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Paper Money - Vol. XX, No. 2 - Whole No. 92 - March - April 1981


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March c April, 1981 Volume XX Whole No. 92 ACV 4"/ 44rpo', Howard Bauserman concludes his Icon- ographic survey of the paper money of fascinating Iceland in this issue. ri ATION OF THECIEW NTNEY COLLECTORS 8 sa8 V.8:188,8'8,8 International Paper Money Show June 18-20, 1981 The Currency Sale of the Year! To be Conducted by Kavin's The Oldest and Most Respected Name in Currency. Limited Number of Lots Consign NOW! at our Low 10% Commission Rate Consignments will be accepted by Kagins at the following shows: F.U.N. SHOW Orlando, Florida January 8-11, 1981 Greater Miami Beach Coin Convention Miami, Florida January 15-18, 1981 N.A.S.C. Los Angeles, California January 30-31, 1981 Mid /Winter A.N.A. Convention Honolulu, Hawaii February 3-8, 1981 Kagin's Numismatic Auctions, Inc. P.O. Box 7189, GRAND STATION Des Moines, Iowa 50309 q Yes, I am interested in consigning to the International Paper Money Show. Please contact me. Name Address City, State, Zip Telephone Complete the Coupon or Call Today TOLL FREE 800-247-5335 To Discuss Consigning To Kagin's Outstanding Paper Money Show SOCIETY PAPER MONEY COLLECTORS INC. PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors, P. 0. Box 9, Camden, S. C. Second class postage paid at Camden, S. C. 29020. ''Society of Paper Money Collectors, Inc., 1981. All rights reserved. Reproduction of any article, in whole or in part, without express written permission, is prohibited. Annual Membership dues in SPMC are $10. Individual copies of current issues, $1.75. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6TIMES Back Cover $72.01) $195,00 $367.50 Inside Front & Back Cover $07.50 $181.50 S345.00 Full Page 859.00 S158.00 $299.00 Iiidt-page S:I6.00 $ 90.00 8185.(x) Quarter-page 815.00 $ 40.00 77.00 Eighth-page 8 10 . 00 $ 2(1.00 549.00 Tc keep administrative costs at a minimum itlid advertising rates low, advertising orders must be prepaid in advance according the above schedule. In the exceptional cases where special artwork or extra typing are required, the advertiser will he notified and billed extra for them iciciirdingly. Rates are not commissionable. Proofs are not supplied. headline: Copy must be in the editorial office no later than the first of the month preceding month of issue (e.g. Feb. 1 for March issue). Mechanical Requirements: Full page 42 x 57 picas; half-page may be either vertical or horizontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot he guaranteed. Advertising copy shall be restricted to paper currency and allied numismatic material and publications and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit itny copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon prompt nutmeat ion of such error. All advertising copy and correspund nce should be sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XX No. 2 Whole No. 92 MAR/APR 1981 ISSN 0031 -1162 BARBARA R. MUELLER, Editor 225 S. Fischer Ave. Jefferson, WI 53549 414-674-5239 Manuscripts and publications for review should be addressed to the Edifor. Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right to edit or reject any copy. Deadline for editorial copy is the 1st of the month preceding the month of publication (e.g., Feb. 1 for March issue, etc.) SOCIETY BUSINESS & MAGAZINE CIRCULATION Correspondence pertaining to the business affairs of SPMC, including membership, changes of address, and receipt of magazines, should be addressed to the Secretary at P.O. Box 3666, Cranston, RI 02910. IN THIS ISSUE "COMMISSION" ADVERTISING SCRIP Robert H. Lloyd 63 THE PAPER COLUMN Peter Huntoon 67 ICELANDIC ICONOGRAPHY OF THE 1957 -61 BANKNOTE SERIES Howard Bauserman 72 THIRD CHARTER $10 BACK TRANSITION DESIGN Gene Hessler 79 PERILS OF 19th CENTURY BANKING Charles E. Straub 81 INTERESTING NOTES 'BOUT INTERESTING NOTES Roger H. Durand 82 SOME NOTES FOR AN ARTICLE ON BOGUS PASSING Forrest W. Daniel 83 1929-1935 NATIONAL BANK NOTE VARIETIES M. Owen Warns 85 RHODE ISLAND HISTORICAL SOCIETY FIND OF OBSOLETE NOTE REGISTER Tracy G. Thurber 87 MORE ON THE NOTES OF 1861-1863 Rev. Frank H. Hutchins 90 COLLEGE CURRENCY - II Robert H. Lloyd 91 REGULAR FEATURES COPE REPORT 71 THE SCRIPOPHILY SCRIBE 84 INTEREST BEARING NOTES 92 LIBRARY NOTES 92 COMING EVENTS 93 MONEY MART 94 Paper Money Page 61 Society of Paper Money Collectors OFFICERS PRESIDENT Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 VICE-PRESIDENT Larry Adams, 969 Park Circle, Boone, IA 50036 SECRETARY A.R. Beaudreau. P.O. Box 3666, Cranston, RI 02910 TREASURER Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 APPOINTEES EDITOR Barbara R. Mueller, 225 S. Fischer Ave., Jefferson, WI 53549 LIBRARIAN Wendell Wolka, P.O. Box 366, Hinsdale, IL 60521 PUBLICITY CHAIRMAN Larry Adams, 969 Park Circle, Boone, IA 50036 BOARD OF GOVERNORS Larry Adams, Thomas C. Bain. A. R. Beaudreau, Charles Colver, Michael Crabb, Jr., Roger H. Durand, C. John Ferreri, Paul Garland, Peter Huntoon, Richard Jones, Robert Medlar, Dean Oakes, Jasper Payne, Stephen Taylor, Harry Wigington. 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 American Numismatic Association and holds its annual meeting at the ANA Convention in August of each year. MEMBERSHIP—REGULAR. Applicants must be at least 18 years of age and of good moral character. JUNIOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or a guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or to vote. Members of the A.N.A. or other recognized numismatic organizations are eligible for membership. Other applicants should be sponsored by an S.P.M.C. member, or the secretary will sponsor persons if they provide suitable references such as well known numismatic firms with whom they have done business, or bank references, etc. DUES—The Society dues are on a calendar year basis. Annual dues are $10. Members who join the Society prior to October 1st receive the magazines already issued in the year in which they join. Members who join after October 1st will have their dues paid through December of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. PUBLICATIONS FOR SALE TO MEMBERS BOOKS FOR SALE: All cloth bound books are 8 1/2 x 11" INDIANA OBSOLETE NOTES & SCRIP $12.00 Non-Member $15.00 MINNESOTA OBSOLETE NOTES & SCRIP, Rockholt $6.00 Non-Member $10.00 MAINE OBSOLETE NOTES & SCRIP, Wait $10.00 Non-Member $14.50 MISSISSIPPI OBSOLETE PAPER MONEY & SCRIP, Leggett $6.00 Non Member $10.00 ORDERING INSTRUCTIONS 1. Give complete description for all items ordered. 2. Total the cost of all publications ordered. 3. ALL publications are postpaid except orders for less than 5 copies of Paper Money. NEW JERS Y' MONEY, Wait $15.00 Non-Member $18.50 TERRITORIALS—A GUIDE TO U.S. TERRITORIAL BANK NOTES, Huntoon $12.00 Non-Member $15.00 INDIAN TERRITORY / OKLAHOMA / KANSAS OBSOLETE NOTES & SCRIPT, Burgett & Whitfield $11.00 Non-Member $13.75 Write for Quantity Prices on the above books. 4. Enclose payment (U.S. funds only) with all orders. Make your check or money order payable to: Society of Paper Money Collectors. 5. Remember to include your ZIP CODE. 6. Allow up to six weeks for delivery. We have no control of your package after we place it in the mails. Order from: The Camden Co.—SPMC Book Sales Dept. P. 0. Box 9, Camden, S. C. 29020 Library Services The Society maintains a lending library for the use of the members only. For further information, write the Librarian — Wendell Wolka, P.O. Box 366, Hinsdale, Ill. 60521. Page 62 Whole No. 92 r. CASH in part tatitlitietit. kit mitt hill will he rtiottiv T, , }I ` l MU ,t,, will 1 evt .1.,11, ON t 4 Ntttot Ligin-lltiltitiittg Uwe inowe Sewg hilt It Maiilliti(t. for tettNVE our New Isopreved, Light-Ratiting •13," Machineyotuttr, double kite time that Ally other Cosatrany goarantce their Maelsinna, Azar./lines of tditnakst takers In eget/nage and liberal prices Minn-ed. Spoonett•hanelltarthiaargall makeettilgtMillgt tow. ItilibMieji, sat on easy monthly pesitietp. noltrom needles for all Untie of flowing Mitelit . anti A 1910eelite dons. * riPared and itrOgg guaranteed. 1 (item at i. Swan Awe, ra street. O. TIFFANY,i General Agent., and pit0 era. he oldeort poreoe /lying, tin Free Fig. I. Front of the promotional bill for commission scrip. Paper Money Page 63 Fig. 2. Back of the promotional bill for commission scrip. "Commission" Advertising Scrip By Robert H. Lloyd Those of you who read the Bank Note Reporter of February, 1974, found an article on "Tiffany Commission Scrip" by Dr. John A. Muscalus. It was a good report on this material, for little appears on the subject, although the scrip has been around for a century. Commission scrip can be likened to those coupons issued today which entitle the holder to a discount on merchandise purchased. The current style is to publish a coupon in a newspaper or magazine so that the buyer can use it to obtain a reduction in price from the seller or a later rebate from a mailing to the issuer. Some of these are sent directly to the consumer; others are packed inside a container or attached to the outer wrap. Face value may range from one cent to several dollars. Theoretically, these are rebate checks valid under certain conditions, often remote, govering the user. Some even state a redemptive cash value from a fractional mill to several mills. But commission scrip of the 19th century differs in several respects from modern coupons. First, it was issued on a more durable type of paper, which indicates a contemplated re-issue by the vendor. Next, it emanated from small or local merchants, not manufacturing companies. Third, no cash value is stated. Finally, the scrip is printed on both sides, so that it has more effective advertising value for the merchant. Such note-like issues may be among the oldest of our trade scrips. Similar coupons are still seen today, more colorful, but less in imitation of currency, lest they be '118 TUFWANV 1,g. tA'RN B ■`. . ' Fig. 3. Advertising scrip showing carious styles of counters. (4 Page 64 Whole No. 92 quietly suppressed. Commission scrip is thus a discount coupon for promotional advertising. It is very obvious that commission scrip is designed to closely resemble the many issues of old state bank notes of the last century. It was handed out and used by many persons who could still recall the proliferation of state bank currency. While most of the issues are lithographed in black, a few carry counters of a second printing in green or blue. Illustrated in Figure 1 and 2 is one of the promotional bills, which sets forth on the back the conditions of its use and the method used by the advertiser in distribution. Figure 3 is the advertising scrip of the promoter, showing the various styles of counters that the printer could place on the lithographic stones. Notice that the originator was Tiffany Brothers, 46 Lamed Street West, Detroit, Michigan. Patent had been applied for by 0. F. Tiffany of that city. A search of the Detroit City Directories shows that no such person as 0. F. Tiffany was listed from 1856 through 1890. None of them resided at 46 Lamed Street West. However, the Calvert Lithograph Company named at the base of the note is still in business at Warren, Michigan, having moved out of the city years ago. This firm was listed in Detroit in 1864. Fig. 4. According to Dr. Muscalus, Tiffany Brothers of Buffalo, New York, devised this discount scrip. At least their name appears on the bottom line of the notes, under "patent applied for", in the lower left corner. A search of the Buffalo City Directories from 1850 to 1880 shows no firm of Tiffany Brothers and no 0. F. Tiffany. But there is an N. 0. Tiffany listed for chromo advertising as Tiffany & Co. Without doubt there is some connection between the two Tiffanys, but 0. F. was able to escape directory listing. Some of the Canadian scrip issues were published by W. W. Kitchen of Grimsby, Ontario. The Tiffany Brothers must have had fair success in selling their discount scrip to merchants, as the list of users covers a wide expanse of territory. The Muscalus list contains scrip from Maine to California, but most of it emanates from the older northeastern states. The following should be added to the list published in 1974: MISSOURI: St. Louis - A. Priesmeyer & Co. 615 N. 4th Street. Boots & Shoes. FORTY CENTS. Girl's head at left. Figure 4. NEW YORK: Albany - J. H. Hidley, 552 Broadway. Organs, Music Boxes. FIFTY DOLLARS. Wharf scene, girl in wheat field at left. Two clasped hands, right. Figure 5. Gowanda - Kingsley & Johnson's Drug Store, 3 Main Street. TEN CENTS. Medicines, Paints, Oil, Glass. Mortar and pestle at left. Mt. Morris - Frank R. Austin, Main Street. Saddles, harness. TWO DOLLARS. Horse-drawn reaper, horse heads left; mounted Indian at right. Figure 6. PENNSYLVANIA: Pittsburgh - James Brown & Sons, 1:36 Wood Street. Cutlery. ONE DOLLAR. Running bison, Indian lancer, left. Dog head at right. OHIO: Toledo - R. Birkenhauer's Store, 291 Summit Street, TWENTY FIVE CENTS. Hats, Caps, etc. Girl's head left. Green ink counter. Wooster - George Plumer & Co. Dry Goods. Notions. FIFTY CENTS. Child with jewel box, dog below. Fig. 5. yike. Hey//.// _A_ IT le' .;sY -ad: Atradaf.-.4 .71; T. ±*1 64 eee A attro ,,e0 .2-P