Paper Money - Vol. XLVIII, No. 1 - Whole No. 259 - January - February 2009

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UY 2/ 12/ 2009 Happy Birthday Old Abe 1809-2009 11/ 11/ 1918 "TIFILAT GOVERNM1411 1 :OF THE PEOPLE 9 ;>11( THE PEOPLE9 FOR THE PE PLE SIHALL NOT PERISH[ FRO MME EARTH" O World War I and its aftermath U.S. Liberty Bonds Financing the World War against the Hun U.S. Victory Bonds Restoring U.S. finances to their pre-War levels onatn-romocK27174 I WE BUY, SELL, & AUCTION THE VERY BEST IN PAPER MONEY IISMAMTZ*0241 K27174 15 11' •-• rrattelit149$0 ,1f, 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: hi %NI) INUILLAMIS H',./A,/i.• IMOD AtIOODI 41)1)044 - /44,7/1./' 1 .....<:, ,K,Ka kt..,*:::411,..-1,..,...., , • >>>.7*K>:,>,.,,,,,,,*(10. ,...,, ,,,,,,,..* . er-1 0)1ACV tet a TIMM, TILT .14./(4Z ffte4..--A i . --.d.' . - ''.- 1, -latigar ./.4 -..../-1 /4 HUM '4 ..« IT.I.S1'.7.11,... -11 .,.D.21 41.1.,;.,1a. :7.....9...4 4...i.w....,,p4 ."4.... ..i , .woc. .0.14.!.c.caiww:ca.3.›<443,>>.cana.s>cenco.>snwcw....raanan••weitt ,W,......,41,- dnylia.,; . -6.4;‘, r.',.:44.''. "- "'""-- ""'" it. 1-800-622-1880 To View Our Extensive Inventory of Certified and Uncertified Small Size, Large Size, Nationals, Obsoletes, Fractional, and more, log on to: SMYTHEONLINE.COM VaBOOKABB310101“010101W101010X1010101010101E GEORGIA. x776. No.740/ 19—`14IS carrfricArn intitles tbe Bearer to 7 I ONE t.P.A.Nln-i AIILLPU DoLl * ior the Value thereof, according to &ablution oflfCONGRESS. TIE i>6.t.t7. .p,f) 741,ih'-'11:21,:i i." Fay iilif • '4 j4 T ; I..46.:1-',:', ..,,,' ..4"I/:, 0,1,10// / /A AN/;,, 800-622-1880 I 212-943-1880 I 2 Rector St, 12th FL, NY, NY 10006 I I TERMS AND CONDITIONS PAPER MONEY (USPS 00-3162) is published every other month beginning in January by the Society of Paper Money Collectors (SPMC), 92 Andover Road, Jackson, NJ 08527. 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., 2009. 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. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a specific issue can- not be guaranteed. Include an SASE for acknowledg- ment, if desired. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be typed (one side of paper only), double-spaced with at least 1-inch margins. The author's name, address and telephone number should appear on the first page. Authors should retain a copy for their records. Authors are encouraged to submit a copy on a MAC CD, identified with the name and ver- sion of software used. A double-spaced printout must accompany the CD. Authors may also transmit articles via e-mail to the Editor at the SPMC web site ( Original illustrations are preferred but do not send items of value requiring Certified, Insured or Registered Mail. Write or e-mail ahead for special instructions. Scans should be grayscale or color at 300 dpi. Jpegs are preferred. ADVERTISING • All advertising accepted on space available basis •Copy/correspondence should be sent to Editor • All advertising is payable in advance • Ads are accepted on a "Good Faith" basis • Terms are "Until Forbid" • Ads are Run of Press (ROP) unless accepted on premium contract basis • Limited premium space/rates available To keep rates at a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for example, Feb. 1 for the March/April issue). Camera-ready copy, or electronic ads in pdf format, or in Quark Express on a MAC CD with fonts supplied are acceptable. ADVERTISING RATES Space 1 time 3 times 6 times Full Color covers $1500 $2600 S4900 B&W covers 500 1400 2500 Full page Color 500 1500 3000 Full page B&W 360 1000 1800 Half page B&W 180 500 900 Quarter page B&W 90 250 450 Eighth page B&W 45 125 225 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Except covers, page position may be requested, but not guaranteed. All screens should be 150 line or 300 dpi. Advertising copy shall be restricted to paper currency. allied numismatic material, publications, and related accessories. The SPMC does not guarantee advertise- ments, but accepts copy in good faith, reserving the right to reject objectionable material or edit copy. 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. 259 1 Paper Money Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XLVIII, No. 1 Whole No. 259 January/Febraury 2009 ISSN 0031-1162 FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379 Visit the SPMC web site: FEATURES The Liberty and Victory Loan Bonds, 1917-1923 3 By Lawrence D. Schuffman Colonel Edward H.R. Green. Collector Extraordinaire 34 By Peter Huntoon with Barbara Bedell On This Date in Paper Money History 47, 49 By Fred Reed Creating a Census of Obsolete Proofs 63 By Greg Davis and Bernie Wilde The Paper Column: Seal Colors on Series 1934 FRNs 72 By Peter Huntoon The Buck Starts Here: Numismatic treasures spark memories ... 76 By Gene Hessler SOCIETY NEWS Information and Officers 2 Sign of the Times: internet jokers release new "U.S. Dollar" 56 President's Column 57 By Benny Bolin Money Mart 57 SPMC Treasurer reports 61 An Index to Paper Money, Vol. 47, 2008, Nos. 253-258 58 Compiled by George Tremmel Sullivan updates his work on large denomination bills 62 New Members 64 Numismatic Literary Guild & ANA honor SPMC-member authors 75 What's on Steve's Mind Today? 78 By Steve Whitfield The Editor's Notebook 78 About the cover: On February 12th 2009 we celebrate the 200th anniversary of the birth of Abraham Lincoln. Old Abe has been a popular subject of coins, paper money and bonds, especially of the S 1000 denomination. The Lincoln "bronze" on the poster is patterned after Charles Calverley's famous medallic Lincoln profile. 2 January/February • Whole No. 259 • Paper Money Society of Paper Money Collectors The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The annual SPMC meeting is held in June at the Memphis International Paper Money Show. Up-to-date information about the SPMC, including its bylaws and activities can be found on its web site . SPMC does not endorse any company, dealer, or auction house. 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. • SOCIETY OF PER MONEY COLLECTORS INC. OFFICERS ELECTED OFFICERS: PRESIDENT Benny Bolin, 5510 Boli n 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 Pierre Fricke. Box 52514, Atlanta, GA 30355 Matt Janzen, 3601 Page Drive Apt. 1, Plover, WI 54467 Robert J. Kravitz, P.O. Box 6099, Chesterfield, MO 63006 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 Neil Shafer, Box 17138, Milwaukee, WI 53217 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 • • •„,,,•• • •• • •• • Auction Representation 60-Page Catalog for $5.00 Refundable with Order HUGH SHULL ANA-LM SPMC LM 6 SCNA P.O. Box 2522, Lexington, SC 29071 BRNA PCDA CHARTER MBR PH: (803) 996-3660 FAX: (803) 996-4885 FUN Paper Money • January/February • Whole No. 259 3 Capitalizing on American Pride and Patriotism Funding of the First World War through The liberty and Victory Loan Bonds 1917-1923 by Lawrence D. Schuffman, MSFS T-INETY YEARS AGO AMERICAN EXPEDITIONARY FORCESN- under General Black Jack Pershing were fighting one of the bloodiest wars known to this country and mankind to date. It was a new type of warfare that brought recent inventions to the forefront and the front line. The airplane and the tank were proving their worth in the skies above and on the battlefields of France. Financing such new armaments, as well as troops in the air, on the ground and the seas, cost vast sums of money. Recently elected Federal Reserve Bank Chairman, Treasury Secretary William Gibbs McAdoo drew upon the strategies implemented during the last major military conflict America had been involved in, the Civil War, to fund the war effort. Mr. McAdoo knew that he would be unable to finance the fight strictly through taxation. That would drive the country into a severe recession or worse, another depression like the one just 10 years earlier. He realized that the majority of the funds needed must be bor- rowed. However, instead of issuing bonds "... with such pedestrian names as seven-thirties and five-twenties describing their yields and maturities, World War I bonds were named to appeal to patriots." I The Liberty Loan and subsequent Victory Loan Bonds were born. Liberty Loan Bonds were issued to support and finance the war during WWI. Victory Loan Bonds were issued after the First World War. Both types of bonds were usually sold in maturities as long as 30 years with call provisions for earlier redemptions, although shorter maturities were sold as well. These bonds could be redeemed for their face value plus interest. Recent research by the present author, through a grant from the SPMC, conduct- ed at both the Bureau of Engraving and Printing and at the National Archives, found that there were periods during 4 January/February • Whole No. 259 • Paper Money and immediately following the War that more than one series of Liberty Loan Bond was simultaneously ordered and delivered. It was thought that when one series of bond closed another opened. This was not always the case due to the fact that the Victory Liberty Loan bonds of either the 3h% or 4h% were available to conversion into notes of any of the other series of four loans up to four months and one week prior to their redemption in 1923. April 24, 1917 Emergency Loan Act offers $5 billion in bonds at 3.5 percent First Liberty Loan 31/2% Bond of 1917: Issued June 15, 1917. Bearer Bonds are issued up through $1,000. Registered Bonds issued from $100.00 through $100,000.00 Denomination Front Portrait Color Back Vignette Color (Black) Same for all series $50 Jefferson Blue "America" on Dome of Capitol and Eagle Brown $100 Jackson Blue "" Orange $500 Washington Orange II Il Lt. Blue $1,000 Lincoln Carmine "" Green $5,000 Monroe Green "" Red $10,000 Cleveland Blue "" Brown $50,000 McKinley Carmine II II Olive $100,000 Grant Orange II II Dark Blue Figure 1. Gov . Burnquist of Minn. Receives a Liberty Loan bond from Fed. Chairman William Gibbs McAdoo. These bonds were printed with two stripes of silk security fibers running from the top to bottom of each bond about 2" from the edges. Denomination Front Portrait Color $50 Jefferson Blue $100 Jackson Blue $500 Washington Orange $1,000 Lincoln Carmine $5,000 Monroe Green $10,000 Cleveland Blue $50,000 McKinley Carmine $100,000 Grant Orange Back Vignette Color " Bald Eagle" in pose Brown similar to $10 Jackass note. id I / Orange Lt. Blue il l / Green III/ Red /ill Brown di ft Olive Dark Blue Paper Money • January/February • Whole No. 259 5 First Liberty Loan Bond 4% Converted Issued November 15, 1917. Bearer Bonds issued up through $10,000. Registered Bonds issued from $50 to $100,000. Continues through the remainder of series. First Liberty Loan 4Ws Converted Issued May 9th 1918 Long Bonds * Denomination Front Portrait Color Back Vignette Color $50 Jefferson Blue 3 Doughboys w/Old Glory Brown $100 $500 Jackson Washington Blue Blue id II Orange Lt. Blue $1,000 Lincoln Blue Id If Green $5,000 Monroe Blue Red $10,000 $50,000 Cleveland McKinley Blue Blue II ,, Brown Olive $100,000 Grant Blue Dark Blue * Since both the $50 and $100 Bonds I have seen have a blue background I am assuming the rest have the same. 1st Liberty Loan Bond 2nd Converted 41/2's of 1927-1942 issued May 9, 1918. Denomination Front Portrait Color(?) Back Vignette Color(?) $50 Jefferson Blue Unknown design Brown $100 Jackson Blue "" Orange $500 Washington Orange "" Lt. Blue $1,000 Lincoln Carmine di ll Green $5,000 Monroe Green "" Red $10,000 Cleveland Blue "" Brown $50,000 McKinley Carmine ii II Olive $100,000 Grant Orange "" Dark Blue FELLOW CITIZENS: Do you realize that one Fifty Dollar Liberty Bond Hill put in the Government's pocketbook enough money— To equip one Soldier, or To provide a day's food for 120 Men, or To supply one round of ammunition for a Regiment. or To maintain an injured Soldier in a Hospital for Two Hundred Days? Do you also realize that you bear a part of the responsibility, as a citizen of the United States for the enactment of the lase which has already started two million of our Boys toward the Battle Front in France? It is by you these boys must be clothed, fed, munitioned and cared for in sick- ness and when injured. Your Fifty Dollars may save a life, or win a battle that will stop the war. It is the solemn duty of every man, woman and child at home to help. It is fitting and proper that you should have to make some sacrifice to do this, as by comparison with the sacrifice made by theseboys, any sacrifice you make will he insignificant. The Government of the United States is again borrowing money from its citizens for the cors duct of the war. It expects you and your relations and your neighbor to invest all you can save. Uncle Sam will pay you 4 per cent interest and safeguard your principal. You can buy a Bond as small as Fifty Dollars---on easy terms if you desire. Cournany began a War Loan at the same time with ours. What will be Americas answer to this challenge? It's up to YOU. Sign the enclosed card and help out. LIBERTY LOAN COMMITTEE OF ALAMEDA COUNTY. January/February • Whole No. 259 • Paper Money6 From top left clockwise. Figure 2. Mary Pickford "America's Sweetheart" sold many Millions of Dollars of Liberty Loan Bonds during her travels around the country. Figure Figure 3. What a $50 Lib. Loan Bond bought. 4. Charlie Chaplin "The Little Tramp" speaks to one of his largest "live" audi- ences on Wall Street in NYC. (Remember that the moving pictures back then were silent, so this was a real treat!) Once issued by the Treasury, each series of bonds issued at par (face) value traded at different prices based upon the prevailing interest rate at the time (see insert from the National City Bank). The Bonds were issued in 2 forms: Coupon which could be clipped for redemption purposes and Registered bonds similar to our current Savings and "I" Bonds. These Registered bonds paid the interest due semi annually, directly by check via the U.S. Mail from the Treasury Department to the registered owner of record. (See photo of the $100 Registered Third Liberty Loan.) At the time of issue, these bonds were redeemable in gold. This is not the case today because the United States aban- doned the gold standard in 1933. Facing the monumental task of funding an overseas war as well as man- aging the American economy, the Treasury Secretary/Federal Reserve Chairman had some major decisions to make concerning the economy and the banking system. Paper Money • January/February • Whole No. 259 7 "The Princes of Germany are Shaking Dice for the United States" By HERBERT QUICK We must buy bonds to the last cent of our ability because . our country is fighting for its very life. Make no mistake, citizens of America, the crisis is just that—we are fighting for our very life. We must fight this war through. We must fight it through to a peace, the basis of Which will be written by us and our Allies. Germany must not write a single clause in the Treaty. She must be whipped until she will sign a treaty, every word of which will be drawn by the Allies. Germany must not be allowed to dot an "i" or Cross a "t." Why? Because Germany has become nothing but a robber empire, a murderer empire, an empire every purpose of which is the enslavement of the rest of the world. Such purposes admit of no compromise. We must conquer or die. If we do not conquer, we shall nevertheless die—and die slaves. Germany began with the intention of robbing France of her iron, her coal, her best land and her great factories; of making Belgium, with her rich mines, great cities and immense factories, a part of Germany; of gaining the Belgian Coast from which she might conquer England, and of combining under her flag the hordes of Mohammedan Tbrks, and all the Balkan States, so that she might train soldiers in countless millions, build navies to sweep the oceans, and conquer the world. This war was to be a step toward world conquest. If we do not fight the war through to complete victory she will still keep on and she will succeed. She will surely succeed! Russia with her nearly 200,000,000 people lies prostrate at Germany's feet. Germany could now give up the Balkan States, give up Belgium, force Austria to yield up the Italian territories, give up conquered France, yes, she could give up these, and even Alsace- Lorraine, and if allowed a free hand in Russia she would still have won a victory greater than any of which she ever dreamed at the beginning of the war. Give. her control of Russia, and she can and will within a few years come back with power to take back Alsace-Lorraine, crush poor Belgium once more and destroy exhausted France, sweep every vestige of resistance from Europe, Asia and Africa, and then what? Then she will thunder at our doors—from Asia she will invade us on the west, from Europe on the east, and from Mexico on the south. If Germany has control over the terms of peace, we who read this will live to see one of the Kaiser's six sons Emperor of America. The time to whip Germany is now! It is now or never! The Princes of Germany are shaking dice for the United States. It will take money, money, money, that we may send men, men, men. Buy bonds, for so only can the war be won. Unless it is won, everything you possess is lost, and with it the American Soul is lost. Figure 5. Reasons to buy the bonds! 8 January/February • Whole No. 259 • Paper Money $2,000,000,000 United States Government LIBERTY LOAN 3'2% Gold Bonds Authorized by Act of Congress approved April 24, 1917 "To meet expenditures for the national security and defense, and for the purpose of assisting in the prosecution of the war, to extend credit to foreign governments and for other purposes" Dated June 15. 1917. Due June 15, 1947. Interest payable semi-annually, June 15th and December 15th. Reei.iierealit. in er in part, at the pl-aiiere of the Covernment, en Jerie Is, !-9 29. payment date thereafter, at par and accrued interest, on three months' published notice. Coupon Bonds payable to bearer, with semi-annual interest coupons attached, are issued in denomina- tions of $50, $100, $500 and $1,000. Registered Bonds payable only to the registered owner, and transferable by endorsement, on which semi- annual interest is payable by check mailed from Washington directly to the registered owner, are issued in denominations of $100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000. Exempt, both as to principal and interest,front all taxation(except e.stale or inheritance taxes) imposed by authority of United Slates, or its possesstons, or by any ,State or local taxing authorities. If any subsequent series of bonds (not including treasury certificates of indebtedness and other short term obligations) shall be issued, by the United States at a higher rate of interest than 31/2 per centum per annum before the termination of the war between. the United States of America and the Imperial German Government (the date of such termination to be fixed by a proclamation of the President of the United States), the holders of any of the Bonds of the present issue shall have the privilege of converting the same, within such period and upon such further terms and conditions covering matters of detail as the Secretary of the Treasury may prescribe, into an equal par amount of bonds bearing such higher rate of interest and substantially identical with the bonds of such new series, except that the bonds issued upon such conversion are to be identical with the Bonds of the present series as to maturity of principal and interest and terms of redernntion. Price, 100 Phis Accrued Interest from June 15th. We are now receiving subscriptions for these new bonds and shall be glad to serve the Government, yourself and your friends in this matter without charge. Payment for .bonds may be made in full on June 15th, or, if desired, satisfactory arrangements can be made with us for the purchase of bonds on partial payment plan. In quiries by mail, telephone or in person will be c.hccrfully answered. BOND DEPARTMENT State Bank of Chicago CAPITAL AND SURPLUS. $4,500,000 CHAMBER OF COMMERCE BUILDING LA SALLE AND WASHINGTON STS. CHICAGO Figure 6. Offering Statement for the First 3 1/2% Liberty Loan Bond. CURRENCY A Division of Universe NASDAQ: CLCT The Standard for Paper Money Grading Paper Money • January/February • Whole No. 259 9 Protect Your Notes For the Next Generation When it comes to protecting your investment for future generations, there is no safer way than with PCGS Currency holders. • PCGS Currency is the only grading service that encapsulates notes in Mylar-D , the safest and best archival material for long-term storage • Our unique grading label and open-top holder allow notes to "breathe," thus preventing them from deteriorating due to lack of oxygen • The specifically designed tamper-proof label ensures the security of your notes Experienced collectors trust PCGS Currency — the leader in third-party certification. Call 800.447.8848 or visit today, and experience the clear difference. P.O. Box 9458, Newport Beach, CA 92658 • (800) 447-8848 • Fax: (949) 833-7660 • 102008 Collcclo, L100,,,,,f 735101 PNI • tAylar-0 is a registered trademark of Dupont 0000000 FOR VALUE RECEIVED PROMISES TO PAY TO THE BEARER THE SUM OF ONE If UNIME1111 IMPULARS ON THE ISTH DST Or JUNE. .•47., AND 11 NAT INWIRRET ON- SAID WItirlpIrAANtaa AT THE RATE OA • ON JUNE HI F CUR. IrEa CENT PER Amour./ ON Tax DATE H rItOlOr. 01, arCENSIE laVa 1107, ANO orCe01,' ; areIS Or EACH YEAR UNTIL SITE larreAL NE COOP {NALL araultAnle. UPON PRElkt OUR AND Sa F ARC SENIANNId r/ RENDER ofr/rate INTEREST COUPONS AS THEY SCVERALt, nrATUGS. Tar irrarrearAL AND INT SNAIL NE NA, •DLE IN elarreo sT•TEs COLD COIN OP_THE ealaarrey btAlle0APIN orilrAer, E. AT Tyke Tr Acura, DEPARTMENT. yonsairroTors car. AT THE ROEDER, OPTION. AT ANT AGENCY GR AGENCIES. or THE orri, u srAits Norco Tat SECINITARY Or THE ratasuar NAT DE1.44,,,for 'Pon Tat" OuRrose.., ,Roi Rows, Is Ditto, A Laspors Ore OVa rCere CLINT cig.velirneLS *OLD SOROS op irrat••7 141145E0 LIMOR GONEERSION OF tIONDS AUtaORIILOO NY AN ACT or CONalliess A►arloy•O SPSIL /a. 1017. IMOLA TNE AUTINCNOTir OP SECTION II OF h. ;. AG¢OF CIDIESNI SIB AraNiaryro sralleNaER CA. rate. ASO IrLiatUANT TO TIOILAILLory Or•ArrislItier CarCusArr tar 0411111 OCTODIEI re.,11111111. TO v01105 CIRCULAR ?Sack■r/Cr Is Near AT MACE toy A lerATErtatrer or Tat 1.141W1 Oa NO RAZ Or r Ramos DP/I,0 stairs 011r. wart•ACT TO Yews. Hort woo. oriraTAI■erer E sr AND WiTNYINCSONeCT TO Tar altlyiLaCli OR cellars A- sroa If TIEING, Of ENT UNITED STATEN DEANNE, INTEREST •AT A NIGHER DAT r s,,u.c. as TORS THE TER ION Of TN oelleerila TOE WIRED *TAWS ANA Tale iNONOINAI. Critt/H01111,11e. AND MTN Nerres CT T T ♦..SE or DONENI Or airrearrat 01,NONaraTroora AND or NOSICar ra'COLIPOIN ear SESIET MEC TO A l tao WIEN THE SANE Eerier AS IP He ROM ACT PORTIA ALL Da AA. or Tar ltoogOt, Cr Tip E. • Re SLiar O. AT THE raereariale ler THE MI. ATAIA orr ASO Arlen sure ,!IAA r, A E 0 NATE le E., AS IN SAID CAPCUILAII/ WASHINGTON. D. C.. Nowemsele 15.1917. RECORDED: `ACTS APPROVED APRIL 24. AND SEPTEMBER 24,1917. Figure 7. Essay of the 1st Liberty Loan 4% Bond. (Courtesy of the Smithsonian Institution) A00451.266 141401.'iligaa1 '' IONNIVONVIMMO) /.....-....,---, . in' / Mir/a 1/1. - - - lit' 2..Cs. wo.,,, ,.. - o. Al. ctiag, 1917101.19R1111 - ,1,.....,,,, ............ . sassarriarreAsarraNNear NyorraNAN .......4,0.7%., .4.4.14," .=,,,,,,,,.......... .........p,.......,..........44.4.• 74..., ,,4-,,-1,Lfje■......f.a. ,.....Z.-41..../.46, • - . V. ...., ..e. 1w........q. .........r..... , , • .fresvi....z....t......r.,.........irm;..J.KIJP.uw,oe....=,, -, 1..... ' 1.0..-,,47:-.4.4..40,,w0........44■46 - y 4.....14e ........4-4*. •,Tme-TE.,,TIE6.- 1.,'ETAIDTT.--,TATT*EDE.E.D‘ ArT.D.D.D‘DEDGEED ' 19.e.-4047 TinaritTER STSTILSWVIARIfik. /1,44 TBOtMANP - 911Ity,, ''Af TTPINTIE 1952-1947 ra::1741T8ioNitiTEKOrffiliiIIICA t tatimittin nou.tits. /g/l/tstees - 877201 10 January/February • Whole No. 259 • Paper Money At left, Figure 8. Face of 1st Liberty 4 1/2% Loan Bond $100 Bond. Above: Figure 9. 1st Liberty Loan Bond of 1917 $1000 Specimen. Figure 10. 1st Liberty Loan Bond of 1917 $100 Bond. n de I 4 Catalogs will be available in early January, 2009. They will be $30 ea. + postage. Please contact us to reserve your copy of this popular catalog and reference work. R. Paper Money • January/February • Whole No. 259 H.R. Harmer and Archives International, LLC are proud to present... Ri-11 111, 11 Archives Auction, Part IV This is the fourth sale of archival material from the storied archives of the American Bank Note Company and its prede- cessor companies that we have had the honor to disperse in the last 2 years. We are in the process of finishing up the catalog and anticipate close to 2000+ lots of Foreign and U.S. banknotes, vignettes, stocks, bonds and security printing ephemera that will be in this historic sale. Many banknotes will be offered in this exciting auction that rarely if ever cross the auction block and will be sure to generate significant excitement among the collecting community. A FEW HIGHIGHTS FROM THIS SALE INCLUDE THE FOLLOWING: Hundreds of specimen, proof, and issued stocks & bonds including railroads, mining, foreign shares, aviation, banking & numerous interesting & exciting scripophiy items •Over 70 lots of rare Mexico proofs, specimens & issued banknotes as well as dozens of rare Mexican stocks & bonds •40+ lots of rare Polish Government Bonds with many rarities • 120+ lots of U.S. Obsolete banknotes, many in group lots . F.ebruar.y./8th,519th & 20th, 2009 .ate Bethel. •Connecticut ei • SKNESTINDISHE'NATIONALBANK- 0/ BRITISH'WESTAFRICIA WESTAFRICAN CURRENCY BOARD Pfrowssr TV PAY ON ormama PIP sum or SpE d 4 r'1111N-ft.A..*Ii.)111, 151 -11,0111nol al WOW Is.. I • fi* '‘W More Gems from the Impressive East Bay Cillection In conjunction with our sister company Bowers and Merena Auctions, I am privileged to offer an incredible assortment of banknotes, some that have not been seen or offered to the collecting community in close to 40 years and represent a small portion of the incredible "East Bay Collection". Included will be over 400 lots of amazing worldwide banknotes including many treasures that deserve to be part of the finest collectionS. Additional information about the auction will be found on the preview website: (4141alcultuat. • 4sss. 5000 6 6.0 \ I NmsKy■ ""1)1P■Pi I NE I S >"( A .t..ARTNENT DE I 14:PARMNIEN1 Ph. I L OURIOUE f4.,-,1045*$ a so 100 \ Ill -I NIO\ FRANCAISE 50( 0114MbliliVAIS 1% A 000r Email: to be included on the auction update email list Phone 203.702.8490 • Fax 203491E1831\ Toll Free 1400-522.1607 H.R. Harmer, Inc. wwwhrharmercom 4 5 Francis J. Clarke Cir., Bethel, CT 06801-2845 Email: OR Dr. Robert Schwartz 12 January/February • Whole No. 259 • Paper Money Figure 11. Liberty Loan Bond poster "Beat Back the Hun." HARPERS WEEKLY — A 365 476 klitERTVIANXIMPIMM ittIMIDASONnOrliM-1thirt! / //i74"1/;;(/ 44:74/1 • -j/WfilZei6eretv/. .,,,reos n ..4.-....fitay4 ,,d1. 1-gg& no, law tiekrlowi A,ofeok.r/em......fnorrOwl.mcw444.0Abl/rAnienvymws,,,,,,t(frmstwfroyeirae. A.... yew i.owle/.41#4seyr,4,414,X.640/14.1.T..4%.b.,0/Kwax4v7rv./.4,,,64,/e4, Pfr..iiier,4”.44..Av4.646W..yriff.06..44.1440 4 ,./* &prey:wry. r op,/ .67,..ov4, Avive:44(0.04.4,4041:4#1■9**t.yrouswnst41.44ftwoltw.ti?*60,.., .100,...54,4../.id ,01.40,40. ,4.4.14.*44,4,44.0fAloinle."4420......94*(46710 ;14 :4,0v14.44.14P4 riqin0,41.7,044:44,utsvoasvi 4,440yvo4/44,../,.,naw,r., 464460,w/A ,wrif %kwof fOrmteh wylibrmose*VaWix A61117146,1,4 144$4,40,7.194.4060,641/4,41/ford oxeur 4. 4664.06444.41014.44.eirons,4,451;Wliere.540eismi.r ft/ emeivimeilwAre01, AionnvCeow* ,64.4,44.4 4,41 Clockwise from top left: Figure 12. $50 First Liberty Loan Bond Converted. Figure 13. Cover of The Independent, September 29, 1917. Figure 14. Baltimore Sun Pre-Liberty Loan Bond delivery certificate. Figure 15. Back of the 1st Liberty Loan Bond Converted $100 Bond with the American Doughboy! VYA INANifilffe • q.t.? WANT prmoktitm 4figysp;ire-.p • r2.11,6_,E2.tv3c1R..? nr-tfri, Paper Money • January/February • Whole No. 259 13 .3!. • MAY151939 k2.13 (r) ) 7 1 7 465 NOV 15 1937 ,..zat M,g,.1 2.12go )717 465 4.5,- MAY 15.1937 2.13 717 116E1-- --741,7go2: NOV. 215.1192 133 $ 3717 465-':t-1,-1,‘- MAY 15 1935 27 13 1 ) 717 ilagieERBOM51 NOV.15.1935 S 2.12 T-.mvmuza= )717465. E 00 717 465 Slii3f41011)161.BIMWMANcoNmaimait dormothlt titonoriagg:/tialliol-ff» ////477 /A/%9 ///// /Wig/ I1/1 le, .0,170(4".1 r fewfw .44, 3em 112A Nt4i )110.14014tLailift - w /44,,V,74,,,,v0a4me,wy5,44wAyikvi /*to & alow/...//,',kwaYarliamtrelermse411,1,ifmvairourww/e1A ,A,envidriko-944////, /900.,/41,0490,,,,ckkromm/AyAway - tifik.,)//twOored etvAry denrnil+pafair/4, hrahvg!. e! a.0.4ww./.4444e,,,y/Nrcent .1/1/4. kai-5/04,,W,//lawy eye.tvr, 404 %!y/%// Annkfv9614: l#114#01.1, • Al/l1AllOaleVIII/WAVaxe'llellelelfefryll//ell1141/k/444/,all/l19//4/4lell/lil,kllak././. fel4r, fl.a/l04* AV/WAVI/ilelylf/llill/441414/14.4494,0:14,Zeiaverlormrt/As A'arfol.W.tawavA,44404/eAtor 4014.yorzf etyyvere re/ 444 cal, -.1":91.,famayemek/i'iieve 4-19^Piw,lar.2,0407iti AwAsigq",70:00 awe owe; ~14AV; erebae,w,//7 ”7",•/-Aie.76/4,,,,77.96.ne4, 414,-.4 4, /.410;enr,..17,fredard'amvAfiliyw..4444-Aivxh44;497:4,447.4.6 9/.66 .464479/1.114410...r4-,494:0frumbea0.-.4z,w, Orrehu ,t9vt ,NOW/i ww"•t/Far/ 9/..mwt pwo v f ,re4rAworf',4/16- 954, Ye 91.44,146.A.44" . 4Pmf4,4/4,A:foil/ 4y, mwkenwenie;rohrottleeed ew.4444,/e6;,#4,-/bvs•WAV /1:xen/44., nvel4rowyk 4.€ .W.ynck-rtzeOlo ii-VIPAOPy NOV.15.1939 ! NOV.15.1942 ;1 F:,13111". S2.12 MAY 15.1941MAY 15.1935 $--itismiesnuaritikeassi■wisk 1 "MT E 1) ST. VMS; 1' ,V4i ERICA R VVINGS CERT! ICATE t H I :Nil: 4Atirro a-masomesi, 14 January/February • Whole No. 259 • Paper Money Above, Figure 16. Second Liberty Loan Bond Converted $100 Bond of 1918. Below left, Figure 17. Front of the War Savings Certificate. October 1, 1917 Second liberty Loan offers $3 billion in bonds at 4 percent Second Liberty Loan 4% Bond of 1917: Issued November 15, 1917. Bearer Bonds issued up through $10,000. Registered Bonds issued from $50 to $100,000. Denomination Front Portrait Color* Back Vignette Color- $50 Jefferson Brown(?) "Columbia" with sword & shield Brown(?) $100 Jackson Brown Orange $500 $1,000 $5,000 $10,000 $50,000 Washington Lincoln Monroe Cleveland McKinley Brown Brown Brown Brown Brown a s a a „ a a Lt. Blue Green Red Brown Olive $100,000 Grant Brown Dark Blue * As I've just seen a $50 Bond I am assuming this color scheme. Paper Money • January/February • Whole No. 259 15 W R /154 A WOMEN- OF AMERICA GAWER hiftAEINT SAVE YOUR COUNTRYROr T.UNITED STATES i Buy WAR SAVINGS ST • S UNITED STATES TREASURY DEPARTMENT Figure 18. War Savings Stamp poster Joan of Arc. 4'1% GOLD BOND OF 1927-1942 141380 w. • sKgEs;.orkmEfm • A . Al • - FOR VALUE RECEIVED PROMISES TO PAY TO THE BEARER THE SUM OF Elt" 05* /40,111111411- 11J.11■410.1■41111410EENTERIL•D 0.1-141.0 PRINCIPAL SUM AT ENS RATS or roue AND ON•OIJAREVIE OCR DENTE ►21, Malang, teal* MAY IR M. st. w vow 14.13, Olt NAY IN ANS NOVEN41114 IS IN *ASH TH1 Pft•0114.111•111•E:ol. nom+ rit wavowt.e., UPON rnAmorranow AND OVRISEINDER OSTN NHNSfl , ASTNET DEP...TRESS. 11•••MINTITON• OR, AT ENE SC LOtir• OPTION AT ANY AMERCE OR A011141 /SOT ERN VIN,DINAT10 WHICH ENE INIER.PEA, OF Tel I./M.401V MAT 91.1011. TIME 111. OAS P1111.1ATE SOS' THE PIONVE1011.4144 PIEIRCEP14AND Flt•100 ARE MEANER IN UNITED STATES OD. 00,10, THE RR ES E NYETTIEFIVAREPOIE nose IRONS MA S4P1111.04 WOOS ANO.0 SADATIETJE11,1RilEETR.1 1POLD HONES OF 1117.41,1101180.1uREUANT TO TREASURE DEUTARTNIENT CIACEN,F1 NO. IIN DATED MAE 1.11411. uNDITN THE AUTNORI, OP AN AC, OP 0 OM /11•FAI APPRO.'S-0 SIENDIRORES UNE. AS ST AN ACT OE CONGREPO OPPOSES /ROIL ... 01.1:05 CORES...ION OP SCADS AUTHORIZED PT 14410 ACT AINTROESO SEPTIC/SEA 14. 5017. REFERENCE IS HEPENE ET TO ellEROWESION /I OF MOO EIRDUILAS, POO IF SYOP THE PORINHAD. RION,. OP THE MOLDERS OP 110000 IT NAM 0/71tIpe Ai /u1.11 ARO WIEN YRS SASS IDIENBC -11101.0 IDENCIN SPY POTON. ALL OR ONE OF THE DONDS Or EA40 /RINSE. MASEPC1,EDDIENED• AT 111112,110.4 pP TNIII UNITED STATER. ON AND AMEN NO...111 ER IS. DOZE, Cl PROSINDASSENTININD SOTIMEINT.JISTAINS.1.1. CALCul.A*STATOSIDED• THIN BOND 10.11 NOT OMAR THE CIRCULAEIDN PlaivISRDE.THIN SONO I• .EHANDSON.L. MTTMOUT CHAR... •1. THE DENTED STAIRS ON • 510 AFTER NAT It, .0, FOR A Lint MONO ET■1111144111.1.1110ADENT COUPON• WASHINGTON. IP 918. „ RECORDED' SEEIIET•EESESSETRNASUITE ACTAPPR rl11BER 24.1917, AS AMENDED BY AC0 ROVED APRIL 4. 1919. NHS OFAMEREMIIICAL. TAUB A 99TAILTIES °FAUNA:1=MA 05 PAR,. E0 E WASH IN OTOS OA Al• DESIGNATED AGENCY. NESE SIT MONTHS ON D .1,F REST THEN DUE ON N.' LOANS.D.0 COUPON 00100i IRE TED 4 MAY 15, 1920 1 07 211141M11MMIMOIMSTALT111001FAMIFICRICA. "Ti="A"IS Rr e" NOV. 15, 1919REV ON DLOAN TED -w•a4 4`-, 3 DEPARENOTNYWASHHISTON OP •T A DlIIIEN•ElDNEHNEE .., El e■No slx MOND, 4 INTEREST 1.111 DUE ON Li. 00 COUPON SONO OT ON c 14130 MN/EC DEPART PAENT,WAS.T.NOTON OR •T A OE SENATES AGENCY. MAY 15, 1919THE TREASURY w.i...i°4,V41`...:,,7•, ". wASHIP5111, 01 AEA DESIGNATELIADENCE NOV. 15 VW , 1918 16 January/February • Whole No. 259 • Paper Money Figure 19. Second Liberty Loan Bond Converted 4 1/4 To Short Bond. Opposite, Figure 20. Order to print the Liberty Loan "Star Bonds" (replacements). Second Liberty Loan Converted 41/2's "Short Notes" Issued May 9, 1918 Denomination Front Portrait Color $50 Jefferson Green $100 Jackson Green $500 Washington Green $1,000 Lincoln Green $5,000 Monroe Green $10,000 Cleveland Green $50,000 McKinley Green $100,000 Grant Green Back Vignette Color "Bald Eagle" in pose Brown similar to $10 Jackass note "" Orange "" Lt. Blue "" Green "" Red "" Brown "" Olive "" Dark Blue dL Di\L r2. ILASCRYDEPARTNIENT, LOANS ANO CURRENCY. orm 914—Ed. 200, July 5-17. ORDER TO PRINT INTEREST-BEARING SECLRITIES. Serial No. 53 ting Asaistant Secretary. Paper Money • January/February • Whole No. 259 17 TREASURY DEPARTMENT, OFFICE OF THE SECRETARY, Washington, November 28, 1917. The Director of the Bureau of Engraving and Printing. Sir: You are hereby authorized and directed to print interest-bearing securities as set forth below, and you will please deliver same to this office, Di7ision of Loans and Currency. -LT.c.n requisition by you the Custodian of Parer will issue the necessary racer. TITLE: Second Liberty Loan of 1917. Description. ! Denomination. Number Pieces. I Amount. !.- 1 "Star" l'ionaa - Coupon. $50 5,000 $250,000 100 5,000 500,000 50 5,000 2,500,000 1,000 5,000 5,000,000 INSTRUCTIONS: Bonds of each denomination to be numbered consecutively, beginning with No. 1. APPROPRIATION CHARGEABLE: "Expenses of Loans, Act September 24, 1917." By direction of the Secretary: 18 January/February • Whole No. 259 • Paper Money Figure 21. Status reports of Liberty Loan Bonds as of May 2, 1918. Treasury Department, Bureau of Engraving and Printing, My 2, 1218. LIBERTY BONDS. Coupon,.450 100 500 1,000 Ordered. Delivered. 2,100,000 1,700,000 448,000 1,200,000 2,100,000 1,700,000 448,000 1,180,000 3% Registered, 4100 ...... 250,000 250,000 500 50,000 50,000 1,CCO 250,000 250,000 5,000 50,000 50,000 10,000.... ..... 25,000 25,000 50,000 5,000 5,000 100,000 ...... 2,500 2,500 4 Converted Coupon, 450 2,500,000 2,500,000 100.- 1,700,000 1,700,000 500 250,000 250,000 250,000 250,000 5,000 10,000 10,000 10,000 10,000 10,000 4i Converted Regiatered, 50 232,000 232,000 100 136,000 136,000 500 35,000 55,000 1,000 100,000 100,000 5,000 10,000 10,000 10,000 10,000 10,000 50,000 2,000 2,000 100,000 1,000 1,000 4% Coupon, Second Loan, 450 8,000,000 8,000,000 100 5,000,000 5,000,000 500 800,000 764, 000 1,000 2,500,000 2,000,000 5,000 100,000 100,000 10,000 84.000 84,000 FLUCTUATION OF LIBERTY BOND PRICES D0 (50 DM.. 4040498 01195 DALE 500014. 189 C0991.1911.0 wet !min 034 RFD. 101.8.409499 (1.1 09 .4.149 On' /44, ow/ Prrret -313 4-7Z-30 Ti-s.4;;-01% 1030 000 0211 9330 A.1.14 191042299 CV air INV 14.4 15.01,01, Mal 61 AA. OM 3,16 ..0.0333 41".3.4 ..033. 0310 - I 3 y3:101 fl 3,9142 •1 89•14 1D0 Paper Money • January/February • Whole No. 259 19 _ YIELDS ON LIBERTY BONDS ---1 Fir a First Fest . 1 Second Second Tod Fourth 3‘,e 's Fan 430's cu. .. 1 ass 4 ‘re 's 4% 's 4,,-i's Yield 4",1!,1..'„:1-72..if. ;i:,74.-- . :'.. . ,t1..4:,. "Ft4' ;:..L.:1:. ''■'..1' w.:71 i96-I< 111.`0 S.L t... 13114 ttr FR 1 D.- 10. 10137 107.,9 10159 111 01 .10 3,5 11143 111111 101 71 101 71 18497 4 118.01 04 1 9% 0:15 108.71 109. .4.9 10171 sie.vs lio..i0 4% 11,81 101.6 106.44 109.10 10014 10194 10619 10114 9.40 649 164.14 195.90 le IORSF 101.10 194.10 1144.11 9.45 159.31 il, 103,01 1. 14x:0 106,19 tat: 50 3.07.. 9i 10194 107.04 11744 1719.41 I f• 11,,...0,.:- 110 11.11 18/5 . 10103 10179 005.34 04.5.1 1 3% 4..79 100.94 10.43 109.41 104.70 100.09 107.43 0% 3.80 an: 9914 Nsii 10179 MO • 00.6.1 10815 sirs, 10203 10124 10152 104.15 , tot c- 10139 104^l 03, 3.70 7 99.15 10951 10114 10574 1011 6 0374 1 109 a 0.75 9 9411 10110 lel- 10.10 109 95 .09.41 spF A/St 10151 111 IS 10.1.111 101. le 102 e9 10119 9.85 5% 91.11 10140 13991 191191 10)93 102 31 105.02 1981D 9% 91.14 101.01 46 .61 10343 100.75 10781 441.91 040 81.14 10190 10110 101,12 14191 101 24 102 31 10131 101 00 91.51 460.0 10150 1 9 1 3 00 101 10206 107.73 4.e. 406 19.71 99.15 (0774' 84 4 1 07;69 40 31 191St 106.51 93.10 101.4 101.00 101.6r, 414 404 1541 9 19170 10124 9411 note 101.01 o 4.4 4131 9 0. 0110 97.74 1.174 101.10 435 020 01 41 9009 1091 100111 97.00 1 . 7 107.00 14495 410 4-20 97 41 051e 100.93 109,0 14 17 10000 100.00 IDS DO 1 .111 30 4691 95.11 93.:1 91.00 Y.rI 9177 1 35 49 IS 94.01 9344 1130 51011 9 99 60 4% 4.91 93.119 91 47 945: 4.40 55.11 9194 973.3 0044 5110 ' 90 NI 44:, 84.74 01177 o 9110 99.11 01 V. 4.18 8141 9101 05 94.71 tall 9127 0074 9514 8103 136E v:.66 96.11 400 0101 x.11 11,17 91.11 91 11 13 Lc 1 71 01.41 4 30 4% 81.19 34:16 91.10 9410 91.0E 41.01 4% 141 51.94 61113 39 93.94 9545 Ai 94 4.60 4.70 5110 TIM 92.97 gr-Sil 09.00 9.00,3 ii, '1 910.1 4,00 9159 0130 414 133.0 04.20 0.302 111 ! 90.60 59.- 4,07. 7921 °• 91 L 0 9111 424 70.94 86.50 00.00 '3:141 87.72 91 90 9111 4% 490 7041 6.495 10-17 x1 41 35.40 0,0 9151 4.14 495 773,11 95.57 r 30177 90 0111 4.P5 53,0 1714 94.40 _ 30.47 10.41 00.11 09. 60 91.77 *143 Second Liberty Loan Long Notes issued May 9, 1918 of 1927-1942 (same issue date as above but distributed after November 1920) Denomination Front Portrait Color Back Vignette Color $50 Jefferson Gold "Columbia" above Brown Capitol w/Flag and Statue of Liberty" $100 Jackson Gold II Orange $500 Washington Gold II II Lt. Blue $1,000 Lincoln Gold II Green $5,000 Monroe Gold II /I Red $10,000 Cleveland Gold Brown $50,000 McKinley Gold Olive $100,000 Grant Gold II Dark Blue Secretary William Gibbs McAdoo realized he had to fund the war effort with publicly generated funds while at the same time not doing harm to economy. Consequently, the interest rates paid on Liberty/Victory Loan Bonds were lower than that paid by the banking institutions. McAdoo needed to appeal to the innate patriotism of Americans to succeed. Sacrifice and Thrift were promoted. An interesting twist on this "sacrifice and thrift," in your author's opinion, was the fact that American's who were unable to buy a bond outright were prompted to borrow the funds for purchase of bonds! "The Federal Reserve established a special 'preferential' interest rate to enable commercial banks to borrow from the regional Fed banks at an interest rate below that offered on Treasury securities." 2 This allowed the commercial banks to make money on the spread on the interest rate on the borrowed funds versus the rate paid on the bonds bought for their own account, or by lending the funds out to their customers who in turn bought their own Liberty Loan Bonds at a profit on the interest and paid out the loan interest back to the bank when they TOPICS IN WALL STREET. 1%CW Liberty Bonds Listed. The New York Stock Exchange an- 0104311Ced :94.509'd.y the listing of United States Government 4'4 per cent. Liberty Loan bonds of 1932-1547 and the 44a per cent. Liberty bonds of 1027-1942. The first of these represents the conversion of the bonds of the First Liberty Loan; and the second the conversion of the 4 per cent. bonds of the Second Loan into 4 143. Trading in these converted bonds began yesterday, and some deal- em made a neat title profit by buying 111 the unconverted 4 per cent. bonds and selling 4V, per cents. The two are worth exactly toe .same, for the reason that the 4s may be converted into 444s On application fo . the Reserve Bank and without loss of interest. Six Liberty Lestm Issues. There are now listed on the Stock Ex- change all six issues of Liberty Loan bonds. The description, maturities, and closing prices of the six are as follows: closing Bond. maturity. Quota's. First Loan. 3y per cent... 11)22-1017 5ln.G6 Socond Loan, 4 per cont.. 1027-1542 04. Third Loan. 41-i, per cent, 192)9 7.5.043 First Converted, 4 per cent 1032 - 1047 03.00 First CO11 ,9., per cent.. 1932-10.17 03.00 Second C y., 401. per cent 1527.1942 03.004 The first converted 4s should sell at the same price as the first converted 41/4s, for they are readily exchanged for the higher rate bond without cost. The same is true of the second 4s and the .second converted 4'40, The first 31/2s have been selling at much higher prices than the other five Issues, for the rea- son that they are absolutely tax CXernpt. At top, Figure 22. How the Liberty Loan Bonds fluctuated in price as the War waged on. Above, Figure 23. Prices quoted on the Liberty Loan Bonds. Crdered. 5,000 5,000 nno 5,000 500,000 500,000 100,000 250 , 000 25, 000 25,000 10,000 5,000 Delivereu. 5,000 5,000 5,000 5,000 500,000 500,000 100,000 2b0,000 25,000 25,000 1.0,000 5,000 Bottom, Figure 25. Another beautiful and patriotic poster. ••• • i• In France alone yourLiberty Bonds have built Noon Military l'a,Floagrali,,Wsrld 4,1,84, St..: S'.11.1.4 ri.,10riai ta 1344.,0 VAnuilsonmr,A.AUsrki 7L.- CiOest Field ss, Ibrld 3. 1144, r., ■11 3 Bert„vs: Cold Storage Plant,r1t1 2;.- No, ■wis,. NInot , ,,11;v14 6.. Biggest Singly Warchou.., 2..ttigiem "—World Nat 11.1Me0.g . *,t And We're just beginning! • • • OVER THE TOP FOR YOU Ot t Ift 20 January/February • Whole No. 259 • Paper Money 41 Coupon Star Second Loan, i50.. 100.. 500.. 1,000.. 4% Registered Second Loan, 450 100 . . 500. . I, 000 . 5,000 .. Figure 21 continued. Status reports of 16 ,000.. Liberty Loan Bonds as of May 2, 1918. 50,000.. 100,000.. Below left, Figure 24. Poster outlining what the bonds are doing! Iny U. S. Gov't Bonds THIRD LIBERTY LOAN clipped their coupons or received the check from the Treasury. As great numbers of Americans accepted this practice of "sacrifice and thrift" it became known as the "borrow and buy" strategy. April 5, 1918 Third Liberty Loan offers $3 billion in bonds at 4.25 percent 3rd Liberty Loan 41/2's of 1928 issued May 9, 1918 (had an interesting anomaly with interest payable in March and September. The first coupon of the "Short Bond" had interest of 129 days instead of 180. The Long Bond began with coupon #5 on September 15, 1920, and had 17 total coupons.) Both Long and Short bonds had a Bald Eagle on the back. Denomination Front Portrait Color Back Vignette Color $50 Jefferson Red "Bald Eagle" Brown $100 Jackson Red Orange $500 Washington Red Lt. Blue $1,000 Lincoln Red Ulf Green $5,000 Monroe Red Red $10,000 Cleveland Red Brown $50,000 McKinley Red Olive $100,000 Grant Red Dark Blue As the war continued an aggressive campaign was waged to raise money from those who supported the war effort, by selling Liberty Bonds. The govern- ment used famous artists and illustrators such as Howard Chandler Christy, J.C. Leyendecker, Henry Raleigh, Sterner and J. Scott Williams to motivate, inspire anger, and create fear among Americans to the realization of how horrible life would be if America and her allies lost the war to the "Evil Scourge of the Hun!!" (See poster) The premise of these propaganda posters ranged from the patriotic 791111Mg -1236144 ULU 808003'1M POP VALVE PECtivO0 PPON.SES TOMATO, --/15yErl E. MAYO- oToNILITCOMpAIGNS TNO Num or 1411DAN11 }14.:I.1 01:41.1.1114, MN sT.,10,1,15, MM. Joon TO PAT INT..., ON PAM PNINMPAL PATO.- 'con ONOMIJAPTON rt9 c o. FEE AMIN, ON NANO. IP AN5 IMONNON IS IN rAcH TrAA,RTIL PA AFO. /MALL, I, PAYAM.O. AT TNO Trtn•O NV DOPANTPIONT, WAS el I PoiON, Ott, AT o f....oar.. none, ay awls aosacy oo alia.Piata Oe'raiiluairc strain 'taloa Tao aroma-may or IRS RAY IIV.04 ...ITO TYPE piOsSMATE fog rot nur/PO. . mOICIPAL AND 1.E.MIT xelfor ANC PIMAPLO IN -MOM. ETAT. cOLO COIN Or . At AT oPYA TiBele,010 it Ow A Or PONIES CP PON. ANHONPMAM•ap• MEN CONT PAMM NOMOS OP- PO ay AM ACT Or CONOorta ArProVinSINTLIMM4 AmoNoLD NT AN arraroattO ArNo. 4,1914, TIC IMINCO MimmiANT ..... to, oremarrNMIT 010. coL.AN NO. to. or Arita-, i•la. wa II ArrEAFFcm is REPEAT. FhAdi POR A STATOMONT or -roc norm. Flews oi TOE acrosq/EID,riul. IA Fut. AND sarl.m TAP 3051 CP1001 AF Is RAE.. SCT rDOTM.. Tt. AO. COOP MIT 0110 TNY MOM-NATI. wasaayerrcoa mac P. ayymeonA.--44—,- TrANAMNAME TNT COMAS OITA. uorrrt, STAT. TRLIMI.INT COVIARTMPAT ACT APPROVED SEPTEMBER EA. ID. AR AMENDED ENACT APPROVED APRIL 4. ME rf .Z4,1 This card was dropped from I Lsprav i booa'aing Arroplant --April, 1918— T h is card w s dropped bell CaprIlo boasbing Aercplale --April. 1918-- Paper Money • January/February • Whole No. 259 21 .1711/., 1VII6O/DIVf1 IILET.11103E1.. MOM. :ELI. SolMIEW ^WASS: 1.1.11,1V1. OMB, ALM. •011iNAL-.11Lf------, 4541963 . minis tsv rzrztaxim 2.12 ■PEATLOOLpfaomo0.1.M3 1.);/ 4/47/ /Oh•//////! 7/ frme:frd /pAwf /4. fon — ""/".71//(6qhvelfiv4,a4 krfille NA.e/164.ffativ90-4, azfrrierwrzafr ra////afte.fry," hfrek./ Al nip,/ "Ohm .6rti efill..anv/Y/i;yroyirmlagiiiM /40,40ichvi4r;q 441644q://zza bichyrfilr,./6,764 ,diedthfryal4 /07,/mtdrhyith ivAt,/ wontit/41,6;vii."#/ox repaisfyfilinwkAweikvvelk ://la.mar/ -10,1/1//9,1/ /la ark eilt: ,frfri?. af/iN ravorrvirroymk riekiktiel.wkm , ) lo-Adt. fn„ Atny :(***9.v.f:9444"'w”" )4,4%!et:":4140Awfattit,r,94,/rAna 44?"414/hafif,,41415w#,.7,44 finalimiwpdert; ■9(Aftm.dthAvvizemr; ///r/ kit/ /rot4eIbrw/k4aete r/e/K/9/540.4f ("0",/ Yr414/ieriro/vi 1 wi6delfr y//fretwfirolk•.. frity:/9/+;,,S,//ii;w47, , ,,w7R474 ,`,/, -0),?ewfr,-/ntlrlf" ,//h ,ove(4.40.0,- htnym,,,,Axin.. Mei /ryr,/,4•144/,,,,r,c#5,/r/nrenorwif.ffrdye. ; a_oca o,41c, ,1 " ".1141:XI;671teW ., .6e/7,r/id Clockwise from top. Figure 26. Face of the 3rd. Liberty Loan Coupon Bond of 1918-1928. Figure 27. Cards prompting Americans to pur- chase Liberty Loan Bonds dropped from the sky 1918. Figure 28. Face of the 3rd. Liberty Loan Registered Bond of 1918-1928. Win-the-War Magazine 7(Y NOVEMBER 1918 Figures 29-31. Top and bottom: Posters; center McClure's magazine, November 1918. January/February • Whole No. 259 • Paper Money and majestic to the frightening. The Government had the popular actors and actresses of the day, such as Al Jolson, Mary Pickford, Douglas Fairbanks and Charlie Chaplin host bond rallies. (See pictures) Even the Girl and Boy Scouts were enlisted into the cause; they went door to door selling subscriptions for the bonds. School children saved their nick- els and dimes and added their change to their parent's dollars to buy special stamps which were then mounted into their War Savings Certificate booklets to buy war bonds. (See Photo) The feeling of the day was that you weren't a patri- otic American if you did not buy a bond. It seemed as if all of America was behind the Liberty Loan Bond effort. The Liberty Loan Bond army of volunteers of over two million patriotic individuals nationwide met weekly and planned their strategy to sell more bonds the fuel the continuing war. September 28, 1918 Fourth liberty Loan offers $6 billion in bonds at 4.25 percent 4th Liberty Loan Bond 41/2% of 1933-1938 issued October 24, 1918, Short Bond (1st coupon paid short interest as it was not quite 6 months from issue.) Denomination Front Portrait Color $50 Jefferson Brown $100 Jackson Brown $500 Washington Brown $1,000 Lincoln Brown $5,000 Monroe Brown $10,000 Cleveland Brown $50,000 McKinley Brown $100,000 Grant Brown 4th Liberty Loan Long Bond 4Y2% Long Bond of 1933-1938 issued October 24, 1st coupon April 15, 1921 1918. Denomination Front Portrait Color Back Vignette Color $50 Jefferson Green "Justice w/Scales" Brown $100 Jackson Green Orange $500 Washington Green 1111 Lt. Blue $1,000 Lincoln Green 1111 Green $5,000 Monroe Green Red $10,000 Cleveland Green 1111 Brown $50,000 McKinley Green 1111 Olive $100,000 Grant Green 1111 Dk. Blue There were a total of four Liberty Loan Bond issues and one Victory Loan Bond issue. Of the $24 billion in total subscriptions offered, $21 billion dollars of bonds were issued. Each issue of the four Liberty Loan bond issues and the one Victory Loan bond issues was oversubscribed. The first Liberty Loan bond was issued at a 3Y),% tax free rate of interest, with a 30-year maturity that was callable in 15 years, (see bond). (No wonder it was over subscribed, the top tax bracket in those days was 67%! So, a tax free rate of 31/2% had a taxable equivalent yield of over 10%.) 22 Back Vignette Color "Bald Eagle" in pose Brown similar to $10 Jackass note Orange Lt. Blue Green Red Brown Olive Dk. Blue APRIL15.18:14' $2.12 C 03803483 LittElff,VIANNi 4,0041itA I it Hi INF* (CIU thy,14) - M7,1(91■W7/4///////, .W.,144.11*Wa/ViaWie.OM #,,.//.169w/ .17.4.)97id;,//14,90,41.46,1010"44V./0/”It.447r. -57/a4../4041.44/Tb.4,0%41,ili".4440 ./0,/ ;■41mqva5,,,,A6tyr,rtyMyy, //11 , /,11444,44..aR4,764,1401/4....44$11,/yMnyfrVN.41■41,'.49W af..*woh:fr,,.../a/M,Xe...1.44,/firititfrreiv,/enkrov/04,49(froyfwywari440,114.09r/ltramiht;Ateirmi ,, h/r[//r til/ii414/A0 ,j1„Arovinw/tAr 9vAieler .,A//A.W/ .7e.41/0,A1/5,571A:41Awhvw.tArl /y41i/rrr erni .94,41)Ayttfv4K nOttAleke.A.V./25afrieeerie/1/ ern rinzch.)://, 014.449,4*"friArZVISOrir4941; p--”, al 4:Arlrweid:/ qyx.,/e/65,,,MOY/i, tif4 4401 4:04 ry4fm40417,..ely., Ili if - .60 riff fide7071/relf,kff. fi,rfo ffewifffelfkf;,41YrY/4121.. 4,1,/ekr, r/ .PleaspecoS5?03.808 483. 1, ,.•• MIC.WAVIVIS,P, " ..." Wantillcz a 11.1, ,.■,----' - , APRIL ISMII $ 2.12 3808 DCT.I5,1933 $ 2 13 00 062 121* APRIL 151033 $ 2.12 Jiffâmark/A*3444w 1$46444Y'rfiVitYr".01, thwriforHfihiryim .olowerni9e,va`w -.447; sr.** sr a..4 woo.. ir /47 WV. / ": ',.;..:.... 44/ r..__ / ',hi; 1/111 ff...,7,12Viifff..„. f 1,,, 64" - " f eiti5.k.44,,,,// ,,,,g,,,,, ,9,76.47,dfiree,..#6,,4-,441,4t.,,§*_._ ero - / A , ./,7,,„.,,,„ ("1- -"- . -_,-,-*L _ r - ,0*:*:-1.S.-:_-,------7, intormittumanrigral '1144(.4411a.,..):MNOWIMOL„)-11) .. _ •( i ,--. _ , ,. :-.. • .7 Al .. .2",/ 1 ., -1 ft 14_1' --_ itliWitzi p ,,ititc-rr”-t ,,/, z,. ,,,,r;:kAoirif,a.7/ 1.* i:* IT / 'I 7 .../A-A..§...ohyr.heriisiO4invovfr4,4y-ew.41,404x/feirivz,wfw..!+9X.,,,,A,A4, .9o., Osnerbinsvi ' .1 1:1 - .1-i:-., ,,, ..ip,W4A,,,41,4e#47,,,,/ , ... 7"-/4? ' ' :: 9. e''"7/1:7"41 46 :kio4:44: Acmetr,-:9,19/1/72/5 17a7f 111141), W.- ' tf9dff/ rt. f AA lief,* ;II /A, Paper Money • January/February • Whole No. 259 23 Above, Figure 32. 4th Liberty Loan Bond $100 Coupon Bond. Below, Figure 33. Currently the only Replacement Bond known to exist (The Jenna Star) named after the author's daughter, is listed in Doug Murray and Ray Alfini's book of Large Size Star Replacement Notes. crier shoal( 1, f bona :iwylater.:. • ;an footed 's • , etc. If pe.rr. an- irst tonc:. to 1•4 • ah-z...414- January/February • Whole No. 259 • Paper Money24 3,...1:: I / C TREASURY DEPARTMENT OFFICE OF THE SECRETARY TREASURY DEPARTMENT W.s.S14iNOTON December 31, 1919. 56.5 OF 'IMF 7,91.1t 90,2 WASHINGTON .... . tar of tho 7th :Lra• the 7111 an- ti rel•• seer ' ont•.* for sac`. lien of asc'a 1s: a; n•, , sac". ST.7 . striae • 1, tt 1:, ox.9 , •17- sw, a tanner se In nlY- 'sarirr y..ert.snont ro•.L.,: 131.• or; star bend not ' er ,h,11 a "star." ineartini , w.," star 'rer".,, Ito ne(t in utiltaal Nithc- t fdrat;.: to the sortra letter c ether wcr'a, Ette.; ''ens of the ', F., aerreina 1._ ,s r era: 01. , Cs', AE ,rt 31, tn,:10,1 i:C. 11 t.e -.1m/.1elo.'„ star ',I. lanerteL. La"ele of all paaka,en ••0 ,litinirs star "r thareaa •."a• ,tar 'cr. a 1. al• . !hat the Cars of :as 11 , 1.0c. Nroth% to the T1-1',.1.en of Leer - en a ant, 1'r 'aNro - ch,rr ,ten ‘.• sobe,ide rlvth7 r..1".^,r, of V', vi, sort..1 .t.." are of the stwr re,ear.1- %rater yo,re, the Director of the Bureau of earruying and Printin.E. Sir: By direction of the Secretary and with respect to orders placed for printing permanent coupon 1,onde of the Firot and Second Liberty Loans, you will please number such bonds serially, beEinainu with number 1 for each denomination, usine the Ile ," meeberine blocks, !tad prefixing to each numbers In rotation the leltere A to ihclusive. :his will automatically throw each laucaination into five series. With respect to "star' tondo sou will please adopt exactly the sane schehe of of tinine Isar I al nutters and let ters, beclnaing water 1 for each denomination of each issue, hut with respect to each '•ator''hoode each number shall he followed with a "star", hr. order to differeatiate. heaped r. 9 stet 1.• In- It lu not neasse:m••• ter1,1 yen: lust usS r, 1,, IWpar•- it', ell flelt^arloc that. AeoisIwyt Secretary of Ile lreusury. Great Bond Rally at City A. C. More than S20.000 was realized for the Fourth Liberty Loan last night at the City Athletic Club in a rally held in con- junction -with a program , of boxing and wrestling matches— S. R. Guggenheim the largest individual subscription, topping the - list of 'bond .buyere --7171:11 purcaae of $100,000; Clockwise from top left, Figure 34. Proof of the "Star Bonds'. Figure 35. Star Bonds continued. Figure 36. Destruction of "error and replacement bonds". Figure 37. Newspaper clipping referenc- ing the many types of rallies held nationwide to sell the Liberty Loan Bonds. Y2 / Paper Money • January/February • Whole No. 259 25 Figure 38. James Hughes (right), Associate Curator Smithsonian Institution, with the author holding the printed proof used for the "Jenna Star Bond"! April 21, 1919 Victory Liberty Loan offers $4.5 billion in bonds at XXX percent Victory Liberty Loan Bond of 1922-1923 Issued May 20, 1919, 31/2% and 41/2% Bonds. The 31/2% notes were exempt from all taxation, except estate and inheritance taxes. The 41/2% notes were exempt from all taxes except estate, inheritance, surtaxes, excess profit and war taxes. Denomination Front Portrait Color* Back Vignette Color* $50 Jefferson Blue "Eagle w/ Arrows" Brown Similar to back of Series 1918 FRBN $100 Jackson Blue ,, Orange $500 Washington Blue "" Lt. Blue $1,000 Lincoln Blue II II Green $5,000 Monroe Blue II II Red $10,000 Cleveland Blue "" Brown $50,000 McKinley Blue III/ Olive $100,000 Grant Blue II II Dark Blue As I've only seen a $50, $100 and $1,000 I am assuming this color scheme. OR ROLL Du Bois Smith O'Brien Cejka Haucke Pappandrikopoious Andrassi Villotto Levy Tu rovich Kowalski Chriczanewz Knutson Gonzales Vi orytiberty 26 January/February • Whole No. 259 • Paper Money Figure 39. "American's All!" Victory Bond poste by Howard Chandler Christy, various nationalities, but note no Germanic names. CONVERTIBLE GOLD NOTE OF 1922-1923 FOR VALUE RECEIVED PROMISES TO PAY TO THE DEARER THE SUM OF 02.Wit 7110IMANIP DOLLMIS ON MAT le..11113. AND TO PlIVISTEREST ON SAID PRINCIPAL SUR FRAM - THE DATE HEREOF. UNTIL THE PRINCIPAL Hearer SHALL at PAYABLE. AT THE RATE OFPOURANOTHRESCIUARTERS PER CENT PER ANNUM. PAYEtLE Elt*OHODS II*I' tali.A31(i nay- —, g.itipt fleiMANOALLY ON JUNE IS LEO IEorcESER IF, .9410 y: :O. 1St] -UPON 28181MITATTO4 .&2l euilmisblut OF THE INTEREST centpONS HERETO* ,1 ,♦ *Cossi As 'T HIV SETSRALLT LEATUIRIE At THE TREASURY . DEPARTMENT. MASISINCOBIL 019.A1‘. TAB II4LOCA4OFTION. AT Ally 841811C2 4Ft •144EN010,0errig wino, 3717 ES TOMO, TIM THCIRTAITOF THE TREASURY MAT FROM TINE TO TIME DESICJIMILETTMODIE ?OPPOSE. /LIE PRINCIPAL ANN INTRorasT010n0P -410E PAYABLE IN EMITIErST NT ITANOJONEI cir VALUE. no s'sioorlsiOne Iii A MIA ILS OP 201/ P AP EN FEFT CON 40LO NOTIES'' Op *9 ISOOTS. AOMORI** * *RED.PROVED sEntmatat sE4,It I 7, ,, s vizikoto. o.)..0 155510 PUMAIAll A , IM*, . 8TRENT CIRCULAR NO. MM. DATES APRIL Ii. :911.91. TO WILICH-Ntft RCNCE*01.1RIENt MADk. _ 'A STATE- MENT OP THE FURTHER RIGHTS Of INS HOLD • _Or NOTES OF SAIOSEMIES AS FULLY ANT WITH THE SANE urea!. IS 11. MARTIN HET mills. REDEEMED. AT THE OPTION OF THE IL AND ACCRUED 1NTEREST, AS IM SAID 4, LATum PRIVILEGE. WABHINGTON. MAY 20. 1919 Rec.:Longo. :4. 1191SIANY OF THE NOTES Or THIS SERUM MAT NE JUNE 1 s OR oECEPHICII IS, IDLE, AT PAR 11L13 MO1ED010 NOT SEAR THE CINCu• ,g4eA.4 f5TTITery 61 (I/ SZ .114vDs, HIIA4 TINtoslov tibirrscsi44r.trniii THE UNITED INTATEAL AATIENTIof. DEC IS, 1922 °" :,.:: ai ::1';:1.,,.141‘11,1:1 $23 .75 ylirrs 406 CONVERTIBLE &MEATY LOAN GOLD NOTE -28 OF19y : ARM Arta gl 1847583.,„ , T TINE umprio STATES OrAmERIcA JUNE 15, 1921 'VE $23.75 wica Lug Enry LOAN CONYEATIBLE GOLD NOTE OF 1822•23 1 S4 5835(c.,—,..i.L4, 6 Ts11.147zorTA.Tps orAm Ertl OA,..e '"...174.r. 4 ' DEC. 15.1921$1,, '"''" 1....r..,*''="9tV:W.A $23.75 LURE.• "NW *ivOAM AFT,TCONVERMILEL coo NOTE OF 1842-4N I S 475 S 3.1..!-42:5-- 5 Paper Money • January/February • Whole No. 259 27 IE uNpirEEI STATEN OF AMOR CA :-...151.r=1*'"" UT 10, 1923 ''''`P "`:"4":4" $20.36 %tic r-cmior Li 93 errr LOAN 4tetTirctlgr re. 1847581sta: "--* -344„ 8 Figure 40. With the War now over the work of rebuilding has just begun! 1919- 1923 $1,000 Victory Loan Bond. (Courtesy John Herzog) The war time economy surged, interest rates rose and bond prices fell. Many of the first two issues of Liberty Bonds were redeemed or converted to higher rate issues. Those bonds converted were exchanged into the "First Liberty Bond Converted" or "Second Liberty Bond Converted" issues. The first two Liberty Loan Bond issues that were not redeemed nor converted are among the rarest of the bonds issued. Many of these bonds issued no longer exist nine decades later because they were cashed in due to the need for money during The Great Depression of the 1930s. About half of ALL American families purchased these bonds and a third of them had annual incomes below $2,000. Analyzing the denominations of the war bonds sold, about 65% were issued in the denominations of $50 and $100, repre- senting average Americans with modest means who supported the war effort. Due to the fact that the interest on the Liberty/Victory Bonds was tax-free, the highest denominations purchased, i.e. $100,000, were purchased by high income individu- als, banks, and by U.S. corporations to pay dividends to shareholders. U.S. Steel alone purchased $128 million in Liberty Bonds. The financial cost to the U.S. of WWI was approximately $32 billion. Scarcity To quote Chet Krause, the WWI Liberty Loan and Victory Bonds are about as scarce as "hen's teeth!" But it used to be different. About 66 million bonds were issued for the five TII F: 177% :MKT) STATES OF Al I: I 'rut: D-4 0504A CLAT, -*Mt. OM(' WILL l•11" TO 7111; BEAM:It t ISE-1410,31. 41.). 7141:11_11...7ftii aap..‘1114- D-4 D504A 7tifbria.VEktr, 11611111013614011rild ""w ,111,41t1Mailr Nikal CO NAIL orsjit -A-Tivr FEDERAL 1 tESERVE 11ANR NOTE 28 January/February • Whole No. 259 • Paper Money Left Figure 41. Back of the $1,000 Victory Loan Bond. (Courtesy John Herzog) Below Figure 42. Front and back of the $1 1918 FRBN as a comparison to the back of the Victory Loan Bond of 1919-1923. Ct -o.igo Your u tportant \laterial !Moo \N„,...........„„ - - - Dana I.inett Today! Paper Money • January/February • Whole No. 259 29 series of Liberty Loan and and Victory Bonds with denominations ranging from $50 to $10,000.00 for most of the coupon bonds and up to $100,000 for the regis- tered bonds. There were several redemption calls of these bonds done just prior to and during the Great Depression. The First Liberty Loan Bond series of 3V.'s through 4 1/2.'s were called for redemption on June 15, 1935. These bonds were exchanged for those folks who did not need the cash, into 2X% Treasury Bonds of 1955-1960. I was able to uncover through research that all but about 7% or about $144,000,000 of these bonds were left outstanding. According to the Treasury Department's "Monthly Statement of the Public Debt" from January 31, 1997, there is less than $500,000 n face value of the entire $2 Billion First Liberty Loan bond issue outstanding. There were initially 4 million subscribers, so for example if you assume that the average issue price is $500, the MOST quantity of bonds remaining for the 1st issue of bonds is about 1,000, and that's across all the four different interest rate classes: 1st 3V's, 1st 4's, 1st 41/4's and 1st Second 4'A's. The 1st Liberty Loan Bond Series is VERY scarce with the 1st 4's and 1st Second 4Ws being the scarcest, having less than 1% of the total issued outstanding back in 1935! The Third Liberty Loan Bonds were called for redemption on September 15, 1928. The remaining issue of the Second through Fourth Loan Series had the following issue amounts and subscribers: Second Liberty Loan bond of 1927-1942: $4,600,000,000 issued with 9,400,000 subscribers. Tut: 'Argo 11, 1111 7TV 11 ,011.1f.AVVY E Y AMERICAN TORY AUCTIONS Sign Ep to Receive Our Full' Illustrc Catalogs Free Online or Only $72 for a Full Year Subscription Qf A. Bimonthly Printed Catalog% AUTOGRAPHS • COINS • CURRENCY • AMERICANA • MAPS Eve 41 t 11(111 1J) Nov . vailubl 1 o 1 Online Viewing EARLY AMERICAN • PAL Box 3507 • RANCHO SANTA FE, CA 92067 (858) 759-3290 OR FAX (858) 759.1439 • 30 January/February • Whole No. 259 • Paper Money VICTORY LOAN DRIVE OPENS ON APRIL 21 Amount and Rate of Interest Still to be Deter- mined. THREE WEEKS' CAMPAIGN Short-Term Notes, to Mature in Five Years, to be Issued In- stead of Long-Term Bonds. Special to The New York Time,. WASHINGTON, March 12. — Carter Gains, us Secretary of the Treasury, to- night announced that the Fifth Liberty Loan drive, to be known as the Victory Liberty Loan, will open on Monday. April 21. Tho canvass will last for three weeks. It will end Saturday, May 10. It is underetood that this will be the last loan raropaign undertaken by the Government, and that Secretary Glass has so informed inquirers who have seen him in the last few days. Tile amount of the loan and the rate of in- terest have not been brought to the point where Secretary Glass cares to authorize any announcement regarding them. The Victory Loan drive will be for the sale by the Government of short-term notes rather than or long-term bonds. If he so wished. Secretary Glass might offer Liberty bonds for sale up to 25.022,518,000. He has authority fur this in the laws under which the last three lasuea of Liberty bonds were sold. But the rate of interest (or such long-term bonds is limited by law to 4'j per cent., and the bonds would be subject to supertaxes and profits taxes, eo that if Secretary Glass should attempt to float long-term bonds under these conditions the drive would probably not prove a great success, The Bond act of March 3, 1919, which was passed in the closing days of the Sixty-flfth. Congress ' running the gamut of the Sherman-La Folletto-France fili- buster, gives Secretary Glass authority however, to issue short-term notes to the extent of not over 57.000,000,000, and he may issue these on rates of interest and under conditions that would matte them far more attractive than 4' per cent. lung-term bonds. He has decided that tine is UM wiser way to insure the suc- cess of Om new flotation, and for that reason h. s decided to make the Victory Liberty Loan a campaign for the sale of these short-term notes, maturing In not over five years. Mr. Glass's formal an- nouncement of his plans for opening the campaign on April 2.1 follows: The Victory Liberty Loan campaign will open on Monday, April 21, aria Will close on Saturday, May 10. Under the act of Congress, approved Sept. 24, 1917, and umenuments thereto. the Secretary of the Treasury still has the authority to issue bonds similar to those of the Second, Third, and Fourth Liberty Loans to the extent of not over ;i3,022,- 510.0(10, but any issue of bonds unuer au- thority - of this act is limited are to rate of interest to a maximum of per cent. per annum and would be subject to supertaxes and profits taxes except for the right to participate in the exemption of *5,000 principan amount with other outstanding issues of Liberty bonds and certificates. " The Congress has now passed the Victory Liberty Loan act, which was ap- proved March 3, 1019, under which the Figure 43. Announcement of the Victory Loan Drive of 1919-1923 "Short Bonds". Third Liberty Loan bond of 1928: $4,200,000,000 issued with 18,300,000 subscribers. Fourth Liberty Loan Bond of 1933-1938: $7,000,000,000 issued with 23,000,000 subscribers. Fifth Liberty Loan (Victory) Bond: $4,500,000,000 issued with 12,000,000 subscribers. According to the same Treasury statement there is about $4,000,000 in TOTAL face value of the remaining 4 issues across ALL types, both coupon and registered bonds. So, if we apply the same math $4,000,000 divided by $500 yields about 8,000 total possible bonds outstanding. The most common is the Fourth issue. While the figures point to possibly as many as 8,000/ of these beautiful bonds remaining I wonder — just like the gold/silver coin mintages of the peri- od — how many of these bonds have been lost to history? How often do you see them? And when you do, are they complete with all coupons? Why collect these bonds? (1) They are an integral part of our proud and historical past. (2) The engravings are beautiful works of art, similar to U.S. currency of the period. Beginning with the First Liberty Loan of 1917, the 3V% $50 Bond faces up like a piece of currency of the times. For those familiar with the $2 1918 Federal Reserve Bank Note Series, the layout of the bond and vignette of Thomas Jefferson are very similar to the popular "Battleship" note. In fact, the Register of the Treasury, Houston Teehee, is listed on both issues. A prominent feature which the Liberty Bond has and the Federal Reserve Bank Note does not have is the Statue of Liberty standing tall in all of her majesty to the right of the bond. An additional comparability from the series is the back of the Victory Liberty Loan Bond has an eagle in a similar pose to the back of the 1918 Federal Reserve Bank Note. Illustrations of the front and back of this First Liberty Loan Converted series are shown, which depict the beauty of the vignettes and patriotism displayed as the three "Doughboys" charge up the hill with their bayonets drawn and "Old Glory" proudly waiving. The Second Liberty Loan Converted Gold Series $100 bond with its gold coupons has Andrew Jackson on the front of the bond and a beauti- ful "Miss Liberty" on the back in a gold flowing chemise. She holds the American flag in her right hand with the Statue of Liberty in her left, while her robes flow over a series of clouds which float over the Capitol Building. (3) Most collectors looking for beautiful and historical vignettes have sought Large Size Type currency. Therefore Liberty Loan and Victory Loan bonds have not increased in value during the current Large Size currency bull market. Compare the price multiple on a common 1899 Black Eagle, i.e. Fr. 236. There are about 1,700 notes in the information census avail- able. This note in Very Good condition trades for about 85 times face value. A more common variety Fourth Liberty Loan $50.00 Bond in Extra Fine condition, with over 20 coupons attached may be purchased for under $1,000.00. That's at ONLY 20 times face. The more complete the bond the greater the value. The rarest of issues are the First and Second Liberty Loan series, which in some denominations, have sold within the last six months in recent auctions, in excess of $3,200. (4) Many Large Size Type Note collectors collect STAR "*" notes and just like the replacement notes, replacement bonds were issued. (see Bond as well as letters from the period.) This is currently the only Replacement Liberty Loan Bond known to exist. (5) The bearer bonds are still redeemable at their face value. Paper Money • January/February • Whole No. 259 31 End Notes 1. The Price of Liberty Paying for America's Wars, p. 121. 2 op cit, p. 123. Sources and Acknowledgments Your author wishes to acknowledge and to thank officers and members of the SPA/IC for partially providing the funds to support the research behind this article. Ms. Marie Alberti, of Spink-Smythe Auctioneers, introduced me to the beauty and history behind the Liberty Loan Bonds. I also thank Rahul Arora, currency dealer and collector of Liberty War Bonds who designed the chart of issues in this article; Harry G. Heiss, Archivist, Bureau of the Public Debt Department of the Treasury; John Herzog, chairman emeritus Spink USA for sharing him collection with me; James Hughes, Associate Curator, Smithsonian Institution; Chet Krause, for sharing his knowledge of Liberty Loan Bonds with me; Bob Kerstein, CEO of for sharing historical facts on the Currency Conservation & Attribution LLc c &A To learn more about this holder: • go to www. csacca .com • email us at info© • or mail us at 321 Seventh Street, Mead, CO 80542 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: (586) 979-3400 PO Box 2 • Roseville, MI 48066 e-mail: 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: Ihor- website: 32 January/February • Whole No. 259 • Paper Money Issued Bond Types - Numbering System Loan Denom 3 1/2 3 314 4 4 1/4 4 4 IDL R R S mL 12L R 12R 12S 13L 13R 1 St $50 S100 11L 11R S500 21L 21R 22L 22R 22S 23L 23R S1,000 31L 31R 32L 32R 32S 33L 33R S5.000 41R 42L 42R 42S 43L 43R $10.000 51R 61R NI 111111 5 L 5 R 62R 525 53L R 63RS50 000 S100.000 71R 72R 73R lst-2nds S50 4L 4R S100 14L R S500 24L 24R sl 000 34 34R $5,000 44L 44R s10. 000 S50.000 S100.000 , 2 d1 S50 5100 5500 $1,000 $5,000 45S 46R 46 510.000 55S 56L 56R 56S S50.000 $100.000 75R 76R 3rd $50 7L 7R 7S S100 17L 17R 17S $500 27L 27R 27S 51 , 000 37L 37R 37S S5,000 47L 47R S10. 000 57L R 57S S50 000 67R $100,000 77R 4th S50 8L 8R 8S 5100 18L 18R 18S S500 28L 28R 28S $1 000 38L 38R 38S S5,000 48 1_ 48R 48S S10.000 58L 58R 58S $50 000 $100,000 78R 1041111 20R ' 5th I (V .1 I Ct o ry'/ I S50 9L 19L 10L 20L5100 S500 29L 39L 30L 30R S1.000 40L 40R 55,000 49L 50L 50R $10.000 59L 60L 60R S50.000 69R 70R S100.000 79R 80R KEY to Chart: "L" is a "LONG" Bond of more than 2 years of coupons. "R" is a "Registered Bond" similar to today's Savings and "I" Bonds. "S" is a "SHORT" Bond of 2 years of coupons or less. The Chart was designed with collaboration from Rahul Arora. Liberty Loan Bonds of 1917-1923 Figure 44. Grid of Liberty Loan Bond Issues designed in collaboration with Rahul Arora. Hi/NI/kJ; Carl Bombara scHint; United States Currency P.O. Box 524 New York, N.Y. 10116-0524 itterfirK Phone 212 989-9108 Paper Money • January/February • Whole No. 259 33 Liberty Loan Bonds which I purchased from him and providing the illustration of the $1000 4th Liberty Loan Bond; and George H. Labarre, President of for sharing his knowledge of Liberty Loan Bonds with me. Dr. Franklin Noll, Historian and Treasury Securities Specialist (Under Contract) at Historical Resource Center, Bureau of Engraving and Printing assisted in my research. I consulted American Financing of World War I by Charles Gilbert, Greenwood Publishing Corporation, Westport, CT (1970); The Price of Liberty Paying Jo r America's Wars by Robert Hormats, published by: Times Books, Hemy Holt and Company, LLC (2007); The Story of the Liberty Loans by Lambert St. Clair, published by: James William Bryan Press, Washington, D.C. (1919 ); and . About the Author Lawrence D. Schuffman, MSFS, CFP®, CLU, holds a Masters Degree in Financial Services, and specializes in Estate and Retirement Planning through Summit Financial Services, Inc. located in Parsippany, NJ. He is an Adjunct Professor at Montclair State University of NJ, and has written for the Bank Note Reporter, WINning Ways, The Numismatist and Financial History published by the Museum of American Finance. He may be reached at (973) 366-8929 or at CIP E_TE `U HIGGINS MUSEUM 1507 Sanborn Ave. • Box 258 Okoboji, IA 51355 'Si k, - (712) 332-5859 HIGGINS MUSEUM email: Open: Tuesday-Sunday 11 to 5 Open from mid-May thru mid-September History of National Banking & Bank Notes Turn of the Century Iowa Postcards r, r=1.1-3 c_117 You are invited to visit our web page 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 c a TED, THE SON OF HETTY GREEN, THE WITCH OF Wall Street, died at 67 on June 8, 1936, at the Lake Placid Club in upstate New York, following a prolonged illness. Those charged with handling his estate moved his collec- tions from his huge Round Hill mansion that he had built at South Dartmouth, Massachusetts, to The First National Bank of Boston. The move was quite a show. Why not, everyone was lining up for a piece of the action, for the values under transport were staggering. It took place on October 25th, and consisted of eight armored cars under the armed escort of 16 private guards and 7 state police (The Numismatist, Dec. 1936). Above: Col. Edward Howland Robinson Green, collector extraordinaire. (Photo from Sparkes and Moore, 1935) Left: A convoy of Brink's armored cars with police escort moved the small, high value objects from Colonel Green's Round Hill man- sion to The First National Bank of Boston on October 25, 1936. (Photo from Seng and Gilmore, 1959, p. 64) 34 January/February • Whole No. 259 • Paper Money Colonel Edward H. R. Green, Collector Extraordinaire, and the Story of the Number 1 Series of 1929 Sheets by Peter Huntoon with the collaboration of Barbara Bedell who provided many of the photos The convoy was moving the high value small objects that Col. Edward Howland Robinson Green had been accumulating for decades. Those collections were so vast, he had a staff to sort, catalog and curate the items as he bought them, both at Round Hill and, before that, at his home passed down from Hettv's father at 5 West 90th Street in New York City. Included in the haul were untold quantities of diamonds, many uncut; a gigantic coin col- lection; a world class stamp collection which comprised his primary passion; currency; and securities of all types. A quote in Lewis (1963, p. 206-7) attributed to John Bullard, Green's Lawyer, who helped secure the Round Hill mansion, provides insights on what they found: We weren't worried about what might happen to the furniture and other household effects once we got a padlock on Round Hill; we were concerned over small portable objects, likes coins, cash, stamps, and jewels, and there must have been at least twenty million dollars' worth of these in the house. Most of them were in the basement vault or in the wall safe in the Colonel's bedroom, but there was still plen- ty laying around loose. 1 ----- ----- Above: The most renowned of the Colonel's possessions were these items. He owned the entire sheet of stamps and all five of the nickels. (Photos from Robert A. Siegel Stamp Auctions and American Numismatic Association) Left: Entrance to the vault in the basement of Col. Green's Round Hill mansion which contained most of his treasures. (Photo from Bedell, 2003, p. 34) Paper Money • January/February • Whole No. 259 35 This was an incredible experience, checking those stamps and coins from all over the world; counting out ten-thousand-dollar bills and small binfulls of loose diamonds, emeralds, sapphires, rubies, pearls, amethysts, etc. And the necklaces, rings, watches, pendants, earrings, bracelets, and other orna- ments. It was like a scene from the Arabian Nights or the Count of Monte Cristo; didn't seem to belong to real life. But it's strange, you know, how dull it all became after a few days. We welcomed a break like trying to identify an odd ornament - a diamond-studded chastity belt, for example. The magnitude of task of handling the material, let alone appraising it, is hinted at by the sheer volume of material that came out of the vault in the basement of his Round Hill home. Frederick C. C. Boyd of New York appraised the numismatic items in 1937, producing a 442-page typed inventory of which about 90 percent was devoted to the coins (Stack's and Kolbe, 2004). The Round Hill lode contained 51,018 coins, metals and tokens with a face value of $126,409.13. His larg- er paper money collection, which did not merit much attention at the time, contained 61,664 pieces with a face value of $608,013.42, not counting $198,256 in bank notes that were simply redeemed along with $33,370 worth of gold certificates. The numismatic material was appraised at a little over $1 million for tax purposes, the stamps at $1,298,448. Even then, the value of the material was understated. For example, the premium on the unredeemed paper money was calculated to be $18,482.76, only 3 percent over face (Supreme Court, 1938, p. 2552)! Public attention focused primarily on Green's vast stamp collection, which was one of the largest ever assembled, and secondarily on his extensive coin holdings. The currency has always been a footnote in the descrip- tions of the Colonel's trove; but, for readers of Paper Money, this understated asset constituted the vast majority of the serial number one Series of 1929 National Bank Note sheets that collectors today wrap their collections around, whether in sheet or cut form. No detailed inventory of the sheets seems to be available, but Green had them by the hundreds if not thou- sands -- sheets that is, not notes. He liked low serial number federal currency as well. The removal of this material to The First National Bank of Boston was the result of an order from Probate judge Mayhew Hitch of Bristol County that no assets of Colonel Green be taken from Massachusetts pending a court decision on a petition by Massachusetts Tax Commissioner Henry Long. Long lodged a claim against the Sylvia, Col. Green's sister. (Edith photo in Bedell, 2003, p. 136) Nichols Here Colonel Green enjoys one of the first car radios. He was so impressed with radio, he established his own radio station at Round Hill, which was one of the first to syndicate programs to other sta- tions. His underlying interest was the life-saving potential of radio for safe passage of lost sea and airmen. (Photo from "Multi- Millionaire Rides a Hobby" by Tony Hayes in Bedell, 2003, p. 45) 36 January/February • Whole No. 259 • Paper Money estate for payment of income and inheritance taxes that he claimed were due the state (The Numismatist, Dec. 1936). One of Green's characteristics, like the other wealthy barons of the era, was that he didn't like to pay taxes. The IRS, along with several states including Massachusetts, Texas, New York, Florida and even Vermont, were cir- cling this pot of gold, although Vermont eventually dropped out. The tax claims against the estate totaled $37.7 million, with $17.5 million of that by the IRS alone (Lewis, p 224). The lawyers, and everyone else, were going to feast on this estate, and they did. One of the hearing offi- cers in the litigation summed it up this way: "The Green circus followed the sun -- Florida in the winter, Texas in the spring, Massachusetts in the summer, and New York in the fall" (Lewis, 1963, p. 211). The big- issue would be deciding Green's residency, a task that ultimately fell to John Spalding Flannery, a special master appointed to hear the case on behalf of the U. S. Supreme Court. This would involve dissecting his life virtually day-by-day as the claimants dug through the minutiae of his existence to determine just where he spent them -- and the nights. The road show went from October 1937 till March 1939. Massachusetts was the victor among the states, winning a lump sum haul of $5,250,000, equal to all the other inheritance taxes paid the state in 1938. The Colonel's sister, Sylvia, Mrs. Matthew Astor Wilkes, was the primary beneficiary of his estate. She got $30 million which was deposited into her existing checking account at the Chase National Bank of New York. Once there, it collected dust without interest until after her death in 1951. With the Colonel's money, plus her half of Hetty's estate which she already pos- sessed, the corpus of Hetty's vast fortune reassembled under Sylvia's tute- lage. Sylvia, by then widowed and without children, was a reclusive, some- what sickly woman who lived the last of her very modest life in New York City. Upon her death in 1951, her checking account at the Chase National contained $31,448,220, another at the Bank of New York held $4,545,601, and a safe deposit box of hers contained $257,045 in cash. Media Celebrities Both Hetty and Colonel Green were media sensations of their times. Like modern tabloid figures, they often played the media to their advantage, but the media cannot be controlled, and can be harsh. Once they died, their extraordinary lives were chronicled, and are still being written about, with awe and fascination. Not a small part of this literature casts a disdainful spin on both, a not uncommon twist when any of the super rich are placed under the microscope. The fact is, the stories of both are so fantastic, no exaggeration or spin is necessary. However, human nature being what it is, their lives have been subject to embellishments and even fabrications. The myth of both has risen to iconoclastic dimensions that when examined objectively far surpass careful fact checking. An undercurrent of sordid speculation and innuendo has always dogged the Colonel and his wife Mabel, because this sells. The result is that the image of the mythical characters that are replacing these people tends to discount their true strengths, attributes and successes. Colonel Green Colonel Green was by every account a very personable, affable fellow, loyal, generous to his friends, not one to hold a grudge, passionate in his interests, and possessor of a fine sense of humor. A man of large stature, for he was six feet four inches tall and weighed in at 290 lbs at his prime, Ned was well liked, and a larger than life personality in Texas where he cut his teeth in both business and underdog Republican politics. The numismatic and philatelic pursuits of the 1436VA, Iii 1.try 111(11'"! . dn., Deal with the Leading Auction Company in United States Currency Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 .l "a.....•., ,. ,.=, ....•-...=-.r.,...,.' * ) sl..,-it.: "-°-:";';'"— -." -....... -■■■1 - id, ' .„„, 1 ll: 1 t'l rliteRtP •■■". Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Paper Money • January/February • Whole No. 259 37 Currency Auctions If you are buying notes... You'll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful "grand format" catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: • Great Commission Rates • Cash Advances •Expert Cataloging • Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. Currency Auctions 800-243-5211 - 913-338-3779 - Fay 913-338-4754 Email: - Whether you're buying or selling, visit our website: 38 January/February • Whole No. 259 • Paper Money Colonel were wide ranging and eclectic, but he did not appear to approach the objects in a scholarly fashion, or become overly concerned with the minutia of varieties, which was prevalent among the philatelic elite of his age. Rather, he simply collected what he liked -- not too differently than most collectors who are reading this. The nucleus upon which the wealth that he inherited was built came from whaling, and he was steeped in the legends of desperate men cut off from all communication trying to survive in treacherous waters beyond the reach of civilization. This shaped his passionate interest in technologies such as radio. Although rooted in the sea, he became fascinated by aviation, a pursuit plagued with the same problems faced by seamen. He put considerable resources into understanding the physics of fog formation, and technologies for its dispersion. Pioneering research he sponsored laid the foundation for radar. Other work he sponsored opened cracks in the door of nuclear physics. The Colonel built a state-of-the-art airport on his grounds at Round Hill, and lavished attention on anyone who dropped in to use it. He sponsored pioneering research on radio, radar and radiation through MIT. The Mayflower, a Goodyear-Zeppelin Corporation Blimp, was leased and sheltered in a specially built hanger for two summers beginning in 1929, in order to carry instrumentation to measure direc- tions and magnitudes of signals from various emitters built by MIT scientists on his grounds. (Photos from Noel Hill collection in Bedell, 2003, p. 93 & 91) His first serious foray into sponsoring research occurred when he was in his early twenties, and focused on solving the boll weevil infestation that was wracking havoc on Texas cotton. The boll weevil infestation was direct- ly impacting the health of a railroad he was managing for his mother. The experts he assembled found a solution. The collaborative research program Green forged between their disparate academic and government organizations that led to their success served as an institutional model for later Federal 'agricultural extension programs. What proved to be highly unusual is that once the Colonel took possession of his Round Hill estate, he opened the grounds to scientists, mostly from MIT, and built the facilities they required right in his own back yard to carry on their research. This included a radio station with call letters WMAF that provided the first syndicated broadcasts, and a state of the art airfield complete with moorings and a hanger for the Goodyear blimp that was leased by MIT for aerial experiments conducted at Round Hill. The Colonel's Round Hill Airport was a welcome gathering place for the elite pilots of the day, and he provided free fuel and services for those who landed there. Obsolete research facilities were replaced with new as the needs of the research programs evolved. Much to the consternation of his neighbors, his estate looked more like a modern high tech industrial park built around an airport, than the manicured grounds of a member of the ultra rich. His collecting passions went well beyond philatelics, numismatics and jewels. He grew orchids. He res- cued the last full masted whaling ship, the Charles 147. Morgan, had it totally restored, and berthed it in a specially built enclosed pier on his Round Hill beach, alongside a recreated small whaling village. Now available Ell.,01U111DA PAPE IR MONEY" ANi 1111.11-%1STII.111,1.:0 reu.-ra■x: latv - 114 2-1 23,3101ILE.111 MECRIlt,LTE Ron Benice "I collect all kinds of Florida paper money" 4452 Deer Trail Blvd. Sarasota, FL 34238 941 927 8765 Books available, ,,, hugh skull Paper Money • January/February • Whole No. 259 39 Wanted Your advertising in this Space "The Art & Science of Numismatics" 31 N. Clark Street Chicago, IL 60602 312/609-0016 • Fax 312/609-1305 www.harl an jberk corn e-mail: A Full-Service Numismatic Firm Your Headquarters for All Your Collecting Needs 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 6-518" 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 3-3/4" $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 $345.00 $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 MyIarC) 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 40 January/February • Whole No. 259 • Paper Money The Colonel took no chances with aviation navigation to his airport, so he had these neon lights installed on the roof of his Round Hill mansion. (Photo from Noel Hill collection in Bedell, 2003, p. 89) The Charles W. Morgan was a whaler launched in 1841, owned and operated for a time by the Colonel's grandfather, and the last sur- vivor of its kind from the New Bedford fleet of 426 such ships. The Colonel bought the ship in 1924, had it totally restored, and built a protected wharfage to house it, as well as a whaling museum, on the south beach of his Round Hill Estate. He opened it for public visita- tion free of charge on May 7, 1925. This photo was taken at south beach, but now the ship is the centerpiece attraction at the harbor at Mystic, Connecticut. (Photo from Noel Hill collection in Bedell, 2003, p. 66) \\ \1( ) 1.31-1LAIIS >144313<- I I ) L:112,11 EEA PER ON DE2.*;- .2 "' c1443134- PMG NOTES REGISTRY AUTHENTICATION EXPERT GRADING ENCAPSULATION IMAGING INTEGRITY IMPARTIALITY Paper Money • January/February • Whole No. 259 41 INTRODUCING A IN DESTINNI ION 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 today and click on "Registry" to include your collection among the world's greatest notes. Join the community wviv,colleclors-societ,..rn 4 -TAPMG PAPER MONEY GUARANTY P.O. Box 4755 I Sarasota, FL 34230 877-PMG-5570 (764-5570) I An Independent Member of the Certified Collectibles Group 42 January/February • Whole No. 259 • Paper Money The 105-foot long ship built in 1841, had at one time been owned by the Colonel's grandfather. He opened it to the public free of charge, and it drew about 100,000 visitors annually from 1926 until he died. The ship eventually ended up on display at Mystic, Connecticut, after his death, where it remains to this day. He loved ordinary people, and did not fence them from his estate. Quite to the contrary, he opened his beach to the public. Crowds estimated to be as large as 20,000 on summer Sundays took advantage of his hospitali- ty. He expected them to leave a mess, so hired as many as 10 men to clean the beach on Mondays (Bedell, 2003). Crowd of local people enjoying the hospitality of Colonel Green at his beach on Buzzards Bay on his sprawling Round Hill Estate, South Dartmouth, Massachusetts, much to the consternation of his neighbors. His mansion is on the horizon at the center. Notice the numer- ous antenna for the MIT experiments, the hanger for his airport, and the Charles W. Morgan on the far right. (Photo from Standard- Time, New Bedford, MA. in Bedell, 2005, p. 5). Once he got his radio station running, he mounted huge speakers on a water tank, and invited the locals to park their cars and frolic on his fields as they listened to music, sporting events, and the like. These broadcasts drew thousands, a fact that his neighbors abhorred. The annoyance of the traffic was compounded by the intrusion of the noise from the broadcasts! His collection of pornography became renowned, and the subject of much judgmental commentary. He maintained a theater in the basement of his Round Hill mansion to watch his films. He delighted in tweaking puri- tanical conventions, so from the ceiling of the grand staircase that overwhelmed ones vision upon entering his Round Hill mansion, he hung an erect whale penis. The latter has been reported to be 14-feet in length, but we found it at the New Bedford Museum, and it measures only a little in excess of 4-feet long. The fact is, the man lived an extravagant, unconventional life once he gained possession of his mother's wealth, but his accomplishments generally have been discounted or forgotten outside of the circle of people who actually knew him, and participated in his ventures. Enjoying a Fortune Shortly after his mother Hetty died in 1916, and the Colonel was in control of his share of her wealth, he had a Great Lakes steamship refitted into the largest, finest and costliest private yacht in the world, aptly named the United States. The boat was lengthened 40 feet by cutting it in two and extending it. Weighing in at a little over 2,000 tons, this coal fired ship measured 255 by 40 feet, and no expense was spared on its luxurious interior. It was completed in July, 1917. Her maiden voyage, with the Colonel and his bride Mabel, was a honeymoon cruise to the West Indies, then on to the Panama Canal, with a stopover at Galveston along the way. It carried a crew of 72. Green also made plans to build a mansion on the old 241-acre Howland farmstead dating from 1652, at Round Hill astride Buzzards Bay in South Dartmouth, Massachusetts. The ground was broken for the home September 25, 1919. Sadly, the Colonel discovered that travel by sea was a miserable experience for him, owing to balance prob- lems with his artificial leg, pain that developed in the stump of his leg, and sea sickness. Galveston turned out to be Paper Money • January/February • Whole No. 259 43 the final destination on the honeymoon trip, and the Colonel thereafter used the ship primarily as a house boat, or took mostly short trips on her. In August of 1919, the boiler room of the United States was holed by a rock inside the breakwater at Padanaram Harbor at South Darthmouth, as the tide went out. The Colonel was in New York at the time, but Mabel was entertaining friends aboard the boat. It began to list, and slowly sank in 16 feet of water. It had logged fewer than 10,000 miles since it had been built only two years earlier, mostly on a couple of trips to Galveston. With the sinking, the entourage and crew moved onshore to the Tabitha Inn. Their seafaring holiday resumed on Labor Day when the Colonel arrived with the newly purchased Daydream, a splendid houseboat with accommodations for 70, which was towed into the bay by tug. In the meantime, the badly damaged United States was refloated and towed to a Brooklyn dry dock. The Colonel decided to sell it, rather than renovate it. The refloated United States, the largest and finest private yacht in existence at the time, after it was holed by a rock and sank in 16 feet of water in Padanaram Harbor at South Darthmouth during August 1919. The badly damaged ship was towed to a Brooklyn shipyard and sold. (Norman Fortier photo in Bedell, 2003, p. 24) Once the Round Hill mansion was completed, more than 100 employees were required to maintain it and the grounds, and to tend to the needs of its owner and guests. Some of the female staff worked exclusively on his various collections. The Colonel treated Round Hill as his summer home, assiduously occupying it only between July 1 and December 31, in order to avoid, for tax purposes, the appearance of establishing residency in Massachusetts. Modern view of Col. Green's Round Hill Mansion, South Dartmouth, Massachusetts, which was completed in 1921 at a cost of $1.5 mil- lion. The mansion currently houses 16 luxury condominiums, and is the centerpiece of an exclusive gated community of starter mansions and golf course. Buzzards Bay is in the background. (Photo from Round Hill Golf Links scorecard) 44 January/February • Whole No. 259 • Paper Money The Colonel enjoyed the company of young people, particularly adolescent girls, so after he and Mabel were married, he began to surround them with wards Or protegees (Lewis, 1963, p. 158-159). These girls numbered upward of fifteen, several of whom were reported to be daughters of business associates or friends in Texas (Bedell, 2003, p. 115). They typically visited at Round Hill during the summer months, and affectionately called him Uncle Ned. He lavished on them clothes, pin money, tuition fees, room and board, travel to the Waldorf at Christmas holidays and to South Dartmouth in the summers, and an opportunity to earn degrees at Wellesley College. Such extravagances added up to about $150,000 per year in the late teens. The presence of these girls was, of course, the source of great speculation and innuendo. One of the wards interviewed years later dismissed this as nonsense, claiming that Ned's behavior toward them was proper, also not- ing that he was old and in ill health at the time (Bedell, 2003). Green requested, and was sent, copies of their grades so he could be assured that his attentions were, in fact, leading to their betterment. When the girls were not at Round Hill, they consumed considerable attention and correspondence directly from him. Only one of the girls, Ruth Lawrence, is known to have actually graduated from Wellesley (Lewis, 1963). Ruth's daughter advises that both of the Greens were simply wonderful to her mother (Bedell, 2005). The girls were viewed as surrogate children for both Ned and Mabel by people close to the situation. Round Hill was followed in 1925, by the Colonel's purchase of a huge winter estate on Star Island, in Biscayne Bay near Miami Beach. Formerly the Star Island Yacht Club, the facility was remodeled into a second extravagant home that he occupied in 1927. Al Capone's winter home was just across the water. Hetty Green This man of great wealth came by it through his mother, Hetty Green, who was billed as the richest woman in America, but more perverse- ly remembered as the "Witch of Wall Street." Before we leave the Colonel to explore his life prior to the death of his mother, suffice it to say he did not grow up in the lap of luxury, or with a silver spoon in his mouth. Although his mother loved him dearly, and would do almost anything to ensure his happiness and success, the one thing she could not do was spend money on him or his younger sister Sylvia for anything that wasn't required to meet their basic needs. Hetty had a remarkable genius for accumulating and making money, but the demons that possessed her made her a renowned skinflint that defied even the most twisted reasoning. In effect, Ned anti Sylvia were raised in grim austerity, isolated socially from entree to people or children of wealth, or, in fact, from most other people whatever. Both Ned and Sylvia grew up as lonely, isolated, shy children, held on a short leash by their controlling mother. Hetty moved frequently, staying ahead of assassins who roamed her consciousness, and ahead of real tax men trying to lay claim to her wealth by virtue of her residency. Her preference was cheap flats, some cold water, in rundown neighborhoods, preferably in Brooklyn or, better yet, Hoboken, New Jersey, where expenses were particularly modest, but the commute to New York easy. Ned, was born August 22, 1868, in London while his mother was staying out of the reach of the law for forging a codicil to her aunt's will in a grab for money from that estate. Some years after they returned to the states, he badly injured his left knee in a sledding accident at Hefty's family home at Bellows Falls, Vermont (Sparkes and Moore, 1935, p. 149). The boy was 14 at the time, and the injury was excruciating, probably a dislocat- ed knee cap, and certainly much torn cartilage. Medical attention was out of the question. Doctors and lawyers were predators whom Mrs. Green particularly detested; leeches she knew who would attempt to extort all they could owing to her wealth. She applied home remedies, and attempted to nurse Ned back to his feet, but the injury was crippling. This probably is the most reproduced photo Ned at 18, always limping and in pain, was crossing 9th Avenue in of Hetty Green in New York, because it New York during the late summer of 1886, when he was knocked down, conveys the "Witch of Wall Street" image overrun and dragged by a boy riding a wagon pulled by a dog (Lewis, 1963, given her by the press. (Photo from Slack, 2004)p. 3 7). He was picked up unconscious by passers by. Hetty was determined Paper Money • January/February • Whole No. 259 45 this time to get him appropriate medical help once she could get him on his feet. After a couple of days, dressing him in ill fitting second hand clothes, and wrapping herself in the garb of an indigent, she made the rounds of chari- ty clinics in Brooklyn and Manhattan, Ned in tow. However, she was too recognizable, so this ploy failed. Finally she condescended to engage a neighborhood physician, who, upon assessing the extent of the damage, advised an immediate amputation above the knee. This advice was not heeded. Two years later while visiting his father Edward, Hetty's long estranged husband, at the Union Club in New York, Ned lost his footing while climbing stairs to view a Fourth of July parade from a second story window (Lewis, p. 40). He fell and was unable to regain his feet. A competent physician was summoned by his father who, after a few days, declared that gangrene was setting in. An amputation was a matter of life or death. Rather than face the trauma of confronting Hetty about payment, the elder Edward sold some securities from his now meager assets to fund the amputation. Ned lost his leg 7 inches above his knee July 9th, just a little more than a month before his 21st birthday. He wore an artificial leg from then on. Typically the leg is described as cork. However, a man from New Bedford who helped clean out the man- sion after the Colonel died found the leg, and it was "carved from wood, hollowed out, with a foot that bends at the ankle -- an unbelievably heavy thing" (Bedell, 2005). Hetty Green was born November 21, 1834, into a New Bedford, Massachusetts, Quaker family. Her mother was the daughter of a wealthy whaling magnate named Isaac Howland, and her father a steely, domineering individual named Edward Robinson from Philadelphia who knew how to marry for money, and then compound it in his father-in-law's whaling empire. Hetty took no interest in childhood pursuits, but rather trailed behind her father as he pursued his busi- ness. She developed an abiding interest in money, soaking up how it was made, and learned austerity. She appar- ently grew into a handsome young woman, but dress and social refinement were lost on her. She eschewed finery in dress and polite society for life in accounting offices, warehouses and on docks where money was made. Her father's thrift became her abiding mantra. When her father died in 1865, he left his fortune of almost $6 million to Hetty; $910,000 in cash plus property in San Francisco valued at about $100,000 outright, the rest in trust. She became a millionaire just before her thirtieth birthday. She married Edward Green of Bellows Falls, Vermont, in 1867, when she was 33 and he 46. They soon went to London where he engaged in banking and stayed there until 1874. He proved to be a good mentor in investing, but they became estranged some 15 years later when his fortunes turned, and a creditor attached some of Hetty's assets to cover his liabilities. Hetty scored some spectacular successes on her own with her inheritance while in London. In one year, she made one and a quarter million through the purchase of discounted U. S. gold bonds, having confidence that specie payments would resume (Sparles and Moore, 1935). Once back in the states, she invested heavily in undeveloped and rental real estate, her greatest concentra- tion of which appears to have been in Chicago which was experiencing unprecedented growth. There she eventual- ly owned square miles including entire blocks of prime downtown property, some with frontage on the Loop. She invested heavily in large tracts of land in the rapidly appreciating suburbs such as Lake and Hyde Park. Real estate mortgages were also a favorite instrument. To focus on Chicago, though, would be to understate her reach. Her Chicago agent claimed she owned between 7,000 and 8,000 parcels of land from Boston to San Francisco, and in many cities in between. Hetty orga- nized two holding companies to handle her domain, The Windham Realization Company and the Westminster Company. Her financial career spanned the boom years of railroading as the west was opened. Her shrewd and heavy investment in them compounded her wealth enormously. However, she didn't limit her activities to real estate and railroads. She owned significant interests in gold mines in Nevada, copper mines in Michigan, and iron mines in Missouri. She liked government and municipal bonds. She readily made short term loans to the City of New York. After all, if the bosses came to her when the city needed a temporary bailout, chances are they would overlook the taxes she was dodging. When the City of Tucson, Arizona Territory, needed to build a municipal water supply in 1900, it was Hetty Green who purchased the $110,000 bond issue. The city built both a water distribution and sewer system with those funds (Slack, 2004, p. 137). The names Hetty Green and The Chemical National Bank of New York are forever interwoven. In 1885, she moved her financial instruments and cash accounts there, arriving in a cab stuffed with bundles of securities of all types. The president of the bank, George G. Williams, a tactful Yankee with Rhode Island roots, treated Mrs. Green like a queen, and her eccentricities with patience and deference. She was allowed to use virtually as much /?Pix;74//#11 Hetty Green was granted use of The Chemical National Bank, 270 Broadway, as her headquar- ters by its president George G. Williams. She kept her fortune in its vault, a mass of paper that took up considerable space. Her checking account was as great as $30 million. (Photo from Sparkes and Moore, 1935) 46 January/February • Whole No. 259 • Paper Money space in the bank as she liked, was even offered an office which she refused, and was tendered whatever assistance by the staff she desired. Her financial instruments took up a considerable fraction of the vault, and other items were allowed to accumulate in large volumes in space on the second floor. At times the second floor trove included clothing and even a dismantled buggy (Sparks and Moore, 1935, ch. 27). Lore had it that she preferred to do her business in the lobby, often sprawled on the floor surrounded by trunks and satchels sniffed with her papers and valuables. She was oblivious to the dirt and grime that her wretched clothes picked up, and often she brought her frugal meals with her so she didn't have to pay the exorbitant charges at near- by lunch counters. These ranged from an unwrapped sandwich stuffed into a pocket of her dress to a tin containing oatmeal purchased for pennies. The bank did not use steam heat, so she used to go to a hard- ware store next door where she heated the oatmeal on a radiator. Other accounts reveal that she used a mahogany desk by a window in the far corner of the main banking room, shielded from the public by clerks (Slack, 2004, p. 135). People had to be tolerant of the scent emanating from her because she tended to be indifferent about her personal hygiene, and bathed sporadically. According to Lewis (1936, p. 37), a reporter writing for the New York Tribune in 1886 had this to say: "Mrs. Green wore what once had been a black dress, which must have been of practically indestructible material. It turned brown, then green, and still she wore it; and carried an umbrella and handbag of about the same era as her dress." Mrs. Green's personal assets were a multiple of those of the bank. She was good for business because her presence drew customers. Her notoriety also drew curiosity seekers because a fascinated press had built her into a celebrity, and people knew she could be found there. Her regularity at the bank also was convenient for those who wished to transact business with her. Mr. Williams died in May 1903, and the new president, William H. Porter, did everything possible to accommodate her. Sometime early in 1909, she joined about a dozen others in the directors' board room for lunch over a closing for one of her large transactions. She alone of the group contracted a case of food poisoning, so she concluded they were trying to poison her. The result was that she quickly moved her assets and operations to The National Park Bank, where her assets resided until the end of her life (Sparkes and Moore, 1935, p. 314-315). Hetty Green died July 3, 1916. Her fortune was estimated at $100 million, with some financial observers claiming this figure was greatly underestimated. Perhaps it was $150 or $200 million. She had left the Quaker faith to become an Episcopalian a few years prior. This was not a conversion born of deep theological conviction. According to one Vermonter, she simply wished to be buried in the Green family plot at the Immanuel Church in Bellows Falls -- in a plot that long ago had been fully paid for by her husband's family with sufficient space to accommodate her for free. Another savings was that she had been burdened with a serious and painful abdominal hernia that had plagued her for over 20 years. She held the bulge in check with a slat jammed into her undergarments that she would prop with her leg when seated. -\Vhen laid to rest, she had saved the few hundred dollars it would have taken to repair it. How Ned Cut His Teeth The best years of Ned's life were the result of the fallout of a rivalry between Hetty and a railroad magnate named Collis Huntington, the principal in both the Central and Southern Pacific railroads. The clash between these titans that served Ned so well involved hegemony over railroad properties in Texas. In 1892, Hetty sent Ned to Texas to purchase at auction a minor east Texas line called the Waco and Northwestern out from under Huntington. The line consisted of 54 miles of track between Bremond and Ross, a vital link in Huntington's plan to cross Texas with the Southern Pacific Railroad. Ned won with a winning bid of $1,365,000. Huntington insti- tuted three years of litigation to break the Greens, but ended up buying Hetty off for a quarter million dollar profit to finally gain control (Slack, 2004, p. 125). At the same time of the Waco and Northwestern purchase, Hetty took over another line to preserve an investment she had made that began to sour. This was a run down branch line of the Texas Central Railroad con- sisting of 51 miles of track between Terrell and Garrett. This she reorganized as the Texas Midland Railroad, and Paper Money • January/February • Whole No. 259 47 On This Date in Paper Money History an. 2009 By Fred Reed ° Jan. 1 1780, State of Massachusetts Bay issues "inflation proof" post notes payable in flexible sums of money based on ratios to various commodities such as corn, beef, wool and leather; 1819, Borough of Norfolk, VA emits municipal scrip; Jan. 2 1779, John Dunlap prints broadside "Description of counterfeit bills, which were clone in imitation of the true ones ordered by the Honorable the Continental Congress..."; 1900, second issue of Canadian 25-cent shinplasters; Jan. 3 1862, Federal Government suspends specie payments; 1910, US Postal Savings Bank inaugurated; 1923, Congress litts BEP power printing press restrictions permanently; Jan. 4 1864, Essayist lohn Burroughs becomes clerk at National Currency Bureau (BEN; 1984, BEP souvenir card for FUN depicts Series 1880 $10 USN "sawhorse note back; Jan. 5 1863, Senate bill to tax hank notes and fractional currency introduced and referred to committee; 1963, first delivery of Series 1950D $5 FRNs; Jan. 6 1929, Van Buren Studios releases animated short subject (cartoon) Wooden Money; 1954, Treasury Department halts selling of U.S. currency in sheets; Jan. 7 1817, Second Bank of the United States opens its doors for busines; 1988, BEP debuts green version of Bicentennial of the Constitution intaglio print; Jan. 8 1877, engraver G.F.C. Smillie completes a Lincoln die for ABNCo.; 1930, Federal Reserve Note circulation reported as $1.83 billion; Jan. 9 1790, Treasury Secretary Hamilton advocates assuming the states' debt; 1868; college currency issuer Harvey Gridley Eastman patents an improved pen holder; Jan. 10 1863, CSA Treasury Secretary C.G. Memminger reports on finances; 1866, total num- ber of national banks now doing business throughout the country is 1,626; Jan. 11 1791, Constitutional Society of Dutchess County, NY issues scrip; 1934, Final delivery to BEP vault of small size Federal Reserve Bank Notes; 2007, ANS gala honors numis- matic publisher/author Chet Krause; Jan. 12 1864, Issue of two-year U.S. Treasury Coupon Notes of 1863 began, according to U.S. Treasurer Jas. Gilfillan; 1864, President Abraham Lincoln purchases 58,000 of 5-20 Treasury Notes; Jan. 13 1869, New York Times reports on the defeat of Congressman Benjamin F. Butler's Greenback Bill; 1964, Series 591 MPC withdrawn in Europe; Jan. 14 1875, Congress requires all classes of U.S. currency to circulate at par; 1976, clue to a postal strike NASCA postpones major auction for one week; Jan. 15 1759, British Museum opens to public; 1902, Banque de L'Indo-Chine at Canton issues dual-denominated dollar/piastre paper money; Historically since 1933, the largest purchaser of rare American paper currency ... CALL 888-8KAGINS Jan. 16 1833, artist and banknote engraver James David Smillie born; 1978, Smithsonian Institution and Chase Manhattan Bank agree to transfer Chase collection; 1984, Grace Commission recommends standard Fed Reserve seal/offset printing for $1 note backs; Jan. 17 1826, encased stamp issuer Chicago hotel proprietor John B. Drake born; 1963, W.E. Hilton advertises 5500 in facsimile Confederate notes for $5 in Harper's Weekly; Jan. 18 1862, President John Tyler, who appears on Virginia notes, dies; 1929, beginning of Mellon-Woods combined tenure as Treasury Secretary and Treasurer; Jan. 19 1821, Thomas Willing, first President of the Bank of North America and the Bank of the United States, dies; 1943, Nev York Federal Reserve Bank issues Circular No. 2575 on use of Silver Certificates with Yellow Seal in combat areas; Jan. 20 1906, Dr. George Francis Heath issues souvenir receipt for subscription to The Numismatist to R. Archer on a 5-forint Hungarian Fund note; 1915, Federal Reserve Note circulation reported as $14.5 million; Jan. 21 1802, U.S. Treasurer Francis E. Spinner (FR 1324-1342) born; 1953, Fractional Currency dealer Rob Kravitz born on Paper Money Editor Fred Reed's birthday; Jan. 22 1862, NYT reports Ways and Means Committee desirous of issuing another $100 mil- lion in Demand Notes; 1964, Inter-American Development Bank Act becomes law; Jan. 23 1862, Congressman Blake reports A Bill to establish a postal money order system, H.R. 244; 1964, BEP begins printing S5 U.S. Notes with motto "In God We Trust"; Jan. 24 1932, Fractional Currency author D.W. Valentine dies; 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; 1922, noted banker, Comptroller of Currency and paper money author A. Barton Hepburn dies; Jan. 26 1868, Treasurer of the U.S. Francis E. Spinner announces a specimen set of all frac- tional curency costs $5.63; 1992, BEP & Chief Mint engraver Gilroy Roberts dies; Jan. 27 1988, first Australian polymer note, $10 released to public; 2003, W. Ralph Basham sworn in as Director of Secret Service; Jan. 28 1847, Congress funds treasury notes issued during War with Mexico with six-percent registered bonds; 1868, encased stamp issuer J.C. Ayer patents a hair dye; Jan. 29 1858, Minnesota territorial legislature authorizes State Auditor to issue warrants in payment of state expenses; 1887, early paper money collector Alden Scott Boyer born; 1881, banknote company excutive Tracy R. Edson dies; Jan. 30 1911, Citizens Bank of Lousiana at New Orleans, issuer of the famous Dix note, becomes Citizens Bank and Trust Co. of New Orleans; 1978, NASCA sale of Q. David Bowers obsolete currency collection begins; Jan. 31 1913, Treasury Secretary MacVeagh approves new George Washington $1 Silver Certificate design; 1979, Clydesdale Bank Limited, Glascow, Scotland, one pound note depicts Scottish emancipator Robert the Bruce; 48 January/February • Whole No. 259 • Paper Money the following year she sent Ned out to Terrell to cut his teeth on the business. Ned, 25 years old at the time, but having Hetty's controlling stock behind him, became its president imme- diately. He wasn't without railroad experience. His mother had arranged for him to work on various lines begin- ning with the Connecticut Railroad from the time he was young, so he could learn the business from the bottom up. In Texas, he rapidly emerged as a dedicated and inspired quick study in railroading in general, and in the economy of the territory that his line served in particular. His congenial nature made him Terrell's leading citizen. Haw kept him on a frugal budget, his position as president unpaid, but he soon learned how to wrest money from the railroad and his mother, and to use it for the good of the business, and even to benefit the communities that the railroad served. One of his ploys was to write sight drafts against his mother for major expenses. Hetty objected vociferously to them, but always paid. The fact was, he was finally a long distance from Hetty, and out from under her domineering thumb. He turned out to be a superb chief executive, gifted in handling people, willing to delegate authority and exact results in return, and he rebuilt the line. Once it became profitable, he extended the trackage to 125 miles, with connections on each end with major east-west carriers. The entire infrastructure was modernized and upgrad- ed. He purchased new rolling stock, including a luxurious Pullman coach for his personal use. In the winter of 1894-5, after Ned was establishing himself as president of the Texas Midland Railroad Company, he set up the Green Flats in Terrell, complete with cook and house boys, where he and his friends could frolic, and Ned could savor the good life. During this period, he developed what would become a life long relation- ship with Mabel Harlow, a tall statuesque redhead. Nothing is known about Mabel's past, and, in often lurid fashion, biographers have speculated about her origins, how and when they first met, and the character of their subsequent relationship and eventual married life together. It is rather apparent that Mabel was not accepted by Hetty, so a marriage was impossible before Hetty was gone. This probably would have been the case no matter who Ned became attracted to, or the social standing of the potential spouse. Mabel's presence crimped Ned's ability to mingle with the social elite in Texas, and subse- quently in the East, but high society social life wasn't something to which he aspired. Rather, he preferred to keep company with people with whom he shared passionate interests, and common folk. One of the greatest clays in Green's life came near the end of his tenure in Texas, during a well lubricated celebration on his Lone Star railcar. The event was shared by newly elected Republican governor Oscar B. Colquitt, and various politi- cal cronies who along with Ned had helped elect the man. The Governor elect stood up and, with a toast, announced the appointment of Ned as "the newest and finest member of my staff." The date was November 8, 1910; the appointment was to the Governor's honorary Military Staff at the rank of Lieutenant Colonel. Thereafter, Ned rarely signed his name without using the honorary Col. The uniforms that he had tailored for himself at Brooks Brothers were the grandest worn to Texas inaugurations that followed (Lewis, 1973, p. 127). Republican Oscar B. Colquitt, running as anti-prohibitionist, was elected governor of Texas in 1910, and served from January 1911 to January 1915. He appointed Green at the rank of Lieutenant Colonel to his honorary Governor's Military Staff for Ned's service in helping him get elected. (Photo from Huckaby) Hetty was getting frail, and needed Ned's companionship. She called for his return to New York, and he obliged at the end of 1910. Ned always claimed Terrell as his home, both for tax purposes, and for the ties he developed there. Once back in New York, Hetty treated him like a crippled boy, and stripped him of decision mak- ing authority over any of her wealth. The next six years were not good for the Colonel. Hetty died when Ned was 47, and he immediate made life style changes that materially improved his com- forts. His collecting interests, apparently already established, blossomed. As a 48th birthday present to himself, he surprised everyone, including Mabel, by announcing that he would marry her. They made their vows in Highland Park, a suburb of Chicago, July 10, 1917. His gift to her for signing a prenuptial agreement to not lay claim to the family fortune was a trust fund endowed at $625,000 (Slack, 2004, p. 208). One friend of the Greens interviewed by Bedell (2005), who spent many summers at Round Hill, recalled that Mabel stuck by the Colonel, no matter what. It was at this time that the Colonel moved forward with the construction of Round Hill, and the United States. Mabel didn't particularly like Round Hill because she had few friends there; however, she thoroughly enjoyed Key Biscayne. Despite returning to New York, Green maintained close ties with friends in Texas, and claimed it as home Paper Money • January/February • Whole No. 259 49 On This Date in Paper Money History -- Feb. 2009 By Fred Reed Feb. 1 1858, encased stamp issuer Arthur M. Claflin appointed Notary Public for Atchison County, KS; 1933, Tromp Foci! currency artist John Haberle dies; Feb. 2 1798, banknote engraver John Warner Barber born; 1882, Irish novelist James Joyce, who is honored on an Irish Republic 10-pound note, born; Feb. 3 1863, John M Batchelder patents improvement in bank notes consisting of a series of numbers extending across the bill; 1925, Piqua (OH) National Bank becomes Piqua National Bank and Trust Co.; Feb. 4 1864, issue of one-year U.S. Treasury Notes of 1863 began, according to U.S. Treasurer Jas. Gilfillan; 1996, Los Angeles Times Magazine reports on DigiCash "Numbers that are Money"; Feb. 5 1835, in Illinois legislature Abraham Lincoln votes to withdraw state school funds from Bank of the U.S. at St. Louis and tender them to the State Treasurer; 1867, Act of Congress makes it illegal to circulate advertising notes in similitude of U.S. Treasury Notes, National Currency or Fractional Currency with fine of $100 upon conviction; Feb. 6 1861, President -elect Abraham Lincoln writes check for 50 cents in payment of taxes on lot in Lincoln, IL betore leaving for inauguration; 1866, First National Bank orga- nized in Arkansas (FNB Fort Smith #1631); Feb. 7 1927, Palestine Cvurrency Order is passed by British Parliament; 1992, signing of Maastricht Treaty committing Europe to a single European currency; Feb. 8 1820, Union general William Tecumseh Sherman (FR 379, 1272-1276-SP) born; 1875, Act taxes notes of state banks, towns, cities/municipalities and persons at 10%; Feb. 9 1835, in Illinois legislature Abraham Lincoln votes in favor of setting up a new state bank with headquarters at Springfield; 1866, Louisiana authorizes post-war state notes; Feb. 10 1809, New-York Historical Society incorporated; 1863, Evansville, IN postmaster reports "plenty" of Postage Currency in circulation; Feb. 11 1779, Continental Congress establishes office of Secretary of the Treasury; 1971, John B. Connally takes office as Treasury Secretary; Feb. 12 1862, Act of this date authorizes additional 510 million in Demand Notes; 1914, ground broken for Lincoln Memorial, which appears on coins/paper money; 2009, 200th anniversary of birth of Abraham Lincoln; Feb. 13 1800, Banque de France founded; 1861, Alexander B. Clitherall becomes CSA Register of Treasury; 1997, Dow Jones crosses 7,000 barrier for first time at 7,022.44; Feb. 14 1818, Mississipi renames its only chartered bank Bank of the State of Mississippi; 1853, date on "Bank of True Love," State of Matrimony ad notes; 1880, legislation enables National Gold Banks to eliminate Gold from their names but keep charter #s; Historically since 1933, the largest purchaser of rare American paper currency ... CALL 888-8KAGINS Feb. 15 1756, American political economist Pelatiah Webster, who said 'paper money pollut- ed the equity of our laws, and went far to destroy the morality of our people," dies; 1841, Congress authorizes one-year interest-bearing notes of $50 and up; Feb. 16 1866, Bank of the State of Tennessee assets liquidated; 1874, last issue of Fr-1379 Dexter 50-cent notes; 1905, Civil War financier Jay Cooke dies; Feb. 17 1864, CSA authorizes new issue of treasury notes at rate of two dollars new to S3 old funded; 1967, "Banknotes," a song by Barry Paterson, Ricky Kemp and Keith Herd copyrighted; Feb. 18 1799, banknote engraver Vistus Balch born; 1908, Bureau of Engraving and Printing delivers first postage stamp coils; Feb. 19 1873, Comptroller of Currency required to report on condition of state banks; 1914, German 20 Mark hills with Persian 5 Ionian overprint circulate in occupied Persia; Feb. 20 1776, New Jersey Provincial Congress authorizes 50,000 pounds in bills of credit; 1865, Missouri provides for S2 million in new Union Military Bonds; 1894, U.S. Attorney General Richard Olney rules that Silver Certificates are not 'lawful money"; Feb. 21 1861, CSA Treasury Secretary Christopher Memminger's tenure begins; 1871, First National Bank of Lincoln, Nebraska chartered; 1967, The Early Paper Money of America by Eric Newman copyrighted; Feb. 22 1777, Washinton's aclie-de-camp LTC John Trumbull whose paintings appear on sev- eral U.S. notes resigns commission; 1850, cornerstone for Crawford's equestrian stat- ue of George Washington, which appears on CSA 1864 $500 notes, laid; 1980, Israel repudiates its currency; Israel pound bows out; Feb. 23 1816, Ohio banking law creates a "brood of vipers," 12 bank hatchlings; 1864, First National Bank chartered in Maryland (FNB Baltimore =204) and First National Bank organized in Virginia (FNB Norfolk #271); Feb. 24 1809, New York Congressman and "inventor of the greenbacks" Elbridge Gerry Spaulding born: 1815, Congress authorizes treasury notes of less value than $100 transferrable as currency; 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 5500 in counterfeit Fractional Currency; Feb. 26 1777, The 'Baltimore" Continental Currency (FR CC55 - 62) bears this printed date; 1858, Benjamin Disraeli becomes British Chancellor of the Exchequer for a second time; 1924, printing of geographic letter on NBNs to aid sortation discontinued; Feb. 27 1872, U.S. House defeats a bill directing officers of National Banks to stamp as coun- terfeit spurious U.S. notes presented to them; 1964, financial columnist Sylvia Porter reports on Treasury's "concerted effort to circulate 52 bill among the general public"; Feb. 28 1793, U.S. borrows 5800,000 at 5% from BUS for support of government for 1793; 1834, Senate Committee on District of Columbia "instruceted to inquire into the expe- diency of prohibiting, by law, issuing of any bank or corporation note" less than S5; Ned Green married Mabel Harlow July 10, 1917. (Photo from Massachusetts Historical Society) Edward (Ned) Green in a specially built high top automobile that allowed him some ease of maneuver with his artificial leg. (Photo from Standish, 1954) January/February • Whole No. 259 • Paper Money for tax purposes. Having Hetty's money behind him first brought him recogni- tion, and then friendships among a few local bankers there. Two of particular note were Tom Corley, vice president, and W. P. Allen, cashier, of the newly established in 1895, Harris National Bank of Terrell, later renamed The American National Bank. Both liked Ned, and included him in their inner circle of associates. Allen's friendship became life long. There are tales over the years where Green flamboyantly stepped in to save a couple of Texas banks experiencing runs. The stories have been greatly embellished complete with valises filled with $10,000 bills, boxes of cash, and bags of silver dollars. The realities probably were far more pedestrian. One such tale was related in testimony taken in connection with the adju- dication of his estate taxes (Supreme Court, 1938, p. 1109). The president of The First National Bank of Terrell, M. W. Raley, committed suicide in 1920. Fearing a run, Ernest Morrow, the cashier of the bank, went to Dallas the next day to line up funds from the Federal Reserve Bank and commercial banks in case the suicide spawned a run. 'While visiting The American Exchange National Bank of Dallas, Morrow, who was a casual acquaintance of the Colonel, chanced upon him there during one of Green's return visits to Texas. Green volunteered to have $250,000 wired from New York to the Federal Reserve Bank of Dallas for the credit of Morrow's bank, and said more would be forthcoming if necessary. Green then followed through by going to the Terrell bank the next day, where he hung around visiting with cronies. No run developed, and the crisis was averted. The Collector 50 Stanush (1954) wrote: One day, having shown almost no previous interest in stamps, the colonel walked into a dealer's shop and asked to be shown several ready-made collections. After giving them a once-over he told the amazed proprietor to wrap up the whole lot. As he became more obsessed with stamps and the chal- lenge they represented, he spent many hours each week down on New York's Nassau Street -- then the headquarters of the stamp trade -- often sitting in his car while the dealers brought their wares out to him. On one busy day of buying, his bill added up to $77,000. At his home on 90th Street he had a full- time staff sorting out his purchases. To examine his stamps better he spent $20,000 on a magnifying glass four feet in diameter. When Green's stamps were sold in the early 1940s after his death, they brought $3 million, an all-time record for the sale of a single collection. Probably the item that defined Green in philatelic circles was his purchase of the full sheet of 100 bicolored 24-cent airmail stamps with the inverted jenny in the center for $20,000 in 1918. A Washington stockbroker clerk named William T. Robev had obtained the sheet at the local post office on May 14th of that year (Bierman 1990, p. 122). In coins, he had all five 1913 Liberty nick- els. Author Huntoon's uncle, John Klemann Jr., told him a few tales about his Grandfather John A. Klemann's dealings with Green. Klemann was a prominent stamp dealer who owned the Nassau Stamp Company at 68 Nassau Street in New York during the Colonel's heyday. Apparently Green did not like being pursued by dealers with deals, but rather preferred to initiate contact, discover items himself, or buy through agents. The pushy or eager types were sidelined. To accommodate this, Klemann would periodically gather a tempting array of material, pack it in an attaché case, and set off from New York on an overnight train to New Bedford, Massachusetts. Once there, he would take a Sunday walk along a route that the Colonel would be following on his habitual Sunday Entrance to Col. Green's mansion at Round Hill, South Darthmouth, Massachusetts, complete with Hupmobile parked in front. (Photo by John Klemann, Jr. September 23, 1931) Paper Money • January/February • Whole No. 259 51 Colonel Green later in life taken at Round Hill. Photo from Noel Hill collec- tion in Bedell, 2003, p. 1) afternoon drive in nearby South Dartmouth which Klemann had prearranged with Green's chauffeur. Along would come the Colonel, who would exclaim to his driver "Isn't that Mr. Klemann walking down the street? What do you think he is doing up here? What a coincidence, let's stop and give him a lift." Once in the car, and seated beside him, Green would invariably ask what was in the valise. Out would flow wonderful material. Green would be smitten. Both men would return home most pleased at the close of the pro- ceedings, and Klemann would have gotten a lift back to the train station in New Bedford for the evening ride to New York to boot. Naturally Huntoon asked what types of items were in the attache case, and although his recollections were dimmed by more than 40 years, Huntoon's uncle remembered high end stamps and gold coins. There also were serial number 1 federal notes that Klemann was able to purchase from the cashiers in the major New York banks who watched for such things in the incoming shipments of new currency. We don't know how often this ploy was used. But one fact is that Huntoon's uncle accompanied Klemann to South Dartmouth, probably by car, and obtained the photo shown here of the Colonel's mansion using a camera he brought along for the occasion. His uncle was 21 at the time. Series of 1929 Sheets The story of Colonel Green and the Series of 1929 number 1 National Bank Note sheets is one every collector of U. S. Paper money should know. The reason is that chances are the number 1 sheets or notes that you will own or see were from sheets collected by the Colonel. You owe him your grat- itude for their preservation. Here is that story as told by the legendary William A Philpott of Texas, who was there (Philpott, 1970): George H. Blake, 12 Highland Avenue, Jersey City, N.J. was a true "dean" of paper money fanciers. He called himself a "collector of paper money," and he authored the first listing of U.S. currency in a 1908 booklet titled, United States Paper Money. Mr. Blake was gracious toward young collectors. I credit him with inciting my early enthusiasm for U. S. paper currency. Besides being a seasoned collector and an authority, he was thoroughly versed in selling the specimens he accu- mulated. The comparative proximity of his home to Washington, D.C. and his friendships in the Treasury Department (particularly in the redemption bureau and the comptroller's offices) gave Blake the "inside track" for many years -- with accent on his government activities in the years 1927-36. During this period the small size notes were replacing the old large ones. Hardly a pleasant week would the venerable numis- matist miss from his usual rounds at the redemption department, or in the offices of the comptroller of the currency. During these years the notorious Col. E. H. R. Green (Hetty Green's son) was buying everything, numismatically speaking, that was offered. Anybody could sell him an item he did not already own. But he did not purchase duplicates, no matter what. George Blake, widely known as he was in our hobby (more than twenty-five years treasurer of the A.N.A.), found Green a "soft sell" on the small size National Currency, series 1929, soon to be issued by the 14,000 national banks. Avoiding duplicates, Blake suggested that the No. 1, uncut, six-subject sheets could be made a fascinating project. Green agreed. Accordingly, Blake, through his Treasury Department connections, was notified promptly when any and all banks ordered a circulation of the new size currency. By the time a bank had its currency application approved, the particular bank's officials had a letter from George H. Blake, in far away Jersey City. True, it A small handful of number one notes cut from sheets that were saved thanks to the extraordinary efforts of Col. Green. THE FIRST NATIONAL BANK OF WENATCHEE WASHINGTON Al, PAY TO TOP BEARER ON CEALAMO VDT DOLLARS EMMA W7re-m.e,( 52 January/February • Whole No. 259 • Paper Money was a form letter, with the bank's title town or city filled in, but signed personally by Blake. The letter was addressed, "Gentlemen," and went on to say: "From this letterhead you will note I am a collector of United States paper currency for historical, numismatic, and educational purposes. I am desirous of purchasing the No. 1 uncut sheets of your new, small sized National Bank notes, when and as issued. For such I will pay the following premium prices: Sheets of $5, No. 1, containing 6 notes 37.50, Sheets of $10, No. 1, containing 6 notes 66.00, Sheets of $20, No. 1, containing 6 notes 125.00. TOTAL $228.50. Payment for these will be made always in advance. Please advise if you will oblige me in this matter." While this "premium" only amounted to $18.50 on the face value of the eighteen notes, many a bank cashier (and president) sold Blake their No. 1 uncut sheets. It was in the depression years, the new notes (shabby, compared to the beautiful, old large ones) would never amount to much, so national banks by the scores sent Blake their No. 1, uncut sheets. What did Blake do with these uncut sheets? As fast as he received them he delivered them to Green. Cost to the latter (Blake told me, himself): the $5s - $50; the $10s - $80; and the $20s - $145, per sheet. Blake bought both types of this series for Green. However, Blake did not offer to purchase the $50 and $100 sheets. Comparatively few banks in the depression years ordered the higher denominations, and the new size currency looked cheap, compared with the large size notes of the yesteryears. After Green died and his estate was administered, there was little interest among collectors in these sheets. A few of us borrowed money and bought (at 15% above face) as many sheets as we could afford. A few months later the large remainder of this sheet-hoard was turned in to the Federal Reserve Bank, New York, at face value by the administrators. The New York bank segregated the sheets, according to the twelve districts. Each of the other eleven banks received a list of sheets from banks in the respective vane au tia4 Weafrin Paper Money • January/February • Whole No. 259 53 districts, offering the sheets at face for the eleven banks to distribute, "as a public relation act," sheets to the national banks of issue who sold them to Blake. When the Dallas bank received a list of the llth District sheets available, and the New York bank's suggestions of a "good will" gesture, this letter was referred to me, saying I could have any or all of the Texas No. 1 sheets at face value. If I did not want them, the Dallas bank would write New York to dispose of the notes elsewhere, as there was no interest in Texas. Again, I heaved a sigh, signed another large note or two at my bank and rescued another score or so of uncut Texas sheets, all number 1. I learned later that the remainder of sheets from the 11th District, were eventually sent to the Treasury for redemption. Series of 1929 nationals had only been discontinued for a little over one year when Green died. The oldest of his sheets was only eight years. The notes were still in circulation, and they certainly weren't very remarkable looking. Few people were paying any attention to them. But Green had amassed an unbelievable trove of them. They were all in one place, and in perfect condition. As such, they had a critical mass. The appraisers counted them at face, but recognized that being number ones, they were at least interesting curiosities, if not a bit special. The sheets were offered privately to potential buyers at a small percentage over face. There were few takers, but there were some. One such was Albert A. Grinnell, or one of his agents. A small per- centage of the sheets crossed the critical bridge from spenders to collectibles through these meager sales. Most were deposited by the estate into The Chase National Bank of the City of New York in 1948, where- upon they were sent for redemption to the New York Federal Reserve Bank. At this juncture, through exceptional- ly good fortune, they did not fall into the hands of a mindless functionary who simply forwarded them on to the Treasury for destruction. Rather they were again recognized as something special, so an ad hoc mechanism was created to find homes for more of them. Someone at the New York Federal Reserve Bank authorized that they be segregated into groups based on the Federal Reserve District in which the issuing banks resided. Those Federal Reserve Banks were offered the sheets for resale at face value to the issuing banks. Some of the eleven other Federal Reserve Banks were conscien- tious about offering the sheets back to the banks of issue. The letter shown here from the Richmond Federal Reserve Bank reveals how this was carried out. Many banks took advantage of the offer. Philpot intercepted his sheets as they passed through the Federal Reserve Bank of Dallas through these offerings. Letter offering a $10 sheet back to Winona, West Virginia, cashier Hisey, whose signature graces the sheet. (Photo courtesy of Jess Lipka) FEDERAL RESERVE BANK OF RICHMOND 4uguet 14, 19143 J. R. Hisey, Cashier :'none Nat'. enal Bank tittnt, Wost 'arginia leer Mr. nisey: From time to time we have received requeete from national bombs or from relatives of former officers of national books for national bank notes bearing certain signatures. Usually we are un- able to comply with such recuests. Thrototh the courtesy of the Federal Reserve Bank of New York, with union they were deposited by a New York City bank, we have just received uncut six-note aheete of new series natidnel bunk notes issued by several notional banks in this district. These sheets, which are in excellent condition, were a part of the currency col- lection of the late Colonel E. B. N. Green. Included is one sheet of t10 denomination of Series 1929 issued by your bank bearing the itnatures of W. O. Wood, President, and your own es Cashier. If you should desire to obtain these notes, or any part cf tEem, we shall be glad, upon receipt of your authorisation, to for- them under spec al cover and charge your account with the face a not desired by you will be torwarded to the Treasury Department for redemption as soon as we near free you. An early reply will be appreciated. Sincerely yours, I Preeitient --"ffearlial 11111,W°.°— • R OF kik /id, ■•- ir, ,rfeht• Z(wrInef A000002 \t,1 Colonel Green's secretaries initialed the sheets as they logged them into his collection. The location of the initials varies between the sheets. Only fools erase them, because the ini- tials also have a story to tell. Albert Grinnell assembled one of the largest holdings of United States paper money in history, and bought liberally from the hoard of Series of 1929 sheets in the Green estate. He put together a 48- state collection, many if not all of which came from Green. Grinnell's holdings were sold by Barney Bluestone in seven sales spanning 1944-6. Formed over a period of years, sold in 1955 ar.d re-purchased intact ten years later for research purposes, 21 more than DOUBLE original selling price. Consists of 44 Type Ore sheets with six No 1 notes, and 4 Type Two sheets with Nos. 1 to 6. There are 44 55.00 and 4 510.00 sheets: ALAS.AMI Slocomb NEBRASKA Oakdale ARILGHA Prescott NEVADA Ely. Ty 2 —10 00 ARKANSAS Newark. re-con. NEW HAMPSHIRE Keene CALIFORNIA Winters NEW JERSEY Kearny COLORADO Brush NEW MEXICO Helen CONNECTICUT Middletown NEW YORK Babylon DELAWARE Dagsboro, 1000 NORTH CAROLINA Henderson FLORIDA Laketaxd NORTH DAKOTA Bismarck GEORGIA Viainesboro CHID Youngstown. Ch. :=3 IDAHO !Ono Fes OKLAHOMA El Reno ILLINOIS Bridgeport OREGON Prairie City INDIANA Richmond. Ch =17 PENNSYLVANIA Marietta, Ch. IOWA Des Moines RHODE ISLAND Ashaway KANSAS Independence SOUTH CAROLINA Marion KENTUCKY Harrodsburg SOUTH DAKOTA Britton LOUISIANA DeRidder, Ty 2 TENNESSEE Iohnson City MAINE Augusta TEXAS Edinburg MASSACHUSETTS Conway UTAH Salt Lake City, Ty 2 MARYLAND Bronswick VERMONT Orwell MICHIGAN Marquette VIRGINIA Petersburg MINNESOTA Worthington WASHINGTON G3I field MISSISSIPPI Vicksburg WEST VIRGINIA Albright MISSOURI King City, Ty 2 — 10.00 WISCONSIN Phillips MONTANA wmrrhsn WYOMING Lovell An offering by William P. Donlon in November 1966, of his collection comprised mostly of Colonel Green's number one sheets, several of which passed through Albert Grinnell's collection. The price was $12,500. No one paid that price because it seemed pretty steep at the time. 54 January/February • Whole No. 259 • Paper Money Many of the sheets that were returned to the bankers thus crossed another bridge to salvation. Significant numbers of them have leaked to the numismatic mar- ket over the succeeding decades. Undoctored Green sheets are readily distinguishable because they carry the penciled initials of the secretaries who logged them into his collection. There are dif- ferent initials, and they can occur at different locations on the sheets. Occasionally you can find remnants of them in the margins of notes that have been cut from the sheets, provided those who did the cutting didn't erase them. Albert Grinnell ended up with many of Green's sheets. For example, one group of Grinnell's offerings in the November 30, 1946 part VII installment of his historic sale consisted of a set of number 1 sheets from all the contiguous 48 states. The sheets sold separately, netting $3,532.50, for an average of $73.60 each. William Donlon was one of the few people actually present at all seven of the Grinnell sales held from 1944 to 1946. He bought heavily, and apparently purchased several of the Green 1929 sheets that were offered. He went on to assemble a 48-state set of number 1 sheets, many with either a Green or the dual Green-Grinnell pedigree. He preferred $5 type 1 sheets because of their lower face value, and the fact that all the notes carried number 1. The result was that he would swap out the higher denomination and type 2 sheets as he built the set, and replace them with $5 type is as opportunities presented themselves. y THE DONLON PERSONAL COLLECTION! Donlon offered his set for $12,500, in November 1966. There were no takers, the $260 per sheet ($43.40 per note) asking price seemed too high. Some months later, Johnny 0. Baas, a collector from Hazelhurst, Mississippi, negotiated COULD BE ASSEMBLED TODAY! the group for $11,000. Johnny switched a few sheets in the set, and then passed it along for $24,000 in 1971. It went into deep burial where it remains to this day. Johnny later liquidated his possessions, bought a mobile home, loaded his wife into it, drove off and was never heard from again numismatically to my knowledge. Legacy Colonel Green often has been profiled in dismissive tones, described as a somewhat shallow fellow with avaricious, almost gluttonous appetites; those of the rich boy bent on living high and contributing nothing as he burned his way through his share of his mother's fortune. The following by Bierman (1990) is typical: "Whereas Ned Green had the financial resources to buy a quintessential philatelic collection, the material, magnificent as it was, lacked coherence and was a potpourri of both expensive and cheap stamp materials. The enormous collection on which he IT 48 NUMBER ONE SHEETS 1929 NATIONALS IN CUSTOM-MADE ALBUM IS DOUBTFUL THAT SUCH A COLLECTION FIRST NATIONAL BANK IN N PR ES COTT C000001A ARIZONA *111 PAY rO5Me to AMiO ON ALMOND TEN 1101LLNIRS C000001A TEND() , Paper Money • January/February • Whole No. 259 55 had expended so much was often seen strewn over the floor in disarray at his apartment in the Waldorf-Astoria Hotel." Bowers and Merena (1999) wrote: "For all his activity, Green gave little back to numismatics, and con- tributed nothing to scholarship or to the enjoyment of other collectors." Such negative characterizations have dogged his legacy. In philatelic and numismatic circles, much of the carping surely was born of envy over an individual who simply had unlimited means for vacuuming up virtually everything good that crossed his path, or the paths of his several purchasing agents. Material in collector markets follows the money, and Green's presence in the early third of the 20th century frustrated the quests of many serious competitors! Our impressions of the man were biased by such spin, but as we delved ever further into his life, we began to comprehend that he was an intelligent person possessed of considerable curiosity in many fields. He did not leave a legacy in the form of a great charitable foundation or some philanthropic monument, but he was genuinely interested in the welfare and safety of people, and spent accordingly on the sciences. His passionate interests in new technologies, particularly those relating to navigation and communication, led him to underwrite fundamental research by MIT scientists that pushed the frontiers in those fields at facilities built by him at Round Hill. For those who claim that he contributed virtually nothing to the enjoyment of fellow collectors, we will state one fact based solely from the narrow perspective of a National Bank Note collector. Had it not been for the Colonel, virtually none of the Series of 1929 number 1 sheets -- type 1 or type 2 - would have been saved. The fact is, by generously underwriting Blake, he created an effective mechanism for obtaining hundreds if not thousands of them directly from their sources. Extraordinary Arizona note that owed its survival to Col. Green. When Blake offered to buy such sheets from the bankers around the country during the depression, his offer sounded like found money, and they sent their number 1 sheets to him by the hundreds. Most of the sheets did not survive, but for all practical purposes, without Green, there wouldn't have been any. He was the one person who bothered to collect them, and this he did on the grandest scale. Had he lived even a decade longer, many more of the sheets would have survived. We would argue that this single accomplishment did, in fact, add to the enjoyment of untold numbers of future collectors! The salvation of the number one Series of 1929 sheets that resulted from Green's prescience in accumulating them stands as one of greatest numismatic feats of all time. That legacy alone is a significant monu- ment to his having lived. This accomplishment raises him to heroic stanire in our humble opinions. There is one significant homage to his passing in numismatics that should not go unnoticed. On June 1, 2004, someone paid $42,550 simply to obtain one of the original copies of the 442-page inventory of the coins and paper money found at his Round Hill estate (Numismatist, 2004). This piece of historic trivia had been saved by John Ford, collector of esoterica, who recognized that the list itself represented a benchmark holding. All the pur- chaser was buying was information about this larger than life character named Green. He, and the other bidders, obviously valued the fact that the Colonel had passed our way! Acknowledgment Collaborator Barbara Bedell resides in the Round Hill community, whom Huntoon met while researching the Colonel. She has conducted significant original research on the Colonel which resulted in publication of the most comprehensive collection of photos available pertaining to Colonel Green and Round Hill in her book Colonel Edward Howland Robinson Green and the World He Created at Round Hill. She contributed significantly to this work by providing historic photos she obtained from Noel Hill, son of Bert and Priscilla Hill, managers of the airport at Round Hill. Bert stayed on as superintendent of the estate until 1962. Noel salvaged considerable paper work that 72390245A 72390245 A ,ispeak&.1 . ararasmeartam_ AMERICA .11•11 ■•••• WM • .4.9% .10164 MO , • . • 1 to 1 I 4 I a r 56 January/February • Whole No. 259 • Paper Money otherwise would have been discarded, and several hundred glass negatives taken by the Colonel's photographer Everett Weeden. Also, Barbara was able to steer Huntoon away from some of the most egregious myths that have developed around the Colonel. The research into the lives of Colonel Green and his mother summarized here was the work of authors Boyden Sparkes and Samuel Taylor Moore (1935), Arthur H. Lewis (1963), Barbara Fortin Bedell (2003) and Charles Slack (2004), whose books are cited. These books are great reads. We have been careful to acknowledge the specific anecdotes and photos lifted from each. Gerome Walton collected various obituary and posthumous news items pertaining to the Colonel, and made that file available. Jess Lipka provided the letters from the Federal Reserve Banks offering sheets to the bankers. Hetty Green will forever be a source of fascination, so new material comes out on her with regularity. References Cited and Sources of Data Bedell, Barbara Fortin. Colonel Edward Howland Robinson Green and the World He Created at Round Hill. Published privately, 2003, 150 p. Bedell, Barbara Fortin, personal correspondence via e-mail , October 2005. Bierman, Stanley M. The World's Greatest Stamp Collectom Sidney, OH: Linn's Stamp News, 1990, 269 p. Bluestone, B. The Albert A. Grinnell collection of United States Paper Money, Nov 25, 1944-Nov 30, 1946. Syracuse, NY: Barney Bluestone, 651 p. (Reprint of the 7-sale catalogs by Anton, W. T., and Perlmutter, M., 1971). Bowers and Merena. The Walter H. Childs collection, August 30, 1999. Auctions by Bowers and Merena, Inc., p. 230. "Colonel Green's collection transported to Boston," The Numismatist, December, 1936, p. 1005-1006. "Deaths, Col. E. H. R. Green," The Numismatist, July 1936, p. 542-3. "Ford library sale $1 million success," The Numismatist, August 2004, p. 33. Huckaby, George P., University of Texas: Lewis, Arthur H.. The Day They Shook The Plum Tree. Cutchogue, NY: Buccaneer Books, 1963, 247 p. Philpott, ∎Villiarn A., "Why No. 1 sheets, Series 1929, are not too rare," Numismatic News, Nov. 10, 1970, pp. 14, 27. Seng, R. A., and J. V. Gilmour. Brink's, the Money Movers. Chicago: R. R. Donnelley and Sons, 1959, 128 p. Slack, Charles. The Genius and Madness of American's First Female Tycoon. New York: Harper Collins Publishers, 2005, 258 p. Sparkes, Boyden, and Moore, Samuel Taylor. The Witch of Wall Street, Hetty Green. New York: Doubleday, Doran & Company, Inc., 1935, 338 p. Stack's and Kolbe, George Frederick, "Green collection inventories" in, John J. Ford Collection, Reference Library, Part 1, Numismatica Americana, Directories, Americana and miscellanea, Numismatics and Related Topics, June 1, 2004, Stack's Public Auction Catalog, lots 518-522. Standish, Claude, "Stamp album worth $1,000,000," Life magazine, May 3, 1954, pp. 87-102. Supreme Court of the United States, 1938, The State of Texas vs State of Florida, Commonwealth ofMassachusetts, State of New Fork, Mabel Harlow Green, and Hetty Sylvia Ann Howland Green Wilkes, transcript of reports of proceedings had and testimony adduced before John Spalding Flannery, special master: 308 U. S. 398, 59 S. Ct 830, 33 vols: U. S. National Archives, Washington, DC. • •Sign of the Times: Internet jokers release new "U.S. Dollar" C PMC MEMBER MOHAMAD HUSSEIN AND YE olde Editor's daughter Becky shared the latest, new U.S. dollar bill released by the Treasury in response to dire finan- cial straits of the recent months. The purported $1 Federal Reserve Note shows an aghast Father of His Country grabbing his high forehead in amaze- ment with mouth agape. Mohamad recognized the spoof for what it was. Trolling the internet, however, it seems that many besides my grandkids' mom, were taken in by the spoof. A typical internet chat posting reads: "Anticipating the fall of Wall Street, the U.S. Mint (sic) has revealed a new dollar bill." "I wonder how much it has to do with the impending general elections?" another queried. "Oh bleep, I'm not worth anything," Washington was quoted by a third commentator. While another queried, "Is this serious?" Still another respondent: "Probably worth more than the useless pieces of paper from the Federal Reserve!" Most of the commentary was partisan political in nature, but one respondent throught the new portrait looked like actor Gene Wilder. "I'd use a bill that looked like that," someone chimed back. Yet another claimed to be the origina- tor of the portrait, and said: "I'll bet that version of George's shocked face on the ersatz dollar bill will be all over Cyberspace very soon!" You can check that out yourself. Paper Money • January/February • Whole No. 259 57 The President's Column New, but better? First off, I hope you all had a great holiday. Not too much turkey, Christmas pie and other really good food- stuffs. If so, GET OUT THERE AND WALK IT OFF! The holidays are really special times and I hope yours were great. As we enter into this new year of 2009, the year of the Ox in Chinese lore, it will truly be a year of changes. We have a new President, a new Congress, new local, state national governments and a new economy. The last quar- ter of 2008 was especially unkind to the economy and it will be interesting to see how this affects 2009. The mar- ket for notes seemed to remain strong except that common material was down. High grade and rare notes stayed high or went even higher. It will certainly be interesting to see how this affects the hobby. I hope that all of you have been able to weather the storm of uncertainty and are now on a path to stability. Speaking of changes, there are some MAJOR changes in store for the SPMC in Memphis. First is the change of location for the Tom Bain Raffle and Awards Breakfast. This has historically been held at the Marriott, but this year we are moving it across the street to the Crown Plaza. Unfortunately, the price and quality, of the food at the Marriott just became too high (price) and too low (quality). I think that everyone who has attended the past couple of years will agree with that assessment. The Crowne Plaza is very close to the Marriott and their facilities and breakfast fare are great. I think you will truly enjoy this new venue. But, we will need a headcount soon- er than usual, so tickets will go on sale in Feb/March. Contact me, Judith Murphy or Wendell AVolka for more information. Also, the board itself will be changing at Memphis. We will have four of our governor seats up for election and at least two of these will not be filled by an incumbent. So, if you want to help the society and be part of the board, let me know ASAP as you will need to get support letters and bios in soon. Finally, the board officers will also change. This is the last year I can serve as President and will be moving into the past-president's chair. So, my days are numbered and I look forward to working with and advising the new administration and making the society even stronger under new leadership. Speaking of Memphis, begin to plan now to attend. It is June 26-28. Plan now to attend, place an exhibit and have the time of your life. Until next issue .. . Benny n mum EM5TR 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 four 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 (A) and are run on a space available basis. Special: Three line ad for six issues = only $20.50! HERE'S YOUR OPPORTUNITY!!! YOUR WORD AD could appear right here in each issue of Paper Money. You could advertise your cluplictes inexpensively, or advertise your Want List lor only $20.50 for three lines for an entire year. Don't wait. (PM) INTERESTED IN BUYING MISMATCHED serial number notes--with 2 or more numbers mismatched. Also, any information about mismatched serial numbers of this type is appreciated. Kevin Lonergan, Box 4234, Hamden, CT 00.514 (262) Wanted: Pre-1900 Notes from Liberia, Africa. Please email to or write Michael S. Jones, PO Box 380129, Murdock, FL 33938-0129 (262) 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) (258) 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 118162, Carrollton, TX 75051-8162 or (258) HUNDREDS OF PAPER MONEY MAGAZINES FOR SALE from before I became Editor back to 1 960s & 1970s. I bought these filling sets. Fill your needs now. E-mail me & I'll sell you what I got! (258) WANTED: Notes from the State Bank of Indiana, Bank of the State of Indiana, and related documents, reports, and other items. Write with descrip- tion (include photocopy if possible) first. Wendell Wolka, PO Box 1211, Greenwood, IN 46142 (258) AUTHORS RECEIVE FREE CLASSIFIED AD. Write now (PM) WANTED OBSOLETE BANKNOTES & SCRIP of Worcester, MA. Please e- mail or write to: or Don Latino, 1405 Cape St., East Lee, MA 01238 :256) 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 Best paper market place anywhere Annual rates begin at only $20.50 As you can see; we have space for YOU Contact the Editor: 58 January/February • Whole No. 259 • Paper Money Yr. Vol. No. Pg. Hodgkinson & Co. Wookey Hole Mill Rare 08 47 253 19 English Paper, Pierre Fricke, illus How Much Is That Confederate T-41 Worth? 08 47 253 24 Les D. Lewis, illus Ludwig's Plate, September 2, 1862, Crutchfield 08 47 253 58 Williams, illus Reader Reports Rare Cherokee National Civil 08 47 255 193 War S5 Scrip, R. Logan Talks, illus Aguilera, Kristin. The Problem with Pricing Confederate 08 47 254 146 MuSeum of American Finance opens at historic . 08 47 256 243 Enigmatic Notes, George B. Tremmel, illus 48 Wall Street, illus COUNTERFEIT, ALTERED & SPURIOUS NOTES. BANKS, BANKERS AND BANKING. CSA Monetary Panic of 1862: One Bank 08 47 253 34 Bank of Scotland £50 note nets "Bank Note of 08 47 256 263 Customer's Experience, George B. Tremmel, illus Year" laurels, Fred Reed, illus Operation Bernhard Notes in Collection, 08 47 256 260 Catharine E. Chadburn, National Bank President , 08 47 258 419 Donn Pearlman. illus Karl Sanford Kabelac, illus The Problem with Pricing Confederate 08 47 254 146 CSA Monetary Panic of 1862: One Bank 08 47 253 34 Enigmatic Notes, George B. Tremmel, illus Customer's Experience, George B. Tremmel, illus Daniel, Forrest W. (deceased) Katherine R. Williams, National Bank President, 08 47 254 126 Small Treasury Notes of 1815: A Prototype 08 47 257 323 Karl Sanford Kabelac, illus Circulating Currency, illus Louisa B. Stephens, National Bank President, 08 47 255 235 Ellenbogen, Raphael (deceased) 08 47 256 265 Karl Sanford Kabelac The Secret Revealed? illus Mary C. Williamson, National Bank President, 08 47 256 266 ENGRAVERS & ENGRAVING AND PRINTING. Karl Sanford Kabelac, illus Do-It-Yourself Printing from Engraved Plates, 08 47 254 98 Mrs. V. Franklin, National Bank President, 08 47 254 113 Terry Bryan, illus Karl Sanford Kabelac Fifth Issue Fractional Currency Proofs of 08 47 254 114 Researcher Compiles Saga of Distaff Bank 08 47 254 126 Columbia BN Co, Richard Jacobson, illus Presidents, Karl Sanford Kabelac The Buck Starts Here: The $100,000 Errand: Banking in 1941 08 47 256 301 Plastic Currency, Gene Hessler, illus 08 47 254 156 Washington, D.C., R. Logan Talks, illus Many Nations Commemorate Authors on 08 47 258 438 The Mormons and the "Bank of Monroe" 08 47 254 83 Paper Money, Gene Hessler, illus Michigan, Doug Nyholm, illus Feller, Steve. "Woman Bank President [Mary C. Bennett] Says 08 47 255 234 A Survey of Nearly 1000 Type-64 CSA 5500 08 47 253 11 Good Field for Women", Karl Sanford Kabelac, illus Notes, illus Benice, Ron. FRACTIONAL CURRENCY. Obsolete Paper Money of St. Joseph, Florida , illus 08 47 256 313 Fifth Issue Fractional Currency Proofs of 08 47 254 114 Bither, Barbara. Columbia BN Co, Richard Jacobson, illus Picturing President Lincoln , illus 08 47 258 432 Fifty Cent Fractional Currency Negative Essay 08 47 258 420 Booth, David. Notes, David Booth, illus 50e Fractional Currency Negative Essay Notes, illus 08 47 258 420 Fricke, Pierre. The Murdoch Treasury Note Essays, illus 08 47 258 416 Hodgkinson & Co. Wookey Hole Mill Rare 08 47 253 19 Bowers, Q. David. English Paper, Hilts The Little Androscoggin Co. "Bank" of Danville, 08 47 258 410 Gatch, Loren. Maine, illus A Satirical Note on the "Ham and Eggs" 08 47 258 459 Bryan, Terry. California Scrip Movement, illus Do-It-Yourself Printing from Engraved Plates, illus 08 47 254 98 Gatch, Loren and Fred Reed. Carson, Tom. More "wheresgeorge?" notes show up in change, 08 47 256 273 Give Tennessee Back Her Notes, illus 08 47 258 422 illus Clark, Frank. Hansen, Matt. About Nationals Mostly: Uncovering the Mystery of Nebraska's Wood 08 47 255 182 Garfield National Bank, illus 08 47 254 97 River Hoard, illus Cochran, Bob. Heussen, Mohamad. True Story: one of my friends related this story to 08 47 256 276 The Art of Money -- Money that IS ART, illus 08 47 256 305 me recently, illus Hessler, Gene. COLLECTING. The Buck Starts Here: Plastic Currency, illus 08 47 254 156 Is Paper Money a Hobby or an Investment?, 08 47 258 462 Many Nations Commemorate Authors on Paper 08 47 258 438 Randall Lewis, illus Money, illus The Pros and Cons of Self-Publication, 08 47 254 87 Hughes, Brent (Deceased). Michael McNeil, illus Collecting Confederate Currency Began Early, illus 08 47 253 3 CONFEDERATE AND SOUTHERN STATES CURRENCY. H untoon, Peter. A Civil War Sidelight: Confederate Notes Back 08 47 253 42 The Paper Column: Cherokee Scrip, James F. Morgan, PhD, illus Hometown Laramie, Wyoming Scrip, illus 08 47 258 403 A Survey of Nearly 1000 Type-64 CSA $500 08 47 253 11 Low Number Italian Allied Military Currency, illus 08 47 254 122 Notes, Steve Feller, illus State Senator's Shenanigans Delayed State Seal, illus 08 47 255 173 Collecting Confederate Currency Began Early, 08 47 253 3 The Clements NB of Rutland, VT, illus 08 47 256 274 Brent Hughes, illus Huntoon, Peter, & Rusty Salmon. CSA Monetary Panic of 1862: One Bank 08 47 253 34 The Paper Column: Customer's Experience, George B. Tremmel, Lessons from Moab, UT, dills 08 47 254 138 An Index to Paper Money Volume 47, 2008 Whole Numbers 253 - 258 Compiled by George B. Tremmel Yr. Vol. No. Pg. Paper Money • January/February • Whole No. 259 59 Yr. Vol. No. Pg. Huntoon, Peter with James Downey, James Hodgson, Donald Medcalf and James A. Simek. The Paper Column: U.S. Hawaii & North Africa/Sicily Military Currency, illus08 47 255 196 Jacobson, Richard. Fifth Issue Fractional Currency Proofs of Columbia 08 47 254 114 BN Co, illus Jurek, Richard. Deuces in Outer Space, illus 08 47 258 465 Kabelac, Karl Sanford. Catharine E. Chadhurn, National Bank President, illus 08 47 258 419 Katherine R. Williams, National Bank President 08 47 254 126 Louisa B. Stephens, National Bank President 08 47 255 235 Mary C. Williamson, National Bank President, illus 08 47 256 266 Mrs. V. Franklin, National Bank President 08 47 254 113 Researcher Compiles Saga of Distaff Bank Presidents, dins 08 47 254 126 "Woman Bank President [Mary C. Bennett] 08 47 255 234 Says Good Field for Women", illus INTERNATIONAL. Littlefield, Keith E., PhD. The Conway, Gordon & Garnett National Bank, 08 47 255 163 illus Lewis, Les D. How Much Is That Confederate T-41 Worth? illus 08 47 253 24 McNeil, Michael. The Pros and Cons of Self-Publication, illus 08 47 254 87 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY. The Paper Column: Low Number Italian Allied 08 47 254 122 Military Currency, Peter Huntoon, illus The Paper Column: U.S. Hawaii & North Africa/Sicily 08 47 255 196 Military Currency, Peter Huntoon, with James Downey, James Hodgson, Donald Medcalf and James A. Simek, illus Moffitt, Derek. Bank Signatures on Small-Size Federal Reserve 08 47 254 154 Bank Notes, illus Series 2006 S5 FRN changeover stumps 08 47 257 349 ye olde Editor, illus Morgan, James F., PhD. A Civil War Sidelight: Confederate Notes Back 08 47 253 42 Cherokee Scrip, illus NEAV LITERATURE. Former SPNIC librarian says new Benice 08 47 254 130 Florida Book excels, Bob Schreiner, illus Fricke releases colorful CSA currency "field guide". 08 47 258 461 Fred Reed, illus Harvard Publishes SPMC member Mihm's 08 47 254 120 Opus, John and Nancy Wilson, illus Hey Civil War fans, new book details Civil War 08 47 258 431 ID discs, Fred Reed, illus Important new Aussie reference by Ed & Joanne 08 47 258 429 Dauer, Fred Reed, illus New Austrian book covers bank notes since 1900, 08 47 258 451 Fred Reed, illus New Florida Paper Money Work Well Worth 08 47 255 172 the Price, Steve Whitfield Revised Tremmel CSA Counterfeit book a 08 47 253 18 colorful winner, Fred Reed, illus Noll, Franklin, Dr. Chronological Inventory of US Public Debt 08 47 256 278 Issues, 1775-1898, illus National Bank Note Data Is Accessible to Researchers 08 47 255 232 Nyholm, Doug. The Mormons and the "Bank of Monroe" 08 47 254 83 Michigan, illus OBSOLETE NOTES & SCRIP. Fire! (WA. Hanford scrip at the Summit County 08 47 254 153 Bank), Wendell Wolka, illus Give Tennessee Back Her Notes, Tom Carson, illus 08 47 258 422 Yr. Vol. No. Pg. Hometown Laramie, Wyoming Scrip, 08 47 258 403 Peter I lontoon, illus Obsolete Paper Money of St. Joseph, Florida, 08 47 256 313 Ron Benice, illus Reader Reports Rare Cherokee National Civil 08 47 255 193 War 85 Scrip, R. Logan Talks, illus Tennessee Merchant and Company Store 08 47 256 298 Paper Scrip, Dennis Schafluetzel and Tom Carson. illus The Little Androscoggin Co. "Bank" of 08 47 258 410 Danville, Maine, Q. David. Bowers, illus The Mormons and the "Bank of Monroe" 08 47 254 83 Michigan, Doug Nyholm, illus PAPER MONEY AND FINANCIAL HISTORY. A Satirical Note on the "Ham and Eggs" 08 47 258 459 California Scrip Movement, Loren Catch, illus Chronological Inventory of US Public Debt 08 47 256 278 Issues, 1775-1898, Dr. Franklin Noll, illus Deuces in Outer Space, Richard Jurek, illus 08 47 258 465 Did Lincoln's Image on Money Influence His 08 47 254 131 Public Perception-Part II, Fred Reed, illus More "wheresgeorge?" notes show up in change, 08 47 256 273 Loren Gatch and Fred Reed, illus MuSeum of American Finance opens at historic 08 47 256 243 48 Wall Street, Kristin Aguilera, illus On This Date in Paper Money History - Jan. 2008, 08 47 253 47 Fred Reed On This Date in Paper Money History - Feb. 2008, 08 47 253 49 Fred Reed On This Date in Paper Money History - Mar. 2008, 08 47 254 127 Fred Reed On This Date in Paper Money History - Apr. 2008, 08 47 254 129 Fred Reed On This Date in Paper Money History - May 2008, 08 47 255 207 Fred Reed On This Date in Paper Money History - June 2008, 08 47 255 209 Fred Reed On This Date in Paper Money History - Jul. 2008, 08 47 256 287 Fred Reed On This Date in Paper Money History - Aug. 2008, 08 47 256 289 Fred Reed On This Date in Paper Money History - Sept. 2008, 08 47 257 367 Fred Reed On This Date in Paper Money History - Oct. 2008, 08 47 257 369 Fred Reed On This Date in Paper Money History - Nov. 2008, 08 47 258 447 Fred Reed On This Date in Paper Money History - Dec. 2008, 08 47 258 -149 Fred Reed Operation Bernhard Notes in Collection, 08 47 256 260 Donn Pearlman. illus Picturing President Lincoln, Barbara Bither, illus 08 47 258 432 The Secret Revealed? Raphael Ellenbogen 08 47 256 265 (deceased), illus PAPER MONEY IN MOVIES AND ART. Flashing green on the screen, reel star of 08 47 256 250 Mad Money, Fred Reed, illus, The Art of Money -- Money that IS ART, 08 47 256 305 Mohamad Heussen, illus WWII Operation Bernhard brought to Silver 08 47 256 259 Screen, Fred Reed, illus Pearlman, Donn. Operation Bernhard Notes in Collection, illus 08 47 256 260 Reed, Fred. Bank of Scotland £50 note nets "Bank Note of 08 47 256 263 Year" laurels, illus Death claims J. Roy Pennell, past SPMC president, 08 47 257 357 publisher, illus Death claims one of SPMC's original members - 08 47 255 230 Harry J. Forman, illus January/February • Whole No. 259 • Paper Money Vol. No. Pg. 60 Yr. Vol. No. Pg. Yr. Did Lincoln's Image on Money Influence His 08 47 254 131 Information & Officers: 08 47 253 Public Perception-Part II, illus (18 47 254 82 Extraordinary collector, author Arlie R. Slabaugh 08 47 253 59 08 47 255 162 dies, Hills 08 47 256 242 Flashing green on the screen, reel star of 08 47 256 250 08 47 257 322 Mad Money, illus 08 47 258 402 Forrest Daniel contributed to SPMC in many, 08 many ways, Fred Reed, illus 47 257 353 Krause award honors former SPMC board member 08 Ferreri, illus 47 256 270 Fricke releases colorful CSA currency "field guide", illus 08 47 258 461 Letters to the Editor: Hey Civil War fans, new book details Civil War 08 ID discs, illus 47 258 431 Graphic artist offers follow up to plate printing 08 article, Jon Small 47 256 272 Important new Aussie reference by Ed & Joanne 08 47 258 429 Librarian suggests way to assure book is noticed, 08 47 255 239 Dauer, illus Karl Kabelac New Austrian book covers bank notes since 1900, 08 illus 47 258 451 Librarian's suggestion draws dual responses, ((8 David Gladfelter and Dave Bowers 47 255 237 New Nex-Gen colorized $5 FRNs are 08 47 256 264 Recycle old bank note plates, Shawn Hewitt 08 47 253 79 unprecedented, illus Researcher Puts SPMC Grant to good use, 08 47 253 72 On This Date in Paper Money History - Jan. 2008 08 47 253 47 Larry Schuffman On This Date in Paper Money History - Feb. 2008 08 47 253 49 Ron I lorstman 08 47 253 68 On This Date in Paper Money History - Mar. 2008 08 47 254 127 "Stealthy George" shows up during Southern On This Date in Paper Money History - Apr. 2008 08 47 254 129 vacation, Leslie Deerderf 08 47 254 144 On This Date in Paper Money History - May 2008 08 47 255 207 The Forrest Daniel Family 08 47 258 439 On This Date in Paper Money History - June 2008 08 47 255 209 Librarian's Report (Jeff Brueggeman): 08 47 253 77 On This Date in Paper Money History - Jul. 2008 08 47 256 287 08 47 254 157 On This Date in Paper Money History - Aug. 2008 08 47 256 289 Money Mart: On This Date in Paper Money History - Sept. 2008 08 47 257 367 08 47 253 57 On This Date in Paper Money History - Oct. 2008, 08 47 257 369 08 47 255 217 On This Date in Paper Money History - Nov. 2008 08 47 258 447 08 47 256 297 On This Date in Paper Money History - Oct. 2008 08 47 258 449 08 47 257 377 Revised Tremmel CSA Counterfeit book a colorful 08 47 253 18 08 47 258 457 winner, illus More photo highlights from Memphis, illus 08 47 257 388 WWII Operation Bernhard to Silver Screen, illus 08 47 256 259 New catalog for card fans 08 47 257 359 Schafluetzel, Dennis and Tom Carson. New Members: 08 47 253 74 Tennessee Merchant and Company Store Paper Scrip, illus08 47 256 298 08 47 254 144 SOCIETY OF PAPER MONEY COLLECTORS. 08 47 255 224 9th Annual George W. Wait Memorial Prize 08 47 258 476 08 47 256 304 Official Announcement 08 47 257 384 ANA, NLG praise SPMC Journal, illus 08 47 253 70 08 47 258 464 Authors seek assistance on Connecticut merchant 08 47 253 76 Nominations Open for SPMC Board 08 47 253 56 scrip compilation 08 47 254 136 Authors present new works at 5th annual SPMC 08 authors forum, illus 47 257 386 PCGS Certifies Legendary Skyjacking Ransom 08 Notes, illus 47 255 233 CSNS Stages Eric Newman Paper Money 08 47 255 236 Pierre Fricke Fricke discusses early research at 08 47 254 157 Seminar May 10, illus SPMC Florida gathering, Judith Murphy Editor's Notebook (Fred Reed): 08 47 253 78 President's Column (Benny Bolin): 08 47 253 57 08 47 254 158 08 47 254 137 08 47 255 238 08 47 255 217 08 47 256 318 08 47 256 297 08 47 257 398 08 47 257 377 08 47 258 478 08 47 258 457 FCCB celebrates 25 years, illus 08 47 257 390 Shull's Southern Currency wins PCDA Literary 08 47 253 40 Get Your SPMC Breakfast Tickets NOW 08 47 255 239 Award, illus In Memoriam: SPMC 2007-2008 Donors Acknowledged 08 47 257 395 Collector/fractional note author Milt Friedberg 08 47 255 215 SPMC 2008 Award Winners Saluted 08 47 257 395 passes, John & Nancy Wilson, illus SPMC Board Meeting June 28, 2008 minutes 08 47 257 396 Death claims J. Roy Pennell, past SPMC president, 08 47 257 357 SPMC Editor's Report 08 47 257 397 publisher, Fred Reed, illus SPMC Seeks nominations for two top awards 08 47 255 215 Death claims one of SPMC's original members - 08 47 255 230 SPMC Treasurer Bob Moon reports 08 47 253 75 Harry J. Forman, Fred Reed, illus SPMC Treasurer's Report 08 47 257 397 Extraordinary collector, author Arlie R. Slabaugh 08 47 253 59 SPMC Thanks 2008 Tom Bain Raffle Sponsors 08 47 257 394 dies, Fred Reed, dins Stunning Eric Newman Museum hosts CSNS 08 47 257 392 Forrest Daniel contributed to SPMC in many, 08 47 257 353 symposium, illus many ways, Fred Reed, illus Want Ads Work for You 08 47 256 304 Thomas M. Flynn, 1929-2008, John and Nancy 08 47 257 351 Website tracks euro note travels 08 47 253 76 Wilson, illus Yr. Vol. No. Pg. National Bank Note author Dewitt Gipson Prather 08 47 253 74 Surasky, Charles. Index to Paper Money, Vol. 46, 2007, Whole Nos. 08 47 253 52 Index to Paper Money, Vol. 46, 2007, Whole Nos. 08 47 253 52 dies, Plus Redeemed Postal Notes: Great Rarities, lilt's 08 47 258 440 247-252, George B. Tremmel Talks, R. Logan. Deadline approaches for 9th annual George W. Wait Memorial Prize for book length Paper Money research March 15, 2009 see Nov/Dec Paper Money for full details Paper Money • January/February • Whole No. 259 61 Yr. Vol. Reader Reports Rare Cherokee National Civil War 08 47 $5 Scrip, illus The $100,000 Errand: Banking in 1941 Washington, 08 47 D.C, illus Tremmel, George B. No. 255 256 Pg. 193 301 An Index to Paper Money, Vol. 46, 2007, 08 47 253 52 Whole Nos. 247-252 CSA Monetary Panic of 1862: One Bank Customer's 08 47 253 34 Experience, illus The Problem with Pricing Confederate Enigmatic 08 47 254 146 Notes, illus U.S. POSTAL NOTES. Redeemed Postal Notes: Great Rarities, 08 47 258 440 Charles Surasky illus U.S. NATIONAL BANK NOTES. About Nationals Mostly: 08 47 254 97 Garfield National Bank, Frank Clark, illus National Bank Note Data Is Accessible to 08 47 255 232 Researchers. Dr. Franklin Noll The Conway, Gordon & Garnett National Bank. 08 47 255 163 Keith E. Littelfield, PhD, illus The Paper Column: Lessons from Moab, UT, Peter Huntoon, illus 08 47 254 138 State Senator's Shenanigans Delayed State Seal, 08 47 255 173 Peter Huntoon, illus The Clements NB of Rutland, VT, 08 47 256 274 Peter Huntoon, illus Uncovering the Mystery of Nebraska's Wood 08 47 255 182 River Hoard, Matt Hansen, illus U.S. SMALL SIZE NOTES. FEDERAL RESERVE NOTES. Bank Signatures on Small-Size Federal Reserve 08 47 254 154 Bank Notes, Derek Moffitt, illus New Next-Gen colorized $5 FRNs are 08 47 unprecedented, Fred Reed ,illus 256 264 Series 2006 55 FRN changeover stumps ye 08 47 olde Editor, Derek Moffitt, illus 257 349 True Story: one of my friends related this story 08 47 to me recently, Bob Cochran, illus 256 276 U.S. SMALL SIZE NOTES. SILVER CERTIFICATES. An Update on $5 Silver Certificate Series of 08 47 258 452 1934C Narrow Faces, Jamie Yakes, illus Silver Certificate Series of 1934A G-A $5 Mules, 08 47 256 267 Jamie Yakes, illus U.S. SMALL SIZE NOTES. TREASURY NOTES. Small Treasury Notes of 1815: A Prototype 08 47 257 323 Circulating Currency, Forrest W. Daniel, illus The Murdoch Treasury Note Essays, David Booth. 08 47 inns 258 416 Whitfield, Steve. It occurs to me: 08 47 253 78 08 47 254 158 08 47 255 238 08 47 256 318 08 47 257 398 08 47 258 478 Labor Exchange Scrip: the Christian Exchange of 08 47 255 195 Detroit, Ml, illus Williams, Crutchfield. Ludwig's Plate, September 2, 1862, illus 08 47 253 58 Wolka, Wendell. Fire! (WA. Hanford scrip at the Summit County 08 47 254 153 Bank), illus lakes, Jamie. An Update on S5 Silver Certificate Series of 1934C 08 47 258 452 Narrow Face, illus Silver Certificate Series of 1934A G-A $5 Mules, 08 47 256 267 illus • SPMC Treasurer reports.. . The SPNIC financial picture continues to remainstable. While we ran a small deficit for the July- September 2008 quarter, this is normal as we receive very little income from dues this time of year. That will, of course, change with the renewal period begin- ning in the fall. As we expect advertising revenue to drop due to the general economic climate, we are con- stantly monitoring expenses to keep the Society's finances on an even keel. -- Bob Moon v 62 January/February • Whole No. 259 • Paper Money Sullivan updates his work on large denomination bills AUTHOR STEPHEN M. SULLIVAN HAS RELEASEDhe second edition of his Small Sized High Denomination Notes, which provides data on $500-$100,000 Gold Certificates, $500-$10,000 Federal Reserve Notes. "Do you how many Series 1928 $500 FRN Stars exist? I-Tow about how many Series 1934 $5000 FRNs from the Kansas City district are available?," Sullivan asks. "Get this book and be sure!," he suggests. Sullivan's self-published reference book is 156 pages, soft cover, with note illustrations, charts and other data, including census data on star replacement notes. The book is the result of decades of note sifting and note recording by Sullivan and a host of dedicat- ed collectors. "Countless hours, hundreds of thou- sands of air miles, traveling to coin and currency shows all over the world, talking with collectors and dealers and collecting this data," Marc Michaelsen writes in the book's Foreword. Small size high denomination Gold Certificates were issued in Series 1928 and 1934. The latter notes were issued for inter-back transfers only and were not released to circulation. Small size high value FRNs were printed for Series 1928, 1934, 1934A, 1934B, and 1934C. They were issued to the public through 1946, when a deci- sion was made to cease printing them. Remaining supplies dribbled out through the late-sixties, when Treasury Department announced on July 16, 1969, their issue was being discontinued as part of the feds crack down on drugs smuggling and other illicit activities. One of the most interesting sections of the book describes the various hoards of large denomination notes which have been released over the years. These include the Binion Horseshoe Casino hoard of 1999 which consisted of 100 $10,000 FRNs which had been on display in the casino's $1,000,000 exhibit. All were Series 1934 New York notes. Historical information in the work includes a discussion of the Gold Standard Act of 1900 and President Franklin Roosevelt's machinations in 1933 to ban Gold Certificates. The meat of the book is the actual census data (including serial numbers and grade) on the various note issues. For example, 56 Series 1928 $1000 Gold Certificates are listed, while only 23 Series 1934 $500 Federal Reserve star notes are presently known. Only four $100,000 Gold Certificates are recorded, all at the Smithsonian or the U.S. Treasury Department. For those with an interest in this spe- cialized topic, this hook is readable and succinct, and considering the high prices of its subject matter offers a good value. Buy the book BEFORE the note, as they say. You'll be glad you did. Sullivan also authored U.S. Error Note Encyclopedia, a 2nd ed. of which is promised for later this year. The book is available for $22.95 plus $3.95 shipping from The Currency Gallery, PO Box 73, Bonnerdale, AR 71933, or from Corey at -- Fred Reed the 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 ! ! (wow) (1111, F421, Amen, 11“ , ■■ 141. re= i AurhOr, rs. %mg, Paper Money • January/February • Whole No. 259 63 Creating a Census of Obsolete Proofs by Greg Davis and Bernie Wilde C OLLECTORS OF OBSOLETE BANK NOTES HAVE LONG been familiar with the appeal of the genre. Many books and articles have been written describing the beauty and historical significance of the vignettes, the wide variety of denominations, and the intrigues associated with specific issuing banks. However until September of 1990, collectors of obsolete notes had very few opportunities to acquire the proof notes created by the security printing compa- nies to sell their designs to the banks. The event that changed this fact was the sale held by Christie's on September 14 and 15, 1990, in which the obsolete proof notes archives of the American Bank Note Company were liquidated. Prior to that sale some proof notes were already known to be in private collectors hands. James Haxbv's seminal work, the Standard Catalog of United Stated Obsolete Bank Notes 1782 -1866, references numer- ous notes that were known by Haxby to exist only in Proof form. However, if a note was known to exist in both proof and issued forms, the Haxby volumes usually made no mention of the availability of a proof example. The upshot is that there was still no reference that detailed the availability of obsolete proof bank notes, let alone their scarcity. It should be noted that there are several types of notes that loosely fall within the definition of "proofs". These include original progress proofs (often containing nothing more than vignettes and denominations), proof of concept printings, modern proprietary proofs, and modern pulls from recently released printing plates and plate sets. Generally, collectors have the most interest in old original proof of concept printings. The other categories of proof notes draw January/February • Whole No. 259 • Paper Money64 NEW MEMBERS Membership Director Frank Clark P.O. Box 117060 Carrollton, TX 75011 SPMC NEW MEMBERS - 10/03/2008 These memberships expire 12/31/2008 12725 Richard B. Seymour, 52 West Fairway Dr, Etowah, NC 28729-9769 (C), Website 12726 Ernest Larry Jr., PO Box 8326, Fort Lauderdale, FL 33310-8326 (C), Paper Money Values 12727 Chris Donato (C), Wendell Wolka 12728 Richard Jurek, 2346 Hickory Dr, Dyer, IN 46311 (C), Website 12729 Raymond Gambale, 158 05 83 St, Howard Beach, NY 11414 (C, US Small), Website 12730 Gary A. Barnitz, 110 Roberts Dr, Belpre, OH 45714 (C, US Large & Fractionals), Website 12731 Peter J. Missiras (C), Bank Note Reporter 12732 Earl Ryan (C & D), Lowell Horwedel 12733 Jim Jeffries (C), Hugh Shull 12734 John F. O'Neill (C), Wendell Wolka 12735 Steve Anderson (C), Jason Bradford 12736 Dan Baranow (C), Jason Bradford 12737 Paul Bombaci (C), Jason Bradford 12738 Terry Brennan (C), Jason Bradford 12739 William Clemans (C), Jason Bradford 12740 Roy Crogway Jr. (C), Jason Bradford 12741 Richard DeAngelo (C), Jason Bradford 12742 Jon Doherty (C), Jason Bradford 12743 Tim Elkins (C), Jason Bradford 12744 Frank Feldman (C), Jason Bradford 12745 John Helm (C), Jason Bradford 12746 Ruben Lamothe (C), Jason Bradford 12747 Jason Mullikin (C), Jason Bradford 12748 Johnnie B. Nieman (C), Jason Bradford 12749 Joseph Piazza (C), Jason Bradford 12750 Arthur Sherwood (C), Jason Bradford 12751 Arnold Stein (C), Jason Bradford 12752 Steve Strom, (C), Jason Bradford 12753 Thomas Toman (C), Jason Bradford 12754 David Turner (C), Jason Bradford 12755 Lewis White (C), Jason Bradford 12756 Randall Verstrate (C), Paper Money Values 12757 Tim Collins (C), Website 12758 Trey Hawkins (C), Website LIFE MEMBERSHIP LA4385 Charles C. Anderson (C), Tom Denly SPMC NEW MEMBERS - 11/04/2008 These memberships expire 12/31/2009 12759 Kurt Piepenbrink, 4625 West Lowell Ave, Tampa, FL 33629 (C, Fractional), Wendell Wolka 12760 Richard Lee Day, 152 Serena Court, North Fort Myers, FL 33903 (C, US Large & Small), Website 12761 Al Huie (C), Jeff Brueggeman 12762 Rahul Arora (C & D), Jeff Brueggeman 12763 Chester Kowalski, 281 Fishel Ave, Riverhead, NY 11901 (C, Foreign Notes), Paper Money Values 12764 John Skocilic (C), Mark Baskin 12765 Phillip Mangrum 1319 Ballater Dr, Murfreesboro, TN 37128 (C, $1 Silvers), Robert Moon 12766 Thomas Hasco (C), Website 12767 Scott J. Smith, PO Box 927, Spotsylvania, VA 22553 (C, US Small and1914 & 1918 FRNs), Website 12768 Ken Vos (C), Rob Kravitz 12769 Jerry Altwater (C), Jason Bradford 12770 Erik Berean (C), Jason Bradford 12771 Rick Bradley (C), Jason Bradford 12772 Collectible Coin and Bullion (C), Jason Bradford 12773 Reginald Ferguson (C), Jason Bradford 12774 Aliza Finestone (C), Jason Bradford 12775 Arthur Fundeklian (C), Jason Bradford 12776 Raymond Gambale (C), Jason Bradford 12777 Robert Haigh (C), Jason Bradford 12778 John Karabik (C), Jason Bradford 12779 Kurt Lorenzini (C), Jason Bradford 12780 Mark McDonald (C), Jason Bradford 12781 Paul Opila (C), Jason Bradford 12782 Avenue Pawn (C), Jason Bradford 12783 Eric Pepper (C), Jason Bradford 12784 Stephen Peterson (C), Jason Bradford 12785 Michael Peynado (C), Jason Bradford 12786 Chris Salladia (C), Jason Bradford 12787 Robert Sima (C), Jason Bradford 12788 Brian Sklar (C), Jason Bradford 12789 Andrew Slier (C), Jason Bradford 12790 Ken Stempien (C), Jason Bradford 12791 Lester Reed (C), Jason Bradford 12792 William Roy (C), Jason Bradford 12793 Bruce Thayer (C), Jason Bradford 12794 Ben Weinstein (C), Jason Bradford 12795 Roger Zomber (C), Jason Bradford LIFE MEMBERSHIP LM386 George Bennett, 1901 Woods Drive Unit 202, Franklinton, LA 70438 (C, US Small), Tom Denly LM387 John Stassins Jr. (C), Frank Clark Give SPMC memberships to family, friends your giftee will thank you all year long TI'VrjNTY DOLL8 ft(' Paper Money • January/February • Whole No. 259 65 much less interest from serious collectors. We decided that we had no interest in "Modern Proprietary Proofs," specimens, or recent pulls from printing plates released into private hands. AVe also decided not to attempt to track remainders being sold as proofs, or the more recent phenomenon of modified plates from the Heath Counterfeit Detector being sold as proofs. With those facts in mind, we set about developing a census of the avail- able progress proofs and proof of concept notes. The obvious place to begin such an effort was to convert the information stored M the Christie's sale catalogue into electronic form and capture the data with as much relevant detail as possible. The intent was to develop a database that provided the user with some means of understanding the relative scarcity of any particular proof note. There were a number of difficulties to overcome in this endeavor. For example, the vast majority of the lots in the Christie's sale described sheets instead of single notes. However, the vast majority of proof notes seen today are sold individually, suggesting that the buyers in the Christie's auction (or subse- quent buyers) have cut the sheets into the individual notes we see today. Therefore, it seemed unimportant to us to capture details such as orientation of notes on the sheet, and much more important to capture the information about the denominations individually. During the data gathering exercise it became obvious that some banks solicited bids from multiple bank note imprinters that were eventually merged with the American Bank Note Company. The result is that for some banks there would be multiple variations of a specific Haxby type, possibly including different imprints than those referenced by Haxby. In such cases it seemed prudent to it Ilini111111 1111111111111111111P1111111 11111111111111 n 11111111M il 11111 I 0 0 S4 I 66 January/February • Whole No. 259 • Paper Money 4000 3500 ‘41 3000 U- 0 0cea. 2500 0 ct UJ 2000 co 1500 F- 0 I— 1000 500 8.7-1 5 5 9 E O, U L Z 2 Z. Figure 1: Proofs from Christie's Sale by State < Z X < • Ul 0- > > > 10000 100 0 t/i 0 0 a. 100 CG cc • 0 DENOMINATION ($) Figure 2: Proofs from Christie's Sale by Denomination THE WINCHESTER BANK' ter: 444 e,t14.2 I ■■,11 • 144C1611.1110.1 ...V.I. • N iT1 ftrN ti,Lu *4 11 ‘' ‘v CINIVW0 8.Y."4.!1-4a with al iti.(,611i114111111 $87 —764.4. ,, '"1 ,0,•1:N 1)4)14" ,0' .', C.OLteV.703'eguarm.razagroorri A typical NI I Obsolete Now, 1/16 hoot the Winchester Bank. A 5,', leN of 1)182 $10 ?Dwn Back Isom the 1L'inc pester National Hank lhis same building WaS used for the WhIehrster Hank and a s successor, the Winchester National Bank. Teller window circa 1910, Winchester National !tank I f you have New Hampshire currency orold records or correspondence relating to the same, or other items of historical interest, please contact us. In addition, Bowers and Stuntman are avid collectors of these hills and welcome contact from anyone having items for sale. We will pay strong prices for any items we need! 1'isit the Ni I Cm temt. Moly l'rojeci 11,11,11'.11/1. iirtoicycom. find a listing of NVII , Iaespo crin' ?,inks Clillersey, road .mowle chapters, and more. asmaimimumm 1111=111111 111kieddll 1111:Q,0111111111101=1 ft),&SItia 'ffi5tkislit' Loei wan. mar 'TAM ■ClItIV V Atnittte* - • :'.4444.t ry We look forward to hearing from you! The NEW HAMPSHIRE CURRENCY STUDY Project Box 539, Wollehoro Falls, NH 03896 E-mail: int6(aailicurrency.colii Muir ()awn mill be fortvonfol to both authors.) Paper Money • January/February • Whole No. 259 67 An Invitation from The NEW HAMPSHIRE CURRENCY STUDY Project Q. DAVID BOWERS and DAVID M. SUNDMAN are involved in a long-term project to describe the history of all currency issued in the State of New Hampshire, as well as to compile a detailed registry of all known notes (whether for sale or not). Our area of interest ranges from early colonial times through the Revolutionary era, the state-chartered bank years (1792-1866), and the era of National Banks (1863-1935). This will result in a book under the imprimatur of the Society of Paper Money Collectors, with help from the New I lampshire Historical Society, the Smithsonian Institution, and others. Apart from the above, David A4. Sinitimari is president Littleton Coin Cwupany and O. David Bowers is a principal or American Numismath Rarities, 1.1,C, and both advertisers in the present book. For other cotionewial transactions arid business, refer to those advertisements. i he aulhous 01 the press 1 , 110k, 11111(1111g a 1,11C Sri of 1902 910 National Had Note from IVe,t New I lamps/tire. January/February • Whole No. 259 • Paper Money Thin India paper Highly detailed engraved vignettes Plate letter -I TEM1111 ,INVL ///tore, 441 , flf // ////// , /// 7 //of , //-.1/ // Red protector Printer's imprints POC signature cancellations No signatures! Property of American Bank Note Co. bleed-through from back 68 separate the data by imprint, rather than aggregate the numbers for all varieties that were attributed to a specific Haxby type. Likewise, some printers produced variations on the notes they were offering, apparently to show the banks options that could be purchased. For instance, many proofs were available with or without "security protectors" (over- prints) or background tints and lathework. Again it was decided that information about each variation would be tracked separately, so that a collector might be able to discern the scarcity of each subtype within the Haxby variety group. Still more differences from the Haxby descriptions and images began to emerge as the data was gathered. In some cases there might be declared differ- ences in vignettes, differences in the engraved dates, differences in the engraved location of payment, and so on. To the extent that this information was included in the catalogue lot description, we attempted to capture it to allow collectors to differentiate the notes observed in the field. However, it should be noted that the information in the Christie's catalogue was not completely consistent in the level of detail provided, and that lack of consistency was transferred to our database by necessity. This resulted in some cases where ambiguity may have led us to sepa- rate some data that might more correctly be combined, and vice versa. Once we had completed the work on the Christie's catalogue it was determined that there were about 20,600 notes sold at that particular auction. However, we were already aware that the census was not complete at that point because it contained no information about progress proofs and proof of concept notes released prior to the Christie's auction. We performed some cursory analy- sis on the data and generated some findings that will be revealed in future articles. For example, Figure 1 shows the relative scarcity of proof notes by state and Figure 2, which shows the proofs by denomination. After consulting with obsolete currency experts Q. David Bowers and Russell Kaye, it was determined that we should expand the database by gathering information from other auctions. The first and most obvious was the November 1990 Spink sale, in which the much more limited archives of the British American 1111,1); Paper Money • January/February • Whole No. 259 69 COME TO STACKS.COM Joityotert-A(0-e/cfizar' u , ( ' •4r. 111.11.711 .0,0 .41-1 CTIVITY 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 Sundman. WE ARE CONSTANTLY ADDING TO INVENTORY but most items arc 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 Monty Review AND a per- sonally autographed copy of 100 Greatest American Currency Notes with our compliments. CHECK OUT OUR OFFERING TODAY. WANT LISTS ACCEPTED! 'S. tee/J(1 re. /Wm f ;4tchte‘.., C-4 meyiert riLj L.7:117;:ic (tC,cii0rt 11 1/ 77) 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 artilkts 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 print ing plates, vignette dies, cylinder dies, and other art ilacts, each unique. These items are so rare that most nit m istnat is museu 111S and advanced collectors do not have even a single vignette die, cylinder die, or plate! If you would like to have more intOrmation, contact us by mail, phone, fax, or on our website. This is an absolutely uniq ue opportunity! U.S. COINS • ANCIENT AND WORLD COINS • MEDALS • PAPER MONEY 4P•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/ 16 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. st achs con (Soitletleratr iltatrs flys. lb.Xind PIERRE FRI 01 11. SPINK 70 January/February • Whole No. 259 • Paper Money Bank Note Company were liquidated. This yielded only a few dozen lots, and added only about 200 notes, raising the total to about 20,800. We then widened the net to include other sales such as Heritage, Smythe, NASCA and CAA sales. This effort is ongoing, and is particularly focused on sales that predate the archive liquidation sales. In order to insure the accuracy and usefulness of the data, we are including in the database a field to capture the information source (i.e. which auction catalogue it came from) and any reference provided as to the chain of custody for the notes. It should be noted that auction houses are not always accurate or consistent in their presenta- tion of the chain of custody information, but we have neither the resources nor the inclination to attempt to verify the claims, we simply capture the information as provided. Given the scope of this project and the apparent dearth of available pri- mary data sources, such as specific records from the security printing companies, this project may never yield a completely comprehensive census of the progress proofs and proof of concept notes printed. However, as more data sources are digested and their data included in the database, a clearer picture emerges of the relative scarcity of the notes that are now becoming more frequently observed in numismatic auctions. At the very least, it will yield an increasingly comprehen- sive catalogue of the variations that have been seen and sold over the years. If you would like more information about the Obsolete Proof database project or would like to become a part of the project, please visit the message board at . Current copies of the spreadsheet are available there for download, as well as information about some of the analy- ses that will be the subject of future articles. NEW! Confederate Paper Money Book - Field Edition 2008 — by Pierre Fricke Portable (6x9, 2.5 lbs), 456 pages, quality hard back, full color. "Pierre Fricke's 2008 book is the primary reference source for any collector of CSA paper money. It is laid out well for anyone to comprehend and understand...this book is a must for all." McNair Tornow, CSA Collector • More than 100 people's input included • 100 pages of introductory material including history, ways to collect, and the only photo grading guide for CSA currency • Values for type notes in choice, average, cut- cancelled and impaired quality for each grade • Values for rare varieties, counterfeit types and GSA bonds & updated market analysis • Type and rare variety condition census • Hundreds of color pictures drawn from the most extensive type and variety collections Please send $40 ppd. to: Pierre Fricke, P.O. Box 52514, Atlanta, GA 30355 Personalized and Signed by Author vi, >Easy to sort database By date added to Web site By Friedberg number All or part of any serial # >Insightful market commentary •A10622A 4- 142916E: 410522A • %IP ..gVa10/...1, ■ir.e.....111e ill., Sal yrir 014313ffiAr.7-°1* /r8'705AN85439: 3887 • vv. X1.17.13 ,, • '1 IR.IL or • ... r:Ff J118* Vr" Riflommo,w1140timeitile4/ing A 006445634 i44563 A P.O. Box 28339 San Diego, CA 92198 Phone: 858-679-3350 FAX: 858-679-7505 >Large size type notes Especially FRN's and FRBN's ./1 10-J j118* %lathtottstp4Otitiototatai Is $0.4 nottcsr., .l lMl ^s^ B- • Viiiitit*UYP-!W.1.11Mh. N1:.'11 '1111111: B7 B2 -riawarrz- u,swoung - >Large star notes >1928 $500's and $1000's >National Bank Notes >Enlarge and magnify images E ittlrf 114114:41*N /he 11-K API Paper Money • January/February • Whole No. 259 71 Online Paper Money at Its Finest ---"Wardialina61234Z7r- TutlitA- 72 January/February • Whole No. 259 • Paper Money Seal colors on Series 1934 Federal Reserve Notes These star notes are classic vivid yel- low-green seal Federal Reserve Notes. C00002962* was numbered on January 28, 1935, in a run of 2,000 sheets bearing serials C00000001*- C00024000*. H00005350* was num- bered on November 26, 1934, in a run of 1,000 sheets bearing serials H00000001*-H00012000*. I NITIALLY THE COLOR OF THE SEALS AND SERIAL NUMBERS on Series of 1934 Federal Reserve Notes was a vivid yellow-green. This was followed by a transition period when the seals began to exhibit a steely bluish cast that got progressively more intense with time while the yellow hue was being diminished. Eventually, over the next two years, the seals became fully blue green, best described as a pale, steely blue green. A popular early collecting pursuit was to attempt to form low denomi- nation district sets of the vivid yellow-green seals because they were so attrac- tive. Part of their appeal was that the backs also were printed using a soft- appearing yellow-green ink, yielding a very pleasing looking note. The early small note catalogers, namely Leon Goodman, John Schwartz and Chuck O'Donnell, recognized the end member varieties, and acknowledged collector interest in them. Accordingly they attempted to split the Series of 1934 into two parts by seal color. Regrettably, they chose the mislead- ing nomenclature "light" and "dark" green to describe these colors. That decision proved to be a major problem. The Federal Reserve entries in the catalog were largely the work of Chuck O'Donnell. The problem was that he apparently had classic male red- green color blindness, a visual impairment that I also share. The result was that he responded to the intensity of the colors, not to the colors themselves, so to him, the vivid yellow-green seals looked dark, just opposite to what other collec- tors meant when they called such a note light green! I discovered this while vis- iting him in the late 1960s. The result was that when people reported serial numbers for use in suc- cessive editions of the GSO Standard Handbook of Modern U. S. Paper Money, there was considerable mis-communication, so notes got listed under the wrong THE PAPER COLUMN by Peter Huntoon with collaboration of Jim Hodgson and Jamie Yakes Paper Money • January/February • Whole No. 259 73 headings. The problem was recognized fairly early on, so the light green seals were redefined to mean the vivid yellow-green seals, but the damage was done. A lot of data in the catalog was mixed. John Schwartz has been trying to straighten the listings out ever since, but with difficulty, because the listed notes are not available to him to make the call. I have worked on most editions of the catalog over the years, and have argued that we should replace the ambiguous "light" and "dark" green nomenclature with the more appropriate "vivid yellow-green" and "dull blue-green." Independently, Chet Krause, recent publisher of the Standard Handbook, took a strong interest in the problem, and made a concerted for- ward step to help by getting his printers to carefully reproduce the greens found on the notes, and print these as guides on the back cover of the catalog. Notice the great job they did with the 6th edition published in 2005. At least now there was no longer any ambiguity about what color was supposed to go with "light" and "dark". Just recently, John Schwartz and I had another exchange on this topic. He agrees that the current nomenclature leaves much to be desired, and conceded that he'll abandon the "light" and "dark" stuff in some future edition. At this point, it is fair for you to question my ability to distinguish between the colors. There is no question that I have male red-green color blindness. I first discovered this when I went for an eye exam while in col- lege. I leafed through a booklet in the waiting room that was a visual test for it. The booklet contained a series of pictures consisting of various colored dots. If you passed you saw one thing, if you failed you saw something entire- ly different. I failed virtually every one! I do see color, just not what you may see. So how can I make the call on a note? I can distinguish between the vivid yellow-green and dull blue- greens in decent light, but the transition hues eat my lunch. It is hard for me to distinguish the onset of the steely blue casts on the transition notes, because I confuse them with the vivid yellow-greens. I have to view such notes under strong light, preferably sunlight, and have examples of unam- biguous yellow-green and blue-green reference end member for comparison. I don't make these calls well in poorly lit bourse rooms when someone simply hands me a note, and asks what is it! One frustrating fact for all of us was that the changeover serial num- bers were unknown between the classic vivid yellow-green seals, and the later varieties. No records seem to exist at the Bureau of Engraving and Printing documenting the changes. The first breakthrough came with the $5s. No $5 FRNs were print- ed between late 1937 and early 1941, but the changeover occurred during that interval. We have data on the first regular serial numbers printed by year, so it was easy to deduce the high serials for the regular $5 yellow-green seal notes. Those serials appear on the table that accompanies this article. Comparable data for the star notes does not exist because beginning yearly serials of the stars were not reported. To get at the stars, we needed to know when the seal colors changed during the 1937-1941 interval, and we also needed serial number data for each of the star note printings. Using both, we could make the cut. Fortunately, someone in the numbering division at the BEP keep a diary of the star press ruthrough August 1939, so we have the dates when the critical serial numbers were printed. Using a large amount of star note census data collected by Hodgson, supplemented with that collected by Yakes, allowed us to identify a goodly sample of which printings had which color. We also included the high "light seal" and low "dark seal" data from the 74 January/February • Whole No. 259 • Paper Money Oakes-Schwartz catalog, recognizing that those data were imperfect. Next we arranged all printings for all districts and denominations in chronological order, and looked to see if the changeover would reveal itself. Miraculously, it appeared to fall between two consecutive dates during which Federal Reserve star notes were printed; specifically November 2 and December 6, 1937. The joker here is that the only reported blue-green seal note printed on December 6th is a "dark-green" serial listed in the Oakes-Schwartz catalog. That key note is $10 Series of 1934 A00309090* printed on December 6, 1937, in a run of 1,000 sheets numbered A00300001* through A00312000*. The next oldest reported blue-green seal is $10 1934 C00209892*, reli- ably observed by Hudgson and others, from a press run on January 27, 1938. Obviously, A00309090* is a key note that we need to verify as to seal color. Please advise if you have it. For now, we are drawing the line between the vivid yellow-green and blue-green star serials between the November 2 and December 6, 1937 print- ings. This process yields the summary on the accompanying table. If you haVe occasion to reread my articles on mules, etc., you will notice that I previously stated that the changeover from yellow-green to blue-green seals occurred in late 1938. This is a year too late, so if it matters to you, correct those calls in those past articles. The error won't change the conclusions. Last serial numbers printed on Federal Reserve Series of 1934 star notes and $5 regular notes with vivid yellow-green seals and serial numbers. District $5 regular $5 $10 $20 $50 $100 Boston A06 000 000A A00048000* A00300000* A00060000* A00008000* A00008000* New York B14 832 000A 800108000* 800924000* B00132000* B00008000* 800008000* Philadelphia C06 720 000A 000072000* 000180000* 000060000* 000008000* 000008000* Cleveland D05 400 000A D00072000* D00228000* D00108000* D00008000* D00008000* Richmond E04 992 000A E00060000* E00120000* E00072000* F00008000* E00004000* Atlanta F12 000 000A F00120000* F00096000* F00036000* F00004000* F00004000* Chicago G09 732 000A G000%000* G00468000* G00132000* G00008000* G00008000" St. Louis H10 368 000A H00096000* 1100108000* H00048000* H00004000* 1100008000* Minneapolis 104 920 000A 100048000* 100084000* 100036000* 100004000* 100004000* Kansas City J03 000 000A 100048000* J00096000* J00036000* 100004000* 100004000* Dallas K08 352 000A K00072000* K00072000* K00024000* K00004000* K00004000* San Francisco L12 396 000A 100120000* 100216000* 100084000* L00008000* 100008000* No Series of 1934 yellow-green seal $500 or $1000 star notes were printed. The first Series of 1934 FRN star notes were New York $10s printed October 15, 1934, namely B00000001*-B00024000*. We were surprised to learn that the last Series of 1928 FRN stars were printed October 4, 1935, a year later; specifically, Atlanta $20s F00076000*-F00080000*. Clearly, the table presented here is a work in progress, so observations you have that can validate or correct the data in the table will be most appreciat- ed. Contact us through Acknowledgments Cecilia Wertheimer, Bureau of Engraving and Printing Historical Resource Center, provided access to serial numbering data at her disposal. Jim Hodgson and Jamie Yakes supplied numerous serial numbers, assisted with the data analysis, and helped defray the costs of collecting the data in Washington. The Society of Paper Money Collectors partially supported the research. v NLG AWARD c."-be"? EXTRAORDINARY MERIT FLORIDA PAPER MONEY. AN ILIDSTRAfED HISTORY 1217-1934 RONALD J. BENICE„ EDITED BY FRED REED BALTIMORE, JULY MPS Paper Money • January/February • Whole No. 259 75 Numismatic Literary Guild & ANA honor SPMC-member authors at Baltimore show HIGH QUALITY PAPER MONEY WORKS CONTINUEto flow from the pens of SPMC-member authors, several of whom were honored this past summer for work published in 2007. SPMC members dominated the paper money writing awards presented by the Numismatic Literary Guild at its annual enclave held this past summer during the Baltimore American Numismatic Association annual convention. George B. Tremmel's A Guide Book of Counterfeit Confederate Currency was honored by the Numismatic Literary Guild as the best Specialized Book in the field of U.S. paper money. Ronald J. Benice's Florida Paper Money, .-In Illustrated History 1817-1934, edited by Fred Reed, was honored by NLG with an Extraordinary Merit award. In the field of U.S. commercial numismatic magazines, Fred Reed's column "Paper Profiles" in Coins magazine received an Extraordinary Merit award from NLG. NLG also voted Reed's Bank Note Reporter column "Shades of the Blue and Grey" the Best Column published in numismatic newspapers. Bank Note Reporter and Numismatic News editor Dave Harper was honored twice by NLG for Best Issue among numismatic newspapers for his July 2007 issue of Bank Note Reporter, and his Oct. 13,2007, issue of Numismatic News. Heritage Numismatic Auctions garnered the NLG award for Best Auction Catalog: Books and Exonumia for its Frederick Mayer Postage Cfirrenty and Encased Postage Collection sale catalog. Stack's received an NLG Extraordinary Merit award for its John J. Ford Jr. Collection Part XXI catalog featuring Ford's western notes and scrip. Q. David Bowers was honored by NLG for "Best All- around Portfolio," which included his paper money works. NLG also honored Bowers for a token and medal book he co- authored. Additional SPMC members honored by NLG for non- paper works included Honorary Life Member Eric Newman for his book on Fugio cents. NLG also cited Heritage Auctions for several coin cata- logs and its web site. SPMC board member Neil Shafer was elected to the American Numismatic :Association Hall of Fame. A 56-year member of ANA, Shafer, is a noted cataloger, editor and author of paper money works. He lists his current collecting interests as U.S. currency, college currency, Philippine and guerilla paper money, panic and depression scrip. Also this past summer in Baltimore during the American Numismatic Association annual convention, SPMC-member Wayne Homren received the Burnett Anderson Memorial Award for "excellence in numismatic writing." The award is sponsored by F&W Publications in honor of longtime Krause SPMC-member authors George B. Tremmel and Ronald J. Benice shared in this past summer's literary windfall. Numismatic Literary Guild honored Tremmel's A Guide Book of Counterfeit Confederate Currency as "Best U.S. Paper Money Book" and Benice's Florida Paper Money, An Illustrated History, 1817-1934 for "Extraordinary Merit." A Primer for Collectors BY GENE HESSLER g4;.'„ 4:11,7sI4 LA LO ALE UBLI,C COEEE PA lAtintit NATIOW ASSOCIATiON OE OROIT P Katanga 10 francs note depicts Moise Tshombe January/February • Whole No. 259 • Paper Money76 Numismatic treasures spark past memories T OOKING FORWARD IS SOMETHING I WILLJalways do, however, as I enter my eighth decade I find that I look back more often than I previously did. Specific tastes, smells and music often trigger memories from our past. Applying this reflex mechanism to collecting, we can often remember from whom we received or when we locat- ed a particular bank note, coin or some other numismatic treasure. There are a few incidents I can recall that relate to specific bank notes in my collection. Laurent Kabila, who forced dictator Mobutu Sese Seko to leave the country in 1997, one year later found himself fighting to hold on to power as leader of the Democratic Republic of Congo, formerly Zaire, Republic of Congo, and originally the Belgian Congo. When King Leopold's private domain of the Belgian Congo became an embarrassment, he was forced to hand his private mineral-rich property to the Belgian government. In 1960, when the country was given independence and named the Republic of Congo, the cop- per-rich region of Katanga seceded. After provisional notes were issued, the Banque Nationale du Katanga issued paper money. Nloise Tshombe, the leader of Katanga, is shown on the notes dated 1960, P5-10 including an unissued 10-franc note, P5A. In 1964, after Katanga rejoined the Belgian Congo, Tshombe---a controversial man with enemies but a com- promise figure---was recalled from exile to lead the frac- tured Belgian Congo. In the autumn of 1964, I toured 18 African countries with a group of New York musicians under the auspices of the U.S. State Department. During that three-month tour I returned with notes from each country visited, but won- der why I did not bring more, especially high denomina- tions that are too expensive to purchase now. Each note reminds me of something I experienced. Notes from the Belgian Congo, and the unissued note from Katanga, which I purchased years later, remind me of a specific inci- dent during the tour. Just before each of our concerts began, all the lights were lowered to near total blackness and the conductor, with a pen light, approached the podium accompanied only by a drum roll as the lights came up gradually. By the time he reached the stage the lights were full and we immediate- ly played the national anthem of the host country and then ours. We could not begin the nightly ritual for our first con- cert in the Belgian Congo until Moise Tshombe and a few "protectors" were seated in the front row, about 20 feet from where I sat. As soon as I saw him I thought the usual beginning to the concert was a bad idea: Tshombe would be in total darkness for at least two minutes, enough time for an assassin to reach him. As the lights were lowered I kept my eyes on him and noticed a considerable amount of concern on his face. I did not alter the spot that held my gaze like a laser. As the lights came up Tshombe's eyes were darting to the left and right and he seemed extremely relieved when the non-air conditioned hall was lighted nor- mally. He politely wiped his brow: I don't think air-condi- tioning would have altered this gesture. I was relieved as well. During the blackout I was con- cerned not only for Tshombe but for my colleagues and me. I was also relieved not to have witnessed a fatal historic incident. The concert proceeded as usual, and, we ended in a bath of perspiration from the equatorial heat. In the Belgian Congo cities of Leopoldville an d Stanleyville, now Kinshasa and Kisangani respectively, we could see that the exterior of buildings, mostly white, were dotted with bullet holes from fighting that had taken place less than a year before our arrival. A few rebels remained active and gunshots could be heard in the distant bush. However, the State Department repre- sentative assured us there was no danger, and there was not. My notes from the Belgian Congo, as you see, evoke vivid personal memories. (Reprinted with permission from Coin World, Mar. 22, 1999.) 77Paper Money • January/February • Whole No. 259 SPMC-member Fred Reed's article belatedly acknowledging the depiction of 17 real, historical women on U.S. paper money was honored by the American Numismatic Association with its coveted First Place Heath Literary Award "for distinguished numismatic achievement." SP -VIC-member awards continued . Publications correspondent Burnett Anderson, and presented by Anderson's son, SPMC Vice President Mark Anderson. Homren was lauded for creating E-Syhtm, the numismatic community's weekly electronic newsletter under the auspices of the Numismatic Bibliomania Society. Now in its 10th year, E-Svlum is read by more than 1,100 collectors every Sunday night. Homren joins past SPMC-member winners of the award including Q. David Bowers, David Harper, Clifford Mishler and Eric P. Newman. "It's very humbling to be in such august company," Homren said. "I'm a guy with no budget, a laptop and an internet connection.... I only hope my work can con- tinue to live up to the high standards of the award." The newsletter summarizes current numismatic happen- ings, commentary from diverse correspondents worldwide, reports on recent numismatic book auctions, and inquiries on all kinds of hobby topics in each issue. The publication is free. Inquiries can be made at [.] Two SPMC members were honored with the ANA Glenn Smedley award for those who demonstrate the late Smedley's enthusiasm and verve. They are Howard A. Daniel III and Dennis Schafluetzel. Annual American Numismatic Association awards also honored SPMC members this summer in Baltimore. SPMC members dominated the U.S. paper money exhibit category. SPMC member Mack Martin captured the First Place exhibit award in United States Fiscal Paper Money for his "State of Georgia Currency and Certificates, 1861-1865." SPMC member Nancy Wilson took Second Place in the cate- gory for her "Electricity: 1896 Style." Third place belonged to SPMC member Dennis Schafluetzel for "Carpetbagger Promotes, Combines, Rebuilds and Bankrupts Alabama Chattanooga Railroad, then His Chickens Come." John Wilson earned a Third Place award in Numismatics of Asia and the Pacific for his exhibit "Ming Dynasty Note." Chris Donato capnired the Third Place exhibit award in the Young Numismatists category Paper Money for "Plastic Money of the World." The award is sponsored by the Kagin family. SPMC's journal Paper Money was once again honored in ANA's literary awards contest. This year the publication tied for third place among Specialty Club publications. Paper Money Editor Fred Reed's article "Paper Dolls," which challenged the assumption that only two or three real women have been portrayed on U.S. Federal currency, pub- lished in the November 2007 issue of The Numismatist, gar- nered a passel of ANA awards in Baltimore. Reed showed conclusively that many real, flesh-and-blood historical women have been depicted on U.S. Federal Notes in the 19th and 20th centuries. In addition to Martha Washington, and Matoaka (Pocahontas) -- whose appearances on U.S. currency are widely known -- these included showing Pilgrim separatists Mary Brewster, Susanna White, Elizabeth Winslow, Ann Fuller, Rose Standish, Dorothy Bradford, Katherine Carver, and Mary Chilton, Jamestown settlers Mistress Forrest and Anne Burras Laydon, Charles Carroll's daughters Catherine (Kitty) and Mary, Queen Anne of Denmark, and courtesan Josie Mansfield. Additionally, Pocahontas' elder sister (likely Matachanna), and Pilgrim mothers Sara Eaton or Elizabeth Hopkins may appear. "Paper Dolls" awards included the First Place Heath Literary Award, named after the ANA founder and first editor. Reed's article also garnered the Wayte and Olga Raymond Memorial Literary Award for "original and comprehensive research," named after pioneering numismatic publisher Raymond, and the Catherine Sheehan Literary Award for U.S. Paper Money Studies. These honors included a medal, plaques, certificates, and three cash stipends. 78 January/February • Whole No. 259 • Paper Money S Virtual Paper Money Club? EEING MR. CHET KRAUSE'S WISCONSIN collection, an incredible 900-plus Wisconsin nationals, in the Lyn Knight auction at the PCDS show recently, got me to thinking about the great state national currency collections that I was aware of. And where the ones I am not aware of arc located. Many state, national currency collections of the past had surfaced, for me, in large paper money auctions. Some, I was aware of because I knew the owner or had corresponded with him over the years. I wonder whether every state in the U.S. is, or has been, pursued relentlessly by a collector; and if so, where these collections are and what notes are included. So, why not registry sets of state national bank note col- lections based on completeness, rather than condition as the coin collectors have been doing? Perhaps SPMC could run the program and collectors who wanted to remain anonymous could be allowed to do so. Evaluations would be based on rar- ity and representation of a percentage of the issuing banks represented, including the types of notes included. While Don Kelly's census efforts have provided great information on notes reported as existing, it doesn't tell us where they are. Steve VVhitfiel( I was fortunate over the years to examine several of these great collections simply by asking the owners. You have to know who the owners are in order to do this though. Most of the collectors I knew in the past, and presently know, are proud of their efforts and eager to share their story and Coln- pare notes with others of like interest. If there were a central- ized place where all collectors of nationals could meet on a regular basis, a giant paper money club if you will, we could all share in the same information. That of course is not possible because we are scattered all over the country. In Florida, my current abode, P.M. collectors try to get together on a quar- terly basis at Orlando to discuss and do a "show and tell" about their latest acquisitions or close misses. Few of us live in or near Orlando so traveling to the meetings entails a major expedition. It would be great if we could meet more often. A future alternative may be in a "virtual paper money club" using our computers. If we were all networked with high speed service, we could meet at a specified time and con- duct P.M. business on our computer monitors. The paper money auction sites have done a good job at getting us into live auctions on our computers. Not quite the same as being there in person, but a huge improvement over previous alter- natives. Perhaps one of the major auction houses could take on a mission to set up a national, virtual paper money club with regular meetings. There could be separate branches for nationals, large type, obsoletes, etc. And such a club could also set up and run a Registry Program on completeness of national bank note collections. So, come on big auction houses. Here's a chance to really bring paper money collectors together. F Lincoln and paper money FA-3R VARY 12, 2009, MARKS THE 200TH ANNIVER- sary of the birth of Abraham Lincoln, who by every mea- sure of historical record and public opinion ranks at or near the top of every survey of America's best, most admired or most popular President ever. It's been my pleasure to collect and study Lincoln's numismatic legacy now for some 54 years, until I have assem- bled both a rather large collection of Lincolniana and a rather large store of humble opinions on the man and his accom- plishments. Some of these fly in the face of prevailing histori- cal or popular notions. I have endeavored to disseminate a good measure of both in my new book Abraham Lincoln, the Image of his Greatness: Ideal, Idol and Icon (Whitman Publishing LLC, 2008). It'll be interesting to see how my scholarship is received in both academic and collecting circles. The book shows Lincoln paper money, medals, tokens, scrip and many hundreds of other items you likely have never seen before -- all in full color. Whitman did a great job on the book, which is now available. In due course someone will review it for this publication. I'm biased; I hope it deserves a favorable review, especially here! You can decide for yourself whether you wish to purchase it. Today, I'm not here now to hype the book, but rather to share a small tribute to Lincoln. Lincoln's Presidency is replete with important money events: introduction of token coinage and fractional currency; circulation of non-interest bearing treasury notes; creation of national banking associations and issuing of National Currency; establishment of the Medal of Honor; creation of the National Currency Bureau; adoption of a Secret Service to combat counterfeiting; introduction of legal tender fiat paper money; enactment of the first personal income tax; and others. For me a very revealing aspect of Lincoln's character is revealed by the S5 Confederate note he carried in his brown leather billfold the night he was assassinated by heinous Southern zealot John Wilkes Booth on April 14, 1865. The contents of Lincoln's pocket has fascinated since the Library of Congress unsealed a box of Lincoln's effects in 1976. The note depicts the CSA capitol at Richmond, and Treasury Secretary Memminger. It is not known how Lincoln obtained the note or why he carried it. It is known that Lincoln and his young son Tad toured the fallen Rebel Capital Richmond just 10 clays earlier. Maybe for Lincoln, this bill was a souvenir of saving the Union he had sworn to "preserve, protect and defend" against all enemies. We can know, however, that his numismatic souvenir was carried with "malice toward none, with charity for all," surely not the same sentiment in Booth's dark heart that night! 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 Paper Money • January/February • Whole No. 259 79 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 Polls 4501 Connecticut Avenue NW Suite 306 Washington, DC 20008 (202) 363-6650 Fax: (202) 363-4712 E-mail: Member: SPMC, FCCB, ANA 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 email: DO YOU COLLECT FISCAL PAPER? Write about your specialty for Paper Money Articles on checks, bonds, stocks Always wanted Our SPMC Journal exists to fulfill our mandate to promote education in all these fiscal paper areas So spread your knowledge around to our members Are you planning a show? Would you like to have free copies of Paper Money magazine to distribute to attendees? Contact Bob Cochran 1917 Driftwood Trails Drive Florissant, MO 63031 or NATIONALS FOR SALE Clinton, Thompson, Lafayette, Madison, Marion, Newton, Solomon, Lowell, Jackson, Beatrice, Franklin, Kent, Sidney, Perry, Bradford, Butler, Chester, Howard, Siegfried, Austin, Victoria, many others JOE APELMAN ANA SPMC P.O.BOX 283 COVINGTON LA 70433 985-892-0123 - • uN Littleton Coin Company Contact us: Toll Free: (877) 85T7850 Toll-Free Fax: (877) 850-3540 CoinBuy@LitiletonCoin.corn References: Bank of America Dun & Bradstreet #01-892-9653 1309 Mt. Eustis Road • Littleton NH 03561-3735 80 January/February • Whole No. 259 • Paper Money LITTLETON COIN COMPANY • SERVING COLLECTORS for OVER 60 YEARS Selling your collection? Call Littleton! You've worked hard to build yourpaper money collection. When it's time to sell, you want a company that's as thorough and attentive as you are. At Littleton, our team of professionals is ready to 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. Call us at 1 -877 -857 -7850 and put Littleton's 100+ years of combined buying experience to work for you! "4"1"/ 11 Nmoitikti S` a'GJlu 47202117W ( #.11Y4700,.. 722 PlIVICSIttilt +S) (I -1-01sitt.F):,= r t. • Irtasik.I 'I' t NITE1) STATHS ()11,.% NIERICA 2 WANTED: All types — Legal Tenders, Silver Certificates, Nationals, Federal Reserve Notes and more. 7 Reasons you should sell to Littleton... 1_ Receive top dollar for your collection - immediately 2 Quick turnaround - accept our offer and we'll send you a check the very same day 3 Single notes to entire collections 4 Deal with a company that has a solid reputation built from more than 60 years of service 5 You can rely on our professionals for accuracy and expert advice 6 Why travel? Send us your collection, or if it's too large and value requires, we'll come to you - call for details 7 Each year we spend over $15 million on coins and paper money - isn't it time for your check? Maynard Sundman David Sundman Jim Reardon Butch Caswell Founder President, Numismatist Chief Numismatist Senior Numismatist(1915-2007) (ANA LAI #4463, PNG #510) Ken Westover Numismatist America's Favorite Coin Source • TRUSTED SINCE 1945 02008 LCC. LLC 84491 I OUR MEMBERS SPECIALIZE IN CONFEDERATE CURRENCY They also specialize in Large Size Type Notes, Small Size Currency National Currency, Colonial and Continental Currency, Fractionals, Obsolete Notes, Error Notes, MPC's, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money .. . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 130 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. • Hosts the Please visit • Encourages • Sponsors the Money Convention, • Publishes several of these booklets • Is a proud PCDA annual National and World Paper Money Convention each fall in St. Louis, our web site — — for show location and dates. public awareness and education regarding the hobby of Paper Money Collecting. John Hickman National Currency Exhibit Award each June at the Memphis as well as Paper Money classes and scholarships at the A.N.A.'s Summer "How to Collect" booklets regarding currency and related paper items. can be found in the Membership Directory or our web site. supporter of the Society of Paper Money Collectors. Missouri. Paper Seminar. Availability To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. The Professional Currency Dealers Association For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: PCDA Terry Coyle — Secretary P.O. Box 246 • Lima, PA 19037 (610) 627-1212 Or Visit Our Web Site At: - (.....( , ow!, WHEN THE TIME TO SELL COMES, YOU WANT THE HIGHEST PRICI-4 1,. HERITAGE DOESN'T COMPROMISE, AND NEITHER SHOULD YOU! Whether you are selling a few extra notes from your holdings, or a comprehensive collection built over decades, you can maximize your profits at our Central States auction. Our printed catalogs and online Permanent Auction Archives will memorialize your collection forever. Allen Mincho Director of Auctions Ext 1327 Heritage is America's largest numismatic auction house, delivering worldwide bidder demand through our exclusive Interactive Internet systems on our award-winning website. There you will find 325,000+ fellow collectors registered as bidder-members at . Glazer Dire,rrii of Auctions Ext. 1390 Len@HA.corn /w; When you consign with Heritage, you benefit from decades of experience, award-winning catalogs & catalogers, the'world's finest numismatic client list, and proven marketing expertise. Our state-of-the-art digital photography has won praises from around the world, with full-color, enlargeable images of every single-note lot posted on the Internet. Bidders trust our catalog descriptions and our full-color images. David Lisot Consiwunent Director Ext 1303 I) THE CSNS SIGNATURE AUCTION, APRIL 17-19, 2008 Heritage is currently accepting consignments for our Signature Auction to be held at the Central States Numismatic Society Convention in Rosemont, IL. To include your currency collection in this important auction, please contact a Consignment Director today! CONSIGNMENT DEADLINE: FEBRUARY 28, 2008 Dustin Johnston Director of Auctions Ext 1302 David Mayfield Consignment Director Ext 1277 We invite your consignments and bidding participation in our upcoming CSNS Signature Auction. Let us bring your currency to the buyers around the world and on the Web. Call 1-800-872-6467 Ext. 1001 • 24-hour voicemail or visit our website at „00-42), The World's #1 Numismatic Auctioneer HERITAGE Mike Moczalla Consignment Director Ext. 1481 MichaelM@HA.cein Jim Fitzgerald Director of Auctions Ext. 1348 JimF@HAcomAuctiaw Galleries/ Annual Sales Exceeding $500 Million • 325,000+ Online Registered Bidder-Members 3500 Maple Avenue, 17th Floor • Dallas, Texas 75219-3941 • or visit 214-528-3500 • FAX: 214-443-8425 • e-mail: IL Auctioneer license: Robert Korver 441.001421. This auction subject to a 15% buyer's premium. 6052