-/ _17/,9.ty, .-_-_—/•114.17-4.—s.-2 64 January/February • Whole No. 253 • Paper Money Here are a few additional images I made with a brief explanation of what's in each one. These images are not in order found in the ledger. Schedule images are 1/4th of a section [50 serial #s], a section [200 serial #s], and two sections [400 serial Ws] make a page. Additional images, with description (1) One sheet marked "Recapitulation." Here is the notation of sending notes to EC Elmore, Treasurer, Richmond, Va. Evans & Cogswell notes are indicated here as well as Keatinge and Ball and Hoyer and Ludwig. (2) Dated April 23, 1863, this is the first listing. Schedule of $20 Notes B. Duncan Plate, Sept 2, 1861. (3) Schedule $10 Notes B. Duncan Plate Sept. 2, 1861. (4) Schedule $10 Notes J.T. Patterson Plate Sept. 2, 1861. (5) Schedule $10 Notes Keating & Ball Plate Sept. 2, 1861. Keatinge is spelled without an "e" several times in the listings. It is correct, or with "e", in later entries? A close-up of "Keating" is included here (see p. 462). (6) Schedule $20 Notes Keating & Ball Plate Sept. 2, 1861 Note: W X Y Z are very clear! 7....2-......:"4`. 1:. ...e.," 4--..._. ( ... zg______ :„/.. ....... - 41-de ..e..•.t .r... ,e•f0(14.- F.-'9$400(.11.4-34•._./5/.0.._.e_a.:*:,•itLGef•.,.V.‹.‘,._1.0(..",______.4 7 r .1-3 ....,#..._. f riy. tf.ffrj.C. .1.*1 , ..fil_f_v1-,1)-fl 1 _I A.C___, ..c _./Z.,.141; - _ 1 ? r .7 )*- 3- --0 .r7 JS1:-.1 .....,—.....f.e .r.2..2) (..1..t..r gi____ .1 X. 9 .7*" ..1- ..1E-1-1 L _1.11L.,r/L—f:,, 0.1 -0.--U.7 al 4171.2..Z......447.1- r -1-1..1--.0_, --I 1-17,-...-19 ,J,./........ ....,/..f7e1 . Jr; / 1 „ , 72,97_ (.1re (7) Schedule $10 Notes Southern Bank Co. Plate Sept 2, 1861 Complete total. Paper Money • January/February • Whole No. 253 65 IN 2007, WALL STREET WILL GET ITS OWN MUSEUM Future home of the Museum of American Finance In Association with the Smithsonian Institution 48 Wall Street, New York City Experience the excitement and energy of Wall Street one block from the New York Stock Exchange. MUSEUM of AMERICAN FINANCE financialhistory.org A.XOUNT. sr ,74/ January/February • Whole No. 253 • Paper Money (./ Q/":71 ( " r ./1./.40 a- 66 NAME. No. of Policy. -.7 .4 .r. e- 4 ... . 4.4'...r.r_is- FI9_...<0 ti_la.."-royi . // 4.• tr ./ __ 1 .... li J 0._14......2....Z.V.i4 I Ia . . ... , .r* 4 4 _4,...,1/ 9/ 9.0"' 1 2_,—..1V/4-4e... _ . .0I ir 1 i 1 1 /91)1,3i ../ ,r .. _i, . ...or/ ./ .1. _.2.1.2 tk... 4,1 _./..z.r2" --- ._ /- r 4, 4--. -1 -1.---?i° 41 PREXIIIM. EXPIRATION. pral_____v_ _ 4.7 /if). 1,1), Jr es . __I _ /4.71-f v hei9 /TA lore I 7 • -I. .)7 itv ) DESCRIPTION. Complete [T15's] ........174.r), fe_.. 7 /f/ 4.::t _./9‘., .7 _4" ...f.e.", *.* :el_ _ •"7-4:;?— I 1 Z'1 ZAL-AO .17.9 -....01,-...,-.....-- 4, -..-Zot-4.. e..-............. 1 _.if 0 (8) Schedule $50 Notes Southern Bank Note Co. Plate Sept 2 I 61 (9) Schedule $20 Notes H & Ludwig Plate July 25 / 61 1 1:0 IwtJ •"_1...frC6 • Ør'. , fr.;_ ..4 271. /411/1. (10) Schedule $20 Notes Hoyer & Ludwig Plate Sept 2, 1861. Note HOYER spelled out. (11) Schedule of S20 Notes FI and Ludwig Plate Sept 2, 1861. Note serial #s and positions. (12) Schedule of $10 Notes Ludwig Plate Sept 2 / 62. This is the PROOF ! {T46] (13) Box #8, Sept 8, 1864 76 $10 April 6/63 $10K $760K Reported to be $10 over from Richmond AMOUNT. Rate. PREMIUM EXPIRATION. 14 P7t7 Ai RIZ& .tr ei...i— 1(-6.) V. .C.--rf .7 -0 .-,1(10Z1,......eiliKY7/ ..•■ '17M.'" '''k' i f ol,,,,A, „ , / Cc.2. •' el il 2.—i , 1 /7/./ // 4,ce414 C +" 2".• .' , CC; / ,y, e. c„. ts. (14) Box No 18 sent 1865 [Last entry after Jan 9th.] CS Treasurer Richmond Va. (15) This is the "Error Listing" that got me excited. $20 Sept. 2, 1862. (16) W.B. Johnston Depositary, Geo. This one just lists state. (17) W.B. Johnston Depositary, Macon, Georgia. City and State spelled out. Bottom of last page, Mutilated Notes. Note 2 $500 Feb 17/64 and Bank Notes. These are most likely some of the large hordes of notes confiscated at the end of the WAR. Johnston was ';,;• c) 5tel to614,e .th..„4 7),(:. < CT .1-.1oLaizlon c. ---'. . K.). 4 /7 -s))(7,0 s. ..._,- /- 4 . 0■C? - 437:44.. Note the discrepancies in this schedule: (a) there is a Sept 2d 1862 listed for $10 H&L notes; (b) also there is another incorrect date on $20s. Also note the "$680 Counterfeit" notation. Letter to the Editor Hello Fred: Referring to the article by Harrison Knowlton on Emanuel Ninger; Mr. Ninger produced and circulated his own copies of the 1880 series $20 Legal Tender notes. Secondly, referring to Steve WThitfield's article on "Certified and Graded Notes"; notes are and have been cut from their holders ever since the holders came into existence. Since I first saw the impression of its former occupant on a cut hold- er at the CPMX, I have made it a point to collect the discarded holders at any show that I work on during my security sweep at the conclusion of the show. I have not found any more holders with a note's impres- sion and have concluded that the first holder that I observed must have had a treated note previously enclosed. I wholeheartedly agree with Steve's observation that this is a new class of collectors looking at paper money as an investment rather than for its historic interest. -- Ron Horstman Paper Money • January/February • Whole No. 253 69 COME TO STACKS.COM cfoft,y-tofriA-e/4-moi-wizes-N// r'..1..4"i572(718 artswt.----- grxres • IP „„,//,ii "iv /4, / 4 7 V.B1013,0-4E4,116 It k2761554 • ,C.U.Salikr-aL%-f2IVOC,,,.74001k.kr. 140r1120, C ( Crtr$ ,17 Zi K2586',7 "411Wittreervo- . • ........,YanmcnximEirrinurscrs.u.g..%k,,s 1.11,111:1,11.111,1,1111:1,,, I CHECK OUT OUR OFFERING TODAY.WANT LISTS ACCEPTED! CFIVITY IN THE PAPER MONEY MARKET is stron- ger than ever! We have been cherrypicking certified notes for their eye appeal, brightness of colors, excellent margins, and overall appearance, with an emphasis on popular designs and types, many of which are featured in 100 Greatest American Currency Notes by Q David Bowers and David Sandman. WE ARE CONSTANTLY ADDING TO INVENTORY but most items are one-of-a-kind in our stock; therefore we suggest you visit our website and call immediately to make a purchase. RECEIVE OUR PAPER MONEY MAGAZINE, THE Paper Money Review. This full color publication highlights paper money in our inventory, as well as articles and features about this fascinating collecting specialty. To receive your copy send us an invoice of a previous paper money purchase. Or, if you place an order for any paper money totaling $1,000 or more you will receive the Paper Money Review AND a per- sonally autographed copy of 100 Greatest American Currency Notes with our compliments. i'c(t..dIfei ///e ( ' ;()//ecricai/ We are pleased to announce the ongoing sales of the greatest hoard of bank-note printing plates, dies, and other material ever assembled. The American Bank Note Company (ABNCo) was formed in 1858 by combining seven of the most important bank note engraving firms then in business. Hundreds of printing plates and other artifacts were brought into the merger, and survive today. To these are added many other items made by ABNCo from 1858 onward, a museum quality selection. In sales in 2007 Stack's will continue to bring to market hundreds of bank note printing plates, vignette dies, cylinder dies, and other artifacts, each unique. These items are so rare that most numismatic museums and advanced collectors do not have even a single vignette die, cylinder die, or plate! If you would like to have more information, contact us by mail, phone, fax, or on our website. This is an absolutely unique opportunity! U.S. COINS • ANCIENT AND WORLD COINS • MEDALS • PAPER MONEY 1P N G Stack's New York City: 123 West 57th Street • New York, NY 10019-2280 • Toll free: 800/566/2580 • Telephone 212/582-2580 • Fax 212/ IS 50 B Stack's Wolfeboro, NH: P.O. Box 1804 • Wolfeboro, NH 03894 • Toll-free 866/811-1804 • 603/569-0823 • Fax 603/569-3875 • www. stacks our January/February • Whole No. 253 • Paper Money cote f?T OFFICIAE JOURNAL SOCIETY OP PAPER. MONEY g;139,ECTORS 70 CC AMERICAN NUMISMATIC ASSOCIATION Society of Paper Money Collectors Paper Moneg EDITED BY FRED REED THIRD PLACE 2007 Outstanding Specialty Numismatic Publication PRESIDENT EXEUYI1VE ANA, NLG Praise SPMC Journal NCE AGAIN OUR SOCIETY journal has received awards in publica- tions contests sponsored by the American Numismatic Association and the Numismatic Literary Guild. Paper Money received the Third Place Award for Outstanding Specialty Numismatic Publications in the ANA contest. In the NLG contest for Large Society Publications, the SPIVIC journal took top prize again. NLG recognized our special January/ February 2007 Alexander Hamilton issue. The Society is appreciative, of course, to be recognized in these exemplary ways, but even if others did not notice us, we believe our members are treated to the best work by some of the best researchers and authors in our hobby. So congratulations to all of you who con- tributed to these laurels and to our advertis- ers who foot the bill for this publication. • PAPER MONEY 511,1% 1.12,01 OFFICIAL JOURNAL OF THE SOCIETY OF PAPER MONEY COLLECTORS So Hu Mos small Um? Bel 000'11 lind somelnlop oeiu ImIle Mb medal Mt lmmep lo... Modern E.S. Small Me Notes OFFP 1AL OLIRNAI 01 ON 50. 1E11 ■ 1 1 PAPER MONEY COLLECTOR , PAPER MONEY COL. LEV, N. M1, VONA I No. 256 41.11,,PNK IV, :1.111ROLICE 1.1,N 2000 The other face of Dusthowhingagiiii by Dr. Loren NLG AWARD LARGE CLUB PUBLICATIONS BEST ISSUE PAPER MONEY, January/February 2007 FRED L. REED III, EDITOR MILWAUKEE, AUGUST 2007 Paper Money • January/February • Whole No. 253 71 S PMC SALUTES AND THANKS the following author's who con- tributed to the NLG Best Large Club Publication award-winning issue: Kristin Aguilera; Benny Bolin; Sanford J. Mock; Joanne B. Freeman; Wendell Wolka; Leslie Deerderf; Roland Rivet; Robert E. Wright; Alan Greenspan; Dave Bowers; Gene Hessler; Fred Reed; Howard Brod; Rep. William Pascrell (D-NJ); Michele Orzano; Barbara Bither _- ' COAFELIE R ,. ATE UM E5 ' - • Milig, ' .4 ,„„. ...,„... ,,,,. .., ,,,,m„,„, ,,,./ 72 January/February • Whole No. 253 • Paper Money esearcher puts grant to good use Letter to the Editor: Having recently returned from this nation's capital, I wanted to write this letter as a "thank you" to the SPMC, their officers, the Board of Governors as well as a couple of individuals who have provided me with a great deal of assistance in researching my favorite area of the hobby, Liberty Loan Bonds. At the urging of Mark Anderson who is a Vice President and Board Member of the SPMC as well as a specialist at R.M. Smythe Auctioneers, I applied for a research grant to conduct research on Liberty Loan Bonds in Washington, DC. Mark conveyed my wishes, lobbied on my behalf and my grant was awarded. Once in DC, I conducted research at the Treasury Department and the National Archives. Many thanks to Dawn Haley, Cecilia Wertheimer and Franklin Knoll for all their assistance. I was able to find valuable infor- mation pertaining to the issuance as well as relative scarcity of these bonds today. While there, I received a phone call from Peter Huntoon who has researched and written extensively on U.S. currency. Peter telephoned Jim Hughes, a Curator at the Smithsonian, who then extended to me the privi- lege of viewing their holdings, while accompanied, in the vault. I felt that I had just entered a "time machine" and was transported back in time to view not only essays and proof sheets of Liberty Loan Bonds but virtually every type of currency issued since the Treasury began operations. As if this was not enough, I then was extended the honor of consulting to the Smithsonian Institution by assisting them in cataloguing these proof sheets of Liberty Loan Bonds. I realize that this is neither the place nor the forum to disclose all of the information uncovered but let me say that I now have definitive proof of the issuance of "Star Bonds", one of which was featured on the cover of an earlier issue of this fine magazine. For those who are members of the SPMC, I also say thank you and my findings will be featured in a future issue. What this trip has taught me is that if you are not a member of the SPMC and you collect paper money, you should join! If you are already a member, offer to write an article and get involved. You never know what may happen. Larry Schuffinan Collecting Confederate Paper Money Better Attribution, Grading, and ValueTM T-23 PF-1 , //":- AW` 7, ; nileLDZII&IINZeNgss7 WeemErallougHillia Alexandria, La. Issue Wookey Hole Mill watermark Award-winning author and collector/dealer Pierre Fricke is helping collectors of Confederate paper money build type, rare variety and contemporary counterfeit collections. I've owned and helped others acquire: • 3 of the 5 known T-59 J Green and Son watermarked notes • 43 inverted backs and many of the known examples of the "Great Rarities" • Complete collections of Wookey Hole Mill and J Whatman watermarked notes • A complete plen error (e.g., T-43 1-10 error) set and complete collections of T- 10s, T-26s and T-33s • Many 1-21 and T-24 "NY" watermarked notes and Non-Collectible (NCs) rare Confederate notes • Getting started collections, type, contemporary counterfeit, T-39, 40 and 41 specialty items too Pierre Fricke; P. 0. Box 52514; Atlanta, GA 30355 www.csaquotes.com ; pfricke(&att2lobal.net Buy * Sell * Auctions * New Varieties * Provenance Email or write to get your rare notes in the Census! Paper Money • January/February • Whole No. 253 73 * * * * * * * * * * * -* * * * * * * * * * * * ** *NUMISMANIA RARE COINS * P.O. BOX 847 -- Flemington, NJ 08822 * * Office: (908) 782-1635 Fax: (908) 782-6235 * * Jess Lipka, Proprietor * * * * ''-- N-ithm-i1Curreney ' '134691P*-1-- * ,iiiiiiiiiiiiiiiiiiiiiiiCA _. . T56530:-* * * g CO IfitaNat S * v;14 * t. mOlike-*WA 7746 *N ,z It*,z .,_)- * 444.04kirlidtALLtIO ''h , V 4..kk , '• t , 1 *, "k4J) * -, VISM.r WS-V ra. — -.... -T"2. -Aft * * 284 xi' ful , bJ * * •'• (.;• • , --:t- * * * * k * * * TROPHY NATIONALS ** * Buying All 50 States, Territorials, Entire State and* * Regional Collections, Red Seals, Brown Backs, -* Statistical Rarities, New Jersey. * * Also Buying Coin Collections and Type * * NO DEAL TOO LARGE! * * *****--ik * --1,Lk * * --/,',- * * -f'k * * * * * * * * * * * * *NOBODY * * * --kPAYS MORE NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 74 SPMC NEW MEMBERS - 10/05/2007 These memberships expire 12/31/2008. 12373 Austin T. Ting, C/O Orient Stamp & Coin, PO Box 2, Chao Chow 92099, Taiwan (D, Taiwan, Germany & World), Frank Clark 12374 Tyler Cutright, 18571 Butternut Circle, Strongsville, OH 44136 (C, US Large & Fractional), Paper Money Values 12375 Richard M. McGeough, 54 Nichols Ave South, Yonkers, NY 10701 (C), Frank Clark 12376 Patrick Hill, C/O Amarillo Coin Exchange, 2716 W. 6th, Amarillo, TX 79106 (D), Frank Clark 12377 Kenneth Kris Johnson, 4733 N 56th St, Milwaukee, WI 53218 (C, US), Lowell Horwedel 12378 Frank Ward, 1544 Estee Ave, Napa, CA 94558-2003 (C, California Nationals), Website 12379 Charles J. Katzenstein, Jr., (C & D, North Carolina Nationals), Larry Adams 12380 Dennis D. Hough, 1 Makefield Rd #E-182, National Bank Note author Dewitt Gipson Prather dies FOURTY-FOUR YEAR SPMC MEMBER, COLLEC-tor and author Dewitt Gipson Prather of Charlotte, NC died at the age of 96 on September 16. Mr. Prather joined the Society in 1963. He was member #862 (1963). In 1987 the Society presented him an Award of Merit. He authored United States National Bank Notes and Their Seals, which was published in June, 1986, with a list price of $40. It may still be available from book dealers. He also contributed articles to Coin World. He was born March 13, 1911, in Wilkes County, GA. Mr. Prather was a longtime member of Pritchard Memorial Baptist Church. He was retired from Harris-Teeter Supermarkets. According to an obituary, he was an avid reader and world traveler. His retirement hobby was building furni- ture. He was also a mem- ber of ANA. Mr. Prather married Rubve Mae Childers in 1935. The couple had two children. They frequently attended numismatic con- ventions together. Memorials may be made to Pritchard Memorial Baptist Church Music Fund, 1117 S. Blvd, Charlotte, NC 28203. • January/February • Whole No. 253 • Paper Money Morrisville, PA 19067 (C, Small Size ERNS), Toni Denly 12381 John LaPusata, 68 Briston St, Saugus, MA 01906 (C), Tom Denly 12382 Bernard Devido, (C), Wendell Wolka 12383 Doug Jordan, PO Box 3111, Seminole, FL 33775 (C, All), 1Vebsite 12384 James L. Lane (C), Website 12385 Michael Marchioni, 817 W. Pine St, Johnson City, TN 37604 (C & D, Fractional), Rob Kravitz SPMC NEW MEMBERS - 10/27/2007 These memberships expire 12/31/2008. 12386 Thomas J. Milne, 10391 Wailuku, Pensacola, FL 32506-7858 (C, Star Notes), Paper Money Values 12387 Gordon E. True (C), Tom Denly 12388 David Freund (C), Website 12389 Roger L. Torneden, 1498 N. Doheny Dr, Los Angeles, CA 90069 (C, US Large), Website 12390 Henry C. Clay IV (C), Website 12391 Wayne Hunt (C), Jason Bradford 12392 Greg Muselli (C), Jason Bradford 12393 Mark Lerman (C), Jason Bradford 12394 William Jantausch (C), Jason Bradford 12395 David LaManna (C), Jason Bradford 12396 Norman Hay (C), Jason Bradford 12397 Chas. Samuel (C), Jason Bradford 12398 Gary Lau (C), Jason Bradford 12399 Craig Petersen (C), Jason Bradford 12400 Ellis Summit (C), Jason Bradford 12401 Henry Pietila (C), Jason Bradford 12402 Kenneth Wall (C), Jason Bradford 12403 Larry Ashipa (C), Jason Bradford 12404 PHC Associates LLC (C), Jason Bradford 12405 Ron Savory (C), Jason Bradford 12406 Curtis Petersen (C), Jason Bradford 12407 Ken Cook (C), Jason Bradford 12408 Donald Zvanut (C), Jason Bradford 12409 Donald Meyer (C), Jason Bradford 12410 Timothy Morrow (C), Jason Bradford 12411 Dallas Isaksen (C), Jason Bradford 12412 Donald Toy (C), Jason Bradford 12413 Douglas Law (C), Jason Bradford 12414 Marc Blatt (C), Jason Bradford 12415 Robert Billingham (C), Jason Bradford 12416 Thomas Ittelson (C), Jason Bradford 12417 Richard Moynihan (C), Jason Bradford 12418 Terry Smith (C), Jason Bradford 12419 James Hiers (C), Jason Bradford 12420 Robert Harriston (C), Jason Bradford 12421 Michael Walker (C), Jason Bradford 12422 Daniel Oliveira (C), Jason Bradford 12423 Stan Sunde (C), Jason Bradford 12424 Karl Fillauer (C), Jason Bradford 12425 Marc Freedman (C), Jason Bradford 12426 Cherilyn Salah (C), Jason Bradford 12427 Edward Konopka (C), Jason Bradford 12428 Gregory Powell (C), Jason Bradford 12429 Larry Thomas, (C), Jason Bradford 12430 Deni Hoffman (C), Jason Bradford 12431 Arthur Grindle (C), Jason Bradford 12432 Charles Bramblett (C), Website 12433 Rick Earley, 1851 7th St #4, Santa Monica, CA 90401 (C), Allen Mincho • ****************** Jason Bradford just recruited/sponsored 41 new members to SPMC (see detail opposite) Don't let Jason do it alone Sign up your family members, friends and associates too! Project 6000 Making a Great Society Even Greater ****************** SPMC Treasurer Bob Moon reports... FOR THE JULY-SEPTEMBERquarter, financial activity was very light which is traditional for this time of year. We ran a slight deficit for the quarter which is also normal for this time period as very little revenue is coming in and we do a series of regular bills to pay. However, that will change in the next quarter as the dues renewal checks will start arriving. As of September 30, 2007, the fund balances are as follows: General Fund - $83,936.39 Wismer Publication Fund - $43,267.91 Life Membership Fund - $110,880.55 Forrest Daniel Endowment Fund - $10,242.02 TOTAL - $248,326.87 You're Invited to the... 14th ANNUAL CHICAGO PAPER MONEY EXPO Featuring a Major Auction by Lyn Knight Thursday, Friday, Saturday, Sunday, March 27-30, 2008 Crowne Plaza Chicago O'Hare, 5440 North River Road, Rosemont, Illinois BANK NOTE REPORTER t liwt1sern tank 1.1m11 ■ ( ,7 at TwOjity PO uric s 141.4.L.1.1 0.-,klehryv `,'DratArraiiiik0 *dr& qtPlatialM-111.0rikkglt T.; a1, 131)311 Paper Money • January/February • Whole No. 253 75 The Chicago Paper Money Expo, featuring a Lyn Knight auction, is sponsored by F+W Publications, the World's Largest Publisher of Hobby Related Publications, including Bank Note Reporter & the Standard Catalog of United States Paper Money. For more info about this show and others, visit our Web site at wivw. collect,com/shows Show Hours * 90 Dealer Bourse Area * Paper Money Auction by Lyn F. Knight * Society Meetings * Educational Programs * Complimentary Airport Shuttle Hotel Reservations Please call the Crowne Plaza O'Hare directly at (847) 671-6350 and ask for the special Chicago Paper Money Expo rate of SI I 2 S/D. Thursday. March 27 2 pm - 6 pm (Professional Preview — S50) Friday. March 28 10 am - 6 pm Saturday. March 29 10 am - 6 pm Sunday, March 30 10 am - 1 pm (Two-day pass valid Friday and Saturday: 55.00, Free Admission Sunday. Children IS and under Free) Bourse lulOrmation: Kevin Foley P.O. Box 573, Milwaukee, WI 53201 • (414) 421-3484 • FAX: (414) 423-0343 • E-mail: kfoley2@wi.rr.com 76 January/February • Whole No. 253 • Paper Money Authors seek assistance on Connecticut Merchant Scrip Compilation A compilation of Connecticut merchant scrip notes is underway and any new infor- mation on the issuers or descriptions of the notes that is useful will be appreciated by the catalogers. Color images of any notes would also be appreciated if possi- ble. All providers of new information will be acknowledged in the completed listing. For more information please contact John Ferreri at johnnybanknote@yahoo.com or P.O. Box #33, Storrs, CT 06268 (860) 429-6970 or Gary Potter at 370 Lake Ave. Bristol, CT 06010 (860)429-582-4708. L Website tracks euro note travels REGULAR READERS OF THIS PUBLICATIONwill know Ye Olde Editor's fascination with the wheresge- orge website which tracks the travels of U.S. currency. From Eef Barendrecht in Holland comes word of the www.eurobill- tracker.com website which recently celebrated its sixth anniversary. "It's like www.wheresgeorge.com , but for eruro notes," Barendrecht writes. The website bills itself as "an international non-profit volunteer project dedicated to tracking Euro notes around the world." The reason for all this activity. Why, of course, "Because its fun!" The allure is familiar: Have you ever wondered about the story the notes in your wallet would have to tell? Where have they been already? Where will they go? This site helps you to find this information. Members enter the serial number of their notes into a database, so it is known where a note has been at a specific date. When another site's users reenters one of these notes it can be seen how far and fast it traveled. Since Jan. 1, 2002, about 117,000 users have logged onto the site, recording more than 37 million notes, totalling nearly 800 million euros in value. The web site exists in 17 languages to accommodate the gamut of users. Top member thus far is a Dutch woman who has entered nearly a half million notes. Tired of seeing Scratches, Goo, Sticker Residue on the front or back of your holdered, graded currency? Do you want to keep your graded currency looing as beautiful as the day you got them back from the grading service? If so, we have your solution... Holdered Currency Protectors help to keep your investment looking as great as the day you got it. These holders are designed to fit all of the major third party grad- ing firms' holders. These Holdered Currency Protectors are PVC FREE! Interested in samples or more information? Call us directly at 973.366.8 929 or go to: www.holderedcurrencyprotectors.corn SPMC Librarian's Notes By Jeff Brueggernen, PhD Paper Money • January/February • Whole No. 253 Several new additions to SPMC library's shelves THE LAST FEW MONTHS WE HAVE HAD A FEWmore additions to the library. My predecessor Roger Durand donated a copy of his newest book, Interesting Notes about z-Irchitecture. If you collect obsoletes and have not seen one of Roger's books, you should pick one up. Greg Culpepper donated a copy of Since Before the Yellow Fever: A History of Union Planters Bank by John Longwith. Union Planters Bank is a Tennessee Bank that has been around since the Civil War era. Raymond E. Leisy donated a copy of his book Wildcat Banks and Broken Banks of the Wayne County Frontier. It con- cerns the history of pre-Civil War banks in an Ohio county. I do not think [ have seen a book quite like this before. I have only skimmed it so far, but Raymond seems to have made a very thorough study of his subject matter. There is much detail, more than is possible in a book covering a state such as in Wendell Wolka's comprehensive book on Ohio obsoletes. Full color pictures of documents and notes are also included in addition to the text. If there are any other dona- tions I have missed, I apologize for my incompleteness. This issue, I would like to point out the large section in the library devoted to bank histories. Many of them are pub- lished by the banks themselves and are unabashedly self-serv- ing. There is also a survivorship bias in which ones are pub- lished. Obsolete banks around from 1860-1870 were not likely to have their history published. You would need a very suc- cessful bank that has been around a long time like Chase or Union Planters. But some of them can be useful. If you are into national bank notes, there is information about many of the banks that were around during that era. The history of who the officers were is usually included. Often when I pick up a book I turn to the back to see the sources. Many of these books will be able to point you to more primary sources for research. -- Jeff Brueggeman, PhD 77 9 WANTED: New Advertisers The quality of our SPMC Journal and information available to YOU depends on the quality and quantity of our ADVERTISERS It's a fact: advertising plays an important role in funding this high quality magazine Dues only cover part of costs Our advertisers do more than sell you notes; They bring you our magazine -- So pay them back with gratitude: your business! .1 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 r 78 January/February • Whole No. 253 • Paper Money T Collect, research, & exhibit O GET THE MOST OUT OF THIS HOBBY, I THINK you have to do the following things. You must attend one of the large paper money shows and exhibit what you col- lect. If you are persistent enough and have enough extra money, anyone can assemble a world class collection of some paper venue or another. Once you have decided what to collect, the hunting and acquisition phase can begin. This may be done over years, or in a relatively short period of time. Investors, those looking at the appreciation potential of paper money, will be in a hurry to acquire notes of rare type or condition, usually without concern for historical significance or for educating the public. Notes are placed with these investors or bought at auc- tion for astronomical prices; stashed away for a period and then re-auctioned. So, the only place these notes will ever be seen by other collectors, or the public at large, will be in the auction catalogs for their pending sale. The only impact they will have on the hobby will be to establish new record, higher prices for their type. Not to say there is anything wrong with buying notes for poten- tial profit, but rather to recognize It occurs to me... Steve Whitfield that such accumulations miss the real thrill of paper money collecting and research. The real reward of persistent collect- ing and research is in discovering new information, such as previously unknown notes or issue information, and sharing that knowledge with others. Sharing and educating can be done through exhibiting and by writing for publication. I think the best place to exhibit is at the annual Memphis show. In 2007, with some help from others, Jess Lipka put on an outstanding exhibit of 47 #1 red seal Nationals. This was one from every state and territory with a known surviving #1 red seal national! An incredible accomplishment! Bank Note Reporter included photos of all of the notes from this exhibit in its September issue for all who missed it in person. Martin Delger has been in charge of coordinating the Memphis exhibits for 31 years and always does a professional job. The midyear ANA convention in Milwaukee also had a huge representation of paper exhibits anchored by Chet Krause's unbelievable collection of every kind of paper from Wisconsin. There were 99 cases of nationals of all types from just about every city and county in the state, along with every category of obsolete note, such as depression scrip, advertising scrip, college currency, etc. The notes were all beautifully double matted with explanatory or historical information on the notes clearly printed beneath each note. This exhibit set a new standard on how to present a paper money exhibit. If you want to see incredible material and learn about currency, go to Memphis or another show with paper exhibits. Or better yet, put together your own exhibit and exhibit it at a paper money show. Make your mark lasting TAM OFTEN IN THE POSITION OF ENCOURAGING 1SPMC members to write: write articles, and even write books about their areas of interest and expertise. This time out, though, I'd like to encourage readers to drop a note -- a real note -- or even an email if that better suits one's style to another collector. Exchange encourage- ment, news, or views, but do it. Don't put it off. Not only will you be brightening the day of the receiver, but you will be rewarded with a psychological blessing, too. Because of my position here, I am in almost daily com- munication with SPMC members. Questions, comments, cheers or jeers are always welcome. Often the outgrowth of these exchanged pleasantries is a sharing of insights providing understanding and suggesting additional avenues of study. I received a couple messages lately, however, which brought to mind a new reason for not putting off writ- ing. My cousin's family was driven from their home by the southern California wildfires. They left precipitously with almost nothing, and expecting nothing but ashes to greet their return. Fortunately, the fire swept around their home. Not so fortunate were their many neighbors who literally lost all. I also received word recently of the deaths of two very senior members of our Society, whose obituaries will be found elsewhere. Fortunately, for their descendants AND all mem- bers of our collecting community, both Arlie Slabaugh and Dewitt Prather took the time and made the effort to share their hobby knowledge with the rest of us. They deposited a legacy in the annals of our hobby, which will edify generations to come and act as lasting monuments to their enterprise. Authorship provides a measure of immortality. None of us are Shakespeares, but all of us who have graduated from the sixth grade have the tools of communication for sharing our hobby knowledge with our peers and generations yet unborn. My side mate Steve Whitfield suggests one excellent venue for sharing one's hobby insights: exhibiting. Asa long- time exhibitionist, I heartedly concur. But we're not all so for- tunate as our friend Jess Lipka to have a distinguished hobby periodical chronicle in detail fruits of our exhibiting labors. That's why I echo friend Bob Cochran's frequently heard admonition for turning one's exhibit into an article that will preserve BOTH the information and the author in perpetuity. Extend the reach of your research efforts; write them up for publication. Hundreds of your fellow SPMC members like Arlie and Dewitt have done so in the past and you can too. Make your mark lasting. Afterall, pride of authorship is not false pride. MYLAR CURRENCY HOLDERS BEST QUALITY -- LOWEST PRICES 100 500 1000 Small (2 7/8" x 6 1/2") $39 $160 $300 Large (3 1/2" x 8") $44 $175 $320 Auction/Check (3 3/4" x 9") $48 $200 $360 Payment by check or money order. All prices include shipping. NY State residents must add sales tax or provide completed resale form.You may combine sizes for lowest rate. For more information, please see our website at www.sellitstore.com Linda and Russell Kaye, Life member, ANA, SPMC Sellitstore, Inc. P.O. Box 635, Shrub Oak, NY 10588 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 DO YOU COLLECT FISCAL PAPER? Join the American Society of Check Collectors http://members.aol.com/asccinfo or write to Lyman Hensley, 473 East Elm St., Sycamore, IL 60178. Dues are $13 per year for US residents, $17 for Canadian and Mexican residents, and $23 for those in foreign locations. Paper Money • January/February • Whole No. 253 79 Recycle old bank note plates Hi Fred, I was browsing through the latest issue of Paper Money and read with interest Steve Whitfield's column about ABN plates and the risks of modern prints being sold as original proofs. To be honest, I cringed a bit when he suggested that owners have the word COPY cut into their plates. As a proud owner of a couple Minnesota plates, to deface them in any way would be tragic, in my opinion. I share his concern with reprints being made, and coming on the market without appropriate documentation, however. I can think of one solution that might be appreciated both by owners of plates and buyers of proofs. I would like to see owners of plates have the opportunity to pull prints from them in a controlled environment, for instance, at the Memphis show every year. Perhaps SPMC could sponsor plate printer Mike Bean (or another craftsman) to print them on specially marked paper, that would not only alert collectors that they are modern prints, but also create a collectible series of notes at the same time. The printer would document exactly how many prints were pulled, perhaps even numbering them. SPMC might even add lan- guage to its code of ethics that owners of plates appropriately mark any prints they make. That would be fine by me. But at some point, I would like to have some prints pulled from my plates. I am told that owners of spider presses, like the ones used to print from these plates, must register them with the Secret Service, because of counterfeiting capabilities. It therefore seems to me the number of qualified plate printers is pretty small. An outlet to conve- niently serve plate holders would be a winning situation for everyone. This could be a lucrative fundraising project for the Society as well. Say SPMC gets one of the reprints as part of the cost, and it is sold at auction the following year. If reprints are done in very limited numbers -- I'm thinking like fewer than 10 per plate -- they may attract a following. And, I would insist that they are printed on a banknote-like paper and not souvenir card stock. -- Regards, Shawn Hewitt Editor's Note: I too have purchased ABNCo archive materials dur- ing the recent run of American Numismatic Rarities/Stack's sales. Also, we have on hand an excellent, illustrated "how to" article by another buyer on printing from the vignette plates (not bank note plates). Your suggestion deserves consideration. I might add that Steve W. shared with me a letter from eminent obsolete note cata- loger D.C. Wismer to early collector N.T. Thorson, dated Nov. 16, 1924: "I have recently come to the belief that some Counterfeit bills of State banks have been issued within the last 25 years for the sole purpose of selling them to collectors; they look too new and fresh." WANTED FOR HIGGINS MUSEUM LIBRARY Volumes 1, 2, and 3 of PAPER MONEY The first 12 issues. Larry Adams, Curator, Higgins Museum & Library, PO Box 258, Okoboji, Iowa 51355 712-332-5859 or 515-432-1931 )0 L.TAICS ki" ;1 -.VI I 80 January/February • Whole No. 253 • PaperMoney LITTLETON COIN COMPANY • SERVING COLLECTORS for OVER 60 YEARS Selling your collection? Call Littleton! you've worked hard to build your paper mone)collection. When it's time to sell, you want a company that's as thorough and attentive as you a At Littleton, our team of professionals is ready offer you expert advice, top-notch service, and a very strong cash offer. See why collectors like you have rated this family-owned company so highly. 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