p p Official Journal of the Society of Paper Money Collectors CertillealeA? 4(2, 'n1'47..174 4 ,7',1.4' INSIDE THIS ISSUE: Florida Currency during Reconstruction ... Obsolete Notes Show Spanish Coin ... 4 - --- /..4/4 '// , 47/7 !!//!'/Lmyill;'eav ;fa/ inv/A ery/4741,7/ 1"ki a?*/ 74e .//74:4, earev ./.41;;Y./..71.4017/...7K.C10;% .?-41%-ye el/A, = /if V 16.74 „ ?a, ■•■■ , •-• r,v 74/7 /if/ FtV6 HOS f /7/4//7/7/1 (/'746, •/./' azthanzisi nm4/444,1.. Will You Do What Most Experienced Collectors Have Done When It's Time To Sell? You've enjoyed collecting paper money for years, and now you are seriously thinking about selling. You could grade, price and describe each item yourself, and publish costly newspaper ads. You could write your own fixed price list or catalogue, and mail it out to thousands of collectors. You might even attempt to accurately price each piece, and offer it wholesale to dealers, or you could do what most experienced collectors and dealers have done when faced with this difficult decision - consign your collection to an auction. Once you decide to sell at auction, you need to select the right auction company. While many factors should be taken into consideration, one question should always be ask - "where and when will my material be auctioned?". At R. M. Smythe and Company, we think there is only one correct answer - great collections of paper money should be auctioned at important paper money shows. If your collection was in our June 1998 Memphis International Paper Money Show Auction, or our September 1998 Strasburg Paper Money Show Auction, or our October 1997 St. Louis Paper Money Show Auction it might have been personally viewed by hundreds of the world's top paper money collectors and dealers. It would have been bid on by hundreds more through the mail. Just how many people do you think will see your notes if they're sold at an ordinary coin show? There are many other good reasons to consign to Smythe. We have a full-time staff of recognized experts in paper (Dr. Douglas B. Ball, Martin Gengerke, Kevin Foley, Stephen Goldsmith and Caleb Esterline). We care about our bidders and consignors, so we won't sell your lots at 3 AM in the morning, or during convention hours when dealers need to be at their tables. We'll illustrate every major item, using boxes or color to highlight your material where appropriate. On Federal note consignments we won't charge you for lotting, or photos, and our commission rates are flexible and highly competi- tive. Immediate cash advances are available, and no one pays faster than R. M. Smythe & Company. Why do leading collectors and dealers choose us? They know there are simply no substitutes for years of experience, thorough, professional research, world-class auction catalogues and unquestioned integrity. Take advantage of the hottest paper money market in years, and take advantage of our comprehensive schedule that includes America's best paper money shows. We are accepting consignments NOW for the following auctions: January 18, 19, 1999. Stocks and Bonds. 12th Annual Strasburg Stock and Bond Show. Consignments accepted through December 7, 1998. February 19, 20 1999. Currency, Stocks and Bonds. The Chicago Paper Money Exposition. Chicago, Illinois. Consignments accepted through January 5, 1999. April 1999. Autographs. New York City. Accepting consignments now. June, 1999. Currency, Stocks and Bonds. The Memphis International Paper Money Show. Accepting consignments now. September 1999. Currency, Stocks and Bonds. The Fourth Annual Strasburg Paper Money Show. Strasburg, Pennsylvania. Accepting consignments through August 25, 1999. August 1999. Coins. The Blue Ridge Show. Dalton, Georgia. October 1999. Currency, Stocks and Bonds. The St. Louis National and World Paper Money Convention. St. Louis, Missouri. To find out how easy it is to consign your collection to any of the above auctions call Stephen Goldsmith, Douglas Ball, Lucien Birkler or Kevin Foley at 800-622-1880 or 943-1880. To check on the status of your subscription, ask for Marie Alberti. See Us At Over 40 Shows This Year! We are planning to attend almost every major numismatic event. SOCIETY OF PAPER MONEY COLLECTORS INC. Stephen Goldsmith MEMBER Kevin Foley members LIkitIEU .091,4101. 26 Broadway, Suite 271, New York, NY 10004-1701 • e-mail: info@rm-smythe.com Toll Free: 800-622-1880 • NYS: 212-943-1880 • Fax: 212-908-4047 • www.rm-smythe.com PAPER MONEY • January/February 1999 • Whole No. 199 1 PAPER MONEY is published every other month beginning in January by the Society of Paper Money Collectors (SPMC). Second-class postage is paid at Dover, DE 19901. Postmaster send address changes to Secretary Bob Cochran, P.O. Box 1085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 1999. All rights reserved. Reproduction of any article, in whole or in part, without express written permis- sion, is prohibited. Individual copies of this issue of PAPER MONEY are available from the Secretary for $2.75 each plus $1 postage. Five or more copies will be sent postpaid. Send changes of address, inquiries concerning non-delivery of PAPER MONEY and requests for additional copies of this issue to the Secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the Editor. Accepted manuscripts will be published as soon as possible; however, publication in a spe- cific issue cannot be guaranteed. 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 mar- gins. 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 32,-inch MAC or DOS disk, identified with the name and ver- sion of software used. A double-spaced printout must accompany the disk. ADVERTISING All advertising copy and correspondence should be sent to the Editor. To keep rates at a mini- mum, 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. Advertising Deadline: Copy must be received by the Editor no later than the first day of the month preceding the cover date of the issue (for exam- ple, February 1 for the March/April issue). With advance notice, camera-ready copy will be accepted up to three weeks later. ADVERTISING RATES Space 1 time 3 times 6 times Outside back cover $152 $420 $825 Inside cover 145 405 798 Full page 140 395 775 Half page 75 200 390 Quarter page 38 105 198 Eighth page 20 55 105 Requirements: Full page, 42 x 57 picas; half-page may be either vertical or horizontal in format. Single-column width, 20 picas. Page position may be requested, but cannot be guaranteed. Advertising copy shall be restricted to paper cur- rency and allied numismatic material and publi- cations, and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objec- tionable material or edit copy. The SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which a typographical error should occur upon prompt notification of such error. Paper Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXVIII, No. 1 Whole No. 199 JAN./FEB. 1999 ISSN 0031-1162 MARILYN REBACK, Editor, P.O. Box 1110, Monument, CO 80132 IN THIS ISSUE FEATURES Florida Currency during Reconstruction 3 by Ronald J. Benice U.S. Obsolete Notes Show Spanish Coins 10 by Bob Schreiner A Darker Reason for Smaller Currency 12 by Edward C. Rochette About Texas Mostly 14 by Frank Clark Bank Happenings 16 submitted by Bob Cochran The Buck Starts Here 17 by Gene Hessler The Green Goods Game 18 conducted by Forrest Daniel The Paper Column 19 by Peter Huntoon SOCIETY NEWS Information & Officers 2 The President's Column 21 by Bob Cochran Membership Application 21 SPMC News 22 New Members 25 Money Mart 25 Advertisers 32 ON THE COVER An 1867 Florida Treasury Certificate for $80 (page 3). An obsolete note from the Manhattan Bank of Ohio shows five Spanish coins (page 10). BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items 60-Page Catalog for $5.00 Refundable with Order ANA-LM SCNA PCDA CHARTER MBR HUGH SHULL P.O. Box 761, Camden, SC 29020 (803) 432-8500 FAX (803) 432-9958 SPMC LM 6 BRNA FUN 2 January/February 1999 • Whole No. 199 • PAPER MONEY Society of Paper Money Collectors The Society of Paper Money Collectors (SPMC) 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. The annual SPMC meeting is held in June at the Memphis IPMS (International Paper Money Show). MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral charac- ter. Members of the ANA or other recognized numis- matic societies are eligible for membership; other applicants should be sponsored by an SPMC member or provide suitable references MEMBERSHIP—JUNIOR. Applicants for Junior mem- bership 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 preceded by the letter "j," which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $24. Members in Canada and Mexico should add $5 to cover postage; mem- bers throughout the rest of the world add $10. Life membership—payable in installments within one year—is $500, $600 for Canada and Mexico, and $700 elsewhere. Members who join the Society prior to October 1 receive the magazines already issued in the year in which they join. 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. OFFICERS PRESIDENT Robert Cochran, P.O. Box 1085, Florissant, MO 63031 VICE-PRESIDENT Frank Clark, P.O. Box 117060, Carrollton, TX 75011 SECRETARY Fred L. Reed III, P.O. Box 793941, Dallas, TX 75379-3941 TREASURER Mark Anderson, 335 Court St., Brooklyn, NY 11231 APPOI NTEES: EDITOR Marilyn Reback, P.O. Box 1110, Monument, CO 80132 CONTRIBUTING EDITOR Gene Hessler MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060, Carrollton, TX 75011 WISMER BOOK PROJECT Steven K. Whitfield, 14092 W. 115th St., Olathe, KS 66062 LEGAL COUNSEL Robert J. Galiette, 3 Teal Ln., Essex, CT 06246 LIBRARIAN Roger H. Durand, P.O. Box 186, Rehoboth, MA 02769 PAST PRESIDENT Dean Oakes, Drawer 1456, Iowa City, IA 52240 1929-1935 OVERPRINTED NATIONAL CURRENCY PROJECT Robert Cochran, P.O. Box 1085, Florissant, MO 63031 BOARD OF GOVERNORS: Raphael Ellenbogen, 1840 Harwitch Rd., Upper Arlington, OH 43221 Milton R. Friedberg, 8803 Brecksville Rd. #7-203, Brecksville, OH 44141-1933 Gene Hessler, P.O. Box 31144, Cincinnati, OH 45231 Ron Horstman, 5010 Timber Ln., Gerald, MO 63037 Judith Murphy, P.O. Box 24056, Winston-Salem, NC 27114 Stephen Taylor, 70 West View Ave., Dover, DE 19901 Steven K. Whitfield, 14092 W. 115th St., Olathe, KS 66062 Wendell W. Wolka, P.O. Box 569, Dublin, OH 43017 PAPER MONEY • January/February 1999 • Whole No. 199 3 Florida Reconstruction BY RONALD J. BENICE I N FINANCIAL RUIN AFTER THE CIVIL WAR, Florida resorted to sev- eral issues of circulating scrip to pay its employees and creditors. While some of this scrip has been partially described in the numismatic litera- ture, most has never been discussed. Several notes have erroneously been attributed to this period. An extensive search of archival and legislative records and contemporary writings has yielded considerable information about this little-known currency. Interim Currency 1865 - 70 When the Civil War ended in 1865, Florida fell under military rule. Its war- time currency became worthless, as did Confederate currency. Specie had long since vanished, and most residents were destitute. The state had no money to pay anyone for anything, and rampant corruption was on the way. In the absence of "real money," a system of Comptroller's warrants and Treasury certificates provided some circulating scrip. The system, which actu- ally started in 1845, was conceptually simple: requests for payment for services or goods provided to the state would be sent to the Comptroller, who would verify them and issue a warrant directing the Treasurer to pay the claimant, indicating which account to debit. In good times, the Treasurer would redeem the warrant, or any bank would cash it. In bad times—namely, after the war—the Treasurer had no specie and ....el, S?ATE OF FLORIDA. eas ry DCPsatinceriejli: ' Oomptrolietos Office., ,->„?- ,_ ' ''.' -„., .)-#(1..ti47421 a. (7 1 ■12aF.:;.:i.'01...:7. ';,../4 ":1,,vt-'#;,, ,,./...p, iS, K r. , ,,.9,, (.2..664.4),-, —....._.......,... .... : . :.,=-. . : .. ... ..... ... „fe,,.. _,-;e:‘,..,:di / ,.......,........ - itiii ... - ital. .u... z.et 6.L. ,..4.1,43.,,,,4,,,& _ a/.eide 8,- $ 6.0..0.0 .......... ./.7.:.-P",...-.,:, ,z, t.,./z„ Comptroller. clo the crreasztre-r of the State of _Florida. A Comptroller's War- rant for $30 issued in 1868, signed by Comp- troller R.H. Gamble and countersigned vertically by Governor Harrison Reed as required by an 1868 law. The counter- stamp shows it was redeemed in 1870 (for a new scrip issue). 4 January/February 1999 • Whole No. 199 • PAPER MONEY Actual Size: 6.5 x 11 inches In addition to its own serial number, an 1867 Treasury Certificate for $80 shows the serial number of the warrant against which it was issued. -4.- ,ISAI, .......♦-.T.-4=-■--4,--4.7..1.40-4-.1 X1747.11 ,70 ,40.--',"- 1-4-71=-1.---..-4-4-..4, - -.....-1._-,A .4.-.1"-■=-4,-.- t';/ .tifieille.i.° %:?; -1 -' "-.D1' ift — ---- - '1- • . ifarThnt N.";.,,,. . , , ,,_ — - -......\,,---...--------___ I tytt,11:? Vier,lie ct,„ ii I,F1)-- -- -= - - "" - T. -- '1".:11' V' f 44.7,rk '')'....__ux,,,,1%,, ',- ------ *4, LL z,:.,-.../ g-'4,- A V A t \ 1 2 ' a ittirti /47' e'■''' - C---- '-'- '..----. .----'----- --.Pa. 64,//// , , 1. , , , . 41/7 ,,,,C.-a 6 ....Ø.2,-4,/ .7.iia.,z. /,-;261 .'z .7/.16 .9,,,,,./.0m-',/ ...; .(7./.4/4127f.,,,,,,./ , l,-d,,, , z..,,.., / , „9- - /../ / ,,, ,,,,,,, ,p ,.,,, • I 4 .,,, '.; 1 : -41/ 4, , -,Ye?"11,11Tr. //1/7e7//eIr ry /,/ ,,/,,,17,', • ,,,,,41., //IP e„,,, ,regi riler/Vell 1,11/1~ - ,, „,r / 4f/.;:,7/ 44' rir^/ r--,4.4 7; 4 , t' 7.'1/4:: .. • ..::////:./ • ig'.' A:t<P9//742 il ,/%`%,,,,,,,,/, :.471 2 , VI; t It. 471..., ..4.):4' .7`.0.a/e• fhw...,,, , ..c. . ---* ' -.. r. ,4,:-.-7-,,,:-.6*-74 - - e, -11, :.:.+Z-4.-7 ....., .1.- 7. ..-_-.1,.... Y -4, -4,- -1.7.-,41-1,.:. ...... -: - .--.. would merely exchange the warrants for Treasury certificates. Warrants and certificates both circulated, generally below face value. They had value as spec- ulative IOUs of Florida and could be used to pay taxes. In some instances, they could be used to purchase government land or bonds. Over the years, different printings of Comptroller's warrants varied slightly in size, style and format. Many were printed on blue paper and thus were known as "blue scrip." The large, elaborately engraved Treasury certificates were replaced by smaller (4.5 x 8 inches) certificates preprinted in denomina- tions of $25, $50 and $100. Additional blank certificates allowed for odd amounts. There were several printings with minor variations in size and format. Currency Issue of 1870 The large, high-denomination certificates did not meet citizens' needs for cur- rency for daily commerce. Accordingly, Chapter 1737 of the Laws of Florida, approved on February 18, 1870, provided for an issue of paper money called Comptroller's warrants to replace all circulating Comptroller's warrants and Treasury certificates issued since the end of the Civil War. It prohibited the Comptroller and Treasurer from issuing more of the previous forms of curren- cy, except for paying the salary and expenses of the current legislature. The amount of currency to be issued was dependent upon the amount of outstanding paper to be redeemed, subject to a maximum: Comptroller shall have engraven without delay warrants . . . equal in amount to the whole amount of comptroller's warrants and treasury certificates which have been issued . within five years next preceding the passage of this act and which are now outstanding ... Provided however, that the whole amount of warrants so engraved shall not exceed two hundred and fifty thousand dollars. The appearance and denominations were specified: The said warrants shall be engraved in a neat and careful manner and shall consist of the following denominations: ones, threes, fives and twenties in equal proportions. The said warrants shall read upon their face as follows: "State of Florida, Comptroller's Office, March 1st 1870. To the Treasurer of the State of Florida: Pay to the bearer the sum of dollars, due for outstanding State indebtedness, in accordance with an act approved February 18, 1870" and shall be signed by the Comptroller and countersigned by the Governor. Upon the reverse shall be engraved the following words: "This warrant is receivable by the State of Florida, or by any officer or agent thereof, for State taxes, for public lands sold by the Trustees of the Internal Improvement Fund, or by any other officer or agent of the State, and for all other State dues, and for am fines or penalties imposed." FijlyAERTIP1 siTATygi or 111103.0-2,,, Tv....rt. Teo, Taltahasaca, 6 oh to to Kertifv, ff4at ceecia —.91/i2 /2' layynene, .-92eize'e .27;eaeo." cavii rii,uen (1.1,//er'4, Treasury Office, Tuffilhassoo, (hie th,,tred Adr, stity CIERTI WATE MD' 41.30ZOA, l - TY DOLLARS L'a aae evian C4/14P°awa.. az: 14 "ieeee:eaM r.;d, aw,Lictte.ajed lueM Me codeeliar. a Me /cf.--- IR 9 rwattrouri. 9.. Slide Treasurer. tilas is to itifp Lelia arena One maitre" Dollars la awe (47.4 1 , r,./ • / e, ' :fl ,711.714-14.awt --91111.1) )',/ 18/ g aQat` Mat Mu(41f:O gid7:::,-."?ecePaPOle - /atyeraut al ad : -...?". ie6lea __02.1eaa" elyeeciei 614:42'u/d1 e;ikati)91 _.:9Tet.ZeSitaZ,J." /.'4`(Ce 1.3„ Ce,i4let 14S tzi !?t''''' c/a Stale Tpeasurer. ERTI STATE RIORIDA, Treasury Office., TalFahassoa. 1gis is to ertifil Lqitae the ail due to Me aide; 0,/ Ak?. - - 2 L__51, ‘2.,.S.....q lE69 and Mat Me4 /4;71ent aC ad D'etOlee "tier ellicaa Ma gatei.ra44." /7,2)1;et Cesizaiii`et I. Roar/ A;uen 1( deal e itAtC.—k•li "eezer4 z64.: '27;‘aN 0,;( 1$ 1.1;e State Dwattity PAPER MONEY • January/February 1999 • Whole No. 199 5 A $50 Treasury certificate with engraved issue date of 1869 in text and 1870 can- cellation stamp. A $100 Treasury certificate with handwritten year of issue in text. A Treasury certificate with a handwritten amount and date. STAN*: or xmolosti..comv.ritOwitts OFFME. 11111%. - 4: ) 6 January/February 1999 • Whole No. 199 • PAPER MONEY The face and back of a $1 note of the 1870 issue with the engraved signature of Governor Harrison Reed and handwritten signature of Comptroller R.H. Gamble. Similarities are evident between these back designs and those found on United States notes of the 1860s produced by National Bank Note Company. The law went on to require the Comptroller to give public notice to all holders that they should bring their notes in for exchange. It also required a register of redemptions and notes issued. The 1870 stamps on the certificates illustrated show they were redeemed under this new law for the new notes. The new warrants were to be retired whenever the State Treasury had funds that could be applied for that purpose. An editorial in The Weekly Floridian published in Tallahassee on March 1, 1870, confirmed that the pre-1870 scrip being replaced consisted of high- denomination notes on oversize paper: "There is no provision in the enrolled act for the issue of warrants of the denomination of one hundred dollars .. . the new warrants are to be of such small denominations and of such shape as to render them more convenient as a circulating medium, easily used in every- day transactions." Comptroller Robert H. Gamble sought estimates from companies in New York to produce the new currency. The estimates were higher than anticipat- ed, so other proposals were sought. One for lithographing was $900, but the legislature chose to stay with the engraving plan. The proposal from National Bank Note Company was accepted. Because the cost of engraving the plates was the major part of the bid, Gamble decided to have the full $250,000 au- thorized to be printed even though it was not needed immediately. The notes were produced, and $187,845 of them were shipped to the Comptroller along with an invoice for $4,376. Since there was no money in the Treasury to pay the bill, a Comptroller's warrant for the amount was issued on September 21, 1870. The printer would not accept the warrant as payment and refused to send the remaining notes that had been printed. Of the $187,845 available, $150,557 was issued and $22 was destroyed as defective in 1870. An additional $31,175 was issued in 1871; the remaining PAPER MONEY • January/February 1999 • Whole No. 199 7 From the group withheld by National Bank Note Com- pany for nonpayment, this note was signed in late 1873 or 1874 by Clayton Cowgill, who became Comptroller on January 15, 1873. Although Harrison Reed's term as gov- ernor ended on January 7, 1873, his engraved signature appears on these previously printed notes. $6,091 in 1872. National Bank Note Company went unpaid, and the remaining notes un- delivered until the new Comptroller, Clayton A. Cowgill, convinced the legis- lature to approve Chapter 1958 of the Laws of Florida on February 20, 1873, "An act authorizing the Comptroller to settle with the National Bank Note Company and to authorize the Comptroller to sign the greenback scrip." Negotiations over interest and discounts ensued, and the debt was settled for $4,780.57 on October 1, 1873. A total of $83,004 of unsigned warrants was received from National Bank Note Company. Cowgill signed $62,177, which brought the total issued to the $250,000 authorized. Of these, $22,874 was released in 1873 and $39,303 in 1874. There remained unsigned $20,827, all in $1 notes, serials A, B, C 13893- 20834 plus A13892, for which the Comptroller requested authorization to sign and issue. The legislature did not authorize their release. Serial numbers on $1s imply $62,502 printed, one-fourth of the $250,000 authorized. Assuming the standard four-note sheet format and the requirement for one-third as many $3 bills as $1s, it appears there was $62,502 in $3 bills with serial num- bers D1 through D20834. Similarly, if the format of the higher-denomination sheet was $5-$5-$5- $20, then 4,167 sheets would yield $62,505 in $5 bills and $83,340 in $20 bills, for a total printing of $21,081 above the $250,000 authorized. A modest allowance for destruction of defective notes beyond the $22 reported for 1870 gets us to the $20,827 left over in 1874. The $5 bills had serial numbers 1 to 4167 with plate letters either A, B and C or E, F and G, while the $20 bills had serial numbers 1 to 4167 with plate letter D or H. I am unaware of any surviving examples of the $3, $5 or $20 denominations. Redemption and Destruction of Notes R.H. Gamble delivered his Comptroller's Report to the Governor and General Assembly on January 2, 1871. He began by quoting from his previous year's report, "the finances of the State are in very unsatisfactory condition. There is no money in the Treasury and the scrip is far below par." Then he added, "I consider our financial condition now as even worse than at the end of the last fiscal year." He went on to state that the paper issued under the Act of February 18, 1870, did not provide relief, and the value of state scrip had dropped to 40 cents on the dollar. On January 26, 1871, over the governor's objections, the legislature author- ized the issuance of 30-year, 7-percent $100 bonds equal to the amount of Comptroller's warrants and Treasurer's certificates currently outstanding and to be issued before January 1, 1862, but not to exceed $350,000. Taxes were to 8 January/February 1999 • Whole No. 199 • PAPER MONEY be assessed to meet interest payments and establish a sinking fund. The inter- est coupons could be used to pay state taxes. These bonds could be purchased using Comptroller's warrants and Treasury certificates at par. Since the war- rants and certificates circulated below face value, there was an incentive to convert them to the more valuable bonds. It should be noted that most of the warrants were issued to government officials or people providing services to the government, so this legislation was self-serving at the expense of the Florida taxpayers. This legislation also required the warrants that were redeemed to be marked "cancelled" immediately. An 1873 Act authorized $1 million of 30-year, 8-percent bonds. Scrip was variously reported as selling in the range of 35 to 62 cents on the dollar, depending on type. A ring was formed to buy up scrip and convert it to bonds. The legislative audit committee reported in January 1872 that the books of redemptions and canceled notes were in order and that they had destroyed the "large amount" of engraved warrants as well as the older Comptroller's and Treasurer's certificates redeemed that year. The total destroyed was $1,175,935, including $101,319 of greenback scrip, despite legislation that excluded it from destruction. Subsequent audits indicated that the redemption and cancellation system was less than perfect. Later in 1872, a senate committee reported that $30,000 in canceled blue scrip was redeemed a second time. The following year, Governor Hart told the legislature that the amount of canceled scrip outside the treasury was uncertain and could possibly be as much as $400,000. There was considerable graft. Government officials, including tax collec- tors, substituted cheaply obtained scrip for money they collected. An 1876 audit showed that some exchanges of the engraved 1870 scrip for other, less- desirable classes of warrants or certificates had not been recorded because the Comptroller felt these transactions had no impact on the outstanding indebt- edness. Also, some warrants were issued and redeemed more than once. In his January 1, 1877, report to the governor and legislature, Comptroller Cowgill sarcastically wrote about the 1872 audit: "Notwithstanding this report, it is apparent that all the warrants and certificates paid by Treasurer Conover were not found cancelled, and that all were not burned by the committee, and however unsuccessful the committee were in detecting errors in the Treasurer's books, it will not require 'twenty-one days of deep scrutiny' for others to dis- cover in them inaccuracies of various kinds." [Emphasis in original report.] I can attest to the ineffectiveness of the 1871 burning of all notes redeemed in 1870: I personally saw a large quantity of 1870-canceled scrip in the Florida State Archives, some of which were photographed to illustrate this article. Cowgill concluded that it was impossible to ascertain the exact amount of engraved 1870 Comptroller's warrants outstanding at the end of 1876. A suffi- cient number had been redeemed to account for the entire issue. Biographical Sketches of Signers Harrison Reed became governor in 1868 when military rule of Florida ended and elections were held under the new constitution. Born in Littleton, Massachusetts, on August 26, 1813, Reed became a prominent newspaper edi- tor and publisher in VVisconsin. President Lincoln sent him to Fernandina in 1863 as a tax commissioner responsible for Confederate property, and in 1865 he became postal agent for Florida. Reed served as governor until the end of his term on January 7, 1873, surviving two impeachment attempts from dissident factions within his own party. He subsequently was a farmer, editor, Duval County representative and Tallahassee postmaster. He died in Jacksonville on May 25, 1899. PAPER MONEY • January/February 1999 • Whole No. 199 9 Robert Howard Gamble served as Comptroller from August 29, 1868, to January 14, 1873. Born in Grove Hill, Virginia, in 1815, he came to Florida with his family at the age of 11 to help run a cotton plantation. He was captain of an artillery company he organized during the Civil War. A prominent citi- zen and benefactor of Tallahassee, he died there in 1887. Clayton Augustus Cowgill served as Comptroller from January 15, 1873, to January 11, 1877. Born in Dover, Delaware, in 1826, he became a physician and served as a surgeon with the rank of major with the U.S. Volunteers dur- ing the Civil War. His assignments were in Virginia and North Carolina, mostly in charge of hospitals in New Bern and Morehead City. He moved to Putnam County, Florida, in 1867, where, except for his years in Tallahassee as Comptroller, he practiced medicine and grew oranges until around 1899. He died in Philadelphia on February 2, 1901. The So-Called "Carpetbagger Notes" Readers familiar with Florida currency may have noticed the absence of the so-called "Carpetbagger Notes" (Criswell 67, Cassidy 35-36). The attribution of these unsigned and undated notes to the late 1860s first appeared as a specu- lation in Rarcoa's auction catalog for the Harley L. Freeman collection in 1977. The cataloger, Dennis Forgue, recalls the comments were based on Freeman's notes. A thorough search of legislative journals; governor, comptroller and treas- urer reports uncovered no evidence that such notes ever were authorized or proposed. On the contrary, Comptroller warrants and Treasury certificates like those described in this article clearly were the only government issues between the end of the Civil War and the end of Reconstruction. Moreover, a search of records in New Orleans established that the printer of the so-called carpetbagger notes was not in business after the war. The attribution and full story of these mystery notes will he the subject of a forthcoming article. • References The Acts and Resolutions Adopted by the Legislature of Florida. Tallahassee, 1868-77. Comptroller's and Treasurer's annual reports to the Governor and General Assembly, January 1, 1866 - January 1, 1877. Governor's annual messages to the legislature, 1866-77. Warrant books and treasury certificate registers. State Library of Florida and Florida State Archives, Tallahassee. Davis, William Watson. The Civil War and Reconstruction in Florida. New York: Columbia University, 1913. Fain, Marjorie. Some Extracts from the History of the Gamble Family. Tallahassee Historical Society, 1934. journal of the Proceedings of the Senate of the State of Florida, 1865 to 1877. Military service and pension records, National Archives. Morris, Allen, and Joan Perry. The Florida Handbook. Tallahassee: Peninsular Publishing Company, 1996. Wallace, John. Carpetbag Rule in Florida. Jacksonville: Da Costa, 1888. The Weekly Floridian. Tallahassee, March 1, 1870. Figure 1. $5, Manhattan Bank, Manhattan, Ohio. Printed by Rawdon, Wright and Hatch, New York (Haxby OH-260- G44). ItA .pv4 !IQ-, ir,./7 / /// auhartaa- 10 January/February 1999 • Whole No. 199 • PAPER MONEY U.S. Obsolete Notes howS Spanish Coins BY BOB SCHREINER S PANISII COLONIAL COINAGE GREATLY INFLUENCED that of the United States. Our dollar was modeled in great part on the Spanish dollar—or 8 reales—and the Spanish coins themselves were legal tender in the United States until 1857.' The image of a Spanish colonial coin is not uncommon on United States obsolete paper money. It appears on notes from at least 21 different states,' and it was used by a number of printers. Perhaps the printer who used the image for the largest number of states was Rawdon, Wright and Hatch, one of the precursors to the American Bank Note Company. The great respect paid to the Spanish dollar and its widespread familiarity may have led note designers to include the coin image to bolster the notes' apparent worthiness. Almost invariably, though, only the reverse of the Spanish colonial coin was used for the image. Figure 1 (below) shows a note from Manhattan, Ohio, that depicts five 8 reales. The coin's obverse, or portrait side, was used on a few obsolete notes from Canada (Henry's Bank is one), but I am aware of an obverse used only once on a U.S. note, the one shown in Figure 2 (opposite). The 12'/2-cent note, dated Sept 11, 1837, is from the George Hatie "coin note" collection auctioned by R.M. Smythe & Co. in February 1998. Hatie wrote about obsolete paper money depicting coins in a series of articles appearing in The Numismatist.' There, he described this note as from New Bedford, Massachusetts, although the Massachusetts identification does not appear on the note. Because the signature area has been cut off (probably a form of cancellation), there is little else to tell us the origin of the note, except a very small imprint across the right margin, reading "Sold at Valentines 50 John St N.Y." ,;., ,7) • „ //4e,/ /4 7-e-,--/3/y .--)•r.,/ elitetvre)bailf(eritts- - ,------/- ,i____ _- PAPER MONEY • January/February 1999 • Whole No. 199 11 The note clearly depicts the obverse of a 1773 coin of Carolus III. The crude reverse image of a 1-real coin lacks the usual mintmark that would tell us the coin's country. However, the assayer's initials are FF, consistent with a Mexican issue, but not with the date 1773. The assayer's initials for that year for a 1-real coin are FM. In the image, the denomination is indicated on the reverse as 1 R, for "one real," the equivalent of 12 1 /2 cents, the note's value. Why would coin reverses be relatively common, but obverses rare? We can only speculate: • Americans had a dislike for royalty stemming, from our British colonial experience. Note designers would not choose to put a king's face or name, both appearing on the coin obverse, on an American note. • The obverse had the date, usually much earlier than many of the notes' issue or due date. Designers may have been concerned that the coin's earlier date might be a sign of the note's obsolescence, and hence bring into question its value. • The obverse of the coins changed when there was a new king. The reverses stayed invariant except for occasional mintmark or assayer's mark change. • The coin's denomination is on the reverse. In the images used, this usually was consistent with the note's denomination. Readers are asked to share information about any other United States obsolete notes that depict the obverse of a Spanish coin. • Bob Schreiner's interests include the influence of Spanish colonial coinage on United States money. He collects U.S. Obsoletes that depict Spanish coins, issues that are the topic of an exhibit on the World Wide Web at http://www.unc.edu/—rcs/scoan/. Schreiner can be reached at P.O. Box 2331, Chapel Hill, NC 27515-2331, E-mail bob_schreiner@unc.edu . ' See America's Foreign Coins, by Oscar G. Schilke and Raphael E. Solomon. The Coin and Currency Institute, Inc., 1964. = Alabama, Connecticut, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia and District of Columbia. There may be others. "Illustrations of Coins on Obsolete Paper Money." The Numismatist, April and May 1975, with a supplement in December 1981 and January 1982. Figure 2. New Bedford, Massachusetts, 12 1 /2-cent scrip depicting the obverse of a Spanish coin. map-mum Sifilalt1130j (41PAAIEROCutt\ BlA 2-B 2- B B 1 A ,/ tAATIFAIN*1----'4'--. 131111A4M 7Y466( Large-scale counterfeiting of the Series 1914 $100 Federal Reserve note was a contributing factor to the Treasury's decision to reduce the size of United States currency in 1929. BESET COLLECTION AMERICAN NUMISMATIC ASSOCIATION MUSEUM OWE: IMISSIIIIII13111.1111111017.7AUNi •4')IF.41:1:11:1101::1:kh 12 January/February 1999 • Whole No. 199 • PAPER MONEY A Darker Reason for Smaller Currency BY EDWARD C. ROCHETTE N OCCASIONAL FAUX NOTE HAD NEVER BEEN OF MAJOR CONCERN to the United States Secret Service, until at one point in our history the amount of fake currency had to be measured by the ton. Then the government took drastic steps to discour- age counterfeiting. On July 10, 1929, with fanfare much like that surrounding the recent release of the newly redesigned $100 bills, the United States Treasury Department unveiled the first of our current, small-size notes. As far as the public was concerned, American paper money was being made smaller as an economic move. Millions of taxpayer dollars would be saved over the years by using less paper to print money. The excuse was accepted without question, but there also was a darker side to the introduction of smaller-size currency. There was another reason, a reason that to this day remains one of the Treasury's better-kept secrets. Reprinted with permission from the February 1998 issue of The Numismatist, official journal of the American Numismatic Association, 818 N. Cascade Ave., Colorado Springs, CO 80903. PAPER MONEY • January/February 1999 • Whole No. 199 13 One man in particular gave cause for the change in the size of United States currency. His name was Josif Vissarionovich Dzhugashvili, better known to the world as Josef Stalin. His success in duplicating the Series 1914 $100 Federal Reserve note was as much a con- tributing factor to the decision to reduce the size of American currency as was the economic factor advanced by the government. Stalin's caper was the Soviet precursor to Hitler's Operation Bernhard. It was as ambitious a plan as the Nazi endeavor a decade later. In the late 1920s, Soviet money was worthless outside the borders of the U.S.S.R. At first it appeared that the Soviet dictator's sole intent was to print hard currency to finance his col- lectivization projects and his plan for worldwide espi- onage. Later it became apparent that the Red dictator had political reasons as well. In 1928 America was riding a tidal wave of pros- perity. Herbert Hoover boasted that "We in America today are nearer the final triumph over poverty than ever before in the history of any land." Such pro- nouncements contradicted Soviet philosophy. Russia opposed free enterprise and individual liberty; however, Stalin desperately needed hard currency. If in the process of attaining it he caused the United States to go bankrupt, then he would have garnered an added bonus. The plan was so ambitious that a means to launder the Soviet-made U.S. currency was needed. The Berlin-based banking firm of Sass and Martini was purchased through undercover agents. Dummy directors were named. The Soviet State Printing Establishment in Moscow was given the task of duplicating printing plates to produce a rea- sonable facsimile of the principal product of the United States Bureau of Engraving and Printing. It did a very creditable job. The Soviet-designed notes began to enter circulation in May 1928 and appeared almost simultaneously around the world—from Shanghai to Mexico City; from Havana to Warsaw; from Vienna to Sofia, Bucharest and Budapest—but more were found in Berlin than in any other location. While the Soviets had the talent to engrave, they did not have the equipment to print. The counterfeit American currency was printed in Berlin. The notes' silk-threaded, rag content paper was exact, but there were flaws in the printing. Microscopic examination of the Soviet-made notes revealed minor discrepancies; unfortunately, the differences were so slight that the average bank clerk would easily overlook them. On the back of the note was a group of five fig- ures. On the muse to the right, a fingertip was slightly out of place. On the face of the note, the engraver had allowed a sliver more space between the 1 and the two zeros in the denomination at the corners. The magnitude of the operation was best measured by an official estimate of the amount of currency print- ed. It was tallied not in dollars or number of notes, but by weight. It was estimated that more than two tons of counterfeit $100 Federal Reserve notes were printed. The notes first came to light in Berlin. The money was being laundered through the communist-owned banking firm of Sass and Martini. The number of spuri- ous notes soon reached such alarming proportions that the Berlin Bankers' Association threatened to declare all large-size $100 United States Federal Reserve notes non-negotiable. By January 1930, when both large- and small-size notes circulated simultaneously, more than $100,000 of the bad bills was being laundered through gambling casinos in Havana each week. The audacity of the plan was best exemplified in Chicago. Mobsters were able to buy the notes from communist agents for 30 cents on the dollar. On Christmas Eve 1929, a mob runner entered the First National Bank of Chicago with 100 of the large-size $100 bills. After waiting his turn in line at a teller's cage, he asked to have them exchanged for ten $1,000 bills. "Christmas presents," sounded plausible to the teller. Not satisfied in keeping his mouth shut, the mobster, identified as Frank Johnson, asked the teller if he thought the bills tendered were genuine. The teller obliged by taking them to his superior. When Johnson left the bank that day, handcuffs had taken the place of the ten $1,000 bills he had hoped for in return for his funny money. Johnson's source for the notes was traced to New York. Federal agents offered the underworld suppliers a deal. The mobsters willingly surrendered the remaining counterfeit notes in return for the government's offer of immunity for their cooperation. They named their source, German count Dechow von Buelow. Federal investigators retraced von Buelow's travels; everywhere he went, counterfeit currency soon appeared. New York, Chicago, Guatemala City and Montreal all were on his travel itinerary. Acting on a telephone tip from the Royal Canadian Mounted Police, Secret Service agents were waiting for the count at the Newark Airport when he returned from Montreal. A check of the passenger list revealed no von Buelow; he was traveling under an alias. Waiting agents had no idea what he looked like, so they allowed the passengers to deplane. Then, after the group had passed in single file through the chain-link gate into the terminal, one agent called out, "Von Buelow!" When one man turned his head in response, the Secret Service had its runner. Subsequent follow-up led to other arrests. The Treasury Department's planned introduction of smaller currency served its announced purpose well. The reduction in the size of the notes did save taxpayers money, but far more than the public realized. They no longer had the added expense of underwriting the costs of Soviet modernization. IrattliamalCiarrrener UNITEOSTATESOFAMERICA 117614 ° g ltrfkl W .'3.27Q7„ luitage■■ V1.01 %Wit .0011&1"\r-■Sf4 ) 2&,1-17 OrN,%7 MERCANTILE 1374) 4004534 NATIONAL BANN AT • DALLAS • TEXAS 4004534 13743 TWENTYBOLLSUS 211401,1"730.1ora.ia 11[111.11.11110•ENEMMDIr JiJI3^ >ste7.4 — MERCANTILE 13747 4000886 NATIONAL BANK AT • DALLAS EXAS Esommts 4000886 13743 January/February 1999 • Whole No. 199 • PAPER MONEY14 Robert L. Thornton, Banker R ()BERT L. THORNTON BEGAN IIIS CAREER as a banker in Dallas in 1916, with his two brothers-in-law as partners. Their new private bank, christened the Stiles, Thornton and Lund Bank, was located in a tiny office in downtown Dallas—what we in this part of the country call a "hole in the wall." Thornton became known as "Uncle Bob." He was a natural banker and a skilled salesman. The little bank grew rapidly, and in April 1925, the partners decided to convert their opera- tion to a national hank. They chose "The Mercantile National Bank in Dallas" for its title and on June 11, received charter 12707 from the Comptroller of the Currency. The capitaliza- tion of the new bank was $500,000, and Robert L. Thornton was its president. Uncle Bob felt that if he improved what was around him, it would improve him as well. If he helped the city, he would he an indirect beneficiary. He had a strong, driving personality, and he always had a goal. In 1925 he served as president of the Texas Bankers Association. He also served as president of the Dallas Cham- ber of Commerce and four terms as the mayor of Dallas. An expressway in Dallas is named in honor of his efforts on the city's behalf. On February 1, 1929, The Mercantile National Bank was placed in voluntary liquidation and reorganized as the Mercantile Bank and Trust Company of Dallas, Texas— a state bank. In August 1933, the benefits of becoming a national bank once more appealed to Thornton, so the finan- cial entity was converted to the Mercantile National Bank at Dallas, operating under Charter 13743. The new national A $10 Third Charter Series 1902 Plain Back note issued by Mercantile National Bank in Dallas, pen-signed by R.L. Thornton as president. bank's capital was $1 million; Thornton again was president. Mercantile National Bank grew, and in 1943 it moved into a new, 33-story skyscraper noted for its art deco lobby. Other features of the building included a huge clock and a neon spire. It was the only skyscraper erected in the United States during World War II and remained Dallas' tallest building until topped by a Republic National Bank facility in 1954. Uncle Bob Thornton was an aggressive banker. His was the first bank in Dallas to make car loans, the first to open a downtown drive-in facility, and the first to make loans backed by the Federal Housing Administration. He started a Mer- cantile tradition of big real-estate loans. However, it did not matter to him whether his customer was powerful, rich or poor, as long as they demonstrated ability and honor According to his many friends and customers, "if you did, he A $20 Series 1929 Type II note issued by Mercantile National Bank at Dallas, with engraved signature of R.L. Thornton as president. would stick with you." Thornton led the city's delegation to Austin and helped bring home the 1936 Texas Centennial Exposition. He headed the campaign to raise the $25 million necessary to build the structures to house the exposition. The area became known as "Fair Park," and the buildings still are used year round, includ- ing the annual state fair. A statue of Robert L. Thornton stands on the fairgrounds as a tribute to his accomplishments. A $50 Series 1929 Type II note issued by Mercantile National Bank at Dallas, with engraved signature of R.L. Thornton as president. SUPPORT YOUR SPMC DEALERS Look for their membership cards in their cases at coin and paper money shows. L .TtrflMlf-1:116,,,,. vigirg■ TIE CAMP HILL • NATIONAL BANK 0 CAMP HILL PENNSYLVA NIA F000126A PAPER MONEY • January/February 1999 • Whole No. 199 15 When Uncle Bob died in 1964, the City of Dallas lost a leader and a friend. The Mercantile National Bank at Dallas grew conservative and was outdistanced by its less-complacent rivals: Republic National Bank and First National Bank. Today, Mercantile National Bank is part of the Bank One Texas statewide chain. The Mercantile National Bank in Dallas (Charter 12707) issued Third Charter, Series 1902 Plain Back notes in denomi- nations of $10, $20, $50 and $100. The total amount issued was $2,070,950. When the hank converted to a state charter in 1929, the amount outstanding was $582,600. Mercantile National Bank at Dallas (Charter 13743) issued Series 1929 Type II notes in denominations of $10, $20, $50 and $100. The total amount issued was $678,900, of which $435,250 was outstanding at the end of the note-issuing period in 1935. References Dallas Times Herald. Various editions. Gatton, T. Harry. The Texas Bankers Association: The First Century, 1885-1985. Austin: Texas Bankers Association, 1984. Hickman, J. and D. Oakes. Standard Catalog of National Bank Notes. Iola, WI: Krause Publications, 1990. r THINK ABOUT IT! ATTENTION! AUTHORS & ADVERTISERS CONSIDER DONATING A SUBSCRIPTION OF PAPER MONEY TO YOUR COLLEGE ALMA MATER, LOCAL HISTORICAL SOCIETY OR LIBRARY Effective Immediately Address all articles, ads & correspondence to the new editor: Marilyn A. Reback P.O. Box 1110 Monument, CO 80132 Buying & Selling National Bank Notes, Uncut Sheets, Proofs, No. 1 Notes, Gold Certificates, Large-Size Type Error Notes, Star Notes. Commercial Coin Co. P.O. Box 607 Camp Hill, PA 17001 Phone 717-737-8981 Life Member ANA 639 --iiii•- BANKI Happenings Submitted by BOB COCHRAN January/February 1999 • Whole No. 199 • PAPER MONEY16 The Importance of the Counterfeit Detector p RIOR TO THE PASSAGE of the National Banking Law, counterfeits and notes of broken banks floated around promiscuously. A businessman required to have the latest issue of the Counterfeit Detector constantly on his desk, and as that was issued weekly, there must be an interval during which he was in doubt as to whether the notes received during the week were genuine, or were the notes of still solvent banks. Even with this precaution there was scarcely a bank or tradesman who did not get spurious notes, though many clerks became adept at detecting the counterfeits. Those who relied on the monthly issue of the Detector were far worse off. Arrest of persons making or passing spurious bank notes were frequent, but this did not appear to deter oth- ers from engaging in the same nefarious business. On one occasion, Albert L. Packer, a prominent dealer in coal, stone, and building material, who owned the property, since purchased by Thomas Scott, adjoining the bank lot, and who aided the (Farmers) Bank materially by circulating its notes among the firms with whom he dealt—being one of the Bank's most valued customers—took several hundred dollars of crisp, new notes, just issued, on a business trip to Connecti- cut, and as the latest issue of the Detector announced a new batch of counterfeits of the Farmers Bank of Bucks County he was apprehended as being one of the gang, and an officer of the bank was compelled to proceed to Connecticut to effect his release. A clerk in one of the grocery stores in Bristol, who enlisted at the beginning of the Civil War, knowing that the proprietor had a number of notes of broken Southern banks in his safe and also knowing the dilatory ways of the Southerners, asked that these notes be given to him so that he might have some- thing to swell his pocketbook. When he got to the front and had leisure to go to the village store, he would note whether the merchant was depending upon an ancient fly-specked Detector, and if so, would present his note and purchase some small article for which he would get considerable change. The storekeeper referring to the old Detector would find that it recorded the bank as solvent, and the note genuine, and be pleased with the sale until he attempted to use the note outside his own limited bailiwick. Many a deficiency in rations was supplied in this manner, as the grocers in the South were apt to content themselves with buying a Detector about once a year, or begging an old one from a salesman visiting them. —From a history of the Farmers National Bank of Bucks County, in Bristol, Pennsylvania, published in 1914. ("Dilatory" is defined as "being inclined to delay"; "slow"; or "tardy." The author of the account was the bank cashier; it's pos- sible he couldn't resist this tale of how a "fast one" was pulled on the "dilatory" merchants in the South. It probably is worth remembering though, that most, if not all, counterfeit detectors published during this time came from the Northern states, and it is most doubtful that Southern merchants would have current issues. So there. Yes, I am from the South!) —Bob Cochran 26th Annual ShowFIFTY The "Biggest" little coin and paper money show in New England ELKS LODGE Pleasant St., Rt. 32 Willimantic, Conn. Sun., March 7, 1999 9 a.m. - 4 p.m. 50 Dealers 50 Bourse & Exhibition Public Invited - Free Admission C. John Ferreri, P.O. Box 33, Storrs, CT 06268 50 A Primer for Collectors BY GENE HESSLER A portrait of Major General Meade appears on $1,000 Treasury (Coin) notes dated 1890 and 1891 (H1425-28). The backs of these notes are known as "watermelons" because of the style and shape of the zeroes in the denomination. 10100111115illtiltlillid Et; ItIQNOTE , 44 44/44. rm.." rwm . PAPER MONEY • January/February 1999 • Whole No. 199 17 F WE MEN BORN ON FOREIGN SOIL have something in common: each was honored by having his engraved por- trait placed on United States paper money. The quintet con- sists of Alexander Hamilton, E.D. Baker, Robert Morris, Gordon George Meade and Albert Gallatin. On January 11, 1757, Alexander Hamilton, the most senior member of this distinguished quartet, was born on the island of Nevis in the West Indies. Born out of wedlock, he probably was the son of James Hamilton, a merchant from Scotland. When the young Alexander moved to New York City, a Miss Lyton also came there; when Hamilton married, he and his wife looked after Miss Lyton, who may have been his mother. Hamilton attended King's College, now Columbia Univer- sity. At one time during the American Revolution, he served as aide-de-camp to General George Washington. Hamilton distinguished himself in many ways. However, the accomplishments that are numismatically related include the founding of the Bank of the United States in 1781; and drafting the Act of Association for the Bank of New York, chartered in 1791. Along with Aaron Burr (who killed him in an 1804 duel), Hamilton was indirectly responsible for estab- lishing the Manhattan Company, which became a bank—the forerunner of The Chase Manhattan Bank in New York City. Hamilton's portrait appears on $2, $5, $20 and $50 United States notes; $50 compound-interest Treasury notes; $500 interest-bearing Treasury notes; $1,000 gold certificates and Federal Reserve notes; and all small-size $10 notes. E.D. Baker is probably the least recognized name of the five. Born in London on February 24, 1811, he came to the United States at age 5. Baker studied law in Illinois, and his genius for oratory helped gain him election to the Illinois State Legislature in 1837 and the State Senate in 1840. Four years later, he served in the United States Congress. Baker died in the Civil War as he commanded a brigade at Ball's Bluff on October 21, 1861. The $5,000 certificate of deposit bears a portrait of Baker engraved by Charles Burt. The Act of June 8, 1827, authorized the Secretary of the Treasury to issue these notes, which were payable on demand in United States notes at the place of deposit, but were accepted in settlement of clearinghouse bal- ances at the locations where such deposits were made. The Act authorizing these certificates was repealed on March 14, 1900. These certificates were not intended for general circulation. Only 8,000 notes dated 1872 were issued, and 10,002 dated 1875. There is an undated plate proof at the Bureau of Engraving and Printing. Robert Morris, patriot of the American Revolution, was born in Liverpool, England, on January 20, 1734. A signer of the Declaration of Independence, he was appointed our first and only Superintendent of Finance (1781-84). In 1789 President George Washington offered him the newly estab- lished position of Secretary of the Treasury, but he declined and recommended Alexander Hamilton. Morris rose from jan- itor to partner in the firm of Thomas Willing (who succeeded his father, Thomas), and was a respected Philadelphia mer- chant. Charismatic Morris was a delegate to the Continental Congress and was offered the presidency of that body. When the Congress fled to Baltimore in 1776, Morris remained to assume sole responsibility for Congressional busi- ness. He soon received a desperate request for $50,000 from Washington. With no money in the Treasury, Morris went to his friend Abel James, a Quaker, who provided this sum. Robert Morris had a vision of a national bank and a federal mint, and he lived to see both realized. However, he is fondly remembered for using his own paper money, which resembled 18 January/February 1999 • Whole No. 199 • PAPER MONEY 18th-century checks. After Cornwallis' surrender in 1781, the new nation's financial struggle continued. With funds almost gone, Morris signed and issued "Long Bobs" and "Short Bobs," as his personal notes were called depending on the amount they were worth. People respected Morris and the personal notes that bore his familiar signature. After all, he was the Superintendent of Finance. Morris' portrait appears on the $10 silver certificate of 1878-80 (H[essler] 578-89) and the $500 United States notes (H1376-87b). An illustration of a $5 essay with Morris' por- trait was published in my "Notes on Paper" column in the February 1985 issue of The Numismatist. Gordon George Meade was born on December 31, 1815, to American parents in Cadiz, Spain, where his father was employed by the United States Navy. The young Meade was educated in the United States; he graduated from the U.S. Military Academy at West Point in 1835. As did E.D. Baker, Meade served in both the Mexican and Civil Wars. During the latter, Meade had three horses shot from under him. A por- trait of Major General Meade appears on one of the rarest and most desirable pieces of U.S. currency: $1,000 Treasury (Coin) notes dated 1890 and 1891 (H1425-28). The backs of these notes are identified as "watermelons" because of the style and shape of the three zeroes in the denomination. Abraham Alfonse Albert Gallatin was born in Geneva, Switzerland, on January 29, 1761. Orphaned at age 9, he received a good education, including degrees from the Univer- sity of Geneva. Having influential friends, he was approached to accept a commission with Hessian troops to fight the rebel- lious English colony in America. He refused, saying he would never "serve a tyrant." He sailed to America secretly in May 1789 to "drink in a love for independence in the freest country of the universe." In his adopted homeland, Gallatin entered politics and held too many posts to list here. However, the success of the Treaty of Ghent, which settled claims of the United States and Great Britain after the War of 1812, can be attributed to him. After retiring from government, Gallatin served as president of the National Bank of New York from 1832-39. Gallatin died in 1849, and 13 years later his image was placed on the $500 United States note (H1320-21a). —Adapted with permission from COIN WORLD, Dec. 25, 1995. Read Money Mart ... page 25 Hard to Counterfeit 4`, PAPER MONEY OF THE UNITED STATE'S is the least handsome in the world," said the propri- etor of a money exchange. "That is because Government depends entirely upon the intricacy and elaborateness of the designs on its notes and certificates for protection against counterfeiters. In foreign countries, on the other hand, much effort is directed to making their currency beautiful with pic- tures and arabesques in the classical style. Not only are the results pretty to look at, but they serve their chief purpose bet- ter, for any engraver will tell you that real art work on a bill is far more difficult to imitate than any purely mechanical effect, no matter how complicated the latter may be made by the geometric lathe and other devices. "Most beautiful of all paper notes are those issued in France and Prussia. Here is a pretty Austrian bill for 100 florins, printed in blue ink with the design mainly composed of two large standing figures of cherubic children and an oval of chil- dren's heads. That seems a queer notion from our point of view for the ornamentation of currency, but it is certainly both interesting and handsome. This is a Russian bill for 100 rubles, done in pink and green. Here you have a Scotch note, issued by the 'British Linen Company,' which promises to pay on demand. In Great Britain the privilege of issuing paper money can be obtained by corporations other than banks from the Government. "You will need a magnifying glass to examine this note with. It is Irish. The words 'one pound' are printed across it in big letters, but the broad strip extending from one end to the other of the document i[s] a curiosity. To the naked eye, even upon scrutiny, it seems to have no significance, but when mag- nified you will perceive that it is wholly made up of the words `on[e] pound' in microscopic letters. From the superficial appearance of the bank of England notes you would suppose that they could be readily imitated by the photography or oth- erwise, inasmuch as their designs consist of very little more than lettering in black that is almost severely simple. But that great financial institution depends altogether upon the water marking of its paper, which is wonderfully elaborate, as you can see by looking at the light through it. This water marking has been imitated, but never with success." —Washington Star.—Sanborn (ND) Enterprise, Dec. 29, 1893. + SNi1le..111 RC 1111771.1'.N znzzL1■11.1 ctsr ITA•11. A79246381 A 71r/FIN eilLVIGIII,11.111.11,01311,11.11.143.{ 1.1...1\1/ AMMO PAPER MONEY • January/February 1999 • Whole No. 199 19 The PAPER olumn By PETER HUNTOON $10 Silver Certificate Series of 1934A Mules p RIOR TO THE PASSAGE of the National Banking Law, counterfeits and notes of broken banks floated around promiscuously. Ten dollar silver certificate Series of 1934A mules are quite scarce. These have a macro face plate number and micro back plate number. Until Robert Vandevender discovered an example from micro back plate 523 about two years ago, all we knew about them was that the previously reported specimens had come from micro backs 404, 553 and 578. His unusual find, which bears serial number A79246381A and was serial numbered in 1940, stimulated the following research. PRODUCTION Bureau of Engraving and Printing plate history ledgers reveal that the first macro Series of 1934A SC face went to press on December 5. There were only two lingering micro back plates in production after December 5-404 and 553-yet mules also are now known from 523 and 578. Obviously the known mules were produced in one of two ways: 1) through the use of preprinted backs that received face printings after December 5, 1939, or 2) through the normal mating of the last printings from micro backs 404 and 553 with 1914A faces after December 5. Both scenarios occurred. The first $10 macro back plate to be made and also the first to be used was 585; it went to press on February 17, 1938. All but six of the micro back plates had worn out by the end of July 26, 1939, when several were removed from the presses for the last time. Production from the remaining six ceased as follows: Plate Date last used 583 Sept. 12, 1939 558 Sept. 20, 1939 578 Oct. 24, 1939 523 Oct. 30, 1939 553 July 30, 1940 404 Oct. 14, 1941 The first SC Series of 1934A face plate, 129, went to press on December 5, 1939. The known Series of 1934A mules are mated with micro backs 404, 523, 553 and 578, so it appears that only micro backs printed after the middle of October 1939 were still available to receive impressions from the new macro 1934A faces. Apparently all the previously printed micro backs, including those from 558 and 583, had been con- sumed in various $10 FRN and Series of 1934 SC production runs before December 5. The following is a complete listing of the back printings for micro backs 404, 523, 553 and 578 after mid October 1939. These printings produced the known $10 SC 1934A mules. Plate Press runs Plate first used 578 Sept. 19, 1939-Oct. 24, 1939 Feb. 14, 1938 523 Aug. 3, 1939-Oct.30, 1939 May 27, 1936 553 Sept. 13, 1938-May 7, 1940 Jan. 10, 1938 June 5, 1940-June 6, 1940 June 25, 1940-July 6, 1940 July 17, 1940-July 30, 1940 404 July 7, 1939-Nov. 21, 1939 Feb. 17, 1938 Nov. 23, 1939-May 8, 1940 July 15, 1940-Sept. 9, 1940 Sept. 11, 1940-Oct. 7, 1940 Oct. 22, 1940-Mar. 31, 1941 Apr. 1, 1941-Apr. 9, 1941 Apr. 15, 1941-Oct. 9, 1941 Oct. 10, 1941-Oct. 14, 1941 You can determine when your $10 SC 1934A mule was serial numbered from the following data: Year First $10 SC Serial Printed during the Year 1934 A00000001A 1935 A05004001A 1936 A17208001A 1937 A22284001A 1938 A24504001A 1939 A44448001A 1940 A75396001A 1941 A88596001A 1942 A89796001A 1943 B00904001A 1944 B07564001A 1945 no deliveries 1946 B135 64001A 1947 B16624001A 1948 B19624001A 1949 B23104001A 1950 B37948001A 1951 B41548001A data cease The $10 1934A Silver Certificate mule with back plate 523 discov- ered by Robert Vandevender. The back was printed in 1939, and the note was serial numbered in 1940. ATTENTION! AUTHORS & ADVERTISERS Effective Immediately Address all articles, ads & correspondence to the new editor: Marilyn A. Reback P.O. Box 1110 Monument, CO 80132 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Peter Huntoon P.O. Box 3681 Laramie, WY 82071 (307)642-2217 INTERNATIONAL BANK NOTE SOCIETY MEMBERSHIP DUES & FEES The current annual dues, in U.S. Dollars and U.K. pounds, are: Regular Membership S 17.50 f„ 11.00 Family Membership 22.50 14.00 Junior Membership 9.00 5.50 Life Membership 300.00 187.50 Euro Cheques, add .50 For applications for all categories of membership contact: Milan Alusic P.O. Box 1642, Racine, Wisconsin 53401 U.S.A. (414) 554-6255 20 January/February 1999 • Whole No. 199 • PAPER MONEY NEW GAUGE MICRO BACK 404 The late use of micro back 404 is an interesting occurrence. The Bureau began making what it called "new gauge" plates in 1935. On these plates, the vertical separation between subjects was increased slightly in order to produce wider margins, thereby improving the registration of the faces on the backs. Plate 404, the first of the new-gauge $10 back plates, was fin- ished on January 29, 1935. It was saved, unused, for three years, but finally sent to press on February 17, 1938. The conversion to new-gauge plates was an important, time-consuming undertaking. For example, the last old-gauge B back was 629, which was finished on December 29, 1933. The next plate, 630, was a new gauge that was finished January 2, 1935, a year later. The last old-gauge $10 back, 403, was completed on May 22, 1934; however, 402 and earlier plates were finished on or before December 13, 1933. The mating of old- and new-gauge impressions on the respective sides of sheets caused high spoilage rates, so the practice was avoided. Once the new-gauge plates became available, many of the last of the remaining old-gauge plates ceased to be used. Numerous unused old-gauge plates in stock ultimately were scrapped. In contrast, the mixing of new-gauge micro backs and macro faces such as the $10 SC 1934As caused no problems because they were of the same gauge. Consequently, in 1938 when Bureau personnel found back 404, a new-gauge plate, they sent it to press without hesitation. Its use probably was an economy measure, and it ended up serving a particularly long and productive life creating great mules along the way. PAPER MONEY • January/ February 1999 • Whole No. 199 21 H APPY NEW YEAR! I hope all our members enjoyed a wonderful holiday season! AND-if you haven't paid your 1999 dues yet, please do so Now. I'm beginning my last 6 months as your president, and I'm quite proud of what we've accomplished over the past 18 months, especially the wonder- ful book on Kentucky Obsolete notes and scrip. This was our first Wismer Project book to be published in a long time, and we all have Steven Whitfield, Roger Durand and others to thank for it. We welcome a new editor with this issue, Marilyn Reback. I know she will do a great job. Bur—it's still up to ALL of us to furnish her with material for publication! If you are a new member, I urge you to get involved and send in an article or two about what YOU like, to get your feet wet. For you "mature" members—please keep sending in great articles. How about everyone making a New Year's Resolution to send in AT LEAST ONE article in 1999? Sadly, SPMC lost some members last year. We will miss them. I'm also forced to report that Frank Bennett has submit- ted his resignation as coordinator of the 1929 Nationals Project. I know MANY of you have actively supported and par- ticipated in this great effort, and I hope you will continue to send in information. Until we can replace Frank, please send your data and illustrations to me. Judith Murphy, our activities director, did a great job of arranging SPMC meetings and functions during 1998; she coordinated and/or hosted SPMC meetings at several regional and national shows. Our thanks also to the show promoters for their cooperation. Please watch for SPMC meetings at shows you attend. If you go to an SPMC function and take some photographs, please send them to Marilyn for publication! I hope each and every one of you add a whole bunch of new material to your collection in 1999. And when you do, please share your new finds with the rest of us. And don't forget .. . sign up a new member! r 1 - MEMBERSHIP APPLICATION SOCIETY OF PAPER MONEY COLLECTORS - Please check one: ❑ Junior (ages 12-18) . . . $24* ❑ Regular (18 & older) . . . . 24* ❑ Life 500' * Residents of Canada and Mexico, please add $5 per year. Residents outside Canada and Mexico, please add $10 per year. ** Payment can be made in four installments, not to extend for more than 12 months from the original application. Send completed application, along with payment in U.S. funds, to Frank Clark, SPMC Membership Director, P.O. Box 117060, Carrollton, TX 75011 Name Address (P.O. Box or Street) City, State, Zip Code & Country Collecting Interests ❑ Collector ❑ Dealer ❑ Both Do you wish to have your name & address published in the magazine as a new member, listing your collecting interests? ❑ Yes ❑ No Signature of Applicant Signature of Parent or Guardian (required for Junior applicants) L 22 January/February 1999 • Whole No. 199 • PAPER MONEY SPMC NEWS Cochran's Response to Comments on Grading The July 1998 issue of the ANA's jour- nal, The Numismatist, reprinted Bob Cochran's comments on grading and encapsulating of paper money from his "President's Column" (May/June 1998). Two responses were published in the September 1998 issue of The Numismatist: I must take issue with at least some of Bob Cochran's commentary entitled "Grading and Encapsulating Paper Money" ... He uses the history of third-party coin grading and slabbing as an argument against doing the same thing to paper money. First of all, the numerical grading system using the 1-70 scale has been widely if not universally accepted, especially for mint- state coins. Second, the companies that now are recognized as the leading third- party graders were, of course, unheard of in their infancy, just as General Motors and Ford were. I think the leading coin grading companies are very well-known and re- spected today. Third, Mr. Cochran states he has never purchased an encapsulated coin and never will. Fine, let him keep his principles intact. But I question his logic. If he was offered a gem coin in a slab, and the coin met all his grading standards and price, why shouldn't he buy it? Finally, nailing down a grade for a rare coin or bank note within a "grade or two" just doesn't cut it when it comes to the really high grades. High prices go hand- in-hand with high grades. Third-party graders help mediate differing opinions. If you don't agree, then pass on that coin or note. I believe third-party services and coin encapsulation ensure more consistent and reliable grading, and that the slab actu- ally protects coins from the elements and mishandling. Accept changes that benefit the hobby and reject those that harm. Only time will tell. Louis Pauls Jr., ANA 172678 Mr. Cochran comes on as a bitter dealer and collector who for years, along with other dealers, has had his way with regard to grading and pricing coins and paper cur- rency. He wants to blame slabbing for the demise of the coin and paper money market because it gives customers fair-market grades and prices. Collectors today want true value for their collecting dollars, not the whims and fan- tasies of high-riding dealers. Hopefully, slabbing will bring back fair grading and pricing, and the dealers' "take it or leave it" attitude toward the public and average col- lector will come back to haunt them. C.T.Johnson, ANA 167969 Bob offers the following responses: To Mr. Pauls: You stated, "If he [me, Bob] was offered a gem coin in a slab, and the coin met all his grading stan- dards and price, why shouldn't he buy it?" I started collecting coins over 40 years ago. Back then most dealers and collectors kept their "better" coins in manila envelopes; the others were placed in one of the various Whitman albums. I learned early on the proper way to handle my own and other peo- ple's coins, and that has carried over to paper money. If I'm a potential purchas- er, I want to see the item in its natural state—not through a piece of plastic. But more to the point—I personally don't need someone—anyone—to tell me what the grade of an item is! When I collected coins, I learned how to grade the items I was seeking. I used a couple of published "grading guides," but I defined the "grade" of a coin I was con- sidering adding to my collection If the seller said, "That coin's 'BU,' it didn't matter to me; I decided if it met any standards, and I really didn't care what grade the seller put on the item. Mr. Pauls, you also stated, "Third- party graders help mediate differing opinions," and "If you don't agree (on the grade of a coin or note), then pass on that coin or note." Mr. Pauls, the paper money hobby has existed for many years, and interest in paper money is at an all-time high. About 500 people paid $5 each to attend a recent Professional Currency Dealers Association (PCDA) show. An auction by Currency Auctions of America resulted in sales in excess of a million dollars, and business on the bourse floor was certainly several hun- dred thousand dollars. If "encapsulated" notes comprised any part of this com- merce, it was only a tiny fraction of 1 percent of the material. If there were any serious "differing opinions," I'm not aware of them—and I was on the floor for several days. As for your comment, "If you don't agree, then pass on that coin or note," that happens eve)), day in our hobby—without the involvement and extra baggage of "third-party experts." To C.T. Johnson: I am a collector, not a dealer. However, I do "have my way with regard to grading and pricing of paper currency." How? I influence the market every time I purchase or consid- er purchasing material from a dealer or fellow collector! If my fellow collectors and I are willing to pay more or less for certain material, then the prices of that material react accordingly. Condition most certainly contributes to the prices at which dealers are willing to sell and collectors to buy; but a serious and knowledgeable collector doesn't look at the grade someone else has placed on the holder. A grade is only a guide; col- lectors and dealers recognize there are no definitive grading standards. Most everyone who spends some time in our hobby develops their own standards— not grading standards, but standards for the condition of notes they want for their collection. We don't need other people to tell us what's "acceptable." If I'm considering purchasing a note, I can (or ask the owner to) remove the note from its holder and examine it myself! In some instances, the only way to determine if a note has a fold in it is to "roll" the note. I couldn't do that if the note was slabbed, could I? I'm sorry you've apparently run into some "high-riding dealers" who dealt with you in a "take it or leave it" manner. I can honestly say such an attitude does not exist in the paper currency hobby today; but that's not to say it couldn't change. Our little hobby has been "dis- covered," and I'm afraid we're vulnerable to the problems that have beset coins— a hobby turned into a business. The PCDA is comprised of many people who, even though they are pro- fessionals, still avidly collect paper money! Their overwhelming vote against slabbing of paper currency is a reflection of the high regard they have for their customers—and, I think, our hobby! We don't know each other, so you may not believe me. But trust me, C.T. Johnson: Come on over to paper money. In our branch of the hobby, we don't quibble about numerical grades using the Sheldon scale–we have fun! v PAPER MONEY • January/February 1999 • Whole No. 199 23 SPMC NEWS SPMC Board Meeting Minutes Henry VIII Hotel, St. Louis, MO October 23, 1998 Meeting called to order by President Bob Cochran at 8:05 a.m. Present: Bob Cochran, president; Frank Clark, vice president; Ray Ellenbogen, Ron Horstman, Judith Murphy and Gene Hessler, governors; and Fred Reed, secretary. Minutes of previous meeting were approved as amended by Governor Ron Horstman to reflect his understanding that lack of advertising in Paper Money was occasioned by lag time between deadlines and publication. President Cochran noted that the lead time could be expected to be shortened in the near future. This view was substantiated by outgoing editor Hessler, who estimated 8 to 14 days could be saved in magazine production, enabling the Society to suc- cessfully solicit additional advertisers and increase revenue. President Cochran noted that the Society had been approached by a candi- date for ANA office. After discussion, the Board established a policy of neu- trality by not seconding nominations for ANA elective offices. President Cochran noted that at Memphis, Governor Friedberg had stepped down and announced that he had appointed C. John Ferreri to fill the remainder of his term. Outgoing Editor Hessler reported that the editorial transition for pro- ducing Paper Money was proceeding smoothly. New Editor Marilyn Reback's contact address was announced as P.O. Box 1110, Monument, CO 80132. Vice President Clark provided his member recruiting report, showing that 118 additional members had joined SPMC between June 9 and Oct. 16, 1998. Several members have jumped ahead in the race for top recruiter of the year. President Cochran reiterated that an anonymous donor had presented the Society with $100 to be awarded the winner next year in Memphis. After Vice President Clark noted that the Society's Internet Web Site currently is in second place, the board determined to award the prize to the living recruiter with the highest total. President Cochran reported that the Kentucky Obsolete Notes and Scrip pub- lishing project was virtually concluded, with all orders shipped and several "error" copies mis-bound by the printer. Solicitations to reimburse the Society for hard-binding of the book netted additional funds. It was suggested that currently the Society stands to lose about $1,000 on the project pending additional responses from those receiv- ing hardbound copies. Governor Judith Murphy reported on the forthcoming ceremony at the University of North Carolina (UNC) at Chapel Hill, unveiling substantial col- lections of Confederate and North Carolina currency for public viewing. She said she and her husband, Claude, had consulted with the university on the collections. Smithsonian Numismatic Curator Dr. Richard Doty will be the speaker at the public event on Nov. 4. After discussion, Murphy moved that the Society present the UNC—Chapel Hill Wilson Library Special Collections $500 from the Wismer Education Fund to help mount exhibits that will stimu- late interest in the hobby and promote collecting. Her motion was seconded by Governor Horstman and passed unani- mously. President Cochran also in- structed the Secretary to furnish address labels of Society members living in Virginia, North and South Carolina, so that Governor Murphy could invite them to the festivities. Governor Murphy reported briefly on regional SPMC meetings at the Blue Ridge Numismatic Association, Stras- burg paper show and Portland ANA Convention. Governor Clark likewise reported on the Dallas regional meeting he conducted at the paper money show there. President Cochran commended Murphy on her industry and noted she received the ANA President's Award and Medal of Merit at the Portland show. The board discussed the suitabili- ty of videotaping future presentations. There being no further business, the meeting was adjourned at approximately 9:15 a.m. Respectfully submitted, Fred Reed, SPMC Secretary SPMC General Membership Meeting Minutes Henry VIII Hotel, St. Louis, MO, October 24, 1998 President Bob Cochran and approxi- mately 25 to 30 members and guests were welcomed by St. Louis Paper Money Show Bourse Chairman Kevin Foley at approximately 10:15 a.m. Addi- tional individuals drifted in and out dur- ing the event. President Cochran apprised the membership of the board meeting held the prior day, noting those members honored at the ANA Convention in Portland, Oregon, and citing the success of the Society's new Internet Web Site. He announced the appointment of [absent] Governor Wendell Wolka as "Web Master." Cochran also noted that he could now be reached via E-mail through the site at Bob@SPMC.org . Governor Murphy reported on re- gional presentations held at FUN, Chicago Paper Money Convention, Cincinnati ANA National Money Show, Memphis Paper Money Show, Blue Ridge Numismatic Association show, Outgoing Editor Gene Hessler, with one of four ANA Outstanding Club Publications Awards Paper Money received during his 14-year tenure. At the SPMC general membership meet- ing in St. Louis in October, Hessler was awarded an Honorary Life Membership in the Society. Viskup Takes Lead in SPMC Recruiting Contest As of October 26, Frank Viskup was leading the race for this year's SPMC Top Recruiter honors, with 21 new members for the Society. Remember, whoever recruits the most new members for the year—between Memphis IPMS Shows— will receive at least $100 in cash at the SPMC Breakfast in Memphis in June! If you need brochures or applications, contact Frank Clark or print copies of the form on the SPMC well page: www.spmc.org . Here are the leaders in the SPMC Recruiting Contest, as of October 26: Frank Viskup 21 Wendell Wolka SPMC Web page 15 Rob Kravitz 1* Crutch Williams 12 Tim Kyzivat 1 Judith Murphy 9 J.L. Laws 1 Prank Clark 7 Roger Durand 1 Bob Cochran 5 Gene Hessler 1 Bank Note Reporter 4 Gene Mack 1 Lyn P. Knight 2 Andy MacKay 1 Dean Oakes 2 Lee Quast 1 John A. Parker 2 R.M. Smythe & Co. 1 Hugh Shull 2 * Rob Kravitz was actively recruiting members at the recent PCDA Show —way to go, Rob!!! 24 January/February 1999 • Whole No. 199 • PAPER MONEY and Strasburg and Dallas paper shows. Society Librarian Roger Durand reported that the Library now includes bound volumes of all issues of Paper Move)', and many issues of Essay-Proof Journal and other valuable reference works. He has prepared a subject index to Society holdings. A suggestion was made from the floor that the index be put up on the Web Site. Durand came in for a generous round of congratulations from President Cochran for his efforts in producing the Kentucky Wismer book. Cochran's views were seconded by Treasurer Mark Anderson, who reported anecdotally that he had received many favorable comments from recipients of the volume when paving their surcharge for hard binding. Durand reported that Guy Kraus' Mississippi book was up next, and ex-President Wolka was tackling the state of Ohio—probably in two volumes. Austin Sheheen indicated that his "life- long" project of South Carolina would have to await his finding additional time. President Cochran presented out- going Paper Money Editor Gene Hessler with an ANA Outstanding Club Publi- cations Award, the fourth the journal has received in Hessler's 14-year steward- ship. Cochran also announced the award- ing of an SPMC Honorary Life Mem- bership to Hessler in recognition of his many years of sterling service. The President challenged everyone to sign up new members and noted that a $100 prize was contributed by an unnamed donor to recognize the year's top recruiter. Governor Ron Horstman was intro- duced as speaker. In his illustrated talk, "Panic of 1907 Scrip," he discussed his many years of specialization in St. Louis currency, scrip and ephemera. These items were drafted as cashiers checks, circulating as bearer items from approxi- mately April 1907 to January 1908 in sums he estimates at $5 million locally. Horstman's talk was well received and generated considerable discussion. Time having filled the allotted hour, the meeting was adjourned at approxi- mately 11:20 a.m. Respectfully submitted, Fred Reed, SPMC Secretary SPMC to Assist Library at University of North Carolina The University of North Carolina Library at Chapel Hill has never been able to provide funding for mounting and exhibiting its large collection of Obsolete and Confederate currency. SPMC members Claud and Judith Murphy of Winston-Salem, North Carolina, and the SPMC have come to the rescue! Judith explained the situation at the recent SPMC board meeting held during the PCDA Show in St. Louis, pointing out that providing the funds necessary for the library to properly house and display the currency collec- tions would benefit everyone who has an interest in these historically important items. It also would educate non-collec- tors about the historical significance of the notes. A motion to provide the University at North Carolina Library $500 from the SPMC's Wismer Obsolete Notes Fund was unanimously approved! Judith will inform the Library of the good news, and fiirnish SPMC with informa- tion about the project as it moves for- ward. The Library staff is quite anxious to share the collection with the public and hope this will stimulate more inter- est in its holdings. As many historical societies dispose of their holdings of Obsolete and Con- federate currency, it's important that as many as possible of the remaining col- lections be made available to scholars and researchers, and the general public. A main goal of the Society of Paper Money Collectors is to further the study of currency and financial documents. The Society's Wismer Obsolete Notes Project has published (or assisted with the publication of) nearly 20 reference books dealing with Obsolete currency of individual states. The most recent is Kentucky Obsolete Notes and Scrip, pub- lished by SPMC early in 1998. Other projects in the works include an updated listing of the notes and scrip of Missis- sippi, and new references cataloging notes and scrip of Connecticut and Ohio. All SPMC members are encour- aged to share information about material in their collections with the authors of these books! Please contact the SPMC Secretary for more details. PAPER MONEY • January/February 1999 • Whole No. 199 25 PAPER MONEY will accept classified advertising—from members only—on a basis of lye per word, with a minimum charge of $3.75. The primary purpose of the ads is to assist members in exchanging, buying, selling or locating specialized material a nd disposing of duplicates. Copy must he non -commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made pay- able to "Society of Paper Money Collectors" and reach Editor Marilyn Reback, P.O. Box 1110, Monument,C0 80132, by the first of the month preceding the month of issue (i.e., Dec. 1 for Jan./Feb. issue). Word count: Name and address count as five words. All other words and abbreviations, figure combinations and initials count as separate words. No check copies. 10% discount for four or more insertions of the same copy. Sample ad and word count: WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for ERN block letters. $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, NY 10015. (22 words, cost $2. SC, U.S. and FRN each count as one word) WW II MILITARY CURRENCY MY SPECIALTY! Periodic price lists for 550 SASE; MPC, Philippine Guerilla, Japanese invasion, world coins-paper-stamps, U.S. coins-paper-stamps, Confederate, obsoletes, FRN, stocks-bonds. 702-753-2435. Edward B. Hoffman, P.O. Box 6039-S, Elko, NV 89802 -6039. (199) STOCKS & BONDS wanted! All types purchased including railroad, mining, oil, zoos, aviation. Frank Hammelbacher, Box 660077, Flushing, NY 1 1 3 6 6. (718) 380-4009 (fax 718-380-4009) (norrico@compuserve.com). (205) STOCK CERTIFICATES, BONDS, 40-page list for two 32c stamps. 50 different $25; three lots $60. 15 different railroads, most picturing trains $26, three lots $63. Clinton Hollins, Box 112, Dept. P, Springfield, VA 22150-0112. (208) WANTED OHIO NBNs. Please send list. Also, want LOWELL, TYLER, RYAN, WHITNEY, JORDAN, O'NIELL. Thanks for your help. 419-865-5115. Lowell Yoder, POB 444, Holland, OH 43528. (207) WANTED: STOCKS AND BONDS. Railroad, Mining, City, State, CSA, etc., etc. Also wanted Obsolete and CSA Currency. Always Paying Top Dollar. Richard T. Hoober, Jr. P.O. Box 3116, Key Largo, FL 33037. Phone or FA (305)853-0105. (203) NYC WANTED: ISSUED NYC, Brooklyn, Williamsburgh obso- letes, any obsoletes from locations within present-clay Manhattan, Brooklyn, Bronx, Queens, Staten Island. Steve Goldberg, Box 402, Laurel, MD 20725 -0402. (204) WANTED: VERMONT OBSOLETES & NATIONALS. Please send list. Also want books and articles on Vermont notes. George Parker, 564 Mission #61I, San Francisco, CA 94105; 415/954-4313, georgep@pobox.com (202) NEW MEMBERS MEMBERSHIP DIRECTOR Frank Clark P.O. Box 117060 Carrollton, TX 75011 9551 Ray Hearn, P.O. Box 5178, St. Louis, MO 63139- 0178 (C, $1 & $2 notes) 9552 Carol A. Blessing, 5005 Fremont Ave. N., Minne- apolis, MN 55430 (C, sm.-size & fract.) 9553 Kenneth Ryan, 6814 Van Buren P1., Merrillville, IN 46410-3432 (C) 9554 Tyrone Furrow, 28 Wellesley Dr.,Washington, WV 26181 (C, CSA, fract., obsolete, foreign) 9555 Garrett Schumacher, N 76 W. 14257 Lani Lou Dr., Menomonee Falls, WI 53051 (C, lg.-size type) 9556 Jeff Woodhead, 300 Brannan St. #301, San Francisco, CA 94123 (D, Col.) 9557 Steve Matsil, P.O. Box 479, Oceanside, NY 11572 (C & D, errors, fract., low & fancy ser. nos., lg.-size notes) 9558 Larry Ferrell, 323 Viendo St., San Antonio, TX 78201-4141 (C, sm.-size star notes) 9559 Godfrey Roberts Jr., P.O. Box 100, Pierre, SD 57501-0100 (C) 9560 Alexei Dmitriev, P.O. Box 221, St. Petersburg 192238, Russia (C & D, Russian & world) 9561 Ronald N. Tagney, 1909 Mooring Line Dr., Vero Beach FL 32963 (C) 9562 Don Farr, 19701 S.W. 110th Ct. #837, Miami, FL 33157 (C, PA, NJ, MD & New Eng. obsoletes, Col., fract., CSA) 9563 Kenneth Latimer, 1385 Belmont Rd., Athens, GA 30605 (C) 9564 John L. Tracy, 1107 Esters #2215, Irving, TX 75601 (C) 9565 Brent Heindl, 200 W. 54th St., Apt. 7A, New York, NY 10019 (C, sm.-size U.S.) 9566 John Cutcher, P.O. Box 31594, Knoxville, TN 37930 (C) 9567 Jim Ball, P.O. Box 10052, Titusville, FL 32783 (C, FL obsoletes) 9568 Barry Ciociola, P.O. Box 71646, Durham, NC 2722-1646 (C & D, U.S.) 5960 Denwood N. Kelly (C, MD Col.) reinstated 6986 Duncan Maclean (C) reinstated 7346 Jim C. Mogg (C, MO NBN & obsoletes) reinstated WANTED: $10 SC's 1934A Mules with Face Check #86 or #87, back plate #404, #523, #553, and #578. Write or call: (501) 843-8456, Bob Ballard, 516 East Elm St., Cabot, AR 72023. Sign up a new member! Application on page 21 RV IFOMTAMir 7,;,/, /12 1ilte/i//1 D7099ck 350AMVillidtit *MN, " I.23E2DEZZEZZMUIZZ '4Glittowimmormici iØet1/1//i 4 4/i4; 4:-4/74,47 , oeex“, AILNI SERIE D70990 cippiletsCopay, %Lula ma;rtJr iaa r tar 1,02'.,CJI&19-5C3arfiRVA /41/ h;,/ 14, // /4,/ , /1 troArf-Aitrit%attiv,J wimatylateim, yr 1:10.1)11 4/ 4/ f/ 7'4 /X, /4. 1-iirtxtzrza.u..r. SUPERB UNITED STATES CURRENCY FOR SALE SEND FOR FREE PRICE LIST BOOKS FOR SALE COMPREHENSIVE CATALOG OF U.S. PAPER MONEY by Gene Hessler. 6th Edition. Hard cover. 579 pages. The new Edition. $32.00 plus $3.00 postage. Total price $35.00. THE ENGRAVERS LINE by Gene Hessler. Hard cover. A complete history of the artists and engravers who designed U.S. Paper Money. $75.50 plus $3.50 postage. Total price $79.00. NATIONAL BANK NOTES by Don Kelly. The new 3rd Edition. Hard cover. Over 600 pages. The new expanded edition. Gives amounts issued and what is still outstanding. Retail price is $100.00. Special price is $65.00 plus $4.00 postage. Total price $69.00. U.S. ESSAY, PROOF AND SPECIMEN NOTES by Gene Hessler. Hard cover. Unissued designs and pictures of original drawings. $14.00 plus $2.00 postage. Total price $16.00. Stanley Moryez P.O. BOX 355, DEPT. M • ENGLEWOOD, 011 45322 937-898-0114 PAPER MONEY • January/February 1999 • Whole No. 199 27 CHECK THE "GREENSHEET" GET 10 OFFERS THEN CALL ME (OR WRITE) FOR MY TOP BUYING PRICES The Kagin name appears more often than any other in the pedigrees of the rarest and scarcest notes (U.S. Paper Money Records by Gengerke). BUY ALL U.S. CURRENCY Good to Gem Unc. I know rarity (have handled over 95% of U.S. in Friedberg) and condition (pay over "ask" for some) and am prepared to "reach" for it. Premium Prices Paid For Nationals (Pay 2-3 times "book" prices for some). BUY EVERYTHING: Uncut Sheets, Errors, Stars, Special Numbers, etc. I can't sell what I don't have Pay Cash (no waiting) No Deal Too Large A.M. ("Art") KAGIN 910 Insurance Exchange Bldg. Des Moines, Iowa 50309 (515) 243-7363 Fax: (515) 288-8681 At 79 Now is The Time Currency & Coin Dealer Over 50 Years I attend about 25 Currency-Coin Shows per year Visit Most States (Call, Fax or Write for Appointment) Collector Since 1928 Professional Since 1933 *Founding Member PNG, Pres, 1963-64 ANA Life Member 103, Governor 1983-87 ANA 50-Year Gold Medal Recipient 1988 . „ E3lt`SW4, - -NY.q7: -"uttokk. Net , WittkArtiA „• , . ,• a m t Ati JA 41. Your Hometown Currency Headquarters Top prices paid for National Currency Collections, Large -Size Type Notes. All Florida Currency and Scrip Largest Inventory of National Currency & Large Size Type Notes! Interested? Call 1-800-327-5010 for a Free Catalog or write „A .. . William Youngerman, Inc. Rare Coins & Currency "Since 1967" P.O. Box 177, Boca Raton, FL 33429-0177 EARLY AMERICAN NUMISMATICS *619-273-3566 We maintain the LARGEST COLONIAL & CONTINENTAL CURRENCY ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING EV: ❑ Colonial Coins ❑ Colonial Currency ❑ Rare & Choice Type Coins ❑ Pre-1800 Fiscal Paper ❑ Encased Postage Stamps SERVICES: ❑ Portfolio Development ❑ Major Show Coverage ❑ Auction Attendance EARLY AMERICAN NUMISMATICS c/o Dana Linett ❑ P.O. Box 2442 ❑ LaJolla, CA 92038 ❑ 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS 28 January/February 1999 • Whole No. 199 • PAPER MONEY 5th ANNUAL CHICAGO PAPER MONEY EXPO Friday, Saturday, Sunday February 19-20-21,1999 Ramada O'Hare Hotel 6600 North Mannheim Road Rosemont, Illinois * 100 Booth Bourse Area * Educational Programs * Major Paper Money Auction `' Complimentary Airport Shuttle Society Meetings Complimentary Hotel Guest Parking Show Hours: Thursday, February 18 2 p.m.-6 p.m. (Professional Preview—$25) Friday, February 19 10 a.m.-6 p.m. Saturday, February 20 10 a.m.-6 p.m. Sunday, February 21 10 a.m.-2 p.m. The Chicago Paper Money Expo is sponsored by Krause Publications, the World's Largest Publisher of Hobby Related Publications, including Bank Note Reporter & Standard Catalog of United States Paper Money. Hotel Reservations: Please call the Ramada Hotel O'Hare directly at (847) 827-5131 and ask for the special Chicago Paper Money Expo rate of $85 S/D. Bourse Information: Kevin Foley P.O. Box 573 • Milwaukee, WI 53201 (414) 481-7287 • FAX (414) 481-7297 moint1 4' 1 1117/iic oo ■tlif Checks, Checks, Checks! 0 Complete your check collection 0 Acquire collateral material for your National collection 0 Revenue Stamps 85 Imprints 0 Thousands of Checks We also have Stocks, Bonds and MylarTM Albums and Sleeves Write, call, or fax for free catalog today. Your Complete Satisfaction Guaranteed OREGON PAPER MONEY EXCHANGE 6802 SW 33rd Place Portland, OR 97219 (503) 245-3659 Fax (503) 244-2977 PAPER MONEY • January/February 1999 • Whole No. 199 29 BUYING and SELLING PAPER MONEY U.S., All types Thousands of Nationals, Large and Small, Silver Certificates, U.S. Notes, Gold Cer- tificates, 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 47906 SPMC #2907 ANA LM #1503 Grit," ,11 9110110_4:0141K0filikt. 431 as 5 ,,,v; 121.031011,17/13I1.1.711....1.1.11.11. U1311.111111171 1 14.115+441 CANADIAN BOUGHT AND SOLD • CHARTERED BANK NOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 5233P WALNUT CREEK, CA 94596-5233 (925) 946-0150 Fax (925) 930-7710 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. #11 0 =■INV/P- imam' 11, NI It 11 HARRY IS BUYING NATIONALS — LARGE AND SMALL UNCUT SHEETS TYPE NOTES UNUSUAL SERIAL NUMBERS OBSOLETES ERRORS HARRY E. JONES PO Box 30369 Cleveland, Ohio 44130 216-884-0701 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Obsolete Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible Fractional Foreign 399 S. State Street - Westerville, OH 43081 1-614-882.3937 1-800-848-3966 outside Ohio Ufe Member L 11 dagiai EST 1960 "losaii4anDa4vot- SEND FOR OUR COMPLETE PRICE LIST FREE COIN SHOP INC ,14 P xvrioNAL Itizvii or 6579 ,r212:1EXZEr-- P 3, •■• 1 119 1! w■rolir- !WV:, Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals Peter Huntoon P.O. Box 3681 Laramie, WY 82071 (307)642-2217 January/February 1999 • Whole No. 199 • PAPER MONEY30 PHILLIP B. LAMB, LTD. CONFEDERATE STATES OF AMERICA, HISTORICAL CONNOISSEUR Avidly Buying and Selling: CONFEDERATE AUTOGRAPHS, PHOTOGRAPHS, DOCUMENTS, TREASURY NOTES AND BONDS, SLAVE PAPERS, U.C.V., OBSOLETE BANK NOTES, AND GENERAL MEMORABILIA. Superb. Friendly Service. Displaying al many major trade shows. PHILLIP B. LAMB P.O. Box 15850 NEW ORLEANS, LA 70075-5850 504-899-470o QUARTERLY PRICE LISTS: $8 ANNUALLY WANT LISTS INVITED APPRAISALS BY FEE. BOOKS ON PAPER MONEY al RELATED SUBJECTS The Engraver's Line: An Encyclopedia of Paper Money & National Bank Notes, Kelly 45 Postage Stamp Art, l-lessler $85 U.S. National Bank Notes & Their Seals, Prather 40 Comprehensive Catalog of U.S. Paper Money Paper Money of the U.S., Friedberg. 14th edition 24 Errors, Bart 35 Prisoner of War & Concentration Camp Money of the The Comprehensive Catalog of U.S. Paper Money, Hessler 40 20th Century, Campbell Small-Size U.S. Paper Money 1928 to Date, Oakes & 35 U.S. Essay, Proof & Specimen Notes, Hessler 19 Schwartz. Softbound 25 The Houston Heritage Collection of National Bank World Paper Money, 7th edition, general issues 55 Notes 1863-1935, Logan 25 World Paper Money, 7th edition, specialized issues 60 10% off five or more hooks / SHIPPING $3 for one book, $4 for two books, $5 for three or more books. All books are in new condition & hardbound unless otherwise stated. CLASSIC COINS - P.O. BOX 95 - Allen, MI 49227 MYLAR D CURRENCY HOLDERS PRICED AS FOLLOWS BANKNOTE AND CHECK HOLDERS SIZE INCHES 50 100 500 1000 Fractional 43/4 x 23/4 $17.75 $32.50 $147.00 $255.00 Colonial 5 1/2 X 3 1 /16 18.75 35.00 159.00 295.00 Small Currency 6 5/8 x 27/8 19.00 36.50 163.00 305.00 Large Currency 7 7/8 x 31/2 23.00 42.50 195.00 365.00 Auction g x 33/4 26.75 50.00 243.00 439.00 Foreign Currency 8 x 5 30.00 56.00 256.00 460.00 Checks x 4 1/4 28.25 52.50 240.00 444.00 SHEET HOLDERS SIZE INCHES 10 50 100 250 Obsolete Sheet End Open 83/4 x 141/2 $13.00 $60.00 $100.00 $230.00 National Sheet Side Open 8 1/2 x 17 1/2 25.00 100.00 180.00 425.00 Stock Certificate End Open 9 1/2 x 121/2 12.50 57.50 95.00 212.50 Map and Bond Size End Open 18 x 24 48.00 225.00 370.00 850.00 You may assort noteholders for best price (min. 50 pcs. one size). You may assort sheetholders for best price (min. 5 pcs. one size) (min. 10 pcs. total). SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE Mylar De is a Registered Trademark of the Dupont Corporation. This also applies to uncoated archival quality Mylar0 Type D by the Dupont Corp. or the equivalent material by ICI Industries Corp., Melinex Type 516. DENLY'S OF BOSTON P.O. Box 1010 617-482-8477 Boston, MA 02205 ORDERS ONLY: 800-HI-DENLY FAX 617-357-8163 MEISMILIPRZEINE 14r , Tatorr r ":" FIVE DOLLARS C000179A THE FINN NATIONAL BANK Of LE SLILTIL „ rr 0000179A I COLLECT MINNESOTA OBSOLETE CURRENCY and NATIONAL BANK NOTES Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC LM114 - PCDA - LM ANA Since 1976 PAPER MONEY • January/February 1999 • Whole No. 199 31 INC. P 0 . BOX 84 * NANUET, N.Y 10954 • CURRENCY OBSOLETE CURRENCY, NATIONALS, U.S. TYPE, UNCUT SHEETS, PROOFS, SCRIP. BUYING / SELLING: Periodic Price Lists available: Obsoletes ($3 applicable to order), Nationals, & U.S. Large & Small Size Type. PHONE or FAX BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 WORLD PAPER MONEY specialized in Poland, Russia & E. Europe visit us: http://www.atsnotes.com ats@atsnotes.com Buy & Sell Free Price list Tom Sluszkiewicz P.O. Box 54521, Middlegate Postal BURNABY, B.C., CANADA,V5E 4J6 Always Wanted Monmouth County, New Jersey Obsoletes — Nationals — Scrip Histories and Memorabilia Alknharst — Allentown — Asbury Park — Atlantic Highlands — Belmar Bradley Beach — Eatontown — Englishtown — Freehold — Howell Keansburg — Keyport — Long Branch — Manasquan — Milkman Middletown — Ocean Grove — Red Bank — Sea Bright — Spring Lake N.B. Buckman P.O. Box 608, Ocean Grove, NJ 07756 800-553-6163 Fax: 732-922-5055 32 January/February 1999 • Whole No. 199 • PAPER MONEY Buying & Selling Foreign Banknotes Send for free List William H. Pheatt 6443 Kenneth Ave. Orangevale, CA 95662, U.S.A. Phone 916-722-6246 Fax 916-722-8689 OBSOLETE NOTES Also CSA, Continental & Colonial, Stocks & Bonds,Autographs & Civil War Related Material LARGE CAT. $2.00 Ref. Always Buying at Top Prices RICHARD T. HOOBER, JR. P.O. Box 3116, Key Largo, FL33037 FAX or Phone (305) 853-0105 AD INDEX ALLEN'S COIN SHOP 30 BOWERS & MERENA GALLERIES IBC N.B. BUCKMAN 32 CPMX 29 COMMERCIAL COIN CO. 15 CLASSIC COINS 31 DENLY'S OF BOSTON 31 EARLY AMERICAN NUMISMATICS 28 RICHARD T. HOOBER 32 HORDWEDEL, LOWELL C 29 HUNTOON, PETER 20, 30 INTERNATIONAL BANK NOTE SOCIETY . .20 JONES, HARRY 30 KAGIN, A.M. 27 KRAUSE PUBLICATIONS OBC LAMB, PHILLIP B. 31 MANSFIELD NUMISMATIC SOCIETY 16 MOORE, CHARLES D. 30 MORYCZ, STANLEY 26 NUMISVALU, INC 32 OREGON PAPER MONEY EXCHANGE . . . 29 PARRISH, CHARLES C. 31 PHEATT, WILLIAM H. 32 SHULL, HUGH 2 SLUSZKIEWICZ, TOM 32 SMYTHE, R.M IFC YOUNGERMAN, WILLIAM, INC. 28 A $5 Federal Reserve Bank note. F-782* in EF realized $7,150. A $100 One-Year Note, believed to be unique, realized $8,250. Mouttean Naiiena atti, ealize Top Market Price for Your Paper Money! The currency market is hot! In recent months we have seen a tremendous amount of buying activity and invite you to jump on the bandwagon. Consider selling your important notes and currency items in one of our upcoming auctions to be held in New York City or in conjunction with the Suburban Washington/Baltimore Convention. The same bidders who helped set world record prices in our recent sales will compete for your currency items as well. Call Q. David Bowers, Chairman of the Board, or John Pack, Auction Manager, at 1-800-458-4646 to reserve a space for your material. We can even provide a cash advance if you desire. It may be the most financially rewarding decision you have ever made. A cut sheet of four $10 Legal Tender notes. F-123 in Average New to Choice New realized $17,600. A $10 Silver Certificate. F-1700 in Gem New realized $8,800. An Interest Bearing $5,000 Proof Note realized $11,000. An Uncirculated Lazy Two $2 note from the State of Missouri, Town of California realized $4,840.Auctions by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 • 800-458-4646 • FAX: 603-569-5319 • www.bowersandmerena.com rause Publications provides collectors with unbiased and insightful information for true hobby enjoyment. We offer: • Over 45 years of committed service • Accurate, reliable price guides, updated regularly • Insightful and experienced columnists • Dependable, respected advertisers So relax! Experience true hobby enjoyment all year long with the most committed and dedicated hobby publications in numismatics. When You Think Numismatics. . krause publications For Order Information Call Toll-free 800-25 29 M-F, 7 am - 8 pm; Sat., 8 am - 2 pm CT Visit and order from our secure website: www.krause.com If you collect it — you will find it: www.collectit.net