official journal of The Society of Paper Money Collectors 1863 Gold Certificates 1550 Scenic Avenue, Suite 150, Costa Mesa, CA 92626 • 800.458.4646 470 Park Avenue, New York, NY 10022 • 800.566.2580 Info@StacksBowers.com • StacksBowers.com California • New York • New Hampshire • Okalhoma • Hong Kong • Paris SBG PM Mar2021 HLs 201130 America’s Oldest and Most Accomplished Rare Coin Auctioneer LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Contact Us to Consign Your U.S. Paper Money! 800.458.4646 West Coast • 800.566.2580 East Coast • Consign@StacksBowers.com March 24-26, 2021 Consign U.S. Paper Money by January 25, 2021 Consign Alongside These Highlights in the Stack’s Bowers Galleries March 2021 Baltimore Auction Fr. 127. 1869 $20 Legal Tender Note. PMG Extremely Fine 40. Fr. 151. 1869 $50 Legal Tender Note. PCGS Banknote Choice Very Fine 35. Fr. 167a. 1863 $100 Legal Tender Note. PCGS Banknote Choice Uncirculated 63. Fr. 328. 1880 $50 Silver Certificate. PMG Choice Extremely Fine 45. Fr. 342. 1880 $100 Silver Certificate. PCGS Banknote Choice Very Fine 35. Fr. 376. 1891 $50 Treasury Note. PMG Extremely Fine 40 EPQ. Fr. 378. 1891 $100 Treasury Note. PMG Fine 12. Fr. 377. 1890 $100 Treasury Note. PCGS Banknote Choice Extremely Fine 45. Fr. 1132-B. 1918 $500 Federal Reserve Note. New York. PMG Choice Very Fine 35. 22 Act of 1863 Gold Certificates--Huntoon, Murray, Bruyer Deseret Currency Association--Douglas Nyholm No Country for Old Men or Their Currency--Charles Derby The American National Bank of Baltimore, MD--J. Fred Maples S. 3288--Authorizing a New Currency--Lee Lofthus & Peter Huntoon The End of Legal Tender Notes--Peter Huntoon Zouaves--Terry Brant Postage Currency Sheet w/Associated Note--Rick Melamed 44 53 6 29 36 61 62 46 Mutual-Profit Coupon System--Loren Gatch Paper Money * Jan/Dec 2021 * Whole No. 331 1 Contents, Advertisers, Hall of Fame Columns Advertisers SPMC Hall of Fame The SPMC Hall of Fame recognizes and honors those individuals who  have made a lasting contribution to the society over the span of many years.  Charles Affleck Walter Allan Doug Ball Joseph Boling F.C.C. Boyd Michael Crabb Martin Delger William Donlon Roger Durand C. John Ferreri Milt Friedberg Robert Friedberg Len Glazer Nathan Gold Nathan Goldstein James Haxby John Herzog Gene Hessler John Hickman William Higgins Ruth Hill Peter Huntoon Don Kelly Lyn Knight Chet Krause Allen Mincho Judith Murphy Chuck O’Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert Neil Shafer Austin Sheheen Herb & Martha Schingoethe Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. Wismer From Your President Shawn Hewitt 4 Editor Sez Benny Bolin 5 Uncoupled Joe Boling & Fred Schwann 56 Quartermaster Column Michael McNeil 66 Cherry Pickers Column Robert Calderman 68 Obsolete Corner Robert Gill 70 New Members Frank Clark 74 2020 Paper Money Index Terry Bryan 75 Stacks Bowers Galleries IFC Pierre Fricke 1 Fred Bart 20 Vern Potter 20 ANA 21 Lyn Knight 28 Bob Laub 31 Kagins 43 Jim Ehrhardt 60 Higgins Museum 60 FCCB 60 Denly's of Boston 72 DBR Currency 72 PCDA 81 Heritage Auctions OBC Paper Money * Jan/Dec 2021 * Whole No. 331 2 No F.U.N.? Join the SPMC on ZOOM Due to the unfortunate cancellation of Winter FUN, the board of directors of the SPMC are planning a business meeting followed by an array of educational seminar presentations. Tentative planned for Saturday February 27, 2021 More details to follow on the webpage so check the webpage often for updates. Tentative partial speaker list includes • Wendell Wolka • Pierre Fricke • Robert Calderman • Shawn Hewitt • Benny Bolin Paper Money * Jan/Dec 2021 * Whole No. 331 3 Officers & Appointees ELECTED OFFICERS PRESIDENT Shawn Hewitt shawn@shawnhewitt.com VICE-PRES. Robert Vandevender II rvpaperman@aol.com SECRETARY Robert Calderman gacoins@earthlink.net TREASURER Bob Moon robertmoon@aol.com BOARD OF GOVERNORS Mark Anderson mbamba@aol.com Robert Calderman gacoins@earlthlink.net Gary J. Dobbins g.dobbins@sbcglobal.net Matt Drais Stockpicker12@aol.com Pierre Fricke pierrefricke@buyvintagemoney.com Loren Gatch lgatch@uco.edu Steve Jennings sjennings@jisp.net William Litt Billlitt@aol.com J. Fred Maples maples@comcast.net Cody Regennitter cody.regennitter@gmail.com Wendell A. Wolka purduenut@aol.com APPOINTEES PUBLISHER-EDITOR Benny Bolin smcbb@sbcglobal.net ADVERTISING MANAGER Wendell A. Wolka purduenut@aol.com LEGAL COUNSEL Megan Regennitter mreginnitter@iowafirm.com LIBRARIAN Jeff Brueggeman jeff@actioncurrency.com MEMBERSHIP DIRECTOR Frank Clark frank_spmc@yahoo.com IMMEDIATE PAST PRESIDENT Pierre Fricke WISMER BOOK PROJECT COORDINATOR Pierre Fricke From Your President Shawn HewittFrom Your President Shawn Hewitt Paper Money * July/August 2020 6 I guess it was too much to hope for – reuniting of fellow collectors at the Florida United Numismatists (FUN) convention in Orlando, scheduled for January. COVID has struck again, taking away our next meeting opportunity, as the FUN organizers prudently cancelled the show in the face of skyrocketing infections. But enough with this negative talk. I’m an optimist at heart and am confident that 2021 will be a much better year – and we’re going to do something to help make that happen. The SPMC Board of Governors has decided to host a Zoom membership meeting and speakers’ event. We’ve seen this done by other numismatic groups with considerable success, so we’ll take the leap and give it a try. The date is set for Saturday, February 27, 2021. The schedule for this event is still to be determined, but we will have the event details posted on our SPMC website calendar in the coming weeks. We’ll start the day with a general membership meeting and continue with several presenters. So far, the speakers list includes Confederate currency authority Pierre Fricke, obsolete note specialist Wendell Wolka, the Cherry Picker and all-around generalist Robert Calderman, and me, who will present about non-star replacements in the pre-star type and large size national bank note series. We hope to gather another couple speakers to round out the day. I am very much looking forward to this event, which may very well become a regular part of SPMC interaction with members in the future. As we roll into 2021, we are unsure about how soon things will return to normal as the COVID era hopefully comes to a quick close as vaccinations are distributed, but we are hopeful that the annual International Paper Money Show (IPMS) will be our next major gathering. At that time in June – whether or not we meet – the second term of my presidency will come to end, and we will make a change in leadership. I can say with great certainty that we will continue to improve our organization and the value you get for your membership. We’re on a wonderful trajectory and there is every reason to believe that 2021 will be a great and memorable year. Paper Money * Jan/Dec 2021 * Whole No. 331 4 Terms and Conditions The Society of Paper Money Collectors (SPMC) P.O. Box 7055, Gainesville, GA 30504, publishes PAPER MONEY (USPS 00-3162) every other month beginning in January. Periodical postage is paid at Hanover, PA. Postmaster send address changes to Secretary Robert Calderman, Box 7055, Gainesville, GA 30504. ©Society of Paper Money Collectors, Inc. 2020. All rights reserved. Reproduction of any article in whole or part without written approval is prohibited. Individual copies of this issue of PAPER MONEY are available from the secretary for $8 postpaid. Send changes of address, inquiries concerning non - delivery and requests for additional copies of this issue to the secretary. MANUSCRIPTS Manuscripts not under consideration elsewhere and publications for review should be sent to the editor. Accepted manuscripts will be published as soon as possible, however publication in a specific issue cannot be guaranteed. Opinions expressed by authors do not necessarily reflect those of the SPMC. Manuscripts should be submitted in WORD format via email (smcbb@sbcglobal.net) or by sending memory stick/disk to the editor. Scans should be grayscale or color JPEGs at 300 dpi. Color illustrations may be changed to grayscale at the discretion of the editor. Do not send items of value. Manuscripts are submitted with copyright release of the author to the editor for duplication and printing as needed. ADVERTISING All advertising on space available basis. Copy/correspondence should be sent to editor. All advertising is pay in advance. Ads are on a “good faith” basis. Terms are “Until Forbid.” Ads are Run of Press (ROP) unless accepted on a premium contract basis. Limited premium space/rates available. To keep rates to a minimum, all advertising must be prepaid according to the schedule below. In exceptional cases where special artwork or additional production is required, the advertiser will be notified and billed accordingly. Rates are not commissionable; proofs are not supplied. SPMC does not endorse any company, dealer or auction house. Advertising Deadline: Subject to space availability, copy must be received by the editor no later than the first day of the month preceding the cover date of the issue (i.e. Feb. 1 for the March/April issue). Camera-ready art or electronic ads in pdf format are required. ADVERTISING RATES Space 1 Time 3 Times 6 Times Full color covers $1500 $2600 $4900 B&W covers 500 1400 2500 Full page color 500 1500 3000 Full page B&W 360 1000 1800 Half-page B&W 180 500 900 Quarter-page B&W 90 250 450 Eighth-page B&W 45 125 225 Required file submission format is composite PDF v1.3 (Acrobat 4.0 compatible). If possible, submitted files should conform to ISO 15930-1: 2001 PDF/X-1a file format standard. Non- standard, application, or native file formats are not acceptable. Page size: must conform to specified publication trim size. Page bleed: must extend minimum 1/8” beyond trim for page head, foot, and front. Safety margin: type and other non-bleed content must clear trim by minimum 1/2” Advertising copy shall be restricted to paper currency, allied numismatic material, publications and related accessories. The SPMC does not guarantee advertisements, but accepts copy in good faith, reserving the right to reject objectionable or inappropriate material or edit copy. The SPMC assumes no financial responsibility for typographical errors in ads but agrees to reprint that portion of an ad in which a typographical error occurs. Editor Sez Benny Bolin Welcome 2021. While this year is starting off like 2020 left us, we have reason to be optimistic about the year. With the vaccine coming, hopefully this COVID situation will be over. It will take a while before we can get back together with FUN and March ANA already on the cancel list, but here is hoping for a resounding good time at the 2021 IPMS, wherever it may be. The board of the SPMC has decided since FUN was cancelled, we would present a virtual time with an SPMC business meeting and a number of speakers. More information is in this issue and more updates will follow so watch the website for them. What have you been doing during the time at home of late? One of my favorite pastimes is reading and I have three great books for you all to look into. First is a great book written by Heinz Tschachler--"George Washington on Coins and Currency." Published by McFarland books, it is a very nice history with illustrations of Washington on coins/currency since the colonial times to present. Another, although way out of my collecting genre, is "The Atlas Collection--Archival Photographic Proofs of Greek Banknotes" by Evangelos Fysikas, one of our authors this year. It is beautifully illustrated and the text is done in a unique manner--the top half of the page is in Greek and the bottom in English. My favorite book is one that should be of great interest to collectors of fractional currency (me) and encased postage (again me). It is "A Century of Cures: Dr. J.C.Ayers & Co. Lowell, Mass., U.S.A" by Cliff & Linda Hoyt. It is a very detailed history of Ayers, his company and his many patent medicines, tonics and other items he made. It is voraciously illustrated with all the trade cards, envelopes, papers and other advertising products he had. Oh yeah, also his encased postage. Many other books made their way across my desk. References on Obsoletes from Alabama and New Hampshire along with books on hoards as well as Disney Dollars joined the Bolin library. And those are just the modern books. I still collect and enjoy the old auctions catalogs, fixed price lists and references on fractional currency. I urge you to read on your collecting interests and then utilize what you learned to write an article for Paper Money! Literally the day I was taking this issue to the printer to do a pre-publish proof, I learned of the passing of a great in the fractional currency--Martin Gengerke. He was a great friend and mentor for me along with Milt Friedberg and will be sorely missed. I wish you good tiding and a Happy New Year. Be safe! Benny Paper Money * Jan/Dec 2021 * Whole No. 331 5 Act of 1863 Gold Certificates Abstract Of all the U. S, currency issues, none rival the group of Act of March 3, 1863, gold certificates for rarity. They were created during the Civil War as yet another means to help finance the Treasury. However, the first of them weren’t issued until November 1865 after the war ended. The notes were printed by the National Currency Bureau for use by the U. S. Treasury in Washington and subtreasuries in New York, Boston and Philadelphia. They were issued in $20, $100, $500, $1000, $5000 and $10,000 denominations. The $20s through $1000s were payable to the bearer so classify as currency. In contrast, the $5000s and $10,000s were checks representing gold coin or bullion deposited with the Treasury by some person or entity that were payable in gold to a second person or entity. The Treasury was authorized to issue notes amounting to 120 percent of the gold on deposit, with the first draw on the extra 20 percent to be used to pay interest on the public debt. The series was phased out in 1870, whereupon they were supplanted by Series of 1870 uniface gold notes. The 1870 notes were checks identical in character to the 1863 $5,000 and $10,000 notes. The Paper Column Peter Huntoon Doug Murray Nick Bruyer Figure 1. Act of 1863 $20 gold certificate. Only the $20 through $1000 notes were payable to the bearer. Face, Heritage Auction archives photo; back, National Numismatic Collection proof. Paper Money * Jan/Dec 2021 * Whole No. 331 6 All the reported issued 1863 gold certificates are from New York. Origin By 1863, the southern states had long ago split from the Union and the Civil War had raged inconclusively since April 12, 1861. The opposing forces found themselves locked in a grim war of attrition of men and materiel. The cost to the Union was countless lives and averaged $2 million per day, with no end in sight. Without heavy borrowing, the Union Treasury would have run out of money long before. The Treasury had suspended specie payments December 28, 1861, in order to conserve gold. Secretary of the Treasury Salmon P. Chase and his Congressional allies were implementing every tactic they could to raise money. Congress authorized the issuance of a total of $60,000,000 worth of demand notes in the Acts of July 17, 1861, and February 12, 1862, that were circulating non-interest-bearing national debt to be exchanged by the Treasury for coin or to pay salaries and other debts owed by the United States. Because they were issued before the suspension of specie payments, the demand notes were accepted by the Treasury as coin notes that could be used to pay customs taxes. In acts of desperation as the cost of the war deepened, Congress authorized the issuance of legal tender notes, notes that were nothing more than circulating debt instruments that bore no interest with a promise to pay their face amount with dollars of unspecified value at some unspecified future date. This was fiat money passed off with a legal tender currency decree meaning it couldn’t be refused to satisfy debts between debtors and creditors. The first $150,000,000 worth of legal tenders were authorized by the Act of February 25, 1862. Another $150 million was authorized by an Act passed July 11, 1862, and a third $150 million by the Act of March 3, 1863. The Act of February 25, 1862, explicitly prohibited the use of legal tender notes for the payment of customs taxes and the government couldn’t use them to pay interest on the public debt. These limitations were strategic. A primary source for revenue to the Treasury was customs taxes, so by a Congressional mandate in Section 5 of the Act of February 25, 1862, they were payable in gold or demand notes of 1861-2. Congress couldn’t allow customs taxes to be paid with legal tender notes because those taxes were the primary source for gold so critically needed by the Treasury. Conversely, the credibility of the Treasury as a borrower could be maintained only if it repaid interest on its debt with specie. Consequently, Section 5 of the February 25, 1862, act stipulated that the primary use for gold received from customs taxes was the payment of interest on the public debt. Throughout the entire war, sales of Treasury notes, bonds and certificates of indebtedness continued unabated. Some of those debt issues, such as certificates of indebtedness authorized by the Act of March 17, 1862, were used specifically to purchase gold coin in order to allow the Treasury to pay out that coin for the interest on the accumulating national debt. New, even more creative strategies, were implemented. One to pass Congress was an act dated February 25, 1863, authorizing the establishment of the national banking system, with its new form of bond- secured national currency. The new national currency was founded on legal tender currency into which national bank notes could be redeemed. Specifically, bankers were required to purchase Treasury bonds that they would then deposit with the U. S. Treasurer to secure national bank notes issued to them amounting to 90 percent of the face value of the collateral bonds. This money was theirs to loan. They also earned interest on their bonds, so they earned interest twice on the same investment, a strong incentive to play in this arena. The Treasury also was a winner because the bankers used legal tender notes to buy their bonds because it was the cheapest money they could accumulate. Thus, the national banking system created a strong market for both the Treasury’s legal tender notes and also the Treasury’s bonds, both of which had been meeting resistance in the market. In addition, the bankers also had to hold reserves for both the deposits they held and their outstanding national bank notes. Those reserves had to be lawful money; specifically, legal tender notes. Large volumes of legal tender notes were thus tied up in bank reserves creating further demand for them. A creative means for obtaining gold for the Treasury was incorporated into the Act of March 3, 1863. That act authorized a variety of government debt instruments including the final $150,000,000 of Paper Money * Jan/Dec 2021 * Whole No. 331 7 legal tender notes. Of primary interest to this discussion was Section 5, which authorized the issuance of non-interest-bearing gold certificates of deposit against gold deposited with the Treasury that was to be held for their redemption. The Treasury was authorized to issue these notes to the extent of 120 percent of the value of the gold received, and use the certificates to pay interest on the public debt as well as allow holders to use the certificates to pay customs taxes. Section 5 is reproduced in total here. Act of March 3, 1863 An act to provide ways and means for the support of the Government Section 5. That the Secretary of the Treasury is hereby authorized to receive deposits of gold coin and bullion with the Treasurer or any assistant treasurer of the United States, in sums not less than twenty dollars, and to issue certificates therefor, in denominations of not less than twenty dollars each, corresponding with the denominations of the United States notes. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the Treasury for the payment of the same on deposit. The coin and bullion deposited for or representing the certificates of deposit shall be retained in the Treasury for the payment of the same on demand. And certificates representing coin in the Treasury may be issued in payment of interest on the public debt, which certificates, together with those issued for coin and bullion deposited, shall not at any time exceed twenty per centum beyond the amount of coin and bullion in the Treasury; and the certificates for coin or bullion in the Treasury shall be received at par in payment for duties on imports. The Act of 1863 provided a convenient means for gold producers to turn their bullion into money and holders of coin to convert that cumbersome medium into more readily transportable paper. The certificates thus made available were, of course, convertible into gold coin on demand at the convenience of the holder. Figure 2. Notice that the $20 is payable to the bearer, whereas the $10,000 is payable to the order of. National Numismatic Collection proofs. Paper Money * Jan/Dec 2021 * Whole No. 331 8 By providing this service, the Treasury was authorized to issue certificates equal to 20 percent beyond the value of the bullion and coin held for their redemption. This overage was to be used primarily to pay interest on the national debt. The expectation was that the Treasury would accumulate a considerable volume of gold, the users would prefer to hold the paper, and the Treasury could create for itself the additional 20 percent it needed on the float. This paper had value because it was convertible into gold coin but also because it could be accumulated in financial markets to conveniently pay customs taxes, whereupon the government could reissue it. The 1863 act called these notes certificates of deposit, but the lower denominations also served as a form of circulating currency. The notes were issued in $20, $100, $500, $1000, $5000 and $10,000 denominations. The $20 through $1000 denominations were payable to the bearer so they could circulate. The $5000 and $10,000 denominations were payable to the order of so they functioned as checks for the transfer of large sums of gold. It is theoretically possible that some of the high denomination notes were made out in favor of the purchaser and held as a store of wealth; however, that made little sense. Instead, their utility was to be made payable to another party in order to make gold transfers such as to the Treasury to pay customs taxes or for use between banks, etc. The high denominations weren’t designed to circulate so they don’t meet the definition of currency. The first of the Act of 1863 gold certificates was issued November 13, 1865 (Spinner, 1869, p. 247). They were phased out in 1870 with the advent of the uniface Series of 1870 gold notes and subsequent Series of 1875 gold certificates, all of which were certificates of deposit payable to the order of specified entities designated by the purchasers identical to the $5,000 and $10,000 Act of 1863 notes. The low denomination Act of 1863 notes could circulate and the public could take them instead of gold coin in payment for interest on Treasury bonds that they held. However, their circulation among the public was minimal to nil. The commercial economy of the country during their existence was conducted on a legal tender currency basis along with equivalent-value national bank currency. That currency was discounted against gold as shown on Figure 3 until the resumption of specie payments on January 1, 1879. Consequently, the reality was that using gold certificates would have been as cumbersome as using gold coin because goods were priced in legal tender dollars so to use them would require everyone to scramble to determine the current exchange rate. Instead, their use was largely confined to importers to pay customs Figure 3. Price of a legal tender dollar in gold prior to the resumption of specie payments by the U. S. Treasury on January 1, 1879. Data from Knox (1877, p. XIII; 1879, p. XV). Paper Money * Jan/Dec 2021 * Whole No. 331 9 taxes, gold bullion dealers and foreign exchange brokers. Most of this type of business was carried out in New York City. Besides, the purchasing power of even the lowest denomination 1863 gold notes was a reach for most citizens. The fact that they were largely out of the reach of the general public helps explain why so few survive. Release, Acceptance and Use An article in the New York Times (October 21, 1865) explained the need for and anticipated use for the gold certificates. A correction to a reporting mistake is shown in []. The Secretary of the Treasury has determined to issue to the extent that the public may lodge their Gold in the Treasury, Gold back Certificates, free of interest, of the denominations of $20, $50 [no $50s made], $100 and $500, payable to the bearer, and of the denomination of $1,000 [$1000 payable to bearer], $5,000 and $10,000, payable to the order of the depositor, under authority of the fifth section of the Loan Act of March 3, 1863 * * *. The Certificates will be ready for employment in a few days. They are engraved and printed in the Department at Washington, in the very finest style, not only with reference to the artistic skill of the work, but with special reference to security and protection against the possibility of counterfeiting. A specimen was shown at the Treasury Office in this city to-day, which certainly reflects the very highest credit upon the government engravers. The new arrangement for facilitating all transactions in Gold as well with the Government in the receipt of Customs and the payment of Gold Interest, as with Bullion dealers, foreign Exchange Brokers and Bankers, and the public generally, who desire to have a secure place of deposit for their Gold, and a convenient and transferable representative of such deposit. * * * The inconvenience of repeatedly counting, transferring and recounting the Gold which the government has been in the practice of selling for the last ninety days, to receive the constant and large Customs demand—as well as to keep down the surplus Gold balances in the Treasury—has been seriously felt: 1. In the sale of the Gold in the Open Market, deliverable in bags from the Treasury. 2. In the receipt of the same Gold at the office of the Cashier of the Customs-house, most generally the same day. 3. In recounting the same Gold at the Treasury Office, also the same day when put in, as it must be by 3 or 4 o’clock, from the Custom-house. But above these considerations is the high credit and security and convenience of the Treasury of the United States in all the Gold transactions of the public whether growing out of the business of Customs, Gold Interest of the Public Debt, the Foreign Exchanges, or the direct deposit of Gold Coin for safe keeping. The Secretary has been induced to exercise the authority of the Act of Congress on this subject by reason of the very large movement of Gold of late, at and through his New-York office. He has no solicitude to have the public avail of the new arrangement one dollar beyond their own convenience. They can take their Gold Interest of him in Coin or in Gold back Certificates; the Importers and Bullion Brokers can buy Gold of him deliverable in bags or in Gold Cash Certificates to represent it, nor will it pay a premium in the shape of interest for having the Gold left in the Treasury. Contemporary newspaper accounts provide revealing glimpses into when the 1863 gold certificates became available, how well they were received, and how most were used. The following compilation is Table 1. Currently reported Act of 1863 gold certificates. Data from Gengerke (2014). Den Office Signatures Serial Pos Grade Whereabouts 20 New York Colby-Spinner and hand counter signature 416 D xf private 20 New York Colby-Spinner and hand counter signature 4069 A vf private 20 New York Colby-Spinner and engraved H. H. Van Dyck counter signature 36621 A canceled Bureau of the Public Debt 20 New York Colby-Spinner and engraved H. H. Van Dyck counter signature 41146 B vf private 20 New York Colby-Spinner and engraved H. H. Van Dyck counter signature 45149 A vf private 20 New York Colby-Spinner and engraved H. H. Van Dyck counter signature 48545 A canceled National Numismatic Collection 100 New York Colby-Spinner and hand counter signature 11811 C canceled National Numismatic Collection 100 New York Colby-Spinner and hand counter signature 46425 A vf private 100 New York Colby-Spinner and engraved H. H. Van Dyck counter signature 112853 A fine National Numismatic Collection 1000 New York Colby-Spinner and hand counter signature 19683 C canceled Bureau of the Public Debt 5000 New York Colby-Spinner and hand counter signature 42023 C canceled Bureau of the Public Debt Paper Money * Jan/Dec 2021 * Whole No. 331 10 arranged in chronological order of publication date and focuses on New York where they were first released and most were used. Corrections to reporting mistake are shown in []. “These gold notes will be receivable for customs, and will be largely used in adjusting balances in New York. * * * Proofs of the backs, printed in gold-colored ink, have already been sent to the U. S. Assistant Treasurer in this city—Hon. Mr. Van Dyck—for his inspection and suggestions. Several denominations of the new gold backs will be ready for issue at the New York office in the course of a few days” (Brooklyn Union, Oct 20, 1865). “Deputy Treasurer Van Dyck yesterday received the first installment of the new gold certificates of the denomination of $5,000. * * * The issue of the certificates will not commence for a couple of weeks” (New York Times, Oct 28, 1865). “The Secretary of the Treasury has informed the assistant treasurer at New York, that the new gold certificates of the denomination of hundred and one thousand dollars, will be sent to this city early next week. The twenty, fifty, and five hundred dollar notes may not be ready for some time. It is intended to begin to issue these certificates to depositors next week” (Hartford Courant, Nov 2, 1865). “New York, Nov. 5. The first batch of gold certificates of $1,000 went forward to the New York Sub-Treasury to day. The $20 notes are in press, having elaborately engraved backs of the double eagle. Part of this issue of gold-notes will be printed on buff-colored paper. In other respects they will be like Bank of England notes. When once they come back to the Treasury they will not be re-issued” (Detroit Free Press, Nov 6, 1865). “The Secretary of the Treasury has addressed a circular to the officers of the customs instructing them to receive in payment of duties on imports gold certificates of deposit issued by the Treasurer or Assistant Treasurer of the United States, but in no case to receive such certificates for duties in excess of the amount to be paid” (Baltimore Sun, Nov 10, 1865). “No Certificate drawn to order, will be deemed a sufficient delivery if passed to a second indorsement. This proviso is consistent with the wishes of the Treasury. New Certificates will be issued, and the old ones canceled, whenever presented for payment; so that there will be no excuse for circulating Figure 4. The 1863 gold certificates issued by the U. S. Treasury in Washington featured an elaborate rendering of Treasury of the United States in the middle of the faces. Those issued by the Boston and Philadelphia subtreasuries were identical except Washington was removed in front of the blank for the date. National Numismatic Collection proofs. Paper Money * Jan/Dec 2021 * Whole No. 331 11 the originals with more than the single indorsement of the depositor or of the Cashier of the Treasury Office, to whose order they will be drawn, unless otherwise requested” (New York Times, Nov 10, 1865). “The Treasury Office in this city is to-day receiving Gold on deposit and issuing therefor Gold Certificates of the denominators of $100, $1,000 and $5,000, to suit the convenience of the depositors. * * * They are originally signed and sealed at Washington by the Treasurer and Register of the United States, and countersigned by the Assistant Treasurer in New York. The amount offered for to-day is over $500,000, of which the Bank of New York took out $250,000” (New York Times, Nov 16, 1865). “The importers have increased facilities for arranging their payments, and the handling of gold in bags is already sensibly reduced. The gold certificates that are received at the Customs Houses, for duties, are canceled by stamping upon them the date of receipt; on the same day they are sent to the Treasury offices, where the cancellation is completed. The Customs House cashiers register the date on which each number passes through their hands, and no corresponding numbers are to be reissued on new certificates. The government purposes to cancel the large certificates, $500 [should be $1,000] and upward on payment; no second use is to be made of the same paper” (Philadelphia Inquirer, Nov 20, 1865). “The $5,000 notes appear to be most in demand” (New York Times, Nov 26, 1865). “Only ten days have elapsed since the deposits of gold for certificates commenced at the United States Treasury in this city, and during the ten days $6,679,680 worth of certificates have been issued. In the same period the redemptions only reach $1,284,000. The twenty dollar certificates have only been issued three days” (Chicago Tribune, Nov 28, 1865). Reported Notes Act of 1863 gold certificates are ultimate rarities. They were printed for issue by the Treasury in Washington, DC, and subtreasuries in New York, Boston and Philadelphia. By far, the vast majority of them were issued through the New York subtreasury. Currently, eleven issued notes are documented, all from the New York subtreasury. Six are in the possession of National Numismatic Collection or the Bureau of the Public Debt, five of which are canceled. Four $20s and one $100 are in private hands. See Table 1. Figure 5. Assistant Treasurer H. H. Van Dyck’s signature was engraved on the second $20 and first $100 plates for the New York subtreasury. National Numismatic Collection proofs. Paper Money * Jan/Dec 2021 * Whole No. 331 12 We wouldn’t know what most of them looked like if it weren’t for Bureau of Engraving and Printing proofs in the National Numismatic Collection and canceled notes saved in the Treasury. The faces had elaborate background tints as observed on Figure 1. If you wish to see the tints used on the higher denominations, consult the images in Hessler (2004) and Hessler and Chambliss (2007). Varieties Two distinct layouts were used to print the black intaglio image on the Act of 1863 faces. As illustrated on Figure 2, the notes issued directly from the Treasury in Washington, DC, have Treasury of the United States boldly displayed across the center and Washington printed boldly to the left of the blank for the date. Those from the New York subtreasury have Assistant Treasurer of the U. S. in New York in subdued hollow letters and New York in script to the left of the blank for the date. The notes printed for the Boston and Philadelphia have the identical layout as the Washington notes except Washington was omitted from the space to the left of the blank for the date. Dee Figure 4. The New York notes from some $20 and $100 plates carry the engraved signature of Assistant Treasurer H. H. Van Dyke as illustrated on Figure 5. All the proofs in the National Numismatic Collection from the Act of 1863 face plates are listed on Table 2. This listing is useful for identifying plate-specific details. This holding is complete. Table 2. Proofs in the National Numismatic Collection from Act of 1863 gold certificate face plates. Entries arranged by denomination then when the plate was begun. Scan No. Den Payable to Office1 Signers: Register, Treasurer, Ass't Treasurer Sub Plate Letters Pl. No.2 Begun3 111257 20 to bearer New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A1-B1-C1-D1 (1) Nov 11, 1865 111256 20 to bearer Washington Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A1-B1-C1-D1 (2) Nov 13, 1865 111258 20 to bearer New York Colby-Spinner-engraved Ass't Treasurer H. H. Van Dyck 4 A2-B2-C2-D2 (3) Nov 22, 1865 line under VanDyck 111255 20 to bearer Washington Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D 4 Nov 23, 1865 111254 20 to bearer blank Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D 5 Nov 27, 1865 111253 20 to bearer blank Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D 6 Dec 1, 1865 111252 20 to bearer blank Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D 7 Dec 9, 1865 no line under Ass't Treasurer signature 111263 100 to bearer New York Colby-Spinner-engraved Ass't Treasurer H. H. Van Dyck 4 A1-B1-C1-D1 (1) Nov 10, 1865 111260 100 to bearer Washington Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A1-B1-C1-D1 (2) Nov 10, 1865 111262 100 to bearer New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A2-B2-C2-D2 (3) Nov 11, 1865 111259 100 to bearer blank Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D (4) Nov 20, 1865 work on plate unfinished 111261 100 to bearer blank Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D (5) Dec 12, 1865 111264 500 to bearer New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D Oct 24, 1866 111265 1000 to bearer New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D Nov 1, 1865 111266 5000 to the order of New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A-B-C-D Oct 23, 1865 111271 5000 to the order of Washington Colby-Spinner & countersigned by hand by the Ass't. Treasurer 1 A Dec 7, 1865 with record stub 111276 5000 to the order of New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 4 A2-B2-C2-D2 Mar 24, 1866 111267 10000 to the order of New York Colby-Spinner & countersigned by hand by the Ass't. Treasurer 1 A Jan 24, 1866 with record stub 1. Blank indicates plates made for the Boston and Philadelphia subtreasuries where the city was written in. 2. Plate numbers from BEP (1865-6). Brackets indicate the plate number was not placed in the lower margin of the plate. 3. Data from BEP (1865-6). Figure 6. Attached record stubs were included on the one-subject $5000 Washington and $10,000 New York plates. National Numismatic Collection proof. Paper Money * Jan/Dec 2021 * Whole No. 331 13 As illustrated on Figure 6, a one-subject $5000 to the order of plate was made for the Treasury complete with an accounting stub. Notice that both the depositor and payee were to be recorded on the stub, it being a true check-like certificate of deposit. The $10,000 for New York illustrated on Figure 2 came with a similar stub. The Act of 1863 notes were printed on both sides with spectacular orange backs sporting intricate repetitive geometric designs that resemble Persian rugs. Proofs of all the backs except for the $10,000 reside in the Smithsonian holdings. The $10,000 is illustrated in Hessler (2004, p. 218) and Hessler and Chambliss (2006, p. 280) from a die proof held by the Bureau of Engraving and Printing. Statistics There are two invaluable summaries for the overall issuances of the Act of 1863 gold certificates. Table 3 lists the totals for each of the denominations that were issued based on data in the annual Treasurer’s reports. Table 4 provides a snapshot of the printings for the various issuing offices as of January 24, 1867. The data in the two tables may appear to be inconsistent. This perception results from the fact that printings continued after the data on Table 4 were compiled, including an additional 400 $10,000 notes. The grand total number of notes issued was 309,548, yet 704,000 of them are listed on Table 4 as having been printed with more printings yet to come. Despite the fact that 704,000 isn’t the final total, these totals reveal that far more than half of the notes that were printed were never issued during the life of the series, a startling fact borne out elsewhere in the annual reports. The destroyed notes produced gaps in the continuity of the serial numbers, thus explaining why serial numbers on the later issued notes can be higher than the totals listed in Part II of Table 3. The data on Table 3 demonstrates that the attrition of the notes was horrific. Notice that by 1877, only 222 of the notes were listed as unredeemed. No $10,000s were outstanding by June 30, 1871, a finding that makes perfect sense because those notes were in fact checks used to transfer gold, which would have been promptly exercised upon receipt. One particularly titillating fact revealed on Table 3 is that Treasurer Spinner allowed eight of each denomination except the $10,000 to be saved unissued within the Treasurer’s office. Sadly, he reported that they were destroyed in 1873 (Spinner, 1873, p. 339, 341). Table 3. Summary statistics for the Act of 1863 gold certificates on June 30, 1871, after the last of the notes had been issued, supplemented by outstanding amounts for 1873, 1875 and 1877.1 Part I - Dollar amounts: Den On Hand2 Issued Redeemed Out Jun 30, 1871 Out Jun 30, 1873 Out Jun 30,1875 Out Jun 30, 1877 20 160 960,000 880,300 79,700 43,600 5,500 2,000 100 800 11,644,900 11,009,600 635,300 25,400 12,000 10,000 500 4,000 9,000,000 8,772,000 228,000 6,000 2,500 2,000 1000 8,000 60,000,000 59,792,000 208,000 21,000 16,000 15,000 5000 40,000 323,000,000 322,760,000 240,000 60,000 25,000 15,000 10000 0 25,000,000 25,000,000 0 0 0 0 Totals 52,960 429,604,900 428,213,900 1,391,000 156,000 61,000 44,000 Part II - Numbers of notes: Den On Hand2 Issued Redeemed Out Jun 30, 1871 Out Jun 30, 1873 Out Jun 30,1875 Out Jun 30, 1877 20 8 48,000 44,015 3,985 2,180 275 100 100 8 116,449 110,096 6,353 254 120 100 500 8 18,000 17,544 456 12 5 4 1000 8 60,000 59,792 208 21 16 15 5000 8 64,600 64,552 48 12 5 3 10000 0 2,500 2,500 0 0 0 0 Totals 40 309,549 298,499 11,050 2,479 421 222 1. Data from Spinner (1871, p. 316; 1873, p. 341), New (1875, p. 496) and Gilfillan (1877, p. 384). 2. Unissued notes saved in the Treasurer's office that were destroyed in 1873 (Spinner, 1873, p. 339, 341). Paper Money * Jan/Dec 2021 * Whole No. 331 14 Paper Money * Jan/Dec 2021 * Whole No. 331 15 A primary value of the data reported on Table 4 is that you can see the printings of the notes for the various issuing offices. New York handled the vast majority of them and was the only office to utilize all the denominations. Printings of $20s and $100s were made for Boston and Philadelphia. Data in Edmund (1869, p. 166) reveals that they had been delivered to the respective offices before March 24, 1867. The data on the production and issuance of the Act of 1863 gold certificates is quite academic because the redemption of the notes was so thorough, However, it is obvious that there are potential discoveries yet to be made. The most likely is a note from Washington. The most exciting would be a survivor from the Boston or Philadelphia emissions. Doug Murray has labored over the available data and has made a valiant attempt to deduce the numbers printed for each of the possible plate varieties. These data appear in Hessler and Chambliss (2007) and Bowers (2009). His data are revealing, but we have little handle on how many of most varieties actually were issued. Figure 7. The Persian rug designs made of repetitive geometric lathe work on the backs of the 1863 gold certificates was nothing short of fantastic. National Numismatic Collection proofs. Table 4. Act of 1863 gold certificates printed as of January 24, 1867, as per Edmunds (1869, p. 123-124). Part I - Dollar amounts: $20 $100 $500 $1,000 $5,000 $10,000 Totals Washington 800,000 6,000,000 3,000,000 9,800,000 New York 4,080,000 12,000,000 40,000,000 40,000,000 292,000,000 210,000,000 598,080,000 Boston 400,000 2,000,000 2,400,000 Philadelphia 400,000 2,000,000 2,400,000 Totals 5,680,000 22,000,000 40,000,000 40,000,000 295,000,000 210,000,000 612,680,000 Part II - Numbers of notes: $20 $100 $500 $1,000 $5,000 $10,000 Totals Washington 40,000 60,000 0 0 600 0 100,600 New York 204,000 120,000 80,000 40,000 58,400 21,000 523,400 Boston 20,000 20,000 0 0 0 0 40,000 Philadelphia 20,000 20,000 0 0 0 0 40,000 Totals 284,000 220,000 80,000 40,000 59,000 21,000 704,000 Paper Money * Jan/Dec 2021 * Whole No. 331 16 Boston and Philadelphia Issues The issuance of 1863 gold certificates from Boston and Philadelphia was unknown to numismatics prior to publication of Bowers’ catalog in 2009. Bowers found mention of these printings and deliveries in Edmonds (1869) during the process of compiling data for that catalog. The Edmonds’ Senate Committee Report owes it origin to a concurrent resolution of the House and Senate adopted in March, 1867, that contained the following directive. That the Joint Committee on Retrenchment be, and are hereby, instructed to make a careful and minute examination of the method adopted by the Treasury Department to print the bonds, notes, and securities of the United States, what guards have been adopted to prevent fraud or mistake, and what additional guards, if any, ought to be adopted to prevent fraud or mistake; whether there has been any fraudulent or erroneous issue of bonds, notes, or coupons, and, if so, by whose fault or negligence, and the proper remedy and prevention thereof; and especially to examine the official conduct of those charged with the printing, registration and issuing of any notes, bonds or securities of the United States; and that said committee have power to sit during the recess of Congress, to send for persons and paper, to examine the same, to take testimony, and report at the next session of Congress (Edmunds, 1869, p. 1). The committee was comprised of Republican Senator George F. Edmunds from Vermont, Democratic Representative Charles R. Buckalew from Pennsylvania, and Republican Representative George A. Halsey from New Jersey. Their two-year effort, including testimony they received, culminated in a 436-page report that yields an invaluable snapshot of the National Currency Bureau, which became the Bureau of Engraving and Printing. Items documenting the existence of the Boston and Philadelphia 1863 gold certificates included in the report consist of a reproduction of an audit report of the National Currency Bureau that was ordered by Secretary of the Treasury Hugh McCulloch on December 17, 1866. Every piece of security paper delivered from or still in possession of the bureau as of January 24, 1867, was accounted for when work was stopped for the audit. At that moment, all the Boston and Philadelphia notes listed on Table 4 had been printed recently and were still in the possession of the bureau. Chief Spencer M. Clark, in written comments responding the to the audit in a July 31, 1867, letter to McCulloch, also reproduced in the report, attested to the accuracy of the figures presented in Table 4 (Edmunds, 1869, p. 139-140). In due course the committee asked Clark to provide a summary of the currency and securities that passed through his bureau from its inception through March 24, 1867. In that summary, he advised that by then all the Boston and Philadelphia 1863 gold certificates had been delivered to those subtreasuries (Edmunds, 1869, p. 166). The $20 plates listed on Table 2 are subdivided into two groups with headers “New York” and “Washington & other Cities” (BEP, 1865-6, p. 153). The plates on Table 2 with blank for the office of issue Figure 8. This is the only 1863 $100 gold certificate in private hands. Heritage Auction archives photo. Paper Money * Jan/Dec 2021 * Whole No. 331 17 are listed in the Washington & other cities group and are obviously the plates used to print the Boston and Philadelphia notes. Those plates had identical layouts as the Washington plates except Washington was omitted from them as illustrated on Figure 4. The Assistant Treasurer had to write in the city as he filled out the notes. The Definition of Currency and an Opinion The definition of currency is a medium of exchange for goods and services usually issued by a government and generally accepted at its face value as a method of payment. In short, it is money with the expectation that it circulates freely within its region of origin. The Act of 1863 gold certificates straddle this definition. They were defined in the Act of March 3, 1863, as certificates of deposit. In reality, the $20 through $1000 notes could circulate because they were payable to the bearer in gold so this qualified them as currency. In contrast, the $5000 and $10,000 notes were checks purchased with gold or gold bullion deposited by a buyer that were payable in gold to some recipient. Those notes certainly don’t qualify as currency and they didn’t circulate. All the subsequent Series of 1870 gold notes and Series of 1875 gold certificates that supplanted them functioned in identical fashion; that is, as checks used for the transfer of gold between parties. It is our opinion that the $5000 and $10,000 Act of 1863 gold certificates and all subsequent Series of 1870 gold notes and Series of 1875, 1888 and 1900 gold certificates do not qualify as bona fide currency. Acknowledgment The National Numismatic Collection, source of the photos of the proofs, is housed in the Smithsonian Institution, American Museum of History, Washington, DC. References Cited Bowers, David Q., 2009, Whitman encyclopedia of U. S. paper money: Whitman publishing, 882 p. Bureau of Engraving and Printing, 1865-6, Record of plates in the plate vault: Record Group 318, entry P1, Ledgers pertaining to dies, rolls, altos, plates and serial numbers 1863-1980, container 11 (318:450/79/17/01), U. S. National Archives, College Park, MD. Dawes, Charles G., 1899, Annual report of the Comptroller of the Currency to the First Session of the Fifty-Sixth Congress of the United States: Government Printing Office, v. 1, 864 p. Edmunds, George F., Mar. 3, 1869, United States Securities: Joint Select Committee on Retrenchment, 40th Congress, 3rd Session, Senate Committee Report 273, Government Printing Office, Washington, DC, 436 p. Gengerke, Martin, 2014, The Gengerke census of U. S. large size currency: gengerke@aol.com, on demand. Gilfillan, James, 1877, Report of the Treasurer; in, Report of the Secretary of the Treasury on the state of the finances for the year 1877, Government Printing Office, 585 p. Figure 9. Series of 1870 uniface gold notes supplanted the 1863 gold certificates. These currency lookalikes were payable to the order checks purchased through the deposit of gold with the Treasury by the payer that the payee could redeem for gold. As a class, they were single-use instruments that generally were thoroughly redeemed. National Numismatic Collection photo. Paper Money * Jan/Dec 2021 * Whole No. 331 18 Hessler, Gene, 2004, U. S. essay proof and specimen notes, 2nd edition: BNR Press, Port Clinton, OH, 262 p. Hessler, Gene, 1988, An illustrated history of U. S. loans: BNR Press, Port Clinton, OH, 378 p. Hessler, Gene, and Carlson Chambliss, 2006, The comprehensive catalog of U. S. paper money, 7th edition: BNR Press, Port Clinton, OH, 672 p. Houston, David F., 1920, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1920: Government Printing Office, Washington, DC, 1604 p. Huntoon, Peter, and Jamie Yakes, Jan-Feb 2012, New Deal changes to the legal tender status of currency: Paper Money, v. 51, p. 7-20. Knox, John K., 1877, Annual report of the Comptroller of the Currency to the Second Session of the Forty-Fifth Congress of the United States: Government Printing Office, Washington, DC, 774 p. Knox, John K., 1879, Annual report of the Comptroller of the Currency to the Second Session of the Forty-Sixth Congress of the United States: Government Printing Office, Washington, DC, 768 p. McAdoo, William G., 1917, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1917: Government Printing Office, Washington, DC, 797 p. Mellon, Andrew W., 1921, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1921: Government Printing Office, Washington, DC, 1067 p. Mellon, Andrew W., 1922, Annual report of the Secretary of the Treasury on the state of the finances for the fiscal year ended June 30, 1922: Government Printing Office, Washington, DC, 976 p. New John C., 1875, Report of the Treasurer; in, Report of the Secretary of the Treasury on the state of the finances for the year 1875, Government Printing Office, 852 p. Spinner, Francis E., 1869, Report of the Treasurer; in, Report of the Secretary of the Treasury on the state of the finances for the year 1869, Government Printing Office, 498 p. Spinner, Francis E., 1871, Report of the Treasurer; in, Report of the Secretary of the Treasury on the state of the finances for the year 1871, Government Printing Office, 558 p. Figure 10. $500 and $1000 1863 gold certificates were issued only by the New York subtreasury. National Numismatic Collection proofs. Paper Money * Jan/Dec 2021 * Whole No. 331 19 Spinner, Francis E., 1873, Report of the Treasurer; in, Report of the Secretary of the Treasury on the state of the finances for the year 1873, Government Printing Office, 720 p. United States Statutes, various dates, Government Printing Office, Washington, DC. Newspapers Cited in order of dates Brooklyn Union, Oct 20, 1865, Financial and Commercial, p. 1. New York Times, Oct 21, 1865, p. 3. New York Times, Oct 28, 1865, The new gold certificates, p. 10. Hartford Courant, Nov 2, 1865, The new gold certificates, p. 3. Detroit Free Press, Nov 6, 1865, From Washington, p. 4. Baltimore Sun, Nov 10, 1865, From Washington, Treasury Circular, p. 1. New York Times, Nov 10, 1865, p. 3. New York Times, Nov 16, 1865, p. 2. Philadelphia Inquirer, Nov 20, 1865, Financial affairs, p. 2. Chicago Tribune, Nov 28, 1865, From New York, p. 1. Paper Money * Jan/Dec 2021 * Whole No. 331 20 “DESERET CURRENCY ASSOCIATION” DISCOVERY $10 ENGRAVING PLATE by Douglas Nyholm I was recently contacted and received an image of a $10 engraving plate from the Deseret Currency Associa- tion which was heretofore unknown. Presently printed notes from the second series of engraved notes were known only in the denominations of $1, $2, $3, and $5. There has never even been a rumor of any other de- nominations existing. Although this discovery item is the engraving plate, and no printed notes have yet come to light, it is a definite relic that at least plans were in place for a possible printing of this denomination. To begin with, a bit of history about the Deseret Currency Association should be discussed. The “State of Deseret” was formed about two years after the arrival of the “Saints” into the Great Salt Lake valley in 1847 with their leader, Brigham Young. The Mormons were continually active with the issuance of currency beginning in Kirtland Ohio, then from Nauvoo Illi- nois, and finally from Salt Lake. The “Deseret Currency Association” was organized in January 1858. Its primary purpose was to relieve the lack of circulating currency in “Deseret” and to fund the defense against the U.S. Army which was enroute to Salt Lake. Brigham Young was sure that the army’s intentions were to remove himself as Governor, halt the practice of polygamy, and end the Mormon’s dominance over economics and political affairs in the territory. Capitol was desperately needed as there were no banks in the territory and the only circulating specie was a small amount of DISCOVERY $10 DESERET CURRENCY ASSOCIATION PLATE (IMAGE REVERSED) BRIGHAM YOUNG Paper Money * Jan/Dec 2021 * Whole No. 331 22 circulating U.S. money in addition to a few remaining re-issued Kirtland bank- notes and a small number of Mormon gold coins available. Thus, the first issue of The Deseret Cur- rency Association’s currency was con- sisting of typeset denominations hastily printed in the denominations of $1, $2, $3, $5, $10, $20, $50 and $100. These were printed uniface on very thin paper issued with the notation “Good Only in this Territory.” This issue was later a target for the now infamous counter- feiter Mark Hofmann in the early 1980’s who researched records to determine the denominations which were issued. Presently only the $1 and $2 denominations plus a unique $3 are known to have survived as authenticated genuine specimens. Hofmann created forgeries of all the higher denominations. These typeset original Type 1 denominations were issued quickly due to the urgent need and the higher quality engraved examples were planned but the copper plates would not be available for several months. Later in the year the engraved copper plates were prepared. The plates indicate that the “drawer,” or designer was Henry Maiben and the “engraver” was David McKenzie as noted in small font at the lower edge. It is also well documented that plates for denominations of $1, $2, $3, and $5 were prepared as well as surviving known printed notes of all four denomi- nations. This recently discovered copper printing plate for a $10 denomination for the Deseret Currency Association is therefor an extraordinary find. Up to this time there has not been any informsion that such a denomination was con- templated let alone a printing plate created. DESERET CURRENCY PRINTING TIME-LINE The Deseret Currency Association in a meeting with Brigham Young on January 19, 1958 was organized with Brigham Young as President, Daniel H. Wells as Treasurer and Hiram B. Clawson the secretary. Two days later Brigham Young gave directions to David McKenzie to en- grave printing plates. The plates would take some time to PRINTED TYPE CURRENCY / HAND SIGNED ENGRAVED $5 / VERY RARE DESERET NEWS OFFICE 1858 ENGRAVED SIGNATURES Paper Money * Jan/Dec 2021 * Whole No. 331 23 finish and Young felt the urgency to have a circulating currency printed quickly. It was back in July of 1857 that they learned that the government had dispatched Johnston’s army with over 5,000 troops. Thus, currency was urgently needed for defense spending. These first notes were printed at the Deseret News office in Salt Lake on February 19th, 1858. On February 19th there were 200 $1 notes, 200 $2 notes and 200 $3 notes print- ed. The next day on February 20th $5, $10, and $20 notes were printed along with additional $1, $2’s, and $3’s. The printing of notes in Salt Lake occurred sporadically until March 27th after which the printing press and operations moved south to the city of Fillmore. Printing resumed there on March 31st and continued thru July 17th. Most of these first printed notes were signed personally by Brigham Young with the additional sig- nature of H.B. Clawson. The printing at sometime in this process was enhanced to include the printed signa- ture of Brigham Young and both signed and printed signature types are available to collectors today. Printing continued thru March which included all denominations totaling $40,146 face. The printing in Fillmore com- menced and between March 31st and April 26th over 10,000 notes were printed with a face value of $26,753. This would indicate that the majority of notes were of smaller denominations. After the printing in Fillmore ended which brought an end to the printed issues, operations then moved in late summer of 1858, moving back to Salt Lake City where the now completed engraved plates were ready for use. The first engraved notes were printed on September 9th and consisted of 600 $1, 200 $2, and 350 $3 notes. Subsequent printing occurred through October 9th with the addition of 400 $5 notes. These engraved notes were printed by Joseph Bull at The Deseret New office in Salt Lake City. The total face value of both printed and engraved notes of the Deseret Curren- cy Association totaled $95,110. The vast majority were redeemed and burned especially the earlier printed types as they are quite rare to- day. The lower denominations of the engraved notes bore allegorical figures of Indians and pioneers with the central vignette of various animals. This changed with the issuance of the $5 denomination which depictrd portraits of Millard Filmore on the left and George Wash- ington on the right. The $10 plate depicted Mor- mon leaders with Parley P. Pratt on the left and Willard Richards on the right. Willard Richards served as second counselor to President Brigham Young from 1847 until his death in 1854, Parley P. Pratt was an early convert to the Church and leader holding many posi- tions until his death in 1857. It may be possible that this plate was intended to be a sort of commemorative or tribute to these two Church leaders. It appears that this plate was not completely finished as the portrait of Willard Richards as first glance appears to be worn but its engraving is shallow and incomplete. The engraved signature of Brigham Young is strong and intact and also matches similar signatures on the other known en- ENGRAVED $1, $2, and $3 NOTES Paper Money * Jan/Dec 2021 * Whole No. 331 24 graved denominations. The engraving also mimics the exact wording on the other denominations. The Plate Letter which is present on the other denominations is not immediately visible on the plate. Possibly it is hid- den to the right of the T in Deseret where there is a large dark spot, or as the plate appears to be unfinished it may not have yet been applied. Finally, the engraved signatures of Maiben and McKenzie are not visible or present at the lower edge of the plate. First, a little history of copper printing plates which were created during this time in Salt Lake. Prior to the discovery of this $10 plate no other copper engraving plates were known to exist except for a $2 plate created for the “Utah Territory Mercantile Company” presumable by the same engraver, David McKenzie, as his sig- nature appears at the bottom left of the printed $3 note of this type. Approximately 10-15 years ago a copper plate was sold at auction for a $2 denomination from the Utah Territory Mercantile Company. This brings to two, the number of Utah copper engraved pates known today. There are also no known printed notes known to have been printed or have survived from this $2 plate. The above mentioned $2 plate was auctioned by Stacks on October 16th, 2007. Their auction description for Lot 3201 is reprinted here verbatim. Mercantile Currency, Great Salt Lake City, Utah Territory, Single Impression Copper Plate to Print Two Dollars Notes. Ca. 1858-1862. Extremely Fine. Uniface copper plate Single impression with wide bor- ders and sightly beveled edges. Impression surface, standard banknote size. 172mm b 72mm. Outside plate dimensions 188mm by 94mm. Fairly thick copper and strongly engraved intaglio with imprint of David McKenzie, G.S.L. City at bottom left. The design for this Two Dollars impression plate is similar to the known (and very rare) reprints taken from the Three dollar denomination plate (whereabouts unknown to us), Custom vignette for series of an army encampment with headquarters, flagpole, and several tents for the “Grunts”. Soldiers and officers in the foreground. Identical end panels with “2” cunter at the center and each corner with smaller “2” counters. At the top, large “UTAH TERRITORY” with smaller “On Presentation-of Five Dollars” split by text. Across the center and under vignette, “Mercantile Currency” with obligation below: “….Two Dollars in U.S. Currency.” Engraved city lower left and space to right for date “18__” and one signa- ture. Capitalization of “$200,000” in both bottom corners, Similar in style to Rust Figure 105 (page 93). An awe inspiring copper plate and absolutely unique to our knowledge. Obviously, the Three Dollar plate ex- isted (still extant?) since pulls were once taken from it. We can conjecture a One Dollar note on this series was MERCANTILE CURRENCY COPPER PLATE (Image reversed) Paper Money * Jan/Dec 2021 * Whole No. 331 25 proposed as well. We and no one else have seen issued notes of contemporary remainders from this se- ries. This is a sensational piece of Utah Territory numismatics and one of the first copper plates engraved in the American West. Interestingly, Alvin Rust assigns this plate and series as a non-Mormon issue. How- ever, it appears logical that this may be Mormon created. Since McKenzie was arrested for the Deseret Cur- rency Association note engraving he did in 1858 and Johnston’s Army in Utah was there to fight a potential was against the Mormons, it would seem unlikely for McKenzie to engrave for the Federals. The “Mercantile” title is more “Mormon” in philosophy than as a Military note issue. The vignette is unusual with the American flag and encampment though and is similar in style to some of the fancy Northern Sutler issues (see Ford X). Obviously, the series is worthy of great study. The plate itself is superb condition. It is exceptionally clean with wonderful surfaces. The only trivial discolorations are on the far perimeter of the margin surfaces and a patch at the right center. This museum piece might very well be the highlight of the Ford XX Sale. The fact that it is priceless is a point that will never be in dispute. A notation at the end of the above description states: “Ex. Lawrence Falater, January 25, 1962” The price realized for this plate was $27,600.00. Obviously, there were more plates created and several of these are mentioned in research into the ongoing problems Brigham Young was having with the Government in 1858. Marshall Peter K. Dot- son who was installed in the territory arrested David McKenzie on July 9, 1859 for counterfeiting and sup- posedly confiscated a number of copper engraving plates and other material. They were taken from the Deseret Store which was a tithing office operated by John T. Caine. Marshall Dotson later attempted to return the plates to Brigham Young who refused them stating that they had been damaged. Young, filed suit and was awarded $1,668 for the damage incurred and an additional $648.66 in court costs. This judgement was not paid, and Marshall Dotson’s home was confiscated in lieu of this. It is unknown and undocumented whatever became of the plates and property which was seized. This was not the end of the accusations and counterfeiting woes for Brigham Young and David McKenzie. Also, in the fall of 1859 a conflict between the citizens of Utah and the army at Camp Floyd developed. A group of men at Camp Floyd which included prominent men named M. Brewer and J.M. Wallace conspired to counterfeit quartermaster order(s) on St. Louis and New York. They supposedly employed David McKenzie to create the plates which was quickly done. Their plot was soon discovered, and M. Brewer was arrested and implemented Brigham Young from whose workshop was used by David McKenzie to accomplish the work. These plates were also seized by Dotson along with the Deseret Currency plates. Brewers plan was to get both Young and McKenzie arrested but ultimately only Da- vid McKenzie was arrested and found guilty. He was sentenced to prison for two years. What these St. Louis David McKenzie Paper Money * Jan/Dec 2021 * Whole No. 331 26 and New York orders were exactly is unknown but it does lead one to believe that the copper plate entitled the Utah Territory Mercantile Currency showing a picture of Camp Floyd on it may have been involved. It is speculated that this Mercantile Currency was intended to circulate as counterfeit currency among the Army troops to cause problems with Johnson’s army. Enter Judge John Cradlebaugh, who served in Utah during 1858 and was an outspoken critic of the Mormons. He made a speech in Washington D.C. before the house of Representatives on February 7, 1863. During this speech he outlined the above de- tails regarding the seizure of the material (Plates) from Brigham Young’s workshop and the involvement of David McKenzie. He also mentioned the counterfeit quarter- master plates also involving McKenzie and produced and waived in his hand during his speech the two copper plates which he stated were produced in Utah to promulgate forgery and counterfeiting against the U.S. Government. This plays directly into the discovery of at least the $10 Deseret Currency Associations printing plate which was discovered at a location in Washington D.C. As far as the other Mercantile plate there is no provenance to trace as to its discovery or whereabouts but since there are only two copper engraving plates known to exist from Utah and Cradlebaugh displayed two copper plates before congress in 1863 the association is strong that these could very well be the two plates. How did this discovery plate come to be found? To begin with, it was found in the basement rafters of a house located at 10th St. SW in Washington D.C. It appeared at a small local auction in the area in early 2020 Where it was purchased by the present owner. The consignor obtained it from her grandfather who was living in the house until 1954. He passed it on because she was interested in history. The house was built in 1909 on a vacant lot purchased in that same year. The house functioned as a boarding house with residents employed in the Washington D.C. area and is located about 1 mile from a local Mormon Church. The ability to trace who may have placed it into the rafters is probably impossible since from the speech in 1863 to at least 1909 with the house was built there is an untraceable gap. It seems to possibly have had some connection either with some Mormons or a political figure who may have be connected to Cradlebaugh who was the last person to be traced to the plate. SUMMARY The importance of this discovery cannot be overstated. It is a significant remnant of a tumultuous time in the history of the Mormons early history in the Salt Lake valley. It also ties this newly found copper engraving to the first copperplate engraving of the Mercantile Currency which was completed in the western territories of the fledging United States. Although not 100% verified it is certainly strong evidence of the illegal counter- feiting efforts to undermine the U.S. Army troops sent to Deseret. It is also an amazing artifact from the sec- ond type of the Deseret Currency Association, which was the only currency ever issued in the United States to be backed by livestock and a denomination that was never known to have been documented or even planned. I am pleased to be able to bring this part of history to light not only to historians but collectors alike. It is one more instance that with history, not everything is known, and new discoveries are still waiting to be brought to light. John Cradlebaugh Paper Money * Jan/Dec 2021 * Whole No. 331 27 Lyn Knight Currency Auct ions If you are buying notes... You’ll find a spectacular selection of rare and unusual currency offered for sale in each and every auction presented by Lyn Knight Currency Auctions. Our auctions are conducted throughout the year on a quarterly basis and each auction is supported by a beautiful “grand format” catalog, featuring lavish descriptions and high quality photography of the lots. Annual Catalog Subscription (4 catalogs) $50 Call today to order your subscription! 800-243-5211 If you are selling notes... Lyn Knight Currency Auctions has handled virtually every great United States currency rarity. We can sell all of your notes! Colonial Currency... Obsolete Currency... Fractional Currency... Encased Postage... Confederate Currency... United States Large and Small Size Currency... National Bank Notes... Error Notes... Military Payment Certificates (MPC)... as well as Canadian Bank Notes and scarce Foreign Bank Notes. We offer: Great Commission Rates Cash Advances Expert Cataloging Beautiful Catalogs Call or send your notes today! If your collection warrants, we will be happy to travel to your location and review your notes. 800-243-5211 Mail notes to: Lyn Knight Currency Auctions P.O. Box 7364, Overland Park, KS 66207-0364 We strongly recommend that you send your material via USPS Registered Mail insured for its full value. Prior to mailing material, please make a complete listing, including photocopies of the note(s), for your records. We will acknowledge receipt of your material upon its arrival. If you have a question about currency, call Lyn Knight. He looks forward to assisting you. 800-243-5211 - 913-338-3779 - Fax 913-338-4754 Email: lyn@lynknight.com - support@lynknight.c om Whether you’re buying or selling, visit our website: www.lynknight.com Fr. 379a $1,000 1890 T.N. Grand Watermelon Sold for $1,092,500 Fr. 183c $500 1863 L.T. Sold for $621,000 Fr. 328 $50 1880 S.C. Sold for $287,500 Lyn Knight Currency Auctions Deal with the Leading Auction Company in United States Currency No County for Old Men, or their Money: Robert Tuggle and the 1862 Notes from Campbell County, Georgia by Charles Derby Most money from the Civil War era became obsolete at the war’s end. So it was for the 1862 notes from Campbellton, Campbell County, Georgia, an example of which is shown below. But these notes are even more obsolete than most from that era because with the passage of time, not only did the men and institutions associated with the notes pass, but the town and county themselves disappeared. This article tells the story of Robert James Tuggle, the Campbell County treasurer who helped create and sign these notes, and of Campbellton and Campbell County. When the Campbell County notes were produced in 1862, Campbellton was the county seat of Campbell County. Today, Campbell County is gone, Campbellton is but an unincorporated community next to the Chattahoochee River in the southwest corner of Fulton County, and only a few historic sites and buildings remind us of Campbellton’s once prominence in this corner of the world. How did Campbellton come to this? Campbellton Before the Civil War Campbell County was named for Colonel Duncan G. Campbell, who participated in the negotiations leading to the Treaty of Indian Springs, which in 1825 ceded this land from the Creek Nation to Georgia. Campbell County was established by the Georgia Legislature in 1828, formed from parts of Carroll, Coweta, DeKalb, and Fayette counties. Campbellton was established from land owned by Judge Francis Irwin and was designated as Campbell County’s seat in 1829. In 1853, Fulton County became Campbell County’s neighbor to the northeast, being created from the western half of DeKalb County (Figure 2). Campbell County’s original wooden courthouse was built in 1829 and was replaced with a beautiful brick courthouse in 1835, shown in Figure 2. By the beginning of the Civil War, Campbellton had become a thriving town of 1,200 people and Campbell County had over 8,000 residents.1, 2, 3 Figure 1. 50 cent note from Campbell County, Georgia, signed by “Robert J Tuggle” as Treasurer (“Tr”) for the County’s Soldiers’ Relief Fund. The note is from Campbellton, the county seat of the time, and hand dated November 1, 1862. Courtesy of Mack Martin. Paper Money * Jan/Dec 2021 * Whole No. 331 29 Robert Tuggle and the Making of the Campbell County 1862 Notes Before the War Robert James Tuggle was born in Stone Mountain, Georgia, on December 18, 1820. Following in the footstep of his father, James Lodowick Tuggle, Robert became a lawyer and was admitted to the bar in September 1843 in Decatur, Georgia.4 Robert Tuggle moved to Campbellton and for the rest of his life lived in and served the Campbellton community. Professionally, he was Campbellton’s attorney, so he spent much time in Campbellton’s courthouse. He was a lifelong member of Campbellton’s Methodist Church and was founding secretary of the Masonic Lodge in 1848. From 1849 to 1852, he was Colonel for the Campbell County’s contingent of the Georgia Militia, which, according to the old militia organization of the state of Georgia, Campbell County provided the 73rd Regiment of the state militia. At the age of 32, he married an 18-year- old local girl, Caroline Francis Bomar (born June 17, 1835), in Campbell County on July 20, 1853. They lived next to Tuggle Creek, which runs by the Methodist Church cemetery on its way into the Chattahoochee River. They had five children by 1862, though only three survived past their first year. Tuggle represented Campbell County in the Georgia House of Representative in 1859 and 1960.5 By 1860, Robert achieved a comfortable life with $1,000 real estate and $3,000 personal estate, and had one of Caroline’s brothers reading law with him. Then came the Civil War, and things turned upside down. Figure 2. Map of Georgia from 1864 showing Campbell and surrounding counties. From Ref 1. Old Campbell County Courthouse in Campbellton, built in 1835 and was used as the courthouse until 1870 when the county seat moved to Fairburn. This photograph was taken in 1914 just before it was dismantled by Robert Cook and its bricks were used to build a barn. From Ref 3. Figure 3. Robert James Tuggle and Caroline Francis Bomar Tuggle. From Ancestry.com Paper Money * Jan/Dec 2021 * Whole No. 331 30 Tu ggl e’s Service and S acrif ic es du ring the Wa r The Campbell County Notes of 1862. The impact of the first years of the War on Georgia was mostly in terms of people and money, since the fighting was largely in other parts of the country. Tuggle was 40 years old at the start of the war, and with a family of three young children and a wife and with no conscription laws in 1862, he did not participate in the fighting in the early stages of the war. But as Treasurer of Campbell County and its Soldiers’ Relief Fund, Tuggle contributed to the war effort, and, relevant to the interest of numismatists, helped produce the Campbell County notes of 1862. The notes bear no imprint, so the printer of these notes is not known. Four denominations of these notes were printed: $2, $1, 50 cent, and 25 cent. The notes promised that “Campbell County will pay to the bearer [the amount of the denomination] in bankable currency the first day of January 1863 on presentation to the Treasurer of the Soldiers’ Fund, in sums of Five Dollars or its multiple” and also that the notes are “Receivable in Payment of County Dues.” Despite having only four denomination, five types of notes are known, all listed by Anderson and Marsh. 6 This is because there are two types of $1 notes, which differ in the design surrounding the text “Receivable in Payment of County Dues” on the left end of the notes. These five note types are shown in Figure 4 and their features are summarized in Table 1. Actually, there are four types of designs surrounding the “Receivable” text: one design for the $2 notes, two designs for the two types of $1 notes, and a fourth design used for both the 50 cent and 25 cent notes. Besides having two design types, the $1 notes differ from the other denominations in another way: the $1 notes are to be presented to the treasurer of “the Soldiers’ Relief Fund” whereas the other denominations are to be presented to the treasurer of “the Soldiers’ Fund.” All of the notes of a given denomination were signed on a different day. Thus, the $2, $1, 50 cent, and 25 cent notes were signed on Oct 25, Oct 28, Nov 1, and Nov 5, respectively. All notes that I have seen were hand signed as “Robt J Tuggle Tr” as shown in Figure 4, with one exception: a 50-cent note, signed “Robert J Tuggle Tr” shown in Figure 1. I know of no record of the number of plate sheets printed, but the highest serial number of any note that I have seen is 1989. I know of one to six examples of each note type. I propose that a sheet consisted of notes of only one denomination of one plate letter, rather than the more common situation of a sheet consisting of notes of different denominations and different plate letters. This could explain why all notes of a given denomination were signed on the same day, why notes of different denominations were signed on different days, and why there were two designs of the $1 (for example, if the set plates for printing a sheet of $1 notes needed replacing, they generated a second set of plates with a slightly different design). Table 1. Types of Campbell County 1862 Notes Denomination Design (Left End) Plate Letter Date $2 Design 1 A Oct 25 1862 $1 Design 2 B Oct 28 1862 $1 Design 3 B Oct 28 1862 50 cent Design 4 C Nov 1 1862 25 cent Design 4 D Nov 5 1862 Paper Money * Jan/Dec 2021 * Whole No. 331 31 War Service Twice Over. Robert Tuggle served in the military in two capacities during the war. His first service was in command of home troops defending Campbellton. Tuggle wrote a letter to Adjutant and Inspector-General Henry C. Wayne on July 20th, 1863. Wayne was appointed to his position by Governor Joseph Brown. In this capacity, Wayne organized the structure of the army of Georgia, supervised Georgia's Quartermaster General, and was in charge of staffing of Georgia troops guarding crossings along the Chattahoochee River. Tuggle’s letter was in response to a requisition by Wayne and the Governor for Tuggle to form a local militia of 160 volunteers. In his letter, Tuggle attempted to clarify how the draft policy of the Confederate government would impact his efforts to form a company of state guard from Campbell County. Immediately pursuant to this letter, in August he organized Company B of the 7th Regiment of the Georgia State Guards and was appointed to the rank of Captain. The 7th Regiment was organized as two battalions, and Company B was under the command of Col. George N. Lester. Tuggle’s company was named “Butt Avengers,” and it served as the local defense force in Campbellton. It was organized for a six-month period, and so it was disbanded in February 1864. But this did not end Tuggle’s war service. Figure 4. Notes from Campbell County, 1862. Courtesy of Gary Doster and Mack Martin. Paper Money * Jan/Dec 2021 * Whole No. 331 32 On April 9, 1864, Tuggle was appointed by Governor Joseph Brown and General Wayne as Judge Advocate with the rank of Major. The document of appointment is shown in Figure 5. Judge Advocates are legal advisors to the commander of their military unit. They provide all types of legal advice related to civilian and military law, and they also serve as prosecutors in court-martial cases. It was in his capacity of Judge Advocate that Tuggle wrote a letter on June 5th, 1864, to fellow Judge Advocate, Major William Kirkland de Graffenried. (William de Graffenried is an interesting character; for a brief biography of him, see footnote 7.) The text of this letter is quoted below, because it provides a window into the heart, mind, and soul of Robert Tuggle. He wrote this letter while he was on furlough immediately following the death of his wife, Caroline, on May 28. In this letter, Tuggle describes the impact of his wife’s death on him, his concerns about the continued fighting, and his wishes for peace. The letter shows Tuggle’s spirit, strength of character, and intellect. Here is a transcript of that letter: “Campbellton Ga June 5th / 64 W K DeGroffenreid [sic de Graffenried] Dear Sir when I left you yesterday was one week ago. I then thought I should have been back by this time but such is not true. The death of my wife leaves me three small children the eldest of which is not ten years of age. The servants I had was hired except a woman. The owners of them have taken them away and run them out of the way of the enemy. So my three small children have no one to see after them but an old servant woman when I am present. I have written for a widow sister of mine to come and stay with my children. have heard nothing from her. I desire to remain with them untill [sic] she can come or I hear from her. The people are again excited here as we now hear Gen’l Johnson [sic Joseph Johnston] moved his left wing of his army towards the right and the Yankees are now reported to have again appeared about Dallas on yesterday about 1 o’clock PM said to be Cavalry, I suppose a raid or foraging party. The refugees are again [?oping] through and some stopping here. Our County this side the river is now filled with them. There is not provisions and forage for them and their stock here. What the people are to do I know not. Oh, that this cruel and desolating war could terminate and let us have repose but I see no signs from any quarter that such a glorious event is now near. Major, the people [grasping] for peace. They would hail it with as much joy as the patriarch Jacob did that his favorite son Joseph was alive in Egypt. It would be the most Figure 5. Document appointing Robert Tuggle as Judge Advocate, signed by Adjunct General Henry Wayne (left) and Governor Joseph Brown (right). Paper Money * Jan/Dec 2021 * Whole No. 331 33 [reassuring?] news to me that ever greeted my ear. Shall I ever hear it God only knows. I am fully satisfied that it is to come by adjustment through diplomacy fighting will not bring it we are not as near to it as we were when the first battle gun was fired. Oh, will the people come to a proper sense of justice reason together and cease slaying each other for naught, I pray they may so act soon. I know that my furlough gives me leave of absence until further orders but its [sic] my heart’s desire to be with you and the Gen’l to discharge my duty. I know you will attend to all my matters. I trust the men may so act that not much court martialing will be required. With due regard to yourself, the Gen’l and other of the staff officers, I subscribe myself. Yours, Robt. J. Tuggle.” After this letter, fighting around Campbellton and the rest of Campbell County only intensified. The most significant fighting in the area occurred on July 16, 17, and18 and August 17 and 29. (For reference, General Johnston was replaced by Hood on July 17, and Gen. Hood withdrew troops from Atlanta on September 1.) While Sherman’s army was still in the area, Union troops occupied homes in Campbellton. From this time till the end of the war and beyond, Georgia was forever changed. Robert Tuggle and Campbell County After The War Despite losing most of his wealth by the end of the War, Robert Tuggle tried to resume a normal life. He returned to Campbellton and continued to live and work as an attorney. Eighteen months after Caroline’s death and seven months after the end of the War, Robert remarried, on October 11, 1865. His new wife, Naomi Louvina Duggan (called “Lucy” by many), was 21 years his junior, being born on September 4, 1841, in Campbell County. In 1870, Campbellton received what would become a second major blow, this one the knockout. That year, the northern part of Campbell County was ceded to form a new county, Douglas, and what remained of Campbell County moved its county seat from Campbellton to Fairburn, 15 miles to the southeast. This shift of county seats occurred because the Atlanta & West Point Railroad was building a line through Campbell County, and the Railroad decided to run it through Fairburn instead of Campbellton. This was likely for either of two reasons. Campbellton residents reportedly did not want the railroad line to go through their town because of the noise and disturbance that it would produce. But also, “a quick look at the terrain on the banks of the Chattahoochee reveals some pretty rough country for railroad building while the natural ridge at Fairburn is flat and inviting. Thus it seems unlikely that the opinions of the citizens of Campbellton had much influence on the survey of the Atlanta and West Point Railroad.”8 So, the railroad line was built through Fairburn instead of Campbellton, and Fairburn became the seat of Campbell County. A new courthouse was built in Fairburn, and the old courthouse in Campbellton, and the town itself, began an irrevocable downward slide. Despite these poor economic conditions, Campbellton was Robert and Lucy’s home, and they raised eight children there. Robert died on April 30, 1898, at the age of 77, and his last will and testament dated, January 22, 1898, Robert gave all his possessions to his “beloved wife” Lucy. But there wasn’t much to give: a $300 note plus interest for land in Campbellton, and their shared possessions. Robert was buried in the Campbellton Methodist Cemetery, in a family plot with Caroline, an infant unnamed child (b. July 28, d. August 8, 1856), and son George Lee Tuggle (b. 1870, d 1895). These Tuggle’s share the cemetery with others from Campbellton, and also with Confederate and Union casualties of the War. The Tuggle plot marker (Figure 7) reads for Robert, “An honest man’s the noblest work of God,” and for Caroline, “The jewels death has robbed us of – We will find on the other side.” After Robert’s death, Lucy lived for a few years in Campbellton with son Harvey (b. 1879, d. 1923). They moved from Campbellton to Texas in 1901, and when Harvey married a Texan girl, Lucy moved back to Campbell County, but not to Campbellton. Instead, she moved to Fairburn, to live with daughter Elizabeth (Elizabeth S. Tuggle Miller; b. 1875, d. 1933) and her husband. Lucy died in 1917 in Fairburn, and she was buried in Bethlehem Baptist Church there, 15 miles from the resting place of Robert and Caroline. By 1932, Campbell County itself disappeared, when it was incorporated by Fulton County. Little of old Campbellton survives today: Campbellton Methodist Church and its cemetery, the Campbellton Baptist Church Figure 6. First page of a two-page letter from Robert Tuggle to William K. de Graffenried, June 5 th 1864. Paper Money * Jan/Dec 2021 * Whole No. 331 34 Cemetery, the Masonic Lodge, and a few other buildings1, 2. The old county courthouse at Campbellton slid into disrepair and was demolished in 1914, and its bricks were used for other purposes. But some of old Campbellton remains: Tuggle Creek still flows into the Chattahoochee River (Fig. 7); and a couple of dozen pieces of fragile paper in the form of 1862 Campbell County notes still connect us to a time when Campbellton and Campbell County were prominent parts of Georgia. References and Footnotes 1 http://georgiainfo.galileo.usg.edu/topics/counties/campbell 2 http://oldcampbellcounty.com/index.htm 3 http://www.panoramio.com/photo/86350071 4 Ulman, H. Charles. 1872. Record and Official Register of the United States. A. S. Barnes & Co., New York. 5 Journal of the House of Representatives of the State of Georgia at the Annual Session of the General Assembly. 1859 and 1860. Boughton, Nisbet & Barnes, State Printer. Milledgeville, Georgia. 6 Anderson, Carl A., and Marsh, David. Georgia Obsolete Currency. www.davidmarsh.com 7 William Kirkland de Graffenried (1821-1873): He was from a prominent lineage that included Baron Christopher de Graffenried, who immigrated from Switzerland to escape religious persecution and to North Carolina to help found New Bern. William grew up in Columbus, Georgia. He went to Yale College in 1838 but was expelled due to dueling. He graduated from the University of North Carolina, became a lawyer, and moved to Macon, Georgia. He married Mary H. Marsh, in 1847. He became a successful attorney, was a judge on Macon circuit (1851-1855), and was politically active. As tensions between the North and South mounted, he opposed secession, but later acquiesced as did so many others when war was inevitable. Governor Joseph Brown appointed William to his cabinet. William’s service in the war closely paralleled that of Robert Tuggle. He served in Macon’s State Guard as 3rd Lieutenant, Company B, 14th Battalion, Georgia Infantry, beginning in August 1863. Governor Brown and General Wayne appointed him Judge Advocate with the rank of Major, and he served with Robert Tuggle in this capacity. Like Tuggle, William lost most of his wealth during the war. His daughter, Clare, is more famous than William: she was an historian, women's rights activist, and writer on labor conditions in the United States. After the war, William served prominently as local counsel to two Georgia railroads, the Georgia Southwestern and the Georgia Central. He died in Macon in 1873 and is buried in Rose Hill Cemetery. References: 1) Hughes, Nathaniel Cheairs. 2008. Yale's Confederates: A Biographical Dictionary. University of Tennessee Press, Knoxville. 2) Whites, Leeann. 2016. Gender Matters: Race, Class and Sexuality in the Nineteenth-Century South. Springer Press. 3) http://www.degraffenreid.org. 4) Scarborough, William Sanders. 2005. The Autobiography of William Sanders Scarborough: An American Journey from Slavery to Scholarship. Wayne State University Press. 5) James, Edward T., James, Janet Wilson, and Boyer, Paul S. 1971. Notable American Women, 1607-1950: A Biographical Dictionary, Volume 3. Radcliffe College. Harvard University Press. 6) http://www.usgennet.org/usa/ga/county/fulton/columbushistory/ pg%20001-100.pdf 8 https://patch.com/georgia/douglasville/our-history-the-forgotten-town-of- Campbelltown Paper Money * Jan/Dec 2021 * Whole No. 331 35 50th Anniversary! The End of Legal Tender Notes The Treasury Department stopped issuing $100 United States notes on January 21, 1971. This brought to a close the longest running class of United States currency. This is the 50th anniversary of that event. The purpose of this article is to explain why and how this took place. Background United States notes, usually referred to as legal tender notes, were circulating Civil War debt. The first of them was authorized by Congress on February 25, 1862, as an emergency Civil War measure to provide the Treasury with money primarily to support the war effort. At the time, the Treasury was for all practical purposes bankrupt and it had suspended specie payments to conserve what little gold it could accumulate, mostly through borrowing, in order to pay interest on its debts. The Greenbacks as they were called were in effect little bonds that paid no interest that promised to pay the bearer dollars of unspecified value at some unspecified future date. They were fiat money but, having been awarded legal tender status by Congress, creditors had to accept them from debtors. The notes were sharply discounted against gold coin until January 1, 1879, when, through a deadline set in an Act of Congress passed January 14, 1875, the Treasury would exchange them for gold coin. They were considered cheap, soft, inflationary money by mostly eastern hard money financiers yet were embraced by laborers and farmers who saw them as a means to easier credit so that they could prosper as well. Figure 1. $2 Legal tender notes ceased being printed in 1966. Heritage auction archives photo. The Paper Column Peter Huntoon Paper Money * Jan/Dec 2021 * Whole No. 331 36 Western and southern interests felt they were essential in allowing their economies to develop. Thus, the United States notes became highly politicized to the point that their use caused splits within the major political parties that resulted in vacillating policies and legislation. The sound money faction wanted the Treasury to redeem them as rapidly as possible whereas the soft money types were happy to live with them forever. The staunchest supporters of the greenback currency broke from their respective parties and formed the Greenback Party and fielded their own presidential candidate in 1876. Generally, Treasury officials with occasional prodding from Congress desired to redeem them as quickly as possible, but the will to do so waxed and waned as did their total outstanding circulation. Republican Rutherford Hayes took office in March 1877 and appointed John Sherman Secretary of the Treasury. The House had a Democratic majority; the Senate split 38 Republicans, 37 Democrats and one independent. Sherman pursued a policy to continue redemption of the greenbacks but the Greenback faction in Congress took a potent stand against redemption. On May 31, 1878, Hayes signed a bill pushed through Congress requiring the Secretary of the Treasury to cease redeeming legal tender notes from circulation forthwith and to replace those that wore out in circulation thereafter. Even Sherman supported the bill. (Hepburn, 1924). The outstanding greenbacks stood at $346,681,016 when Hayes signed the bill. That circulation was maintained by the Treasury until $24,142,000 was written off as irretrievably lost leaving $322,539,016. The write-off consisted of $24,000,000 in November 1964 and $142,000 in June 1966 pursuant to the Old Series Currency Adjustment Act of June 30, 1961 (Barr, 1967, p. 19). Left was $322,539,016 of Civil War debt passed down to 1971 in the form of money with distinctive red seals in our wallets. Figure 2. The phaseout of issuance of legal tender notes to the public began during the tenure of Secretary of the Treasury Henry H. Fowler (left) in office April 1, 1965-December 20, 1968, under president Johnson; and was completed during the tenure of Secretary David M. Kennedy (right) in office January 22, 1969-February 10, 1971, under President Nixon. Wikipedia photos. Paper Money * Jan/Dec 2021 * Whole No. 331 37 The Small Note Era Only Federal Reserve and legal tender notes were current in 1970. On June 30 there were $54,494,462,000 worth of Federal Reserve notes and $322,539,016 of legal tenders. The legal tenders amounted to only 0.59 percent of the total (Kennedy, 1970, Table 56). Although $322 million was a huge amount of money during the Civil War era, thanks to inflation it was a drop in the bucket in 1971 when the national debt stood at $400 billion (The Street.com), The mandated circulation of the legal tender notes was nothing but a nuisance for the Treasury and all the Federal Reserve banks, primarily because they had to be sorted from the stream of worn notes that were redeemed by the Treasury and the banks. Of course, their use also entailed extra printing and bookkeeping expenses. One way the Treasury minimized the inconvenience of the legal tenders was to issue them in $2 and $5 denominations after 1949. All the $2s in circulation were legal tenders so they required no sorting during redemption. However, the $5s remained a thorn in the sides of the sorters because the huge volume of $5s containing a tiny fraction of them. The Treasury discontinued the $2s in 1966 followed by the $5s in 1968. After discontinuance of the $5s, redemptions were replaced by $100s. Then $100 red seals contaminated the $100 redemption stream, but that stream was far smaller to deal with than the $5 stream. Treasury really desired to get rid of the legal tenders entirely, but this required Congressional legislation. Treasury press releases heralding the eliminations of the $2s and $5s tell their respective stories. Treasury Announces No Further $2 Bills Will Be Printed August 10, 1966 The Treasury Department announced today that no further $2 United States notes will be printed, because a lack of public demand indicates that this note serves only a limited public interest. As of June 30, 1966, the $2 currency outstanding amounted to $139,231,994, approximately one-third of 1 percent of the total currency outstanding. Most of the $2 notes issued lie for long periods unused in bank vaults. Because the $2 bill is not circulated freely, the average life of each $2 bill is about six years, compared to the $1 and $5 bills which wear out in 18 to 20 months. Movement of the $2 bills out of inventory has been so slow that none has been made since the end of Fiscal Year 1965 (June 30, 1965). Existing stocks of the new $2 United States notes will be issued, and $2 bills returned to Federal Reserve banks in a condition fit for continued circulation will be recirculated as long as the current supply lasts. Appropriations for the current fiscal year did not provide funds for printing $2 United States notes, and the Treasury has no plans to seek funds for this purpose in the Fiscal Year 1968 budget. (From Bureau of the Public Debt). Treasury to end $5 U.S. Note issue Will distribute $100 notes instead October 17, 1968 The Treasury Department announced today that it will soon stop issuing $5 United States Notes—the only denomination of such notes now distributed—and begin issuing $100 United States Notes. The Treasury explained that the change has nothing to do with the amount of currency available to commerce but only with cutting the cost of sorting notes unfit for continued circulation. Figure 3. A final printing of 20,000 sheets of $5 legal tender notes was run in fiscal year 1967-8 bearing obsolete Granahan-Dillon signatures. This note is from that printing. Heritage auction archives photo. Paper Money * Jan/Dec 2021 * Whole No. 331 38 The Federal Reserve System, whose currency comprises 99 percent of paper money in circulation, will continue to issue the familiar Federal Reserve notes in all present denominations. United States Notes make up less than one percent of circulating currency and the change will have no practical effect on money users. In fiscal year 1967, 340 million unfit $5 notes of both types—United States and Federal Reserve—were retired compared to only 5.5 million in the $100 denomination. With elimination of $5 United States Notes there will be fewer notes to sort by type for retirement and thus a cost saving. By law, the Treasury must keep $322,539,016 of United States Notes outstanding, but retired notes may be replaced by any denomination. Eventually $100 will be the only denomination in which both Treasury and the Federal Reserve System issues currency. Like the current $100 Federal Reserve Note, the new $100 United States Note will bear a portrait of Benjamin Franklin. Differences in the two notes—including designations on the front side and colors in which seals and serial numbers are printed—will make them easily distinguishable. (From O’Donnell, 1982, p. 113). The first deliveries of $100 Series of 1966 notes were delivered from the BEP on October 14, 1968 (BEP, 1969, p. 2). End of Legal Tender Notes Treasury officials finally won Congressional authorization to terminate the legal tender issues through an obscure provision they slipped into a very technical regulatory act that came before Congress in 1994. Their ploy was to nullify the provision in the 1874 act that required the issuance of replacements for worn notes redeemed from circulation. The bill was called the Riegle Community Development and Regulatory Improvement Act of 1994. Its formal label was “an act to reduce administrative requirements for insured depository institutions to the extent consistent with safe and sound banking practices, to facilitate the establishment of community development financial institutions, and for other purposes.” Included in the other purposes were a slew of repeals and revisions to existing Federal banking laws. One was the following. Figure 4. The last legal tender issues consisted of $100s that were released between October 17, 1968, and January 21, 1971. The first were shipped to Puerto Rico. Amon Carter obtained the first pack. The unreleased remainders were destroyed in 1996. Heritage auction archives photo. Paper Money * Jan/Dec 2021 * Whole No. 331 39 SEC. 602. TECHNICAL AMENDMENTS TO THE FEDERAL BANKING LAWS. (g) amendments to other laws (14) Section 5119(b)(2) of title 31, United States Code, is amended by adding at the end the following: ``The Secretary shall not be required to reissue United States currency notes upon redemption.” The act was signed into law September 23, 1994, by President Bill Clinton. Gone was the requirement that the Treasury had to replace worn legal tender notes redeemed from circulation. At this point, the Civil War debt represented by the outstanding legal tender notes simply became a liability of the Treasury and was folded into the existing national debt where it was but a tiny drop in the bucket that could be forgotten. Any additional legal tender notes beyond the $24 million already written off will constitute debt that the Treasury never will have to pay. Fate of the $100 Legal Tender Notes Burnett Anderson, a paper money collector living in the Washington, DC, area, who presented himself as the Washington Bureau of the Bank Note Reporter, dogged the fate of the unissued legal tender $100s. The following are excerpts from his invaluable reporting in 1996 (Anderson, 1996). The U.S. Treasury has destroyed its entire supply of $100 United States Notes, some $43,341,900 worth. Last October, I took up the question with the Bureau of Engraving and Printing and Treasurer of the United States of a possible sale of some of the notes to collectors. The reaction in some quarters was enthusiastic and it appeared to be under serious consideration at the Treasury. After a wait of more than six months, I came across a lead on June 20 that a decision on the disposition of the notes was imminent. I sought confirmation with the office of U.S. Treasurer Mary Ellen Withrow, who has oversight responsibilities. The response came June 25 at 5 p.m. from Larry Felix, spokesman of the BEP, who said he had been authorized to answer my questions about the notes. He confirmed that various elements of the Treasury had opposed the sale and in answer to the question of how many notes remained the answer was none. Felix explained that the legal counsels of the Treasury’s Bureau of Public Debt, the Financial Management Service and the BEP had interpreted the applicable statutes and all agreed that the notes should be destroyed. The change was simply incorporated into the bill at the request of the Treasury, which for some time had been seeking congressional authority to get completely out of the business of issuing U.S. Notes for circulation. As it was, the Treasury had been meeting a long-standing requirement to maintain [$322] million in circulation only in a technical sense. As old Legal Tender Notes were turned in through normal banking channels, they were redeemed in Federal Reserve Notes. Then an equal face value of $100 U.S. Notes [was] moved from a vault area of the BEP marked [unissued] to another area marked [issued]. Abolition of the legal requirement ended this internal waltz. A Discrepancy The information provided to Anderson was not quite accurate as revealed by data in the quarterly Treasury Bulletins published by the U.S. Treasury Financial Management Service. The dollar value of legal tender notes shown as issued but held by the Treasury increased steadily from March 1983 through June 1996 for the period when such data are available. This is entirely consistent with moving unissued $100s to issued but unreleased status to offset worn legal tender notes that were being redeemed from circulation. However, $43,506,600 was abrupted moved on the books to active circulation in two batches; respectively, $43,166,100 between June 30 and September 30, 1996, and $340,500 between June 30 and September 30, 1967. The issued but unreleased $100s, which accounted for the bulk of the value of those amounts, were immediately retired after the moves. The point here is that the destruction of the unreleased $100s didn’t occur until after Anderson’s article was published in July 1996. It appears that giving Anderson the impression that the notes were already gone was designed to quell the drumbeat in the numismatic press and among collectors for the Paper Money * Jan/Dec 2021 * Whole No. 331 40 Treasury to allow the sale of some of the unreleased $100s to collectors! Procedures and Last Printings By the time the $100 legal tender notes came along, the Bureau of Engraving and Printing wasn’t physically shipping finished notes over to the Treasurer’s office. Instead, the notes were shipped directly to the Federal Reserve banks from the Bureau upon receipts of authorizations for their releases from the Treasurer. That authorization was the action that legally monetized the notes and it was the reason for the shuffle that Anderson described between the unissued and issued areas in the BEP vault. The BEP simply didn’t receive orders from the Treasurer’s office specifying where to ship the accumulating issued legal tender $100s between January 21, 1971, and mid-1996. The high serial number printed for the Series of 1966 $100 notes was A00768000A; the high for the 1966As was A01280000A. Subtracting the 433,419 notes that were destroyed from 1280000 leaves 846,581. However, Series of 1966A notes with serials higher than A00846581A are reported so it is evident that not all the notes that were released before January 21, 1971, were shipped from the BEP in serial sequence. The printings for the last series of $2, $5 and $100 legal tender notes are listed on Table 1. The second printing of 640,000 Series of 1963 $5s during fiscal year 1967-8 appears as if it should be Series of 1963A. This is not a mistake on the table. The Bureau used obsolete overprinting plates with Granahan-Dillon signatures for this group as an economy measure. See Figure 3. With regard to the $100 Series of 1966 $100s, BEP Director James Conlon had this to say after they went into production. This year, the Bureau changed its techniques for applying the signatures of the Secretary of the Treasury and of the Treasurer of the United States on currency notes. Under the wet-print process formerly used, it was more economical to overprint the signatures and series typographically, after the face design was intaglio printed. Upon complete conversion to the dry-print method on its high-speed sheet-fed rotary presses, the Bureau found it a more efficient and economical operation to apply the signatures and series designations as integral parts of the face intaglio design on the engraved plates. This engraved-signature technique was used in the printing of the $100 U.S. note, Series of 1966, first delivered on October 14, 1968. (BEP. 1969, p. 2). Conclusion There were two types of paper money circulating in the country going into the 1960s, Treasury currency (legal tender notes and silver certificates) and bank currency (Federal Reserve notes). All were issued under the authority of Congress so ultimately all were obligations of the United States. The legal tender notes and silver certificates were issued by, and were obligations, of the U. S. Treasury whereas the Federal Reserve notes were issued by, and were obligations of, the banks. Each of the three classes required separate accounting. The practical consequence was that when worn notes came in for redemption, the incoming stream had to be sorted by class to maintain the respective sets of books. The issuance of silver certificates was terminated by an act of Congress passed June 3, 1963. This left legal tender notes as the only remaining Treasury currency; a currency that represented a miniscule Table 1. Printings of Series of 1963 and 1966 legal tender notes, which comprised the last of the legal tender notes. Series 1963 Series 1963 Series 1963A Series 1966 Series 1966A Fiscal Year $2 $5 $2 $100 $100 1963-4 15,360,000 62,720,000 1964-5 1965-6 3,200,000 1966-7 1967-8 640,000 1968-9 768,000 1969-70 1970-1 512,000 Paper Money * Jan/Dec 2021 * Whole No. 331 41 fraction of the total currency supply but a big accounting headache. Treasury officials simply wanted to eliminate them so that the entire currency supply would consist of Federal Reserve bank currency. Elimination of the legal tender notes would take the Treasury out of the currency issuing business and thus place that entire burden on the Federal Reserve banks. The fact was, the legal tender notes, which represented circulating Civil War debt, served no function other than to satisfy an obscure Congressional mandate dating from 1878. Maintaining them in circulation was burdensomely expensive for both the Treasury and the Federal Reserve banks. It was time to eliminate them. Acknowledgments Lee Lofthus brought to my attention the discrepancy in the timing of the destruction of the $100 legal tender notes between Burnett Anderson’s Coin World report and the data in the quarterly Treasury Bulletins. Jamie Yakes provided the press release pertaining to the discontinuance of the printing of $2 legal tender notes that he found in the Bureau of the Public Debt files in the National Archives. Adam Strop provided invaluable editorial corrections. References Cited and Sources of Data Act of February 25, 1862, An act to authorize the issue of United States notes, and for the redistribution or funding thereof, and for funding the floating debt of the United States. Act of January 14, 1875, An act to provide for the resumption of specie payments. Act of May 31, 1878, An act to forbid the further retirement of United States legal-tender notes. Act of June 30, 1961, An act to authorize adjustments to accounts of outstanding old series currency, and for other purposes: Public Law 87-66, S. 1619. Act of Sep 23, 1994, Riegle Community Development and Regulatory Improvement Act of 1994: Public Law 103-652, 103rd Congress, H.R. 3474. Anderson, Burnett, Jul 1996, Sale of Red Seal $100s nixed, notes destroyed: Bank Note Reporter, p. 1, 8. Barr, Joseph W., Under Secretary of the Treasury, May 1, 1967, Hearing before the Committee on Banking and Currency, House of Representatives, Ninetieth Congress, First Session on H.R. 7476, a bill to authorize adjustments in the amount of outstanding silver certificates, and for other purposes: U.S. Government Printing Office, Washington, DC, 57 p. Bureau of the Public Debt, Historical Files 1913-1960: Record Group 53, Series K–currency, box 3, file K231, U.S. National Archives, College Park, MD. Bureau of Engraving and Printing, 1964-1971, Annual reports of the Bureau of Engraving and Printing: BEP Historical Resource Center, Washington, DC. Hepburn, A. Barton, 1924, A history of currency in the United States: Macmillan Company, New York, 573 p. Kennedy, David M., 1970, Statistical Appendix to Annual report of the Secretary of the Treasury on the state of the finances for fiscal year ended June 30, 1970: U.S. Government Printing Office, 322 p. O’Donnell, Chuck, 1982, Standard handbook of modern United States paper money: Krause Publications, Iola, WI, 335 p. Street, https://www.thestreet.com/politics/national-debt-year-by-year-14876008 Treasury, 1971, https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx U.S. Treasury Financial Management Service, issued quarterly, Treasury Bulletin: U. S. Government Printing Office. Figure 5. Small size $1 legal tender notes were printed in 1933 to help alleviate a perceived shortage of $1s and 2,738 were released through the Treasury cash window then. They weren’t needed so the rest weren’t released to avoid the redemption sorting hassle. Rather than let them go to waste, the Treasury ultimately released them in Puerto Rico in 1948 and 1949 where they would be largely confined to the island, thus minimizing the redemption sorting problem. National Numismatic Collection, Smithsonian Institution photo. Paper Money * Jan/Dec 2021 * Whole No. 331 42 Contact Don@Kagins.com or call 888.8Kagins to speak directly to Donald Kagin, Ph.D. for a FREE Appraisal! For more information about consigning to Kagin’s upcoming 2021 auction contact us at : kagins.com, by phone: 888-852-4467 or e-mail: Don@kagins.com. Territorial and National Bank Notes Error Currency MPC Collection Scottish Bank Note Collection Virtually Complete “One Of” World Currency Collection Rare Hawaiian Bank Notes Russian/Alaskan Walrus Skin Money Colonial Currency U.S. Currency REGISTER NOW to Bid in Kagin’s Auctions O cial ANA National Money Show® Auction March 11-12, 2021 | Phoenix, Arizona U.S. and World Bank Note Highlights of Kagin’s 2021 ANA National Money Show Auction RESERVE YOUR CATALOG NOW! Or email us at info@kagins.com and we will send you a link to the digital catalog when it comes online! Encased Postage Kagins-PM-NMS-RegBid-Ad-12-10-20.indd 1 12/8/20 2:59 PM The American National Bank of Baltimore, Md., Charter 4518 by J. Fred Maples The bank was chartered February 10, 1891 with Joshua Horner, president, and Simon P. Schott, cashier, and opened at a temporary High Street location, before getting its own building a year later. This new bank deposited $50,000 in bonds, and was issued $45,000 in national currency notes in $5, $10, and $20 Brown Backs. Within a couple years the bank doubled its bonds and circulation, and added $50 and $100 Brown Backs to its circulation. President Horner, son of an Irish immigrant, was a respected fertilizer and chemical manufacturer, and city councilman. Schott, son of a retail grocer, was a bookkeeper, school commissioner, railroad director, and later a laundry company officer. Horner was president for the bank’s entire duration, while Schott was followed as cashier by William L. Wilcox. While no surviving notes are known from this bank, Figure 1 shows a wonderful $50 and $100 1882 Brown Back proof from the Smithsonian National Numismatic Collection. Despite operating during a time of depression and economic woes, this bank was generally successful for several years before going out late in 1900. The New York Times reported the bank “suffered a large shrinkage in deposits and has sustained some heavy losses which had involved its capital and surplus and reduced greatly its cash resources.” As the first Maryland national bank to enter receivership, its closing was quite a national story, with newspaper reports as far away as Hawaii. Figure 1: $50 and $100 1882 Brown Back proof, approved August 22, 1893. The American National Bank of Baltimore, Md. This bank issued 1,005 sheets of $50 and $100 1882 Brown Backs between 1893 and 1900. Separately this bank issued 2,050 sheets of $5 Brown Backs, and 2,811 sheets of $10s and $20. Paper Money * Jan/Dec 2021 * Whole No. 331 44 Proof Sheet The layouts of $50 and $100 1882 Brown Backs are stunning in every way. Sheets from this plate included just two notes -- a single $50 and a $100. The $50 includes a beautiful vignette on its left called “Washington Crossing the Delaware”, engraved by Alfred Jones after the 1851 painting by Emmanuel Leutze, which today hangs in the Metropolitan Museum of Art in New York. This Revolutionary War scene shows Washington and his men, late in 1776, while crossing the dangerous Delaware River through drifting ice to reach the New Jersey shore. Washington and his Continental Army soldiers went on to defeat the British troops and Hessian mercenaries in the battles of Trenton and Princeton. The $50’s right side shows “Washington at Prayer”, with three goddesses and a banner inscribed VICTORY above them, which was engraved by Luigi Delnoce, who reportedly used his three daughters as models. The $100 sports an equally stunning vignette named "Commodore Perry's Victory on Lake Champlain", which depicts Commodore Oliver Hazard Perry leaving his flagship, the Lawrence, during the Battle of Lake Erie in 1813. On the $100’s right is an angelic depiction of Liberty, seated by a bundle of rods representing the union of states, along with the message “MAINTAIN IT!” burst in sunlight. Finally note the handwritten notations in the bottom selvage, which defines the plate’s approval on August 22, 1893 by Thomas J. Sullivan, as acting chief of the Bureau of Engraving and Printing. Brown Backs The 1882 Brown Back national currency series was created by the Act of July 12, 1882. The new legislation allowed extensions of the earliest national bank charters, and formation of new ones. The Act required new notes to look distinctly different, resulting in the new design, and the backs of notes were changed to create the Brown Back style of that color. Any new bank chartered from mid-1882 until 1902, and any banks extending their charter during that period, received notes of this Brown Back type for up to 20 years. Indeed 1882 Brown Backs were printed until March 1908, when the Aldrich-Vreeland Act mandated new wording on notes, and production of 1882 and 1902 Date Backs took over. Tillman and Morgan Just above each title block from this proof are facsimile signatures of J. Fount Tillman, Register of the Treasury, and D.N. Morgan, Treasurer of the United States. J. Fount Tillman (1854–1899) was the eighth Register of the Treasury, and served during the second term of President Grover Cleveland. Tillman's signature appeared on US currency issued between July 1, 1893 and December 2, 1897, including Legal Tender Notes, Silver Certificates, Treasury Notes, and National Bank Notes. As a native of Tennessee Tillman served one term in the state legislature before working for the Treasury. After retiring from public service, Tillman entered private business and worked in New York City and Washington, DC. Tillman died at the age of 45 in Palmetto, TN. Daniel Nash Morgan (1844-1931) was the Treasurer of the United States from June 1, 1893 until June 30, 1897, and also served during the second term of President Grover Cleveland. Like Tillman, Morgan signed Legal Tender Notes, Silver Certificates, Treasury Notes, and National Bank Notes. Morgan was born in Newtown, CT on August 18, 1844. Morgan’s father owned a store, which Morgan took over as a young man. Morgan later moved to Bridgeport, CT and partnered in a firm producing dry goods and carpets, and also ran a grocery. Interestingly Morgan became president of the City National Bank of Bridgeport in 1879, and signed their national bank notes, and served several years there. Morgan was active in Bridgeport politics and served positions including city councilman, board of education, and two-time mayor. Morgan ran for Governor of Connecticut in 1898, but lost to George E. Lounsbury. Morgan died at the age of 86 in Bridgeport, 12 days after being injured in automobile accident. Baltimore History When notes from this sheet were being issued, Baltimore entered an important period in its history. Baltimore’s manufacturing base had begun to prosper with its nationally important industrial center. Baltimore’s port continued to ship large quantities of grain, flour, tobacco, and raw cotton to Europe. New industries of men's clothing, canning, tin and sheet metal products, and foundry and machine shop products fueled its labor force. Construction of new housing was a major factor in its economy, and many of the builders were successful craftsmen and entrepreneurs. Builders worked with landowners, and both groups manipulated the city's leasehold system to their advantage. Builders obtained credit from many sources, including sellers of land, building societies, and land companies, but probably the most important source was individual lenders, who lent money in small amounts from their own account, or through lawyers and trust funds. Paper Money * Jan/Dec 2021 * Whole No. 331 45 David A. Schulte and the Mutual-Profit Coupon System by Loren Gatch If the United Cigar Stores was by far the largest tobacconist chain in early 20th century United States, second place was held by the A. Schulte Cigar Stores. Led by David A. Schulte, the Schulte chain challenged United Cigar in a sometimes-turbulent commercial rivalry that lasted for about a decade, before the two systems ended their price wars and formed an alliance in 1926. Although United Cigar was by far the larger entity, with a nationwide network of stores and agents, Schulte remained a formidable competitor, particularly in the New York City area. An A. Schulte shop window from 1933 (Museum of the City of New York). Just as United Cigar was known for its extensive system of premium coupons (see Paper Money, March- April 2019), issued both under its own name and through a spinoff, the United Profit-Sharing Corporation, so too did Schulte copy his rival in 1915 by establishing his own alternative, the Mutual-Profit Coupon Corporation. While Mutual Profit operated as a wholly-owned affiliate within Schulte’s holdings and was a marketing tool for Schulte’s cigar chain, the premium company offered its coupon services to other retailers, as well. This article examines the origins and operation of the Mutual-Profit Coupon Corporation. It also describes the denominational range of its coupon and certificate issues, and identifies basic varieties across these issues. United Cigar and Schulte Cigar: Rivals Alike In basic ways, the histories of United Cigar and Schulte Cigar mirror each other. United Cigar was established by George and Charles Whelan, brothers from Syracuse, New York who moved to the City, where they opened their first store in 1901. Likewise, David Albert Schulte (1873-1949) was an outsider who started small and made it big. Born David Albert Goldberg in Thomasville, Georgia, the family moved to the New York City area when he was a young boy. After his older sister Rose married Anthony Schulte, David began working for his brother-in-law, who had established his first cigar store in Manhattan in 1882. By 1902, David had become a partner and general manager of the budding cigar store chain, and apparently adopted Schulte as his last name. With the sudden death of his brother-in-law in 1904, David A. Schulte assumed control of the business, by then comprising five locations, keeping “A. Schulte” in the stores’ names for continuity. David A. Schulte (1873-1949), cigar chain head (U.S. Tobacco Journal, 1919). Although the Schulte name had been attached to the cigar trade for nearly two decades, the advent of United Cigar in 1901 transformed this sector of American retail. Backed by the resources of James B. Duke’s “Tobacco Trust”, United Cigar expanded rapidly. The only way to survive the onslaught was to expand in response, and this David Schulte did. The public perception of United Cigar’s retail success was that its massive coupon program enticed male smokers through its doors, egged on by their coupon-collecting wives. Probably more important, from a cost point of view, was that United Cigar could avail itself of the tobacco products produced by Duke’s American Tobacco Company at favorable rates. This advantage Schulte matched by acquiring his own cigar manufacturing facilities. In the years before cigarette smoking became the dominant way of consuming tobacco, with national brands like Camel or Chesterfield, the production of cigars, pipe and chewing tobacco remained a more artisanal process, and it was still possible for a relatively small enterprise like Schulte’s to assure its own supplies to a degree that neutralized the advantages of its larger competitor. What Schulte still lacked, though, was a premium coupon program. Up until 1910, United Cigar’s Paper Money * Jan/Dec 2021 * Whole No. 331 46 expansion elicited hostility from non-Trust stores, represented by the Independent Retail Tobacconists’ Association (IRTA), which sought unsuccessfully to get anti-coupon legislation passed at the federal level. Attacks on United Cigar reflected a broader hostility against the Tobacco Trust. In these efforts, Schulte was regarded as an ally of the independents. As the publication The Tobacco Leaf put it in 1908, “A. Schulte has the distinction of being the most powerful and successful rival of the Tobacco Trust, which has swallowed up all of its weaker competitors. The Trust did not swallow Schulte.” To the disappointment of these independent retailers, the court-ordered dissolution of the Tobacco Trust in 1911 did nothing to dismantle the United Cigar Stores chain, which continued with its rapid, nationwide expansion. Indeed, the resulting oligopolistic quartet of cigarette manufacturers (American Tobacco, Liggett & Myers, R.J. Reynolds, and P. Lorillard) reinforced strategies of non-price retail competition like premium coupons, which could be easily packaged within the cigarette packs themselves. Given his own ambitions, David Schulte proved to be no ally of the independents. While not a part of the Trust, the A. Schulte Cigar Stores comprised, after all, a retail chain itself that was prepared to use the same aggressive marketing methods as its larger chain rival. When United Cigars sought to spin off its coupon department in 1914 as the United Profit-Sharing Corporation, Schulte countered in March 1915 by establishing the Mutual-Profit Coupon Corporation. Like United Profit-Sharing, the Mutual-Profit Coupon Corporation offered its premium services not just to its parent company, but to any retailer or manufacturer that was willing to pay for them. Initially, Schulte planned to call the new enterprise the “Schulte Profit-Sharing Corporation”, before changing the name to Mutual, in deference to the sensibilities of other tobacco retailers who might want to use the coupons as a marketing tool against United Cigar. Though Schulte thus styled himself as a defender of the interests of independent tobacconists, it is unclear whether this was a persuasive appeal, as Mutual-Profit never published rosters of its clientele in its catalogs in the same way that United Profit-Sharing did. Short of examining newspaper advertisements of the era, as well as the coupons themselves, it is impossible to know exactly which businesses were handing out Mutual coupons. In July 1915, the Mutual-Profit Coupon Corporation leased most of the Cross Chambers Building at 210 Fifth Avenue, installing on the ground floor the main premium station where holders of Mutual coupons could redeem them for merchandise advertised in the catalogs. In its inaugural publicity campaign, the company placed advertisements in New York newspapers offering to give away free Saxon automobiles to the two customers who redeemed the most coupons between September 15 and December 15, 1915. These advertisements announced that Mutual coupons were available at 46 A. Schulte Cigar stores and 500 “other stores” in the metropolitan area. Shortly after this campaign began, Schulte embarked upon the first of several price wars with United Cigar that would roil the market for tobacco products for the next decade. Mutual Profit-Coupon’s 1915 Saxon car giveaway (Brooklyn Daily Times) Paper Money * Jan/Dec 2021 * Whole No. 331 47 Features of the Mutual-Profit Coupon System Like its larger rival, Schulte Cigar stores presented Mutual coupons to its customers at a rate of one coupon for each five-cent purchase. Mutual coupons also adopted the denominational arrangement common to United Cigar, United Profit-Sharing, and other coupon issuers, whereby five coupons equaled one certificate. Redemption ‘prices’ for items listed in Mutual catalogs were quoted in terms of the required certificates. Mutual coupons and certificates could be redeemed either in person at one of company’s premium parlors or by mail. While United Cigar created a separate coupon company, United Profit-Sharing, to market its premium services to other retailers and manufacturers, the Mutual-Profit Coupon Corporation served both the A. Schulte chain, and any other vendor who agreed to sign up. This posed an immediate problem for other tobacconists, since Schulte was as much a competitive threat to them as was United Cigar. In 1916, Isaac Ochs, the chairman of the IRTA, remarked before Congress that the Mutual coupon was “causing more trouble in the market probably than the United coupon ever did.” By 1919, as Schulte expanded his chain up the East Coast, observers in Boston noted that the opening of a Schulte store there coincided with the appearance of Mutual- Profit Coupon agents seeking to sign up new clients. The more local businesses handed out Mutual coupons, the more useful those coupons would be to Schulte Cigar stores specifically. In a sense, Mutual-Profit was competing against not one, but two, premium coupon rivals. United Cigar and United Profit-Sharing each published separate annual catalogs until 1929, when the former ended its premium plan. ‘Prices’ were identical across the two catalogs for the same items, and the two kinds of coupons were interchangeable. Although generic United Profit-Sharing coupons were issued, for its own corporate customers United Profit regularly customized their coupons with respect to their appearance and denomination. Often, United Profit worked with its bigger clients, like Wrigley’s and Swift, to incorporate the coupons into their products’ packaging. A regular feature of United Profit’s catalogs, year after year, was the printing of lists of their clients’ names and the brands. This provides some insight into the size and nature of its client base, information that is simply lacking in the Mutual-Profit coupon catalogs. In contrast to this customization, Mutual-Profit made available the same coupon and the same denominational range both to Schulte and all its other clients. As a result, it is impossible to distinguish between a Schulte- and a non-Schulte- issued coupon other than by an overprint applied in either blue or red ink to the front of the coupon—“Issued by A. Schulte” being by far the most common, although other overprints can be found with the names of such establishments as the Diamond Candle Co. (Brooklyn, NY); Square Cut Rate Store (Harrisburg, PA); Green’s Drug Stores (Lowell and Worcester, MA); and Freihofer’s Bakery (various Pennsylvania locations). Features and Types of Coupons For the purposes of this description, there are three types of Mutual coupons. Types I and II have identical fronts; it is their backs that distinguish them. Type III coupons are substantially different with respect to both their fronts and their backs. It is not known whether, for a given type of coupon, the entire denominational range from ½ coupon to 50 coupons was ever produced. Within a given type of Mutual coupon, denominations differ according to size and color, with low denominations (under 5 coupons/one certificate) smaller in size than the 5, 10, and 20 coupon denominations; in turn, the 25, 40, and 50 coupon denominations are larger still. The fronts of Types I and II coupons display the following features. Within a coupon’s ornamental border appears the company logo (a triangle enclosing two clasped hands) on the left and the denomination number (in coupons) on the right. Both are printed in blue. Between them, in the center, is the equivalent value spelled out in terms of certificates. Beneath that are printed the redemption instructions, as well as cursive signatures of the company’s name and its president, David A. Schulte. Arched across the top and center of the coupon field appear the name and location of the company, printed more prominently in capital letters. Paper Money * Jan/Dec 2021 * Whole No. 331 48 Types I and II coupons have a common front with two varieties: one with the words “Send for Catalog” at the bottom, center, and the other with the words “Issued With 25¢ Purchase” (or other amount, depending upon the denomination of the coupon). These two variations in language seem to exist for the whole-number denominations ranging at least from 1 to 20 coupons. The largest denomination, the 50 coupon/ten certificate note, has on its front in that same position yet another phrase, “cash sale coupon.” The common front for Type I and Type II coupons, with an A. Schulte overprint. One variety of this front identifies the purchase amount required to receive the coupon. Two exceptions to this size pattern are the 1 ¼ coupon (quarter certificate) and the 2 ½ coupon (half certificate), both which are the same size as the 5 coupon (one certificate) note. Given that David Schulte launched his coupon company to match the premium program of his larger rival, it is not surprising that the entire denominational range of Mutual-Profit coupons almost exactly matches that found in United Cigar coupons, with the single exception of a Mutual-Profit 3 coupon denomination that has no counterpart in the United Cigar system. Unlike United Cigar coupons, which during the years of their issue bore the imprints of three different printers (American Bank Note, M.B. Brown, and Eureka Specialty Printing), Mutual-Profit coupons were produced apparently only by Eureka, at least according to newspaper accounts of the time. Though lacking any printer’s imprints, some of the coupons do bear at least the label (the “union bug”) of the Allied Printing Trades Council of Scranton, PA. Without printer’s dates or expiration dates, it is impossible to determine exactly the sequence in which the three types of coupons appeared, or to know whether all denominations were issued in each of these three types. Nonetheless, what is labeled here Type I seems to have appeared first, as some denominations fortuitously bear, on their reverses, the overprint “Valuations Changed September 1st, 1916 / Write for New Catalog,” suggesting that coupons with this reverse were in circulation before the others. This overprint reflected the fact that premium programs in general were disrupted by World War I, which produced goods shortages and price inflation that obliged coupon issuers to adjust their redemption prices accordingly. These two different reverses distinguish Type I coupons (top) from Type II coupons (bottom). While Types I and II share the same front, it is their backs that distinguish them. The Type I reverse features a selected list of premium articles available through the catalog (the actual items listed are not fixed, and do vary across coupons), while the Type II reverse bears two short paragraphs, unadorned and in plain print, announcing the virtues of Mutual-Profit coupons and referring to the existence of Mutual Profit stamps, as well (there seems to be no evidence that trading stamps were actually issued by the company). Type III coupons differ substantially from Types I and II, in terms of how both the fronts and the backs are arranged. The Type III front relocates a larger Mutual logo to the bottom center of the note, with the denomination, in certificates, spelled out at the top. Beneath that is a reworked banner of the company name and location. The note’s value, in terms of coupon, appears in blue at the four corners of the note’s ornamental border. The reverse, devoid of text, is now Paper Money * Jan/Dec 2021 * Whole No. 331 49 dominated by a single, larger example of the triangular logo. Unlike Types I and II, which are printed on safety paper with a watermark in the form of the word “Mutual” repeated horizontally or diagonally, the Type III coupon lacks a watermark. The Type III coupon is substantially different from the other two types. Examples with the Type III design exist in at least the ½, 1, 2, and 5 coupon denominations. Except for their blue accents, these coupons follow the color scheme of the two previous types. Newspaper advertisements from the period 1915- 1930 reveal a more widespread use of Mutual coupons by retailers other than those who had their coupons overprinted (including Schulte), suggesting that many of their users simply handed out the coupons without the overprinting. It also remains unclear whether the Mutual-Profit Coupon Corporation ever signed up product manufacturers as customers of its premium service. In its heyday, United Profit’s coupons were, for the most part, tied with branded, discretionary consumer products like gum (Wrigley), soap (Swift, DIF), and various lines of canned products (Wm. B. Reily, Hooven Mercantile, Alfred Lowry, etc.). In contrast, Mutual Coupon catalogs never disclosed which products might come with coupons, or even which retail establishments handed them out. Although Mutual Profit offered a range of premium goods comparable to those of its larger rival, its catalogs appear relatively meager, and use less color. Because the Schulte chain was smaller, it could not hope to match the extensive network of premium parlors that United Cigar had established across the country. The overall impression given is that, while Schulte’s Mutual-Profit Coupon Corporation aspired to operate on a national scale, it was a less-well financed and more limited premium service than those conducted by United Cigar and its affiliate, the United Profit-Sharing Corporation. David A. Schulte first entered the premium business in 1915 in direct response to the creation of United Profit-Sharing the year before. The A. Schulte Cigar chain continued to expand rapidly, albeit from a lower base than United Cigar. In 1919 Schulte created a holding company, the Schulte Retail Stores Corporation, which owned all the stock of the cigar chain (officially named D. A. Schulte, Inc.), the Mutual- Profit Coupon Corp, and the Schulte Realty Co. Thereafter, Schulte pursued acquisition strategies much like the Whelan brothers. As the cigar chain itself grew to about 300 stores nationwide, Schulte diversified throughout the 1920s, purchasing or gaining control over a number of businesses: the upscale grocer Park & Tilford (1923); V. Vivaudou, a cosmetics company (1924); Alfred Dunhill, maker of pipes and other smoking accessories (1924); the American Druggists Syndicate (1926); and Huyler’s, a candy chain (1927). In large part, Schulte’s diversification beyond cigars and tobacco products imitated the actions taken by United Cigar. Activities of the latter included acquiring the Riker-Hegeman drugstore chain (1915); the formation of a holding company, the United Retail Stores Corp (1919) which, like Schulte’s vehicle, held control over the United Cigar Store chain; and ownership of the Happiness Candy Stores (1920). Schulte’s successes in business and real estate dealings were lionized by the press (Brooklyn Daily Eagle, 1925). Paper Money * Jan/Dec 2021 * Whole No. 331 50 As these complicated corporate histories relate to the premium coupon business, for both David Schulte and the Whelan brothers, their coupon enterprises were operated as sidelines for as long as they remained useful to their broader mercantile interests. In one final way were the personalities at the head of these enterprises alike. For both Schulte and the Whelans, active involvement in the New York City real estate business not only supported their retail empires but represented (particularly for Schulte) a profitable enterprise in its own right. After a decade of competition, punctuated by price wars, the United Cigar and Schulte chains concluded a truce and exchange of stock by the end of 1926, leading in 1928 to the establishment of the joint Schulte-United 5 cent to $1 Stores, Inc. Yet even with the resulting merger of ownership, the two cigar chains continued operating separately, as did their profit-sharing coupon affiliates. At this point, the two erstwhile rivals had reached their maximum size: Schulte with nearly three hundred stores, United Cigar with nearly three thousand outlets (this total included over a thousand “agents”, which merely carried United Cigar inventory without being part of the chain themselves). The End of the Mutual-Profit Coupon Corporation The end to their coupon issuance came in late May 1929, when both Schulte and United Cigar announced the suspension of their programs, and the terms for the final redemption of their outstanding coupon circulations. Schulte gave coupon holders just until January 1, 1930 to redeem their holdings, while United Cigar allowed its customers to continue to redeem them through the United Profit-Sharing Corporation, which at the time was still a subsidiary of United Cigar. In the wake of the announcement, holders of coupons swarmed the companies’ premium parlors, seeking to unload their stashes for consumer knick-knacks. Ironically, it was not each other’s competition, but pressure from non-tobacco chain stores selling cigarettes as loss-leaders that led to the abandonment of coupons. By this point, coupon issue and redemption was costing United Cigar some $3.5 million a year as a marketing expense. The same set Schulte back $700,000. For Eureka Specialty Printing, the end of their programs was a hard blow, as it meant the loss of contracts worth $150,000 annually to the Scranton company. Ultimately, the end to tobacco-store coupons reflected the longer-term shift that took place in how Americans took their tobacco. As cigarettes became the most common, and growing, form of tobacco consumption in the American market, their sale migrated into more general retail settings like grocery or drug store chains. Tobacconists, whether or not they were part of a chain like Schulte or United Cigar, had great difficulty matching price cuts by those non-tobacco chains indefinitely. Offering premiums was always a form of non-price competition, and once the largest chains made price- cutting a permanent strategy, coupon issuance became less attractive for Schulte and United Cigar. With this change, coupons by no means disappeared from tobacco marketing. Instead of being issued by retailers, though, they were increasingly incorporated by manufacturers into the packaging of cigarettes themselves, as in the prominent example of Brown & Williamson. What all this meant for the future of the Mutual-Profit Coupon Corporation was unclear. Just because Schulte stopped offering Mutual-Profit coupons didn’t mean other retailers had to do the same. They might continue to issue them, just as numerous corporate customers still made use of United Profit-Sharing coupons even if United Cigar didn’t. Nonetheless, the end to the Mutual-Profit Coupon Corporation came soon after this, though the details are sketchy. Newspaper advertisements by retailers featuring its coupons simply disappeared after 1930. According to Moody’s Manual of Investments, sometime between 1932 and 1933 Mutual-Profit simply dropped out of the description of Schulte Retail Stores’ corporate structure. How the coupon operation was wound down, and what (if any) accommodations were made to consumers holding the coupons with the distinctive triangular logo, simply remain mysteries. David A. Schulte’s predilection for premium coupons did not disappear with the passing of Mutual-Profit. In January 1932, Schulte announced that his stores would resume issuing coupons, but as a client of United Profit- Sharing, and not of Mutual-Profit. As the Brooklyn Daily Times observed wryly, “prosperity is still just around that corner, but these once familiar green cigar coupons are going on the job after a two-year layoff.” According to this newspaper account, under the new arrangement the Schulte stores would not only issue United Profit-Sharing coupons, but the latter company would also redeem the old Mutual coupons with the Schulte overprint at the same rate as the new ones. This announcement reflected an agreement between D. A. Schulte, Inc. and United Profit- Sharing, whereby the former was given a two-year option to purchase up to 50,000 shares of the latter’s common stock at $1 a share in exchange for Schulte agreeing to issue United Profit-Sharing coupons. The agreement was welcomed back in Scranton, where Eureka Specialty Printing looked forward to hiring back workers to fulfill the new orders. While premium companies of the time did, as a matter of competitive pride, redeem each other’s coupons, the idea of a blanket commitment by the United Profit-Sharing Corporation to accepting the old Mutual-Profit issues seems improbably generous, especially as the latter Paper Money * Jan/Dec 2021 * Whole No. 331 51 company was probably defunct by this point. United- Profit Sharing catalogs of the 1930s did advertise Schulte cigar stores as issuers of its coupons, but were silent on whether Schulte’s old coupons were likewise redeemable. Indeed, after the Whelan brothers sold out their interests in United Cigar to another investor group in August 1929, United Profit-Sharing no longer had any relationship with the company which originally spawned it fifteen years earlier. Those same catalogs from the 1930s no longer mentioned the redemption of United Cigar coupons either. This raises the question of whether the outstanding United Cigar coupons issued between 1901 and 1928 were also rendered worthless as a result. Though no longer involved with their old cigar chain, George and Charles Whelan did retain control over United Profit-Sharing, and there was a certain irony in the fact that their old rival was now a client of their premium coupon business. The Schulte Cigar Stores’ United Profit-Sharing issues are probably the most common and best-known examples of premium coupons bearing the Schulte name. However, they have nothing to do with the original Schulte coupons put out by the Mutual-Profit Coupon Corporation. Available in a range of denominations from ½ coupon to 4 certificates, the Schulte United Profit-Sharing issues reflected the customization typically available through that premium coupon company. The turquoise-colored 5- coupon Schulte coupon illustrated here appears similar to the same denomination issued by a number of other United Profit-Sharing clients throughout the 1920s and 1930s. Although pricing rules imposed by the National Recovery Act of 1933 made it difficult for the Schulte stores to issue coupons specifically for cigarette sales (as opposed to other tobacco products), the chain remained a client of United Profit-Sharing throughout the decade, finally abandoning coupons for good in 1939. During the depression years, the corporate structures containing both the United Cigar and Schulte chains experienced bankruptcy and underwent reorganization. A problem common to both organizations was the collapse in the values of their real estate holdings, and the decline in the rents that they could charge other tenants on their properties. Nonetheless, the two sets of cigar chain founders emerged out of the depression in decidedly different circumstances. The fortunes of Charles and George Whelan were substantially wiped out by the stock market crash, while David Schulte made it through those years, surviving to remain a major player in New York City real estate throughout the 1940s. REFERENCES Brooklyn Daily Eagle, June 14, 1925. Brooklyn Daily Times, September 29, 1915; January 28, 1932. Catalog, United Profit-Sharing Corporation (various dates). Catalog of Premiums, Mutual-Profit Coupon Corporation (various dates). Cox, Reavis, Competition in the American Tobacco Industry 1911-1932 (Columbia University Press 1933). Moody’s Manual of Investments, 1932, 1933. New York Times, September 19, 1915; December 30, 1926; January 10, 1928; May 26, 1929; July 14, 1934; July 30, 1949. New York Tribune, September 25, 1909; September 9, 1919. Premium Catalog, United Cigar Stores (various dates). Real Estate Record and Builders Guide (New York), July 17, 1915. The American Hebrew, September 12, 1924. The Financial World, November 25, 1922. The Magazine of Wall Street, October 13, 1917. The Tobacco Leaf, May 13, 1908. The Tribune (Scranton, Pennsylvania), May 25, 1929; January 29, 1932. United States. Congress. House. Hearings before the Committee on the Judiciary. 64th Congress, 1st Sess. May 1, 1916 (Washington, D.C.: GPO 1916). United States Tobacco Journal, March 27, 1915; April 19, 1915; March 1, 1919; July 26, 1919. Wall Street Journal, February 15, 1915; January 27, 1932; July 14, 1939. A Schulte One-Certificate Note Issued through the United Profit-Sharing Corp. Paper Money * Jan/Dec 2021 * Whole No. 331 52 POSTAGE CURRENCY SHEET WITH ASSOCIATED NOTE By Rick Melamed From a recent eBay auction is an intriguing sheet of uncut 5¢ postage notes (Fr. 1230). The common sheet itself is in rather poor condition with heavy folds, staining and torn edges…something that would not ordinarily attract much interest. But the associated envelope has a note inside stating: One dollar enclosed. "The within sheet of postal currency was paid to me during the war by U.S. Government, probably about the autumn of 1862, and I carried it in my pocket-book for the remainder of the war. Thomas F. Edmands." We do know factually that Union army personnel were paid in postage/fractional currency. Lt. Colonel Edmands apparently took the sheet, folded it and put away in his pocket book and forgot about it. In 1862, it must’ve seemed odd not to be paid in gold or silver. But being that coins were scarce, he was paid in sheets of postage currency. I’m postulating that after the war, Edmands sorting through his belongings, stumbled across the folded sheet of postage currency and wrote the note; memorializing how and when he was paid. It’s a quite fortuitous that the note and the sheet remain together. Paper Money * Jan/Dec 2021 * Whole No. 331 53 Thomas F. Edmands Biography From the New England Historic Genealogical Society is the following biography of Edmands: Lieutenant-Colonel Thomas Franklin Edmands, of Boston, a life member of this society, since 1890, was born on Court Street, in Boston, December 5, 1840, and died in Boston, August 30, 1906, at 19. Brimmer Street. During a great part of his life he was connected with the State militia, and he won distinction in the Civil War. He was, for 33 years, commander of the First Corps of Cadets, and his funeral, with impressive military honors, was held at Trinity Church. He had membership in many military, civic, social, and other organizations, and was prominently known. During the Civil War he was connected with the 24th Massachusetts Regiment of Infantry successfully as a 2nd lieutenant, a 1st lieutenant , and adjutant, a captain, a major, and a lieutenant colonel...between the years 1861-1866, and was mustered out as a major, in the latter years, after a service of four years and four months. He was also brevetted lieutenant colonel and colonel of the United States Volunteers, for “gallant and meritorious conduct throughout the war.” In 1861 he began his war service as a member of Company B, 4th Battalion (New England Guards), He was adjutant of the first corps in 1873, and also lieutenant colonel in that year; was discharged and re-elect in 1876; and his commission was vacated in 1862, and was re-elected in 1882. Owing to ill health, Colonel Edmands tendered his resignation as a commander of the Cadet Corps during the month previous to his death. This was accepted with regrets, and another was elected to full his position. He, however, remained on of the veterans of the Corps. Colonel Edmands was a descendant, in the 8th generation, of Walter Edmands who, with a wife Dorothy, came from England and settled in Concord, Massachusetts, in 1639. On Nov. 6, 1878, he was married to Kate Barnes Horton, daughter of Henry K. Horton of Boston. They had two children, Thomas, who died the day following his both, and Horton, who with his widow (Kate) survived. Edmands was a prolific writer and several of his letters survived including this one from May 8, 1875. Note how the signature associated with the postage currency sheet and the letter are an exact match…proving conclusively that we have identified the correct person. (from the letter to the left)  Paper Money * Jan/Dec 2021 * Whole No. 331 54 We are also fortunate to have located several photos of Edmands, all in his military uniform. The parlor photograph is a strong image but the tin types are a bit rough and the inscription difficult to discern. But having survived is miracle enough. I inquired with the seller how they came into possession of the sheet and was told it was part of a large box of Civil War items purchased at auction. True enough, because these items trace to a Barnaby’s auction (a notable auction house specializing in antiques) from February 28, 2020, which had a large group of items and ephemera belonging to Edmands. Special thanks to the New England Historic Genealogical Society, Barneby’s Auction House and to Angela Tillapaug, Library Assistant Massachusetts Historical Society. Paper Money * Jan/Dec 2021 * Whole No. 331 55 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Art from Warrington—part 4 This is the fourth installment of a series presenting Warrington’s new approach to separating collectors from their pounds. This is mostly graphic art of his own design that he appends to lower value notes with a fanciful story about its purpose. Some of his new work has a basis in history, and some consists of removing ink from polymer notes and selling them as errors. He continues selling under the eBay handle citygroundhero-6, and displaying his address as Irvin Santiago in Leicester, UK. The PayPal money all goes into an account belonging to Sameir A’lseyuote and the merchandise is mailed from S. Alseyo in Warrington. Never buy a polymer error from this fellow. The figure numbers are continued from last time, beginning at figure 76. That is a South Arabian Currency Authority note that has been decorated with an Islamic-theme device, with text below that I cannot read. He has used this image only once, on this note, which he has sold twice—the first buyer evidently did not like it after receiving it. Next comes South Australia (fig 77). He has used this device four times. I don’t think he invents all of this artwork; does anyone recognize the coat of arms used here? Let me know at joeboling@aol.com if you do. See Boling page 59 Dollar a Year Men Last time we looked at government checks that were written for low amounts. This time we are going to look at a very special subset of that theme. More than twenty years ago, well-known paper money collector and past ANA president John Wilson sold me a framed letter and government check. The check was dated November 21, 1942, and was made out for ten cents! I was interested in the check. It fit nicely into my collection of numismatic “stuff” of World War II and it was on the wall in my office until recently. The check was made out to Thomas Evans. According to the letter that accompanied the check (see end of column), Mr. Evans was one of the dollar-a-year men who went into government service from industry during World War II. The idea was to recruit captains of industry to work voluntarily for the war effort. In such instances the government insists on paying the volunteer a token amount so that they will officially NOT be volunteers. They will be employees. This system today, if remembered at all, is remembered sort of fondly. Recently, I took the frame down intending to study it. The most obvious person to research was Thomas Evans, the dollar-a-year man who saved his 1942 pay check. I thought that it ought to be fairly easy research. I should be able to find a complete list of these men (were there any women?). I was very wrong about all of this—but I did learn a lot that is interesting! I found no such list. I found nothing on Thomas Evans. When I gave up on Mr. Evans, I turned to the other name on the letter. The sender was Donald M. Nelson, chairman of the War Production Board. Fig. 76 Fig. 77 Paper Money * Jan/Dec 2021 * Whole No. 331 56 The War Production Board directed conversion of industries from peacetime work to war needs. It allocated scarce materials, established priorities in the distribution of materials and services, and prohibited nonessential production. The board supervised the production of $183 billion worth of weapons and supplies, and about 40% of the world output of munitions. It was an easy matter to find some information on Nelson, but I hit the jackpot in an unexpected way. On eBay I found a January 1943 news photograph of Donald Nelson. It was great to see a photo of the man who signed the letter, but there was much more. The photo was of Nelson receiving the annual gold medal of achievement awarded by the Poor Richard Club of Philadelphia and the medal is clearly visible in the photograph! That image sent me in a whole new direction. What is or was the Poor Richard Club and where can I find one of those medals? Well, the first part was easy. The club was a service organization in Philadelphia made up mostly of people in the advertising industry. It was founded in 1906. It was very active for many years, owning a building in Philadelphia that it operated as a private club for its members. Of particular interest to us, it issued an annual service award to prominent Americans. The award is variously called achievement award and gold achievement award. The medal was awarded most years between 1934 and 1956 with a few before and after that range. The recipients included four presidents (Taft, Wilson, Eisenhower and Nixon) and many other prominent people who are well recognized today: Walt Disney, Bob Hope, Henry Ford II and others. I have not been able to find a record of the sale of one of the medals. A lead die trial for a medal purported to be the Poor Richard Club award medal has been on eBay for a long time, but not sold. Also sold on eBay is an apparently common Poor Richard Club medal. The four presidential museums and libraries involved provide good hope that we will find one of the medals. The Richard M. Nixon Library and Museum quickly found the spectacular certificate that was awarded to Vice President Nixon. Presumably the certificate was awarded along with the club medal, but that is one of the remaining questions. I found a surprise at the Eisenhower museum. I have been to the museum several times and go out of my way to stop. In this case I stopped on my way to the 2017 Summer Seminar. The museum has a large display of military and government awards from many countries. Many of these awards are rare and it is a special opportunity to see them all at one place. Near the display of Eisenhower medals is a much smaller display of the medals that were awarded to Eisenhower’s chief of staff in Europe for the invasion of Europe, General Walter Bedell Smith. The display has all of the campaign and service medals that you would expect to find for such a person and many foreign awards too. What surprised me was the three medals displayed at the top of the frame. They are civilian awards of the type that we are discussing. Indeed the top right medal might in fact be a Poor Richard Club award medal. The legends are “Franklin Award for Distinguished Service” and “He snatched the lightning from the sky and the sceptre from the tyrants.” The portrait is of course Franklin. I would instantly label it the Poor Richard achievement medal but General Smith isn’t on any list of recipients I have found. Along this medal sidetrack I was very fortunate and acquired another dollar-a-year check! This time it is actually made out for a dollar. It was made out to Milton M. Olander and it too was accompanied by a letter signed by Donald Nelson (also shown at end of column). This time it was much easier to find information on the recipient—with a surprise. Mr. Olander was a well- known college football player and coach in the 1920s and 1930s. In 1934 he joined Owens-Illinois in Toledo, Ohio as director of industrial relations, a post that he held until 1959 and from which he became a dollar-a- year government employee/volunteer during the war. His rather detailed obituary in the Toledo Blade mentions his war-time government work without also mentioning that he was a dollar-a-year man. Neither does the obituary mention TOPS—The Olander Park System! TOPS is the park system of Sylvania, Ohio, a suburb of Toledo. The main feature of Olander Park in Sylvania is Lake Olander! I have walked in that park! I will walk in it again when I get War Production Board Chief Donald Nelson (left) receives the Poor Richard Medal of Honor from Peter L. Schauble, president of the Poor Richard Club of Philadelphia. Nelson was chosen for his outstanding achievements and service to this country in his government post. ACME 1/16/43 New York Bureau Paper Money * Jan/Dec 2021 * Whole No. 331 57 out of the house! We might even make a trip there at some future MPC Fest. It is only about 35 miles from where I sit! Finally, to the checks themselves. As stated one is for ten cents, the other for a dollar, the Evans ten cent check being for only part of a year. The two checks are dated very close together (November 21, 1942 and January 4, 1943) and in most ways are very similar as we would expect. The serial numbers are about 107,000 apart. I do not know (but would like to) how the checks are numbered. My first guess is that they started over with the fiscal year. The most significant difference between the checks is the “Object for which drawn” in the lower left corner. I would call it the memo line on personal checks. In spite of being so close in time and number, the two “objects for which drawn” are different! Thomas Evans’ check is drawn for “National Defense Office for Emergency Management” Olander’s check is drawn for “War Activities Office for Emergency Management.” Was there an important difference between these two? A subtle difference? A bureaucratic difference? Is there a parallel to defense bonds and war bonds? Do I have a complete set of “objects?” I do not have answers to any of these questions, but would like to know. I am confident that there are more dollar-a-year man checks out there. Many no doubt have Nelson letters and many are probably even framed. The more important question along this line is: do any Paper Money readers have one? Please end my suspense; send me an image of the dollar-a-year man check in your collection! Fredschwan@yahoo.com. WASHINGTON, D.C.—O.P.M. Priorities Director, Edward R. Stettinius (seated) hands out federal pay checks to eight of the dollar-a-year members of executive staff of the priorities division. Stettinius seated at table, standing (left to right), R. J. Lynch, assistant to Stettinius; Joseph Overlock, Geoffrey Smith, Dexter Kimball, James O’Neill, Arthur Whiteside, Blackwell Smith, and Dr. Harry Rogers. ACME photo 7/16/41 Paper Money * Jan/Dec 2021 * Whole No. 331 58 Boling continued: Figures 78-80 are three of several overprints he uses on Spanish civil war-period notes. Most are coats of arms as shown. One is the half-figure image of Franco in figure 80. The fine print below the image says ¡Viva Franco! Never buy anything Spanish that he offers with the watermark window obscured. Figure 81 is the only image he has used on Sudan notes, four times on three note types. Now we get to Syria. He has a very good source for notes of Syria (maybe he has family there). Under this eBay name he has sold about 170 Syrian notes, mostly without superfluous decoration (many from the French colonial period). But since he also gets common pieces, he spices them up with “commemorative” overprints. Some he labels with subsidiary titles, such as “Syria- Baath” or “Syria-UAR.” He is not consistent in his application of overprints—sometimes they go with the subsidiary title, and sometimes simply as Syria. Figure 82 is offered as “25th Anniversary of the Corrective Movement 1992” (which means nothing to me— something political, probably related to the Baath party). Fig 83 is dated 1986. Fig 84 is labeled “Al Baath Party Commemorative 1979.” Fig 85 is labeled “President Assad 1982 Re-election Commemorative.” Both of the last two were listed as Syria-Baath notes. Figures 86-87 were both listed as Syria-UAR, referring to the days when Syria and Egypt formed the United Arab Republic. Moving on to Thailand, figures 88-98 are a plethora of images lifted from someplace, maybe a book of Buddhist art, and applied to obsolete Thai notes. These sell for 8-9 pounds to as high as 45-46 pounds, mostly in the teens. He has sold more than fifty of these. Fig. 78 Fig. 79 (left) Fig. 80 (right) Fig. 81 Fig. 82 Fig. 83 Fig. 84 Fig. 85 Fig. 86 (left) Fig. 87 (right) Fig. 88 Fig. 89 Fig. 90 Fig. 91 Fig. 92 Fig. 93 Fig. 94 Fig. 95 Paper Money * Jan/Dec 2021 * Whole No. 331 59 The last piece (fig 99) is labeled Yemen-el Houthi. It is the maroon and green text over the watermark window that has been added. Of course the Houthi rebels are not the source of these. Search eBay for “Houthi” and you get four books and a photograph (Warrington currently has nothing running under that name). Google “Houthi currency” and you get all the stories about the currency war between Yemen and the Houthis, and the notes visible in the currency exchanges are the note shown in figure 99 without the fancy overprint. His note sources seem to be drying up. Where he used to run only 8-10 of these flaky notes each week, he is now offering up to 20. Not all of them are these arty pieces; he has not stopped selling all the garbage that he started with—BeNeLux, Berlin, Fiume, Liguria, La Vaillante, Fezzan, and Greece (on Behelfszahlungsmittel) rubber stamps; Cape Verde, China, Cyprus, Djibouti, Force T (NAAFI), Nazi propaganda, New Hebrides, Pakistan, Suez, and Tibet overprints (all in inkjet); fake specimens and fake counterfeit markings on his own concoctions; and fantasies of all stripes. He has good material otherwise; just be very careful when buying from him. If in doubt, email me (address buried above). As I surmised, in the four issues that I have been reviewing Warrington’s new emissions he has come up with many more, so I will do a wrap-up next issue. The issue after that maybe Fred and I can come up with a joint topic again. Happy vaccinations, everybody. Fig. 96 Fig. 97 Fig. 99 Fig. 98 Paper Money * Jan/Dec 2021 * Whole No. 331 60 73D Congress 2D Session IN THE SENATE OF THE UNITED STATES March 28 (calendar day, April 4), 1934 Mr. Connally introduced the following bill; which was read twice and referred to the Committee on Banking and Currency A BILL Authorizing the issuance of new currency and calling in of existing and outstanding currency every two years. Be it enacted by the Senate and House of Representatives of the United States of American in Congress assembled, That the Secretary of the Treasury is authorized and directed to issue new currency to replace all existing currency of the United States outstanding on the date of approval of this Act. Such outstanding currency shall be redeemed with new currency at the Treasury of the United States or at any Federal Reserve or member bank within two years of the date of approval of this Act. Sec. 2. Such outstanding currency not surrendered and redeemed within such two-year period shall on redemption be subject to a discount of 10 per centum for each six months or portion thereof that such currency remains outstanding. S. 3288 Senator Tom Connally (Wikipedia photo) Democrat from Texas In office: House of Representatives: March 4, 1917-March 3, 1929 Senate: March 4, 1929-January 3, 1953 Senator Connally holds a watch to record the exact time President Roosevelt signed the declaration of war against Germany (3:05 pm EST, December 11, 1941) (Wikipedia photo) Document submitted by Lee Lofthus Paper Money * Jan/Dec 2021 * Whole No. 331 61 ZOUAVES ! by Terry A. Bryan Vignettes of exotically dressed Civil War soldiers were used on money and financial documents. Early in the movie Gone with the Wind, Scarlett attends a ball at the Wilkes’ plantation. The aristocratic young men are excited about the prospect of war, eager to join up, and certain that the conflict will be brief and victorious. This was the attitude of most of the country during the mounting hostilities of the late 1850s and early 1860s. Ambitious or wealthy men on both sides organized and equipped militia companies, assuming rank and command status. Naiveté about the brutality of war was soon replaced by awareness of the awful cost. Appearance and tactics of these private military units varied greatly. Early Civil War uniforms were not standardized. Some private units were dressed distinctively by their patrons; none were more distinctive than the Zouaves. Young men were drawn to colorful uniforms, heroic ideals and companionship of service. Parades, mock battles and drills drew large crowds. Uniforms associated with fierce fighters were thought to intimidate the enemy, raise cohesiveness and morale of the soldiers and endear the units to the folks back home. No single person epitomized the gallant, naïve, theatrical and charismatic spirit of the times than Elmer Ephraim Ellsworth (1837- 1861). His military aspirations overcame his desire to be an attorney in Rockford, Illinois. Command of a militia company gave him freedom to show off the drills and tactics derived from his study of U.S. and European manuals-of- arms. A clerkship in Springfield, Illinois introduced him to Abraham Lincoln. He studied briefly in Lincoln’s law office. Soldiering drew him away. As a major of militia, he drilled his men before admiring crowds by mid-1859. The Zouaves that Ellsworth emulated were inspired by North African light infantry which the French battled in war with Algeria. After pacification of the region, the French army organized ethnic troops into Zouave units commanded by French non-coms and officers. Units in other armies became organized with the appearance and tactics of the Algerian fighters. The United States, the Confederacy, Poland, Russia, Spain, Brazil, and the Vatican all had Zouave units. Most of these groups were clad in short open jackets, baggy pants, a sash and a kepi (flat cap). Some units wore a more authentic fez with a turban wrap, but this was found not to be practical in battle. A few regiments continued into World War One and Two. The unusual uniforms persisted for dress occasions. The author was privileged to attend a Legion of Honor ceremony Authentic Algerian Zouaves are pictured on the cover of French sheet music in 1840. Colonel Elmer E. Ellsworth was a patriot, zealot, drillmaster and protégé of Lincoln. The Ellsworth Cadets presented drill shows and competitions in major cities togged out in colorful uniforms, here on an 1860 polka cover. Paper Money * Jan/Dec 2021 * Whole No. 331 62 at Les Invalides where French units in historic uniforms paraded. Zouaves were prominent, exotic and showy. In the United States, Zouave units gave way to standard uniforms and tactics as militias were replaced by the National Guard. Zouave drills were characterized by athletic exercises, prone firing and loading, utilizing cover, speed, and wide spacing of men in battle line. Firing from ground level increased field of vision in the rising smoke of battle. Fire, roll face up, reload, roll back and fire was an effective tactic borrowed from the Algerians. Descriptions of Ellsworth’s public shows sound like routines by the Rockettes in their precision, speed and formations. At their drills, mock battles could take place around theatrical prop obstacles. French field manuals were used. Colorful flags and uniforms added to the appeal of these troops. Elmer Ellsworth was the ideal man to promote enthusiasm for war among the public. He was admired for his energy, moral uprightness, temperance, ideals and organizational ability. He was a poster boy for military preparedness, an expert marksman and swordsman. He set high standards for membership and imposed rules of behavior on his men. His Zouaves were seen off for their multi- city tour by a crowd of 10,000 in Chicago in July of 1860. They drilled for President Buchanan at the White House. Their popularity spawned other Zouave units, something of a craze even before hostilities. Modern reenactments by Zouave units take place. Many videos appear on the Web. One unit drilled on The Ed Sullivan Show and in a Danny Kaye movie. Major Ellsworth achieved national fame for his unit’s drill shows and competitions. Back in Springfield, he also became one of Lincoln’s young men, stumping for the Presidential election. The President-elect’s train to Washington included Lincoln’s secretaries Hay and Nicolay, and Elmer Ellsworth as chief of security. After disbanding the Chicago unit, Ellsworth, now a Colonel in the regular army, organized the 11th New York Volunteer Infantry. Most of the men were drawn from New York City fire companies. The unit was variously known as Ellsworth’s Zouaves, First Fire Zouaves, First Regiment New York Zouaves and the United States National Guards. They were equipped in New York, and went to Washington by ship, thus avoiding the sectional unrest in the city of Baltimore. Their first barracks was in the halls of the House of Representatives. The Fire Zouaves even had an opportunity to extinguish a major blaze in downtown Washington. Ellsworth became a valued protégé of Lincoln’s. He received his mail at the White House, and he often met with the President in informal hours of conversation. He was short and young-looking. He was occasionally mistaken for one of Lincoln’s sons, and grew facial hair to appear mature. The newly-sworn-in 11th New York Volunteers entertained the Lincoln family in their second camp along the Potomac. Virginia had not voted to join the Confederacy until April 17, 1861. Even before that, a large Confederate flag hung over the Marshall House Hotel in Alexandria. The flag could be seen from the room where Lincoln relaxed with his young staff. Ellsworth was particularly incensed by this insult. When Virginia seceded, dashing Elmer requested the lead for the invasion of Alexandria. The 11th New York crossed the Potomac without resistance to tear up train track and cut telegraph lines. Ellsworth led six troops and a newspaper reporter into the Marshall House to take down the hated flag. As the party descended the stairs with the flag, Ellsworth was concentrating on folding the massive piece of fabric when the innkeeper appeared with a shotgun. Ellsworth was shot in the chest and the hotel man was immediately killed by the troopers. Elmer Ellsworth was probably the first U.S. officer killed in the Civil War. His death was a terrible blow to Lincoln and the Nation. Lincoln wept. The body lay in Ellsworth’s death in April of 1861 shocked the Nation. (Harper’s Weekly illustration) Paper Money * Jan/Dec 2021 * Whole No. 331 63 state at the White House and in New York. The shock hastened the process of the public’s losing the “innocence of war”. Memorials, songs and Ellsworth’s picture were widely distributed. The 11th New York was taken out of service in July, 1862, but many more Zouave units were organized, both North and South. Many of the new regiments had Ellsworth’s name attached. The 9th New York Regiment (Hawkins’ Zouaves, New York Zouaves) was formed while Ellsworth was recruiting firemen. They participated in more battles than the 11th NY Regiment. The 5th New York Regiment, another early Zouave unit, received the largest fatality in a single battle of any militia unit at Second Manassas. Among many images of Zouaves’ gallantry were popular lithographs, cabinet photos of proud men in uniform and engraved vignettes for financial documents. Prolific illustrator Felix O. C. Darley provided artwork for two vignettes. Original art for “The Zouave” still exists. The vignette was used on a United States Treasury Certificate of Deposit for $10,000 (interest bearing) in the 1860s (Hessler HX134E), and found on an $50 Treasury Department-Register note (only a paste-up essay known). [The latter instrument was apparently to be used like a state Comptrollers’ Warrant, approving payouts to contractors and possibly to circulate in limited fashion.] These rare items were engraved by J.L. Pease. The fierce Zouave guards the flag with bayonet poised. The National Bank Note Company “Scouting Party” has been attributed to Darley artwork. It shows a watchful Zouave unit approaching tents guarded by an abatis or fence. Only two Obsolete Notes are listed with this vignette: $10, Salem Bank, Massachusetts (Haxby MA-1120 G156a) Darley’s painting of a fierce Zouave was rendered into a vignette by National Bank Note Company. (Carol & Murray Tinkelman collection) The Zouave appeared on an 1860s Treasury Certificate of Deposit for $10,000. (Heritage Auctions) A proposed Treasury Register’s Certificate for $50 was to have featured Darley’s Zouave. (Newman Numismatic Portal) The Scouting Party vignette by Darley appears in a NBNCo. die proof on the storage envelope for the steel die. Troops approach a tent encampment. The Salem, Massachusetts Bank $2 note used the scouting Zouaves vignette. (Stacks Bowers Gallery) Paper Money * Jan/Dec 2021 * Whole No. 331 64 and $2 of the Hampden Bank, North Castle, New York (Haxby NY-2015 G8a). Roger Durand suggested that this vignette showed the 9th New York Regiment (Hawkins’ Zouaves) at the Battle of Roanoke Island. Darley did a composition of the Roanoke event for publication in a periodical. That picture is entirely different from the bank note vignette. National Bank Note Company entitled the vignette “The Scouting Party”, and it appears to show troops advancing in brushy country with no enemy resistance. It looks more like scouting for enemy units than an actual bayonet charge. No particular engagement or unit appear to be represented in the vignette. After all, there were about 70 Zouave units in the Union Army. The “Scouting Party” die, envelope, file folder and transfer roller were all sold in various ABNCo. archives auctions. ABNCo. loaned the die to the Bureau of Engraving and Printing for the 1998 USPS American Commemoratives© series page about the Stephen Vincent Benet 32¢ stamp. This souvenir collectible is the most available way to own the beautifully engraved vignette. The visual effect of paper currency was important to the designers then, and beauty and style are appreciated by collectors now. Obsolete Notes that use the rather few images of the Civil War are particularly linked to their time. Patriotic fervor stimulated bankers to select these images. The same impulses impelled young men to rush to join the exotically dressed Zouave units. References: Durand, Roger H. Interesting Notes About Vignettes. 2001. Epstein, Daniel Mark. Lincoln’s Men. HarperCollins, 2009. Gilder Lehrman Institute at www.gilderlehrman.org. Haxby, James A. United States Obsolete Bank Notes. Krause, 1988. Hessler, Gene. The Engravers’ Line, BNR Press, 1993. Hessler, Gene. “Portrait of a Civil War Zouave”. The Numismatist, October 2002, pp. 66-67. Illustrators 43. Society of Illustrators, 2001. Newman Numismatic Portal, Heritage Auction Galleries, Stack’s Bowers Auctions, War History Online and Smithsonian Institution websites. Hamden Bank of North Castle, New York $2 was only the second known use of the Zouaves vignette. This steel die for the Scouting Party image was on loan from ABNCo. when it was used to print the vignette for a Post Office souvenir card. Paper Money * Jan/Dec 2021 * Whole No. 331 65 The front of the severely burned Type-41 Treasury note endorsed by Maj. Angus G. Quaite, QM image: M. McNeil Maj. Angus G. Quaite Chf. Purch. QM, State of Mississippi We often see Confederate Treasury notes in appalling condition on eBay. While the first impulse is to simply move on, it can be occasionally rewarding to take a closer look. I did just that with the severely burned, torn, and taped Type-41 note illustrated above, and I was rewarded with a new and very interesting endorsement. All of the key identifiers of serial number, plate letter, date, and the signers for Register and Treasurer are intact, and the remaining paper is of decent Fine 15 quality. The endorsement reads: “April 20 1863 A G Quaite A Q M” This note bears the only known witness to an issuance by Angus G. Quaite, and after more than a decade of looking for such endorsements by many collectors with trained eyes, it will likely remain extremely rare. The Quaite surname is Scots. 1861 Angus G. Quaite’s military career began at the age of 30 as a Private in Company F of the 1st Infantry of Arkansas. Only a passing mention of this is made on a summary card in the files for Officers in the National Archives, which contain 72 documents for Quaite. A search of the files for Arkansas State Infantries produced no records for Quaite. Records do show, however, that from July 25th to September 25th Quaite served as an army purchasing agent in Arkansas. He then traveled from Pitmans Ferry, Arkansas, and arrived at Bowling Green, Kentucky on December 6th, reporting to the command of Gen’l W. J. Hardee. 1862 In January Quaite was still at Bowling Green, Kentucky. A voucher located him at Corinth, Mississippi on April 2nd, and by June 4th he appeared as a Capt. & Assistant Commissary of Subsistance in Phifer’s 3rd Brigade, Army of the West. Vouchers located him at Tupelo, Mississippi The Quartermaster Column No. 16 by Michael McNeil The back of the Type-41 Treasury note with the April 20th, 1863 endorsement by Maj. A. G. Quaite, AQM. image: M. McNeil Paper Money * Jan/Dec 2021 * Whole No. 331 66 on June 13th and 30th. He must have proved his worth, and on October 27th he was appointed as Maj. & Quarter Master reporting to Gen’l J. C. Moore. He signed a voucher at Abbeville, Mississippi, on November 11th. 1863 Documents show that the illustrated Treasury note was issued at Vicksburg, Mississippi on April 20th just before Gen’l U. S. Grant’s successful siege of that city began on May 18th. Quaite related that he “...filled the position of Q.M. to Gen. Moore’s Brig till February 8th, 1863 at which time I was by order [of] Gen. Stevenson cmdg 2d Mil. Dist. of Miss, detached and placed in charge of Gov. agents on the Sunflower River. ...Gen. Moore did in April relieve me as Q.M. for his brigade. ...Shortly before the siege of Vicksburg I was ordered by Gen. Pemberton to report to Chief Q. M. Dept. [Maj. L. Mims] to whom I have been reporting from the 20th May last to this date.” Quaite signed vouchers on September 10th at Mobile, Alabama and on December 1st at Grenada, Mississippi. 1864 On January 9th Quaite was ordered to report to Gen’l L. Polk for assignment to Gen’l S. D. Lee as his Chief QM for the District of Alabama, Mississippi, and East Louisiana. Vouchers located Quaite at Demopolis, Alabama on February 27th and March 7th. He was dropped from the rolls for failure to execute a bond on April 11th, but he was reinstated on June 24th. Quaite was again ordered to report to Maj. L. Mims, who was the Chief QM for the State of Mississippi. A letter dated July 23rd, 1864, at Enterprise, Mississippi from Maj. Mims sheds light on Quaite’s duties. In this letter Maj. Mims authorized the use of military force for impressment of supplies: Major, You will proceed to (illegible) & Brookhaven or communicate with the Q Mrs at those points & learn the quantity of supplies in store at those points belonging to this Dept & see that proper transportation by Wagons is furnished for the same to Jackson, from Crystal Springs provided the New Orleans & Jackson R R be in good running order, or if there be any delay thereon then by Wagons over land across the Country to the line of the M & O R R either to Enterprise or Meridian. Your duties generally will be to collect supplies near the enemies lines in this State where hitherto officers & agents of this Dept have, owing to the exposed situation, accomplished but little. Especially in East Louisiana, in the Counties of Wilkinson, Adams, Franklin, Jefferson, Claiborne, and the lower portion of Hinds I am informed that there are large quantities of leather & wool to be procured, all of which you will endeaver to get, by purchase if possible, otherwise by impressment. It is important that you keep yourself well provided with proper transportation so as to haul all such stores as you obtain to places of safety. You will not be restricted however to this exposed line but in any other portion of the State near the enemy lines you will operate to procure these and any other QM supplies to be obtained. If it be necessary at any time to have an armed force to assist you in procuring any quantity of supplies sufficient in these localities to ask for it, it is believed it will be allowed furnished on your application to the officer Comdg the nearest body of troops. You will communicate with me from time to time from such point as may at the time be most convenient by mail or telegraph. .... Very Respty yr obt Servt, L Mims Maj & Chf QM of Miss [emphasis in red italics by McNeil] The request of the use of impressment and military force to procure supplies was the source of much harm to civilians, and as you will see in the next Quartermaster Column, not all Mississippi Quartermasters agreed with such measures. In Mississippi this was one of the causes of a citizen revolt which led to a famous secession from the Confederacy by a Mississippi county. Quaite was promoted to the Chief Purchasing QM of Mississipi on November 23rd. 1865 Quaite surrendered at Citronelle, Alabama on May 4th, and he was paroled at Jackson, Mississippi on May 15th. His parole documents noted that he was a resident of Helena, Arkansas, a town on the Mississippi River. Take a closer look at those ugly, burned, and abused Treasury notes; this note bears the only known endorsement by Maj. Angus G. Quaite, QM. ◘ carpe diem Paper Money * Jan/Dec 2021 * Whole No. 331 67 An Unlikely Pair! Our contribution this time comes from an advanced West Coast collector down in sunny Southern California. Take a close look at the images and you will quickly identify that not only do these notes clearly speak for themselves, they are so awe inspiring that you may have a hard time catching your breath! This is still a column in a magazine, so let’s dig in and check out what makes this pair so awesome! We’ve discussed the Sci-Fi-Esque, Godzilla like growth of the High Denomination market and the two notes featured here are very likely even more coveted now than they would have been just a few short years ago! Anyone who might fancy themselves as an expert collector of $500 Federal Reserve Notes likely has a few Choice Uncirculated examples in their arsenal. Being much more than just a novice $500 collector, it would be expected that an expert would also own at least a couple of star notes! It would even stand to reason that anyone who dares claim they are ultimately dedicated to the costly pursuit of collecting Five Hundred Dollar Federal Reserve Notes would have likely even assembled a full twelve note district set of uncirculated 1934 Dark Green Seal examples, including the mighty DGS St. Louis note, the all-too- often unrecognized key to the series with only 15 total examples in all grades that have currently been certified by PMG! All of these are extraordinary accomplishments that most collectors can only fantasize about over the course of their collecting career. However, one significant milestone would be missing in all of these instances. The highest trophy attainable for a high denomination collector, by Robert Calderman Paper Money * Jan/Dec 2021 * Whole No. 331 68 with the exception of a nearly impossible serial number one example, is a series changeover pair! These two $500 Federal Reserve Notes on the ever- popular Richmond district have both been certified by PMG as Choice Uncirculated 64 EPQ. Not only are they consecutive serial numbers they feature a changeover in series from 1934 to 1934A. The fact that this pair was plucked from circulation and saved in such incredible original condition for future collectors to enjoy is astounding! For the Richmond district series of 1934 Dark Green Seal and 1934A FRN $500’s combined, PMG has graded 331 examples in total with only four notes exceeding the 64EPQ grade level. Compare this with the Chicago “Type” district tallying in at a massive 3,295 total examples graded! Richmond $500’s at ten times tougher than type shine brightly as special notes. Owning just a single example is something for a collector to be very proud of. Only 39 uncirculated examples for both 1934DGS and 1934A Richmond’s combined have been graded by PMG. For two of these notes to be consecutive and represent a series changeover pair makes this a museum quality treasure! So where on earth was this treasure uncovered? Collecting has been in vogue for so long now, how can anything fresh still be unearthed? As they always say, there’s nothing new under the sun, right? Fortunately for the collecting community this was far from the case at a coin show just a few short years ago. The Long Beach Expo which has unfortunately been on hiatus, like so many shows have been this past year, has always been a highlight of the year for many dedicated dealers and collectors. This amazing pair was purchased raw at LB by a very savvy vest pocket dealer. The dealer who sold the pair across the table knew they were consecutive but the changeover variety went completely unnoticed making this an absolutely epic Cherry Pick! Just to underscore the importance of this pair, there are only two other $500 changeover pairs that have sold publically that I have been able to identify. A raw 1934/1934A CU pair on San Francisco that sold for $32,200 in 2007 and a circulated reverse changeover 1934A/1934 pair on Kansas City graded XF45EPQ and AU50EPQ that sold in 2012 for $20,700. This newly found Richmond pair is an incredible addition to a very select group of extremely rare changeover pairs known to exist on the $500 denomination, and in today’s market would easily become the new record holder if they were to come up for public auction. However, this will not be happening anytime soon as this pair is now the pinnacle prized piece in a very dedicated collector’s holdings. Do you have a great Cherry Pick story that you’d like to share? Your note might be featured here in a future article and you can remain anonymous if desired! Email scans of your note with a brief description of what you paid and where it was found to: gacoins@earthlink.net. Paper Money * Jan/Dec 2021 * Whole No. 331 69 The Obsolete Corner The City of Omaha by Robert Gill To all my paper money loving friends, I hope you and your family are doing fine, as our way of life has been turned upside down with all that's been going on these last six months or so. Hopefully, it will be leveling off before too much longer. By the time you read this article, we should know if we will have the honor of continuing our way of life that we have in this country, or if our government will have more control of the way our lives will be lived in the future. We live in some very scary times, in more ways than one. But now, let's look at the sheet from my collection that I'm sharing with you. In this issue of Paper Money, let's go back to the 1850s Territory of Nebraska, and look at some scrip that was issued during the financial panic that swept thru our country during that time. According to Gerome Walton, in his book, A History of Nebraska Banking and Paper Money, scrip was issued by the City of Omaha in 1857 to aid in the erection of a capitol building. Omaha was known at that time as Omaha City. The following is a brief account for the reason for the issuance of the notes: The U.S. Congress, in Section 15 of the Kansas-Nebraska Bill (the act that organized Nebraska as a territory), provided that money should be appropriated for "the erection of suitable buildings at the seat of government." Congress later appropriated $50,000 for the building of a Territorial Capitol. Work began on the Capitol at Omaha under Governor Mark W. Izard's administration. Political maneuvering was being done at this time for the removal of the Capitol from Omaha to another place. It soon became known that the type of building proposed by Governor Izard could not be built for the $50,000 appropriated by Congress for this purpose. Work had to be stopped on the building due to lack of funds. Mr. George C. Bovey, senior member of the firm of Bovey and Armstrong, holder for the contract of the building of the Capitol, was also a member of the City Council of Omaha City. On May 26th, 1857, he presented the following resolution to the Council: The above resolution was approved on June 23rd,1857. The Council ordered the Mayor to "procure plates, and have $30,000 of city scrip issued, and to enter into a contract with the different banks for the circulation and redemption of said scrip, on the best possible terms". A special Council Meeting was called on August 29th, 1857, to hasten the issuance of the scrip. At this meeting the following proposition was submitted to the Council: "Resolved the Mayor of the City of Omaha be, and he is hereby, instructed to proceed immediately with the erection of the capitol building, expending thereon such money as there may be in the treasury appointed for that purpose, which funds he may increase at such times he may think best, or by using the credit of the City." "We, the undersigned, do hereby agree to receive from the Mayor of the City of Omaha, of the scrip issued by said city, the amount opposite our respective names, and to protect the same for 9 months from the date of issue, for 10% interest for the 9 months, to be promptly redeemed in currency, provided the amount issued shall not exceed $30,000, unless protected by a responsible party who shall stamp the same, and redeem in Omaha City or the City of Council Bluffs, but in no event shall the issue exceed $50,000." Paper Money * Jan/Dec 2021 * Whole No. 331 70 Paper Money * Jan/Dec 2021 * Whole No. 331 71 This proposition was accepted by eight influential men and businesses, and the Mayor was ordered to close the contract. The amount of scrip authorized, was $50,000. And later, on September 22nd, 1857, another $10,000 was authorized. An election was held on December 26th, 1857, to let the people decide on the bond issue. Five hundred ninety-eight affirmative and forty-three negative ballots were cast. The estimated population of Omaha at that time was about two thousand. As a result, the first bond issue authorized by the City of Omaha passed. But since the City had a poor credit rating, as well as the all- around general bad times, bond dealers were not interested, and the bonds were never sold. In order for the people holding the scrip notes to be protected, an auction of City owned lots was held with the provision that these lots could be paid for with the notes. The lots sold for unheard of prices, because the people who owned the notes felt more secure with the land than with the notes. So there's the history behind these beautiful notes. As "singles", they are by no means rare. But, the few sheets that survived and were around thirty years ago have just about all been cut up. I've owned this beautiful piece for many, many years, as it is one of the first sheets that I ever owned. As I always do, I invite any comments to my cell phone (580) 221-0898, or my personal email address robertgill@cableone.net. So, until next time, I wish you HAPPY COLLECTING. Paper Money * Jan/Dec 2021 * Whole No. 331 72 Mapping Money To mark its hosting of the latest G20 Summit, last October Saudi Arabia issued a commemorative 20- riyal banknote. While that routine bit of monetary vanity was unremarkable, the same couldn’t be said about the international outburst that followed. Both India and Pakistan took issue with a map of the world printed on the note that represented the geographical regions known as Jammu, Kashmir, and Ladakh as separate entities, rather than as bits of India or Pakistan. India was particularly incensed, as the Hindu chauvinist government of Narendra Modi had only the year before managed to strip Muslim-populated Jammu and Kashmir of their special status under the Indian constitution. Likewise, the sparsely-settled Ladakh, home of the notorious Siachen Glacier over which Indian and Pakistani troops bravely freeze to death, was also annexed as Indian union territory. Less vociferous in its reaction, Pakistan complained that the Saudi banknote’s depiction of an independent Kashmir included the part of Kashmir it controlled, as well as the Gilgit-Baltistan area. China, with its own territorial claims in Aksai Chin, prudently kept its mouth shut. All because of a banknote, India threatened to boycott this important international meeting. At first glance, this reaction seemed a bit much. To appreciate the insult requires not just knowing the history and geography, but having a decent magnifying glass to scrutinize the banknote’s offensive map. On another level, though, it is a big deal. Like maps, banknotes are good examples of what the English academic Michael Billig once called “banal nationalism”: everyday representations of national identity that reinforce the sense of national belonging through their sheer ubiquity and use. The field of cartography is notorious for such dust-ups. Israel and its opponents regularly trade insults by producing maps that alternately erase the Jewish state or a putative Palestine. Turkey freaks out when maps depict a hypothetical Kurdistan, even as President Erdogan’s neo-Ottoman ambitions regularly generate their own cartographic fantasies. Dua Lipa, the British pop star of Albanian extraction, created a stir by tweeting a map of a “Greater Albania” that had gobbled up Kosovo. About a decade ago, China printed a map in its passports depicting its borders in a way that offended a swath of countries across Asia. In response, immigration officials in those countries simply refused to stamp the passports. Like Casablanca’s Captain Louis Renault, who famously proclaimed “I blow with the wind”, Google Maps, operating everywhere at once, bends to the prevailing gusts of nationalism whenever it has to. Coins and currencies have also served to amplify nationalism. Disputes arise when one country objects to another country’s symbolic appropriations. In 2014, the Greeks got steamed at the mere rumor that the (North) Macedonians might place ‘their’ Alexander the Great on a banknote. Language choices can also generate friction. In 2019, when Kazakhstan dropped Cyrillic script from its currency, Russian nationalists took umbrage at this alleged disrespect towards the country’s Russian-speaking minority. Likewise, lawmakers in Nigeria have courted controversy by demanding the removal of Arabic language (Ajami) from naira banknotes on the grounds that its Islamist insinuation contradicts the secular status of the Nigerian state. Not only are both maps and money means of national self-representation, but the two coincide when maps themselves are depicted on coins and banknotes. Guatemala laid claim to its neighbor Belize on an innocent little 25 centavo piece from 1943. In 2007, Iran made a point of printing in English the term “Persian Gulf” on a map appearing on its banknotes, thus needling its Arab neighbors who prefer the term “Arabian Gulf”. Although Argentina lost its war with Great Britain over the Falklands/Malvinas Islands in 1983, over thirty years later it depicted the islands on a 50-peso note that professed the country’s “sovereign love” for the lost territory (residents of the Falklands demurred, while Argentines wished for a bigger denomination note more in keeping with their country’s high inflation). After snatching Crimea away from Ukraine in 2014, Russia later rubbed in the humiliation by issuing a 200-ruble note featuring an outline of the Crimean peninsula. Ukraine in turn banned the note from circulating within its territory. For South Korea, it was a case of a map on a banknote that wasn’t. Back in 2008, the authorities were all ready to print a 100,000 won note featuring the famous Daedongyeojido, celebrated as the first map of Korea. Inconveniently, the map happened not to include the Dokdo Islands (Takeshima), whose ownership the Koreans dispute with the Japanese. The ensuing controversy kept the banknotes from being produced. Despite the cartographic outrage to India’s sovereignty, Prime Minister Modi attended the G20 meeting after all (Zoom makes attending these meetings so easy). In the meantime, Saudi Arabia has promised to retire the offending banknote, creating an instant rarity to the joy of collectors across all borders. Chump Change Loren Gatch Paper Money * Jan/Dec 2021 * Whole No. 331 73 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 ANA. The Annual Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website-- www.spmc.org. The SPMC does not does not endorse any dealer, company or auction house. MEMBERSHIP—REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP—JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. A parent or guardian must sign their application. Junior membership numbers will be preceded by the letter “j” which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES—Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership—payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date, which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK SPMC MEMBERSHIP DIRECTOR NEW MEMBERS 11/05/2020 15174 Frank Alberico, P M Reference 15175 Douglas Cable, Frank Clark 15176 Michael Hammond, Cody R. 15177 Roger Ball, Tom Denly 15178 Ralph Silverman, ANA AD 15179 Robert Lisk, Website 15180 Gary Johnson, Website 15181 Stephen Russell, Website 15182 Donald Scarinci, Website 15183 Dennis R. Clark, Tom Denly 15184 Ronald Foley Jr, Robert C. 15185 Frank C. Masi, Website 15186 James Merritt, ANA Ad 15187 Byron Beall, ANA Ad 15188 Freddie Flowers 15189 Christy Lollis, Robert Calderman 15190 Keith Turner, Robert Calderman REINSTATEMENTS None LIFE MEMBERSHIPS None NEW MEMBERS 12/05/2020 15191 Frank Garrett, Tom Denly 15192 James Nelson, ANA Ad 15193 Jacob Hall, Robert Calderman 15194 Peter J. Windoloski, Tom Denly 15195 Jordan Pettus, Website 15196 Jack Weed, Guide Book US Paper Money 15197 Earl Bennett, Website 15198 Mark Taylor, Tom Denly 15199 Maureen Levine, Bruce Hagen 15200 Ted Stiner, Website 15201 Paul Olson, Website 15202 Corey Shannon, Website 15203 Daniel Burns, Website REINSTATEMENTS 13514 Jeffrey Gaughan, Tom Denly LIFE MEMBERSHIPS None Dues Remittal Process Send dues directly to Robert Moon SPMC Treasurer 104 Chipping Ct Greenwood, SC 29649 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. Paper Money * Jan/Dec 2021 * Whole No. 331 74 An Index to Paper Money, Volume 59, 2020 Whole Numbers 325-330 Compiled by Terry A. Bryan Yr. Vol. No. Pg. Aidala, Dr. Enrico A Black Issue Date Stamp on Confederate Currency, A Search for its Location. .... 20 59 328 274 BANKS, BANKERS & BANKING The Curious Career of T. W. Dyott, M.D., Q. David Bowers (Pa. notes) ............... 20 59 329 301 Dual Signatures on National Bank Notes, Frank Clark ........................................... 20 59 327 189 A Large Deposit at a Small-Town Bank, Editor & Lee Lofthus ............................ 20 59 328 295 Pat Lyon at the Forge, Terry A. Bryan (bank robbery, PA, vignette) ....................... 20 59 328 244 Bleichner, Gary “Grand” Discovery, (Minnesota National Currency) .............................................. 20 59 328 294 Bolin, Benny/ Melamed, Rick CSA Watermarks on Confederate Notes & Fractional Specimens ........................... 20 59 330 403 Boling, Joseph E. (Uncoupled Columns) Artwork from Warrington, (with Fred Schwan) .................................................... 20 59 328 254 A Few Chinese Fakes, (with Fred Schwan) ............................................................. 20 59 326 134 More Art from Warrington, (with Fred Schwan) ..................................................... 20 59 329 352 More Art from Warrington-Part 3, (with Fred Schwan) .......................................... 20 59 330 450 More Chinese Frauds, (with Fred Schwan) .............................................................. 20 59 327 196 World War I-One More Time, (with Fred Schwan) (Notgeld) ................................. 20 59 325 47 Bowers, Q. David The Curious Career of T.W. Dyott, M.D., (Pa. Obsoletes) ..................................... 20 59 329 301 The Delaware & Hudson Canal & Its Paper Money Issues, (Pa., N.Y. scrip) ........ 20 59 326 102 Bryan, Terry A. Commodore Jacob Jones’ Gallant Fight, (Delaware scrip) ..................................... 20 59 329 346 Pat Lyon at the Forge, (vignette, PA currency) ....................................................... 20 59 328 244 The Viviandiere, (vignette) ....................................................................................... 20 59 330 439 Bruyer, Nick The Panic of 1837 & the First U.S. Demand Notes, ............................................... 20 59 325 4 Calderman, Robert (Cherry Picker’s Corner) Cherry Picks from Our Readers, illus ....................................................................... 20 59 325 54 Collecting the Impossible (Small notes) ................................................................... 20 59 328 265 Deuces Wild (1928A $2) .......................................................................................... 20 59 326 148 Dreaming of the Keys (Series 1950 FRN design) ..................................................... 20 59 327 209 Rarity Shines in 2020, (Small notes) ......................................................................... 20 59 330 462 Stacking Silver...Certificates, (1886 $5 Silver Certificates) ..................................... 20 59 329 362 Clark, Frank Dual Signatures on National Bank Notes .................................................................. 20 59 327 189 CONFEDERATE AND SOUTHERN STATES CURRENCY A Black Issue Date Stamp on Confederate Currency/A Search for its Location, A Search for its Location, Dr. Enrico Aidala ..................................................... 29 59 328 274 CSA Watermarks on Confederate Notes & Fractional Specimens, Rick Melamed, Benny Bolin .............................................................................. 20 59 330 403 Financing Government During Reconstruction: The County of Montgomery, Alabama & Their Revenue Tax Anticipation Notes of 1867, Bill Gunther ...................... 20 59 326 126 The Quartermaster Column No. 10, Michael McNeil (Dr. Daniel Parker) ............... 20 59 325 58 The Quartermaster Column No. 11, Michael McNeil (Capt. Hector McLean) ........ 20 59 326 146 The Quartermaster Column No. 12, Michael McNeil (Capt. B. R. Davis) ............... 20 59 327 206 The Quartermaster Column No. 13, Michael McNeil (Capt. W. W. Peirce) ............ 20 59 328 260 The Quartermaster Column No. 14, Michael McNeil (Michailoffsky) ..................... 20 59 329 357 The Quartermaster Column No. 15, Michael McNeil (Felix Senac) ......................... 20 59 330 464 Paper Money * Jan/Dec 2021 * Whole No. 331 75 COUNTERFEIT, ALTERED & SPURIOUS NOTES Artwork from Warrington, Joseph E. Boling (with Fred Schwan) ........................... 20 59 328 254 A Few Chinese Fakes, Joseph E. Boling (with Fred Schwan) .................................. 20 59 326 134 More Art from Warrington, Joseph E. Boling (with Fred Schwan) (Counterfeit overprints on many countries’ notes) ....................... .................... 20 59 329 352 More Art from Warrington-Part 3, (with Fred Schwan) ......................................... 20 59 330 450 More Chinese Frauds, Joseph E. Boling (with Fred Schwan) ................................... 20 59 327 196 What’s in a Signature? Loren Gatch (Counterfeit/signers) ....................................... 20 59 328 271 Derby, Charles Mason’s Job Office of Rome, Georgia: David Hastings Mason, Jr. & His Tri-State Obsolete Currency, (Ala., Ga. Tenn. scrip) ............................ 20 59 330 426 Drengson, Mark The SPMC Bank Note History Project, Part 1, ....................................................... 20 59 327 215 Dzara, Jerry John Bouvier Printer, Jurist, (Pennsylvania scrip) .................................................. 20 59 325 43 Mining Vignettes on Obsolete Banknotes, .............................................................. 20 59 330 422 Note Issuing Banks in Antebellum Fayette County, Pennsylvania, ........................ 20 59 327 194 ENGRAVERS & ENGRAVING AND PRINTING An Alternate Look at the “Giori” Jefferson Test Notes, Roland Rollins ................ 20 59 327 173 CSA Watermarks on Confederate Notes & Fractional Specimens, Rick Melamed, Benny Bolin .............................................................................. 20 59 330 403 $5 Philadelphia Late-Finished Face 39, Jamie Yakes (Small Notes column) ........... 20 59 329 366 John Bouvier Printer, Jurist, Jerry Dzara (Pennsylvania scrip) ................................. 20 59 325 43 Laundering Money at the U.S. Treasury, 1912-1918, Loren Gatch .......................... 20 59 327 202 Mason’s Job Office of Rome, Georgia: David Hastings Mason Jr. & His Tri-State Obsolete Currency, Charles Derby ......................................... 20 59 330 426 Mixing of Signature Combinations in $1 1935-1935D Silver Certificate Serial Number Blocks, Peter Huntoon (The Paper Column) ............................. 20 59 325 22 Patent Dates on Early Large Size Currency & Certificates of Deposit, Peter Huntoon (The Paper Column) ................................................................... 20 59 327 156 Treasury Seal Varieties Between 1885 & 1910, Peter Huntoon, Doug Murray ...... 20 59 327 170 $20 Series of 1882 gold Certificate Intaglio Plate layout Varieties, Peter Huntoon (The Paper Column) ................................................................... 20 59 328 224 Farrenkopf, Joe Alternating Plate Serial Font Sizes on Series 2013 $20 Federal Reserve Notes ....... 20 59 327 165 Feller, Steve Coney Island: The Greatest American Amusement Area, (N.Y. tokens, etc.) ........ 20 59 329 373 Fysikas, Evengelos WW 2 British Military Authority Notes for Greece, The R Series (1944-1947) ...... 20 59 326 111 Gardner, Tom Paper Money w/a Connection to Keokuk’s Estes House (Iowa scrip, college curr) . 20 59 328 230 Gatch, Loren (Chump Change column) Book Review (see SPMC Greenberg review) ........................................................... 20 59 330 456 Commonwealth Edison’s Federal Dividend Coupon System, ................................ 20 59 326 116 Currencies Divided, How do they Stand? (Yemen, Libya) ....................................... 20 59 326 150 Laundering Money at the U.S. Treasury, 1912-1918 ................................................ 20 59 327 202 Paper Money and Politics ......................................................................................... 20 59 329 368 Pass Go, Collect $200 (financial decision-making, games) ...................................... 20 59 325 53 What’s in a Signature? (Signatures as mark of genuine notes) ................................. 20 59 328 271 Gill, Robert (Obsolete Corner column) The American Theatre, Bowery, (New York scrip) .................................................. 20 59 326 144 James J. Ott, Nevada Assay Office, ........................................................................ 20 59 329 344 The Marine Bank of Chicago, (Illinois notes) ........................................................... 20 59 329 364 The Monmouth Bank, (New Jersey) ......................................................................... 20 59 328 268 The Philadelphia & Reading Railroad Company, (Pa scrip) ..................................... 20 59 327 212 The Redford Glass Company, (New York Scrip) ..................................................... 20 59 325 56 The Safford, Hudson & Co. Bankers, (Arizona) ..................................................... 20 59 330 460 The Texas Association, (Stock Certificate) ............................................................. 20 59 328 273 Paper Money * Jan/Dec 2021 * Whole No. 331 76 Gladfelter, David/Huntoon, P. Camden, N.J. National Bank Had a Branch in Philadelphia, Pa. .............................. 20 59 325 37 Gunther, Bill Financing Government During Reconstruction: The County of Montgomery, Alabama & Their Revenue Tax Anticipation Notes of 1867, ........................... 20 59 326 126 Halland, Kent and Laub, Robert The P.N.B. and M.O.B. Rarities of the Small-Town U.S. Postal Note Offices, ..... 20 59 330 441 Huntoon, Peter Camden, N.J. National Bank Had a Branch in Philadelphia, Pa., (w/D.Gladfelter) 20 59 325 37 Duplicated National Bank Titles ............................................................................... 20 59 330 390 The First National Bank in Utah Territory, .......................................................... 20 59 330 414 Mixing of Signature Combinations in $1 1935-1935D Silver Certificate Serial Number Blocks, ..................................................................................... 20 59 325 22 Napier-Burke Nationals are Sleepers ........................................................................ 20 59 328 234 1917-1924. A Burst of New Type Notes, (with Lee Lofthus) ............................... 20 59 329 331 One Dollar 1918 FRBN Out-of-Range Numbered Note Discovery, (St. Louis) ....... 20 59 330 448 One Dollar Series of 1899, (Signatures & Plate Varieties) ................................... 20 59 326 88 One Dollar Series of 1923, (Signature Transitions) .............................................. 20 59 329 321 Patent Dates on Early Large Size Currency & Certificates of Deposit, ................... 20 59 327 156 Seal Varieties on Series of 1928 FRNs, ............................................................... 20 59 326 122 Treasury Seal Varieties between 1885 & 1910, (with Doug Murray) ....................... 20 59 327 179 $20 Series of 1882 gold Certificate Intaglio Plate Layout Varieties ......................... 20 59 328 224 INTERNATIONAL. CURRENCY Artwork from Warrington, Joseph E. Boling and Fred Schwan ............................... 20 59 328 254 Currencies Divided, How Do they Stand? Loren Gatch ........................................... 20 59 326 150 A Few Chinese Fakes, Joseph E. Boling and Fred Schwan ...................................... 20 59 326 134 Korean MPC Coupons in Detail, ...................................................... .................... 20 59 325 47 More Art from Warrington, Joseph E. Boling and Fred Schwan) (Counterfeit overprints on many countries’ notes) .................... .................... 20 59 329 352 More Art from Warrington-Part 3, Joseph E. Boling and Fred Schwan ................. 20 59 330 450 More Chinese Frauds, Joseph E. Boling (with Fred Schwan) ................................. 20 59 327 196 Thai MPC Coupons in Detail, Fred Schwan (with Joseph E. Boling) 20 ................ 20 59 326 134 World War I-One More Time, Joe Boling and Fred Schwan (Notgeld) ................... 20 59 325 47 Laub, Robert/ Halland, Kent The P.N.B. and M.O.B. Rarities of the Small-Town U.S. Postal Note Offices ........ 20 59 330 441 Lofthus, Lee A Large Deposit at a Small-Town Bank, (photo credit) ......................................... 20 59 328 295 1917-1924. A Burst of New Type Notes, (with Peter Huntoon) ............................. 20 59 329 331 Series 1923 $5 Porthole Silver Certificates Doomed by Treasury Policies, ........... 20 59 326 80 McNeil, Michael The Quartermaster Column No. 10, (Dr. Daniel Parker) .......................................... 20 59 325 58 The Quartermaster Column No. 11, (Capt.Hector McLean) ..................................... 20 59 326 146 The Quartermaster Column No. 12, (Capt. B. R. Davis) .......................................... 20 59 327 206 The Quartermaster Column No. 13, (Capt. W. W. Peirce) ....................................... 20 59 328 260 The Quartermaster Column No. 14, (Capt. J. G. Michailoffsky) .............................. 20 59 329 357 The Quartermaster Column No. 15, (Felix Senac) .................................................... 20 59 330 464 Maples, J. Fred The Farmers & Merchants National Bank of Baltimore, MD, Charter 1337, ......... 20 59 330 437 The Farmers & Merchants National Bank of Cambridge, MD., Charter 5880, ...... 20 59 329 342 The First National Bank of Havre de Grace, Maryland, ......................................... 20 59 327 192 The National Howard Bank of Baltimore, MD, ...................................................... 20 59 328 241 Melamed, Rick/ Benny Bolin CSA Watermarks on Confederate Notes & Fractional Specimens ........................... 20 59 330 403 Postage Currency Note with Cairo, Illinois Bank Stamp, ....................................... 20 59 328 251 William Pitt Fessenden: Lincoln’s Financial Savior & Architect of Reconstruction, 20 59 325 30 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY Allied Use of MPC, Part 5, Fred Schwan and Joseph E. Boling (Use of MPC among peacekeeping forces, Canada, Mexico, etc.) .................... 20 59 327 196 Joseph Boling to speak on short-snorters at 21st. annual MPCFest, Editor ............... 20 59 326 143 Paper Money * Jan/Dec 2021 * Whole No. 331 77 Korean MPC Coupons in Detail, Fred Schwan and Joseph E. Boling) ................... 20 59 325 47 More Art from Warrington, Joseph E. Boling and Fred Schwan ......... .................... 20 59 329 352 Packaging (MPCs), Fred Schwan (with Joseph E. Boling)(Uncoupled col.) ............ 20 59 328 254 Thai MPC Coupons in Detail, Fred Schwan (with Joseph E. Boling) .................... 20 59 326 134 World War I-One More Time, (with Fred Schwan) (Notgeld) .......... .................... 20 59 325 47 WW 2 British Military Authority Notes for Greece, The R Series (1944-1947), Evengelos Fysikas ......................................................................... .................... 20 59 326 111 World War II Checks, Fred Schwan and Joseph E. Boling .................. .................... 20 59 329 352 World War II Idle Tire Program Checks and Joseph Boling ............... .................... 20 59 330 450 Murray, Doug Treasury Seal Varieties between 1885 & 1910, (with Peter Huntoon) ................... 20 59 327 179 NEW LITERATURE (articles under SPMC Book Reviews below) Thian’s Masterpiece & the Early Literature of Confederate Paper Money ............... 20 59 326 87 Bank Notes & Shinplasters by Greenberg ................................................................. 20 59 330 456 OBSOLETE NOTES & SCRIP The American Theatre, Bowery, Robert Gill (New York) ........................................ 20 59 326 144 Camden, N.J. National Bank Had a Branch in Philadelphia, Pa., Peter Huntoon, David Gladfelter (The Paper Column) ...................................... 20 59 325 37 Commodore Jacob Jones’ Gallant Fight, Terry A. Bryan (Delaware scrip) ........... 20 59 329 346 Commonwealth Edison’s Federal Dividend Coupon System, Loren Gatch ............. 20 59 326 116 Coney Island: The Greatest American Amusement Area, Steve Feller (N.Y.) ....... 20 59 329 373 The Curious Career of T. W. Dyott, M.D., Q. David Bowers (Pa. notes) .............. 20 59 329 301 The Delaware & Hudson Canal & Its Paper Money Issues, Q. David Bowers ......... 20 59 326 102 Financing Government During Reconstruction: The County of Montgomery, Alabama & Their Revenue Tax Anticipation Notes of 1867, Bill Gunther ...................... 20 59 326 126 James J. Ott, Nevada Assay Office, Robert Gill ..................................................... 20 59 329 344 John Bouvier Printer, Jurist, Jerry Dzara (Pennsylvania scrip) ................................. 20 59 325 43 The Marine Bank of Chicago, Robert Gill, Illinois) ................................................. 20 59 329 364 Mason’s Job Office of Rome, Georgia: David Hastings Mason Jr. & His Tri-State Obsolete Currency, Charles Derby (Ala. Ga. Tenn. Scrip) ...... 20 59 330 426 Mining Vignettes on Obsolete Banknotes, Jerry Dzara ............................................ 20 59 330 422 The Monmouth Bank, Robert Gill, (New Jersey) ..................................................... 20 59 328 268 Note Issuing Banks of Antebellum Fayette County, Pennsylvania, Jerry Dzara ...... 20 59 327 194 The Panic of 1837 & the First U. S. Demand Notes, illus, Nick Bruyer ................... 20 59 325 4 Paper Money with a Connection to Keokuk’s Estes House, Tom Gardner ............... 20 59 328 232 Pat Lyon at the Forge, Terry A. Bryan (vignette, PA bank notes) .......................... 20 59 328 244 The Philadelphia & Reading Railroad Company, Robert Gill .................................. 20 59 327 212 The P.N.B. and M.O.B. Rarities of the Small-Town U.S. Postal Note Offices, Kent Halland, Robert Laub ................................................................................ 20 59 330 441 The Redford Glass Company, Robert Gill (New York Scrip) .................................. 20 59 325 56 The Safford, Hudson & Co. Bankers, Robert Gill (Arizona) .................................... 20 59 330 460 The Texas Association, Robert Gill (Stock certificate) ............................................. 20 59 328 273 The Vivandiere, Terry A. Bryan (vignette) ............................................................... 20 59 330 439 Rollins, Roland An Alternate Look at the “Giori” Jefferson Test Notes, ......................................... 20 59 327 173 Schwan, Fred Uncoupled Column Allied Use of MPC, Part 5, (with Joseph E. Boling) (Use of MPC among peacekeeping forces, Canada, Mexico, etc.) .................... 20 59 327 196 Korean MPC Coupons In Detail, (with Joseph E. Boling) ...................................... 20 59 325 47 Packaging (MPCs), (with Joseph E. Boling) ........................................................... 20 59 328 254 Thai MPC Coupons in Detail, (with Joseph E. Boling) ....................... .................... 20 59 326 134 World War II Checks, (with Joseph E. Boling) ................................. .................... 20 59 329 352 World War II Idle Tire Program Checks, (with Joseph Boling) .......... .................... 20 59 330 450 SOCIETY OF PAPER MONEY COLLECTORS. Editor Sez (Benny Bolin) (Editor’s column) .......................................... .................. 20 59 325 63 .......................................................................................... .................. 20 59 326 79 .......................................................................................... .................. 20 59 327 155 .......................................................................................... .................. 20 59 328 223 Paper Money * Jan/Dec 2021 * Whole No. 331 78 .......................................................................................... .................. 20 59 329 300 .......................................................................................... .................. 20 59 330 388 Hall of Fame, 2020 Inductees ......................................................... .................. 20 59 329 351 In Memoriam: Dr. Harold Don Allen ........................................................................................ 20 59 329 340 David Seelye ...................................................................................................... 20 59 327 201 Austin Moses Sheheen, Jr .................................................................................. 20 59 330 389 Index to Paper Money, Vol. 58, 2019, Nos. 319-324, Terry Bryan .......................... 20 59 325 64 Book Review by David Fanning Thian’s Masterpiece & the Early Literature of Confederate Paper Money, .... 20 59 326 87 Book Review by Loren Gatch Banknotes and Shinplasters: The Rage for Paper Money in the Early Republic, By Joshua R. Greenberg ...................................................................... 20 59 330 456 Letters to the Editor (no letters published this year) President’s Column (R. Shawn Hewitt) .................................................................... 20 59 325 61 ............................................................................................................. 20 59 326 78 ............................................................................................................. 20 59 327 154 ............................................................................................................. 20 59 328 222 ............................................................................................................. 20 59 329 299 ............................................................................................................. 20 59 330 387 SPMC Announcing Corbin Auction of Past Issues of Paper Money ........................ 20 59 328 249 SPMC Bank Note History Project (National BN database), Mark Drengson ........... 20 59 327 215 SPMC Book Publishing Guidance ............................................................................ 20 59 329 371 SPMC Governor, Welcome New Governor Bill Litt ................................................ 20 59 328 243 SPMC Service Awards, Literary Awards ................................................................. 20 59 329 349 SPMC Speaker Series at F.U.N. ................................................................................ 20 59 324 52 SPMC New Members, Frank Clark, Membership Director ...................................... 20 59 325 62 ............................................................................................................. 20 59 326 132 ............................................................................................................. 20 59 327 205 ............................................................................................................. 20 59 328 272 ............................................................................................................. 20 59 329 369 ............................................................................................................. 20 59 330 468 U.S. NATIONAL BANK NOTES Camden, N.J. National Bank Had a Branch in Philadelphia, Pa., Peter Huntoon, David Gladfelter (The Paper Column) ...................................... 20 59 325 37 Dual Signatures on National Bank Notes, Frank Clark ........................................... 20 59 327 189 Duplicated National Bank Titles, Peter Huntoon (The Paper Column) .................... 20 59 330 390 The Farmers & Merchants National Bank of Baltimore, MD, Charter 1337, J. Fred Maples .................................................................................................... 20 59 330 437 The Farmers & Merchants National Bank of Cambridge, MD, Charter 5880, J. Fred Maples .................................................................................................... 20 59 329 342 The First National Bank in Utah Territory, Peter Huntoon (The Paper Column) ..... 20 50 330 414 The First National Bank of Havre de Grace, Maryland, J. Fred Maples ................. 20 59 327 192 A “Grand” Discovery, Gary Bleichner (Minnesota Nationals) ............................... 20 59 328 294 Napier-Burke Nationals are Sleepers, Peter Huntoon (The Paper Column) ............. 20 59 328 234 The National Howard Bank of Baltimore, MD., Charter 4218, J. Fred Maples ........ 20 59 328 241 Postage Currency Note with Cairo, Illinois Bank Stamp, Rick Melamed ................. 20 59 328 251 What’s in a Signature, Loren Gatch (Nationals/signatures) ...................................... 20 59 328 271 U.S. LARGE and SMALL SIZE NOTES Cherry Picks From Our Readers, Robert Calderman ................................................ 20 59 325 54 CSA Watermarks on Confederate Notes & Fractional Specimens, Rick Melamed, Benny Bolin .............................................................................. 20 59 330 403 Deuces Wild, Robert Calderman (Cherry Picker’s Corner) (1928A $2) ................... 20 59 326 148 The Panic of 1837 & the First U.S. Demand Notes, Nick Bruyer ............................. 20 59 325 4 Patent Dates on Early Large Size Currency & Certificates of Deposit, Peter Huntoon (The Paper Column) ................................................................... 20 59 327 156 Laundering Money at the U.S. Treasury, 1912-1918, Loren Gatch .......................... 20 59 327 202 1917-1924. A Burst of New Type Notes, Peter Huntoon, Lee Lofthus .................. 20 59 329 331 Postage Currency Note with Cairo, Illinois Bank Stamp, Rick Melamed ................. 20 59 328 251 Paper Money * Jan/Dec 2021 * Whole No. 331 79 Rarity Shines in 2020, Robert Calderman ............................................................... 20 59 330 462 Treasury Seal Varieties between 1885 & 1910, Peter Huntoon, Doug Murray ...... 20 59 327 179 William Pitt Fessenden: Lincoln’s Financial Savior & Architect of the Reconstruction, Rick Melamed ................................................................................................... 20 59 325 30 FEDERAL RESERVE NOTES Alternating Plate Serial Font Sizes on Series 2013 $20 Federal Reserve Notes, Joe Farrenkopf ................................................................................................... 20 59 327 165 Cherry Picks From Our Readers, Robert Calderman (C.P. column) ......................... 20 59 325 54 Dreaming of the Keys, Robert Calderman (Series 1950 FRN design changes) ........ 20 59 327 209 $5 Philadelphia Late-Finished Face 39, Jamie Yakes (Small Notes column) ........... 20 59 329 366 1928 $10 St. Louis Transitional-Green Seal Star, Jamie Yakes (Small Notes col.) .. 20 59 330 457 One Dollar 1918 FRBN Out-of-Range Numbered Note Discovery, Peter Huntoon . 20 59 330 448 Seal Varieties on Series of 1928 FRNs, Peter Huntoon (The Paper Column) .......... 20 59 326 122 Styles of Paper Money Collecting (Update), Ed Zegers (Federal Reserve Notes) .... 20 59 325 46 Treasury Ceases Printing Deuces, Jamie Yakes (Small Notes column) .................... 20 59 327 204 SILVER AND GOLD CERTIFICATES Inflationary Silver Certificates, Jamie Yakes (Small Notes column) ........................ 20 59 326 151 Mixing of Signature Combinations in $1 1935-1935DSilver Certificate Serial Number Blocks, Peter Huntoon (The Paper Column) ............................. 20 59 325 22 One Dollar Series of 1899 Silver Certificates (Signatures, Plates), Peter Huntoon 20 59 326 88 One Dollar Series of 1923 Silver Certificates (Signature Transitions), P. Huntoon . 20 59 329 321 Series 1923 $5 Porthole silver Certificates Doomed by Treasury Policies, Lee Lofthus ........................................................................................................ 20 59 326 80 Stacking Silver !...Certificates, Robert Calderman(1886 $5 Silver Certificates) ...... 20 59 329 362 $20 Series of 1882 gold Certificate Intaglio Plate layout Varieties, Peter Huntoon (The Paper Column) ................................................................... 20 59 328 224 Yakes, Jamie $5 Philadelphia Late-Finished Face 39, (Small Notes column) .............................. 20 59 329 366 Inflationary Silver Certificates, (Small Notes column) ............................................. 20 59 326 151 1928 $10 St. Louis Transitional-Green Seal Star, (Small Notes column) ................. 20 59 330 457 Treasury Ceases Printing Deuces, (Small Notes column) ......................................... 20 59 327 204 Zegers, Ed Styles of Paper Money Collecting (Update), (Federal Reserve Notes) ................... 20 59 325 46 Paper Money * Jan/Dec 2021 * Whole No. 331 80 OUR MEMBERS SPECIALIZE IN NATIONAL CURRENCY They also specialize in Large Size Type Notes, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPC’s, Confederate Currency, Encased Postage, Stocks and Bonds, Autographs and Documents, World Paper Money . . . and numerous other areas. THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION is the leading organization of OVER 100 DEALERS in Currency, Stocks and Bonds, Fiscal Documents and related paper items. PCDA To be assured of knowledgeable, professional, and ethical dealings when buying or selling currency, look for dealers who proudly display the PCDA emblem. For a FREE copy of the PCDA Membership Directory listing names, addresses and specialties of all members, send your request to: The Professional Currency Dealers Association PCDA • Hosts the annual National Currency and Coin Convention during March in Rosemont, Illinois. Please visit our Web Site pcda.com for dates and location. • Encourages public awareness and education regarding the hobby of Paper Money Collecting. • Sponsors the John Hickman National Currency Exhibit Award each June at the International Paper Money Show, as well as Paper Money classes and scholarships at the A.N.A.’s Summer Seminar series. • Publishes several “How to Collect” booklets regarding currency and related paper items. Availability of these booklets can be found in the Membership Directory or on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Bea Sanchez – Secretary P.O. Box 44-2809 • Miami, FL 33144-2809 (305) 264-1101 • email: sol@sanchezcurrency.com William E. Chandler’s Fractional Currency Presentation Book Fr. 1373a 50¢ Third Issue Justice PMG About Uncirculated 53 Fr. 1329SP 50¢ Third Issue Spinner PMG About Uncirculated 55 EPQ Fr. 1339SP 50¢ Third Issue Spinner Type II Back PMG Choice Uncirculated 64 Fr. 1353 50¢ Third Issue Justice PMG Very Fine 30 EPQ Fr. 1354 50¢ Third Issue Justice PMG Very Fine 30 Net View the online catalog and bid at HA.com/62164 For a free appraisal, or to consign to an upcoming auction, contact a Heritage Consignment Director today. 800-872-6467, Ext. 1001 or Currency@HA.com Heritage Numismatic Auctions, Inc. AB665, Currency Auctions of America AB2218 Paul R. Minshull #AU4563. BP 20%; see HA.com.  57552 DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  SAN FRANCISCO  |  CHICAGO  |  PALM BEACH LONDON  |  PARIS  |  GENEVA  |  AMSTERDAM  |  HONG KONG Always Accepting Quality Consignments in 40+ Categories Immediate Cash Advances Available 1.25 Million+ Online Bidder-Members THE ROBERT LAUB BLUE COLLAR COLLECTION OF FRACTIONAL CURRENCY January 17, 2021  |  Special Online Auction