VOL. XXX No. 3 WHOLE No. 153 MAy/JuNE 1991 .„.„.„„ ,,,,,,,, llllllllllllllllllllllllllllllllllllllll ,„„„,„„, ,„ III ALE)(AND ER HAMILT •••••••° 4 ipeciallied POI et. rylci:L'sn'oliflable 1 itost Publisher's Money-Back Guarantee If not completely satisfied, return within 14 days for a refund. Available from your favorite hobby shop or direct from the publisher. MasterCard or VISA customers call toll-free 800-258-0929 6:30 am - 8 pm, Mon.-Fri., 8 am 2 pm, Sat.. CST. Non-orders please use our regular business line, 715-445-2214. Standard Catalog of World Paper Money, 6th edition, Vol. I, Specialized Issues by Albert Pick Colin R. Bruce II, Neil Shafer, editors 1008 pages, hardcover, 8 1/2" x 11" $55.00, plus shipping The 6th edition is the most comprehensive special- ized world paper money reference ever assembled. Volume I brings you details of various early provin- cial and state level government notes as well as nu- merous issues sponsored by banks, regional authorities and even military authorities. New to the 6th edition are: 1. Completely new valuations in up to the three most common states of preservation. Also in- cluded for the first time are many valuations for issues that have been previously listed, but un- priced. 2.Exciting new historical facts gleaned from the ar- chives of The American Bank Note Company. Many classic proofs and specimens printed by that company and its acquisitions for banking firms around the world will soon be available for collectors through Christie's auction sales. 3.Pre-World War II listings for the Republic of Vene- zuela. Many early banks and their respective note issues are now confirmed in this greatly ex- panded section, with supportive illustrations. 4. The very unusual Argentine Provincial lottery ticket/currency issues that have run the gamut from exchangeable notes to worthless paper. 5. More than 16,700 total listings, resulting in the largest edition of this reference ever published. 6.More than 365 note-issuing authorities are com- piled in this volume, spanning more than 300 years. 7. More than 7,660 original photos - many upgraded - to help you attribute your notes. GC v.k.r iJ cOMMEPLIAL s orSTO(.r20 06031.6,1tON COVTUACrt donsimenton) 250 years Of names • 365 nosing authorities 16,700 notes toted • 7,660 volginat pelotas • featuring 641y revised and new market valuations throughEnn Connft0seenttlina "la oyAbert Pe* twe Shan:Wain ttiS Yes! send me Pick's new specialized paper money volume I Please send me copy(ies) of the Standard Catalog of World Paper Money, 6th ed., Vol. I, Specialized Issues, at $55.00 each plus shipping. $2.50 per book to U.S. addresses; $5.00 per book to foreign addresses. Payable in U.S. funds. Amount for books Shipping and Handling $ ( 1 Check or money order (to Krause Publications) ( 1 MasterCard ( ) VISA Total Amount Enclosed S Credit Card No. Name Address City Mail with payment to: Krause Publications, Book Dept. JYF State Zip 700 E. State St., Iola, WI 54990. Expires: Mo Yr. Signature Phone No JYF SOC I ET Y OF PAPER MONEY COLLECTORS INC. PAPER MONEY is published every other month beginning in January by The Society of Paper Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send ad- dress changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 1991. All rights reserved. Reproduction of any article, in whole or in part, without express written per- mission, is prohibited. Annual Membership dues in SPMC are $20; life membership is $300. Individual copies of PAPER MONEY are $2.50. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover $152 $420 S825 Inside Front & Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $ 1 05 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above schedule. In exceptional cases where special artwork or extra typing are required, the advertiser will be notified and billed extra for them accordingly. Rates are not commissionable. Proofs are not supplied. Deadline: Copy must be in the editorial office no later than the 10th of the month preceding issue (e.g., Feb. 10 for March/April issue). Camera-ready copy will be accepted up to three weeks beyond this date. Mechanical Requirements: Full page 42-57 picas; half- page may be either vertical or horizontal in format. Single column width, 20 picas. Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be guaranteed. Advertising copy shall be restricted to paper curren- cy and allied numismatic material and publications and accessories related thereto. SPMC does not guar- antee advertisements but accepts copy in good faith, reserving the right to reject objectionable material or edit any copy. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon prompt noti- fication of such error. All advertising copy and correspondence should be sent to the Editor. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXX No. 3 Whole No. 153 MAY/JUNE 1991 ISSN 0031-U62 GENE HESSLER, Editor P.O. Box 8147 St. Louis, MO 63156 Manuscripts and publications for review should be addressed to the Editor. Opinions expressed by the authors are their own and do not necessarily reflect those of SPMC or its staff. PAPER MONEY reserves the right to reject any copy. Deadline for copy is the 10th of the month preceding the month of publication (e.g., Feb. 10th for March/April issue). Camera-ready copy will be accepted up to three weeks beyond this date. IN THIS ISSUE THE PAPER COLUMN THE RISE AND FALL OF $1 AND $2 NATIONAL BANK NOTES Peter Huntoon 73 SYNGRAPHIC VIGNETTES Robert H. Lloyd 77 CIVIL WAR PAPER MONEY TALES Joseph D. Karr 78 THE GREEN GOODS GAME Forrest Daniel 79 NEW LITERATURE 80 THE USE OF "OLD ENGLISH" STYLE PLATE LETTERS "I" AND "J" Robert J. Lindesmith 81 YOUR BROOM NEEDS REPAIRING! CLIMB ABOARD!!! Leonard T. Lemiesz 83 TOM MOSES AND THE CARDBOARD SCRIP OF FORT WALLACE, KANSAS Steven Whitfield 85 STARTING OUT ON THE WRONG FOOT Bob Cochran 87 TAZWELL COUNTY NATIONAL BANK OF DELAVAN, ILLINOIS Walter Herget 88 CHARLES F. ULRICH, "BOSS CUTTER" Brent Hughes 90 AUTHOR'S CORRECTION Gene Hessler 92 SOCIETY FEATURES IN MEMORIAM William R. Higgins 93 STATEMENT OF OPERATIONS 93 ON THE COVER: The portrait of Alexander Hamilton, our first Secretary of the Treasury, was engraved by Charles Burt. Inquiries concerning non-delivery of PAPER MONEY should be sent to the secretary; for additional copies and back issues con- tact book coordinator. Addresses are on the next page. Paper Money Whole No. 153 Page 69 SOCIETY OF PAPER MONEY COLLECTORS OFFICERS PRESIDENT RICHARD J. BALBATON, P.O. Box 911, N. Attleboro, MA 02761-0911 VICE-PRESIDENT AUSTIN M. SHEHEEN Jr., P.O. Box 428, Camden, SC 29020 SECRETARY ROBERT COCHRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER DEAN OAKES, Drawer 1456, Iowa City, IA 52240 APPOINTEES EDITOR GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 MEMBERSHIP DIRECTOR RON HORSTMAN, P.O. Box 6011, St. Louis, MO 63139 BOOK SALES COORDINATOR RICHARD J. BALBATON, P.O. Box 911, N. Attleboro, MA 02761-0911 WISMER BOOK PROJECT Chairman to be appointed LEGAL COUNSEL ROBER1 J. GALIETTE, 10 Wilcox Lane, Avon, CT 06001 LIBRARIAN WALTER FORTNER, P.O. Box 152, Terre Haute, IN 47808-0152 For information about borrowing books, write to the Librarian. PAST-PRESIDENT ROGER H. DURAND, P.O. Box 186, Rehoboth, MA 02769 BOARD OF GOVERNORS DR. NELSON PAGE ASPEN, 420 Owen Road, West Chester, PA 19380 BOB COCHRAN, P.O. Box 1085, Florissant, MO 63031 CHART ES COLVER, 611 N. Banna Avenue, Covina, CA 91724 MICHAEL CRABB, Jr., P.O. Box 17871, Memphis, TN 38187-0871 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 MILTON R. FRIEDBERG, Suite 203, Pinetree Rd., Cleveland, OH 44124 GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 RON HORSTMAN, P.O. Box 6011, St. Louis, MO 63139 ROBERT R. MOON, P.O. Box 81, Kinderhook, NY 12106 JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 DEAN OAKES, Drawer 1456, Iowa City, IA 52240 BOB BABY, 2597 Avery Avenue, Memphis, TN 38112 AUSTIN SHEHEEN, Jr., P.O. Box 428, Camden, SC 29020 STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 FRANK TRASK, P.O. Box 99, East Vassalboro, ME 04935 WENDELL W. WOLKA, P.O. Box 929, Goshen, IN 46426 The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the American Numismatic Association. The annual meeting is held at the Memphis IPMS in June. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. JUN- IOR. Applicants must be from 12 to 18 years of age and of good moral character. Their application must be signed by a parent or guardian. They will be preceded by the letter "j". This letter will be removed upon notification to the secretary that the member has reached 18 years of age. Jun- ior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic so- cieties are eligible for membership. 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PUBLICATIONS FOR SALE TO MEMBERS ALABAMA OBSOLETE NOTES & SCRIP, Rosene $12 RHODE ISLAND AND THE PROVIDENCE PLANTA- ARKANSAS OBSOLETE NOTES & SCRIP, Rothert $17 TIONS, OBSOLETE NOTES & SCRIP OF, Durand $20 INDIANA OBSOLETE NOTES & SCRIP, Wolka $12 TERRITORIALS—A GUIDE TO U.S. TERRITORIAL INDIAN TERRITORY/OKLAHOMA/KANSAS OBSOLETE NATIONAL BANK NOTES (softcover), Huntoon $12 NOTES & SCRIP, Burgett and Whitfield $12 VERMONT OBSOLETE NOTES & SCRIP, Coulter $12 IOWA OBSOLETE NOTES & SCRIP, Oakes $12 MICHIGAN. EARLY MICHIGAN SCRIP, Bowen $40 MAINE OBSOLETE PAPER MONEY & SCRIP, Wait $12 MISSISSIPPI, Leggett $44 MINNESOTA OBSOLETE NOTES & SCRIP, Rockholt $12 SCOTT'S STANDARD PAPER MONEY CATALOG. PENNSYLVANIA OBSOLETE NOTES AND SCRIP, Hoober $28 1894. Reprint NATIONAL BANK NOTES. Guide with prices, Kelly $ 7 $34 Non-members add $3 per item ($5 if priced over $12). Postpaid. JOSEPH FALATER d.b.a. CLASSIC COINS Box 95 Allen, MI 49227 Page 70 Paper Money Whole No. 153 alpw. al t, er..2/ Nationals topic. of seco❑d edition 1 REEOMI COMPLETE MONTNLY GUIDE FOR PAPER MONEY COI. LECTORS 4, Christie's first auction of of te American Ban$3 Ilion Archives brings $ Paper Money Whole No. 153 Page 71 U.S. PAPER MONEY COLLECTORS! Bank Note Reporter is for you! U.S. paper money collectors! Get more news of your particular collecting interest, every month, in Bank Note Reporter. Bank Note Reporter is the only independently produced publication that blankets the entire paper money spectrum. You'll get all the news you need. And, you'll find it a convenient way r I Mail to: Bank Note Reporter Circulation Dept. 700 E. State St. Iola, WI 54990 Enter my Bank Note Reporter subscription as follows: ( ) New I ( ) Renewal/Extension (attach your mailing label) ( ) 1/2 year (6 issues) $12.95 Foreign addresses send $20.65. Payable in U.S. funds. 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Auctions reach the most important collectors & dealers in U.S. & International Currency, Coins, Stocks & Bonds, Autographs, Ex- onumia & related material. Call today or send for our free color brochure describing the wide range of specialized and personal services we offer. BUYING ALL U.S. PAPER MONEY & STOCKS AND BONDS Please visit our table at Central States. We have a large inventory of Obsolete, CSA and Colonial Currency for sale! ********************************** (NA7 BUYING ■ Obsolete, Confederate, Colonial and Federal Currency ■ Antique Stock & Bond Certificates ■ Rare Autographs We will purchase your material outright i fyou desire. Call or write today. R. M.SNINTHE 26 Broadway Suite 271 New York, NY 10004-1701 SWABIA/51HE I) lftftt) TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 Paper Money Whole No. 153 Page 73 issues consisted only of state bank and private promissory notes, which continued to circulate in volume until 1865. The Act of February 25, 1863 did not provide for national bank notes of denominations less than $5; the hope being that specie, legal tender notes or, at worst, state bank and private promissory issues would fill that void. However, when the act of June 3, 1864 was drafted, to supersede the 1863 act, suspen- sion of specie payments was wearing into its third year with no end in sight, and small denomination federal notes and coin were in short supply. THE PAPER COLUMN by Peter Huntoon The Rise and Fall of $1 and $2 National Bank Notes ABSTRACT The $1 and $2 Original Series and Series of 1875 national bank notes were provided for in the Na- tional Bank Act of June 3, 1864, to augment the volume of small denomination notes in circula- tion. Their issuance was a direct outgrowth of the lack of coins resulting from the suspension of spe- cies payments by the treasury and commercial banks following the outbreak of the Civil War. The Act of June 3, 1864, required that the $1 and $2 na- tional bank note cease to be issued upon the resumption of specie payments, an event which took place on January 1, 1879. The first $1 and $2 national bank notes were placed in circulation in 1865. During the next 15 years, 23,169,677 $1s and 7,747,519 $2s were issued, comprised of 80 percent Original Series and 20 percent Series of 1875 notes. CIVIL WAR HOARDING T HE issuance of $1 and $2 national bank notes was a somewhat delayed result of crisis attending the suspen- sion of specie (gold and silver coins) by the treasury and commercial banks at the outbreak of the Civil War. What happened was that financial insecurity caused by the outbreak of the Civil War resulted in widespread hoarding of gold and silver. There was popular concern that the federal government might not be able to meet its obligations due to the cost of the war. Making the matter worse was the fact that the government was giving itself loans by issuing legal tender notes that were supposed to be redeemable in coin, yet there were more notes outstanding than coin in the treasury. On December 30, 1861, the New York banks suspended payments in gold and silver coins (Childs, 1947). Soon the treasury was forced to follow suit. Coins virtually ceased to circulate and postage stamps, pri- vate scrip, and ultimately fractional currency took the place of small change. Federal currency available in 1861 consisted of $5 and higher denomination demand notes. After August 1862, $1, $2 and higher denomination legal tender notes and fractional cur- rency appeared. Lower denomination currency before the 1862 $1 AND $2 NATIONALS WANTED National currency required backing in the form of bonds pur- chased by the banks in lawful money, specifically specie and legal tender notes. In addition, both the acts of 1863 and 1864 required that the banks hold legal tender reserves to be used to redeem their notes. Therefore the issuance of national bank notes reduced the circulating supply of legal tender notes. Sensing this constriction, Congress provided for small denomination national bank notes in the Act of 1864. Section 22 of the National Bank Act of June 3, 1864, provided for the following denominations: $1, 2, 3, 5, 10, 20, 50, 100, 500, and 1000, provided 'That not more than one sixth part of the notes furnished to an association shall be of a less denomination than five dollars, and that after specie payments shall be re- sumed no association shall be furnished with notes of a less denomination than five dollars!' Clearly the intent here was to provide an additional supply of small denomination notes until gold and silver coins began to circulate again. On March 3, 1865 Congress passed an act that imposed a 10 percent per year tax on state bank notes, thus forcing the non- federal currency from circulation. This placed further impor- tance on the availability of small denomination national bank notes. The first shipment of Original series $1 and $2 national bank notes was sent to The First National Bank of Akron, Ohio, charter 27, on April 1, 1865. The shipment consisted of 1-1-1-2 sheets with bank serial numbers of 1-1000, and treasury serial numbers 2023-3022. The first 1-1-1-2s printed were for The First National Bank of Washington, DC, (26) bearing treasury serial numbers starting at 9 (red); however, the first of these were not sent to that bank until March 18, 1869. The earliest plate dates found on Original Series $1 and $2 national bank notes is January 2, 1865, in contrast to November 2, 1863, for several other plate combinations. CONVERTIBILITY OF NATIONAL CURRENCY The value of national bank notes was tied entirely to the value of legal tender notes into which they were convertible. Figure 1 shows the value of legal tender dollars and thus national bank dollars against gold during this suspension period. The value was governed by the confidence of the public in the ability of the government to ultimately honor the redemption of its legal tender promissory notes. Notice that this faith reached a low in the final months of the Civil War as the treasury became in- creasingly depleted. The primary source of revenue at this time was customs taxes, payable in specie, but foreign trade was seri- ously curtailed by the war. The instability in the value of legal tender notes was injurious to all types of commerce, and dual accounts had to be maintained for balances in specie and balances in legal tender. The return to specie payments-placing the country on a firm gold standard-was fraught with anxiety. Fear was focused on the concern that if specie payments were resumed, there would First National Bank Notes Issued Resumption of Specie Payments ($1 LT = $1 gold) Low = 0.387 $1 Last Issues — $2 ococo Years _u Lc) c0 cococo 0a> CO 0 co Page 74 Paper Money Whole No. 153 $1.00 .90 0z a)D .70 To a)co .60 .50 o .40 0 .30 C•- .80 C• - 1-1 ') .20 0 C.) .10 0 C Doo LO CO End of Civil War I 1 I i I I I i 1 I I I N— CO m 0 ,— CV CO '1' 1.C) CO h- a) (3)NCA — Years Figure 1. Value in gold of $1 in legal tender notes on July 1 for the years shown. $1 in gold equals 25 8/ grains of gold. National bank notes were convertible into legal tender notes. Data from the Comptroller of the Currency (1877, 1878). be a run on the coin in the treasury and there simply wasn't enough of it to redeem all of the outstanding legal tender notes. Amid heated controversy, on January 14, 1875 the Congress passed an act requiring the resumption of specie payments on January 1, 1879. This legislation dictated the convertibility of legal tender notes into gold at par. Because national bank notes were convertible into legal tender notes, they too would have value equal to gold. Thus, all the nation's money would circu- late at par. Dual bookkeeping would no longer be necessary. RESUMPTION As January 1, 1879 approached it was in no one's interest for a run to develop on the treasury, or for the banking community to subvert the intent of the Act of January 14, 1875, to force all forms of currency and specie to circulate at par. To this end, the powerful New York Clearinghouse Association adopted recom- mendations that required its members to obliterate the distinc- tions between legal tender currency and gold coin by January 1, 1879 (Comptroller of the Currency 1878, p. xxxi). Passage of the resumption act boosted confidence and the late 1870s were prosperous. The following statistics were reported by the Comptroller of the Currency (1879, p. xiii-xv). Crops were excellent, and a surplus in foreign trade prevailed in the late 1870s, reaching $294 million for the year 1879. Surplus revenues were accumulated in the treasury (customs taxes were paid in specie), and between 1877 and 1879 the treasury sold $90 million in bonds at par or above in return for coin. On the day of resumption, the treasury had accumulated $135 million in gold and $32 million in silver, the gold alone representing almost 40 percent of the $346 million in legal tender notes then outstanding. The banks held a third of the outstanding legal tender notes, and the public held $320 mil- lion in national bank notes. General confidence in the economy, as well as confidence in the ability of the treasury to convert the paper into coin, was sufficient that there were no significant redemptions despite the fact that the treasury only held about $1 in specie for each $4 in outstanding legal tender and national bank notes. Instead, within ten months, the government's stock of gold actually increased by another $36 million. The $1 and $2 national bank notes ceased to be issued to the banks in January 1879 under the terms of Section 22 of the Na- tional Bank Act of June 3, 1864. The last shipment was sent January 22 to The First National Bank of Warren, Rhode Island (673) and included bank serial numbers 1001-2000. Thus these beautiful low denomination notes slid into history. 6 0c3 -5z 0 ts 4 0 Figure 2. Numbers of outstanding $1 and $2 national bank notes on October 31 for the years shown. Date from Comptroller of the Currency (1917). OZEktEMVPROMPOOZ.DEMWOUDOAVIROCKIZOMEOVaito itir*t N-tititortl I% "C'14464'.1'4,',IL01) ittke V-11-Ltak..4.0.V;-0_ - ,,,,/„„/„.„/„/, • ,.gp ///.; i/r7 ////, f2)t 1,2 4...41,2': 60X3'2AffROOMOt AwrxoNAL 1))71 ree' ft 4i)) t OUBEYliget te` 110NA C1MELRENCY rp000lizalevvetecaietogo.oaw_vaR490 ,4:10: l tERCOMSWO re 614)V6 4finit Natiiiita ottoii:‘,._,...,, „,_.„ ,,, --)...4 . ,,...„, _,. („„,„:„,„.„,„,„ q-Ji---/7-:a ...\ ,;(,.../..„,,,,,,,,, ....i.„,... _sk."404,4Po4ittotitr .,;an,- iotioe sol,„ First National Bank 01,,ctamintrirptiiim //,,,,r/. „„v /,at) r .;„ WAITIONAT, ,CURRENCY x4iro Paper Money Whole No. 153 Page 75 Certified proof of a 1-1-1-2 combination plate after it was converted from an Original Series to Series of 1875 plate. (Smithsonian Institution photo 84-4630.) Page 76 Paper Money Whole No. 153 $1 AND $2 ISSUES The total number of $1 and $2 national bank notes issued was 23,169,677 and 7,747,519 pieces, respectively. Approximately 80 percent of the issues were in the form of Original Series notes and 20 percent were Series of 1875 notes. Most bank notes were issued in 1-1-1-2 sheet combinations. Four banks utilized the 1-1-2-2 combination: The Washington County National Bank of Greenwich, New York (1266), The Westchester County National Bank of Peekskill, New York (1422), The Merchants National Bank of Bangor, Maine (1437) and The City National Bank of Manchester, New Hampshire (1520) (Huntoon, 1984). Each of these four issued Original Series $1s and $2s but only The Washington National Bank of Greenwich, New York (1266) is- sued 1-1-2-2s in the Series of 1875. The First National Bank of Philadelphia, Pennsylvania (1) holds the distinction of being the only bank to have a 1-1-1-1 plate prepared for it. However, the 500 sheets of Original Series notes printed from this plate in March of 1865 were never issued, having been cancelled on June 14, 1867 (Huntoon and Raymond, 1985). No $3 national bank notes were prepared even though they were authorized in the National Bank Act of June 3, 1864. The $1 and $2 denominations were again authorized in an amend- ment to the National Bank Act dated October 5, 1917, which limited the issuance of such denominations by any bank to no more than $25,000. These denominations for the then current Series of 1882 and 1902 were, of course, never prepared, nor were they contemplated for the 1929 series that followed. HISTORICAL POSTSCRIPT According to Comptroller of the Currency John Jay Knox, the resumption of specie payments couldn't have worked out better for the nation. Using the measure of accumulating gold in the treasury, the economic engine that was the United States began harvesting the rewards for conquering its frontiers. The growth of this wealth fostered visions of greater frontiers beyond, for the nation was poised to try its hand as a colonial power in less than 20 years. If manifest destiny was the religion, gold was the Sacra- ment. You can read in Knox's words his delight in the situation (Comptroller of the Currency, 1880, p. v-vi, x-xiv). Notice at the end of these quotes that he was not a fan of silver. The movement of the currency and the operations of the banks have never been more interesting than during the months which have in- tervened since the resumption of specie payments. To most of the po- litical economists of this and other countries the resumption of coin payments by the United States at the time fixed by law, and its suc- cessful maintenance, were deemed almost impossible. No country had ever before successfully maintained payments in coin with so large a volume of currency outstanding, or with an amount of currency greatly in excess of its coin. Even those who were known to be ear- nestly in favor of resumption, both in and out of Congress, doubted the ability of the government and of the banks to commence and con- tinue coin payments without a preparatory reduction of the amount of notes in circulation. They said, truthfully, that no nation maintains at par a convertible paper currency which has not in its banks or among its people an equal amount of coin, and that, if successful, the United States would be an exception, and the only exception, in this respect, among commercial nations. But the resumption act giving authority for the purchase of coin in the markets of the world with United States four and one-half, or five per cent. bonds made resump- tion certain, if the bonds for a sufficient amount could be readily mar- keted at not less than par, as authorized by law. Purchasers for the bonds were promptly found, and resumption came so easily that many persons now believe it could have been as well accomplished one year earlier, if Congress had fixed upon January 1, 1878, instead of upon the following New Year's day. Since the date of resumption the country has been month by month growing richer in coin, not by the sales of bonds, which have been rapidly increasing in value, but by the production of the mines and the influx of specie in return payment for the excess of exports of our abundant products over our imports. The whole country has become so habituated to the use of paper money that the difficulty has been— not to provide means for its payment, for scarcely a dollar has been demanded—but to supply the people with Treasury and national-bank notes, which have been almost universally preferred. For many years past, large amounts of currency have been annu- ally drawn from the banks of the city of New York by the banks in the interior, for the purchase and shipment of grain and other products. The banks in the West and South supply the grain-buyers with money, who pay it to the farmers, and by them it is disbursed to the country merchants. It then goes to the wholesale merchants in the larger cities of the interior, by whom it is deposited in the banks and returned again to the money centers in the Eastern States. Thus the money which was paid out in the fall returns again to the city of New York, long before midwinter, whereby much of the currency of the country, instead of continuing to circulate, accumulates in the New York banks both before and after the time for the large movements of produce. This ebb and flow of the currency continued yearly up to the time of the great harvest of 1879. The drain of coin and currency from the large cities, amounting to more than 100 million dollars during the fall of that year, made currency scarce in New York notwithstanding the unprecedented influx of gold from abroad. The usual return of the currency in the winter was expected, but did not occur. The experience of 1879 was considered exceptional, but another year has nearly passed and the experience of the former year has been, to a considerable extent, repeated. A large portion of the avails of pro- duce has been retained, either for the liquidation of debts, for em- ployment in trade and commerce at home, or in the many new and extensive enterprises for which the West is distinguished, where there would appear to be no limit for the safe and profitable employment of capital. The coin in the banks has increased from 41 millions on January 1, 1879, to 109 millions on October 1, 1880. The Treasury holds its immense hoard of gold, not surpassed in amount by any other depository in the world. The merchant, the manufacturer, and the farmer are alike prosperous; the people have paid their debts to an unprecedented degree, and hold their earnings in the paper currency of the govern- ment and of the banks in larger amounts than have hitherto been known. The receipts of the government have been so large that, after refunding many millions of 5 and 6 per cent. bonds into 4 per cents., it has still been able during the year to purchase in the market at a premium more than 100 millions of its bonds for cancellation. The deposits of the banks have everywhere increased, and money has been abundant wherever business or investment has invited capital, and there has probably never been a period when it has generally com- manded so low a rate of interest as during the last two years. When the rates of interest are low there is danger that bank managers, in their desire to use their available means, may be induced to loan upon securities which are not of the best character, and thus in the end diminish rather than increase their earnings. The loans were at the highest point in the year 1875, and the two previous years, and the national banks were then enthusiastic over the high rates of in- terest, their large deposits, and their large earnings and dividends; but the delusion has been dispelled by the enormous losses which they have been obliged to charge off during the past five years, reaching the extraordinary sum of 100 millions, which were largely the result of overtrading during the period when gold coin was a commodity, and the legal standard a promise to pay, unfulfilled and fluctuating in value for seventeen years. The great losses experienced during these years, which will not soon be forgotten, enforce the principle that no legitimate business is safe which is conducted upon a varying stan- dard of value; and the crisis of 1873 will always be remembered as a striking example of the evil results arising from business conducted during "good times" upon a fictitious basis. Paper Money Whole No. 153 Page 77 The imports of gold in excess of exports, from the date of resump- tion to November 1, 1880, have been $119,384,795, not including im- ports outside of New York City in October of this year, and the estimated gold production of the mines is $67,449,929; in all, $186,834,724. During this period the gold in the Treasury has increased $20,976,007, and in the banks $73,976,149, and the remainder, $91,882,568, has been dispersed throughout the country or used in the arts. * * The amount of Treasury notes has remained the same since January 1, 1879, as provided by law. There was an increase of bank notes for the first ten months of 1879 of $13,389,744, and for the present year of $6,652,689. The total net increase of national-bank notes issued since resumption is $20,042,433, and the total increase of gold $175,701,904 and of silver $51,697,524. The gold in the Treasury has increased $20,976,007, and the banks $73,976,149, releasing $50,768,829 of paper currency in the Treasury and $37,608,585 in the banks. The increase of gold outside of the Treasury and the banks is 80.7 millions and of paper currency 108.4 millions. The amount of standard dollars coined is $72,847,750, of which $47,156,588 are in the Treasury and $25,691,162 in circulation . The remainder of the silver, $85,423,577, is subsidy and trade dollars, and bullion, of which $30,820,561 is in the Treasury and $54,603,016, is in use in place of the previous fractional paper currency which, on March 23, 1874, was at its highest point, and amounted to $49,566,760. The additional amount of gold coin, of silver dollars, and paper cur- rency outside of the Treasury and the banks is thus estimated to be $195,274,401, which amount has been dispersed among the people since the date of resumption. The average prices and value of manufactured goods, of breadstuffs, of provisions, and of other products have largely increased. The la- borer has been steadily employed at remunerative wages. The fron- tier has rapidly receded. All classes of people have been liquidating their debts, and much greater amounts of money have been held in the tills of country traders and at home for ready use. The hoarding of a small amount by each of fifty millions of people, or by millions of families, is of itself sufficient to account for the disappearance from the usual places of deposit of a large portion of the addition to the circulating medium since the date of resumption. One year ago it was urgently recommended "that all the national banks should take advantage of the present influx of gold to accumu- late in their vaults an amount equal to the total cash reserve required by law:' and the hope was then expressed "that the reports of another year might show them to be possessed of at least 100 millions in gold coin:' On June 14 of the present year the banks reported 99 millions of specie, and on October 1 more than 109 millions of coin (including nearly six and one-half of silver), which more than equals one-third of the total circulation of the banks in operation. The amount of gold coin now held is but 18 millions less than the whole cash reserve re- quired, and would undoubtedly have been still greater except for the high rates charged for the transportation of gold coin, which are greatly disproportioned to the cost of moving paper currency and which, it is to be hoped, will by some means, be largely reduced. Much newspaper criticism has appeared in the mean time, com- plaining of the comparatively small amount of legal-tender silver dollars held by the banks, and some of the banks have themselves encouraged this criticism. The arguments used in favor of the accumu- lation of silver under existing laws are unsound in principle and against all experience. No one prefers to put away for future use a product which will spoil by lapse of time, or which will deteriorate in value. The banks, if well managed, will transact business upon the same general principles as those on which an individual of superior judgment would conduct his own affairs, holding in reserve that coin which is known to be of uniform value everywhere in preference to that which, by the operation of the laws of trade or business, will be likely to become of less value. The law compels the citizen and the corporation to receive all legal-tender money in payment of debts; but it does not, and ought not to, require any one to receive on de- posit that which will not as readily be received in turn by the depositor. SOURCES OF DATA Childs, C.F., 1947, Concerning U.S. government securities, a condensed re- view of the nation's currency, public debt, and the market for represen- tative United States government loans, 1635-1945, also a chronology of government bond dealers: C.F. Childs and Company, Chicago, Il- linois, 584 pp. Comptroller of the Currency (1878, 1879, 1880, 1917) Annual reports of the Comptroller of the Currency to the Congress of the United States: Washington: Government Printing Office. Comptroller of the Currency (various dates) Ledgers showing receipts of national bank notes from the engravers, and shipments to the banks: U.S. National Archives, Washington, D.C. Huntoon, P., 1984. Evolution of treasury serial numbering on national bank notes: Paper Money, v. 23, pp. 181-185. Huntoon, P., and W.K. Raymond, 1985, National bank notes with serials 1 and 1000000, part 3: Paper Money, v. 24, pp. 266-268, 277. United States Statutes, Acts of February 25, 1863, June 3, 1864, March 3, 1865, January 14, 1875, pertaining to national banks, taxation of non- federal currency, and specie payments. Syngthpitic Vignette5 by ROBERT H. LLOYD C ONTINUING on the theme of my first "vignette", the early 'twenties were the genesis of collecting foreign cur- rency in the U.S. When one perused dealer stocks, there were the usual Mexican, Central and South American, Confeder- ate, and a few Chinese notes. But now a great infusion of post- war European bills came on the market. As I studied the double page circulars of the Public State Bank of Chicago, I found that I could obtain sets or partial sets by ordering just one note of each kind on the list. The real speculators could order ten, a hundred or a thousand. But my memory told me that many other coun- tries whose inflation got out of hand did not honor old tenor notes. So single notes were for me. The notes of the Austro-Hungarian Bank were particularly in- teresting. Each one of these carried its denomination in as many as six or eight languages. They were meant to circulate in that hodge-podge of peoples known as the Austro-Hungarian Empire, and spill over into Italy and Romania as well. Several numbers on the German side indicated Vienna, on the Hungarian side meant Buda-Pest issues. The Austrian 1,000 kronen notes were beautifully engraved, and the paper was not usually white as in our country, but tinted blue or green with moire overlays. The early 1,000 kr. notes were the same, face and back, but after the separation of the two coun- tries, the Vienna notes came out with a lithographed back in a new design. Many old notes were overprinted "Oesterreich" in red or green. Multi-lingual bills were going out of use. The next change that made the collection of these notes fas- cinating was the change in size. The 100, 1,000 and 10,000 kr. notes all came out smaller. In the Hungarian set, the 1,000 forint note was reprinted in exactly the same design, but reduced one- third in size. So, from 1920 to 1923 European currency was great fun to collect and study. As the currencies stabilized in the mid-'twenties, new issues appeared that did not depreciate, but were more expensive. It took almost four decades before the collecting of foreign notes became popular again Page 78 Paper Money Whole No. 153 Civil War Paper Money Tales by JOSEPH D. KARR There are myriad recorded events from the American Civil War, 1861-1865. Among the most interesting, tantalizing, intriguing and incredible are those linked to paper money and minted coins. The following is just a simple look at a few of those incidents. Some of the anecdotes recorded herein may not "square" with the facts as we understand them today. They do, however, remain as the testimonies of those who maintained their authenticity: the par- ticipants themselves. I T is probably safe to say that Confederate currency from its beginning was not worth more than ninety-five cents- on-the-dollar in gold. An exception is found however in the person of private Elum Hodge Stephenson. Private Stephenson enlisted in Company C, Tenth Mississippi Infantry, CSA, on March 26, 1861, at Saltillo, Mississippi. After completion of his first 12 months of service, he and his entire company were called on to re-enlist. Private Stephenson states that he was given "a new $50 Confederate bill." He went on to say, "I took my new bill home with me and sold it to old Charley Howard of Fulton, Mis- sissippi for $52.50 in silver!' Mr. Howard was either a great patriot, or could it be that the $50 note was a Type 4, Criswell-4, Mont- gomery, Alabama-issued interest-bearing note? One of the most amazing events recorded comes from the first attempt by James Andrews, in April 1862, to steal a Southern train. Four members of the Andrews' party, after crossing Fed- eral lines, set out for Tullahoma, Tennessee. "After a walk of seven miles, they were ready for breakfast and stopped [to eat] with a strong rebel. [Frank] Hawkins paid for the breakfast with a twenty dollar gold piece (US), and received thirty eight dollars change—in Confederate money! (A second attempt to take a Southern train, known as the Great Locomotive Chase, would cost Andrews and seven others their lives.) The value of Confederate currency continued to drop as the overall condition of the Confederacy declined. The monetary for- tune of Private Johnny Green, of the 9th Kentucky, CSA, seemed to be in high stride. Private Green states that in January 1863 he had written to his cousin, Corr elius Fellowes, in Mobile, Ala- bama. Private Green asked for a loan of $25 to buy shoes and socks. In his own words: "The next mail brought me one half of a $100 bill issued by the Canal Bank of New Orleans with the information that on the succeeding day he would send me the other half of the same bill & it came to hand all right & when pasted together gave me $100 of the best money in the south, for this bank redeemed all its notes in gold or silver!' The year 1863 would continue to offer some amusing events as paper money continued to change hands. After the 48-day siege and final fall of Vicksburg, Mississippi on July 4th, Private Z. McDonald, Company E, 27th Louisiana Inf. Regt., picked up two reams of Confederate writing paper. While waiting for his parole and exchange he went to watch the Federal fleet come in. It was "here I saw my first greenback money. A Federal officer came up and asked if that was Confederate paper and I told him it was, and he wanted to buy some, and I sold him a ream for seventy-five cents in greenback!' Private Henry Meyer, Company B, 2nd Texas Infantry, also made the best of a bad situation at Vicksburg. He states "I bought a skiff from a Yankee soldier for 50 cents in silver. Now I was the owner of a marina and charged four Arkansas fellows $20 apiece to put them accross [sic] (The Mississippi River), which took me all clay:' During the Confederate retreat from Gettysburg, Pennsylvania, Private George W. O'Neal, Company G, 31st Georgia Infantry, shows us another aspect of profitable dealings. O'Neal, while passing through Maryland, made a stop at a local farmhouse in search of food. The man of the house asked O'Neal what he wanted. The farmer was informed of the purpose of the mission and that O'Neal had money to spend. The farmer then com- mented "he was very well supplied with Confederate money. I then told him that I would pay him with greenback. I told him that I had $20, and he became very much interested about my affairs and wanted to make a trade. . . and that he would give me forty dollars Confederate money for my twenty dollars in greenback; he loaded me up with butter, light bread and milk and gave me the forty dollars; and I ... went on my way re- joicing!" Confederate fortunes continued to decline as witnessed by W.R. Smith, Company D, 12th Texas Cavalry, a veteran of about one year of service. In late April 1864, while serving in Northern Louisiana, he gave a comrade $5 to bring back some food. His money netted him "a pone of cornbread, and it had a thin white crust on it, but nevertheless it was good!' Captain Francis A. Dawson, an artillery officer, recorded several current prices (1864): cavalry boots, $35; coffee, $15 a pound; sugar, $10 a pound; a linen collar, $5; a pocket handkerchief $10; a Richmond paper, 504; tobacco, $8-$9; trousers, $100. Captain Dawson also stated that in August of the same year he paid $5 to have his boots blacked. Dawson further says that "the shoe shiner would have felt well paid, if he had received a 104 Yankee shin plaster!" While the economy was dropping in the East and South, things were looking up in the West. The most incredible event of all took place on the 19th of September, 1864 in the Indian Territory. At about midnight, Confederate Generals Stand Watie (Cherokee) and R.M. Gano of Texas attacked a Federal wagon train. The 300-wagon train had sought refuge at a wooden stockade guard- ing the natural ford at Cabin Creek. The wagon train was heading for the Federal stockade located at Fort Gibson. A good brisk fight ensued and 295 of the wagons fell into Confederate hands. A search was made through the captured goods, estimated at $1,500,000 in US currency, and a pay box for the over 3,000 Fed- eral soldiers at Fort Gibson was discovered. Privates James Knox Polk Yearly and John N. Chapman, Company F, 5th Texas Par- tisan Rangers, were among the finders. The Texans remained patri- otic though and in their own words "despised the Lincoln money.' What did they do with this large haul? A large number of wagons had been damaged during the battle and could not be moved. The money, along with the damaged goods, was burned! The Green Goods Game Conducted by Forrest Daniel Paper Money Whole No. 153 Page 79 Inflation soared as the value of CSA notes continued to drop. The estimated value in early 1865 was 2-3Q on the dollar. Still, there were those who could profit by the state of affairs. The 18th Missouri Infantry (US), as part of William T. Sherman's infamous "March to the Sea," moved back to partially-burned Columbia, South Carolina on 18 February 1865. A boxcar full of newly printed CSA bonds & currency was broken-into (Columbia had become the printing center for the Confederacy). For "one heady hour several poor country boys from Northern Missouri were Confederate millionaires!' General Nelson A. Miles (US) observed a similar incident fol- lowing the Battle of Saylers Creek, Virginia, April 6, 1865. Several wagons were captured during the running battle. A few held what the general called the "assets of the Confederate Treasury!' A "Monte Carlo was suddenly improvised in the midst of the biv- ouac of war!" Comments were fast and furious among the Fed- eral soldiers. Blankets were spread and the game was on: "$10,000 was the usual 'ante'; often $20,000 to come in; a raise of $50,000 to $100,000 was not unusual. Frequently from one to two mil- lions of dollars were in the poor As the death throes of the Confederacy continued, Johnny Green, now Sergeant Major of the 9th Kentucky (CS), adds this anecdote. When the so called Confederate 'Treasure Train" (see PAPER MONEY, Volume 122, The Confederate treasurer's report, by Brent Hughes) arrived at Washington, Georgia, Mr. Green says simply'The Confederacy had not paid us even in our depreciated currency, but now a large goods box of Confederate money was set open in our camp and we were told to help ourselves if we wanted any. Some specie belonging to our poor country had also been sent here to be distributed to us. I got, I think, $2.50 in silver and I believe each officer got $5 in gold:' As the war ended in the East at Appomattox, for the Army of Northern Virginia, on April 9, 1865, it was coming to a close in the West as well. When Private William F. McKee of Company C, 2nd Texas Partisan Rangers, turned-in his horse at Shreveport, Louisiana in May 1865, he was paid in what he called "nigh worth- less" CSA notes for his mount. He then paid $20 for a plug of black tobacco. Sergeant Willie Tunnard, Commissary Sgt., 3rd Loui- siana Infantry, went one step further. "Paper money became worthless; rations were issued in large quantities; such as coffee and other delicacies!' The date was May 10th. Value must be "in the eye of the beholder" A case in point follows. On July 12th, 1865 Major General Philip H. Sheridan wrote to his commanding officer from New Orleans, "Probably about $4,500,000 of bank securities, all worth their face, and in the hands of rebels at Shreveport. They were Louisiana State secu- rities. If the Government has no claims on them I propose to turn them over to the state auditor!' The reply from his commanding officer would be approved by Secretary of War E.M. Stanton on the 13th. "Send the bank securities captured at Shreveport to the Adjutant General at Washington. They will be held here for fu- ture decision!' Signed: U.S. Grant. Anders, L. (1968). The Eighteenth Missouri. Bobs-Merrill. Dawson, F.W. (1980). Reminiscences of Confederate service 1861-1865. Baton Rouge, LA: LSU Press. The war of the rebellion: a compilation of the official records of the Union and Confederate armies (1881). Series I, Vol. XLI. Washington, D.C.: Govern- ment Printing Office. Tunnard, W.H. (1970). A southern record. Baton Rouge, LA: Momingside Bookshop. Personal recollections and observations of General Nelson A. Miles. (1897). Werner Co. Yeary, M. (1986). Reminiscences of the boys in gray 1861-1865. Dallas, TX: Momingside Press. A TRICKSTER TRICKED "He was such a nice, pleasant, smooth spoken guy," said the Madison Avenue trolley conductor ruefully, "that when he skinned off a clean looking 'ten spot' from his roll and gave it to me to take his fare from and said it was the very smallest thing he had in his pocket, I didn't have the heart to put him off. I told him the company didn't require us to give change for more than $2, but it was all right this time, and he rode from Forty-second to Fifty-ninth and got a transfer for nothing. 'Two days after that I picked up the same 'geezer' at Forty- second, and before I got around to him we were almost to Fif- tieth. He fumbled around in his pockets for three more blocks and ended by fishing out the same old 'tenner: I kicked, but he seemed so sorry about it that he deadheaded right along to Fifty-ninth and got off, after apologizing about his forgetful- ness. He was the most gentlemanly, high bred cuss I ever saw. "It wasn't more than a week before I got him again at the same old place, and with the same old 'X: He seemed to be loaded with big money, and he chinned me against my will right along to Fifty-ninth again before I got on to myself. Then I made up my mind to lay for him. "I got around among the boys at the car house and bought up at half price all the old 'half caste' coins I could get hold of up to $10 worth. I got together 420 pennies of every age, size and color from the dark ages up. Some were greasy, others were worn smooth and others still had been stepped on and run over until they were broad, flat and smooth. There were 15 or 20 Canadian 10 cent pieces, a teacupful of worn and battered nickles (sic), a few French francs and the balance in those an- cient quarters that have been worn until they look like smooth white disks. "It was a beautiful quart of junk, and I carried it around in an old sock in my back pocket for three days before I picked up the kazabo I was laying for. The car was crowded, but I made right for him. "'Fare', said I innocentlike. "Sure enough, he flashed the same old ten bones, throwing in a graceful apology and gentlemanly song and dance about his deuced forgetfulness. "'Don't mention it, says I, taking the bill, which made him start a little. Then pulling out the sock I began unloading money on him. I had the motorman tipped to go slow, and by hustling lively I got the whole business counted out to him be- fore I got to Fifty-ninth. He filled his pockets and tied up a bunch of metal in his handkerchief, while the other passengers guyed him good and plenty. "Transfer?' said I at last. "'Yes, please, said he meekly and got off at Fifty-ninth. 'The boys had a great laugh over it at the carhouse, and I felt mighty proud of my feat. I was just about to tell the story to the cashier when I went to turn my money in at the end of the day, when, after looking at the $10 note, he flung it back at me. "'No good. Counterfeit, said he. Page 80 Paper Money Whole No. 153 "I didn't say a word, but went back behind a car and kicked myself good and hard. "I've been waiting for that well dressed gent ever since, but he doesn't take my car any more'.=New York Times.—Winona (Minn.) Daily Republican, Sept. 28, 1900. VERITABLE "JIM THE PENMAN" Many stories of skill in imitating penmanship are told, but the following, related by an English authority, is probably the most wonderful authentic case ever recorded. "In 1866 Robert Stewart, a famous master of penmanship, ex- ecuted a five-pound Bank of England note with such marvelous accuracy and reality that he was waylaid in the streets one night and robbed of the note by a ruffian who had seen it in his pos- session a few hours previously. Stewart, indignant at the treat- ment to which he had been subjected, gave chase to the thief and with the assistance of the police succeeded in recovering the sham note. "At the subsequent police court proceedings no one seemed to have the slightest suspicion as to the genuineness of the note, which was handed around to the various persons en- gaged in the case. "A few weeks later, Stewart, who was a personal friend of the cashier of the local (Newcastle-on-Tyne) bank, took the note to him one morning and asked that it might be cashed. In return for it he received five sovereigns and left the bank. "An hour or two after he paid a second visit to his friend the cashier, and, taking him to one side, confessed that the money was a forgery, and refunded him the money. The cashier, whose surprise was great, refused to believe the note was a counterfeit, and was not convinced until Stewart had executed another one in his presence.tButte (Mont.) Miner, Feb. 23, 1896. New Literature Standard Catalog of National Bank Notes. Second Edition. By John Hickman and Dean Oakes, 81/2" x11" hardbound. 1249 pages. $95.00 postpaid from Krause Publications, 700 East State Street, Iola, WI 54990. This is the long-anticipated update to the classic reference first issued in 1982. The work actually combines the work of three individuals—Louis Van Belkum, John Hickman and Dean Oakes. Louis Van Belkum began the organized research of national currency nearly twenty years ago, when he systematically reviewed the records of the Comptroller of the Currency in the National Archives in Washington, DC. His research provided for the first time the 12,544 of the 14,320 national banks char- tered between 1863 and 1935 which issued currency. Further, he was able to document the major types of notes that these banks issued, the denominations that were issued, and the exact number of notes of each type and denomination issued by each bank. Van Belkum was also able to determine the dollar amount of unredeemed large and small size currency of each bank. John Hickman began cataloging national bank notes over thirty years ago. His personal file of photocopies of existing notes now numbers over 135,000. By combining the data provided by Van Belkum with his own extensive observations, he devised a rarity scale for the surviving issues of large- and small-size notes from each issuing charter. This scale is applied in those cases where different titles appear for the same charter number. For the purpose of applying a general value, the book also contains a rarity scale for the reported survivors of each state and territory. The rarity scale ranges from "6" (rarest) to "1" (most common) for surviving issues. Rarity "6" applies to those titles where the number of reported survivors is zero to two. Sure to be of interest to collectors and dealers in this second edition is a listing for each state of those titles for which no survivors are known. Dean Oakes applied computer technology to the data gener- ated by Van Belkum and Hickman, and used his many years as a collector and dealer to generate values for the individual issues of each bank. These values apply to notes in the condi- tions for which they are most often found—very good, very fine and almost uncirculated. Although the values were generated by a computer program, Dean applied his knowledge of the real marketplace to adjust the values accordingly. Notes from certain states and in- dividual banks are always in demand, even though they may be considered "common"; the converse is true for some of the "rarer" banks, because there are few collectors interested in them. The authors recognize that the true value of any note is the price a seller and buyer agree upon at a particular point in time. They clearly state that the quoted valuations are "intended merely to serve as a guide in evaluating the worth of any na- tional bank note Another group accorded due appreciation for their efforts are the more than 300 individuals and organizations who provided information about notes to the authors. The information is listed alphabetically by state, community and bank title. Each listing contains the following information: Charter Number Rarity (large and small if applicable) Bank Title as used on the notes Date organized Previous organization (if applicable) Fate (if applicable) Types issued, including denominations Number of sheets issued, including serial number range Total amount of circulation in dollars Total number of notes issued (large- and small-size if ap- plicable) Amount of circulation outstanding (large- and small-size if applicable) The introduction to this catalog would stand by itself as a separate publication, as it provides valuable basic information for both the beginning and experienced collector. Of special in- terest is the information furnished about the national gold bank notes, and Dean Oakes' suggestions as to how one might go about collecting these fascinating pieces of history. I cannot imagine anyone who collects or deals in national bank notes being without this valuable reference. Bob Cochran Alabama Sl, Cr. 1, first se es, plate letter "I." N SUMS OF TWSNTY•DOLLARS AND Lwwanos. 1,6!-% (7, • T WREN rRESENTSO .rn EA Sll -.„14)6;.Y. Paper Money Whole No. 153 Page 81 The Use of "Old English" Style Plate Letters "I" and "J" — One Interpretation — by ROBERT J. LINDESMITH S EVERAL years ago I tried to make sense out of why my collection contained plate letters A, B, C, D, E, F, G, H, I, J, K, L, & M of Alabama $1 notes, Cr. 1. "1ST SERIES" At that time, I made a tracing of "E'; "I" and "J" from some reference source. It was not of much help as it only indicated that J.T. Paterson & Co. of Augusta, Ga. used a slightly different style of "Old English" letters. Evidently, a lack of spare time made me put this project aside for future reference. to make an identification could explain why J.T. Paterson & Co. did not use the Old English style "I" and "J" on the same sheet. Along this same line, I note that the North Carolina $1 Cr. 89 note in my collection has an identical plate letter "I". This would suggest that Cr. 89 with a plate letter "J" does not exist. As a second illustration, I find that North Carolina Cr. 131, 132 and 133 have a plate letter "J". A very similar "I" to that found on the Alabama note is turned upside down to make an "L" While I have all the plate letters for the "1ST SERIES" and "2ND SERIES" Alabama $1 notes, I do not have all the plate letters of North Carolina Cr. 89, 131, 132 and 133. How- ever, I do believe the notes I have will back up my observa- tions. In any event, I'm certain that the illustration of the three Alabama $1 notes will make it a great deal easier to make sense out of the listing of "Old English" plate letters "I" and "J" FIRST REPORT OF "I" ERROR Since writing the preceding, I have had a chance to check a As it is evident that the sheet ?, contained 12 notes and that the money-making concerns of the South made a point of not ;i1-̀ ' using the Old English style "I" f, and "J" on the same sheet, it was % logical that there had to be a different answer. A study of several notes with the same plate letter revealed that the plate letter varies in position on the notes. This would indicate that the plate letters were added to the sheet in a second operation. Thus it is possible that someone failed to turn the "I" stamp upside down in order to make an "L" This would explain the rarity of the "I" variety. I have examined over one hundred $1 notes in the 1st and 2nd Series and have yet to find a duplicate. In my early study I had the impression that if a collector had only the plate letter "I" note there would be a problem in determining whether it was "I" or"J" The fact that it was not easy Plate letter "L" reference guide I made on Alabama obsolete notes some 25 years ago. I discovered that the section on Southern State Notes contains three very interesting entries. The first shows that John E. Morse reported the "I" error variety back in 1923 (Bradbeer 1—not 10): tibiABL TREASURY NO 4 ' . THE STAI 17:1' Page 82 v0,,em40 rneAcunv tiTg$ 4j rR f L - ir<Pt^' Paper Money Whole No. 153 611#4,T414) 00.04q1". DOLL§ 140 UPW0.14 „ 00.0 0 Alabama $1, Cr. 1, first series, plate letter "I" from an inverted "L." Alabama $1, Cr. 1, first series, plate letter "L." ERROR ON STATE OF ALABAMA $1 NOTE. John E. Morse, of Hadley, Mass., sends a specimen of the $1 State of Alabama note, dated January 1, 1863 (Bradbeer No. 10), with the serial letter "L" inverted. The serial letters on these notes are in Old English type nearly a half inch in height, and for this reason the error is noticeable at a glance. Mr. Morse says he has handled many of these notes and this is the first time he has noticed the error. JULY 1923 THE NUMISMATIST Page 298 This small entry was evidently overlooked in the 1888-1938 "An Index To The Numismatist!' The following two entries would sug- gest that The United States Coin Co. Inc., Lot 471 of their June 5th, 1917 auction contained the "I" Plate letter: Lot 192 Alabama January 1st 1863. $1 State House. First series. Letters A. to M. except I. Unc. 12 pieces. Auction The United States Coin Co., Inc. New York June 29, 1914 Lot 471 $1 State Capitol. Set A. to M. 1st series. B. 1. Extremely fine. 13 pcs. Auction The United States Coin Co., Inc. New York June 5th, 1917 From the choice condition of the notes in the above two lots, one could speculate that they represented the top condition notes from a rather large hoard of $1 notes that survived from the Civil War period. I only mention this as I acquired a lot of 60 well-circulated $1 first series notes from a March 1955 Schulman Auction sale. They could represent the remains from this particular hoard. Unfortunately, I did not make a record of where I acquired the Plate letter "I" note. ■ Paper Money Whole No. 153 Page 83 TIRED OF FLYING? AFRAID TO FLY? YOUR BROOM NEEDS REPAIRING! CLIMB ABOARD!!! LEONARD T. LEMI ESZ ,10';j17,1 ,',NE fiAll.P1/41r11 0 might have appeared the first advertisement in the SALEM GAZETTE in the Spring of 1863 for the horse- drawn street railway called the Salem and South Dan- vers Street Railway. Salem, Massachusetts, a seaport city located 18 miles north of Boston, was made infamous by the Witch Trials of the 1600s that resulted in the deaths of 20 people, but remained the commercial and political center of Essex County for over 300 years. Although Nathaniel Hawthorne depicted Salem as a gloomy and melancholy place in his novel The House of the Seven Gables, Salem was, in fact, a thriving and busy city whose citizens conducted business all over Essex County. Stagelines connected Salem and its environs in the 1860s, but the exorbitant fares and unreliable service caused citizens to demand alternative transportation. The incorporation of the Salem and South Danvers Street Railway was a result of this demand. According to the Salem Evening News, Joseph H. Leavitt and Abner C. Goodell were responsible for early discussions concerning the building of a street railway between Salem and South Danvers. On March 1, 1861, William Sutton, George Osborne, Sidney C. Bancroft, Benjamin C. Perkins and Henry L. Williams were named as corporators for the railway, with $50,000 capital. Despite the stipulation that the road be built within a year of the initial passage of the act, time extensions were granted until the eventual completion of the railway to South Danvers on July 8, 1863. Funds were raised to expand the railroad, and branches to South and North Salem were opened on June 4, 1869. The constant expansion of the railroad was not viewed with universal acclaim. When the railroad company proposed to build double tracks along Essex Street, Salem's main commercial thoroughfare, many citizens were alarmed. They feared that the double tracks would crowd out traders and carriages, and that the prosperity of the businesses along Essex Street would suffer. There were claims that the horse railroad was turning a profit at the expense of the citizenry as a whole: To a certain extent the railroad is exclusive in its use of the street. Its cars run upon a fixed track, and they can not turn to the right or to the left for a load of hay or coal, or for any other carriage or load however necessary may be its passage through the street, and if a load of coal, or groceries, or furniture, is being put into a house, every thing must be moved, with whatever inconvenience, to give place to the horse car. This is a monopoly given to a private com- pany in the streets which are free to all, whereby such company may pay dividends to its stockholders. Ultimately, the proposal to build double tracks was discarded. In general, the citizens of Salem enjoyed the convenience of the horse railroad. Salem's historian, James Duncan Phillips, gave this description of how the horse railroad operated: Now you could go from Salem to Danvers quicker and more comfortably by train but the horsecars came along one an hour from dawn to midnight. You did not have to look up a timetable, you did not have to walk to the station, all fares were five cents so you just stood on the corner and waited. The conductor's stance was Paper Money Whole No. 153 Page 84 &e ear,u.n.qs al lb, leoad tbis yea r (187.9) mareo/ per cent al fbe apital &act. ,r/ure ,..kuris la be sold la eadiapa'sb balanee ..Plaalray _Debt, aud la furaisb a coulinyent easb Puna' twable //,c rauzpauv ueea/upanpiny slatemen4 lo a'edare lea per cent dividends for /be future. .Por furlber particulars read lb& • 11 ix pet deitt. o.r?c1), CIPAL AND IN-TERE 344 4Qi)0.PRIN SSZC'ILIZO .13 T PAYABLE IN GOLD NAU STREET AIL $qo. 000. 00 AY colip OP SALEM, MASS, opz,..xzs FAR SALE rr en J. ''USSeLAlizes T.RICHAno wJENKrNS, 111111121.. IMES i'°8:S" Bz: LIA Ry WII£471 A ABNER "r" WIL , G°°E11,LACK Essex Institute Library photo Salmi &II:havers Ratirnoli llo road, when p On and after Dec. 1, 1837, the regular price. of passage over said. aid in the Cars, will be TEN CENTS. From this rate deductions will be made to purchasers of Tickets at the Office, according to the following table : Ticket, Tickets, 44 66 64 66 SALEM uAzETTE (Continued on page 86) r ni)12303: Single Seven Fifteen Thirty-five Ninety Two hundred Tickets for South Salem Branch will be sold at the rate of twenty for One Dollar. By order of the Directors. JAMES F. FOYE, Sup't. $0 08 0 50 100 2 00 5 00 10 00 Paper Money Whole No. 153 Page 85 TOM MOSES and the CARDBOARD SCRIP of FORT WALLACE, KANSAS by STEVEN WHITFIELD I recently had the occasion to see three cardboard tokens from Fort Wallace. I had first seen these tokens twenty years earlier in the collections of the Kansas State Histor- ical Society. At that time, although they did not fit into my research interest of bank notes and scrip of the period, 1854 to 1874, the tokens were so bright and colorful that I had them photographed and immediately determined to see what I could find out about Tom Moses, the merchant who had issued them. Since then I have reviewed the newspapers of the period that I could find, examined the census records of the 1860s and 1870s, read a history of the fort and perused several other references to the period. My search led to very little success. This article is a summary of what I found and perhaps it might lead to the discovery of additional information about this elusive merchant. F ORT Wallace was established in September 1865, the last and westernmost Indian Fort established in Kansas. It was the fourth post to be constructed along the Smoky Hill trail, the central route to Denver and the Pacific coast from the Missouri River towns. The development and use of this route, first by emigrants and soldiers and later by the Union Pacific Railroad, Eastern Division, led to bitter opposi- tion by the Cheyenne and Arapahoe Indian tribes. These tribes considered the Smoky Hill valley and its adjacent buffalo ranges to be their private, ancestral hunting preserve. The route was first surveyed in 1844 and again in 1859, 1860 and 1866. It cut 116 miles from the northern Platte River road and 226 miles from the southern Arkansas River trail. It had other advantages, including more grass and timber, better water, and less sand. This was the route used by the Leaven- worth & Pikes Peak Express Company and the Butterfield Over- land Despatch Company. In late 1866, Wells, Fargo & Company bought out the Butterfield and the Holladay Over- land Mail and Express Company. Wells Fargo would eventually lose nearly $300,000 from Indian raids along the Smoky hill trail. Fort Wallace was originally called Camp Pond Creek because it was established near Pond Creek Station on the stagecoach route. It was later renamed for Mexican War veteran General W.H.L. Wallace. Originally built to accommodate about 500 men, the post was seldom occupied by more than 100 soldiers. The mission of Fort Wallace was to provide escorts for stage coaches, wagon trains, railroad survey parties, laborers and government supply trains. Uniface cardboard tokens: 54 salmon; 10¢ magenta; 25¢ yellow. (Kansas State Historical Society photo) Between 1865 and 1869 the post and its garrison were sub- jected to nearly constant Indian attacks, including a siege of the fort on June 22nd, 1867 by nearly 300 Cheyenne, or dog soldiers, under Chief Roman Nose. An excellent account of ac- tion at Fort Wallace appears in the July 27, 1867 issue of Harper's Weekly Magazine. The last Indian raid in Kansas took place in 1879 and the last hostile Indians appeared in western Kansas in September 1882. By the early 1880s the post had fallen into disrepair and had outlived its usefulness. It was abandoned by the military on June 1st, 1882. On July 22nd, 1884 the Secretary of War relin- quished title of the post and its 14 square miles to the Secretary of the Interior. The post then assumed a caretaker status until 1886 when local settlers began to dismantle the structures and haul away the building materials. On October 20th, 1888 the former reservation, minus the post cemetery, became available for public entry under the Homestead Laws. The three tokens have a pencilled date of 1870 on the face, which probably indicates the period of issue. I made an initial assumption that Tom Moses might have been the post sutler. Mrs. Frank C. Montgomery wrote an excellent history of the fort that appeared in Volume XVII of the Kansas Historical Col- lections, 1926-1928, and she listed the post sutlers as follows. The first post trader, or sutler, was D.M. Scott who died October 28, 1867. He was followed by Val M. Todd from 1867 to Octo- Page 86 Paper Money Whole No. 153 ber 1870. On October 6, 1870 Homer W. Wheeler became sutler until November 1, 1875 and on November 23, 1875 James Streeter took over the job. (Incidentally, this is the same James Streeter who was a partner in the famous merchant firm of Streeter & Strickler at Junction City that issued scrip during the Civil War.) Streeter sold out on May 5, 1876, when A.W. Clark became the last post trader until the post was abandoned on June 1st, 1882. So, Tom Moses was not the official "post trader" or "sutler' at Fort Wallace. He could have been the store oper- ator for an absent owner or a local private merchant. Volume 1, number 1 of the Wallace News, dated December 27, 1870, was also read in detail and without success. No men- tion was found of any Tom Moses. In fact the only ads were for lawyers and a single hotel. Of course many merchants did not advertise in newspapers so the fact that he was not listed did not prove or disprove anything. Nevertheless the paper's market reports were interesting. Buffalo meat was going down because of the large number of hunters in the area. Fresh meat was 61/2 to 74 per pound while dried meat was bringing 141/2 to 154. Fresh antelope was 134 a pound and scarce. Jack rabbit was 154 and scarce while there was a full supply of prairie dog meat @ 54 a pound. Potatoes were $3 a bushel, beans were 71/24 per pound and hard tack was getting scarce. Whiskey was "not available but in active demand" and cheese was "lively!'The paper promised to publish as often "as the exigency of the occa- sion calls for" and the big news was a large recent snowstorm. Examination of several military newspapers finally provided a single clue. In the Soldier's Letter, published by the Second Colorado Cavalry at Fort Riley on February 13, 1865, the chain of command was listed for Fort Lamed. The commanding officer there was Captain Thomas Moses, Junior. And although no positive proof has been established, I believe this was the Tom Moses who became a trader at Fort Wallace and issued these cardboard tokens in 1870. Mrs. Montgomery also wrote that "Traders, hunters and rail- road employees made up a population of about 100 persons outside the post in 1874," and the Kansas census of 1870 listed 168 persons in the county. A check of the census records of 1865 and 1870 showed no listing for a Tom Moses. The three tokens are approximately 1 1/4 inches in diameter and are printed, uniface, on thin, high quality cardboard. The 54 piece is a bright salmon color, the 104 is a vivid magenta and the 25¢ is a brilliant canary yellow. The brightness of the colors is even more startling because images of the early west usually appear as black and white, or antique brown and white photos. The tokens are in excellent condition and, to my knowledge, represent the only surviving examples of card- board merchant tokens from a fort in Kansas. Fort Lamed, where Captain Tom Moses commanded in 1865, was built in 1859 to protect Santa Fe Trail traffic. Its buildings have been restored as an historical site and it is the home of the Santa Fe Interpretive Museum. I'll have to get out there someday to see what I can learn about Tom Moses, Junior. It's just down the road, about 200 miles. ■ SALEM (Continued from page 84) on the rear platform. He helped the old ladies on and off and started and stopped the car by pulling the bell; one to stop and two to go. You could pull the bell to stop if the conductor was not in sight but there were two cords and, woe betide if you pulled the wrong one! The conductor came rushing and demanded a second fare. That cord was connected with a clock-like thing in the end of the car and every time the conductor collected a fare he pulled that cord. By pulling the cord you made him responsible for another five cents. On December 1, 1867, the convenient five-cent fare was raised to a considerably more awkward eight cents. This created immediate problems since the country at that time was still suffering from the extreme shortage of small change brought about by the Civil War. The problem was solved by the Company with the issuance of two-cent notes that were given to the customers upon receipt of a ten-cent piece by the con- ductor, the other eight cents covering the passenger's fare. The Salem & South Danvers survived until May 23, 1874 when it merged with and took on the name of the Naumkeag Street Railway. Within twenty months time, an investigation by the stockholders unearthed a debt of $38,403.71. It was decided that improvements should be made to the railway to increase ridership, thereby increasing profits. As a result, cast iron rails, punches and fare boxes were installed. These improvements proved successful, but on June 9, 1890 the Naumkeag Street Railway was sold to a syndicate. Technology continued to ad- vance, and by January 14, 1893 the horse railway had been en- tirely replaced by the new electric street railway. HISTORICAL REFERENCE The S. & S.D. Railroad Co. note "Good for two cts" was purchased for a client by Mr. Rowland Hill, Massachusetts dealer of 35 years ex- perience, who stated it was the first note of that issue he had ever seen. It was purchased at the 1989 Memphis International Auction con- ducted by NASCA and described in their catalogue as follows: "Lot 3373 (1) Salem & South Danvers (Street RR) 24 1860's VG, stained. The Salem and South Danvers was a seven plus mile long system. In 1868-9, a floating debt of $6,000.00 plus was reported, of which this note was a part" The 1879 offering of Bonds by the Naumkeag Street-Railway Com- pany, the successor to the Salem Street-Railway Co. included a total Unfunded Debt of $32,355.57. The 21 note would be a part of that debt. SOURCES OF DATA AND RESOURCES CITED James Duncan Phillips Library, Essex Institute, Essex St., Salem, Ma. Salem Evening News, Salem, Ma. Article published June 19, 1903. Mass. State Senate Bill No. 43, In Senate February 12, 1861. Inaugural Address, Stephen G. Wheatland, Mayor of Salem, January 25, 1864. Paper Money Whole No. 153 Page 87 a premature "grand opening" STARTING OUT ON THE WRONG FOOT by BOB COCHRAN The Oneida Bank, of Utica, New York, was incorporated by an act of the New York State Legislature on May 13, 1836. For several years, a group of prominent Whigs had attempted to obtain a charter for a bank; the only bank in Utica during this period was the branch of the Bank of the United States, but it was forced to close when the charter of the parent bank was vetoed by President Andrew Jackson. The Democrats, who were in control of the State Legis- lature, were not sympathetic to the efforts of the Whigs to secure a charter for a bank. However, the storm clouds on the horizon, which led to the Panic of 1837, and a formal petition from a group of leading businessmen of the Utica area (mostly the aforementioned Whigs and their friends) prevailed, and the bank was authorized to begin operations. Politics aside, the Oneida Bank faced a tougher challenge in its infancy—it was robbed before it even opened for business! T HE bank was organized in September 1836, with a cap- ital of $400,000 and a charter for 30 years. The presi- dent of the bank was Augustine G. Darby, and the cash- ier was Kellog Hurlburt. The bank took over the building previ- ously occupied by the branch of the Bank of The United States. The building required some alterations before the bank could open, and it was not guarded during the night and on weekends, even though the vault contained coin and notes of other banks that had been used to subscribe to the stock. Early on the morning of Sunday, November 20, 1836, two men approached the building. One man remained outside, as a lookout; the other man entered the unfinished banking room with a carpetbag, broke into the vault, and removed $108,000 in banknotes and $8,500 in drafts. The two men then made their way to the waterfront and boarded separate boats; the man with the carpetbag headed west, the other east. After some time they met in Rochester, New York, and divided the spoils. The robbers didn't take any of the notes of the Oneida Bank; it was speculated at the time that the robbers felt they would have "broken" the as-yet unopened bank if they had stolen all of its notes, therefore rendering them worthless, or substan- tially reducing their value. The next morning, at a special meeting, the directors author- ized the bank to offer a reward of (a) $6,000 for the recovery of the money and the arrest and conviction of the thieves; (b) $4,000 for the recovery of the money alone (or a proportional amount depending on the amount of stolen money recov- ered); (c) $2,000 for the arrest and conviction of the thieves alone. Because the bank had not yet opened, it was able to describe with great detail over $50,000 of the bank notes that had been The first home of the Oneida Bank. The building was previously occupied by a branch of the Bank of the United States. CID CalWil€32/tEs2SENT: , !JONI MINITIOSTIM 000$11,0111111MTMAURIN OF I V.4 IIITEBSTAIESOFAMERICk a A 479432t. Tur, 4,4 azi .1)14,104:114.1.4.411,tud 11.1)(jIr:14111ttt , ////, wi. , ,67 W/7/ Page 88 Paper Money Whole No. 153 stolen. In one or two circumstances the notes stolen were the only notes a particular bank had in circulation. After the rob- bery was reported to the banks involved, they began to take no- tice of their notes as they came in for redemption. Several months after the robbery, some of the stolen notes were redeemed and traced to Canada, where one of the thieves was found engaged in business. The bank recovered some thirty or forty thousand dollars in real and personal property; the man was brought back to the United States, tried, and convicted for participating in the rob- bery. But he had cooperated with the authorities, and agreed to assist in the capture of his colleague; he was released from prison immediately after his conviction. One particular note in the possession of the other robber was a $1,000 note, serial number 21, from a bank described as the Bank of Portland, Maine. It was hoped that a note of such a large denomination, with a known serial number, would eventually lead to the capture of the other thief. The note was redeemed several years after the robbery, and it was tracked to France; but there the trail disappeared, and the robber was never captured. The Oneida Bank survived the robbery, and opened for busi- ness. On May 10, 1865, the bank was granted a national charter (1392) as The Oneida National Bank of Utica. On August 1, 1929, the name was changed to The Oneida National Bank and Trust Company of Utica. The bank is now known as Norstar Bank of Upstate New York. The previous reference to the $1,000 note, serial number 21, from the "Bank of Portland", Maine, is taken from Annals and Recollections of Oneida County. According to Maine Obsolete Paper Money and Scrip, the Bank of Portland, Maine, which was in operation at the time of the robbery, did not issue $1,000 notes. Two banks in Portland issued $1,000 notes during this period, the Bank of Cumberland and Casco Bank. The specific name of the particular bank may have been confused in the story of the robbery. It's nice to know the bank is still around, some 151 years after experiencing a premature "grand opening" REFERENCES Episodes in the History of the Oneida National Bank and Trust Company of Utica, 1836-1936. (1936). Published by the bank. Hickman, J. & D. Oakes. (1982). Standard catalog of national bank notes. Iola, WI: Krause Publications. Jones, P., Annals and recollections of Oneida County. Wait, G.W. (1977). Maine obsolete paper money and scrip. Society of Paper Money Collectors. TAZWELL COUNTY NATIONAL BANK OF DELAVAN, ILLINOIS by WALTER HERGET B OB Cochran's article "Another 'Mr. Phil' Story" in the May-June 1990 issue of PAPER MONEY sent me sorting through my records and collection of national bank notes. I, too, bought one of the "Mr. Phil" notes from the advertisement in the June 9, 1971 issue of Coin World and certainly agree that by today's standards these were incredible bargains. My note listed in the advertisement immediately above the subject of Cochran's is the $10, 1902 Red Seal #1 note, Charter 3781, position "B" from Delavan, Illinois. It is listed in the ad as Fr. 623, but that is in error; it is actually Fr. 615. I feel a little information about this small town is pertinent. Delavan, Tazwell County, located in central Illinois, had a population of 1304 in 1900, with an additional 1008 persons living in the township. The first banking privileges offered in the village of Delavan were by the establishment of the private banking firm of Smith Brothers in 1869. This was a branch of the Smith Bank of Pekin, the county seat. The business was A $10 Red Seal No. I note from Delavan, Illinois. 1111, SS, Siloam Sprgs.,-Ark., 13274, perfect 150.00.0 13$ 110, Les Angeks, Calif., 2491, )eF 50.00 1153, $20, Greeley, Cole., 4437, VF 50.00 5915 SS, MIddleterm, Conn., 1216, Slew 40.00 624, 110, Washington, D.C., $716, VF 45.00 650, 120, Jacksonville, Fla., 061, F 75.00 621, SIO, Augusta, Ga., 1860, VF 50.00 $15, $10, Shreveport, La., 3595, F 35.00 463, $5, Farmers Oly, Ill., 2156, Superb 300.00 133, 510, Fowler, Ind., 5430, perfect 45.00 652, $20, Fort badge, la., 1661, F 50.00 321, $10, CherrIvale, Kart, 4749, XF 7500 607, SS, Louisville, Ky., 5312, XF . 40.00 5E7, SS, Baltimore, Md., 1325, perfect 15.00 591, SS, Monsen Mass., 503, AU 35.00 394, 55, Ionia, Mich., 275, VF 200.00 624, S10, S. St. Paul, Minn., 6732, New .......... 50.03 616, SIO, King City, Mo., 4373, XF 75.00 613, 510, Aurora, Neb., 2897, Brilliant 175.00 421, $10, Franklin, N.H. 2443, XF 350.03 600, S5, Kinston, N.C., F 647, S20 Newark, N.J., 1316, red seal, P 20303 479, S10, Oswego, N.Y., 255, New 100.00 626, SIO, Burns, Ore., 6691, VF 100.03 55E, $5, Bridgeport, O., 6624, XF 30.00 466, SS, Media, Pa., 312, Superb 125.03 402, S5, Cumberland, R.I., 1404, VF 175.00 650, 520, Athens, Tenn., 3341, VF 60.00 625, S10, Salt lake City, Utah, 5403, VG 150.00 397, $5, Hyde Park, Vt., 1163, VF 200.00 624, $10, Bluefield, W. Va., 6674, VF 75.00 656, S20, Tacoma, Wash., 1417, VF 100.00 615, S10, Oshkosh, Wis., 5347, F 40.03 642, S20, Norton, Va., 5746, F 75.00 NK NOTES - LARGE SIZE 595, SS. end NB, Brownsville, Pa., Ch. 2173, New 175.00 621, $10, 1st NB, Mechanicsburg, Pa., 3e0, New 200.00 490, 5'0, 1st NB Cameron, W. Va , 6020, VF 250.00 • . : St. Louis Ch. 623 510 Tale ell Co. NB, Dela an, 7 5, Central NB, 1455, red seal XF red seal, VG 50.00 615, 510, Douglas NB, Roseburg, Ore., Ch. 9t23, XF ...... 150.013 4. • 75.00) Paper Money Whole No. 153 Page 89 MORE LARGE SIZE NOTES FROM DIFFERENT STATES Many papeenr eeeee Winters ars Inning for tarn els. Pinion? link Nolte Tidily-Iwodlifetttt Stain were represented Be my Mned.• This Ins • ell-oat. Below are none. sonatly deelrable, Irons thIrty•feur nein! Slides. Al.. added ere eons Inning aerialNo. I • from flint dillerent Banks: Teal, tb• remainder of my holdings, tinsel. ars offend ctn. ones from links with charier numbers below 1011, Al.. Haled •re sin nlee with nineties eb•rter numbers. Including 1000. 3333, and 3154. First cumbers on releflrerg's ■nenbers. LARGE NOTES - CHARTER NUMBERS UNDER 100 479 $10, 1st NB, Erie, Pa., superbly 416. SIO, 1st NB, Centreville, Ind., flew 175.00 37, New 626, $10„ 5th-3rd N11, CInn., 0., 20, 613. SIO, 1st NB, Canton, O., 7S, F 40.00 XF 50.00 392, 52, 3rd NB, N.Y., $7, F, but 456, SS, 1st NB., Clint., 0., 24, dirty . 400.00 Superb . 150.00 621, SIO, 1st NB, Toledo, 0„ red 595. 55, Same Bank, Red Seal, 24, seal. 91, VF 150.00 Brilliant . 100.00 479. 510, 4th NB, Clot., 0., bb, 93, VS, SIO, lot NB, N.Y., 29, perfectly XF in 00 New 60.0II 621, S10, 4th NB, Linn., 0., red seal, 93, XF 135.00 LARGE NOTES - ATTRACTIVE CHARTER NUMBERS 621. S10, City NB, Evansville, Ind., 600, AU 260.03 533. 65, Merchants NB, S. Paul, Minn.. 2020, XF 175.00 489. 510. Merchants NB, Middletown, . N.Y.. 333, Une. E99, 55. 1st NB, KC, Me., N56. New 03.00 504 520, 1st NB, CarEsle, Ky., 5959, BU 260.00 These Rims go to first checks received. I do have ether notes from many States In acceptable condition. WILLIAM A. PHILPOTT, JR. , Consultant, Texas Bankers Association Business Telephone - Forenoons Only 214-747 - 4466 ANA No. 1978 SO - year Gold Membership Medal, awarded In 1968 SPMC No. 13 Post Office Box 1466 Dallas , Texos 75221 lune 1971 ad. Baldwin Bank. Tazwell County National Bank before new building was constructed; served 1887 to 1961. purchased by Daniel Crabb in 1871 and the name was changed to the Tazwell County Bank. The only other bank in Delavan was Baldwin's, a private bank which existed from 1875 to 1932. In 1887 the Tazwell County Bank was organized under the National Banking system. The name was changed to The Taz- well County National Bank with a capital of $50,000. Daniel Crabb was a large landowner in the area who not only farmed but had large livestock holdings. His son, J.W. Crabb, became the president of the Tazwell County National Bank in 1890, at the age of 36, and served in that position for 36 years. He also served as alderman and mayor of Delavan and had large landholdings in the area. J.Ws son Daniel became cashier of the bank in 1899, at the age of 23, and served as cashier until his death in 1919. Upon the death of his brother, W.W. Crabb, J.W!s younger son, became cashier and served in that capacity until 1926 when, at the age of 34, he succeeded his father as president of the bank. W.W. Crabb served as bank president until 1969, when he retired at the age of 76. The Tazwell County National Bank celebrated its centenary in 1987. It is still in business today. At the start of the red seal issuing-period there were only three national banks in Tazwell County. At the end of this period there were eight; quite an expansion in this short time. The bank issued Brown Backs, Red Seals, both 1902 Date and Plain Backs and both types of 1929 notes. These bills are rela- tively scarce with thirteen large-size and seven small-size reportedly known by John Hickman. I am aware of four large- size and two small-size. The Brown Back and the 1902 Date Back are missing from my collection. There are now two notes reported from the Philpott June 1971 ad. Are there others? SOURCE MATERIAL History of Tazwell County IL. Chapman & Co. 1879. Portrait & Biographical Record—Tazwell & Mason Counties, Illinois. Bi- ographical Publishing Co. 1894. History of Tazwell County Illinois. Allansworth 1905. Coin World, June 9, 1971, Amos Press, Sidney, Ohio. Private correspondence Daniel M. Crabb 1990. ASO, 510 Farmers NB, Mansfield, 0 , YF .. . 93.03 416. S10, NB of the Republk, N.Y., 1000. VF 33.00 490, 510, N. Merl:liner Co. Bk , Little FalIs, N.Y, 2400, 125.00 471, 55, 1st N8, Somerset, Pe., 4100, New 12500 Page 90 Paper Money Whole No. 153 Tales of the Secret Service CHARLES F. ULRICH, "BOSS CUTTER" by BRENT HUGHES C HARLES Frederick Ulrich could have been many things in life other than a counterfeiter. Those who knew him recognized his high intellect, artistic genius, cultured behavior and what today we would call charisma. People instinctively liked him and many came to his aid as he got into one difficulty after another. His countrymen in his native Germany said that throughout his life he always had "Schweinsgluck," literally "pig's luck," because of his uncanny ability to extricate himself from a long series of personal disasters. Yet he could not resist associating himself with most of the counterfeiters of his day who referred to him as "boss cutter" because of his engraving skill. He made plates to print counterfeit $100 bills of many national banks and was especially good at making what were called "skeleton plates:' These were plates that had everything except the bank name, city and charter numbers. With a skeleton plate in hand, others could make up title plates for other banks whose name contained the same number of letters. Ulrich's most famous plate was for the $100 note of the Central National Bank of New York City. At the same time he created a skeleton plate with which he produced similar notes on the Ohio National Bank of Cincinnati and the First National Bank of Boston. The production run amounted to $200,000 which his shover "Little Jimmy" Brunel] disposed of in only two days, leaving many customers asking for more. Ulrich was born June 25, 1836 in Prenzlaw, Prussia. His father was an engraver by profession and taught his son the basics at an early age. Following the custom in those days, the youngster was apprenticed at age 14 to a local engraver. When Ulrich "graduated" at age 16, his employer said that he had a great future ahead of him. But it was not to be. Shortly thereafter something happened which led to Ulrich's hasty departure for England. Charles said that he was simply escaping the draft; others indicated that the local police suspected the young man of making some counterfeit bank documents of wonderful quality. The suspicious folks at Scotland Yard had heard the rumors and began watching him. When some beautiful counterfeits of Bank of England notes showed up they naturally talked to Ulrich about it. No charges were filed but Charlie got the message. Move on, the Englishmen implied, and they wouldn't be unreasonable. So Charles arrived in the United States in October, 1853 on the good ship Ticonderoga. It quickly became obvious that a lonely German youth who spoke no English was not going to prosper in New York City. Such engraving shops that existed were not owned by Germans and there were simply no jobs to be had. Charlie was in pretty desperate circumstances and accepted a good meal from an Englishman who befriended him. His benefactor turned out to be a recruiter for the British Army which was gearing up for war with Russia. Somehow Ulrich was induced to enlist and he and fifteen others were shipped off to Boston. In a few days other men arrived and the entire group left for Halifax, Nova Scotia, then on to England. It was to be another disaster for Ulrich because he ended up in the Crimea as part of the group immortalized by Tennyson in his "Charge of the Light Brigade' During the famous battle a Russian smashed his skull with a rifle butt, then stuck a bayonet into his side. Charlie was presumed dead for 36 hours, but then his remarkable "Schweinsgluck" surfaced. He was rescued from the battlefield, nursed back to health and sent back to England where he was paid off and discharged. Back he came to New York City in 1856. This time he found a job with Doty and McFarland Engravers on William Street but left in a short time to set up his own shop at the corner of Maiden Lane and Nassau Street. It was here that he ran into corrupt police officers who augmented their pay by blackmailing suspects. Detective Bob Boyer was an expert at the game. There had been a rash of "queer" notes circulating about New York, one of which was a ten dollar bill expertly raised to a hundred. Boyer's informants told him that the skilled maker was known on the street as "Dutch Charlie", but who or where he might be was unknown. Boyer went to his files, looked under "Charlie" and came up with the Scotland Yard advisory about Charlie Ulrich as a counterfeiting suspect. Boyer located his man and found him engraving a vignette to be used on a business card. Boyer accused Ulrich of counterfeiting and hauled him off to jail. When Boyer went on to testify that Ulrich was wanted in both Berlin and London for counterfeiting, the jury convicted him and he was sent to Sing Sing Prison for five years. This was 1858 and the 22-year-old found himself in deep trouble again. But again he got lucky. His charisma worked its magic on the warden. They liked each other immediately and as they talked the warden became convinced that this nice young man must have been framed. He sent inquiries to Scotland Yard and to the Berlin police which came back negative. The warden contacted Governor Morgan of New York and Ulrich was pardoned in 1861. When Charlie walked out of Sing Sing there were many inmates left behind who swore that there was more to the pardon business than met the eye. The warden had acquired a certain gold bracelet which he turned over to Ulrich to be beautifully engraved in a manner which the warden knew would delight the Governor's wife. She was more than delighted with Charlie's work and the warden's gift and shortly thereafter the pardon was issued. The more cynical among the Paper Money Whole No. 153 Page 91 inmates said that "Ulrich engraved his way into prison and en- graved his way out" Whether this story is true or not we don't know. The frame-up must have had a profound effect on Ulrich be- cause when he got to New York City he became a full-time counterfeiter. He soon met an ex-con named Chase who in- troduced him to Jimmy Colbert, front man for a gang of coun- terfeiters headed by the notorious Harry Cole. Ulrich was getting smarter all the time and he decided to outfox the New York detectives by having many shops all over town. But the police found him anyway and, according to Ulrich, constantly blackmailed him. Finally he just gave up on New York City and headed west to Cincinnati. The local counterfeiters called on him and he was again at work making his beautiful plates. In 1864 he made the plates for the national bank $100 bills. A man named Jimmy Brunell knew talent when he saw it and sought out Charlie to form a partnership. The two rented a house in College Hill, a suburb of Cincinnati, bringing in one Mary Brown, alias Mary Hen- derson, as their "housekeeper!' Brunell had acquired a plate for making counterfeits of the Francis Spinner 504 U.S. fractional currency note. In short order he had saturated the country with the small bill. Appar- ently most people believed that no one would bother to coun- terfeit a 504 note and accepted them without hesitation. This made a lot of other counterfeiters become anxious to get their hands on the plate. Tom King, John Hart and Charles White showed up from Pittsburgh one day and pulled off a clever "con!' Hart and White bought themselves a badge, pretended to be detectives and threatened to arrest Ulrich and Brunell unless they forked over the plate and $1,600 in hush money. Ulrich had been through this sort of shakedown in New York, of course, so he paid the money and Brunell surrendered the Spinner plate. King promptly returned to Pittsburgh, cranked up the old printing press and began turning out bogus Spinners. He was soon arrested and sent away for the next eight years. As you may have guessed, an anonymous letter from Ulrich to Pitts- burgh authorities may have led to King's arrest. Charlie quickly learned to play the game. Into Charlie's life now came the famous, or infamous, William P. Wood, superintendent of the Old Capitol Prison and big buddy of Edwin Stanton and Lafayette Baker. Wood managed to get himself appointed as first chief of the newly- created U.S. Secret Service. He promptly turned into the best known loose cannon in Washington, banging away in all direc- tions. He did catch a lot of counterfeiters, however, and was going strong in May of 1867 when he pounced on Ulrich in Cincinnati. Like any other corrupt law enforcement official, Wood was willing to cut a deal. After some bargaining Ulrich surrendered the plates for a $500 bill he was working on and Wood promised to drop the charges. Later the plates would be declared equal to the gen- uine by Treasury experts, high praise indeed. Wood walked away with the plate and Charlie and let the case go to trial, which of course left Ulrich in deep trouble again. What Charlie did not know was that a former girl friend, Kate Gross, had become jealous when someone told her that good-looking Charlie Ulrich had gotten married in 1862 shortly after he had arrived in Cincinnati. Kate smouldered for awhile, contacted Wood and told him where Charlie was. Secretary of the Treasury Hugh McCollough at about this time was frantically trying to find out who had engraved the plates for the famous counterfeit of the $1,000 "seven-thirty" U.S. bond and had Charlie brought to Washington for ques- tioning. Ulrich told the truth—he had not done it and didn't know who had. The disgusted bureaucrats sent poor Charlie back to Cincinnati where he was sentenced to serve eight years in the Ohio State Penitentiary at Columbus. Almost immediately the old charisma was back at work and prison officials became convinced that the well-behaved model prisoner deserved a few privileges. In return Charlie took a piece of an old saw blade and engraved thereon a portrait of ex- Governor Allen of Ohio. He then created a marvelous ren- dering of the penitentiary to go on a fine letterhead for the warden. Such efforts deeply touched Col. Innis, the warden, and got Charlie pardoned for his sins. Innis even set Charlie up in the lithography business, believing that he could secure some fat contracts from the State. These didn't materialize and the new business foundered. CHARLES FREDERICK ULRICH. Meanwhile Ulrich had some visitors. The notorious Harry Cole showed up and offered Charlie $5,000 to move to Philadelphia. Ulrich promptly turned him in to Col. Innis who ran Cole out of town. Then a man showed up who offered Charlie $1,000 for a plate to make counterfeit tax stamps for cigars. Ulrich turned him in to the Internal Revenue Service. It was getting to be a nuisance; too many people knew where he was. So, in November of 1876, Charlie quietly left Columbus. A month later we find Ulrich living in Philadelphia working on a plate to make $50 bills of the Central National Bank of New York City. His partners were Harry Cole and Jacob Ott, two operators who knew their way around the coney business. Cole may have had some hard feelings about his forced depar- ture from Cincinnati, but he didn't let it stand in the way of business. Page 92 Paper Money Whole No. 153 Ulrich's old nemesis, William Wood, had long since been dismissed as head of the Secret Service and the new chief had cleaned up the organization. Wood had even been brought in for questioning by his former associates and ended up in disgrace. It was at this time, 1877, that Ulrich produced the counterfeit fifties of the National Broadway Bank and the Tradesman's Na- tional Bank, both of New York City. These notes were shipped to a buyer in Germany and in a short time many emigrants ar- rived in this country carrying the same counterfeit notes. The group then turned to producing a plate to make $5 bills of the First National Bank of Hanover, Pa. There was a problem with charter numbers which led to the notes early detection, so the group decided to move on. They slowly realized that the Se- cret Service was tailing all of the prominent counterfeiters and picking them off one at a time. A lot of Ulrich's friends were be- coming very nervous. Charlie had reason to worry also, be- cause in 1878 Secret Service Chief James Brooks and H.R. Curtis of New York caught Ulrich in the act of making a plate to coun- terfeit a $100 U.S. Treasury Note and Charlie finally realized that his career was at an end. He agreed to become a confiden- tial informant for the Secret Service. When Harry Cole showed up one day, he was arrested. To provide the necessary cover for Charlie, they took him in also. Both were indicted at Trenton, NJ on January 22, 1879. As cases went to trial, Ulrich testified for the government against Cole, Ott and some others. All went to prison, swearing that they would take care of Charlie when they got out. The meaning of their threats was not lost on Ulrich and he too began to get nervous. He began to ask the agents what was to happen to him. They told him to relax; he would be taken care of. All of this talking on Charlie's part was very nice for the government prosecutors but they knew that sooner or later they would have to work out some kind of arrangement for their informant. So it was that Charlie was taken before Judge John T. Nixon one day. He read the riot act to Charlie and as we would say today, "chewed him out" pretty well. He concluded with the statement that if Charlie ever showed up in his court again he would lock him up and throw away the key. Charlie was naturally quite bewildered by all this and stood quietly until the judge finished his lecture. From the sound of things the sentence might be for 99 years. But the judge paused for a moment, helped himself to a glass of water, and pro- nounced sentence. Then he suspended the sentence and placed Charlie on probation. "Schweinsgluck" indeed. The stem jurist then asked Ulrich if he had anything to say and good old Charlie was up to the task as usual. No one could better describe what happened next than John S. Dye in his account. Ulrich expressed his thanks in a becoming manner, and promised Judge Nixon that he would heed his honor's admonition and hereafter, under all circumstances, turn whatever of ability he might possess to the pursuits of honest industry. And the prisoner was liberated upon his own recognizance during the term of his good behavior. As they say, there wasn't a dry eye in the house when Charlie walked out a free man. But we must give Ulrich credit for being intelligent enough to realize that his counterfeiting career was really over now. He knew that his old friends would be out looking for him, so it would be smart to stay close to the nearest Secret Service agent. He gained the status of a protected witness. There were other factors working against his going astray again. The technology of photo-engraving was being devel- oped and in a few years the counterfeiters would begin using the new method exclusively. The days of the hand-cut plate were ending. And the Secret Service was slowly growing in manpower and reputation so that every counterfeiter would be tracked down. So Charlie did what any intelligent person would have done and became a paid informant and consultant to Secret Service officials who liked him and respected his knowledge. In 1896 he was listed in official records as one of the people responsible for the arrest of the notorious counter- feiter William Brockway. The names are there—Chief William Hazen, William J. Burns, Frank Esquirell and "operative" Charles F. Ulrich. Being made an operative was high honor indeed. William J. Burns often took Charlie along on trips and served as a sort of guardian for him. So Charlie's final years were prob- ably his best. Burns said that he liked the man very much and that he lived an honest life until he died in 1908. Charlie had known them all, the good ones and the bad ones, and in the end he had still lucked out. He could have been a great man but there was just something in his makeup that led him to the coney game. And there were many others just like him. SOURCES: Dye, John S. (1880). The government blue book, a complete history of the lives of all the great counterfeiters, criminal engravers and plate printers. Philadelphia. Smith, Laurence Dwight (1944). Counterfeiting, crime against the people. New York: W.W. Norton & Co., Inc. Excerpts from the history of the United States secret service 1865-1975 (1978). Washington, D.C.: U.S. Treasury Department. Various minor references in government documents. AUTHOR'S CORRECTION In my haste to write the article on p. 48 in the previous issue of PAPER MONEY I made an incorrect abbrevia- tion, even though Webster's Instant Word Guide was right at my fingertips, i.e., N(ota) B(ene), latin for "note well" or "take particular notice" It does not mean "notice to bearer." I appreciate the acuity of the members who recog- nized my error as soon as I did—after it was in print. Gene Hessler Paper Money Whole No. 153 IN MEMORIAM William R. Higgins Jr. of Okoboji passed away April 5th, 1991 nine days before his 78th birthday. Mr. Higgins had been in ill health for the past several years. He was best known to collectors for building the largest collection of world crowns ever assembled by a private individual, and for his truly outstanding achievements in the field of national bank notes. His collection of crowns was sold in three important auctions in 1973 and 1974. Mr. Higgins used the proceeds from the sale of his crowns to acquire a world class collection of National Bank Notes from Iowa and the contiguous states with representative notes from all fifty states. Probably of the greatest in- terest to paper money collectors is the collection of red seal notes, believed to be the only complete collection of the known notes in existence. All states, districts and ter- ritories are represented except Hawaii which is not known to exist, but including Puerto Rico, and many are number one notes. He then founded The William R. Higgins Jr. Foundation Inc., a nonprofit educational foundation, built a 9,000 square foot building to house the collection of over 2,500 notes and an extensive li- brary, and presented it as a gift to the public. The museum has operated during the season for the last thir- teen years in Okoboji, Iowa's leading summer resort where he lived most of his life and where he served as mayor for fourteen years. Mr. Higgins was a graduate of the Drake University Law School in Des Moines and served in the Army Air Force in China during World War II, where he started his great collection of crowns. He was a member of numerous numismatic organizations in- cluding ANA, ANS, Iowa Numismatic Association and others. He was recognized with the Nathan Gold Award by the Society of Paper Money Collectors for his contri- butions to the hobby. Collecting was a very important part of his life and he leaves behind a magnificent legacy for all of us to enjoy. John T. Hickman Page 93 SOCIETY OF PAPER MONEY COLLECTORS Statement of Operations for Year ending 6/31/90 INCOME: Dues $36,434.57 Advertising 11,050.34 Book & Mag. Sales 6,335.20 Convention Banquet 2,160.00 Publication Fund 484.40 Interest 1,014.16 BNR Article 120.00 Deposit C.D.'s 32,605.00 Interest on C.D.'s 1,396.01 Total Income $91,599.68 EXPENSES: Printing $32,029.04 Editorial Fees & Expenses 3,807.47 Postage 1,862.40 Book Expenses 451.71 Corporate & Legal Fees 360.00 Convention Expenses 1,975.54 Officers' Expenses 1,329.08 Awards 260.45 Life Membership CD 18,210.00 General Fund CD 10,000.00 Insurance 68.00 Advertising 60.00 Dues 17.50 Bank Service Charges 7.00 Memphis Checking Acct. 5.00 Total Expenses $70,443.19 Previous Cash on Hand $ 4,232.21 Income 91,599.68 Expenses (70,443.19) Current Cash on Hand $25,388.70 Less Publication Fund (15,275.06) Actual Cash on Hand $10,113.64 Separate Accounts: Life Membership Fund $30,366.70 Memphis Checking Acct. 5.00 1991 ABNC Archive Series Ready For the fifth consecutive year, collectors have the opportunity to acquire some of the finest examples of the engraver's art. The 1991 Archive Series will be limited to 1000 sets. The set comes housed in a custom-made, linen portfolio lined with acid-free paper. Subjects in the 1991 series include: U.S. Presidents; Gold Fever; The Iron Horse; "One", a group of elaborate counters; Conquering the Sky; Mythological Beings; Children; and Winged Majesty. The 1991 Archive Series is available at $195 plus $9.75 p/h, directly from American Bank Note Commemoratives at 7 High Street, Huntington, NY 11743; credit card orders will be ac- cepted. Telephone orders may be placed at 1-800-533-ABNC. PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue ❑ New York, NY 10025 Paper Money Whole No. 153Page 94 NEW MEMBERSHIP COORDINATOR NEW Ronald Horstman P.O. Box 6011 St. Louis, MO 63139 MEMBERS 8053 Nelson A. Suba, King Fahad Hospital, P.O. Box 22490, Riyadh 11426, Saudi Arabia. 8054 Melvin A. Bernero, 3440 W. Evergreen Ave., Chicago, IL 60651-2309; C, US currency, MPC & foreign. 8055 Joseph Engravalle, 1436 N. High Drive, McPherson, KS 67460; C. 8056 Bradford D. Baucom, 750 Yale Ave., University City, MO 63130; C. 8057 John T. Dowd, Box 829, Saratoga Springs, MD. 8058 Mark Kloeppel, 1503 S. Sea Breeze Trail, Virginia Beach, VA 23452; C, US Lg. size notes. 8059 Robert Herr, 501 W. Main, Collinsville, IL 62234; C, Lg. size Nat. BN. 8060 Roger E. Heineck, 808 W. Fifth St., Neillsville, WI 54456; C. 8061 Fred B. Grill, 370 Lexington Ave., New York, NY 10017; C, Essays, proofs, bank note co., advertising sheets. 8602 Raphael Ellenbogen, 100 North St. 204, Columbus, OH 43202; US Lg. size notes, souvenir cards. 8063 James E. Poteet, Rt. 1, Box 68A, Dutch Valley Rd., Lake City, TN 37769; C. 8064 Norman W. Pullen, P.O. Box 10600, Portland, ME 04104; C, Maine obsolete notes. 8065 John J. Mee, 23 Elmira St., Boston, MA 02135; C. 8066 Glenn Wasson, Box 861, San Andreas, CA 95249. 8067 Mike Shoemaker, 15 Cliff Rd., Childsburg, AL 35044. 8068 Steve Weiner, 263 Washington Ave., Island Park, NY 11558. 8069 Matthew Bowden, 15 Giddings Ave., Beverly, MA 01915; C, 19th Century US notes. mongymart Paper Money will accept classified advertising from members only on a basis of 151 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 mate- rial and disposing of duplicates. Copy must be non-commercial in nature. Copy must be legibly printed or typed, accompanied by prepayment made payable to the Society of Paper Money Collectors, and reach the Editor, Gene Hessler, P.O. Box 8147, St. Louis, MO 63156 by the tenth of the month preceding the month of issue (i.e. Dec. 10 for Ian./Feb. issue). Word count: Name and address will count as five words. All other words and abbreviations, figure combinations and initials count as separate. No check copies. 10% discount for four or more inser- tions of the same copy. Sample ad and word count. WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade for FRN block letters, $1 SC, U.S. obsolete. John W. Member, 000 Last St., New York, N.Y. 10015. (22 words: $2: SC: U.S.: FRN counted as one word each) WANTED FOR MY PERSONAL COLLECTION: Large & small-size na- tional currency from Atlantic City, NJ. Don't ship, write first, describe what you have for sale. Frank J. lacovone, P.O. Box 266, Bronx, NY 10465-0266. (156) WANTED: INVERTED BACK ERROR NOTES!! Private collector needs any note in any condition. Please help. Send note, photo, or descrip- tion with your price. Lawrence C. Feuer, 22 Beechwood Blvd., Rye Brook, NY 10573. (155) WILL TRADE CONFEDERATE TRANSFERER/IMPRINT NOTES! Need Lafton Crout, Schwartz, Cammann. Must be VF/Almost Unc. Specify needs. Frank Freeman, 3205 Glen Ave., Baltimore, MD 21215. (153) WANTED: HOWELL WORKS, NJ HARD TIMES paper and metallic currency. Will pay according to condition. Especially seeking high denomination notes: $3, $5, $10. Write first, send photocopies, de- scribe condition. Dave Wilson, P.O. Box 567, Jackson, NJ 08527 (153) OHIO NATIONALS WANTED. Send list of any you have. Also want Lowell, Tyler, Ryan, Jordan, O'Neill. Lowell Yoder, 419-865-5115, P.O.B. 444, Holland, OH 43528. (163) QUALITY STOCKS, BONDS. 15 different samples with list $5; 100 different $31; 5 lots $130. List SASE. Always buying. Clinton Hollins, Box 112P, Springfield, VA 22150. (159) ST. LOUIS, MO NATIONALS, OBSOLETES AND BANK CHECKS WANTED. Ronald Horstman, Box 6011, St. Louis, MO 63139. (154) WANTED: MASSACHUSETTS SERIES 1929 NATIONAL BANK NOTES from the following banks: Abington, 1386; Haverhill, 14266; Milton, 684; Spencer, 2288; Springfield, 2435; Webster, 2312; Whitman, 4660; Woburn, 14033. Frank Bennett, P.O. Box 8722, Port St. Lucie, FL 34985. (407) 340-0871 evenings. (156) FREE PRICE LIST of nationals. Over 1000 NY nationals and almost 600 nationals on other states. Please specify states wanted; send want lists, also stock type, obsolete, and Confederate. George Decker, P.O. Box 2238, Umatilla, FL 32784 (904) 483-1379. (155) SELLING LARGE U.S. CURRENCY: Would like to sell some notes (mostly CU) from my private collection. Send large SASE for price list. No dealers please. James Trent, P.O. Box 136, California, MD 20619. (155) WANTED: Macerated money items. Items made out of U.S. paper money, approximately 1900. Please send full information as to what you have for sale to my attention. Bertram Cohen, 169 Marlborough St., Boston, MA 02116. (154) FOR SALE: Vicksburg, Mississippi obsolete proof notes from the American Bank Note Co. Archives. Write for list. Also buying Missis- sippi obsoletes. J.D. Gilbreath, 944 Wyndsor Dr., Hixson, TN 37343. (156) PRIVATE COLLECTOR wants MAINE NATIONALS. Attempting most definitive collection of state ever assembled: want rare banks, high denominations, red seals, 1st charters, value backs, etc. Andrew Nelson, P.O. Box 453, Portland, ME 04112. (158) MICHIGAN NATIONALS, buy, sell, trade. Send SASE for list. Also MI obsoletes, scrip and fractionals. Dr. Wallace G. Lee, 255 N. Telegraph, Suite 210, Waterford, MI 48328. FREE LIST OF NATIONAL CURRENCY. Most prices reduced. Specify state and we'll help you look. Buy, sell, trade. We need Arizona na- tionals. Apelman, Box 283, Covington, LA 70434. WANTED: Miller's 101 Ranch scrip-5, 10, 20 bucks from 1924. Also want other 101 items. Paul Haudrich, 8024 Daytona Dr., St. Louis, MO 63105 (314) 725-6336. SELLING MASSACHUSETTS nationals: Amherst, Attleboro, Dedham, Easthampton, Fall River, Great Barrington, Greenfield, Haverhill, Holyoke, Hudson, Lee, Malden, Medford, Methuen, Newburyport, Newton, New Bedford, North Adams, Northampton, Peabody, Shel- burne Falls, Somerville, Springfield, Stockbridge, Taunton, Townsend, Uxbridge, Watertown, Whitinsville, Williamstown, Winchendon, Win- chester, Worcester. Other states. Free lists (specify). Apelman, Box 283, Covington, LA 70434. Page 95 Paper Money Whole No. 153 1111 1111 , ' , I 111,1 101 . WE ARE ALWAYS BUYING • ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: • -TO) Tc -,s4 CU EVit -._ • LEN and JEAN GLAZER (718) 268.3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 ----: ET \ .t.P...... \ 1)\1 : S( Kl I I- ) v`..0 1 R mom. -,) '•.$ '( 01.1.1..C - 1•()IV, C'l im :,,, . a rof cu2:7 \ Charter Member 11:4101111 ThOnralraildill%seiWiasam. rovroeieve.rim asuitilgss Page 96 Paper Money Whole No. 153 REALIZE THE BEST PRICES FOR YOUR PAPER MONEY $10 Star Note. F-1700. Nearly New. Realized $29,700 in one of our recent sales. I'M 5/6-91 Dear Rick Bagg: Please tell me how I can include my paper money in a upcoming auc- tion. I understand that all information will be kept confidential. Name Address City State Zip Check here: 1 I am thinking about selling. Please contact me. Brief description of holdings: Daytime phone number: Go with the world's most successful auction company— Auctions by Bowers and Merena, Inc! When you consign your collection or individual important items, you go with a firm with an unequaled record of success! Over the years we have handled some of the most important paper money collections ever to be sold. Along the way our auctions have garnered numerous price records for our consignors. Indeed, certain of the price records established at our Matt Rothert Collection Sale years ago still stand today! Thinking of selling your collection or desirable individual notes? Right now we are accepting consignments for our next several New York City and Los Angeles sales. Your collect call to Dr. Richard Bagg, our Director of Auctions, at (603) 569-5095 will bring you complete information concerning how you can realize the very best price for your currency, in a transaction which you, like thousands of others, will find to be profitable and enjoyable. What we have done for others, we can do for you. Tele- phone Dr. Richard Bagg collect today, or use the coupon provided. Either way, it may be the most profitable move you have ever made!,...„0, MAIL TO: Auctions by Bowers and Merena, Inc. Attn: Publications Dept Box 1224 Wolfeboro, NH 03894 SYNGRAPHIC SPECIALS 1902-08, $10 "Bank of North America" Phila., PA. The only National Bank Note that does not have the word "National" in the title. UNC. with light fold. Scarce, popular. $475 1902, $5 "American National Bank", Idaho Falls, Idaho. CR AU. Lists $2,250 in CU. Priced to sell. $1,150 1902, $5 "Brotherhood of Locomotive Engi- neers Cooperative National Bank of Cleve- land". The longest name of any National UNC with faint fold. $500 SASE for our list of other "Syngraphic Specials". Be sure to visit the ANA's great World-Class Museum. It now houses the $2 Million Collection of United States Currency, also the 1913, Liberty-Head nickel, both gifts from Aubrey & Adeline Bebee. AUBREY and ADELINE BEBEE ANA LIFE #110, P.O. Box 4290, Omaha, NE 68104 • (402) 558-0277 EARLY AMERICAN NUMISMATICS COLONIAL & CONTINENTAL CURRENCY We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING IN: SERVICES: ❑ Colonial Coins ❑ Portfolio ❑ ❑ Colonial Currency Rare & Choice Type ❑ Development Major Show EARLY AMERICAN NUMISMATICS Coins Coverage c/o Dana Linett ❑ Pre-1800 Fiscal Paper ❑ Auction ❑ Encased Postage Stamps Attendance ❑ P.O. Box 2442 ❑ LaJolla, CA 92038 ❑ 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS Paper Money Whole No. 153 Page 97 BANKS 1868 UNION NATIONAL BANK (Philadelphia) $75 Black/White Capital Stock certificate with several attractive vignettes. One of the very few engraved banking stocks, from the American Bank Note Company. Pen-cancelled, otherwise in VF + condition. Our Current BANK listing includes more than 3 dozen Bank stocks, from 1812 to 1933, many with vignettes by the major bank note companies of the 19th century. Call or write today and ask for our BANK listing, or for our general catalogue of more than 150 stocks and bonds. CENTENNIAL DOCUMENTS P.O. Box 5262, Clinton, NJ 08809 (201) 730-6009 Nobody pays more than Huntoon for ARIZONA & WYOMING state and territorial Nationals NeguitnaNnipipt , V205926E 41111141,111111111111? j..1.%,r4001...10,1" 1.11.1•}1 liTit■Wr Peter Huntoon P.O. Box 3681 Laramie, WY 82071 (307) 742-2217 Page 98 Paper Money Whole No. 153 • FLU INC. P.O. BOX 84 • NANUET, N.Y 10954 BUYING/ SELLING. OBSOLETE CURRENCY, NATIONALS • UNCUT SHEETS, PROOFS, SCRIP BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $2.00, Refundable With Order ANA-LM SCNA PCDA HUGH SHULL P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 SPMC-LM BRNA FUN BUYING AND SELLING Errors, Fancy Numbers, Number 1, Solid Numbers, Ladders, Florida Nationals Send for free price list or for our Want Lists ROBERT and DIANA SPMC, IBNS AZPIAZU CCCC, CCNE PMCM LANSA P.O. Box 1565 St. Augustine, FL 32085-1565 (904) 797-8622 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 MYLAR D CURRENCY HOLDERS This month I am pleased to report that all sizes are in stock in large quantities so orders received today go out today. The past four years of selling these holders has been great and many collections I buy now are finely preserved in these. For those who have not converted, an article published this past fall in Currency Dealer Newsletter tells it better than I can. Should you want a copy send a stamped self-addressed #10 business envelope for a free copy. Prices did go up due to a major rise in the cost of the raw material from the suppliers and the fact that the plant work- ers want things like pay raises etc. but don't let a few cents cost you hundreds of dollars. You do know—penny wise and pound foolish. SIZE INCHES 50 100 500 1000 Fractional 4 3/4 x 2 3/4 $14.00$25.25 $115.00 $197.50 Colonial 5'/2 x 15.00 27.50 125.00 230.00 Small Currency 6% x 2% 15.25 29.00 128.50 240.00 Large Currency x 31/2 18.00 33.00 151.50 279.50 Check Size 9% x 41/4 22.50 41.50 189.50 349.00 Baseball Card Std 2 3/4 x 3 3/4 13.00 23.50 107.50 198.00 Baseball Bowman 2% x 4 14.00 25.50 117.00 215.00 Obsolete currency sheet holders 8 3/4 x 14, $1.10 each, mini- mum 5 Pcs. SHIPPING IN THE U.S. IS INCLUDED FREE OF CHARGE Please note: all notice to MYLAR R mean uncoated archival quality MYLAR R type D by Dupont Co. or equivalent mater- ial by ICI Corp. Melinex type 516. DENLY'S OF BOSTON P.O. Box 1010 / Boston, MA 02205 Phone: (617) 482-8477 Million Dollar Buying Spree Nationals MPC Currency: FractionalLg. & Sm. Type ForeignObsolete Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible COIN SHOP INCEST 1960 " 11011/4.9/401 SO44,63" SEND FOR OUR COMPLETE PRICE LIST FREE 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800.848-3966 outside Ohio 1),.Z7P,:., zia„tlAg) Life Member Paper Money Whole No. 153 Page 99 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 CANADIAN BOUGHT AND SOLD • CHARTERED BANKNOTES. • DOMINION OF CANADA. • BANK OF CANADA. • CHEQUES, SCRIP, BONDS & BOOKS. FREE PRICE LIST CHARLES D. MOORE P.O. BOX 1296P LEWISTON, NY 14092-1296 (416) 468-2312 LIFE MEMBER A.N.A. #1995 C.N.A. #143 C.P.M.S. 11 WE NEED TO BUY If you are selling a single note or an entire col- lection, you will be pleased with our fair offer — NO GAMES PLAYED HERE! (Selling too! Write for free catalog.) Subject to our inventory requirements we need the following: ALL WORLD BANK NOTES Also U.S. Large Size Notes U.S. Encased Postage All Military Currency Souvenir Cards U.S. Fractional Currency National Bank Notes Colonial Currency U.S. Small Size Currency Ship With Confidence or Write We pay more for scarce or rare notes. TOM KNEBL, INC. (702) 265-6614 Box 3689 Carson City, NV 89702 Page 100 Paper Money Whole No. 153 V!L - ' '''' k ^ gg,J Iti`t,_ 1 ) MITZ SA c. ON 10 uldlar ,.a I COLLECT MINNESOTA OBSOLETE CURRENCY and SCRIP Please offer what you have for sale. Charles C. Parrish P.O. Box 481 Rosemount, Minnesota 55068 (612) 423-1039 SPMC 7456 — PCDA — LM ANA Since 1976 ," iY ,.. , 7, ''' 1* s, TAW • t FRANCE WANTED!tr( 44, n,"k /rgif Please help me build my collection. I need the following notes and will pay top collector prices to acquire them. May I hear from you soon? • Important Type Notes from about 1750 to date. • Specimen Notes AU or better. • World War I and II Locals — these can be Chambers of Commerce, Merchants, Factories, Mines, etc. • Encased Postage Stamps — even some very common pieces are required. • Postcards that show French Banknotes. I am a very serious collector of these items and have been known to pay some sky-high prices for needed items. Priced offers are preferred as I can't tell you what you should get for your material! Finders fee paid for successful referrals! If possible please provide me with a photo-copy of item(s). .wisfe S' R. J. BALBATON P.O. BOX 911 NORTH ATTLEBORO, MASSACHUSETTS 02761-0911 Tel. 1-508-699-2266 Days 11. E N 0-3 0-C tilekMIN Drawer 66009 West Des Moines Iowa 50265 515-225-7070 FAX 515-223-0226 •■1•111■ OW" OUR Memphis Auction continues to shape up nicely with additional rare and ex- citing consignments sure to make it a rewarding event for us all. Mike Crabb has con- signed his $5.00 1928 twelve district Federal Reserve Note collection with nine star notes, low and fancy serial numbers all in the best condition he was able to obtain in the last twenty five years. Sixteen large size star notes as well as numerous low and fancy numbers, including a cut sheet of Fr 237 1923 silver certificates all with "D serial numbers will be in the auction along with a Gem CU 1933 ten. National collectors will be pleased to know that an uncut sheet of $5.00 1902 Red Seals on a previously unknown Pennsylvania bank, The Clairton NB, Charter #6495 has been consigned. One of the greatest of all titles in nationals, the fabled Grinnell- Donlon ten dollar blue seal on The First National Bank of the Thousand Islands, Alexandria Bay, New York will join Opp, Alabama, Marked Tree, Arkansas, Blue Ridge, Georgia, Greens Fork and Rising Sun, Indiana, Coon Rapids and Linn Grove, Iowa, Blooming Prairie and Blue Earth, Minnesota, Old Forge, New York, Pauls Valley, Oklahoma, Export, Freedom, South Fork, and Turtle Creek, Pennsylvania, Honey Grove, Texas, and Elm Grove, West Virginia for a feast for those who are par- tial to fancy names on their nationals. An interesting group of obsolete notes listed in Haxby as "Surviving example not confirmed" were saved from destruction as ex- hibits in a probate court in 1845 and are now available for the first time. A group of Confederate notes sent to a G.A.R. post in Augusta, Missouri by Franklin MacVeagh, Secretary of the Treasury, in 1912, complete with the letter and envelope will be available. These notes were seized as contraband during the war nearly fifty years be- fore. A bogus counterfeit, the very rare Cr 47 $20.00 is also part of the sale. Books, auction catalogs, price lists, an interesting group of stocks and bonds, type notes, Canadian and fractional currency including a shield of exceptional quality will round out the sale. If you are not currently on our mailing list, please advise us of your interest. We make no charge for our catalogs and we are happy to send them to all who are interested. Those who wish to receive the prices realized and the catalog via first class mail are asked to remit $5.00, stamps are ac- ceptable. We are proud to announce that we have accepted an invitation to hold the auction at the GENA conven- tion next September in Cherry Hill, New Jersey. We plan to feature notes from that area as well as Dr. Aspen's collection of silver certificates. Look for us at the Central States convention for a preview look at the Memphis Auction lots. member of: 4sertf94*.' PanoWeanwuniwndic