Paper Money - Vol. XXXI, No. 4 - Whole No. 160 - July - August 1992

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JULY AUG 1992VOL. XXXI No. 4 WHOLE No. 160 IIIMI■i• COLUMBUS IN HIS STUDY More collectors depend on Krause's paper money references. STANDARD CATALOG OF U.S. PAPER MONEY By Chester Krause and Robert Lemke 10th edition, 208 pages. Choose and compare from more than 175 years of U.S. paper money in 5,000 currency items, punctuated by over 550 original photographs. Totally revised valuations give current market data in the three common preservation grades $21.95 EARLY PAPER MONEY OF AMERICA By Eric P. Newman 3rd edition, 480 pages. An illustrated, historical, and descriptive compilation of data relating to American paper currency from its inception in 1686 to the year 1880. Liberally illustrated with both black 8 white and color photos $49.95 STANDARD CATALOG OF NATIONAL BANK NOTES By Dean Oaks and John Hickman 2nd edition, 1,216 pages. Provides a comprehensive study of all known National Bank Notes issued between 1863 and 1935. More than 117,000 notes are listed in this thorough study $95.00 STANDARD CATALOG OF DEPRESSION SCRIP OF THE UNITED STATES By Ralph Mitchell and Neil Shafer 1st edition, 320 pages. Over 3,570 issues are carefully described and attributed. Market values are given for grades you are likely to encounter. Over 2,025 photos, complete with accompanying descriptions of size, color and signatories $27.50 STANDARD CATALOG OF WORLD PAPER MONEY Volume II, General Issues, By Albert Pick 6th edition, 1,136 pages. Today's most complete accurate reference for nationally circulated legal tender issues from around the globe. Coverage encompasses the 18th through 20th centuries. More than 21,000 notes are listed, over 9,600 illustrations $49.00 STANDARD CATALOG OF WORLD PAPER MONEY Volume I, Specialized Issues By Albert Pick Edited by Colin Bruce II and Neil Shafer 6th edition, 1,008 pages Larger than ever, this volume covers 250 years of state, provincial, commercial, revolutionary and other limited circulation currency issues from 365 note issuing authorities. 16,700 notes are listed, with 7,660 original photos, many improved. The latest valuations include items previously listed, but now priced for the first time! $55.00 STANDARD CATALOG OF U.S. OBSOLETE BANK NOTES By James Haxby 1782-1866 1st edition 2,784 pages. The ultimate encyclopedia of U.S. obsolete bank notes. More than 15,000 photos, many appearing for the first time anywhere. Prices are listed in up to three grades of preservation. $195.00 per four-volume set. CONFEDERATE STATES PAPER MONEY By Arlie R. Slabaugh 7th edition 112 pages, 6"x9" A new edition of this popular catalog on Confederate States paper money has been totally updated and revised for the first time in nearly 15 years. Features more than 100 illustrations, plus new data on advertising notes, errors, facsimile, bogus and enigmatical issues $9.95 Please print clearly Your name Address City/State/Zip Phone: ( Is your order complete? q Double check item numbers quantities and totals q Is your address and phone number correct? q Is check enclosed OR credit card information complete? Mon.-Fri. 6:30 a.m. to 8 p.m. CST Saturday 8:00 a.m. to 2:00 p.m. Mail to.. General business phone Krause Publications 715-445-2214 700 E. State St. Mon.-Fri. 8:00 a.m. to 5:00 p.m. Iola, WI 54990-0001 Credit Card Buyers please complete the following: MasterCar ( ) VISA Account Number Expiration Date: Mo. Signature City. Code Title Price Total CS Confederate States Paper Money $9.95 EP Early Paper Money of America, 3rd Ed. 49.95 DS Standard Catalog of Depression Scrip of the U.S. 27.50 NB Standard Catalog of National Bank Notes, 2nd Ed. 95.00 BB Standard Catalog of Obsolete Bank Notes 195.00 SP Standard Catalog of U.S. Paper Money, 10th Ed. 21.95 PM Standard Catalog of World Paper Money, Gen. 6th Ed. 49.00 PS Standard Catalog of World Paper Money, Spec., 6th Ed. 55.00 Subtotal Shipping and Handling* Total Enclosed SAVE TIME Credit card orders call toll-free 1-800-258-0929 Dept. ZGB Yr. *Please add $2.50 for postage and handling for the first title and $1.50 for each additional title Addresses outside the U.S. add $5.00 per title ordered for postage and handling. ZGLI Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXI No. 4 Whole No. 160 JULY/AUGUST 1992 ISSN 0031-1162 GENE HESSLER, Editor P.O. Box 8147 St. Louis, MO 63156 Manuscripts, not under consideration elsewhere, 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 the SPMC or its staff. PAPER MONEY reserves the right to reject any copy. Manuscripts that are accepted will be published as soon as possible. However, publication in a specific issue cannot be guaranteed. IN THIS ISSUE AGAINST ALL ODDS: FRANK LEVITAN'S COLLECTION OF WESTCHESTER COUNTY, NY NATIONAL BANK NOTES Robert R. Moon 117 195 YEARS OF BANKING IN GLOUCESTER, MASSACHUSETTS Henry N. McCarl, PhD 120 THE PAPER COLUMN UNITED STATES TERRITORIAL NATIONAL BANK NOTES Peter Huntoon 125 FRED BIEBUSCH, COUNTERFEITERS' MONEY MAN Brent Hughes 133 CERES: AN ENGRAVING BY G.F.C. SMILLIE Gene Hessler 135 MONEY TALES Forrest Daniel 136 S( EFY OF PA PER N ION EY COLLECTORS I NC. SOCIETY FEATURES NOTED & PASSED 137 MEET YOUR CHARTER MEMBERS 137 FINAL CALL FOR SUTLER PAPER 137 LETFER TO THE EDITOR 137 IN MEMORIAM 138 BOOK RELEASED 138 MONEY MART 139 NEW MEMBERS 139 ON THE COVER: Columbus in His Study, as seen on the $1,000 United States note, was engraved by Henry Gugler. Inquiries concerning non-delivery of PAPER MONEY should be sent to the secre- tary; for additional copies and back issues contact book coordinator. Addresses are on the next page. Paper Money Whole No. 160 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 address changes to: Bob Cochran, Secretary, P.O. Box 1085, Florissant, MO 63031. © Society of Paper Money Collectors, Inc., 1992. All rights reserved. Reproduction of any article, in whole or in part, without ex- press written permission, is prohibited. Individual copies of PAPER MONEY are available from the Book Sales Coordinator for $2.75 each plus $1 postage. Five or more copies are sent postage free. ADVERTISING RATES SPACE Outside 1 TIME 3 TIMES 6 TIMES Back Cover $152 $420 $825 Inside Front & Back Cover $145 $405 $798 Full Page $140 $395 $775 Half-page $75 $200 $390 Quarter-page $38 $105 $198 Eighth-page $20 $55 $105 To keep rates at a minimum, advertising must be prepaid in advance according to the above sched- ule. In exceptional cases where special artwork or extra typing are required, the advertiser will be no- tified 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 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With advance notice, camera-ready copy will be accepted up to three weeks later. 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 cur- rency and allied numismatic material and publi- cations and accessories related thereto. SPMC does not guarantee advertisements but accepts copy in good faith, reserving the right to reject objection- able 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 notification of such error. All advertising copy and correspondence should be sent to the Editor. Page 113 SOCIETY OF PAPER MONEY COLLECTORS OFFICERS PRESIDENT AUSTIN M. SHEHEEN Jr., P.O. Box 428, Camden, SC 29020 VICE-PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 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 ROBERT 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 RICHARD J. BALBATON, P.O. Box 911, N. Attleboro, MA 02761-0911 BOARD OF GOVERNORS DR. NELSON PAGE ASPEN, 420 Owen Road, West Chester, PA 19380 CHARLES 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 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 WILLIAM F. MROSS, P.O. Box 21, Racine, WI 53401 JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC 27114 DEAN OAKES, Drawer 1456, Iowa City, IA 52240 BOB RABY, 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 WENDELL W. WOLKA, P.O. Box 262, Pewaukee, WI 53072 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 secre- tary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. Members of the ANA or other recognized numismatic so- cieties are eligible for membership. Other applicants should be sponsored by an SMPC member or provide suitable references. DUES—Annual dues are $20. Members in Canada and Mex- ico should add $5 to cover additional postage; members throughout the rest of the world add $10. Life membership, payable in installments within one year, is $300. Members who join the Society prior to Oct. 1st receive the magazines already issued in the year in which they join. Members who join after Oct. 1st will have their dues paid through Decem- ber of the following year. They will also receive, as a bonus, a copy of the magazine issued in November of the year in which they joined. • UIV114(4 INC. P.O. BOX 84 • NANUET, N.Y 10954 BUYING/ SELLING• OBSOLETE CURRENCY, NATIONALS• UNCUT SHEETS, PROOFS, S RIP BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352.9077 Page 114 Paper Money Whole No. 160 U.S. PAPER MONEY COLLECTORS! Bank Note Reporter is for you! n?ozEiR II—V IDE FOR PAPER MONEY COLL N7 4 GU ECTORS Orrroa-SISM • CATSI A Christie's first auction American Bank Noteof Archives brings $3 million 441 -6 I gl= • .11 Nationals topic of second editn, 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 to keep current on U.S. and world notes, plus all other related fiscal paper. Bank Note Reporter is your one-stop paper money information source. Make sure you're in the know, by entering your subscription now. Take advantage of our special half-year offer. Or request a free sample issue (U.S. addresses only). Mail to: Bank Note Reporter Circulation Dept. 700 E. State St. Iola, WI 54990 Enter my Bank Note Reporter subscription as follows: ( ) New ( ) Renewal/Extension (attach your mailing label) ( ) 1/2 year (6 issues) $12.95 Foreign addresses send $20.65. Payable in U.S. funds. ( ) Send me a free sample issue (U.S. addresses only) ( ) Check or money order (to Bank Note Reporter) Name Address City State Zip ( ) MasterCard/VISA Credit Card No Expires: Mo. Yr Signature Note: Charge orders will be billed as Krause Publications. CP4 ]L Paper Money Whole No. 160 Page 115 Paper Money Whole No. 16DPage 116 • Hy, s ,,•,\\ 11 1 (1E1 , :' •H:1: WE ARE ALWAYS BUYING ■ FRACTIONAL CURRENCY ■ ENCASED POSTAGE ■ LARGE SIZE CURRENCY ■ COLONIAL CURRENCY WRITE, CALL OR SHIP: 13j_l CT Z' LEN and JEAN GLAZER (718) 268.3221 POST OFFICE BOX 111 FOREST HILLS, N.Y. 11375 K \ p p.si().„.1.1 (. ()I ne Charter Member Frank Levitan at home with part of his Westchester County National Bank Note collection. Paper Money Whole No. 160 Page 117 Against All Odds: Frank Levitan's Collection of Westchester County, NY National Bank Notes by ROBERT R. MOON F OR collectors of national bank notes of New York State,one of the most competitive areas these days would belocating notes from national banks in Westchester County. Notes from better banks in this county just north of New York City command extraordinary prices when they come onto the marketplace, well out of all proportion to banks of similar rarity in other parts of the Empire State. It is not uncommon for Westchester County notes on a Rarity 5 scale (3 to 5 notes known) to bring four-figure prices at auction. On a bank classified as Rarity 6 (0 to 2 notes known), the sky is the limit. Even commoner banks bring healthy prices. To help explain this phenomenon, a look at the history of the county is in order. For many years Westchester County has been a bedroom community of New York City and contains many of the "Big Apple's" wealthier suburbs. However, during the national bank note issuing period, most of the county was composed of small farming communities and vacation spots, so, accordingly, the banks also tended to be small and were designed to serve just the needs of the immediate local community. Most of these national banks tended to have a rather small amount of national bank note circulation. A large city, such as Yonkers, which is just over the New York City line, had national banks with larger amounts of circulating currency, but this was the exception rather than the rule. Over the note issuing period of 1863 to 1935, a total of 36 different banks in 26 towns and cities in this county issued national bank notes. Several of these had circulation in amounts slightly above pocket change. After World War II, the mass exodus to the suburbs caused Westchester County's population to expand greatly. The county's local banks fell by the wayside and were replaced by branches of the many large banks from New York City. As mentioned before, many of these suburbs contain quite a few professional people and businessmen who commute to well-established jobs in New York City. Over the years, several of these people have decided to commit some of their resources to the acquisition of national bank notes from their home county. Thus, you have a situation where quite a few dollars are chasing a small amount of material and the old law of supply and demand takes over. One of the folks who has been chasing Westchester County national currency over the years is Frank Levitan of Larchmont, New York. In fact, you could probably say that Frank was the first collector to dedicate himself to tracking down a note of every chartered bank in the county. Frank, who recently retired from his business as a distributor of Goodyear tires in the New York area, started, like many of us, as a coin collector when a child. However, the pressures of school, family and business caused his hobby to remain dormant until the early 1960s when he started attending meetings of the Westchester County Coin Club. While at these meetings, he had his first exposure to paper money. Like many of us, Frank was attracted to the artistic beauty of the old large-size notes and thought it would be a much more enriching and challenging collecting area. Shortly after joining the club, he was given the opportunity of purchasing a group of a dozen Westchester County national bank notes—he was on his way. Frank's next purchase involved luck and per- sistence—two qualities that are necessary to succeed in this game. Wandering into a pawn shop near his place of business, he spotted a large- size $5 note from the First National Bank of Mama- roneck taped to the shop owner's safe. Frank attempted to purchase the note and the owner said he would think about it. Over the next several months, Frank made I alON&I. CORIUMNO11: i • • :kilo t noND4 or .iwpostrut, t 'WSW P•tv *Mr Series of 1875 $5 note on the First National Bank of Sing Sing. Nit MAL 11,1L1111iWell worn but rare. When the Pelham National Bank closed its doors in 1933, it had only $395 outstanding. This Series of 1902 Plain Back Blue Seal $5 note is only one to be reported. "IBINun -071,511 41111111 ailaftroji t N34E1931 -1 Mir 1.144.41Lo r • 'T Page 118 Paper Money Whole No. 160 Original Series "Lazy Deuce" on the East Chester National Bank of Mount Vernon. This bank had the unusual distinc- tion of moving to Evansville, Indiana in 1873. Series of 1902 Plain Back Blue Seal $5 note on the First National Bank of Elmsford. This bank had only $50 in large-size notes outstanding in 1935 and this note is an AU specimen. T•ggiumoi, "*Immx—vtv.m.ot& Irt 12992 A000001 iONAL BM 'it AR DSL FY NEW YORE FIVE HOLLAIIS A000001 12992 12 9 'Ls 9 2 4,20.-sva 84. tZtiknEtT at 31t -toltim Paper Money Whole No. 160 Page 119 NATHINAL CURRENt'i. E" 111J, net over a dozen trips back to the shop. In an act of desperation to get rid of him, the owner sold it to Frank for $10. He took it home and, in order to remove the tape from the note, proceeded to place it in the sink and learned his first lesson about paper money collecting—don't wash notes! His second lesson—don't pass up opportunities—occurred in 1969. Dealer Tom Settle offered him four uncirculated Third Charter $10 plain backs from the Larchmont National Bank at the price of $35 for one or all four for $25 each. Frank decided to buy only one—he wondered what he would do with all four! Over the years Frank's Westchester County collection has ex- panded considerably, not merely by sitting back and waiting for price lists and catalogs to come to him, but by going out and aggressively tracking down notes in the local communi- ties. After determining the names of the officers of a particular bank during the note-issuing era, he would attempt to locate descendents of these officers and ask if any notes were still in the possession of the family. With his earnest and sincere manner, Frank was able to persuade many a child or grand- child of a bank president or cashier to part with a note because they knew that the note was going into hands that would cherish and appreciate it for years to come. Of course, if a good note turned up at auction, Frank would chase it as well as anyone, and most of the major dealers around the country V • 4! with the tit. tit. • ` ' ";:4 ',//1 Natili4riasigl learned that Frank Levitan's collec- tion was a good home for better Westchester County material. At this point, Frank's collection includes notes from all 26 West- chester towns and 34 of the 36 chartered banks that issued notes. The two banks that he is missing—the First National Bank Series of 1902 Red Seal $10 note on the First National Bank of White Plains. of Tarrytown (Ch. 364) and the Mount Vernon National Bank (Ch. 8516)—are both known. A note on the Tarrytown bank was handled by John Hickman over 20 years ago but its present whereabouts are unknown, and a note from the Mount Vernon bank is currently held by another longtime New York collector. So, to quote Frank's article "Not For Sale" in PAPER MONEY No. 116, he is hoping that lightning will strike once again and enable him to complete his Westchester collection. Rather than content himself with a single note per bank, Frank also collects by type and denomination. Obviously, this While chartered in 1926, the First National Bank of Ardsley issued only Series of 1929 -1),pe 11 $5s, $10s and $20s making this note the first $5 issued by the bank. can frustrate the competition out there, as Frank may be sitting on three First Charter notes from a particular bank while not even a Third Charter blue seal note has turned up in years. But that's just part of this fascinating game. Frank's national bank notes comprise only a very small part of his paper money collection; he has also managed to put to- gether a very extensive collection of large-size type notes. A long-time member of the SPMC (No. 2800), Frank has always been willing to share his knowledge with other collectors and show them his notes. However, he has a strong grip on them, and is still out there chasing down the rarities he needs. Needless to say, if you can help him to obtain the last two needed notes, he would love to hear from you. You can drop a line to: Frank Levitan, 4 Crest Av- V-* enue, Larchmont, New York 10538. The first note issued by the Rye National Bank. A Series of 1882 Brown Back $10 with Serial "1" and plate position "A." .-- 44 NATIO:10'a 11-txtior 6351Arzaar" ... ,44,444.utataimatuaautus.tutimm -- qgn.yr Ittogist 41.4„,‘„x s. Acknowledgments A great deal of thanks to Frank Levitan for agreeing to be interviewed for this article and for allowing me to photograph notes from his col- lection of Westchester County nationals. Also, thanks to John Hickman for relating to me some of the data in his files on Westchester County national banks. Sources Hickman, J. & D. Oakes (1990). Standard Catalog of National Bank Notes, second edition, Iola, WI, Krause Publications. 566 TO $10 Gloucester Bank note dated 179 Courtesy of Tom Denly) Ctg DOLLARS 42,7");11(i,' /, .40,0, ( z 't/ .4( ,./ 4 / 061/,' ■.) ;'/ j744_11-,. Page 120 Paper Money Whole No. 160 195 Years of Banking in Gloucester, Massachusetts By HENRY N. McCARL, PhD A LTHOUGH widely known for its fishing industry, sailing ships, art colonies, scenic coastline and sandy beaches, Gloucester is also the home of the oldest bank in Massachusetts, and the fifth oldest in the United States. The Gloucester Bank was founded on April 22, 1796, by a group of leading Cape Ann citizens, mostly shipowners and shipmasters. Initial capital of the new bank was $40,000, mostly in the form of Spanish gold dubloons and silver pieces of eight. Captain John Somes was elected its first president, a position he held for 20 years. The venture was so successful that by 1799 the shareholders applied to the state legislature for a charter, thus authorizing the organization to engage in general banking business with an interest limit of 6 percent. This limit was continued for the next 62 years until the American Civil War. The earliest bank notes for the Gloucester Bank bear the imprint 17 , and were signed by Joseph Allen, Jr., Cashier, and John Somes, President. Security was a principal concern of this early banking institution, and a floor vault was cut into the granite rock beneath the President's desk with a steel trap door and special padlock. Prior to the opening of business each day, the town constable would go to the home of Captain Somes and accom- pany him to the bank with the key for the padlock, carried in a special wooden box that was hidden each night in a secret hiding place in the Somes family home. The constable and bank president would then walk to the bank and open the vault lock promptly at 9:00 a.m. This same procedure was repeated in reverse at the close of each business day. Descendants of Captain Somes are very fond of telling the story of the first attempted bank robbery, described by Alfred Mansfield Brooks in his book: Gloucester Recollected: A Familiar History. Cousin John was alone at the moment. He was signing notes, what we call bills, the paper money in the days when banks were per- sonal business and the Federal government had not yet taken them in hand. A shadow crossed the table at which Cousin John was sit- ting. He turned and saw close behind him a man with a (flintlock) pistol. 'This is the end of your usury, old Shylock," the man growled. As Cousin John struck him, and the pistol flew across the room, he shouted back, "Not by a damn sight!" When the treasurer, who had left the room for a moment, came back, Cousin John was still signing notes. Without so much as looking up he said, "Call the constable and have the damned corpse taken away. The directors will be here in a few minutes:' The would-be murderer was not dead, only unconscious and very bloody. John Somes had not com- manded an Indiaman (sailing ship) at twenty-one and been priva- teering before that for nothing. He fitted his reputation—a quick-tempered, hard-fisted, through-and-through gentleman. The early years of the Gloucester Bank were prosperous years for Gloucester due to the increased demand for dried and salted fish during the Napoleonic Wars (1796-1815). Yet the Embargo Act passed just prior to the War of 1812-1815 and the duration of this (regionally unpopular) war caused economic hardships to the seafaring interests of New England. For- tunately, with major military involvement on the European continent, the British could not turn their full attention to sinking American merchant vessels and fishing schooners, or these years might have been truly devastating to the Gloucester and regional economies. As it was, the end of the Napoleonic Wars and the cessation of military activities in North America brought a substantial decline in the demand for dried fish and ships stores. This worked financial hardships on many Glou- cester merchants and customers of the Gloucester Bank. DOLL &BS- Ai 14. Tini 172!;""""Ilt.4: „..-t.tt ,"Ir'- '1mosr;..-14,44.4 ° " 1 " 11 711 1J()1 1 1EE 11 BAN Kji ■ (courtesy of the Cape Ann Historical Association, Gloucester, MA) Paper Money Whole No. 160 Page 121 $3 Gloucester Bank note dated April 25, 1815, signed by John Somes as President, J. Allen, Jr. as Cashier. Serial No. 631. Gloucestermen had also opened trade with Dutch Guiana by the end of the 18th century, and the trade between the Surinam River and Gloucester Harbor brought new economic life to the Cape Ann economy. Trade in dried salt fish to the Guianas and barrels of molasses to Gloucester for conversion into New Eng- land rum at the Central Wharf Distillery on Porter Street sup- ported a significant portion of Gloucester Bank business until 1855. The owner of the rum distillery, William Pearce, had been one of the founders of the Gloucester Bank, and he and his family were represented on the Board of Directors for most of the 19th century. One does not have to guess where the sympa- thies of the Gloucester Bank were placed during the many tem- perance campaigns and wet and dry elections in Gloucester in the 1800s. Bank notes issued in the period 1812-1815 continued to be signed by Joseph] Allen, Jr., Cashier, and John Somes, Presi- dent. These were issued in denominations of $1, $2, $3, $5, $10, $20, $50, and $100, printed in black ink on thin vellum paper. Some, but not all, of these notes had elaborate check plate back designs in black ink. Boston banks and banks in other financial centers around the U.S. often declined to accept the bills or notes of country banks such as the Gloucester Bank except at substantial discounts. This was based on the uncertainty of the financial soundness of the issuing institution and the difficulty of funds transfers between banks that were not part of a national banking system. Each bank issued its own currency, and anyone accepting that currency had to depend on the good faith and reputation of the issuing bank to make good on its obligations. This led to the establishment by banks of a bank of redemption in Boston that would honor their bills and notes at full value and redeem currency or coinage of any nationality. The India Company was formed in Gloucester about 1830, for the purpose of carrying on trade with Calcutta and the Far East. The period 1830 -1850 was a time of great economic prosperity based on trade with the Far East, and personal wealth was accumulated in seafaring towns like Salem, Ports- mouth, Newburyport, and Gloucester. The directors of The India Company formed a virtually interlocking directorate with the Gloucester Bank, and without controls on insider loans, the business investments of the Gloucester Bank were closely tied to the financial activities of its own directors. By 1850, the Far East foreign commerce of New England was largely centered in Boston, with declining activity at other regional ports. Boston banks continued to grow while others in coastal New England, such as the one in Gloucester, declined in importance. By the 1850s, The Gloucester Bank had issued a new series of bank notes with vignettes of sailing ships and harbor scenes, signed by John J. Babson, Cashier, and Isaac Somes, President. The fortunes of the Gloucester Bank followed the local economy into a period of depression in the late 1850s, but the advent of the American Civil War (1861-1865) brought an in- crease in the demand for preserved commercial foodstuffs, an excellent market for dried salt fish. The deteriorating wharves of the magnates of foreign trade were converted to fish piers where Gloucester fishing schooners unloaded their harvest from the North Atlantic waters. The post-Civil War period saw an increased number of immigrants to the United States from predominantly Catholic countries (such as Ireland and Italy) 1,11,(11r1 STUMM 1. v.e:44.i§tskw f' /' // ///; 1".4,CzierNirl `,MINLIS ( .1 /4 Ili/ /1 / / ( 1/ A .) (1/ 7// / (/' Ca,1 C !ER if (3,0i ic ESTER • Po.,(i.tv/t , 4114:Lum. t 'AitilMhafiVAIN■40:410.410314t4 Page 122 Paper Money Whole No. 160 $5 Gloucester Bank note dated July 1, 1814, signed by John Somes as President, J. Allen, Jr. as cashier. Serial No. 112. $50 Gloucester Bank note dated May 1, 1815, signed by John Somes as President, J. Allen, Jr as Cashier. Serial No. 20. that traditionally ate fish on "meatless" Fridays. This sustained the demand for dried salt fish after 1865. The fishing banks off the New England coast filled the holds of the Gloucester ships which then filled the vaults of the commercial banks of Glou- cester. Within the next 15 years, by 1875, Gloucester was the home of the largest fishing fleet in the world. During the Civil War, major changes occurred in banking in Gloucester as well as in the rest of the U.S. Abraham Lincoln signed the National Currency Act on February 25, 1863. This legislation provided for the issuance of "national bank notes" by federally chartered "National" banks. It underwrote the value of paper currency that was now backed by the U.S. Government rather than each individual bank. The reserve re- quirements of the resulting system of national banks helped to finance the war effort without big increases in federal taxes. Chartered national banks were required to hold a portion of their reserves in U.S. government bonds, and the sale of these bonds financed military purchases for the Union army. The resulting national currency would be accepted by all banks at face value and this would diminish and eventually eliminate the need for banks of redemption such as the one in Boston. The Gloucester Bank qualified for national bank status in 1865 and was granted national bank charter number 1162 as the Gloucester National Bank. Official copies of the first charter (May 18, 1865) and second charter (April 21, 1885) with certi- ficates of authenticity signed by Charles G. Dawes, U.S. Comp- $10 bank note of The Gloucester Bank, dated April 1st, 1857, signed by Isaac Somes as President, John J. Babson as Cashier. Serial No. 2732. 7 / , /,/./ ,/// /// ////// //If/ /// //,/ // r Paper Money Whole No. 160 Page 123 Gloucester National Bank cashier's check dated December 2, 1865, for Seven Hundred and 61/100 dollars made out to G.A. Osborne, Esq., Cashier of the National Bank of Redemption of Boston, signed by Win. Babson, Cashier. Official copy of 1885 (2nd) charter for Gloucester National Bank, Charter No. 1162, dated 21st April, 1885, signed by H.W. Cannon, Comptroller of the Currency. troller of the Currency, dated January 17, 1900, were obtained by this author in 1989. The second charter grants permission to continue business as Gloucester National Bank until April 25, 1905, at which time a third charter was undoubtedly issued. CEA- ,ATE rom CERII,E0 COPY TI,',1,311, 0 DC1,1111 v' /be Un iloot Certificate for Certified Copy of 1885 renewal of charter for Gloucester National Bank, Gloucester, Massachusetts, dated 17th January, 1900, and signed by Charles G. Dawes, Comptroller of the Currency. Gloucester National Bank was still utilizing the National Bank of Redemption of Boston in 1865, as attested to by a cashier's check signed by William Babson, Cashier, and dated Dec. 2, 1865 (also part of the author's collection). Gloucester National Bank issued thousands of national bank notes from 1865 to 1929 under charter number 1162, in denominations of $5, $10, $20, $50 and $100. Of a total issue of $4,225,090 issued during this period, only $58,580 was still outstanding when the bank was liquidated on May 17, 1932. The $5 first charter (1162) note of the Series 1875, shown in the accompanying photograph is only one of four notes known to Page 124 Paper Money Whole No. 160 ai.4314" WIREIVni^ *'4"'*•■ •-1 " frN Nectuiwn a 1 Orli, • •,..• tr.) ittOltd ' .4r CIMPOPirr' lin' H°2".". " .1t.itte, K4AuguAtilui44.44z It t.:.t 44ftwietwO-4/fma .'"- (courtesy of the Cape Ann Historical Association, Gloucester, MA) No. 3 6t)st..G Ma:,-11 10, 1933 Payable through ,4 Gloucester National Bank Gloomier, Massecharzi.s Gorton-Pew Fisheries Co., Ltd. As soon ns possible will pay to the BEARER on demand TWENTY -FIVE CENTS inCiirrency, Scrip or Clearing House Certificates at its option. F. $0ext exclaolgrl:within no d.Y.) $5 national currency (Series 1875) note dated July 1, 1865, for Gloucester National Bank, Charter Number 1162, signed by Wm. Babson, Cashier. Serial No. U365122 } upper right, 7282 lower left. 25c depression scrip for Gorton-Pew Fisheries Co., Ltd. payable through Gloucester National Bank, Gloucester Massachusetts, dated March 10, 1933. Serial No. 2608G. still exist from the period 1865-1932. These national bank notes continued to circulate as legal tender even after the liqui- dation of the bank that issued them due to their backing by the federal government. Gloucester National Bank was reor- ganized and rechartered as Gloucester National Bank of Glou- cester in March of 1932 with national bank charter number 13,604. The bank "holiday" in 1932 and the consequent disruption of the checking and currency systems during the depths of the great depression led to the issuance of scrip currency by many employers. Gloucester's own Gorton-Pew Fisheries Company, Limited, issued "depression scrip" payable "as soon as pos- sible .. " through the Gloucester National Bank. From the period of the Great Depression in the 1930s through World War II, post-war recession, and economic cycles through the 1950s, 1960s and 1970s, the fortunes of the Glou- cester National Bank generally followed the ups and downs of the Cape Ann economy. Deregulation of the banking industry nationwide and the national and regional prosperity of the 1980s eventually led to the merger of the Gloucester National Bank into the larger U.S. Trust Company in 1985. Despite some name changes and formal reorganization, Gloucester and Cape Ann are still served by a bank that can trace its basic iden- tity for 195 years. Sources Archives of the Cape Ann Historical Association, 27 Pleasant Street, Gloucester, Massachusetts. Brooks, A.M. I.E. Garland (Ed.). Additional data by R.S. Brooks (1974). Gloucester recollected: a familiar history. Peter Smith: Cape Ann Historical Association. Kelly, D.C. (1985). National bank notes: a guide with prices. Oxford, OH: The Paper Money Institute, esp. pp. B115 & B120. Pringle, J.R. (July 28, 1928). Gloucester National Bank: an ancient financial institution with an honorable record, Cape Ann Shore, pp. 4, 5, 16-19. Acknowledgment: The author wishes to thank the personnel of the Cape Ann Historical Association for their cooperation and kind assistance with this article. The author's collection of bank notes, historical papers, and other memorabilia associated with the Gloucester National Bank and its predecessors are now part of the Cape Ann Historical Association col- lection. Paper Money Whole No. 160 Page 125 United States Territorial National Bank Notes: What are they? Within the numismatic specialty of national bank notes, notes issued by territorial and possession banks occupy an exalted position in desirability and rarity. The special allure of territorials is tribute to the lore and romance of the western frontiers. They conjure up memories of a nation that was young and expanding. The west beckoned the rest- less to discovery and opportunity. As I look from my house across the tens of miles of unobstructed vistas which comprise the Laramie Basin of Wyoming, I can imagine the hopes of the pioneers who crossed here on the Overland Trail in the 1860s. Transportation was arduous, Indians a threat, and the unknown over the next hill a con- stant anxiety. Yet the adventurous pressed on. They wanted opportunity and elbow room. They found both, and they also discovered a security that only successfully living on the edge can provide. The ter- ritorial nationals created by their dreams and labors are a small but very significant monument to their passing. THE PAPER COLUMN by Peter Huntoon What is a Territorial? A territorial national bank note is obviously any note carrying the designation Territory, Terr., Ter. or T. as its location. As will become clear, this is a rather artificial distinction based on known facts. For example, we have documented three cases on large-size notes where the territorial plates did not carry the territorial label, specifically the 10-10-10-20 Original Series plate for Nebraska City, Nebraska (1417), the 10-10-10-20 Series of 1882 Brown Back plate for Oklahoma City, Oklahoma (5920), and the 10-10-10-20 Series of 1902 plate for Juneau, Alaska (5117). Don't look for the word territory on the Series of 1929 issues of Alaska or Hawaii either. These technical exceptions have to be counted as territorial issues because the notes were printed and issued during the territorial period, and the dates on the notes are territorial dates. Notes continued to be printed from old territorial plates years after statehood for the territorial banks in Nebraska and Colorado. For example, Nebraska territorials were being printed as late as 1885, 18 years after statehood. There are six notes known from Nebraska Territory of which only three were printed during the territorial period. Another quirk associated with territorials is that of late issues. It was the policy of the Comptroller of the Currency to issue existing stocks of notes within a given series until they were depleted. In the case of Arizona, which won statehood on February 14, 1912, 12 percent of the 365,494 territorial notes is- sued were delivered to the banks after statehood! The last Ari- zona territorial notes were shipped to Arizona in 1917. In all cases the late issue Arizona territorials had been printed before statehood; they were just issued later. Last, but not least, how should we classify the District of Alaska and Island of Porto Rico issues which are not territorials at all? Because these areas fall in the class of remote lands without statehood status, I believe they properly belong in the same group as their territorial cousins. Nebraska The earliest note-issuing territory to convert into a state was Nebraska on March 1, 1867. Territorial plates already engraved for The First National Bank of Omaha (209), the Otoe County National Bank of Nebraska City (1417) and The Omaha Na- tional Bank (1633) continued to be used through the Original and 1875 series until the banks were extended and Series of 1882 state plates replaced them. The last of these territorial issues was from Omaha (1633) in 1886. The Nebraska situation was complicated by the fact that the word territory was used haphazardly on a few of the territorial plates. The 10-10-10-20 plate for The Otoe County National Bank of Nebraska City (1417) was dated September 1, 1865, yet reads Nebraska in both the title and script locations. The 10-10-10-10 and 20-20-20-50 plates dated February 20, 1864, for the First National Bank of Omaha (209) are hybrids on which the location in the title reads Nebraska but the script version on the same plates is Neb. Ter. The 1-1-1-2 and 5-5-5-5 plates for the three Nebraska territorial banks were standard territorial plates. Policy Attention finally was focused on a policy for converting ter- ritorial plates in 1889 when North and South Dakota were ad- mitted on November 2. Beginning then, the comptroller ordered the Bureau of Engraving and Printing to convert ter- ritorial plates to state plates bearing the dates of statehood shortly after new states were admitted. Admission of North and South Dakota, Montana, Washington, Idaho and Wyoming produced a flood of conversions in 1889 and 1890. The conver- sions were accomplished by altering the old territorial plates, not by making new plates. IS • I 11 :///*//v „,;" ctiommove: :oVs1 Page 126 Paper Money Whole No. 160 The Wyoming National Bank of Laramie City, Wyoming Territory, taken about 1875, 15 years before statehood. (Photo courtesy of American Heritage Center Archives, University of Wyoming) The only known surviving lazy two from Wyoming Territory frpt , 4400101W IS SrATY/a/nu WWI'S OF 7Z% lilt TILE /kw, 41146#464114 . 7',/. AO: itirCUA 11,4), -;44 vV-11 4 ! aworatit ri 4.4t,aiic .111.-V311Wr.:Ottroi tutiNatf,reofptk.usualCaElillt_ 111- 1L,I) r OiVZVibre171-71; — — irat & e_WITIO,24-V1-) )41.4.34tp‘°,11.137sitaa stwuRE, , 072 — trim VIVIIVat SI114 ItITI ES ► -e walitily 11TIBIbir0jiL z.ket,c40,111149.0. - *IlOttr.fir, 3 , . r*1.41,:tj I r—) Paper Money Whole No. 160 Page 127 The only known note from the Territory of Alaska. A very rare Territory of Arizona note from the last mainland territory. Colorado Despite the existence of a policy for converting territorial plates to state plates after admission, several Series of 1875 Colorado territorial plates were still in use in the early 1890s. The comptroller discovered this and during the early 1890s or- dered their conversion. Ironically, he chose the arbitrary date of February 1, 1890 as the plate date for these plates rather than reaching back for the August 1, 1876 statehood date. Affected banks included: Pueblo (1833), Central City (2129), Colorado Springs (2179), Trinidad (2300) and Pueblo (2310). For ex- ample, the 5-5-5-5 Series of 1875 plate for The First National Bank of Central City (2129), which was a black charter plate, was converted in January 1893. Alaska Alaska remains the special territory. To fully appreciate the one known note from the Territory of Alaska, you must realize that Alaska had two organic acts. The first, on May 17, 1884, created the District of Alaska, and the second, on August 24, 1912, es- tablished the Territory of Alaska. A mere 6,792 Alaska ter- ritorials were issued, representing 0.12 percent of the 5,875,338 large-size territorial notes issued. They all came from The First National Bank of Juneau in the form of Series of 1882 Brown Backs and Date Backs. Later Series of 1902 Plain Back Blue Seals issued by Juneau are territorials but the plate simply reads Alaska. There are seven notes documented from this odd plate. No territorials were printed for The First National Bank of Fairbanks because in 1912, when Alaska converted from a dis- trict to territory, the Fairbanks Series of 1902 plates were never altered to reflect the new territorial status. Consequently, Fair- banks Series of 1902 Date Back and Plain Back notes continued to be printed and issued from old district plates until 1929! Issuances A total of 606 different banks issued 5,875,338 large-size and 898,890 small-size territorial notes. The face value of the large- size notes was $55,341,150 and that of the small-size notes was $9,315,430. Such numbers seem impressive, but sink into insignificance when placed into perspective with the non-territorials, or even state notes from the same locations. For example, The Bank of America in San Francisco, the largest note-issuing bank in the country, distributed over $107,000,000 in small-size notes in the short period of 1929 to 1935. This amount is just about double the entire territorial output between 1864 and 1935! Between 1929 and 1935, The Bank of America singlehandedly distributed 5,768,082 $5 notes, which is almost equal to the entire output of large-size territorial notes between 1864 and 1929. VaUPWW94 01W r:001=M- i I / 111, LIN OrY/1- .4 /„. /96# enrs-t: • .414-211. sumo manta Mtn Inn MosIttIMNTIlerlitaMil nit N.irritON't"ttAliolkl eislannin")** re III:', 1 /,(,11.1.-VILtft11— 0/ (// -•7i. • GeTtrr inECNICEF:411111=1=1.2i-tirsiVIFIrillgi2111,-. Nanometluirirentir Motor unntii sum Ms u1.10, Moan Maulltul RIM STATES OF AMERICA ,41-4 it-14 urinS`Iri ittnior, rt NI 1,1,() 141 AAA .."72 NatifinuilICIMP1munr StaMausimonmons efinnine won mUsnum P474-11. " 1,111.9 ,3-..41gairfl: NAT1083JAWNI' -yf A”{‘XtcLro.41:120t.,14t • stri 13111.1:NT: 1,342,11 ..I....■ 1 .74;//, u/w9/4 zii4-21,BarAIIIMMIKO-33111E28112C2L'ee VOIGEZ11.4VaWie ttlg-41 ALItlIPU 61atailtglifittaltil- -(1/ SECIREDITSMICIISTATES BONDS DEPINITEDMIll TUE THEM:I -HER OF —,11-cierApr 8ArrioNALRANKo0 ?r)i 311111116/11.1101101 yoov4,4„,•■■!,, TIY, 1; Nr1711,.1 I 3 0 44414.:SA - /4071.414/ Page 128 Paper Money Whole No. 160 Huntoon patiently waits for his red seal sheet to turn up on this Arizona Territorial bank, but he would accept a single note too. (Smithsonian Institution photo) 1stlattintamt AWN 44,4,!! MISIONVEIMISVO 01X4410 Spectacular Idaho Territory find by David Koble (Mid America Currency). Inscription on the back reads: "1 bequeath this bill to my son Clancy M. Lewis, Feby. 7th, 1893. Isaac I. Lewis. Clancy M. Lewis." The note grades AU. „V 5 Paper Money Whole No. 160 Page 129 Plot by te itor v' of" num ber of known notes versus numbers issued 0 4 5 6 7 8 9 10 11 200+ + + + + +- + +200 I I I I I 1 180+ +180 I I I I I I I I 160+ +160 I *NI I I I I + +140 1401 I I I I +120 1201 *NM I T I I I I 100+ +100 1 I I *OK I I I + 80 80+ I I I I I I I I60+ *CO + 60 I *AD I I I I I I I 40+ + 40 + I*DAII *MT AZ I *UT I I I 20+ + 20 II *PR *WY *I ID *NE WA I *AK I _ -+ + + + + + + 00*AT 5 6 7 8 9 10 11 D I lkitindred Thousands Issued) Page 130 Paper Money Whole No. 160 Although the total numbers of issued territorial notes sounds large, you must realize that most of these notes were put into circulation to replace other territorials that had worn out. Territorials remain one of the rarest pursuits in numis- matics. They represent a drop in the bucket, and most circu- lated to oblivion in the remote corners of our country. In terms of total territorial notes issued, The First National Bank of Honolulu, Hawaii alone accounts for over 17 percent of the total large-size issues, and over 94 percent of the small- size total. The remaining notes were spread thinly over the re- maining 605 banks from virtually unheard of places such as Bisbee, Arizona Territory; Pembina, Dakota Territory; Ravia, In- diana Territory; Tucumcari, New Mexico Territory; or Sun- dance, Wyoming Territory. J. L. Irish held the distinction of having assem- bled the only complete territorial collection, The J.L. Irish Achievement Only one complete territorial collection is presently possible because the Territory of Alaska is represented by a single note. The probability of forming such a set is virtually insurmount- able because all the key notes are scattered far and wide, and are very tightly held. As improbable as it may seem, one col- lector with foresight and terrific determination attempted this set—astonishingly he succeeded! The late J.L. Irish was that person. He began his collection as a relative latecomer to the hobby in 1968. Many territorial collections were in advanced stages when he arrived on the scene. Battling tremendous odds and extremely stiff competition, he completed his territorial collection in 1981. His last requirement was an Idaho ter- 44s.F.:74.41.3 ritorial. When he began his quest none were known. Six specimens have come to light now. The one that he got is an extra fine $10 Series of 1882 Brown Back on The First National Bank of Lewiston, charter 2972. Appropriately, the note bears serial number 1. Irish's feat will forever commemorate him as an extraordinary numismatist who did not understand the word impossible. Discovery Territorial notes are still being discovered. Probably the greatest recent find is an AU $5 Series of 1882 Brown Back from The First National Bank of Ketchum, Idaho Territory. This was brought onto the numismatic market by David Koble of Mid America Currency in 1991. Miracles still happen! Another great recent find was the $5 Series of 1882 Brown Back from The First National Bank of Wailuku, Territory of Ha- waii, which turned up in 1983. This rarity grades very fine and carries serial number 4. It brought the number of known Ha- waii banks to four leaving only The First National Bank of Paia in the undiscovered class. For condition and romance, you can't beat two about uncir- culated First Charter Original Series notes from The First Na- tional Bank of Santa Fe, Territory of New Mexico, also discovered in 1983. These were found in Montreal, Canada. The story goes that these two notes, from the 239th 1-1-1-2 sheet made for the bank, were carried back to Canada by an adven- turous Canadian traveler who visited Santa Fe when the notes were issued in 1871 or 1872. When you contemplate the logistics of that trip—a significant part of it was by stage coach—you have to appreciate these handsome notes even more. I marvel that they survived, notwithstanding having sur- vived in virtually uncirculated condition. Unreported Varieties There are but a few great territorial types left to be discovered. Tops among these are a Series of 1882 Brown Back from Ju- neau, Territory of Alaska, and a Series of 1902 Red Seal from Hawaii. Only 3,080 Brown Backs were issued in Juneau. The Hawaii Red Seal total amounts to 4,356 notes sparsely dis- tributed between Lahaina and Kahului. Miracles do happen. A few years ago we had no idea that there was such a thing as a Territory of Alaska note until a Series of 1882 Date Back from Juneau turned up in St. Louis in 1977. At that time a Series of 1902 Date Back from Porto Rico was also high on the unknown list. One of those—a $10 note—sub- _ 4449_1-2; B22044:- ----"71j11465MTES OFAMERICA . ;fr7‘; 71.-Af •rxn: VV j ipi:0- 1-Wmi-ov 6777 CO .141.1149.436140 4;eS .' Series of 1902 Red Seal from the Territory of New Mexico. This note is from the first 10-10-10-20 sheet sent to the bank. Paper Money Whole No. 160 Page 131 Table 1. Census of known large size territorial notes. Number Number of Notes of Notes Territory Reported Issued Survival (1 per # Issued) Number of Banks Reported Banks Percent Reported Banks Graph Symbol Territory of Alaska 1 6,792 6,792 1 1 100 AT Territory of Nebraska 6 152,276 25,379 3 2 66 NE Territory of Idaho 6 76,524 12,754 8 4 50 ID Alaska-undesignated 7 6,224 889 1 1 100 AK Territory of Washington 8 244,654 30,581 40 7 17 WA Island of Porto Rico 12 15,414 1,284 1 1 100 PR Territory of Wyoming 13 97,848 7,526 11 4 36 WY Territory of Utah 29 221,208 7,627 17 5 29 UT Territory of Montana 33 280,764 8,508 25 10 40 MT Territory of Arizona 34 365,494 10,749 18 13 72 AZ Territory of Dakota 36 412,118 11,447 74 15 20 DA District of Alaska 58 57,424 990 1 1 100 AD Territory of Colorado 60 450,806 7,513 13 9 69 CO Territory of Oklahoma 92 629,752 6,845 158 56 35 OK Indian Territory 112 942,276 8,413 175 65 37 IT Territory of New Mexico 117 902,352 7,712 55 28 50 NM Territory of Hawaii 159 1,013,412 6,373 5 4 80 HI Summary 783 5,875,338 7,503 605 225 37 Notice: There were 606 territorial banks; however, Ketchikan, Alaska, issued only small size notes. Alaska-undesignated refers to the Juneau 1902 notes which do not carry the territorial label. Table 2. Dates of organization and dates of statehood for territories containing banks which is- sued National Bank Notes. Territory Date of Organic Act or Date of Organizations Date of Change in Status New Status Alaska, Dist May 17, 1884 Aug. 24, 1912 territory Alaska Aug 24, 1912 Jan. 3, 1959 49th state Arizona Feb. 24, 1863 Feb. 14, 1912 48th state Colorado Feb. 28, 1861 Aug. 1, 1876 38th state Dakota Mar. 2, 1861 Nov. 2, 1889 39th & 40th states Hawaii Apr. 30, 1900 Aug. 21, 1959 50th state Idaho Mar. 3, 1863 July 3, 1890 43rd state Indian 1834 Nov. 16, 1907 part of 46th state Montana May 26, 1864 Nov. 8, 1889 41st state Nebraska May 30, 1854 Mar. 1, 1867 37th state New Mexico Sept. 9, 1850 Jan. 6, 1912 47th state Oklahoma May 2, 1890 Nov. 16, 1907 part of 46th state Porto Rico, Is. Dec. 10, 1898 July 25, 1952 Commonwealth Utah Sept. 9, 1850 Jan. 6, 1896 45th state Washington Mar. 2, 1853 Nov. 11, 1889 42nd state Wyoming July 25, 1868 July 10, 1890 44th state a Boundaries may have been changed between date of Organic Act and period during which National Bank Notes were issued. sequently appeared. Both survived from miniscule issuances, thus giving me hope that a Brown Back Alaska and Red Seal Hawaii may eventually reveal themselves. Great Notes That Weren't National banks could have been established anywhere in the United States or its possessions. Outside of the contiguous 48 states, only Alaska, with three issuing banks, Hawaii, with five, and Porto Rico, with one, took advantage of the National Bank circulation privilege. Some potentially amazing banks began the process of organizing under national charters during the glory days of the American colonial empire in the first decade of the 20th century. Just imagine the thrill of discovering a note from one of the following which never completed the process: Page 132 Paper Money Whole No. 160 The First National Bank of Valdez, District of Alaska; The First National Bank of Cape Nome, District of Alaska; the Kohala National Bank, Territory of Hawaii; The West Indian National Bank of San Juan, Island of Porto Rico; The United States Na- tional Bank of Ponce de Leon, Island of Porto Rico; The First National Bank of Mayaguez, Island of Porto Rico; The First Na- tional Bank of Cardenas, Cuba; The United States National Bank of Havana, Cuba; The First National Bank of Santiago, Cuba; The United States National Bank of Manila, Philippine Islands; The Panama Canal National Bank of Panama City, Panama; or The United States National Bank of Colon, Panama. Condition Consciousness "BU" mania has not made as serious inroads in national bank note collecting as it has in other areas of numismatics during the past decade. The reason is simple; scarce nationals in general and territorials in particular were used instead of being saved. They normally don't survive in any but the uncir- culated grades. For example, the finest of the six Nebraska Territorial notes grade only fine. The only known Alaska Terri- torial grades very good. Obviously, this field is no place for fickle condition-conscious collectors! Rather it is hallowed ground reserved for serious numismatists who appreciate un- believably long odds against the survival of money that was designed to circulate in the worst of environments. Territorial Census Territorial collectors and currency dealers have faithfully provided me with information on their territorial discoveries. It seems appropriate that a summary of the territorial census information be presented herein as Table 1. This is a current status report, and it will be very interesting to see how these totals change in the next 25 years. The book: Huntoon, Peter W. (1980). Territorials, a guide to U.S. Territorial National Bank Notes: Society of Paper Money Collectors, 169 pp, treats the topic in detail. Every territorial bank is listed along with a complete list of the types, denomi- nations and serial numbers of notes issued by each. The book is profusely illustrated as well. Good Hunting On February 1, 1967, I added my first territorial to my budding collection. The note was a $20 Red Seal from The Citizens Na- tional Bank of Alamogordo, Territory of New Mexico, that grades a full extra fine. Some would call it about uncirculated. I reached for that one, paying some $175 for it, and it represented the culmination of my fondest numismatic dream. To say the least, I was excited. I sincerely hope that you will ex- perience the thrill of a comparable discovery—in numismatics or elsewhere. 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Box 95—Allen, MI 49227 Paper Money Whole No. 160 Page 133 Tales of the Secret Service FRED BIEBUSCH, Counterfeiters' Money Man by BRENT HUGHES The years between 1835 and 1865 might be called the high-water mark of America's so-called "golden age of counterfeiting!' During those years the menace grew from a nuisance to a level that created havoc with the financial structure of our country. In back of every gang of counterfeiters was a money man who supplied the capital to keep the industry run- ning. One of the best known was Joshua D. "Jock" Miner of New York City who grew rich selling sand and gravel to the city government in the years when political cor- ruption was rampant. He increased his riches by loaning money to counterfeiters in a huge loan-shark operation. By spreading his wealth around, Miner developed so much political clout that he operated more or less openly with little fear of arrest by local police officers who were getting their share of the graft. A S big as he was, though, Miner was really a small oper- ator compared to the secretive Fred Biebusch of St. Louis, Missouri. Fred was neither an engraver nor a nor was he directly involved in passing counterfeit into circulation. He was the inside man who made things happen, and he took more than his share of the illegal proceeds. He also had many methods of maintaining control over a lot of people who also wanted more than their share. John S. Dye wrote a lengthy biography of Biebusch in 1879 in which he said that no immigrant "brought to the land of their adoption more dangerous capacities for multifarious crime!' Biebusch was born in Prussia in 1823 and came to this country in 1844. His whole life was devoted to crime and he ex- plored every facet of it. By 1850 he owned his own saloon named the "War Eagle" on Third Street in St. Louis, catering to river men, ship officers and local professionals. To most cus- tomers he was a jolly good fellow, but he had a darker side. Biebusch was a "fence!' a receiver of stolen goods. He was also a loan shark who charged exorbitant interest. To make matters worse, he took advantage of the confusion created by the ab- sence of government-issue paper money and the glut of private banknotes of questionable value. Some of his customers found that mixed-in with the notes Biebusch had given them were a goodly number of counterfeits for which he had paid 184 on the dollar. It was no wonder that Fred was quickly becoming a very rich man. Some sort of problem developed one day that led the police to raid his saloon. When they examined the back room, they discovered that one wall had many hidden compartments loaded with stolen jewelry and silverware. In one such cavity the police found a sack full of gold watches. Biebusch main- tained that the items had been pawned and this was his way of keeping the items safe until redeemed. He was arrested but was released for lack of evidence. It was the first of some fifty arrests he would endure in his career; in only two did the police get a conviction. In a few years Biebusch was running an evil empire which ex- tended for miles out of St. Louis. Dye described his work methods as "like the owl he preferred night to day for his out- of-door movements and transactions and was so shrewd and cautious that he avoided detection year after year while everyone who knew him was certain of his guilt!' Biebusch had contacts with all the major counterfeiters and acted as a wholesale distributor of their products. He seldom handled the goods himself, employing couriers to transport it. He was an expediter, causing goods to flow from seller to buyer like a commodities broker. He earned a healthy commission from every transaction while letting others take the risk of being caught. Biebusch often acted as agent for the famous Peter McCart- ney, Ben Boyd and Bill Shelley. He received favorable rates be- cause he always took huge quantities of counterfeit notes and paid instantly in cash. The engravers also liked the quiet way he operated. Fred had a peculiar personality quirk in that he was obsessed with staying out of jail. He had his own way of reacting to ar- rest. He always kept cash to post bail, then immediately bribed a court employee to give him the names of all witnesses who might testify against him. He then contacted each witness and handed him enough money to take a long vacation. Such wit- nesses quietly left town to enjoy themselves at a resort of their choice. With the witnesses taken care of, Beibusch would go into court with a defiant demand that the prosecutors either prove their charges or release him. There would be a frantic attempt to locate the missing witnesses, then the case would be thrown out. It was said that no man in the United States ever so thoroughly tested the power of money in overthrowing printer money Page 134 Paper Money Whole No. 160 criminal cases. The arrests of Biebusch became a joke among policemen='How much did Fred put up this time to get off?" This racket went on for years during which Biebusch made it his business to know everybody in office, from the lowest magistrate to Supreme Court justices. U.S. senators and governors often received "loans" which they were never asked to repay. It worked because Biebusch never asked for anything except to be left alone to run his business. Biebusch was apprehensive when he learned in 1865 that the U.S. Secret Service had been established. He could handle local authorities but this was a mysterious new enemy that he knew nothing about. He soon found that Operative John Eagan of the St. Louis Secret Service office could not be bought. Eagan was looking into the counterfeit business in his district and a lot of criminals were getting nervous. It was not long before Biebusch was arrested on a charge of counterfeiting. Eagan knew how Biebusch had been handling witnesses so he moved for a quick trial, hid his witnesses and got a conviction. Fred could hardly believe it when the judge sentenced him to serve ten years in the Illinois State Prison. Such was his wealth, however, that five years later he walked out of prison with a pardon signed by the governor. He resumed his old business and relaxed. The first Chief of the Secret Service was William P. Wood, a scoundrel who transferred from his job as superintendent of the Old Capitol Prison in Washington, D.C. under the sponsor- ship of Secretary of War Edwin Stanton. Wood lasted until 1869, when he was forced to resign. Herman C. Whitley took over, fired the corrupt agents that Wood had protected, and brought in new men who could not be bought. Counterfeiters held their breath. Whitley studied the counterfeiting situation and decided that Biebusch should get priority attention. He sent a new agent named McCabe to St. Louis posing as a buyer of counter- feit currency. McCabe used marked money to buy what he wanted from Fred Biebusch and promptly arrested him. The suspect posted $20,000 bail, then walked out and bought off every witness the government had. He could hardly wait for the trial to begin in October 1870 to challenge these new enemies in court. Whitley found out what was going on and went after a sur- prise witness, one William Shelley of New York City. Shelley had been caught red-handed engraving a counterfeit plate, but wanted no part of going to prison. He told Whitley that the man who had ordered the plate was Fred Biebusch of St. Louis. If the government would go easy on him, he told Whitley, he would go to St. Louis and testify. Whitley agreed and kept his witness under cover until the trial. All of St. Louis watched attentively when the trial began. Bie- busch entered the courtroom smiling and defiant as ever, but was struck dumb when the government called its first witness, William Shelley. Biebusch was so startled that he bolted from the courtroom and escaped. When he could not be found, Whitley put Mrs. Biebusch under surveillance, believing that she would lead his men to her husband sooner or later. The plan worked when agents followed Mrs. Biebusch to a small island in the Mississippi River where Fred was holed up in a shack hidden in a corn field. Agents and local police officers surrounded the shack and ordered Biebusch to sur- render. When he refused they fired some shots into the roof of the hut. The suspect fired back and indicated that he would not be taken alive. The officers then set fire to the shack, forcing Bie- busch out. He tried to climb a fence but was dragged down and captured. On December 13, 1870, he was sentenced to serve fifteen years in prison. Shelley had testified and the government had won convictions on five counts. Incredibly, five years later he walked out a free man by virtue of a pardon from the Governor of Missouri. Obviously money still talked. In a short time Fred was back in business and added a line of superb burglar tools to his inventory. Agent John Eagan had re- tired but the Secret Service transferred Pat Tyrrell to St. Louis to take his place. Tyrrell, the agent responsible for the arrest of en- graver Ben Boyd, began building a new case against Biebusch. He gave meticulous attention to every detail of his charges and got a warrant for Fred's arrest. Tyrrell, with help from the St. Louis police, found his man at Seven-Mile House, an inn near St. Louis, on October 22, 1879. It was a good haul because they also arrested some of Bie- busch's associates—Andrew Jackson Thomas (alias "The Preacher"), his wife Annie, Jack Sullivan, Reinhard Bosse, Wil- liam Whalen and Harry Wood. John S. Dye wrote his account in 1879 before this latest matter was resolved. Dye indicated that since Biebusch still had plenty of money and powerful friends he might get off or, at the most, receive a light sentence. This would not have been much comfort for a man as smart as Biebusch who knew that Tyrrell would be waiting for him. He was now fifty-six years old and nearing the end of his working career. The United States government had put most of the counterfeiters in prison and showed no signs of turning down the heat. Whether Biebusch knew it or not, the game was over. Source 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. APANK.Vreitt imm,art (5f, AQ --.7 , 0-1,g2Efaqvu Stf17. 1,0 .-,4114 : 1; 1 A FOR USE ONLY IN UNITED STATES MILITARY ESTABLISHMENTS BY UNITED STATES AUTHORIZED PERSONNEL IN ACCORDANCE WITH APPLICABLE RULES ANC REGULATIONS. E. 045221,0 1 E 41110-0 -- tt,ntt01, Paper Money Whole No. 160 Page 135 CERES An Engraving by G.F.C. Smillie by GENE HESSLER A few months ago Walter Allan wrote an article about a particular engraving by Charles Schlecht (1843-1932) for The Canadian Paper Money Journal. I said that I, too, was investigating the same engraving. Walter identified a Jules- Joseph Lefebvre (1836-1912) painting as Antique Poesy (Antique Poetry). The Lefebvre painting, engraved by Charles Schlecht for American Bank Note Co. appears on at least two bank notes: Canada $5 (PS1443) and Brazil 500 milreis (P87). Both are illustrated in Allan (117); only the latter is seen here. In the records of the Bureau of Engraving and Printing (BEP), which confirms Lefebvre as the original artist, I found that G.F.C. Smilllie (1854-1924) also engraved this subject in 1917 and it was titled Ceres. This, of course, refers to the Roman goddess of agriculture who was the daughter of Saturn, sister of Jupiter and mother of Proserpine. The new title of the engraving Ceres, engraved by G.F.C. Smillie. Antique Poesy, engraved by Charles Schlecht. Ceres, reversed and lithographed. 11111P\ Eg GRIE ;11 Page 136 Paper Money Whole No. 160 is derived from the substitution of wheat for the laurel leaves as seen in the original Lefebvre painting. In addition, there are changes in the garment worn by Ceres. And barely visible, at the base of the engraved proof is "Smillie 1917." In fact Ceres was completed on 31 January 1917. This engraving appears on the following U.S. Federal Farm Loan bonds: $100, $1,000 and $5,000 coupon bonds and $1,000 registered bonds. On 7 Au- gust 1917 Smillie completed a miniature version of Ceres, un- doubtedly intended for the coupons of the previously mentioned coupon bonds. On 27 March 1917 G.F.C. Smillie altered an engraving titled Flora. According to BEP records and the diary of the engraver, the original was apparently Ceres. On 17 August 1917 the en- graver completed a miniature version of Flora. These two en- gravings were used on two Philippine Islands securities: the $1,000, 41/2 0/0, 30-year gold loan bond, due in 1952, and the $1,000 coupon face of a certificate of indebtedness. I have never seen these securities, consequently the alteration cannot be described. The G.F.C. Smillie engraving of Ceres appears on two, $10 military payment certificates. However, the image is reversed and is lithographically printed. The first of these two $10 notes was included in series 521, is- sued in May 1954; Ceres appears on the face. The other $10 note was part of series 661, issued in October 1968; the image ap- pears on the back. In both instances, about one-third of the lower portion of the figure has been cropped away. A few years ago I found a piece of sheet music dated 1904. The young lady on the cover of "Heather by Gustave Lange, resembles the image under discussion here. Whoever the artist was—there is no credit—he or she might have been in- fluenced by the original Lefebvre painting. pe(Afrfl(P QEU.5 Sources Allan, W. (Oct. 1991). Antique Poesy. The Canadian Paper Money Journal. Vol. 27, No. 4. Bureau of Engraving and Printing records. Cook, C. (1888). Art and artists of our time. Vol 1. New York: Selmar Hess. Pick, A. (1990). Standard catalog of world paper money. Vols. 1 & 2. Iola, WI: Krause Publications. Schwan, F. (1981). Military payment certificates. Port Clinton, OH: BNR Press. BOY TRAVELS AS FREIGHT TO BANK AS COLLATERAL A recent news dispatch was sent out from St. Louis as follows: One seven-year-old boy was received on a bill of lading at the Union Station here recently over the Iron Mountain Railroad from Monroe, Louisiana. He was consigned to a local bank as collateral for a board bill to be remitted to a bank at Monroe. Mrs. J.J. Koontz, acting as agent for J.J. Koontz, father and owner of the boy, whose name is Arthur, called at the Union Station for the consignment, but the railroad officials refused to deliver him to her because she was not the consignee named in the bill of lading. The boy, still tagged, was taken to the bank in a taxicab. A disputed board bill incurred by the boy being in Monroe for seven months caused the bill of lading to be issued. When the boy reached the bank the amount due was paid and the boy was turned over to his parents. IMAGES MADE OF MONEY The end of these old bills that have served their purpose so faithfully has a certain amount of pathos. If one is fortunate enough to be present when a committee of three officers of the treasury send them to their destruction, a curious, almost in- describable sensation will creep over one, says Harper's Round Table. This destruction takes place in a room in the treasury building. There is a small table in the center of the room, and on this the bundled bills are piled in reckless confusion. Through two holes in the floor at the end of the table can be seen the large cylinders or macerators into which the bills are placed. They are about the size of locomotive boilers. A large funnel is inserted in one of the holes, and it connects with one of the macerators. The bills are then untied and thrown into the mouth of this funnel. It is amusing to see one of the com- mittee take a stick when they become jammed and prod them through. When the last one is safely in a mixture of lime, and soda ash is placed in the macerator, a cover is clamped over the ventricle and each member of the committee fastens it with a separate lock. Steam is then turned on and the cylinders are set in motion. When the bills have been thoroughly macerated, the pulp is drawn out and taken to a paper machine, where it is made into sheets of paper and afterwards sold. Some one suggested the idea of using part of the pulp to make fancy little images. The idea was adopted, and dainty little knickknacks made of the pulp can be bought in the stores in Washington. The salesmen often induce the possible pur- chaser to buy by telling him that the image at one time represented a large sum of money.—Butte (Mont.) Miner, Aug. 26, 1896. Paper Money Whole No. 160 Page 137 Noted Passed Summer is here. That means a vacation planned for most of us. School is out and the weather pleasant for outdoor activities. Va- cations mean travel—many times to historic sites around our great nation. History is made to come into focus by the won- derful hobby of collecting paper money. Most famous people and events in our nation's history are depicted on our paper money. In fact, if you are a serious collector of paper money you can learn more history from the hobby than any school could ever teach you. The next time you are putting those notes into an album, ask yourself what the vignettes on them stand for, who the printer was, why were they issued and the myriad other queries that are possible. How many of us know how this country's monetary system developed? Why did it do so in the manner it did? Who was responsible for the major occurrences in monetary history? There is so much rich and intellectual information to be gained and to make you feel better about your hobby and your collection. I guess the one thing that has become evident to me in my short time as your president is the inability of this organization to acquire new members and retain old members. If the hobby is as great as I say, and I sincerely believe it is, then we must be doing something wrong or we would be growing at a better rate. Many people join and later drop out. The Bank Note Reporter has many more subscribers than SPMC has members. Why? I don't yet know, but with your help I will try and find out. Letters are beginning to come in expressing members' suggestions and we will respond. This is your organization and you should make the Board of Governors run it as you want it done. I encourage your participation. The ANA annual convention is in Orlando, Florida in August. It would be a great vacation for a family and a good opportu- nity to enjoy your paper money hobby during your vacation. Hope to see you there. Meet Your Charter Members Ralph H. Osborn I was born on March 24, 1913 in Jackson, Michigan and grew up there. I graduated from Jackson High School in 1930 and left soon after to play cornet in a big band. I have some won- derful memories of those great days and good music and en- joyed them until I went into the Army in April 1941. While in the band we had per- formed in the South and I loved the area, so I came to Raymondville, Texas in 1946 after my army discharge. I went to work for the Post Office in 1948 and retired in 1972. 1 had been doing some piano tuning part time for several years and continued on with that until a couple of years ago. When I was a youngster my mother had some old coins and got me interested in them. I started a set of Indian cents from my paper route. About 1954, while shopping in Joske's store in San Antonio, which had a nice stamp and coin department, I saw a large-size silver certificate, F237 in CU for $5 and bought it. That got me started as a paper money collector. A few years later I bought a Texas Treasury Warrant (signed by Sam Houston) from Hank Bieciuk of Kilgore, Texas. When he sent it he enclosed an application for membership in a new paper money society. I promptly sent him the fee and received Charter No. 27. Now I only collect 1929 national bank notes and use the rest of the collection as gifts to grandchildren, etc. I think our PAPER MONEY magazine is one of the nicest things I read and I am proud to be a member of the SPMC. I do appreciate all of the hard work that you officers do. Final Call for Sutler Paper Rich Hartzog of World Exonumia Press, POB 4143BLL, Rockford, IL 61110-0643, will be publishing the new book "Sutler Paper," by Kenneth Keller. All collectors and dealers are invited to help complete the book. Photocopies of Sutler paper items are needed immediately. Please send your clear photocopies to: Kenneth Keller 9090 Kinsman-Pymatuning Rd. Kinsman, OH 44428 Pre-publication discounts will be available from the publisher. Letter to the Editor Access to records of a large number of national banks was made available to me over a period of many years at the National Archives. My research was entirely of national banks that ceased to operate more than fifty years ago. Then I requested records of existing national banks, and I was denied access. The officials at the National Archives informed that when the Comptroller of the Currency transferred these records to the custody of the Archivist of the United States several decades ago, he imposed specific restrictions that limited access to most records less than fifty years old and restricted all records of operating national banks. They directed me to page 161 of the GUIDE TO NATIONAL ARCHIVES OF THE UNITED STATES, which sets forth these specific restrictions. My experience over many years with the National Archives was and is that the officials and staff were and are extremely compe- tent and cooperative. I explained why I wanted and needed these records of existing national banks as well as records less than fifty years old for banks no longer in operation. Then I requested that this restrictive access policy be reviewed under the current Fed- eral law. They agreed to conduct a review. With the passage of the Freedom of Information Act, access to the records of the Comptroller of the Currency, and to all other records of the executive branch of the federal government, be- came subject to the provisions of this statute. The National Ar- chives then advised me that after a policy review these restrictions are now relaxed to permit access to most records that had been previously restricted. Researchers and collectors who were informed in the past that certain national bank records were denied to them should now apply again as a result of the present change of law and policy. Jack H. Fisher Austin M. Sheheen Page 138 Paper Money Whole No. 160 In Memoriam 19 -1992 Aubrey E. Beebe Mr. Beebe joined the Society of Paper Money Collectors because of the many advan- tages of being a member of our Society. Enclosed here- with is an article that ap- peared in the NLG (Numis- matic Literary Guild) News- letter some time ago: In May, 1940, we made a trip to Hot Springs, Ar- kansas, to buy a sizeable gold coin collection, and while there we stopped by our friend Jim Spohn's hobby shop, hoping to buy some choice U.S. coins. After making a nice purchase, and just as we were about to leave, Mr. Spohn made a point to show us a nice collection of large-size notes that he had received on consignment from the fa- mous Detroit dealer, Albert A. Grinnell. Mr. Spohn was correct in assuming that I would be fascinated with those beautifully engraved notes, and as he had had them for some time, he offered me the collection at exactly his cost. So, we bought the notes that were still unsold, enabling Mr. Spohn to make payment to Mr. Grinnell. At Mr. Spohn's suggestion, I wrote to Mr. Grinnell to inform him of my purchase. Upon returning to Chicago, I lost no time in doing so. I informed Mr. Grinnell that I would like to buy other notes for resale to customers, and wondered if he could make lower prices on his consignment. In re- sponse, Mr. Grinnell forwarded a consignment, which, as I recall, amounted to about $1,500, and instructed me to send payment when we finally sold all the notes. From this initial purchase began many years of a long, enjoyable association. Mr. Grinnell never hesitated to im- part his knowledge and experience. Also, seeing that I was very enthusiastic in dealing in paper money, he suggested, in fact, encouraged me to form a collection of large-size notes, and advised me to first buy the scarcest notes and to try to get them in the choicest condition possible. So, feeling gratefully indebted to my great friend and coach, we bought an 1896 $2 silver certificate in pristine condi- tion. Thus started the Aubrey and Adeline Beebe Collec- tion of United States Paper Money. Of the numerous contributing factors, which made it a great time to form a choice collection of paper money, was the liquidation of the vast Col. Ned Green Estate, which was proceeding under the direction of the noted F.C.C. Boyd. Boyd had been appointed Executor, and worked with the able assistance of James M. Wade, then a vice president at the Chase Bank, where the massive hoard of notes was stored. Mr. Wade told me that an initial payment for inheritance taxes was sent to the Treasury Department in Washington that consisted of $200,000 (face value) of large-size paper money. Also, at that time, the Estate would allow a minimum purchase of notes of $10,000 at face value plus a $10 premium charge. One of the numerous collectors and dealers who took advantage of that great opportunity was, as I recall, Mr. B. Max Mehl, the noted dealer from Fort Worth, Texas. I distinctly recall that Mr. Mehl showed up at the ANA Convention in Chicago in 1944 with several packs of scarce notes, the scarcest being a pack of 1923 $10 legal tender notes F123 and a pack of 1890 $10 coin notes F368. Mr. Mehl was offering them in lots of five notes at the seemingly low price of $16.50 per note. Yes, yours truly went all out and bought 10 of each issue. And Mr. Mehl still had a supply of each issue after returning to Forth Worth. One often hears storied about Mr. Mehl, some of which may not be true, but from actual experience I know that he never took a bourse table. His luggage, with a big for- tune of coins, was in his room and was available when making a personal contact with him. Today, it hardly seems that such a "safe period" existed as it did then. Aubrey Beebe, PNB member #1, was a professional coin dealer for more than 50 years. His advertisements ran continually in The Numismatist since 1941. He and Mrs. Beebe donated their fabulous personal collection of paper money (valued at more than $2 million) to the Museum of the American Numismatic Association in Colorado Springs several years ago. He complemented this collection—now on permanent display in the museum—by donating two key American rari- ties: the 1913 Liberty nickel (formerly the McDermott specimen) and the 1804 silver dollar, formerly the Idler coin. These gifts to the ANA, worth over $4 million, are in large measure responsible for the ANA today having a world class money museum. The collecting fraternity will miss Mr. Beebe and is grateful for his contributions. NEWS RELEASE Book Released at the Memphis IPMS Gene Hessler has completed the fifth edition of his award-winning stand- ard reference, The Comprehensive Catalog of U.S. Paper Money. As with each edition of this standard reference and all of Hessler's work, this volume includes many innovations and additions. The most obvious addition is full color illustrations of production work in progress at the Bureau of Engraving and Printing. The color is hardly the most spectacular nor important change how- ever. This honor probably goes to the new listings of federal treasury since 1812. No other catalog has recognized these historically important notes. Hessler consulted with collectors around the world in assembling the information for this section alone. He conducted extensive research in the bureaus and departments of the U.S. Treasury in Washington, D.C. There he found information and material for illustration which has evaded detection for generations. In some cases he was able to obtain studio quality photographs; in other cases he had to take photographs by hand while crouched between dimly lit mountains of musty documents. Of course prices which are given in three conditions for most issues have been completely revised in line with market conditions. However, the listings include much additional interesting and new information. Data concerning quantities issued and retired, in many cases by signa- ture combination, may be found in the listings. For the first time, the serial numbers of known examples of rare notes are listed so that they may be compared with other pieces which may become available. Specialists in virtually every area of United States paper money will find significant information here. National bank note collectors will find Paper Money Whole No. 160 Page 139 information on varieties that may not be found in other catalogs. An extensive list of national banks which issued currency is included. This list is in alphabetical order by city name and gives the charter numbers associated with the city of issue. Just as with all other areas, the listings for error notes, fractional cur- rency, encased postage, and sheets have been revised to include new in- formation. While the section on Military Payment Certificates (MPC) is relatively small, it includes up-to-the-minute information on the number of replacements reported in collections and data on engravers and artists which have never been published. One of Hessler's personal specialties is studying engravers and en- gravings. The book amply demonstrates this fact with fascinating infor- mation. Most vignettes which have been used on United States paper money are identified. In many cases information about the original ar- tists and engravers is also included. Subtle changes include the replacement of routine illustrations with more interesting examples. Many new photographs of notes with serial number one (or number 100,000,000) are now used simply to illustrate the type. Two other volumes complete Hessler's trilogy of United States Paper Money—An Illustrated History of U.S. Loans 1775-1898 and U.S. Essay, Proof and Specimen Notes—were published in 1988 and 1978 respectively. The release of these references are landmarks in the history of paper money research because of the unparalleled depth and breadth of new infor- mation which they presented. An Illustrated History ... uncovered spec- tacular American fiscal documents which had never been recorded in numismatic literature. It is a classic book. After nearly 15 years the Essay, Proof . . . volume remains the only reference of its kind. Mr. Hessler has received five major awards from the numismatic community for these two books and the Comprehensive Catalog. U.S. Essay, Proof . . . and Comprehensive Catalog . . . are available from BNR Press, 132 East Second St., Port Clinton, OH 43452-1115, or from dealers around the country. The Comprehensive Catalog . . . is $29.95 softcover and $39.95 hardcover, U.S. Essay, Proof . . . is $19.50 and An Illustrated His- tory ... is $50.00. NEW MEMBERSHIP COORDINATOR NEW Ronald HorstmanP.O. Box 6011St. Louis, MO 63139 MEMBERS 8223 P.W. Coombe, 15 Kings Highway, Dover, DE 19901; C, obsoletes. 8224 Donald Jackson, 3307 Van Buren, El Paso, TX 79930; C. 8225 Greg C. Clawson, 3565 Long Dr., St. Ann, MO 63074; C, Stocks, bonds, checks and MPC. 8226 Mike Gibson, P.O. Box 1313, Rowlett, TX 75088. 8227 Larry Thomas 3603 Copper Kettle Way, Orange, CA 92667; C, Sm.-size star notes & fancy ser. nos. 8228 Rick Rounds, 18712 Evergreen Ave., Yorba Linda, CA 92686-2536; C, Large & small U.S. 8229 Jerry L. Pattillo, 1954 Rambling Ridge Dr., Carrollton, TX 75007; C. 8230 Steven Frager, 33 Dover Rd., Dover, MA 02030; C, Fractionals & U.S. notes. 8231 Coy Fitzhenry, 2706 Hot Springs, Pearland, TX 77581; C, Nat. BN. 8232 Mark Rielly, 504 Greenridge Rd., Bel Air, MD 21015; C, U.S. fed. & obsoletes. LM116 Robert W. Liddell III, Rt. 1, Box 241A, Milan, PA 18831; Con- version from 8191. LM117 Bob Kalinowski, 1266 Akele Street, Kailau, HI 96734. LM118 Ian A. Marshall, Conversion from 7731. LM119 Dan Pausner, 2521 Wisper Way, Tallahassee, FL 32308-3913. I.M120 George H. Decker, 37406 Turner Dr., Umatilla, FL 32784; Con- version from 3242. LM121 Michael R. Coltrane, 1009 Burrage RD NE, Concord, NC 28025; Conversion from 6732. mongymart Paper Money will accept classified advertising from members only on a basis of 15e 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 first of the month preceding the month of issue (i.e. Dec. 1 for Jan./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 insertions 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) 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) FIRST CHARTER NATIONALS WANTED, all denominations from $1 thru $100, also want Michigan nationals thru $100 denomination and large and small-size U.S. type notes, serial number "17 11111111 thru 99999999 and 100000000. Buying and paying collector prices. Jack H. Fisher, 3123, Bronson Blvd., Suite A, Kalamazoo, MI 49008. (163) DISTRICT OF COLUMBIA INFORMATION WANTED: Looking for Washington DC notes, want to record charter, denom , type and serial numbers. If note is for sale please let me know, by including price and condition. Special interest in Ch. Nos. 26, 526, 627, 682, 875, 1893, 2358, 2382, 4195, 4244, 4247, 4522, 7936, 10825. Bob Bolduc, 9350F Snowden River Parkway, Suite 238, Columbia, MD 21045. (163) NEW YORK NATIONALS WANTED FOR PERSONAL COLLECTION: TARRYTOWN 364, MOUNT VERNON 8516, MAMARONECK 5411, Rye, Mount Kisco, Hastings, Croton on Hudson, Pelham, Somers, Har- rison, Ossining, Yonkers, White Plains, Irvington, Peekskill, Bronxyille, Ardsley, Crestwood, New Rochelle, Elmsford, Scarsdale, Larchmont, Port Chester, Tuckahoe. Send photocopy; price. Frank Levitan, 4 Crest Avenue, Larchmont, NY 10538, (914) 834-6249. (163) TEXAS NATIONALS WANTED from Albany, Alto, Lufkin, Nacog- doches and Robert Lee. Also want memorabilia from these cities. Bobby Sowell, 316 Humason, Lufkin, TX 75901. (161) OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates $4.95. Also buy! Ken Prag, Box 531PM, Burlingame, Calif. 94011. Phone (415) 566-6400. (182) WANTED TO BUY: Complete set of Haxby. Should be almost unused. Paying $75 plus shipping or $95 incl. shipping. Write first. Len Harsel, P.O. Box 2301, Springfield, VA 22152. LANCASTER, NY: wanted Charter 11912 large & small nationals, also Merchants Bank of Erie County (at Lancaster) ca. 1860s. Norman Peters, P.O. Box 29, Lancaster, NY 14086. (162) PRIVATE COLLECTOR OF ERRORS LOOKING FOR U.S. SMALL- SIZE ERRORS. Want to buy any quantity, any condition, and however slight the error. Send your list with your asking price. J.B. Gandy, 2716, 3A Waterford Way, Midlothian, VA 23112. (163) TEXAS NATIONALS WANTED from Albany, Alto, Lufkin, Nacog- doches and Robert Lee. Also want memorabilia from these towns. Bobby Sowell, 316 Humason, Lufkin, TX 75901. I $1 National Bank Note. First National Bank of Pueblo, Colorado Territo- ry. F-382. New. Realized $5,170 in one of our recent sales. MAIL TO: Auctions by Bowers and Merena, Inc. Attn: Publications Dept. Box 1224 Wolfeboro, NH 03894 ,,,S.Da3.3400,DEJA7E. 4m1, 01.00 ,7e1.47Erfalaarr; ,,,10a120.01_,U.Li■C&A i -C... .' liWit Nan'Ma t liti11111''' .- .l I ////,/,/// Jr , (L'.47:1)1'....1 I'Dear Rick Bagg: M 7/8 -921 Please tell me how I can include my paper money in an upcoming auction. I understand that all information will be kept confidential. NAME ADDRESS CITY STATE ZIP am thinking about selling. Please contact me. Daytime telephone: Brief description of holdings: L I I II I I GO WITH THE WORLD'S MOST SUCCESSFUL AUC- TION COMPANY—Auctions by Bowers and Merena, Inc. When you consign your collec- tion 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 COLLEC- TIONS EVER SOLD. Along the way our auc- tions have garnered numerous price records for our consignors. Indeed, many of our sales establish new price records on an ongoing basis. 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 call to Dr. Richard Bagg, our Director EALIZE THE BEST PRICES MR YOUR PAPER MONEY. of Auctions, at 1-800-458-4646 will bring you complete infor- mation 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. Telephone Dr. Richard Bagg today, or use the coupon provided. Either way, it may be the most profitable move you have ever made! Paper Money Whole No. 160 Page 141 HOT OFF THE PRESSES—TWO NEW EDITIONS!! FINALLY!! after years a new HESSLER!! Yes the 5th edition of The Comprehensive Catalog of U.S. Paper Money is available. also hot off the presses— Prisoner of War and Concentration Camp Money by Lance Campbell The Comprehensive Catalog of U.S. Paper Money hardbound (limited supply) $39.95 softbound 29.95 Prisoner of War and Concentration Camp Money hardbound (limited supply) $30.00 softbound 25.00 also for your consideration: U.S. Essay, Proof and Specimen Notes by Hessler 19.50 An Illustrated History of U.S. Loans by Hessler ... (very limited supply) 50.00 Military Payment Certificates by Schwan (2nd edition) 20.00 Order now Send your personal check for prompt shipment. Include $3.00 per order (not per book) for shipping. You may also call or FAX your order and we will bill you for the books! BNR Press 132 E. Second St. • Port Clinton, Ohio 43452-1115 (419) 732-NOTE (6683) (gam-10pm Eastern, if no answer use (419) 734-6683) FAX (419) 732-6683 (after 10 rings) ct‘ 4,?2, EARLY AMERICAN NUMISMATICS *619-273-3566 COLONIAL & CONTINENTAL CURRENCY We maintain the LARGEST ACTIVE INVENTORY IN THE WORLD! SEND US YOUR WANT LISTS. FREE PRICE LISTS AVAILABLE. SPECIALIZING IN: SERVICES: q Colonial Coins q Portfolio q q Colonial Currency Rare & Choice Type q Development Major Show 0 EARLY AMERICAN NUMISMATICS o Coins Coverage c/o Dana Linett q Pre-1800 Fiscal Paper q Auction q Encased Postage Stamps Attendance q P.O. Box 2442 q LaJolla, CA 92038 q 619-273-3566 Members: Life ANA, CSNA-EAC, SPMC, FUN, ANACS 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 FAX (702) 265-7266 Box 3689 Carson City, NV 89702 Page 142 Paper Money Whole No. 160 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 egij4- COINSHOP EST 1960 INC Tha i1491wip•i•t•t" Life Member About Indians N: , 111011.110 1,t B,'.11 el . ,J1 th•111.111.1 0 1 , 011.11 ., What Language? What Tribe? What does it mean? You Can Find The Answer In: Many banks had Indian titles. Why did the bank choose these names? What do they mean? What language are they? What tribe used these words? Almost 600 obsolete bank notes and scrip notes are recorded in this book with complete explana- tions; and numerous illustrations. THIS BOOK IS LIMITED TO JUST 300 NUMBERED COPIES $22.95 pp Order from your favorite dealer or P.O. Box 186 ROGER H. DURAND Rehoboth, MA 02769 Million Dollar Buying Spree Currency: Nationals MPC Lg. & Sm. Type Obsolete Stocks • Bonds • Checks • Coins Stamps • Gold • Silver Platinum • Antique Watches Political Items • Postcards Baseball Cards • Masonic Items Hummels • Doultons Nearly Everything Collectible 399 S. State Street - Westerville, OH 43081 1-614-882-3937 1-800-848-3966 outside Ohio Fractional Foreign SEND FOR OUR COMPLETE PRICE LIST FREE 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 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 51/2 x 3 3/15 15.00 27.50 125.00 230.00 Small Currency 6% x 2% 15.25 29.00 128.50 240.00 Large Currency 7% x 3 1/2 18.00 33.00 151.50 279.50 Check Size x 4 1/4 22.50 41.50 189.50 349.00 Baseball Card Std 21/4 x 31/4 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 81/4 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 Paper Morley Whole No. 160 Page 143 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 1,,,Y 4", ,o,; 4 ' T PAPER MONEY UNITED STATES Large Size Currency • Small Size Currency Fractional Currency • Souvenir Cards Write For List Theodore Kemm 915 West End Avenue 0 New York, NY 10025 410M101 19Allightirtkg-414 C=01 limita,n minAmts,"' 4 " r 1.1007 "." 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 **BUY-SELL** CSA & OBSOLETE CURRENCY Fresh Price List 92-1 out now! Features CSA, Obsoletes, Checks, CSA & States Bonds, Fractionals, Colonials & Continentals, Souvenir Cards, Books & Supplies. Send $2 (refundable with order) for comprehensive 50 page catalog. OCKERMAN'S Glennville, GA 30427-0086 (912) 654-3795 ANA-LM SCCS-LM FUN-13117 SPMC-6525 THE ARAB WORLD CONTACT OFFICE FOR HISTORICAL PAPER MONEY , 1233 c;a> c..}442:; cp.'7_11 e.a5 1 3 9_ ,••• * SPECIALIZED IN ARABIC PAPER MONEY TO REQUEST A FREE LIST PO. BOX 8615 MISSION HILLS, CA 91346-8615 TEL. (818) 898-9398 WE BUY Page 144 Paper Money Whole No. 160 28 0466 T1 14 A M 0 ki h, '// T, (11,1,1111,S THAT — 'If PEEN tV1,111241 .171, 7.111, 'OW ''settl'66.326/191acr' clIOA ************************************** te413NIMEHRIMSCIVAXERICAL? e a 29u473711:— Do You Collect Paper Money or Stocks & Bonds? R.M. Smythe & Co. 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 CALL OR WRITE For Our Latest Price List Of Stocks & Bonds! ****************************************** BUYING ■ Obsolete, Confederate, Colonial and Federal Currency NI Antique Stock & Bond Certificates ■ Rare Autographs We will purchase your material outright i fyou desire. Call or write today. 26 Broadway Suite 271 New York, NY 10004-1701 E girrAISLI113111E EP TOLL FREE 800-622-1880 NY 212-943-1880 FAX: 212-908-4047 CR M SMYTHE) 4.1AP41, SIX!: WW1 MEMBER Drawer 66009 West Des Moines Iowa 50265 515-225-7070 Acollection made up of hundreds of pieces or a consignment of a single notegets the same careful attention and evaluation in one of our auctions. Our sealed bid method permits the bidder to submit his limit with the assur- ance of a reduction to a single advance over the next highest bid. In this manner, the notes go where they are most appreciated and the buyer is assured that he has paid only slightly more than another buyer was willing to pay. In theory, there remains another buyer at very nearly the price that was paid should circumstances dictate the disposal of the note at a later time. The fair- ness of this method is beyond question and it has been proved in over thirty- five successful sales. Hundreds of collectors can attest to their own fair treatment. Sealed Bid Auctions also prevent attempts to "cut up" an auction or to intimi- date bidders. Having said all that, there are still circumstances that wise council would dictate a floor auction. In our opinion this would be particularly true for a sizable state or regional collection along the lines of the Philip Krakover collection auction that was so successfully conducted in San Diego in March, 1990. Nationals, obsoletes, scrip and related material in particular benefit from being sold in the area where they originated. We are open to a late fall or spring auction and we are presently considering several possibilities. If the time to sell is approaching as part of your plans, we are qualified and prepared to conduct an auction at the most advantageous location and time that your material war- rants. Please advise us of your interest at your earliest convenience as we prefer to limit our- selves to two auctions a year and we require ade- quate time to properly prepare our catalogs. Collectors who have bid in any of our last six auctions will continue to receive our catalogs. Others should advise us of their interest. The economics of maintaining a large mailing list in the 1990s dictates the removal of inactive names. We make no charge for our catalogs and wish to continue to send them to all interested parties. If you wish to receive your copy via first class mail and the prices realized after the sale, please remit $5.00. Stamps are acceptable.