Paper Money - Vol. XXXI, No. 5 - Whole No. 161 - September - October 1992

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VOL. XXXI No. 5 WHOLE No. 161 SEPT/ Ocr 1992 CHRISTOPHER COLUMBUS SAVE TIME Credit card orders call toll-free 1-800-258-0929 Dept. ZGB Mon.-Fri. 6:30 a.m. to 8 p.m. CST Saturday 8:00 a.m. to 2:00 p.m. General business phone 715-445-2214 Mon.-Fri. 8:00 a.m. to 5:00 p.m. 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? Mail to: Krause Publications 700 E. State St. Iola, WI 54990-0001 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 & 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 Credit Card Buyers please complete the following: ) MasterCard I I VISA Account Number Yr Signature Qty. 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 Your name Address Expiration Date: Mo. City/State/Zip Phone: ( 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. ZGEil • SOCIETY — – — - PAPER NION EY COLLECTORS INC 1 - %X OE 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. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. Vol. XXXI No. 5 Whole No. 161 SEPT/OCT 1992 ISSN 0031-U62 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 AN INDIAN'S VIEW OF THE WHITE MAN'S PAPER MONEY Bob Cochran 149 THE CHALLENGE OF COLLECTING NATIONAL BANK NOTES BY TYPE FOR MINNESOTA Steve Schroeder 153 CONFEDERATE NOTES WITH WRITTEN SERIAL NUMBERS Arnold M. Cowan 155 THE PAPER COLUMN THE $2 LEGAL TENDER SERIES 1928C and 1928D MULES Peter Huntoon 156 FRACTIONAL CURRENCY Benny Bolin 162 CHRISTOPHER COLUMBUS ON BANK NOTES Gene Hessler 163 BEN BOYD, THE PAMPERED COUNTERFEITER Brent Hughes 166 NEW LITERATURE 169 MEET YOUR CHARTER MEMBERS 169 NEW PRESS AT BEP 170 SOCIETY FEATURES NOTED & PASSED 171 AWARD WINNERS IN MEMPHIS 171 MONEY MART 172 ON THE COVER: This engraved portrait of Christopher Columbus resembles the one on the Columbian Exposition half-dollar. See Suriel Statue page 164. Inquiries concerning non-delivery of PAPER MONEY should he sent to the secre- tary; for additional copies and back issues contact book coordinator. Addresses are on the next page. Paper Money Whole No. 161 Page 145 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 I. 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 MILTON R. FRIEDBERG, Suite 203, 30799 Pinetree Rd., Cleve- land, OH 44124 GENE HESSLER, P.O. Box 8147, St. Louis, MO 63156 RON HORSTMAN, P.O. Box 6011, St. Louis, MO 63139 ROBERT R. MOON, P.O. Box 81, Kinderhook, NY 12106 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 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- defies 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. BUYING AND SELLING CSA and Obsolete Notes CSA Bonds, Stocks & Financial Items Extensive Catalog for $2.00, Refundable With Order ANA-LM SCN A PCDA HUGH SHULL P.O. Box 712 / Leesville, SC 29070 / (803) 532-6747 SPMC-LM BRNA FUN Page 146 Paper Money Whole No. 161 BANK N MONEPCOMPLETE MONTHLY GUIDE FOR PAPER Y COLLECTORS$2.7 5RSOne year 129 95 • Con, End of $1 note discussed at Fed REP prints FUN souvenir card "7■Z •-• Jc Counterfeit - resistant 591 $0 goes to press as Series ' Paper Money Whole No. 161 Page 147 U.S. PAPER MONEY COLLECTORS! Bank Note Reporter is for you! U.S. paper money collectors! Get more news of your particular collecting interest, every month, in Bank Note Reporter. Bank Note Reporter is the only independently produced publication that blankets the entire paper money spectrum. You'll get all the news you need. And, you'll find it a convenient way to keep current on U.S. and world notes, plus all other related fiscal paper. 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When you consign Page 148 Paper Money Whole No. 161 Realize the best prices for your paper money. your collection or individual important items, you go with a firm with an unequaled record of success! ver the years we have handled some of the most important paper money collections ever to be sold. Along the way our auctions have garnered numerous price records for our consignors. Indeed, many of our sales establish new price records on an ongoing basis. hinking of selling your collection or de- sirable individual notes? Right now we are accepting con- signments for our next several New York City and Los Angeles sales, or our annual Florida United Numismatists sale. Your call to Dr. Richard Bagg, Di- rector of Auctions, at 1-800-458-4646 will bring complete information con- cerning how you can realize the best price for your currency, in a trans- action which you, like thousands of others, will find to be profitable and enjoyable. hat 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! Dear Rick Bagg: PM 9/10.92 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 O lam thinking about selling. Please contact me. g BRIEF DESCRIPTION OE HOLDINGS DAVI1ME TELEPI IONE NUMBER This "Second Charter Period" $20 National Bank Note grading Fine to Very Fine sold for a phenomenal $5,500 in one of our recent sales. ons by Bowers and Merena, Inc. Box 1224 • Wolfeboro, NH 03894 T611-free: 1-800-458-4646/ In NH: 1-603-569-5095/ Fax: 1-603-569-5319 0, mr-Nrir-w-v-w-w-v-v-ww -11 Ilr-Ir7-1r,rmr-s-v, 1,11.°"•^1 o, A :J} *T" ,... ,..., ik/USA.H • ▪ -5 Paper Money Whole No. 161 Page 149 AN INDIA OF THE WHITE MA Ns PAPER MO Ey By BOB COCHRAN Most everyone knows about "Custer's Last Stand" Lt. Col. George Armstrong Custer and some 225 soldiers of the 7th Cavalry Regiment were killed at the Battle of the Little Bighorn, Montana Territory, on June 25, 1876. One Indian who fought in the battle later recounted his ex- periences and observations, and spoke of his contempt for the "White Man's Money" An Account of the Battle by a Cheyenne Warrior D R. Thomas B. Marquis was a physician for the Chey- enne Agency after the Indian Wars were over, and he developed a keen interest in the Indians' view of the battle. He became close friends with many of the warriors who had been present, including one named "Wooden Leg" Wooden Leg was a Northern Cheyenne who had participated in much of the fighting, and he was among the Indians who surrounded and killed Custer's group of about 40 soldiers. His account of the day's activities, along with corroborating infor- mation from other Indians present, were published in 1931, ba- sically as a biography of Wooden Leg under the title A Warrior Who Fought Custer. Although the references are brief, U.S. paper money is mentioned several times, and it is hoped that the readers will enjoy his comments. First, a review of the events leading up to the Battle are in order. Indians and Whites Collide in the Northern Plains The Northern Plains and Rocky Mountain region was home to several great tribes of Indians in the 19th century. The Crows had occupied the land first, then gave way to Teton Sioux and Northern Cheyennes who migrated in the late 18th century from what is now Minnesota. The Indians appreciated the vast expanse of lands, and the buffalo and other abundant resources were perfectly suited to their way of life. Gold was discovered in the mountains of Idaho and western Montana in the early 1860s, causing a rush of white men seeking their fortunes. The settlers took steamboats up the Mis- souri River or journeyed overland in covered wagons to reach the mountains. The Indians harassed the settlers, causing soldiers to be sent to the area in 1864. The end of the Civil War created new momentum in the westward movement. The Northern Pacific Railroad, coming from St. Paul, would cross the northern part of the Indian lands; the Union Pacific Rail- road, coming from Omaha, would follow the Platte River across Nebraska on its way to meet with the Central Pacific Railroad at Promontory Point, Utah in 1869. The Bozeman Trail followed the North Platte River from the northeast corner of Colorado up through the Laramie and Big- horn Mountains until it reached Virginia City—running right through the heart of the Indian land. The Bozeman Trail be- came the most popular route to the gold fields, and three forts (Reno, Phil Kearney and C.F. Smith) were established to pro- tect it. The Indian War The Bozeman Trail and the forts infuriated the Indians, and they began cutting off travel on the trail and bottled up the soldiers in their crude forts. Red Cloud led the Teton Sioux in several battles, and in December 1866 Crazy Horse lured 81 soldiers and civilians out of Fort Phil Kearney into an ambush where they were all killed. The Army won later engagements, but realized that the forts would have to be abandoned. The Treaties of 1868 In 1868 treaty conferences were called at Fort Laramie and Fort Rice, both in the Dakota Territory. Red Cloud signed a treaty at Fort Laramie that created the Great Sioux Reservation, encom- passing all of present day South Dakota west of the Missouri River. The idea was to place the Sioux where they could be con- trolled while they were furnished rations at agencies along the Missouri River. However, not all of the Sioux wished to settle on the reservation, so the government also created an area free of whites, stretching from the western boundary of the reserva- tion to the summit of the Bighorn Mountains. This was known as the "unceded territory," and Indians who wished to live there could do so. The government in effect surrendered in this treaty, making Red Cloud the only Indian leader ever to win a war against the United States. Although Red Cloud led a faction, Sitting Bull was ac- knowledged as the leader of the Sioux, and the government was especially anxious to have him attend the treaty council at Fort Rice. Father Pierre Jean DeSmet, along with an escort of In- dians friendly to the whites, was sent to convince him to attend—one of the escorts was a Hunkpapa Sioux named Run- ning Antelope. Sitting Bull refused to attend the treaty council, but he did send a representative. Running Antelope signed the treaty at Fort Rice. Lt. General Philip H. Sheridan, Civil War hero and Commander of the Di- vision of the Missouri. General of the Army William T. Sherman. He termed The Battle of the Little Bighorn "an unnecessary sacrifice." Lt. Colonel George A. Custer. His rank of Major General was an honorary one, bestowed during the Civil War. Page 150 Paper Money Whole No. 161 Sitting Bull and the "Non-Treaties" A large group of Indians, consisting of 3,000 Sioux and 400 Cheyenne, led by Sitting Bull, refused to recognize the treaty or settle on the reservation. They occupied the unceded territory and followed their old ways, and were referred to as the "non- treaties:' These Indians were allowed to move freely between the reservation and the open land, enjoying their hunting in the summer and the comfort and rations of the agency in the winter. They sometimes strayed from the unceded territory, at- tacking settlements along the Platte River and in the Montana Territory. While they were on the reservation they created prob- lems for the agency officials and were a disruptive influence on the Indians who had permanently settled there. The government evidently expected the Indian problem to solve itself over time; as the buffalo disappeared, the Indians would have no choice except to settle on the reservation and obtain food and other supplies through the agencies. Also, the government never considered the "unceded territory" as a per- manent solution. Ulysses S. Grant was President at this time, and two of his more famous military associates in the Civil War were directly involved with him in the Indian situation— General William T. Sherman was Commander of the Army, and Lt. General Philip Sheridan was in charge of the Military Divi- sion of the Missouri (a vast area that covered the Great Plains from Mexico to Canada). As early as 1870 Sherman wrote to Sheridan "I suppose we must concede the Sioux the right to hunt from the Black Hills . . . but the ultimate title is regarded as surrendered!' However, pressure on the Sioux hunting grounds by white settlers increased quicker than the supply of buffalo diminished, and another event forced the govern- ment's hand. Gold Discovered on the Great Sioux Reservation The Black Hills were originally part of the Great Sioux Reserva- tion, but when gold was discovered in the Black Hills in 1875, white prospectors and other settlers began to ignore the treaty and the reservation boundaries. The U.S. Government initially tried to hold back the prospectors, and they also attempted to purchase the Black Hills from the Indians. Sitting Bull was still looked upon as the Indian's leader, but he steadfastly refused to honor the treaty or sell the land. Grant, Sherman and Sheridan decided this was an opportu- nity to move against the "non-treaties:' In December 1875 the government notified all of the Indians in the unceded territory to report to the Indian agencies by January 31, 1876, or be cap- tured and brought in by the Army. The "non-treaties" refused, and this brought about Custer's mission. The Battle of the Little Bighorn The Sioux Indians participating in the Battle of the Little Big- horn were Tetons. The Tetons were made up of seven different tribes, including the Hunkpapas. The chief of the Hunkpapa Sioux was Sitting Bull, and he was regarded as the "supreme" chief of all the Indians who fought Custer. Other Sioux leaders included Rain-in-the-Face of the Hunkpapas and Crazy Horse of the Oglalas; among the Cheyenne leaders were Dull Knife and Lame White Man. Custer and his troops, the Seventh Cavalry Regiment, serving under Brigadier General Alfred H. Terry, left Fort Abraham Lin- coln in the Dakota Territory on May 17, 1876. According to SPMC member Forrest Daniel, a paymaster accompanied the troops at least a day's ride from the fort, for the purpose of giving them two months' pay, in U.S. paper money (some ac- Paper Money Whole No. 161 Page 151 counts indicate that most of the pay was in fractional cur- rency). The purpose of paying the troops after they left the fort was so that they would not have the opportunity to get drunk before leaving on their mission. Between this point and the battle, the troops had no chance to use the currency, except among themselves. The Battle of the Little Bighorn was fought over a period of several days. Custer's troops were spread out, under several company commanders; one officer who made his last stand with Custer was his brother, Captain Tom Custer. After all the soldiers were dead, the Indians spent some time looking them over: One of the dead soldier bodies attracted special attention. This was one who was said to have been wearing a buckskin suit. I had not seen any such soldier during the fighting. When I saw the body it had been stripped and the head was cut off and gone. Across the breast was some writing made by blue and red coloring into the skin. On each arm was a picture drawn with the same kind of blue and red paint. One of the pictures was of an eagle having its wings spread out. [Wooden Leg was describing tatoos.] Indians told me that on the left arm had been strapped a leather packet having in it some white paper and a lot of the same kind of green picture-paper found on all of the soldier bodies. Some of the Indians guessed that he must have been the big chief of the soldiers, because of the buck- skin clothing and because of the paint markings on his breast and arms. [This was the body of Captain Tom Custer.] The Indians continued searching the soldiers' bodies, looking for weapons, ammunition and other spoils. I took a folded leather package from a soldier having three stripes on the left arm of his coat. It had in it lots of flat pieces of paper having pictures or writing I did not then understand. The paper was of green color. I tore it all up and gave the leather holder to a Chey- enne friend. Others got packages of the same kind from other dead white men. Some of it was kept by the finders. But most of it was thrown away or was given to boys, for them to look at the pictures. Major Marcus A. Reno was Custer's second-in-command, and his troops were embattled on a bluff overlooking the river, some five miles from where Custer fell. The Indians forced him into this position on June 25, and also attacked the following morning; Wooden Leg participated in this action. The troopers had been pinned-down for some time, and on the morning of June 26 several of them made their way down the gulches to the river in an attempt to get water. Wooden Leg shot one of the soldiers (named Tanner), who fell into the water and died. Two Sioux Indians reached the body first, but they agreed that Wooden Leg had killed him and allowed him to choose what- ever he wanted of the man's belongings: I searched into the man's pockets. In one I found a folding knife and a plug of chewing tobacco that was soaked and spoiled. In an- other pocket was a wad of the same kind of green paper taken from the soldiers the day before. It too was wet through. I threw it aside. In this same pocket were four white metal pieces of money. I knew they were of value in trading, but I did not know how much was their value. In later times I have learned they were four silver dollars. A young Cheyenne there said: "Give the money to me." I did not care for it, so I gave it to him. He thanked me and said: "I shall use it to buy for myself a gun!' I do not remember now his name, but he was a son of One Horn. A Sioux picked up the wad of green paper I had thrown upon the ground. It was falling to pieces, but he began to spread out some of the wet sheets that still held together. Pretty soon he said, This is money. This is what white men use to buy things from the traders!' I had seen much other paper like it during the afternoon before. Wolf Medicine had offered to give me a handful of it. But I did not take it. I already had thrown away some of it I had found. But even after I was told it could be used for buying things from the traders, I did not want it. I was thinking then it would be a long time before I should see or care to see any white man trader. Wooden Leg later surrendered at the White River Agency, at Fort Robinson, Nebraska. The Indians were provided with basic necessities at the agency, but they were regarded as gifts. Wooden Leg was given blankets, clothing and different kinds of food. The other Indians already at the Fort gave him some additional items, one which proved to be quite ironic: I received other gifts. An Oglala Sioux presented me with a medi- cine pipe, the first one I had owned since the loss of mine when the soldiers burned out our forty lodges on lower Powder River. A Cheyenne young man gave me a wad of paper money like I had seen at the time of the great battle. He said: "You can buy things at the trader's store with this paper" I put it into my pocket. After a while I got a Sioux young man friend to go with me to the agency trader's store. I took out my money and gave it all to the trader. He counted it over and over. Then he asked me, in Sioux speech: "Where did you get all of this money?" My young Sioux friend quickly answered, "He got it from Custer" The trader said to me, 'The soldiers are going to hang you!' This startled me at first, but both he and my Sioux friend laughed, so I knew he was only joking. Common marker used for unknown soldiers who died in The Battle of the Little Bighorn. Page 152 Paper Money Whole No. 161 For the $5 silver certificate, Series of 1899, it was decided that the photograph of Running Antelope was asymmetrical. They posed an employee of the Bureau of Engraving and Printing wearing a war bonnet, and transposed it onto the image of Run- ning Antelope for the engraving by G.F. C. Smillie. Alexander Gardner photograph of Running Antelope. (Photo courtesy Smithsonian Office of Anthropology) I got first a red and yellow shirt. Then I got some breeches that fitted me much better than the pair that I had been given by the agency people. I picked out a fine red blanket, a hat and a big silk scarf. I got plenty of tobacco. I bought coffee, sugar, meat and other things. I did not want all of the goods I bought, but the trader kept telling me of what I ought to have. After each time he brought me what I asked for, he took from the money some part of it. I kept on choosing some other articles until the trader said: "Your money is all gone Epilogue Custer achieved immortality at this battle, but so too, in a way, did the Indians who defeated him—one is honored on U.S. cur- rency. As most collectors know, Running Antelope was depict- ed on the U.S. $5 silver certificate of 1899. These notes were issued from 1900 to 1926, and they are among the most popular of all U.S. paper notes. However, due to an error, the true identity of the Indian appearing on this note was hidden for nearly 70 years. Forrest W. Daniel's 1969 article in PAPER MONEY magazine uncovered the truth. As described by Mr. Daniel, Running Antelope (Indian trans- lation Ta-t6-ka-in"-yanka) was photographed by Alexander Gardner during his visit to Washington in 1872. The photo- graph was intended for the files of the Bureau of Ethnology, to show the physical characteristics of various Indian tribes. The photograph was labeled Oncpapa 2", a variation of the now-ac- cepted spelling of "Hunkpapa' When the photograph was chosen as the model for the vignette on the note, the feathers were deemed too tall to make the portrait symmetrical. A war bonnet was borrowed from the National Museum and an em- ployee of the Bureau of Engraving and Printing posed in it. The vignette engraver, G.F.C. Smillie, when adapting the por- trait of Running Antelope with the war bonnet, inadvertently labeled the portrait "Onepapa"; this was the name given to the Indian until Mr. Daniel reported the true facts. SOURCES: Daniel, F.W. Running Antelope—Misnamed Onepaper; PAPER MONEY, v. 8, pp. 4-9. Marquis, T.B. (1931). Wooden Leg; A warrior who fought Custer. Midwest Company. Utley, R.M. (1988). Custer Battlefield; A history and guide to The Battle of the Little Bighorn. Division of Publications, National Park Service, U.S. Department of the Interior. ACKNOWLEDGMENT: My sincere thanks to Forrest W. Daniel for his cooperation and as- sistance in the preparation of this article. Paper Money Whole No, 161 Page 153 The Challenge of Collecting National Bank Notes By Type For Minnesota by STEVE SCHROEDER ABSTRACT Several collectors of national bank notes have completed sets of one note from each bank in their state. This feat is challenging but possible for collectors in states which had fewer than one hundred national banks. Many of us are faced with a bigger challenge: how to assemble a representative collection of notes from a state with four or five hundred banks. One method is to assemble a set of notes of each type and variety. As Minnesota demonstrates, collecting in this way can also be a surprising challenge. M INNESOTA ranks ninth in the number of national banks, with 484 organized during the note issuing period. Of these, 435 issued national bank notes. Many of these banks closed before 1890 or were small banks in rural areas. No notes are known from approximately ten per- cent of the issuing banks, and over 100 titles are listed in the second edition of the Standard Catalog of National Bank Notes by Hickman and Oakes as (R)arity 6 in both large- and small-size. Two museum collections and a major private collection have absorbed many of the best notes from the rarest banks. Minnesota's collectors have found a variety of ways to form collections representative of the state as a whole. Several collec- tions of small-size notes (one from each bank) are being formed. There are also several regional and local collections. The problem with these methods of collecting is that you either need hundreds of notes or you end up with a collection that is not representative of the state as a whole. _ ' 4.1-14.-ir (..: ' --2; • s t- ' ... -?■-_-„S t.,J 1 7 ;:i i; NA:Vitt-AA-I. lli i J R i t -4 id i*.A1 ,,,,,,:, ,,,,,JvIlit,..04. , ' i )1 Pii.. -IlT) ,, Collecting Minnesota notes by type provides an alternate way to form a collection representative of the state as a whole. The rules are simple: try to find one note of each type (and va- riety) from a Minnesota bank—any Minnesota bank. You, as the collector, can define "type and variety' as narrowly as your budget allows. (For the purpose of this article, we will describe the most general types, $1 through $100 denominations: original series; Series of 1875; Series of 1882 brown back, date back and value back; Series of 1902 Red Seal and Blue Seals; Se- ries of 1929 Type I and II.) State type collecting is a rewarding way to collect—substitute any state name you please for Min- nesota. You can build a great set on a modest budget because you do not need every R-6 note that shows up—just the ones which you need for your set. Some of the rare types will come from common banks, allowing you to buy unrecognized rari- ties from your state for modest prices. .E1Stcy. BOA W.* •••-• lL .S la: f14 '4 NT* NAtuittitt t t. ill '0", .....0 r_iL- .1 ,,,,, v, ,, - ,v‘ ' , ,, 0, ■■ ,, ,,,0 s r zid1. 0-.0)...t:_ ,.,La„,:j - ''.- -- > w ) )1,:stift ,,- _i ( , ,..._ -.7----,ckiaiicit,.. -i itr---" ,,f ---, sc---'-' rTb':-.- , , -/...7. , ..-!.. ---.--_- -,i -lot--:--• ) 01". 7"D.. €14-. ' Black charter $5 on Merchants National Bank of Minneapolis: a un que note of its type for M nnesota. EV4CA44a 7,41ATIONAL ciruffiRiffe. x7 sjiwiLtaaltlitialutio soliiiiitra_.,„ with air frosijiree li 40441106 , L, , littt, I a ..Wqmoodrwt wow wort. Page 154 Paper Money Whole No. 161 This kind of collecting is more challenging than it sounds. Even a state like Minnesota has some surprising rarities. The following is a description of a type set of Minnesota National Bank notes: Notes of the First Charter Period Original Series There are a number of original series $1, $2 and $5 Minnesota notes in existence. With patience, a collector who begins today should be able to obtain one of each of these. No original se- ries $10, $20, $50 or $100 Minnesota notes are presently known. One Minnesota bank, the Merchants National Bank of Minneapolis (charter 1830), issued the black charter number variety of the $5. One specimen of this variety is known to exist at present. Series of 1882 Date Backs Notes of $5, $10 and $20 Series of 1882 date backs are fairly plentiful. A small group of notes from The Farmers National Bank of Alexandria (charter 5859) provides some nice $5s. Two or three $50 date backs from the First National Bank of Glencoe (charter 2571) are known, making this a rare type for the state. No. $100s have been recorded in the census, although there has been a rumor of a Glencoe note in recent years. Series of 1882 Value Backs The $5, $10 and $20 Series of 1882 value backs are fairly plen- tiful; $20s seem to be the most common. A surprising number of $5s have shown up over the years, including several high Series 1875 $10, Fergus Falls National Bank: a surprisingly small number of First Charter $10s have survived from Minnesota. This note is one of the pieces in the Albert Grinnell collection. Series of 1875 Only two $1 Series of 1875 notes have been seen so far, both from Owatonna. One is from The First National Bank, charter 1911, while the other is from The Farmers National Bank, charter 2122. No $2 series of 1875 notes are known. The $5 notes are fairly plentiful, but only three or four $10s are known—two on the Fergus Falls National Bank (charter 2648) from the Grinnell sale and a beautiful note from The Citizens National Bank of Mankato (charter 2005) in the Higgins Museum. There may also be a note on the First National Bank of Brainerd (charter 2590). Only one Series of 1875 $20 has been found to date—on The Merchants National Bank of St. Paul, charter 2020. Only 41 Series of 1875 $50 and $100 notes were issued in the state (all by charter 2569, First National of Moorhead) with no survivors seen to date. Series of 1882 Brown Backs The $5, $10 and $20 brown backs are fairly plentiful. The ver- tical charter number variety of the $10 and $20 is an unrecog- nized rarity, with only one $10 seen so far. A handful of $50 brown backs exist, particularly from charter 4821 at Wadena. Minnesota brown back $100 notes are particularly rare—two have surfaced in recent years (St. Paul, charter 2959 and Glencoe, charter 2571). A high grade $100 brown back on Mer- chants National Bank of St. Paul was in the Grinnell sale but its present location is unknown to Minnesota collectors. grade pieces from the First National Bank of Redwood Falls, charter 5826. Unlike many states, $5 value backs are relatively common from Minnesota, but they seem to come one or two to a bank. Series of 1902 Red Seals Notes of $5, $10 and $20 Series of 1902 Red Seals are un- common but obtainable. No $50 Series of 1902 Red Seals have been seen from this state. A Series of 1902 $100 Red Seal on The National Bank of Commerce of Minneapolis (charter 3206) was in a Kagin auction about 1980 and is presently in a high denomination set. It is presently the only note of its type for the state. Series of 1902 Blue Seals Date Back and Plain Back Although the lower denominations are readily available in every variety (with and without regional letter, with and without Treasury serial number), $50 and $100 Series of 1902 Blue Seals are extremely rare. Only three $50s are known, with two of these in the museums. No $100 Series of 1902 Blue Seals have been seen or reported. Fewer than three thousand $100 Blue Seals were issued by all Minnesota banks. IVI NA,Tittvzkvo_tv 719sIri ,fc-fliunZEm- -14 444 114,46 ..Li4444440.11, -LW .4 14%.,744,44.tir 416),..4,46414. rtitiA4.4*-14 /4//1/6”/ .<4. AT V7 1t> 1// Ar071-4 A 304:1111taft.q2-4460-171 Series of 1902 date back, charter 7196 of Halstad: one of only three Blue Seal Series 1902 $50s reported to date for this state. r4 fl vsnrnit nuonloc nen Notes ith ritten Serial NumbersO Paper Money Whole No. 161 Page 155 Series of 1929 Types I and II The high denomination type II notes are somewhat un- common. Only one bank, The Winona National Savings Bank (charter 10865), issued these. Perhaps a dozen each of the $50s and $100s are available to collectors. The problem with collecting any state with many national banks of issue—Pennsylvania, Texas, California, and others—is finding an affordable method to create something interesting enough and challenging enough to make collecting worth- while. One method is collecting by type and variety. If Min- nesota is typical of the big note-issuing states, there are some surprising type rarities waiting to be identified. After all, what Minnesota collector would expect that only two Series of 1875 $1s and one Series of 1875 $20 would have shown up after all these years? ■ By ARNOLD M. COWAN N 1863 and 1864 the Confederate States of America (CSA) issued fifty-cent notes. These notes were engraved by Archer and Halpin of Richmond, Virginia, the same printer who produced CSA postage stamps. In fact, the same vignette of Jefferson Davis that was used on the stamps was used in an enlarged version on the 50-cent note. One unusual factor about these notes was that the authorizing signatures were printed instead of handwritten. This took a great burden off Register Robert Tyler and Treasurer E.C. Elmore. The serial numbers were also rubber stamped rather than written. This was also done on the 1864 $500, $100 and $50 bills. The $20, $10, $5, $2 and $1 continued to use handwritten serial numbers. The exception to this innovation concerning the stamped serial numbers on the 1864 50-cent note are two notes in my collection with handwritten serial numbers. The ink color and style seem contemporary to the issuance of the bills. The calligraphic nature of the writing tells me a quill pen was probably used. Note the bottoms of the 2 and the 3. These bills are both Type 72, Criswell 579. Both are Second Series with an "F" and an "I" serial letter. The numbers however are consecutive: 2134 and 2135. I acquired them many years apart and from different sources. Why were they handwritten? How could the numbers be consecutive? We can speculate they were on two separate uncut sheets and that one of the sheets was marked 2134 and the next was all marked 2135. Maybe the numbering was horizontal on a nine note sheet so that "F' was at the bottom of the middle column and "I" was to the right in the last column. If the numbering was horizontal then "I" would come after "E" Obviously what is needed is more information. If any of the readers can contribute information about this unusual script serial number on CSA 50-cent currency, it is requested that they write to me at 35 Vista del Golfo, Long Beach, CA 90803. Page 156 Paper Money Whole No. 161 The $2 Legal Tender Series 1928C and 1928D Mules ABSTRACT The $2 legal tender Series 1928C mule has proven to be one of the rarest of all mule types. Eight are presently known. This variety is characterized by a micro size plate number on the face and a macro number on the back. The macro backs for the Series 1928C mules could have been printed in only two very short periods: August 22 to September 7, 1939, and January 22 to February 12, 1940. The last Series 1928C face was retired on February 12, 1940, so no Series of 1928C mules were printed after that date. All the known $2 Series 1928C mules were produced from the August 22-September 7, 1939 macro back press runs. It appears that the January 22-February 12, 1940 macro backs found themselves mated with 1928D faces early in 1940. Only about 240,000 Series 1928C mules were produced, split 60 percent in the BA and 40 percent in the CA serial number blocks. In contrast, the $2 Series of 1928D mules (macro face, micro back) are among the most common of the mule varieties. These were produced continuously from March 13, 1939 through August 12, 1942. Approximately 46 million were made. Notice that their production began more than five months before and ended two and a half years after the 1928C mules. The production of the rare $2 Series 1928C mules is inseparable from the rare $2 Series 1928D non-mule BA block printings. All the 1928D BA non-mule backs were printed during the same August 22-September 7, 1939 period. Only about 310,000 were printed. ORIGIN OF MULES T HE origin of mules—notes with macro plate numbers on one side and micro numbers on the other—dates to January 6, 1938, when the Bureau of Engraving and Printing began printing $1 Series 1935A silver certificates. The new $1 SC Series 1935A face plates utilized macro plate numbers which were considerably larger than the numbers en- graved on previous plates. All the $1 back printings at this time were micros so mules were the result. Soon other macro plates came on line, both faces and backs, in all series and denominations. However, a huge inventory of the old micro face and back plates was still serviceable. Conse- quently, a period ensued when micro and macro face plates, and micro and macro back plates were used simultaneously on the presses. The result was a wonderful potpourri of varieties. To easily understand mule production, it is important to know that the flat bed presses then in use normally carried four 12-subject plates. The plates actually circulated around the bed of the press and produced a stream of sheets in which the plate numbers cycled through the four plate numbers present. Both micro and macro plates were commonly mixed on a given press. This was occurring on both the back and face presses during the height of the mule era so four varieties were being printed at once. For example, $2 LT Series 1928C non- mules and mules, and Series 1928D non-mules and mules, were produced simultaneously for a short time after August 22, 1939. $1 THE PAPER COLUMN h by Peter Huntoon $2 MULES The mule era for the $2 LTs began on March 13, 1939, over a year after the first $1 SC mules. The first two $2 Series 1928D face plates, numbers 182 and 183, were sent to press on that date. These were macros and were mated with micro backs. The first macro $2 back, plate 289, went to press on August 22, 1939, over 6 months later. See Table 1. Notice here, as in other series, that the new $2 1928D macro faces were identical in every respect to the 1928C series that they supplanted except for the size of the plate numbers. Both the $2 Series 1928C and D notes bear the Julian-Morganthau signature combination. The delay in the use of the macro $2 faces and backs simply reflected the low demand for $2 notes. The average production for 1928 series $2s was only about 1.6 million per month prior to World War II. Notice from Table 1 that the manufacture of the first $2 macro face and back plates had been completed over a year before they were used, respectively on February 23, 1938 and February 7, 1938. What about the micro plates? The $2 LT Series 1928C face plates continued to be used until February 12, 1940. The micro backs lasted much longer, until August 12, 1942. Figure 1 graphically illustrates the overlapping productions from the various types of $2 LT face and back plates. Notice that the printing of $2 Series 1928D mules began before and ended after the short run of 1928C mules. $2 LEGAL TENDER SERIES 1928C MULES The $2 legal tender Series 1928C mules have micro faces and macro backs. They could have been produced only from macro back printings in two short time intervals: the first was 15 working days long in August and September of 1939, and the second 19 days long in January and February, 1940. Surviving specimens reveal that only the August-September macro back printings resulted in mules. Paper Money Whole No. 161 Page 157 Table 1. Dates when the last micro $2 plates were made and used, and dates when the first macro plates were made and used. Last $2 Micro Plates: Last Plate Date Finished Used Date Last Used Last Plate Date Begun back 28C face 288 Feb 26, 1937 181 Aug 31, 1937 Mar 17, 1937 Sep 10, 1937 275 Aug 12, 1942 180 Feb 12, 1940 First $2 Macro Plates: First Plate Date Begun Date Finished First Plate Used Date First Used back 28D face 289 Jan 26, 1938 182 Nov 24, 1937 Feb 7, 1938 Feb 23, 1938 289 Aug 22, 1939 182 Mar 13, 1939 1928C -a- 1928C mule 1928D mule BA -,......- -r- -...- ? Al ....i 1928D CA 1928C faces II. _ 1928D faces4 micro backs ,. yellow-green — backs -4- -...K macro backs blue-green backs . i 1939 0.1 Cs1 01 0 V) 1940 .0 MI MI CD LL 1941 1942 1943 pl Figure 1. Graph showing the overlapping usage of serial numbering blocks, various types of plates and back colors during the $2 legal tender Series 1928C and D mule period. Notice that $2 Series 1928C mules could have been printed during the January 22-February 12, 1940 period; however, it appears from reported specimens that none were made. In order to fully understand the production of $2 Series 1928C mules, it is important to know the sequence in which notes were printed and to recognize that there were time lags between these press runs. The backs were printed first. The faces were printed second after a lag of a few days to a couple of weeks. The serial numbers and seals were overprinted third, an operation that usually followed the face printings by a few days to a couple of weeks. We have documented examples in the $5 classes where the time lags between the back and face printings were as long as a few years. In those exceptional in- stances, the backs were deliberately placed in stockpiles for later use. Page 158 Paper Money Whole No. 161 A time lag occurred between the back and face printings during the manufacture of the $2 Series 1928C mules. As shown in Figure 1, the macro backs were printed along with micros during the 15 working days between August 22 and Sep- tember 7, 1939. However, the serial numbers on surviving specimens reveal that it took over two months to finish printing faces and serials on all of those backs. The possible production of 1928C mules from the group of backs printed between January 22 and February 12, 1940 was probably precluded by a lag between the back and face printings. Although this group of backs contained interspersed macros, it appears that faces were not printed on those sheets until after February 12. The result was that the macro backs in this group of sheets missed their opportunity to be mated with 1928C faces. The important early group of macro backs owes its origin to the temporary use of eight of the new macro back plates along- side 26 micro backs between August 22 and September 7, 1939. See Table 2. The macro backs were pressed into service because back production was tripled during this short period over typical normal demands. About 30 percent of the faces then in use were micro Series 1928Cs (Table 3), so many of the macro backs found themselves mated with 1928C faces. The result was production of the 1928C mules. Approximately 240,000 Series 1928C mules were produced out of a total of some 3.2 million $2 backs printed between August 22 and September 7, 1939. The second group of macro backs with the potential for creating 1928C mules began to be printed on January 22, 1940. Table 2. Press runs for the newly introduced $2 macro back plates on or before February 12, 1940, when the last $2 Series 1928C face plate was retired. Printings from these press runs could have created Series 1928C mules; however mules are only known from the August 22-September 7, 1939 printings. Notice the four and a half month gap in usage be- tween September 8, 1939 and January 21, 1940. 289 Aug 22, 1939 - Sep 7, 1939 Jan 22, 1940 - Mar 7, 1940 290 Aug 22, 1939 - Sep 7, 1939 Jan 22, 1940 - Mar 7, 1940 291 Aug 22, 1939 - Sep 7, 1939 Jan 23, 1940 - Mar 7, 1940 292 Aug 22, 1939 - Sep 7, 1939 Feb 8, 1940 - Feb 23, 1940 293 Aug 22, 1939 - Sep 7, 1939 Feb 8, 1940 - Feb 23, 1940 294 Aug 22, 1939 - Sep 6, 1939 Feb 8, 1940 - Feb 23, 1940 295 Aug 23, 1939 - Sep 7, 1939 Feb 8, 1940 - Feb 23, 1940 All of these plates continued to be used after the last dates shown. This date marked the beginning of regular usage of $2 macro backs. Seven of the macro backs were pressed into service along with 25 micros at this time. These macro backs accounted for only about 13.5 percent of total $2 back production during the January 22-February 12 period. The last four 1928C faces, micro plates 173, 176, 179 and 180, were still in service on January 22 so a second group of 1928C mules was possible. These micro faces were wearing out and they soon had to be dropped from the presses. The first two to be retired were 173 on January 29th and 179 on February 7. Faces 176 and 180 gave out on Monday, February 12th. Thus the curtain was drawn on the Series 1928C. Serial numbers on surviving Series 1928C mules reveal that none of the January 22-February 7, 1940 macro backs were mated with 1928C faces to produced mules. This finding could change with a new discovery. However, the explanation for their absence is straightforward. Approximately 72 percent of $2 press time was allocated to back production during this 19-day period, whereas only 28 percent was devoted to faces. Consequently, backs were being produced at almost three times the rate of faces. The excess backs were temporarily stockpiled for later use. The lack of 1928C mules from these printings indicates that all the production con- taining the macro backs was finally routed to face presses after the last 1928C face was retired on February 12. These macro backs ultimately came out as common 1928D non-mules in the CA block. Table 3. Press runs for the last of the $2 Series 1 928C face plates in use between August 22, 1939 and February 12, 1940. 168 Aug 22, 1939 - Sep 8, 1939 Oct 11, 1939 - Oct 17, 1939 173 Aug 22, 1939 - Sep 8, 1939 Oct 11, 1939 - Nov 15, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Jan 29, 1940 175 Aug 22, 1939 - Aug 29, 1939 176 Aug 22, 1939 - Sep 8, 1939 Oct 13, 1939 - Dec 13, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Feb 12, 1940 last 178 Aug 22, 1939 - Dec 15, 1939 Dec 27, 1939 - Jan 4, 1940 179 Aug 22, 1939 - Dec 15, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1939 - Feb 7, 1940 180 Aug 23, 1939 - Sep 7, 1939 Oct 31, 1939 - Dec 13, 1939 Dec 27, 1939 - Jan 10, 1940 Jan 22, 1940 - Feb 12, 1940 last All of these plates were in use before the dates shown; however, macro back plates were not used until August 22, 1939, so no $2 Series 1928C mules could have been produced from these plates before this date. ■ (sem.: ".7.2"7 Two HOIALtati!S Ivo *EAT S (Alt 010,wit?_ k IlltArOtiry $2 legal tender Series 1928D mule. This is one of the most common mule types. Paper Money Whole No. 161 Page 159 $2 legal tender Series 1928C mule. This was Leon Goodman's note and ranks as one of the rarest mule types. Micro face plate 168; macro back plate 292. $2 LEGAL TENDER SERIES 1928D MULES The $2 legal tender Series 1928D mules have macro faces and micro backs, and were printed in the three and a half year in- terval between March 13, 1939 and August 12, 1942. About 46 million were printed, two hundred times the 1928C mule total. Their large numbers reflect the large inventory of micro backs in stock when the switch was made to macro plates in 1938. In fact, most of the $2 production during this long interval was in the form of 1928D mules, so these rank among the most common of all the mule types. MMES. 17,111Tiom Jamie $2 LEGAL TENDER SERIES 1928D BA NON-MULES A note that has proven to be quite rare is the $2 legal tender Se- ries 1928D BA non-mule. As shown in Figure 1, their macro backs are from the same group as found on the 1928C mules printed between August 22 and September 7, 1939. As expected, the 1928D BA non-mule notes share the identical BA serial range as the first of 1928C mules. I estimate that only about 310,000 were printed (see Tables 4 and 5). They are proving to be scarce, as revealed by the short list of reported specimens in Table 6. Page 160 Paper Money Whole No. 161 Table 4. Production ratios for the various $2 faces and backs in use during the approximate period when the $2 Series 1928C mules were printed. Number of Plates Percent of time used Aug 22, 1939—Sep 7, 1939: micro backs 26 76.3% macro backs 8 23.7% total 34 Aug 22, 1939-Oct 31, 1939: 1928C faces 7 32.6% 1928D faces 18 67.4% total 25 Percentages calculated as: total number of days when a given type of plate was on the presses divided by the total number of days when all such plates were on the presses during the given period. These percentages were used to calculate the produc- tion totals in Table 5. $2 1928C MULE SERIAL NUMBERS The range of $2 1928C mule serials is presently constrained be- tween B98122371A and C01255480A. These are the lowest and highest reported serials from the macro backs printed between August 22 and September 7, 1939. See Table 6. These serials en- compass 3.2 million notes, consistent with the unusually large $2 back printings during this period. The 1928C mule serials straddle the changeover between the BA and CA serial blocks. The B99999999A-000000001A pair was printed sometime during the fall of 1939. See Figure 1. It is entirely possible that notes B99999999A and C00000001A are 1928C mules, or more than likely that the pair is some type of changeover pair between two of the following: 1928C non- mule, 1928C mule, 1928D mule, or 1928D non-mule! The rele- vant question is: would you be ashamed to display the B99999999A-000000001A transition pair even if it involved only common 1928D mules? MIXED PRODUCTIONS I used a statistical method to estimate the numbers of $2 legal tender Series 1928C mules and 1928D BA non-mules produced. First, using plate records, I counted the number of days when each of the two types of back plates was in use during the August 22-September 7, 1939 period. Using these results, I then calculated the percentage production from the two types assuming that the daily output from each plate was reasonably similar. Those percentages are shown in Table 4. Next, I counted the number of days when each type of face plate was in use during the August 22-October 31, 1939 period. Percentage productions for the 1928C and 1928D faces were then calculated. This extended block of time takes into con- sideration (1) the lag between the back and face printings, and (2) the time that was required to print faces on the 3.2 million backs printed between August 22 and September 7, 1939 at normal production rates. I then estimated the number of each of the four varieties that emerged from the 3.2 million backs printed between August 22 and September 7, 1939. This was accomplished by multiplying 3.2 million by the respective ratios of possible backs and faces. Series 1928D BA non-mule production was subdivided from the computed 1928D non-mule total by multiplying by the Table 5. Estimated productions by type from the August 22-September 7, 1939 $2 back printings using the percentages from Table 4. Type Number Printed 1928C non-mule 770,000 1928C mule 240,000a 1928D mule 1,670,000 1928D non-mule 520,0006 3,200,000c a. These represent all the 1928C mules known to have been printed. b. Approximately the first 310,000 of these were 1928D BA non-mules. c. The 3,200,000 total is based on the serial number range in Table 6. ratio comprised of the BA serial range from Table 6 divided by the 3.2 million total. These estimates yield approximately 240,000 1928C mules and 310,000 1928D BA non-mules. See Table 5. YELLOW-GREEN AND BLUE GREEN BACKS As shown in Figure 1, the backs of all the $2 legal tender Series 1928C mules were printed using the beautiful, soft-appearing yellow-green inks that are found on early small-size notes. The blue-green back inks did not come into use until December 1940 or January 1941, long after the $2 Series 1928C mules were history. Both muled and non-muled $2 Series 1928Ds come with both yellow-green and blue-green backs. All of the scarce 1928D BA non-mules have yellow-green backs. Yellow-green back Series 1928D mules are found in both the BA and CA blocks. The blue-green back mules occur only in the CA block but they are by far the most common. Table 6. Reported $2 Series 1928C mules and reported $2 Se- ries 1928D BA block non-mules. $2 Series 1928C mules: B98473577A K176 293 fine B98598185A B99334368A L168 292 au B99853926A F176 290 vg C00002358A F176 294 good C00831111A 1180 292 xf-au CO 1223342A B180 289 fine C01255480A J180 292 vf $2 Series 1928D BA block non-mules: B98122371A B98540347A G 190 289 vf B98839720A D190 291 fine B99215683A A187 291 vg Report new discoveries to: Peter Huntoon P. 0. Box 3681 Laramie, WY 82071 307-742-2217 Paper Money Whole No. 161 Page 161 RARITY The rarity of the 1928C mules is revealed by the census data compiled in Table 6. Only eight have been reported. It is certain that others exist, some unrecognized in collections. Even so, this mule as a type, regardless of serial block, is surpassed in rarity only by the $5 FRN Series 1934A mule, of which only four are presently reported. The $2 legal tender Series 1928C mule is certainly much scarcer than the popular $10 SC Series 1934 yellow seal mule of which probably more than 25 are known, several of which are uncirculated. POTENTIAL DISCOVERIES It is possible that some macro backs from the January 22-February 12,1940 back printings found their way to the very last of the 1928C faces. If any are ever discovered, their serials will be in the CA block and separated from the August 22-September 7,1939 group in Table 6 by several million numbers. The most exciting find would be a $2 Series 1928C muled star note. None are presently known because they probably were not printed. However, there is nothing in the records that I examined that precludes the possibility that some were made. Only time will tell. I have made a very careful search for $2 1928C mules and am confident that the eight reported in Table 6 are very representa- tive of those in collections. However, my records on the $2 1928D BA non-mules are not as complete. I only began com- piling data on them when it became apparent while preparing this article that their production was intimately related to the 1928C mules. DATA NEEDED The following data would significantly refine this research: serials from any unreported $2 1928C mule or 1928D BA non- mule. Serials from any 1928C mule or non-mule above CO2203642A. Please send (1) serial, (2) face plate letter and number, (3) back plate number and (4) grade, to Peter Hun- toon, P. O. Box 3681, Laramie, WY 82071 (307-742-2217). DISCOVERY Serious small note collectors began to recognize the mule vari- eties back in the early 1960s. The big names then were Rev. Frank Hutchins, Leon Goodman, John Schwartz and Chuck O'Donnell. The race was on to discover as many varieties as possible. Goodman detailed the histories of some of the mule discoveries in a letter he sent to me in the mid-1970s. He gives Hutchins credit for recognizing most of the mules, including the $2 legal tender Series 1928D mule. Goodman proudly pointed out that he had found the first $2 legal tender Series 1928C mule, as well as the $5 SC 1934B and $5 FRN 1934A mules. He went on to relate that Hutchins did not collect blocks so it was only after Schwartz, O'Donnell and he started collaborating on block data that they were able to piece together the systematics of the mule productions. As late as 1976, Goodman claimed correctly or incorrectly that his was at that time the only known $2 legal tender Series 1928C mule. His luck was grand; his specimen was in almost uncirculated condition, a grade that to my knowledge has yet to be surpassed. Goodman's note stayed with him until his death in the late 1980s. Allen Kam (Allen's Coin Shop in Westerville, Ohio) pur- chased Goodman's estate of small notes in 1989, and for a time large numbers of scarce varieties were available to astute buyers. Naturally the hawks tried to cherry-pick the great rari- ties. I knew, along with the most aggressive buyers, that the $2 1928C mule had to be in the holding. None of us had any idea of its grade. The first small note dealers to view Kam's holdings, Dave Koble and David Klein, reported with dismay that the $2 1928C mule was not present. We all wondered where it had gone. Nothing materialized, and no one was bragging, so the trail seemed at a dead end. Then innocuously, and with no ado whatsoever, the prize, priced at $950, appeared buried in proper sequence in Karn's huge July 1990 list. A photo of that gem graces these pages. LEON GOODMAN I never met Leon but I did correspond with him on a very infre- quent basis. In the 1960s he operated Elgee Coins in New York City. Goodman was a huge man; some claimed he topped the scales at 600 lbs, maybe more. He was very bright and compul- sive, not only with food but anything that interested him. He was fortunate enough to have the resources to pursue his in- terests, something he did with ferocity. He tirelessly compiled data on small note varieties, mostly by painstakingly searching through notes and recording data. Dealers used to complain that he would take up the entire table writing down data but never spending money. We owe much of the information in the O'Donnell catalog to Goodman's record keeping. The early editions of that work were coauthored by Goodman, Schwartz and O'Donnell. Goodman was among the first to conduct research at the Bu- reau of Engraving and Printing, where he dug into all the odd varieties he had catalogued, including mules, late-finished plate notes (mistakenly called trial notes), experimental papers, and the wide and narrow backs. Goodman could be found at the major coin conventions in the 1960s. Being large, he was noticeable, but maintained good humor about this distinction. During the 1967 Miami ANA convention, John Hickman and Lowell Owen were waiting for an elevator in the lobby of the convention hotel. Just as the door opened and they stepped in, they noticed with trepida- tion that Leon also had arrived and was crowding in with them. On the ascent, John looked at the weight limit and commented that he wasn't sure if this was safe. Gamely, Leon snapped "don't you want to ride up with the biggest man in paper?" The pun was a play on the financial resources of the active dealers in this then rather thinly capitalized occupation. Hickman shot back "you may be bigger than any two men in paper!" Lowell piped in "would you believe three?" At that Goodman retorted "I'd fight on three Later in life Leon turned to bridge and I understand he pur- sued that game with the same intensity that he had lavished on small notes. His currency holdings largely languished in his safe deposit boxes during his bridge-playing days. (Continued on page 169) Page 162 Paper Money Whole No. 161 Enjoying a new popularity FRACTIONAL CURRENCY By BENNY BOLIN (All catalog numbers refer to the Robert Friedberg numbering system unless otherwise noted.) F ROM the middle seventies to the early eighties, manylarge and important fractional currency collections andgroupings were offered publicly via auctions. In 1973, Bowers and Ruddy sold the Matt Rothert collection and conducted the Paxman sale in 1974. Also in 1974 Lester Merkin sold the Isadore Herman collection. In 1975, Bowers and Ruddy offered the Winthrop sale and in 1977, the Doolittle/ Russell sale. NASCA entered the fray in 1980 with the New York '80 sale and the Vacca and Rockholt collections in 1981. After this, the public market had little significant offerings of fractional until the Pacific Coast Auction Galleries PNG sale in February 1989. This sale had 78 lots of fractional currency and re-offered many notes from the Rothert collection sold by Bowers and Ruddy in 1973. It also had a previously unknown example of a fourth issue twenty-five cent proof. Four months later, in June 1989, 128 lots of fractional were offered at public auction at the Newport Beach Coin Show. The sale was mainly composed of high grade regular issue notes. Later, in November 1989, Lyn Knight offered 48 lots of fractional notes. This sale offered many regular issue rarities, including a 1296, a 1299, a 1300 and a 1381 autographed by John C. New. One of the most important and extensive collections of fractional to come on the market in years was sold by Sotheby's when they offered the Kessler collection as a single lot in their March 1990 sale. The collection was made up of 140 regular issue notes, 98 proofs and specimens and examples of all three colors of shields. The shields were consigned to "Auction '90" and many of the notes were consigned to a Stack's-Coin Galleries sale held in July 1980. Some of the rarer notes were sold privately, most notable Milton Friedberg numbers 3P1OF.3 and 3P50R.3. The Stack's sale in July 1990 contained 166 lots of fractional, with many notes being from the Kessler collection. It included a nearly complete regular issue set and 35 proof and specimen notes. It also included an F1248 with the old English "0," which is probably unique, one of the best known F1273-SP notes and an example of a narrow margin 1339 "fancy" back. November 1990 saw two important sales of fractional cur- rency. Stack's Coin Galleries offered 112 lots of fractional notes, mostly EF-UNC regular issue notes. Currency Auctions of America offered 104 lots of fractional notes at the National and World Paper Money Convention in St. Louis. The sale contained many rarities, including a strip of F1246 with inverted surcharges, an F1283 with a Treasury Department "rectangle," an F1286 with an inverted "S" surcharge, and two F1353s, both of which were previously unknown. The sale had approximately 10% of the fractional lots bought back by their original consignors. Currency Auctions of America offered another important sale in May 1991. This sale contained 60 lots of fractional notes and included many experimental pieces as well as regular issue notes. Stack's offered 110 lots of fractional in a June 1991 sale. It was one of the finest offerings of fractional currency in years, made up mostly of high grade regular issue notes. Also, for the first time in many years, examples of two different notes from the F1351-4 series were offered. These were an F1351 which was the Dr. Sartoris note and a 1354 both from the Rockholt collection. June 1991 also saw a "Presentation Shield" offered in the George Polis sale by Bowers and Merena. In their October 1991 Paper Money Auction, Stack's offered a previously unknown Presentation Book of Spencer Morton Clark. Also in October 1991, Early American Numismatic Auctions offered the Nate Smith Collection of Fractional Currency Proofs. The sale contained 118 lots of fractional notes and contained 79 lots of proof and specimen notes and a previously unknown unique F1239 with an inverted reverse. This year promises to be a good one as it got off to a great start with another Currency Auctions of America sale on January 10. This sale contained 244 lots of fractional currency including two lots of first issue perforated pairs, an uncut pair of F1253s, an F1296 and the W.S. Danforth shield. During the past few years some fractional currency rarities were discovered or changed hands privately. At Memphis '88, five third issue fifty-cent notes and one twenty-five cent note with a green overprint surfaced. Also resurfacing at the same show was a block of eight first issue perforated ten-cent notes that were last seen in the 1903 Friedman Auction. At the '88 ANA convention, several pairs of notes listed in the Limpert reference work were shown and their existence verified. In 1989 we saw the discovery of a "unique" first issue five-cent back essay. The following year saw the private sale of several rarities from the Kessler collection and the discovery of two "unique" notes, a second issue ten cent face "specimen" and a third issue fifty-cent face essay. In 1991 one of the finest known second issue notes with a "Treasury Department" rectangle was discovered. Prices have not been discussed as the capability and resources to adequately analyze these are beyond the author. However, it seems that throughout the past three years, prices have remained fairly constant, although at times some of the more choice and rare notes have commanded very high premiums. While other important sales were probably held and other rarities may have changed hands or have been discovered privately, it appears that fractional currency is again in demand. Because of the rarities coming back on the market and the many great sales, it also appears that the more common regular issue notes are enjoying a renewed popularity. It is hoped that this trend will continue and that many other unknown or closeted rarities will come onto the market. (The Fractional Currency Collectors Board (FCCB) is a group in- terested in the study and collecting of fractional currency. Dues or re- quests for more information may be sent to Benny Bolin, Membership Chairman FCCB, Route One, Box 331B, Allen, Texas 75002.) Paper Money Whole No. 161 Page 163 Christopherolumbus on Bank Notes by GENE HESSLER A LTHOUGH it is unlikely that Christopher Columbus ever posed for any of the likenesses that honor this 15th century explorer—the medallic portrait by Fran- cisco Asis Lopez is considered to be the most accurate—that did not prevent numerous artists from creating an image of Columbus in bronze and stone, on paper and canvas, on coins and paper money. The discovery and landing scenes, like most historic events, were recreated much later by artists in their studios. In an attempt to make certain that none of these subjects that appear on paper money are overlooked in this 500th anniversary year of Columbus' first voyage to the new world, a list has been compiled for anyone who might be curious about them. The diligent will probably find additional bank note examples of the "Sailor from Genoa!' Portraits of Christopher Columbus (The headings indicate the name of the artist or the name most often used to identify a particular portrait.) Antonio del Rincon & Julio Romano El Salvador (backs of many notes). Francisco Asis Lopez Costa Rica. 504-100 colones, P131-150A and 504, P165 (eng. A Jones, ABNCo); 10 colones, P179 and 2 colones, P195 (TDLR); 50 colones, P207 (W&S). El Salvador. 1 colon, P69, 5 colones, P74, and 1-500 colones, PS191-199 (all eng. by Alfred Jones, ABNCo). Francesco Mazzola Parmigianino Argentina. 100 pesos, PS1763 (ABNCo). Brazil. 100 mil reis, PS421 (TC&C), 25 mil reis, PS251 (ABNCo). Dominican Republic. 254, PS101, 1 peso, PS103 & PS121 (ABNCo). Jamaica. Geo. W. Gordon & Co., 10 Shillings, 1 Jan. 1851 (DW). Nicaragua. 1 peso, P38 and 1-100 pesos, P28-34 (ABNCo.) U.S. Obsolete Notes The Ansonia Bank, CT $5, The Bank of America, Seymour, CT $5 and the Tolland County Bank, Tolland CT $10; the Bank of Augusta, GA $1 and The Exchange Bank, Cassville, GA $10; the New Orleans Canal & Banking Co., LA $10; the Ken- duskeag Bank, Bangor, ME $5; the Cochituate Bank, Boston, MA $100 and The Suffolk Bank, Boston, MA $5; The Pis- cataqua Exchange Bank, Portsmouth, NH $5; The Bank of New Jersey, New Brunswick, NJ $1, the Somerset County Bank, Somerville, NJ $50 and The State Bank of Elizabeth, NJ $5; The Bank of Owego, NY $1, Henry Keep's Bank, Watertown, NY $1 and the Commercial Bank of Troy, NY $50; the Lehigh County Bank, Allentown, PA $5 and The Miners Bank of Pottsville, PA $20; The Mechanics Bank of Providence, RI $20, the New England Commercial Bank, Newport, RI $2 and the National Bank of Providence, RI $10. Canada Obsolete Note. Grenville Bank of Prescott, Canada West $20. Versailles Portrait (similar to one by Sebastian del Piombo) El Salvador. 25 colones, PS113 (ABNCo). Italy. 10 lire, PS212 & PS213 (ABNCo). Puerto Rico. $5, P11 (ABNCo). Uruguay. 100 pesos, PS214 (ABNCo). fize./Pid 15 rk io (64907 :