official journal of The Society of Paper Money Collectors 1933 $10 Silver Certificates 90th Anniversary America’s Oldest and Most Accomplished Rare Coin Auctioneer 1550 Scenic Ave., Suite 150, Costa Mesa, CA 92626 • 949.253.0916 470 Park Ave., New York, NY 10022 • 212.582.2580 • NYC@stacksbowers.com 84 State St. (at 22 Merchants Row), Boston, MA 02109 • 617.843.8343 • Boston@StacksBowers.com 1735 Market St. (18th & JFK Blvd.), Philadelphia, PA 19103 • 267.609.1804 • Philly@StacksBowers.com Info@StacksBowers.com • StacksBowers.com California • New York • Boston • Philadelphia • New Hampshire • Oklahoma • Virginia Hong Kong • Paris • Vancouver SBG PM Spring2024Consign PR 241201 LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRM Spectacular Prices Realized from Stack’s Bowers Galleries Include Your U.S. Currency in Our Spring 2024 Showcase Auction – Consign Today! Auction: March 26-29 & April 1-3, 2024 • Consignment Deadline: January 25, 2024 CC-9. Continental Currency. May 10, 1775. $20. PMG Choice About Uncirculated 58 EPQH. Realized: $156,000 PA-45. Pennsylvania. August 10, 1739. 20 Shillings. PMG Choice Very Fine 35. Realized: $55,200 Fr. 1132-L. 1918 $500 Federal Reserve Note. San Francisco. PMG Choice Uncirculated 64. Realized: $150,000 Fr. 1218f. 1882 $1000 Gold Certificate. PMG Very Fine 25. Realized: $204,000 Carmen, Oklahoma. $10 1902 Red Seal. Fr. 613. The First NB. Charter #6719. PMG About Uncirculated 50. Serial Number 1. Realized: $57,600 Fr. 2221-G. 1934 $5000 Federal Reserve Note. Chicago. PMG Choice Extremely Fine 45. Realized: $180,000 Fr. 121m. 1901 $10 Legal Tender Mule Note. PCGS Banknote Superb Gem Uncirculated 67 PPQ. Realized: $36,000 Fr. 1186. 1906 $20 Gold Certificate. PMG Gem Uncirculated 66 EPQ. Realized: $31,200 Fr. 2231-C. 1934 $10,000 Federal Reserve Note. Philadelphia. PMG Choice Extremely Fine 45. Realized: $180,000 Contact Our Experts for More Information Today! Peter Treglia: 949.748.4828 Michael Moczalla: 949.503.6244 Consign@StacksBowers.com Peter Treglia Michael Moczalla 6 1933 $10 Silver Certificates- 90th Anniversary and Census Update--Lee Lofthus 16 Large Size Treasury Currency Pre-Star Replacements--Huntoon, Hewitt, Murray 27 1882 NBN Value Back Face Plates without "or other securities"--Peter Huntoon 34 Demas Barnes-Patent Medicine Man--Benny Bolin 38 The Steamer 'Etiwan'-Silent Witness to Good Times and Bad--Tony Chibbaro 42 Kelsey Harris Douglass--Frank Clark 64 UNESCO-Antigua--Roland Rollins 66 2023 Paper Money Index--Terry Bryan 44 A Link Between SpecimenPostal Notess--Bob Laub SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 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 H Hank Bieciuk Joseph Boling F.C.C. Boyd Michael Crabb Forrest Daniel 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 Glenn Jackson Don Kelly Lyn Knight Chet Krause Herb & Martha Schingoethe Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. Wismer Robert Vandevender 3 Benny Bolin 4 Frank Clark 5 Joe Boling & Fred Schwan 46 Robert Gill 52 Loren Gatch 54 Robert Calderman 55 Michael McNeil 57 From Your President Editor Sez New members Uncoupled Obsolete Corner Chump Change Cherry Picker Corner Quartermaster Small Notes Jamie Yakes 61 IFC 1 14 15 26 33 33 Stacks Bowers Galleries Pierre Fricke Higgins museum Lyn Knight World Banknote Auctions Confed Chemicograh Book Greysheet DBR currency 33 37 43 45 49 62 65 70 73 FCCB PCGS-C Bob Laub Fred Bart Tom Denly Whatnot ANA PCDA Heritage Auctions OBC Allen Mincho Clifford Mishler Barbara Mueller Judith Murphy Dean Oakes Chuck O'Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert John Rowe III Fred Schwan N Neil Shafer Columns SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 2 Officers & Appointees ELECTED OFFICERS PRESIDENT Robert Vandevender II rvpaperman@aol.com VICE-PRES/SEC'Y Robert Calderman gacoins@earthlink.net TREASURER Robert Moon robertmoon@aol.com BOARD OF GOVERNORS APPOINTEES PUBLISHER-EDITOR ADVERTISING MGR Benny Bolin smcbb@sbcglobal.net Megan Reginnitter mreginnitter@iowafirm.com LIBRARIAN Frank Clark frank_clark@yahoo.com IMMEDIATE PAST PRESIDENT Shawn Hewitt WISMER BOOk PROJECT COORDINATOR Pierre Fricke From Your President Robert Vandevender IIFrom Your President Shawn Hewitt Paper Money * July/August 2020 6 Jeff Brueggeman jeff@actioncurrency.com MEMBERSHIP DIRECTOR LEGAL COUNSEL Robert Calderman gacoins@earthlink.com Matt Drais stockpicker12@aol.com Mark Drengson markd@step1software.com Jerry Fochtman jerry@fochtman.us Pierre Fricke pierrefricke@buyvingagecurrency.com Loren Gatch lgatch@uco.edu Derek Higgins derekhiggins219@gmail.com Raiden Honaker raidenhonaker8@gmail.com William Litt billitt@aol.com Cody Regennitt Andy Timmerm Wendell Wolka purduenut@aol.com er cody.regennitter@gmail.com an andrew.timmerman@aol.com As I mentioned in the previous issue, thanks to Governor Derek Higgins and his wife Jessica, we have developed a QR code for our Society. Scanning the QR code will take the viewer directly to our membership page to encourage people to sign up for membership. If all goes as planned, you should be seeing the QR code on the front cover of this issue of Paper Money magazine. Voting for the various Literary Award winners occurred in December with a good turnout of voters. Additionally, selections will be made this month for a few service awards for members who have significantly contributed to our efforts. Both the Literary and Service awards will be (were) presented at our annual breakfast meeting in January. If our editor Benny was successful, you will have received this issue of Paper Money magazine before the Orlando FUN Show. The annual membership meeting will be held on Friday, January 5th at 9:00 a.m. in Room N330AB at the Convention Center. Our annual breakfast meeting will be held Saturday morning, January 6th at 8:00 a.m. in Room N330AB at the Convention Center. We always try to finish the program in time to allow people to get to the floor when it opens. Please be sure and go to our website and purchase your tickets for breakfast and Tom Bain raffle. You will receive five raffle tickets with your breakfast ticket purchase, but we will encourage you to purchase additional tickets to help with the fundraising. You won’t want to miss the entertaining wit and charm of our raffle Master of Ceremonies, Wendell Wolka! We expect to see Abraham Lincoln, Ben Franklin, or both in attendance. The raffle is one of our major annual fundraising events. If you have items you would like to donate for the event, we would be very happy to receive them, either in advance by mail, or bring them to the FUN show. PMG has been kind enough to slab the first few low serial numbers of our breakfast tickets for the past couple of years and I hope to be able to arrange that again this time. Those slabbed low serial number tickets will be available at the breakfast either by raffle or by donation. I hope everyone had or will have a very nice holiday season and I look forward to seeing many of you in January of the New Year SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 3 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  Editor Sez Benny Bolin 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 c o p y   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.  Benny Space  Full color covers  1 Time  $1500  3 Times  $2600  6 Times $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 Welcome to 2024! If the stars and planets aligned like I wanted them to, you are reading this issue before your trek to FUN. I tried to get it done early to beat the holiday rush at the post office and the end-of-year shutdown at the printer. I hope you had a restful and enjoyable holiday season. Hopefully your stocking was filled with things you wanted, like a grand watermelon note, gold certificate or a bundle of fractional currency. I know of one who is deferring it to the new year and waiting on a #1 national or two! Whatever you got, I hope you are thankful and that you did not just wind up with a bundle of coal. I would imagine you are like me and glad to leave 2023 behind. I am not sure it could eclipse the COVID years(s) but it was close. Too much stress and strife and loss of too many of our long-time members. This year is the Chinese year of the dragon, the wood dragon to be exact. According to Chinese lore, the year combines the dragon's characteristics of being highly intelligent, determined and strong-willed with the nurturing wood element. This combination is expected to bring about growth, progress, and abundance. It's seen as an ideal period for fresh starts and laying down the groundwork for lasting success. So get those auction paddles ready--I foresee a year of growth, success, prosperity, happiness, and abundance for all of your collections. At least I am hopeful. If you cannot tell, I have an almost unhealthy fascination for dragons. In the last year of the dragon, I did a little metallic disc exhibit of dragon vignetted coins (please forgive me) and medals. It was fun and looked cool. I may be resurrecting it again this year at our state show. I have many dragon and dinosaur figures in my house, so many that most wives would be upset and make me get rid of them. But since my wife has over 200 owl figurines, she just shrugs. So, start the year off good and visit us at FUN. We have (had) our usual yearly meetings and the Tom Bain raffle with our breakfast while enjoying the wit and humor of Wendell Wolka. If you can not (were not) able to join us, make plans now to attend next year--you will not be sorry. So, enough dragon fodder. Until next issue, have a great start to 2024 and as J.R.R. Tolkein said "don't laugh at a dragon" and if you do, "speak politely to an enraged dragon." SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 4 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 11/05/2023 NEW MEMBERS 12/05/2023 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. REINSTATEMENTS None LIFE MEMBERSHIPS None 15637 Curtis Fuko, Robert Calderman 15638 Charles Ambrose, Website 15639 Phil Tartaglione, Website 15640 Jeffrey Owen, Website 15641 John Conde, Website 15642 John Foley, Website 15643 Mike Kemp, Website 15644 Doug Roy, Website 15645 William Castner, Robert Calderman 15646 Bryce Brown, Website 15647 Michael Woydziak, Doug Cable 15648 Jason Perry, Website 15649 Running Bear Coins, R. Calderman 15650 Kenneth Smith, Tom Denly 15651 Mark Fain, Q. David Bowers 15652 Kate Gibson, Website 15653 Jeffrey Montgomery, Bk N Reporter 15654 Eric Nelson, Website 15655 Toby Ralls, Website 15656 Emily Gallant, Website 15657 Lloyd Woodward, Website REINSTATEMENTS None LIFE MEMBERSHIPS LM469 Dennis Hengeveld, formerly 15512 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 5 Series of 1933 $10 Silver Certificates 90th Anniversary and Ten-Year Census Update By Lee Lofthus This article marks the 90th anniversary of the issue of the Series of 1933 $10 silver certificates and provides a ten-year update to the census information. The last census for Paper Money, with data as of December 2013, was provided in Release and Survival of $10 Series of 1933 Silver Certificates (Lofthus, 2014). That census reported 117 Series of 1933 $10 notes. In the past decade, 16 additional notes have been added, yielding a new count of 133 recorded notes. Production, Release, and Redemption The rarity of the Series of 1933 $10s is derived from the fact that rapidly changing government silver policies caused the Treasury Department to change course and decide to replace the Series of 1933 notes virtually at the moment of their first release ninety years ago. Figures 1 and 2. First and Last. At top, collector Billy Baeder’s serial number 1 note. At bottom, the new high reported serial number in the Series of 1933 census. Photographs by Billy Baeder USA Rare Collection and author. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 6 The Series of 1933 $10 notes were authorized by the Thomas Amendment to the Agriculture Adjustment Act passed by Congress on May 12, 1933. The Amendment, intended to inflate the money supply during the Great Depression, authorized the government to issue silver certificates against silver bullion received from foreign governments in payment of World War I debts. For ease of accounting and redemption, Treasury decided to issue $10 silver certificates against this silver, as no other $10 denomination silver certificates had been issued in the small size format at the time. While authorization for the new notes occurred in May 1933, Treasury did not receive all the foreign payments until November, and new plates were not ready until January 1934. Just as Treasury geared up for January’s release of the Series 1933 notes, the Gold Reserve Act was signed by Franklin Roosevelt on January 30, 1934. That sweeping legislation provided greatly expanded authority to issue silver certificates against any silver bullion, coins, and unencumbered silver dollars in the Treasury, authority that rendered the single-purpose Series of 1933 notes obsolete within four weeks of their first release. Treasury proceeded to release the Series 1933 to fulfill its obligations under the Thomas Amendment, but on March 12, 1934, Roosevelt ordered Treasury to proceed with the expanded silver certificate circulation and what would become the Series of 1934 silver certificates. The retirement of the Series of 1933 was to proceed as quickly as practicable. Treasury officials, anticipating Roosevelt’s approval to move to the Series of 1934, had put out early word to halt the 1933s. According to Daniel W. Bell, Commissioner of Accounts and Deposits, “On or about March 8 informal instructions were issued to the Treasurer to withhold the issuance of any more of these [Series 1933] certificates and to hold all of such certificates coming Figures 3 and 4. At left, the working Cash Room with its reinforced row of cashier windows as it was in the 1930’s and early 1940’s. The 1933 $10 silver certificates were placed into circulation locally in Washington through these cashier windows. At right, the Cash Room as it appears today after restoration to its original splendor when it was used for President Ulysses S. Grant’s inaugural reception in 1869. The room is now used for events and other ceremonial purposes. Library of Congress photograph DC348-9 at left, Treasury.gov at right. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 7 into the Treasury so that they could eventually be redeemed and retired and new [Series 1934] certificates issued in their place under the Gold Reserve Act.” In total, the Bureau of Engraving and Printing delivered 216,000 Series of 1933 notes with Julian/Woodin signatures to the Treasurer between January 5 and February 27, 1934, and followed that with 336,000 Series 1933A notes with Julian/Morgenthau signatures from February 27 to April 2. The Series 1933 $10s were released through the Cash Room of the Treasury Department in Washington DC. Some went to local banks, others to Cash Room walk-in customers. Of the 216,000 1933 Series notes, 184,000 were issued to the Treasurer’s operating cash. Some of that number were fit notes received back by Treasury and reissued. The high-water mark for the Series 1933 notes was 87,812 notes in actual circulation at one time. A substantial number of the 184,000 “issued” notes never left the Cash Room and were held back once Treasury made the decision to move to the Series of 1934. (This is why the “released” note total from Table 1 does not equal 184,000). The held notes were eventually redeemed in mass. None of the 336,000 Series 1933A notes even left the reserve vault to make it to the Cash Room. Of the released Series of 1933 notes, after a year of vigorous redemption and destruction by Treasury, only 15,322 notes remained outside Treasury in July 1935. Separate redemption tracking of the 1933s was discontinued after July 1935. Release Groups and Census Observations January Brick One: 4,000 notes (aka a “brick”), serial numbers A00000001A through A00004000A were released between January 13 and January 27, 1934. The first sheet of 12 notes was delivered to Treasury senior officials in uncut form on January 5, and I count that sheet in this group. Many fancy serial numbers from this first brick were saved and have found their way into numismatic channels. In fact, the full census (Table 3) shows that nearly every note from this group is uncirculated, indicating a Cash Room cashier held attractive serials for special customer requests while a few notes were used for ordinary transactions. No additions to the census from this group have surfaced since 2013. Figure 5. This serial no. 2 star note came to light in a June 1988 auction by Bowers and Merena. It was acquired by collector Dr. Bernard Schaaf and became a highlight of his renowned star collection. It is now in the collection of a new owner. Photograph from the Bernard Schaaf Collection. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 8 January Bricks 2 through 4: 12,000 notes went to the Cash Room between January 28 and 31, serial numbers A00004001A to A00016000A. These notes entered normal circulation. Two circulated notes were added to the census since 2013 from this group. February 23: 43,800 notes, the largest release, serial numbers A00016001A to A00059800A. These also entered normal circulation, but a group of more than twenty notes were saved in uncirculated condition in the serial range A00023500A to A00023588A or so. The renowned cut sheet of six sold obtained by Dean Oakes from the John Morris estate came from this run. Eight notes have surfaced from this release since 2013. True to form for this group, all were in circulated condition except for the two which came from the specially saved A000235xxA uncirculated run. Table 1. 1933 $10 Silver Certificate Census by Release Date Notes Notes in Notes 10-Year Released in 2013 in 2023 increase Release Date to Circulation Census Census to Census Jan - Brick One 4,000 35 35 0 Jan - Bricks 2-4 12,000 7 9 2 Feb 23 43,800 61 69 8 Feb 24 8,000 3 6 3 Feb 27 20,000 9 10 1 Mid-June (approx.) 24,350 0 0 0 Late July 900 0 0 0 early Aug 2,050 2 4 2 115,100 117 133 16 Note: Star note *00000002A and uncut first sheet of regular serial numbers counted in January Brick One release. Census data as of September 1, 2023. February 24: 8,000 notes, serials A000598001A to A00067800A. Released to circulation. Three new notes have been added to the census since 2013, all in circulated condition. February 27: 20,000 notes, serials A00067801A to A00087800A. Released to circulation. This release created the high-water mark in terms of notes in actual circulation and is the last group where the notes were released in sequential serial number order. Roosevelt’s March order ended any further bulk releases, and on April 6, 1934, Public Debt Commissioner William S. Broughton advised Treasury senior officials that the Bureau of Engraving and Printing had been instructed to make no more deliveries of 1933 notes and the Treasurer’s office had been instructed to make no further payments into circulation. Treasury would wait for the Series of 1934. As a result, no bulk releases of notes from the Treasurer’s reserve were made to the Cash Room from March to early June. One additional note was added to the census since 2013 from this February 27 group. Mid-June: approximately 24,350 notes, serials unknown. By mid-June more $10s were needed in the Cash Room, but the Series of 1934 $10s were not ready. Accounting reports show SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 9 that 24,350 Series 1933 $10s were moved from the Treasurer’s reserve to the Cash Room in mid- June. If this group of notes were issued in serial number order, they should have been serials A00087801A to A00111800A. But not a single note has ever been found in this range, suggesting that the mid-June notes were a re-issue of fit 1933 $10s Treasury had already recovered from circulation. There were no new additions to the census from this release since 2013. Late July/Early August Release: 2,950 notes, serial numbers A00137001A and higher based on known census examples. The Cash Room received a group of 900 notes followed by another group of 2,050 notes between early July and the first week of August. By this time there was no need or interest in keeping any serial number order, and a teller using whatever group or pack of notes that were most convenient from the Cash Room vault would explain the existence of these high serial number notes, serials almost 50,000 serials higher than the last sequentially released notes. In the 2013 census, there were two serials recorded above A00137001A. Since that time two more notes have surfaced, including the new high serial number A00138585A in AU (Figure 2). See Tables 1 and 2 for the distribution of the 16 notes new to the census. Table 3 displays the complete 2023 census. No new low or fancy numbers have surfaced since 2013. The Bernard Schaaf No. 2 star note remains unique. Willis Russell obtained a 1949 typed report from the Bureau of Engraving and Printing that indicated 8,000 star notes were printed (Russell, Huntoon, and Lofthus 2023). We have no way of knowing how many were issued, only that one is known. 4,000 12,000 43,800 8,000 20,000 24,350 900 2,050 - 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 Jan - Brick One Jan - Bricks 2-4 Feb 23 Feb 24 Feb 27 Mid June Late July early Aug Table 2. 1933 $10 Silver Certificates Released to Circulation by Date - New Census Additions since 2013 shown in Green +2 +8 +3 +1 +2 Census Data as of September 1, 2023 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 10 Table 3. Reported Series of 1933 $10 Silver Certificates as of September 1, 2023 *00000002A VF/EF A00003000A A00023527A UNC A00044012A VF/EF A00000001A UNC A00008756A VF A00023528A UNC A00044726A VF A00000002A UNC A00009135A VF A00023529A UNC A00045353A F A00000005A UNC A00010034A F/VF A00023530A UNC A00046897A VF/EF A00000013A UNC A00010624A UNC A00023531A UNC A00047034A VF A00000014A EF A00012438A VG A00023532A UNC A00050528A VF+ A00000025A UNC A00013958A F A00023535A UNC A00054485A VF A00000026A UNC A00015175A EF A00023588A UNC A00056292A F A00000027A UNC A00015430A VF A00023911A UNC A00056768A EF A00000028A UNC A00015997A F A00023954A EF A00058072A VF A00000029A UNC A00019004A VF A00025115A F A00059213A UNC A00000030A UNC A00019615A VF A00026355A VF A00060052A EF A00000033A A00019669A F A00026757A AU A00060368A F A00000040A A00019907A VF A00026812A VF A00061027A VF A00000044A UNC A00020329A VG A00026927A VF A00061940A F A00000055A A00020661A AU A00028234A EF A00064407A VF A00000077A UNC A00021849A EF/AU A00028844A EF A00065550A VF/EF A00000088A UNC A00022316A A00028914A EF A00069882A VF A00000099A UNC A00022964A VF A00029674A VF A00069883A VF A00000111A UNC A00023456A UNC A00030361A VF A00070072A VF A00000222A UNC A00023488A VF A00031123A VF A00070242A VF A00000333A UNC A00023498A VF/EF A00032065A VF A00070584A VF A00000444A UNC A00023502A UNC A00032668A VF/EF A00072934A VF A00000555A UNC A00023504A UNC A00033333A UNC A00073341A VG A00000666A UNC A00023506A UNC A00033373A VF A00073514A VF A00000777A UNC A00023508A UNC A00034765A UNC A00075652A VF/EF A00000888A UNC A00023509A UNC A00034959A EF A00080159A VF/EF A00000999A UNC A00023510A UNC A00035541A F/VF A00137158A VF A00001000A UNC A00023514A AU A00036499A EF A00137651A EF A00001111A UNC A00023516A UNC A00037733A AU A00137766A F/VF A00001299A F/VF A00023517A UNC A00038278A EF/AU A00138585A AU A00001415A F/VF A00023519A UNC A00043788A F A00002000A UNC A00023520A UNC A00043811A VG/F A00002222A UNC A00023522A UNC A00043997A VG/F Notes: All CU and better notes marked as UNC. Blank grades are unknown. Green shaded entries are additions since Dec. 2013. The purple shaded entry A00015430A corrects a transposed digit error on this serial number from the 2013 census. The list above totals 133 notes. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 11 Figure 6. This is the plate position G subject from the proof sheet for the unissued Series of 1933A notes showing the Julian/Morgenthau signature combination. 336,000 Series 1933A notes were printed, but none left the reserve vault. The 1933A stock was simply unneeded – Treasury officials decided to end the issue before the stock of earlier Series of 1933 Julian/Woodin notes were exhausted. Smithsonian Institution, National Numismatic Collection. 90th Anniversary Perspectives Now ninety years old, the Series of 1933 $10 notes were recognized as unusual and hard to find shortly after their original release. While the notes owe their rarity to Treasury abruptly discontinuing the series and vigorously redeeming them, ironically, in the summer of 1934 Treasury was concerned about creating a public frenzy if the efforts to redeem them became too obvious. In his May 3, 1934, memorandum to General Counsel Herman Oliphant, Commissioner Bell considered the suggestion that Treasury write the Federal Reserve Banks and ask them to actively return any Series 1933 notes they held or encountered. Bell recommended against the idea, saying: If the Federal Reserve Banks are instructed to make an effort to return these certificates to the Treasury, it would be necessary for them to advise all of their counting clerks handling currency and the information would soon get out to collectors that the Treasury was recalling these particular certificates, which would probably cause them to go to a premium. Bell concluded that there was no need to bring the Federal Reserve banks into the effort, making the point that Treasury itself had already retrieved about half the 1933s back in the two months since the Cash Room tellers were quietly given the order in early March to curtail new issues and hold any Series 1933s that came back into their possession. George O. Barnes, Executive Assistant to the Treasurer (and formerly chief of the National Bank Redemption Agency) assured senior Treasury officials that the bulk of the notes would be redeemed in the normal course within 18 months. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 12 With the August 1934 delivery of the first Series of 1934 $10s, the Cash Room tellers unloaded their Series of 1933 stock for redemption. Roughly 123,000 notes (unused plus fit) were sent for destruction. A year later, on August 7, 1935, Undersecretary of the Treasury T.J. Coolidge III approved the destruction of the unissued reserve stock of the 368,000 Series of 1933 notes still held in Treasury’s Vault No. 1. The actual destruction work for this group commenced in November 1935. The Series of 1933 $10s were unusual sights within a couple of years. Treasury was fielding public inquiries over them as early as January 1937 (Figure 7). Figure 7. Three years after being issued in Washington in January 1934, serial no. A00008790A had made its way to New York state. Treasury replied to this 1937 citizen inquiry by saying the Series of 1933 was discontinued and that 1933 notes were canceled upon receipt by Treasury and replaced by a like amount of Series of 1934 certifices. A00008790A is not reported in the current numismatic census, perhaps it is still out there. Bureau of Public Debt records, National Archives. R E D A C T E D SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 13 While some small size star notes, blocks, and varieties have fewer notes known, the Series of 1933 $10 silver certificates remain historically significant and a major type rarity ninety years after their first issue. Acknowledgments and Resources Logan Talks generously collaborated on the updated census information for this article. The Heritage Auctions, StacksBowers, and Lyn Knight archives continue to provide significant benefit to numismatists, as does the census information provided by Track & Price. Peter Huntoon provided information on the Morris cut sheet of notes. Appreciation is also due to Billy Baeder for use of his serial no. 1 note photograph. The full legislative origin and Treasury Department creation of the Series of 1933 $10 notes, along with their demise, is chronicled in Paper Money (Lofthus, 2013). The prior census also appeared in Paper Money (Lofthus, 2014). References Bailee, Earl, Special Assistant to the Secretary for Fiscal Affairs, memorandum to Herman Oliphant, General Counsel, Department of the Treasury, April 3, 1934. General Records of the Department of the Treasury, Record Group (RG) 56/450/60/24/6 Entry 352M, Box 22, file Silver Certificates. [Issue and redemption of Series of 1933 silver certificates]. National Archives, College Park, MD. Bell, Daniel W. Commissioner of Accounts and Deposits, memorandum to Herman Oliphant, General Counsel, Department of the Treasury, May 3, 1934. Henry Morgenthau Jr. Papers, Box 30, file D.W. Bell. [Series of 1933 silver certificate issues, balances, curtailment, and redemptions]. National Archives, FDR Library, Hyde Park, NY. Bowers and Merena Auctions, The Everson and Faught Collections, June 13-15, 1988. Wolfeboro, NH. Lofthus, Lee, “Series 1933 $10 Silver Certificates, the Making of a Rarity,” Paper Money, May/June 2013, Vol. LII, No. 3, Whole No. 285, pp. 163-180. Lofthus, Lee, “Release and Survival of $10 Series of 1933 Silver Certificates,” Paper Money, September/October 2014, Vol. LIII, No.53, Whole No. 293, pp. 316-321. McReynolds, William H., Administrative Assistant to the Secretary, memorandum to O.L. Bush, Division of Loans & Currency, et. al., November 19, 1935. Bureau of the Public Debt, RG 53/450/54/01/05 Box 9, file 422.1 Various Classes. [November 1935 destruction of reserve stock of Series 1933 silver certificates]. National Archives, College Park, MD. Russell, Willis, Peter Huntoon, and Lee Lofthus, “$10 1933 Silver Certificate Star Note Printing,” Paper Money, March/April 2023, Vol. LXIII, No.53, Whole No. 344. Taylor, Wayne C., Assistant Secretary of the Treasury, January 22, 1937, reply and January 16, 1937, citizen letter. Bureau of the Public Debt, RG 53/450/54/01/03 Box 3, file Currency Issue, Silver Certificates under Act Approved May 12, 1933. [Citizen inquiry regarding Series 1933 $10 silver certificate in his possession]. National Archives, College Park, MD. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 14 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 Large-Size Treasury Currency Pre-Star Replacements, New Insights and Improved Detection Purpose and Introduction This article has two objectives: first to provide new insights on the use and physical characteristics of pre-star replacement notes in the large-size Treasury currency series and second to provide an improved means for identifying them. Treasury currency is currency that was the liability of the U.S. Treasury, which at the time of interest to this discussion consisted of legal tender notes, silver certificates and gold certificates. In contrast, there also was bank currency consisting of national bank notes and later Federal Reserve currencies that were the liability of the banks. Pre-star replacement notes were a special breed of substitutes for misprinted Treasury currency made at the Bureau of Engraving and Printing between April 1903 and mid-1910 during which 4-subject rotary numbering presses made by the Potter Printing Press Company were used to number regular production notes. Star notes had not been invented yet, instead misprinted sheets were replaced with makeups bearing the identical serial numbers as on the defective sheet. The makeups were numbered on paging machines on which female operators stamped the numbers one at a time onto the subjects on sheet stock. The use of makeup replacement notes was a productivity killing bottleneck at the BEP. Pre-star replacements are identifiable because a few of the numerals in the font used to print them differed from those on the Potter presses, thus they are collectible. Also, both serials on the notes look identical because they were printed from the same numbering head. They are quite scarce. Comparable make-up replacement notes have been identified on bank currency; specifically, on Series of 1882 and 1902 national bank notes made from 1903 into the 1920s, and on early Series of 1914 Federal Reserve notes before star notes were made for those issues in 1918. As with the pre-star Treasury currency replacements, they also were used to replace misprinted sheets numbered on Potter presses, which The Paper Column by Peter Huntoon Shawn Hewitt Doug Murray Figure 1. Pre-star replacement note sporting serial numbers with three droopy 2s and a 5 with almost closed loop that we have found only in serial numbers printed from paging machines. Both serial numbers are identical in every respect—same corresponding numerals with their minor variations, same spacings and alignments between respective numerals—because they were printed from the same numbering head, which is another characteristic of pre-star replacement notes. Heritage Auction archives photo. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 16 continued to be used well beyond 1910 for the bank currencies. The makeup replacements for the bank currencies comprise a topic in their own right so are treated elsewhere. Those that were used to replace misprints in the early Federal Reserve note series also are classified as pre-star replacements because eventually star notes were employed for those series in 1918. However, unlike the pre-star replacements used for the Treasury currencies that date from 1903 to 1910, the pre-star Federal Reserve replacements are younger, dating from 1914 through 1918. Numbering Currency at the Bureau of Engraving and Printing Notes printed at the Bureau of Engraving and Printing before mid-1903 were numbered in sheet form on paging machines before being sent to the Treasury Department where the seals were printed and the notes were separated. The same paging machines were used to number the replacement sheets so the numerals on them are indistinguishable from those on the normal production notes. Test runs of $1 Series of 1899 notes numbered on the Potter presses began to appear in late December 1902. In April 1903, numbering of all the notes except replacement sheets shifted to the new machines. The sheets continued to be sent to the Treasury Department for sealing and separating Newly designed, highly innovative 4-subject numbering, sealing, cutting and collating presses made by the Harris Automatic Press Company were put into service in 1910 so the printing of the Treasury currencies was moved to them. Congress ordered the return of the sealing operation to the BEP when the Harris presses became available. The Harris presses produced a stream of numbered and sealed notes in serial number order in contrast to unsealed sheets. Because the Harris machines delivered notes, the use of makeup replacement sheets became untenable. Star notes were invented with the advent of the Harris presses that had independent numbering sequences for use as replacements for misprints in order to maintain counts in print orders. A printing of star notes preceded the production notes so they would be available when the production notes arrived. Makeup replacement notes continued to be used only for $500, $5,000 and $10,000 gold certificates, which were the only large-size high denomination Treasury notes made after 1910. The limited production of the high denomination notes didn’t justify star note printings. Our knowledge of pre-star replacements has been gleaned from countless observations from which we have made carefully tested fact-based deductions. To date, we have not found official documentation that would allow us to vet our conclusions. For example, we still don’t know the manufacturers of the various generations of paging machines that were employed over the decades or have we found orders for replacement wheels or numbering heads for those machines. We don’t even know how many of those machines were in use in given years for numbering currency beyond knowing that the BEP had large rooms crammed full of them. Figure 2. Woman numbering $5 Series of 1891 silver certificates on a paging machine before the turn of the 20th century. All U.S. currency was numbered on paging machines one serial number at a time in sheet form before 1903. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 17 Paging machines were not limited to numbering currency. Many products were numbered on them at the BEP, most notably in terms of volume being bonds and various tax stamps. Often collectors fail to comprehend that the BEP grew to become a huge industrial printing operation. It was no white-glove custom shop devoted to turning out collectibles. To put just the currency part of its responsibility in perspective, contemplate these raw statistics. In 1900, the BEP cranked out 100 million pieces of currency. By 1910 that volume had ballooned to 300 million. In 1900, every single piece of that year’s 100 million notes was numbered by the women operating the paging machines who stamped the serial numbers onto those notes one number at a time while still in sheet form. Challenges and Progress Since our original article on this topic (Huntoon and Hewitt, 1915), we have deduced that the numeral wheels in the numbering heads on the paging machines were not interchangeable with those in the Potter and Harris presses because the paging machines were made by different manufacturers. This finding means that the unique shapes of some of the numerals in the paging machine can’t be confused with those used in the Potter and Harris presses. However, there is a nettlesome problem that comes in the variable forms of numerals used on both the paging machine and Potter presses. These numerals contaminate the serial numbers and cause confusion when collectors attempt to categorize a given note. Much of the following discussion will center on findings from the voluminous Series of 1899 $1 issues. Those notes were in continuous production during most of the 24-year production life of the series. Whenever a technological change occurred, it was first tested and put into production for the $1 1899 notes. We possess excellent data on when the $1 Series of 1899 serial numbers were printed so when an observable change in processing took place, we can date it from the $1 1899 notes. The following will be divided into three periods that apply specifically to Treasury currencies. Period 1 spans 1885-1903 when currency sheets were numbered at the BEP on paging machines before being sent to the Treasury Department for sealing and separating. Period 2 is the Potter press era spanning 1903 to 1910 when notes were numbered in sheet form at the BEP and then sent to the Treasury Department for sealing and separating. Period 3 is the Harris press era from 1910 to 1929 where all the printing and separating functions were performed at the BEP and the notes sent to the Treasury in separated form. Figure 3. Numbering $1 Series of 1899 $1 silver certificates on a Potter press (left) and a Harris press (right). The era of pre-star replacements for the Treasury currencies began with the introduction of the Potter presses in 1903 and ceased with the adoption of Harris presses in 1910. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 18 Period 1 – 1885-1903 Paging Machine Era Sheets Numbered at the BEP, Sheets Sealed and Notes Separated at the Treasury All serial numbers were printed on paging machines until April 1903, with the exception of periodic brief tests on the Potter presses, which first occurred in late December 1902. Each paging machine utilized one numbering head containing character wheels that the operator set and manually controlled. The numbering head was positioned over a sheet and the operator pressed a foot pedal to stamp the number into place. Each serial number on the sheet was individually stamped in. If the operator printed both numbers on a given note, the two numbers looked absolutely identical. Not only were corresponding numerals identical but also the vertical and horizontal spacings and alignments of the respective numerals relative to each other were identical. Successive numbers printed from the same numbering head had the same look. Consequently, it is easy to recognize paging serial numbers from the same numbering head on a given sheet or on successive sheets. We have observed that the sheets were numbered in two ways. The most common was that all the numbers on the sheet were applied on the same paging machine. This created identical looking numbers on both sides of a give note, and similar looking numbers in the other positions on the sheet. However, sprinkled through time, it is clear that many runs of sheets were numbered on two machines operated in series, where one machine was used to number the left sides of the sheets and the other the right sides. Thus, the two numbers on a given note have a different appearance because of variable internal character alignments and spacings, and sometimes different fonts for corresponding numerals. This phenomenon has been observed on all classes and denominations of the Treasury currencies. The concept makes sense in terms of increasing productivity because each operator could set up her machine to handle a specific side, which would greatly speed the process. We have no confirming documentation detailing how the sheets were passed between operators. Great care would have been required to prevent mismatched serial numbers. Of course, there is the possibility that some of the paging machines were fitted with two numbering heads, which would yield the same result. We doubt this is likely because such an arrangement would be cumbersome. But the fact is, we simply don’t know. Figure 4. Serial numbers from the four notes on a regular production sheet wherein each side was numbered on a different paging machine. Notice that the 4s and the separations between the 0 and 2 differ on the respective sides. In contrast, all the serial numbers on makeup replacement sheets were numbered on one machine using the same numbering head. Heritage Auction archives photo. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 19 Period 2 – 1903-1910 Potter 4-Subject Rotary Numbering Press Era Sheets Numbered at the BEP, Sheets Sealed and Notes Separated at the Treasury A long overdue major innovation in numbering at the BEP was introduction of 4-subject rotary numbering presses made by the Potter Printing Press Company. The earliest note numbered on such a press that we have observed is $1 Lyons-Roberts Series of 1899 silver certificate B6095037 numbered in late December 1902. Its early appearance reveals that it was from a proving or shakedown press run preceding full implementation of the Potter presses. Doug Murray found one other Lyons-Roberts note from such an early test: $1 1899 SC B13683992 numbered in early April 1903. The changeover to the Potter presses was complete by the end of April. The lowest serial number we have found after the changeover on a $1 1899 SC is B28409021. The Potter presses were welcomed high-speed machines. Their adoption resulted in the wholesale decommissioning of most of the paging machines and a corresponding reduction in the workforce. However, the Potter presses turned out sheets not notes. Defective sheets continued to be replaced during a final inspection by makeup replacement sheets bearing the same numbers as on the defectives. But now the replacement sheets had a different look than the regular production sheets so it is possible to distinguish the notes on them. This gives rise to the collectible pre-star replacement notes that are the subject of this article. Most paging machines utilized the font illustrated on Figure 6. The droopy 2, pregnant 3 and 5 with almost closed loop are particularly distinctive and have been observed only in paged serial numbers. Figure 7 illustrates the most common numerals found in Potter and Harris press serial numbers. The idea is that you can readily differentiate the paged serial numbers from the Potter numbers if the 2, 3 and 5 are those shown on Figure 6. This turns out to be a big if. The problem is that both the paging machine and Potter numeral sets were contaminated by non- standard numerals, including Potter lookalike 2s, 3s and 5s in paging machine serial numbers. The causes for the variability are different generations or manufacturers of machines, as well as different generations or manufactures of replacement numbering heads and/or numeral wheels. Figure 8 illustrates the variability of 3s and 4s found on the paging machine numeral wheels. We have found by scrutinizing sheets and consecutively numbered notes that many non-standard numerals involve only one numeral on a given numeral wheel, especially the 4s. Troublesome is when the non-standard numeral is a close knockoff of the corresponding numeral in the other numeral set. We also have observed notes where every wheel in the numbering head on a Potter press possesses the same out-of-character numeral. Clearly, this indicates a replacement head. See Figure 8. All is not lost though. There are useful differences between paged and Potter serial numbers besides Figure 5. This is the earliest note that Shawn Hewitt identified as being numbered on a Potter press, it having been numbered in December 1902. The basis for his call was the 3. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 20 the numerals that can be employed to our advantage. Every serial number on every makeup replacement sheet was printed by a single operator using one machine with one numbering head. Therefore, both numbers on a given note are identical. Every corresponding numeral is identical, the horizon and vertical spacings and alignments between the respective characters are identical, and every flaw of any type is identical. In contrast, the Potter presses had eight numbering heads. Each one produced a different looking number. Both serial numbers on a given note will have at least a slightly different look, usually involving differences in the vertical and horizonal spacings and alignments between the respective characters. Particularly telling is when there is a difference in the fonts between corresponding numerals. Because each serial number on a paged sheet was applied one at a time, the numbers, particularly Figure 8. Variability of 3s (left) and 4s (right) in paging machine serial numbers. Variations also occur in the Potter and Harris press numbers. The 4s are by far the most variable. Figure 6. Numerals found on most paged serial numbers during the 1903-1910 era. The droopy 2, pregnant 3 and 5 with the almost closed loop have not been observed in Potter or Harris press serial numbers, so are used to definitively identify pre-star replacement serial numbers on the Treasury currencies. The other characters are unreliable for this purpose. Figure 7. Numerals commonly found in Potter and Harris press serial numbers. Contrast the 2, 3 and 5 with those in Figure 6. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 21 the smaller numbers, tend to wander in the spaces provided. The low numbers are centered in the spaces provided instead of being right justified as would occur on the rotary presses. Very telling is that one or both numbers may exhibit slight tilts. Period 3 —1910-1929 Harris Numbering, Sealing, Separating and Collating Press Era Sheets Numbered, Sealed and Notes Separated at the BEP The first numbering of notes on a Harris press began about the end of April 1910 resulting in the production of Vernon-McClung $1 Series of 1899 silver certificates V69300001-V70568000 that were delivered to the Treasurer’s office in uncut sheet form for sealing in June. Serials V70568001-V72428000 also were printed in June but in sealed and separated form for delivery on July 1 to coincide with Secretary of the Treasury Frankin MacVeagh’s deadline for the transfer of the sealing and separating functions to the BEP (Ralph, 1910). The numbering of the other Treasury currencies was moved to the Harris presses as soon as orders came in. The numerals used in the serial numbers printed on the Harris presses are indistinguishable from those on the Potter presses shown on Figure 7. The Harris presses delivered individual notes in serial number order so makeup replacement sheets could not be used to replace misprints. Instead, Bureau personnel used star notes that utilized independent sets of numbers for each class and denomination (Huntoon and Lofthus, 1914). The star notes were substituted for misprints to maintain counts during a final inspection. Thus, the curtain was drawn on the use of pre-star replacement notes for the Treasury currencies. We know exactly when it occurred for every Treasury class and denomination because new ledgers were begun to record the Harris numbering runs. Low Serial Numbers Numbering serial numbers below 10 million became a headache once numbering of regular production notes on paging machines ceased with the advent of the Potter presses in 1903. This problem persisted to the end of the large note era. The notes within a given print run were numbered in reverse numerical order on the numbering presses so that successive notes emerged in the discharge tray with the lowest serial on top. Once the machine reached serial 10 million, it was necessary for the operator to stop the machine in order to either remove the leading numeral wheel in each of the numbering heads or otherwise make tedious mechanical adjustments to individual numeral wheels to accommodate the shorter numbers. From then on, the same laborious process had to be repeated each time the serial numbers dropped by an order of magnitude. The Figure 8. One cause for variability between corresponding numerals in the two serial numbers was the replacement of an entire numbering head on a numbering press, in this case on a Potter press yielding different 4s on the respective sides. The replaced numbering head would have affected only one serial number on a given sheet. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 22 worst numbers were 1000 through 1, which involved three reconfigurations for only 250 sheets. A partial remedy implemented for the Treasury currencies in 1902 and carried out for the duration was to number serials 1 through 1000 on paging machines. Then, the press operator only had to live with the problem for the 7-, 6- and 5-digit numbers. At least those groups involved substantial numbers of sheets between adjustments. There is one known exception to numbering the first 1000 serials on a paging machine among the Treasury currencies. It involved the $1 Series of 1899 Elliott-Burke EA block of silver certificates. Those notes were numbered on a Harris press at the end of June 1921. Numbering low serial on a Harris press was not unprecedented because the low numbers on all but the first few printings of Series of 1918 Federal Reserve Bank Notes were numbered on those presses back in 1918. The protocols for numbering bank currency were different than Treasury currency, at least early on. By 1927 Alvin W. Hall, the then director of the BEP, had had enough. Hall relentlessly pursued efficiency. He proposed to his Treasury superiors that the real solution to the low numbers was simply to drop all the serials from 1 to 10,000,000. Numbering within a serial number block would then begin at 10,000,001 (Yakes, 2013). This proposal was adopted for the duration of the large note era. The interesting element in the numbering of the low serials for the purposes of this discussion is that they were paging machine numbers. Consequently, they have all the attributes and foibles of pre-star replacements. Another innovation that had to be accommodated was the use of 8-subject face plates beginning in in 1918. The resulting 8-subject sheets were simply cut in half and the halves fed through the 4-subject Harris numbering presses. Identifying Pre-Star Replacement Notes It is not possible to write a protocol that will unambiguously identify every pre-star replacement note in the Treasury currencies. The problem comes in the form of non-standard numerals that contaminated critical numbers on the numbering wheels in the paging machines. If the right mix of numerals occurs, there will be annoying ambiguity. In order to successfully recognize most of them, it is necessary to embrace two fundamental principles. 1. All pre-star replacement notes were printed in sheet form on a paging machine from the same numbering head. Figure 9. The serial number on this note is within the range for the use of pre-star replacements during the Potter press era. The droopy 2 and 5 with almost closed loop are giveaways that this note is a pre-star replacement. Added validation is that the two serial numbers are identical including both having different 4s in the same locations revealing that the numbers were printed from the same numbering head. Heritage Auction archives photo. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 23 2. All regular production notes were printed in sheet form on a Potter press where each of the eight serial numbers was printed from a different numbering head. We have to come at each prospective note from two independent directions. The first is to determine if the serial numbers carry an unambiguous paging machine numeral. The second is to determine if the two serial numbers were printed from the same numbering head. Proceed stepwise through the following screening procedure for best results. If in doubt argue your case among the other afficionados who pursue these things! 1. Be certain that the note has a serial number that lies within the range of potentially affected notes as listed on Table 1. 2. If the note has a serial number between 1 and 1000, it is not a pre-star replacement because all such low-number notes were numbered on paging machines during the Potter press era. 3. If the serial number contains a droopy 2, pregnant 3 or 5 with almost closed loop, the note is a pre- star replacement number because those numerals were used only on paging machines. 4. The two serial numbers must be identical in appearance in every respect because the two numbers were printed by the same numbering head; specifically, a. corresponding characters must be identical, Table 1. Legal Tender note, silver certificate and gold certificate serial number ranges where pre-star replacement sheets were employed. Impacted Serial number Range: Friedberg Den Series Beginning Serial1 Ending Serial2 Prefix Letters Numbers Legal Tender Notes: $5 1907 A1 B7856000 A,B 83-84 $10 1901 20214545 observed D4000000 no prefix,A,B,D 114-117 $20 1880 B1 D408000 B,D 144-145 Silver Certificates: $1 1899 B28409021 observed V705680003 B,D,E,H,K,M,N,R,T,V 226a-229 $2 1899 56467758 observed E15192000 no prefix, A,B,D,E 249-252 $5 1899 86437044 observed E16952000 no prefix, A,B,D,E 271-275 $10 1908 A1 B1164000 A,B 302-303 $20 1891 E8645063 observed E9104000 E 320 $50 1891 E942866 observed H200000 E,H 333-335 Gold Certificates: $10 1907 A1 B2640000 A,B 1167-1168 $20 1882 C11820983 observed C16544000 C 1178 $20 1905 4 A1 A3012000 A 1180 $20 1906 4 B1 D148000 B,D 1181-1182 $50 1882 C1329252 observed H1604000 C,D,E,H 1193-1197 $100 1882 C796989 observed M1420000 C,D,E,H,K,M 1206-1214 1. Beginning serials listed as observed are the lowest observed serial number printed on a Potter rotary numbering press after those machines went into routine production in April 1903 and are subject to revision as lower sightings are recorded. 2. The ending serial is the last serial printed before Harris numbering, sealing, separating and collating presses went into production in June 1910, which resulted in the termination of the use of makeup replacement sheets for the Treasury currencies. 3. The first delivery of $1 Series of 1899 silver certificates numbered on a Harris press consisted of serials V69300001-V70568000 delivered unsealed in sheet form to the Treasurer's office before July 1, 1910. Star notes notes were not used in this delivery so defective sheets undoubtedly were replaced by makeup replacement sheets. 4. Distinctive serial numbers of a smaller font than the other Treasury currencies of this era were employed on Series of 1905 and 1906 gold certificates. Although pre-star replacement sheets numbered on paging machines were used, we have not identified any notes from them. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 24 b. all vertical and horizon alignments and spacings between the respective characters must be identical, and c. flaws of every stripe must be identical. 5. Finding that one or both of the serial numbers has a perceptible tilt, particularly if the tilts differ, adds confidence to a call because the numbers were manually positioned on the notes. 6. Serial number having less than 8 digits on pre-star replacement notes tend to be centered in the spaces provided rather than being right justified as occurred on Potter presses. Parting Shot Shawn Hewitt, an obsessive observant fellow who obviously endured periods with too much time on his hands during the cold winters of Minnesota, began to notice the differences in serial numbers treated herein. He intuitively suspected the oddities were a form of replacement notes before star notes were invented. He then enlisted Murray, who wrote the book on large-size star notes, and Huntoon, who tends to think every variety is related to adoption of a new machine or change in processing, to test the voracity of his idea and to help determine how the varieties came about. Each member of the team brought vastly different perspectives and skills to the table that built constructively on each other. It was an evolving story as new observations came in and new data on serial numbers was unearthed at the Bureau of Engraving and Printing and the National Archives in College Park, Maryland. The quest resulted in sudden epiphanies in each of us as we independently looked at hundreds of notes in an attempt to see patterns and to understand what each pattern was trying to tell us. This led to deductions that were tested by other members of the team. A model doesn’t work unless it explains every occurrence. Our understanding has come a long way but the entire road hasn’t been traveled. In the meantime, the varieties that caught Shawn’s attention have captivated a dedicated following of collectors who are now scouring the market for them. References Cited and Sources of Data Bureau of Engraving and Printing, Numbering Division, 1910-1929, Final receipts for notes and certificates numbered on Harris presses: Ledgers NC01-NC09, split between the Bureau of Engraving and Printing Historical Resource Center, Washington, DC, and U.S. National Archives, College Park, MD, the latter in Record Group 318, A1, Entry 54, containers 268 & 269. Bureau of Engraving and Printing, yearly 1899-1929, Statements showing the United States Notes, etc., delivered during the fiscal year; in, Annual reports of the Director of the Bureau of Engraving and Printing: Government Printing Office, Washington, DC. Huntoon, Peter, and Lee Lofthus, The birth of star notes, the back story: Paper Money, v. 53, p. 400-411. Huntoon, Peter, and R. Shawn Hewitt, May-Jun, 2015, Identification of make-up replacement type notes: Paper Money, v. 54, p/ 178-190. Murray, Douglas D., 1996, The comprehensive catalog of United States large size star notes 1910-1929: BNR Press, Port Clinton, OH, 128 p. Ralph, Joseph E., 1910, Annual report of the Director of the Bureau of Engraving and Printing: Government Printing Office, Washington, DC, 8 p. plus appendices. Yakes, Jamie, Nov-Dec, 2013, Serial number 10000001: Paper Money, v. 52, p. 424-426. Figure 10. First reported pre-star replacement on a $5 Series of 1899 silver certificate. Telltale droopy 2 in serial number. Found in 2023. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 25 WORLDWIDE AUDIENCE LIVE BIDDING ON OUR WEBSITE & MOBILE APPS DEDICATED CATALOGS & SALES FOR ADVANCED COLLECTIONS 0% COMMISSION FEE ON ALL CONSIGNMENTS WORLD BANKNOTE AUCTIONS SPECIALIZING IN US PAPER MONEY info@worldbanknoteauctions.com +1 (916)-701-5132 / (888)-707-1564 World Banknote Auctions P.O. Box 348144 Sacramento, CA 95834 United States www.worldbanknoteauctions.com 1882 NBN Value Back Face Plates without “or other securities” Introduction and Purpose Series of 1882 value back national bank notes that carry a securities clause that read “Secured by United States Bonds Deposited with the Treasurer of the United States” are few and far between and thus constitute a little recognized scarce variety. The purpose of the article is explain how they came about and to list those that have been identified. Security Clauses on Series of 1882 Notes Until 1908, all national bank notes were secured by U. S. bonds that the bankers deposited with the U. S. Treasurer. If the bank failed, the Treasurer would sell those bonds and use the proceeds to redeem the notes, thus protecting the note holder. The securities clause stated: “Secured by United States bonds deposited with the Treasury of the United States.” For the purposes of this writeup, this clause is called the old security clause because it was the original clause used on Series of 1882 brown backs prior to passage of the Aldrich-Vreeland Act in 1908. Passage of the Aldrich-Vreeland Emergency Currency Act authorized bankers to deposit other classes of paper such as state and municipal bonds and certain types of commercial paper to secure short- term infusions of so-called emergency currency to augment the money supply. The objective of the emergency currency was to mitigate seasonal variations in interest rates and to brunt the onset of periodic money panics caused by shocks to the nation’s financial system. Both of these problems were exacerbated by inelasticity of the national bank note money supply. This legislation required that the securities clauses on all national bank notes be altered to advise the note holder that such lower classes of paper were being employed to secure the notes, regardless of whether the issuing bank took out emergency currency or not. Therefore, all new Series of 1882 face plates and all those still in use were altered to carry a securities clause that read “This note is Secured by United States Bonds or other securities.” The Treasury also changed the backs to the date back designs in order to further distinguish the notes. Identical alterations also were carried out on the Series of 1902 notes in use at the same time. Figure 1. Proof from a new Series of 1882 plate certified on December 29, 1917, following a title change from The State National Bank. It carries the old securities clause so notes printed from it had to be value backs. This proof is from the only post-Aldrich-Vreeland Series of 1882 plate that carried Vernon-Treat signatures with the old securities clause. The Paper Column Peter Huntoon SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 27 The alterations of the thousands of existing face plates involved a crushing and costly work load for the Bureau of Engraving and Printing that was carried out during a few months in 1908-9. The Aldrich-Vreeland Act expired in 1915. The Treasury was once again faced with how to handle the situation. There were three immediate problems. The Comptroller of the Currency had a huge stock of unissued date backs notes for all the banks in the country. The BEP had a huge stock of pre-printed one- sided feedstock consisting of backs with dates and also thousands of face plates with the now obsolete “or other securities” clauses. No one in Treasury wanted those notes or the feedstock to go to waste. BEP Director Joseph Ralph, wanted no part in altering the thousands of face plates back to the old securities clause. Ralph argued for the continued use of the face places as they were, continued use of the date back feed stock until those stocks were depleted and this issuance of the fully printed date back stocks on hand in the inventory of the Comptroller of the Currency. Handwringing ensued within the Treasury Department, particularly among its legal staff, about just what to do. Whatever solution that could be devised that took pressure off everyone in the Treasury Department would be sold to the public as avoidance of the waste of taxpayer money. Secretary of the Treasury William McAdoo charged Assistant Secretary William Malburn to quickly devise a solution that would pass legal muster. Malburn pointed out that retention of the “or other securities” clause on nationals “cannot give the idea that the notes are better secured than they actually are, but the contrary, no one can be injured in any way by having those words on the notes” (Bureau of the Public Debt, various). Malburn quickly established the following protocols that were fully implemented (Huntoon, 2015). 1. The Comptroller was to continue to issue the date backs he had on hand as well as any new date backs that would be forthcoming from the BEP. 2. The BEP could continue printing date backs using the date back feed stocks until those stocks were depleted. 3. New backs— value backs in the case of the Series of 1882—would begin to be used when the date back feedstocks were depleted. 4. The BEP could continue to use the “or other securities” face plates until they wore out. 5. New face plates made going forward would carry the old securities clause. The following is a subtle but supremely important sixth protocol that gave rise to the varieties treated here.. Figure 2. Original or “old” security cause used on Series of 1882 brown backs (top) and “or other securities” clause required for use on the date backs by the Aldrich- Vreeland Act of 1908 (bottom). Face plates bearing the “or other securities” clause continued to be used to print first date backs and later value backs after expiration of the Aldrich-Vreeland Act in 1915. However, if the “old” clause was on a face plate, printings from it had to be mated with value backs. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 28 6. If a new face plate with the old securities clause was used, the backs on those notes had to be mated with a post-Aldrich-Vreeland design; specifically in the case of the Series of 1882, backs on which the denomination was spelled out. Impact of Protocols The lives of the date back feedstocks varied depending on plate combinations. The 5-5-5-5 and 10- 10-10-20 stocks were consumed within a few weeks and thus were gone by the end of August 1915. In contrast, the 10-10-10-10 and 50-50-50-100 stocks lasted to the end of the series in 1922. However, and this is important, a printing from a new Series of 1882 face plate without the “or other securities” cause had to be printed on value back feed stock, regardless of whether there remained existing one-sided preprinted stocks of date backs on not. This is where this discussion gets interesting. New Series of 1882 Face Plates The Series of 1882 was on its way out in 1915 when the Aldrich-Vreeland Act expired. No new banks were using the series and the numbers of banks that were still issuing the series were dwindling. The last of them would be gone in 1922. The result was that there simply wasn’t much demand for new Series of 1882 face plates. The vast majority of value back printings were made from Aldrich-Vreeland face plates with the “or other securities” clause. There were only three ways a bank could obtain notes from a new Series of 1882 plate after expiration of the Aldrich-Vreeland Act in 1915: • require a duplicate plate to replace a plate that wore out, • order a new plate combination, • undergo a title change that would require new face plates. These opportunities were few and far between, so the variety is scarce. Known Examples A few years ago, the management at the Smithsonian Institution instituted a crowd-sourcing effort to create an inventory of the 45,231 large-size national bank note proofs that it received from the Bureau of Engraving and Printings. Volunteers from across the country examined images of the proofs and recorded the information from each on a digital form. In addition to the bank information, they also recorded the series, sheet combination, plate letters, Treasury signatures, certification and plate dates, and whether the subjects carried an “or other securities” clause or not. This sounded to me like a fantastic data set that could be converted into a digital index to the proofs as well as a general research tool. Figure 3. Proof from a duplicate Series of 1882 plate made in 1916 used exclusively to print value backs. The first of the value back $5s for this bank were printed from the I-J-K-L plate, which carried the “or other securities” clause. The remainder were printed from the M-N-O- P plate with the old clause from which this proof was drawn. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 29 Ta b le 1 . S e ri e s o f 1 8 8 2 p la te m ad e a ft e r e xp ir ti o n o f th e A ld ri ch -V re e la n d A ct in 1 9 1 5 . S u ch p la te s ca rr ie d t h e o ld s e cu ri ty c la u se . C h . N o . St at e To w n B an k o f P it ts b u rg h N at io n al A ss o ci at io n Ty p e o f P la te C o m b in at io n P l. L e tt e rs Tr e s. S ig n at u re s C e rt . D at e P la te D at e 5 8 7 7 A la b a m a M o n ro ev il le Fo u rt h N a ti o n a l B a n k o f M o n tg o m er y d u p li ca te 1 0 -1 0 -1 0 -2 0 G -H -I -C Ly o n s- R o b er ts 1 1 /2 2 /1 9 1 7 5 /2 4 /1 9 0 1 2 4 9 1 C a li fo rn ia Lo s A n ge le s Fi rs t N a ti o n a l B a n k o f Lo s A n ge le s d u p li ca te 5 -5 -5 -5 I- J- K -L Ly o n s- R o b er ts 7 /1 9 /1 9 1 5 8 /1 /1 9 0 0 2 4 9 1 C a li fo rn ia Lo s A n ge le s Fi rs t N a ti o n a l B a n k o f Lo s A n ge le s d u p li ca te 1 0 -1 0 -1 0 -2 0 G -H -I -C Ly o n s- R o b er ts 4 /1 8 /1 9 1 7 8 /1 /1 9 0 0 2 4 9 1 C a li fo rn ia Lo s A n ge le s Fi rs t N a ti o n a l B a n k o f Lo s A n ge le s d u p li ca te 5 -5 -5 -5 M -N -O -P Ly o n s- R o b er ts 3 /1 5 /1 9 1 9 8 /1 /1 9 0 0 5 1 0 5 C a li fo rn ia Sa n F ra n ci sc o W el ls F a rg o N ev a d a N a ti o n a l B a n k d u p li ca te 1 0 -1 0 -1 0 -1 0 EE -F F- G G -H H Ly o n s- R o b er ts 3 /2 9 /1 9 1 6 4 /1 9 /1 9 0 5 5 1 0 5 C a li fo rn ia Sa n F ra n ci sc o W el ls F a rg o N ev a d a N a ti o n a l B a n k d u p li ca te 1 0 -1 0 -1 0 -1 0 II -J J- K K -L L Ly o n s- R o b er ts 8 /3 0 /1 9 1 6 4 /1 9 /1 9 0 5 5 1 0 5 C a li fo rn ia Sa n F ra n ci sc o W el ls F a rg o N ev a d a N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 EE -F F- G G -H H Ly o n s- R o b er ts 3 /2 8 /1 9 1 6 4 /1 9 /1 9 0 5 5 1 0 5 C a li fo rn ia Sa n F ra n ci sc o W el ls F a rg o N ev a d a N a ti o n a l B a n k d u p li ca te 1 0 -1 0 -1 0 -1 0 M M -N N -O O -P P Ly o n s- R o b er ts 3 /2 0 /1 9 1 7 4 /1 9 /1 9 0 5 5 1 0 5 C a li fo rn ia Sa n F ra n ci sc o W el ls F a rg o N ev a d a N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 II -J J- K K -L L Ly o n s- R o b er ts 3 /2 2 /1 9 1 7 4 /1 9 /1 9 0 5 5 0 4 6 D is tr ic t o f C o lu m b ia W a sh in gt o n R ig gs N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 M -N -O -P Ti ll m a n -M o rg a n 1 /1 8 /1 9 1 6 6 /2 7 /1 8 9 6 5 3 1 8 G eo rg ia A tl a n ta Lo w ry N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 M -N -O -P Ly o n s- R o b er ts 1 /3 /1 9 1 9 4 /2 4 /1 9 0 0 5 5 5 0 H a w a ii T er ri to ry H o n o lu lu Fi rs t N a ti o n a l B a n k o f H a w a ii a t H o n o lu lu d u p li ca te 5 -5 -5 -5 M -N -O -P Ly o n s- R o b er ts 2 /7 /1 9 2 0 7 /2 5 /1 9 0 0 5 7 8 2 Il li n o is M o u n t C a rm el A m er ic a n N a ti o n a l B a n k d u p li ca te 1 0 -1 0 -1 0 -2 0 G -H -I -C Ly o n s- R o b er ts 8 /1 1 /1 9 1 7 4 /5 /1 9 0 1 5 2 9 6 In d ia n a Sh er id a n Fi rs t N a ti o n a l B a n k n ew t it le 5 -5 -5 -5 A -B -C -D V er n o n -T re a t 1 2 /2 9 /1 9 1 7 1 /2 0 /1 9 0 9 5 3 1 2 K en tu ck y Lo u is vi ll e N a ti o n a l B a n k o f K en tu ck y d u p li ca te 5 -5 -5 -5 Q -R -S -T Ly o n s- R o b er ts 1 2 /1 9 /1 9 1 6 4 /2 3 /1 9 0 0 5 6 4 9 Lo u is ia n a N ew O rl ea n s C a n a l- C o m m er ci a l N a ti o n a l B a n k n ew t it le 5 0 -5 0 -5 0 -1 0 0 A -B -C -A Ly o n s- R o b er ts 9 /2 5 /1 9 1 9 1 2 /1 2 /1 9 0 0 2 4 3 0 M a ss a ch u se tt s H o ly o ke C it y N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 I- J- K -L Ly o n s- R o b er ts 2 /1 4 /1 9 1 6 8 /2 1 /1 8 9 9 6 0 7 7 M a ss a ch u se tt s Lo w el l U n io n N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 I- J- K -L Ly o n s- R o b er ts 2 /5 /1 9 2 0 1 2 /2 /1 9 0 1 5 1 7 6 M is si ss ip p i H a tt ie sb u rg Fi rs t N a ti o n a l B a n k n ew t it le 1 0 -1 0 -1 0 -2 0 A -B -C -A Te eh ee -B u rk e 2 /2 5 /1 9 1 8 1 /1 8 /1 9 1 8 5 1 7 6 M is si ss ip p i H a tt ie sb u rg Fi rs t N a ti o n a l B a n k n ew t it le 5 -5 -5 -5 A -B -C -D Te eh ee -B u rk e 2 /2 6 /1 9 1 8 1 /1 8 /1 9 1 8 2 6 5 5 N ew Y o rk C o rn in g Fi rs t N a ti o n a l B a n k a n d T ru st C o m p a n y n ew t it le 5 -5 -5 -5 A -B -C -D Ly o n s- R o b er ts 1 1 /4 /1 9 2 0 4 /4 /1 9 0 2 5 7 8 5 N ew Y o rk P la tt sb u rg h P la tt sb u rg N a ti o n a l B a n k a n d T ru st C o m p a n y n ew t it le 5 -5 -5 -5 A -B -C -D Ly o n s- R o b er ts 1 0 /1 9 /1 9 2 0 4 /2 /1 9 0 1 5 7 8 5 N ew Y o rk P la tt sb u rg h P la tt sb u rg N a ti o n a l B a n k a n d T ru st C o m p a n y n ew t it le 1 0 -1 0 -1 0 -2 0 A -B -C -A Ly o n s- R o b er ts 1 0 /2 0 /1 9 2 0 4 /2 /1 9 0 1 2 4 9 5 O h io C in ci n n a ti C it iz en s N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 M -N -O -P Ly o n s- R o b er ts 6 /4 /1 9 1 7 1 0 /1 5 /1 9 0 0 2 4 9 5 O h io C in ci n n a ti C it iz en s N a ti o n a l B a n k d u p li ca te 1 0 -1 0 -1 0 -2 0 J- K -L -D Ly o n s- R o b er ts 1 2 /3 0 /1 9 1 9 1 0 /1 5 /1 9 0 0 2 5 2 4 O h io C in ci n n a ti Li n co ln N a ti o n a l B a n k n ew t it le 5 -5 -5 -5 A -B -C -D Te eh ee -B u rk e 2 /5 /1 9 1 8 1 /1 1 /1 9 1 8 2 5 2 4 O h io C in ci n n a ti Li n co ln N a ti o n a l B a n k n ew t it le 1 0 -1 0 -1 0 -2 0 A -B -C -A Te eh ee -B u rk e 2 /7 /1 9 1 8 1 /1 1 /1 9 1 8 2 6 0 4 O h io D a yt o n W in te rs N a ti o n a l B a n k d u p li ca te 5 0 -5 0 -5 0 -1 0 0 C -D -E -C Ly o n s- R o b er ts 1 /2 0 /1 9 1 9 1 2 /1 5 /1 9 0 1 2 6 0 5 O h io C o lu m b u s C o m m er ci a l N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 I- J- K -L Ly o n s- R o b er ts 4 /1 7 /1 9 1 7 1 1 /3 0 /1 9 0 1 5 2 1 2 O h io M a ri et ta C en tr a l N a ti o n a l B a n k n ew t it le 1 0 -1 0 -1 0 -2 0 A -B -C -A Te eh ee -B u rk e 4 /1 /1 9 1 8 2 /2 1 /1 9 1 8 5 2 2 5 P en n sy lv a n ia P it ts b u rg h B a n k o f P it ts b u rg h N a ti o n a l A ss o ci a ti o n d u p li ca te 5 -5 -5 -5 A A -B B -C C -D D Ly o n s- R o b er ts 8 /1 /1 9 1 6 1 0 /3 /1 8 9 9 5 2 2 5 P en n sy lv a n ia P it ts b u rg h B a n k o f P it ts b u rg h N a ti o n a l A ss o ci a ti o n d u p li ca te 5 -5 -5 -5 EE -F F- G G -H H Ly o n s- R o b er ts 3 /1 4 /1 9 1 7 1 0 /3 /1 8 9 9 5 2 2 5 P en n sy lv a n ia P it ts b u rg h B a n k o f P it ts b u rg h N a ti o n a l A ss o ci a ti o n d u p li ca te 1 0 -1 0 -1 0 -2 0 J- K -L -D Ly o n s- R o b er ts 8 /1 8 /1 9 1 6 1 0 /3 /1 8 9 9 5 5 4 5 Te n n es se e G a ll a ti n Fi rs t a n d P eo p le s N a ti o n a l B a n k n ew t it le 5 -5 -5 -5 A -B -C -D Te eh ee -B u rk e 2 /1 1 /1 9 1 6 1 /2 2 /1 9 1 6 5 5 4 5 Te n n es se e G a ll a ti n Fi rs t a n d P eo p le s N a ti o n a l B a n k n ew t it le 1 0 -1 0 -1 0 -2 0 A -B -C -A Te eh ee -B u rk e 2 /1 1 /1 9 1 6 1 /2 2 /1 9 1 6 2 4 5 5 Te xa s D a ll a s C it y N a ti o n a l B a n k d u p li ca te 1 0 -1 0 -1 0 -2 0 G -H -I -C Ly o n s- R o b er ts 1 1 /7 /1 9 1 7 1 /3 0 /1 9 0 0 2 5 3 2 Te xa s El P a so Fi rs t N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 I- J- K -L Ly o n s- R o b er ts 3 /3 0 /1 9 1 8 5 /2 9 /1 9 0 1 6 0 3 2 V ir gi n ia N o rf o lk N a ti o n a l B a n k o f C o m m er ce d u p li ca te 1 0 -1 0 -1 0 -2 0 J- K -L -D Ly o n s- R o b er ts 1 /1 0 /1 9 1 8 1 1 /2 1 /1 9 0 1 5 4 5 8 W is co n si n M il w a u ke e M a ri n e N a ti o n a l B a n k d u p li ca te 5 -5 -5 -5 I- J- K -L Ly o n s- R o b er ts 1 1 /1 2 /1 9 1 8 6 /2 0 /1 9 0 0 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 30 Smithsonian personnel graciously provided me with a data-dump from the effort so I was able to create the index. Mark Drengson and I cleaned up as many volunteer transcription glitches as possible. Unfortunately, the dump was missing the data that had been collected pertaining to the securities clauses. However, the post-Aldrich-Vreeland Series of 1882 face plates could easily be sorted out using the plate certification dates that were recorded. That listing was made and the entries verified against the proofs. The result is proved here as Table 1. It is possible that some entries are missing owing to potential transcription mistakes involving the certification dates, but the results are clear. Not many Series of 1882 plates were made after the Aldrich-Vreeland Act expired. Notes from those plates are available from 16 states, the District of Columbia and the Territory of Hawaii. Most carry Lyons-Roberts or Teehee-Burke Treasury signatures although the Tillman-Morgan and Vernon-Treat combinations are represented by one plate each. Many of the plates were duplicates to replace worn plates for big city banks so specimens of the variety are obtainable. The crown jewels of the possibilities are the notes from the 50-50-50-100 plates for the Canal- Commercial National Bank of New Orleans, Louisiana, and The Winters National Bank of Dayton, Ohio. Those banks were the only issuers of $50 and $100 value back in the entire country. The Winters plate represented a new plate combination following a BEP decision back in 1910 to phase out the use of two- subject 50-100 plates. The Canal-Commercial plate resulted from a title change in 1919. Figure 4. Only 13 sheets or 52 Series of 1882 value back serial number 1 notes were printed. This is one of two reported, the other being a New Orleans $100. All carried the “old” securities clause. Photo courtesy of Don Kelly. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 31 The only way a bank serial number 1 Series of 1882 value back sheet could have been printed was if the bankers adopted a new title or ordered a new plate combination after the Aldrich-Vreeland Act expired. Of course, all such plates carried the old securities clause. Such notes are genuinely rare as revealed by the short list of them on Table 2. Perspective Most Series of 1882 value backs were printed from face plates altered or made during the 1908- 1915 period when the Aldrich-Vreeland Act was in effect. All those plates carried an “or other securities” clause. Use of those plates with their obsolete clauses continued after the Aldrich-Vreeland Act expired and the value backs became current. However, in the few cases when Series of 1882 plates were made after the Aldrich-Vreeland Act expired, they were made with the old securities clause. Protocol dictated that the faces printed from them Table 2. Banks that received serial number 1 Series of 1882 value backs. Ch. Plate Explanation for No. Location Title Combination New Plate 5296 IN Sheridan First National Bank 5-5-5-5 new plate combination 5649 LA New Orleans Canal‑Commercial National Bank 50-50-50-100 title change 8/28/19 5176 MS Hattiesburg First National Bank 5-5-5-5 title change 1/18/18 10-10-10-20 title change 1/18/18 2655 NY Corning First National Bank and Trust Company 5-5-5-5 title change 8/10/20 5785 NY Plattsburg Plattsburg National Bank and Trust Company 5-5-5-5 title change 5/13/20 10-10-10-20 title change 5/13/20 2524 OH Cincinnati Lincoln National Bank 5-5-5-5 title change 1/11/18 10-10-10-20 title change 1/11/18 2604 OH Dayton Winters National Bank 50-50-50-100 new plate combination 5212 OH Marietta Central National Bank 10-10-10-20 title change 2/21/18 5545 TN Gallatin First and Peoples National Bank 5-5-5-5 title change 1/22/16 10-10-10-20 title change 1/22/16 Figure 5. Attractive $10 1882 value back with the old securities clause. Heritage Auction archives photo. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 32 had to be mated exclusively with value backs because they carried the old clause. This resulted in the productions of value backs bearing the old clause on their faces. This variety turned out to be unusual and scarce because so few new face plates were needed as the Series of 1882 waned. Sources Cited Bureau of the Public Debt, various dates, Correspondence file labeled Currency Designs National Bank Notes pertaining to designs following expiration of the Aldrich-Vreeland Act: Record Group 53 (450/54/01/05 box 10, file K712), U. S. National Archives, College Park, MD. Huntoon, Peter, Jan-Feb 2015, The national bank note Series of 1882 and 1902 post-date back transition: Paper Money, v. 54, p. 4-19. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 33 Demas Barnes--Patent Medicine Man by Benny Bolin Demas S. Barnes is known primarily as a successful patent medicine man, the owner and promoter of proprietary medicine patents bought from various developers and described by some as the original big and successful medicine man in America. Demas Barnes was born in Gorham Township in Ontario County, New York, on April 4, 1827. He attended public schools and commenced work as a farmer’s boy at 11 years of age. He moved to New York City in 1849 and engaged in the drug and medicine business with branch houses in New Orleans and Montreal. He married Mary Hyde (1832–1875) on December 10, 1857, but she sadly died of diphtheria on December 23, 1875. They had one daughter, Cora Barnes, born on September 29, 1858. Barnes moved to Brooklyn, New York, in 1849. He was also an amateur geologist and crossed the American continent from 1862 to 1865 in a wagon and during the journey studied the mineral resources of Colorado, Nevada, and California. He came home, by Acapulco, and the isthmus of Panama, eventually publishing articles on his experiences. He served as a Democratic congressman from Brooklyn between 1867 and 1869, but he did not stand for reelection in 1868. He later was identified with the Independent movement and was a member of the Brooklyn Committee of One Hundred which undertook to fight the regular Democratic organization., this being the only municipal office he ever held. After the death of his wife Mary, he married Anna Dorinda Blaksley in Saint Louis, Missouri, on April 25, 1878. In the sixties and seventies, Brooklyn, South Brooklyn, as it was known, was one of the most favored sections of town. The cream of its fashion was First Place, between Court and Clinton Streets. There was a series of splendid mansions, some of white marble and others of brownstone. Demas Barnes had the finest mansion, 88 First Place, where they lived until 1882, when they moved to 41 West Fifty-Seventh Street, New York City. They had one daughter, Mildred Barnes, born on September 9, 1879. Barnes established and edited the Brooklyn Argus in 1873; he was also engaged in the real estate business. He was a member of the Brooklyn Board of Education and an original trustee of the Brooklyn Bridge (when it was still a private enterprise). Barnes was struck by a carriage and died on May 1, 1888. He is interred in Greenwood Cemetery, Brooklyn, New York in a very elaborate mausoleum . At the time of his death, his estate was estimated to be in excess of eleven million dollars. Barnes started his wholesale drug business, Demas S. Barnes & Co. in New York City in 1853 and was highly prosperous as a patent medicine manufacturer. One of the most important successes achieved by Demas Barnes in 1860 was forming a partnership with Patrick Henry Drake, and trading as P. H. Drake & Company. Drake’s Plantation Bitters was one of their products, packaged in its’ figural log cabin shaped bottle. He printed an advertising note for the plantation bitters issued on the “Plantation Bank.” He also had other popular brands such as Guysott’s Yellow Dock & Sarsaparilla, Hagan’s Magnolia Balm, Heimstreet’s Hair Restorative, Lyon’s Kathairon, Mexican Mustang Liniment and Wynkoop’s Pectoral to name a few. Lyon’s Kathairon Emmanual Thomas Lyon started a drug manufacturing business located at 161 Broadway Street in New York City and developed a product, Lyon’s Kathairon around 1850. It claimed to “effectively promote the luxuriant growth and beauty of the hair.” The formula for this was said to be one fluid ounce of castor oil, one fluid dram of tincture of cantharides (made from a blister beetle), twenty drops of bergamot, one drop of stronger water of ammonia and SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 34 enough alcohol to make three fluid ounces. One bottle said that it was 76.25% alcohol! Lyon’s Kathairon’s popularity was mainly due to its memorable advertising and notable feedback from satisfied customers. Advertisements had quotes of customers saying they went from baldness to a full head of hair. The statements and images produced were merely propaganda; as in the end all it really gave the customers was a head of shiny hair. A series of advertising notes on the Kathairon Bank were printed that were signed by Barnes and Lyon. There were also a number of trade cards printed. Mexican Mustang Liniment Another of Barnes’ medicines was Mexican Mustang Liniment that was made in St. Louis by Dr. A. G. Bragg, It was touted for man or beast and had uses for humans and animals. It was touted to cure over 30 ailments, including rheumatic pains, sprains, strains, burns, bites, scalds, colds, sore throats, and lameness! It was prevalent in the California Gold rush areas as seen by the number of bottles found today. The agents for this product claimed that it would relieve the pain associated with everyday hard work so common to the time. Not many occupations were more physical than digging for gold and a pain reliver, other than liquor was an item that flew off of the merchant’s shelves. The manufacturers claimed that it not only worked on men and women, but was also recommended for children, horses and domestic animals. One doctor by the name of Richard Moore described Mexican Mustang Liniment as “equal parts petroleum, olive oil, and carbonate of ammonia.” Another source said it appears to have been mostly crude petroleum oil. I was fortunate enough to win a Heritage auction lot that consisted of several approved sheets of the bottle labels. Another advertising note was also made for this product under the Mustang Bank name. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 35 Trade cards were also made for this product as well. An interesting one is shown of a matador stabbing a bull with a lance. Not sure how the liniment is going to help that! Centaur Company The Centaur Company was formed by Charles Henry Fletcher at 80 Varick Street, New York City in order to purchase the rights to and manufacture the laxative Pitcher's Castoria, renamed Fletcher's Castoria after the founder. The company owned and marketed proprietary medicines, including the and the ointment Centaur Liniment. The company is historically significant in that it was a driving force during the early development of mass marketing and advertising. Together with Demas Barnes and Joseph B. Rose who had purchased the formula for Centaur Liniment that same year, manufacturing began. Barnes financially backed Rose and Fletcher for a reported $25,000. Rose and Fletcher improved the products, and eventually Barnes owned twenty-five percent of the profitable Centaur Company. Centaur liniment was another one that was good for man and animals. It had two types, a white liniment for family use and a yellow one for horses and other animals. The human cream was described as a “creamy white condition with an odor strong of pennyroyal and with smaller amounts of oil of thyme, soap and fixed alkali. It claimed to relieve rheumatism, neuralgia, sprains, burns, stiff joints, bites, stings, bruises, swellings, chilblains, lockjaw, earache, toothache, etc.” According to Charles Oleson in Secret Nostrums and Systems of Medicine (10th Ed 1903) the animal liniment was made from oil of spearmint, oil of mustard, oil of amber, black oil, soap, caustic soda and water, though his recipes were intended to be ‘near enough’ rather than an exact copy of the formula. Yet another advertising note was printed for this product under the Centaur Bank name. It was a very interesting note and the only one known to have mythical centaurs as vignettes. The vignette in the lower left was reproduced on the back. The back is bright green with highly detailed engraving. Since the liniments were emphasized for both man and beast they chose as their trademark a fabled monster that was half man and half horse. In addition to a few trade cards and broadsheets, numerous varieties and denominations of facsimile banknotes were produced. A triangular stack of boxes labeled with some of Centaur's agents accounted for some of the varieties in these advertising notes for this issue. The cashier on the note is Chiron, known as the "wisest and justest of all the centaurs", a superlative centaur amongst his brethren. The president is Esculapius (Asclepius) who was the son of Apollo and the Greek god of medicine, healing, rejuvenation, and physicians. The notes were issued on the Centaur bank in $1, $5, $10 and $100 “denominations” and were engraved the same with the only differences being the denomination in the upper left corner. The label for the bottle also had a different centaur on it. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 36 The only trade card I have found is a card that advertises Castoria on the front and Centaur liniment on the back. Demas Barnes was one of the first to request private die stamps after they were authorized, and the first three Barnes stamps were approved by the Commissioner of Internal Revenue in September 1862. These were the 1¢, 2¢, and 4¢ D. S. Barnes stamps in a vertical format printed in black and in vermillion. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 37 It’s Not Just About the Vignettes: The Steamer Etiwan, Silent Witness to Good Times & Bad by Tony Chibbaro I have owned the banknote illustrated above for quite some time, but it has been only recently that I took the time to research the identity of the sidewheel steamer depicted in the vignette appearing on the note’s left side. The image of the ship on the note may or may not accurately portray the real Etiwan, but my research proved that there was such a vessel and that it figured in the history of the South Carolina Lowcountry in surprising ways. The Etiwan was built in 1834 and was launched from the shipyard of J.L. Poyas in Charleston on August 16 that year. The name was chosen by her owners, the Etiwan Association, a confederation of thirty rice planters on the Cooper River north of Charleston. Etiwan was the Native American name for the Cooper River and the name of one of the tribes that had inhabited the area. The planters needed a reliable mode of transportation for their rice, as well as a means of regular travel to and from their plantations and formed the joint stock association for that purpose. Left: Magnified image of the vignette which appears on the $50 notes of the Farmers & Exchange Bank of Charleston. The name “Etiwan” is clearly visible on the vessel’s side. The Etiwan was placed into service in 1834 and served the needs of planters, merchants, and travelers in the South Carolina Lowcountry for a period of 30 years. Above: $50 Note issued by the Farmers & Exchange Bank of Charleston (Sheheen 170). Appearing on its left side is a vignette of a busy dockside scene featuring bales of cotton, barrels of turpentine, and sacks of rice waiting to be loaded upon a sidewheel steamer named the Etiwan. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 38 The 100-foot vessel had a width of 18½ feet and a hold measuring almost 7 feet in height. Her hull was coppered, and she was powered by a British-made 37-horsepower engine which drove two large paddlewheels, one on each side of the vessel. The engine alone cost $14,000, which was more than half of the capitalization of the entire venture. French immigrant John Sassard, an experienced steamboat captain and a veteran of the War of 1812, was chosen to be her commander. The Etiwan began twice-weekly runs up the Cooper River by October of 1834 and also made regular trips to nearby Sullivan’s Island, the location of Fort Moultrie and the port of entry for many of the enslaved Africans brought to this country before the Civil War. Soon after her launch, the Etiwan was tasked with rescuing a certain George Elliott of Baltimore. Elliott, a showman extraordinaire, had brought a giant silk balloon to the city and hoped to sell tickets for his “Third Grand Ascension.” Unfortunately, his flight went awry because of an equipment malfunction, and he ended up floating some 10 miles out at sea with a deflated balloon. This was not the only time that the Etiwan was called upon to help those in need. Over the years, Captain Sassard and his vessel aided many ships that got into trouble in Lowcountry waters, including the Memphis and the Thistle, two blockade runners that ran aground during the Civil War. Gallant rescues notwithstanding, the Etiwan spent most of her time ferrying freight and passengers around the Lowcountry. Besides regular runs to Sullivan’s Island and up the Cooper River, the ship made occasional trips to Beaufort, St. Helena Island, Edisto Island, Georgetown, Camden, and Conway, as well as to Savannah and Augusta in Georgia. In February 1836 she was called upon to transport General Winfield Scott to Fort Picolata on the St. John’s River in Florida at the beginning of the Second Seminole War. The following month, the Etiwan returned to the same area with three companies of U.S. troops under the command of Major Gates. On certain occasions the Etiwan was transformed into a pleasure boat offering “excursions” to the Lowcountry elite. On Independence Day in 1837, four trips were made to and from Sullivan’s Island, presumably to transport passengers wanting to visit Fort Moultrie, the site of an important Patriot victory during the Revolutionary War. In 1848, two “excursions” were advertised, one in May and the other in July, the first to Sullivan’s Island and Fort Sumter, the new fortification being constructed in the middle of the harbor, and the other to both sites as well as cruising alongside the regatta being held near the city of Charleston that day. The Etiwan was also tasked with transporting certain important passengers. On December 30, 1834, the vessel carried South Carolina Governor George McDuffie from Mulberry Plantation on the Cooper River to Charleston. Eleven years later, she transported the body of Navy Captain Edward Rutledge Shubrick from the USS Lexington to the city. Shubrick was a native of Charleston County and had been the commander of the US Frigate Columbia. He died at sea in 1844 and his body was returned to South Carolina for burial. The steamer was put up for sale, either in part or as a whole, several times between 1836 and 1861. In November 1836 the ship was offered at public auction by the Etiwan Association, along with 5 slaves owned by the consortium. The slaves all had specific jobs associated with the Etiwan and were Jack, the pilot; Dave, a fireman; Nat, a fireman who could also work the engine; and Joe and Ben, deckhands. Apparently there were no takers at the 1836 auction, but the ship and its attachment of slaves were successfully auctioned off in 1837. After that, partial interests in the steamer were offered for sale seven times between 1841 and 1861. Calamity struck the steamer in May 1856 when she caught fire. Her top hamper (upper part of the ship) was completely burned, and several holes punctured the deck. The hull was not badly damaged, but she was insured for only one-eighth of her value. By the time that the Etiwan was put back into service, Captain Sassard had taken command of another steamer, the Edisto. After the fire, the Etiwan was primarily used as a freighter and tugboat. When the Civil War began, the Etiwan was leased to the Confederate States Navy. She was often utilized to move personnel and supplies around Charleston Harbor, as well as offering support to grounded blockade runners. On June 4, 1862, the Etiwan transported several Union prisoners, all from the 100th Pennsylvania Regiment, which Above: Ads placed in the Charleston Mercury edition of Wednesday, October 15, 1834, not only announced the schedule of the new steamer Etiwan, but also called attention to a planned balloon ascension by George Elliott of Baltimore. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 39 were captured at the Battle of Legare’s Plantation on James Island. The next day, she carried wounded Confederate soldiers from local volunteer militia groups to Fort Johnson. There were two soldiers from the Sumter Guards, one from the Irish Volunteers, and one from the Beauregard Light Infantry. The previous month, the Etiwan had been witness to one of the boldest feats performed by an African American slave in South Carolina history. The steamer was moored at Charleston’s North Atlantic Wharf when, under the cover of darkness, Robert Smalls maneuvered the steamer Planter alongside and secreted aboard his family and several other slaves that had been hiding in the hold of the Etiwan. Although only 23 years old, Smalls was an experienced pilot in Lowcountry waters and had served as an enslaved member of the Planter’s crew for the past year. He stole the Planter on a night when there were no whites on board and successfully passed through the harbor, surrendering the ship to the Union blockaders outside the city. The following year, 1863, was also an eventful one for the Etiwan. On January 30, she was assigned as a tender to the CSS Chicora and the CSS Palmetto State in a daring attack on the Union ships blockading Charleston Harbor. The two Confederate ships were revolutionary ironclad vessels constructed in Charleston specifically for the war. The Palmetto State moved across the sandbar near the mouth of the harbor and disabled the USS Mercedita, while the Chicora did considerable damage to the USS Keystone State. Bad luck, however, seemed to plague the Etiwan for the remainder of her days. On April 4, 1863, she struck a Confederate mine (called a torpedo in those days) that had drifted from its moorings in the mouth of the harbor. The explosion blew a hole in the Etiwan’s hull, but her captain managed to run her aground near Fort Johnson before she sank completely. She was repaired and returned to service later that year. At the end of August, the Etiwan was involved in an accident which caused the first sinking of the CSS Hunley. The first submarine to sink an enemy ship in combat, the Hunley had recently arrived in Charleston after being built in Mobile, Alabama. Both the Hunley and the Etiwan had been tied up at the wharf near Fort Johnson on James Island when the Etiwan left the dock. The wake created by the departing steamer swamped the Hunley, which was floating there with its hatch open. The inrushing water quickly carried the Hunley to the bottom of the harbor and five crew members were drowned. The Hunley, of course, was raised and went on to make history the following year with the sinking of the USS Housatonic. The following day, August 30th, the Etiwan delivered 400 mortar shells, 200 42-pound rifled bolts, and other ordnance to Fort Sumter. The beleaguered fort had been under attack from the guns of Union General Quincy Gilmore since July and its south-facing wall was a mass of rubble. The same day that the Etiwan made its delivery of ammunition, the fort was the target of 634 long-range artillery shells from Gilmore’s cannons on nearby Morris Island. The steamer returned to Fort Sumter the next day with more supplies, though. Surviving records are not clear on the details, but from what does remain it appears that the Etiwan was sunk in Charleston Harbor sometime during 1864. The ship remained partly submerged near Fort Johnson until 1867, when she was offered for sale by the US Army’s Quartermaster Department. Apparently there were not any takers and the Army raised and refitted her as a steamer called the St. Helena and used her to clear the harbor of mines after the war. The vignette of the Etiwan appears on more than one banknote. Besides the $50 note depicted at the beginning of this article, it was placed on $20 notes of the same bank (Farmers & Exchange Bank of Charleston), as well as $20 notes of the Bank of the State of South Carolina, $100 notes of the Canal Bank of New Orleans, and $1 notes of the Exchange Bank of Virginia in Norfolk. All these notes were printed by Rawdon, Wright & Hatch of New York or its successor firm called Rawdon, Wright, Hatch & Edson. The Etiwan vignette displays the signature of J. Smillie at its lower left edge, just to the left of the three turpentine barrels resting on the ground. James Smillie was a talented engraver who was employed by several banknote companies between 1830 and 1880. In 1841 he worked for the firm of Rawdon, Wright & Hatch and I believe it was around this time that the vignette of the Etiwan was created. My theory is that it was commissioned Above: Illustration of the CSS Palmetto State ramming the USS Mercedita on the night of January 30, 1863. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 40 by the Bank of the State of South Carolina and first appeared on $20 notes cataloged as Sheheen 593, similar to the one shown below. There is one more curious twist to the story of the Etiwan vignette. In November 2021, Heritage Auctions offered a two-piece lot in one of their Tuesday Night Currency Sales which included one of the $50 notes of the Farmers & Exchange Bank. Included as the second piece in the lot was a curious stand-alone vignette exactly like the one picturing the Etiwan, except the name shown on the sidewheel steamer was Norma. I have since endeavored to find a banknote with this variation, but I have been unsuccessful. Perhaps a reader can point me in the right direction. Above: $20 banknote issued by the Bank of the State of South Carolina (Sheheen 595). Earlier notes of this same type (cataloged as Sheheen 593) were issued in the 1840s and do not display the red overprint in the center. Left: Vignette of the Steamer Norma which appeared as part of Lot 81338 in Heritage Auctions Tuesday Night Currency Sale on November 2, 2021. Image courtesy of Heritage Auctions, HA.com SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 41 Kelsey Harris Douglass – Texas Merchant, Soldier, and Paper Money Issuer by Frank Clark Kelsey Harris Douglass was a Nacogdoches merchant and Republic of Texas congressman. He came to Texas sometime before the Texas Revolution and settled in Nacogdoches, which was an important town for the Spanish and later for the Mexicans after the Mexican War of Independence during the years of 1810-21. Also, many Anglo- Americans settled in the area when they emigrated to Texas. Kelsey was a major supplier of apparel and dry goods to the Texas Army in March of 1836. This army defeated the Mexican Army at the Battle of San Jacinto on April 21, 1836, in the fight to win Texas' independence. Kelsey would go on to represent Nacogdoches County in the House of Representatives in the Second Congress in Houston during 1837-38. However, Kelsey's fighting days were not over as he joined Colonel Edward Burleson and his East Texas volunteers in defeating and chasing the Cherokee Indians out of Texas during the Cherokee War of 1838-39. The main battle of this war was the Battle of the Neches that was fought on July 15-16, 1839. Kelsey was the Texian commander at this battle with the rank of general. After the Cherokee War, Kelsey concentrated on his mercantile business. He had notes in the $1, $2, $3, and $5 denominations printed by Rawdon, Wright, Hatch, and Edson of New Orleans. They are very nice uniface notes for the era with exquisite vignettes. They were payable either at his store in Nacogdoches or his office that he kept in New Orleans. The Kelsey notes circulated at or near par alongside Republic of Texas notes. In fact, the notes of these two issuers shared two vignettes and both issues were printed by the above listed New Orleans printer. The Kelsey $2 and the Texas $500 share the same Commerce and Plenty center vignette and the Kelsey $3, and the Texas $20 share the same Native American with bow and arrow vignette at upper left. Kelsey was a charter member of the Masonic Grand Lodge of Texas. He married Minerva Benton. He suddenly died in Nacogdoches on October 4, 1840, and is buried locally in the Oak Grove Cemetery. His wife Minerva went bankrupt paying off his debts and issue of paper money. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 42 You Collect. We Protect. Learn more at: www.PCGS.com/Banknote PCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ©2021 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC. PCGS Banknote is the premier third-party certification service for paper currency. All banknotes graded and encapsulated by PCGS feature revolutionary Near-Field Communication (NFC) Anti-Counterfeiting Technology that enables collectors and dealers to instantly verify every holder and banknote within. VERIFY YOUR BANKNOTE WITH THE PCGS CERT VERIFICATION APP A Link Between Specimen Postal Notes From JOHNSON VT., & ARKAMA, PA.? by Bob Laub Johnson, VT: The town of Johnson Vermont is located in the upper North-West section of the state. During the postal note years (1883-1894) the area maintained a steady population of just under 1,500 residents. Vermont issued 555,317 postal notes, with only 18 having currently survived. Part of my article is represented by the unissued pair of Type I’s, (yellow paper), with serial #’s 501 & 502. Across the notes is simply the word “Specimen” handwritten in red ink. Arkama, PA: Arkama, PA. is located in the far far upper reaches of the “Twilight Zone”. (A television series hosted / narrated by Rod Serling 1959-1964). In all seriousness the town simply never existed. It is a fictitious town name implemented and printed on only a handful of Postal Notes. My friend and fellow collector, the late Jim Noll, summed up notes from Arkama this way, they were all either specimen notes, or printer’s test notes. The second unissued pair are Type IV’s, American Bank Note Company, (grey paper) from Arkama, PA, with serial #’s 1009, and 1010, which are both complete notes. Complete in that each note displays all four-dollar coupons, as well as the stub or counterfoil, which was to be retained by the issuing postmaster. Across the notes, “Specimen” is rubber stamped in red. Pennsylvania Stats: From 1883-1894, Pennsylvania issued 4,650,152 postal notes. Of that number, 185 have survived to serve the current needs of collectors. At the end of the series (June 30th, 1894), Pennsylvania was ranked fifth as the most prolific issuer of postal notes, directly behind New York, Illinois, Iowa, and Ohio. Of the almost 71 million Postal Notes initially issued, only 2,232 (mid-January 2023) have thus far survived. Thankfully just over 1,600 of those survivors were likely put aside as early souvenirs. Their issued amounts all fall between 1-cent, and 5-cents. Given the fact all issued notes carried a 3-cent administrative fee, it’s understandably safe to assume why so many survivors might be classified as souvenirs. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 44 The Link: Both pairs of notes were purchased years ago with an official Post Office Department letter. This was in direct response to a collector from Germany requesting samples of the current circulating U.S. Postal Notes. The type- written letter is on Government stationary: Post Office Department, Office of Superintendent of Money Order System, Washington, D.C., April 8, 1892. Sir: In compliance with the request contained in your letter of the 25th ultimo addressed to the Postmaster General and referred to this office, I transmit herewith specimens of the first issue of Postal Notes used by this Department, and specimens of the postal notes now in use. Very respectfully, C.F. Macdonald Superintendent, Mr. Oskar Lutsmann, Berlin No.4 Invalid en Strasse 14c II According to the date of the letter (April 8, 1892), the postal note series would have been well into the final four-year printing contract (August 15, 1891-June 30, 1894) executed by the Philadelphia firm of Dunlap & Clarke. Superintendent MacDonald, at his discretion, chose to forward an American Bank Note Co., Arkama pair. The ABNCo four-year printing contract ended August 14, 1891, and would prove to be almost eight months prior to the letter forwarded to the collector in Berlin. In Conclusion: Overall, I am amazed, and thankful, these two Specimen pairs, along with their respective letter, have even survived. It has been over 130 years since the letter was first generated by Superintendent MacDonald. That alone is a story of survivability. Now factor in this postal note package crossed the Atlantic by Steamer in 1892, just to be delivered to Mr. Oskar Lutsmann in Berlin. Then of course, at some point, the package made its way back to the United States. (probably by air). To put this whole journey thing into more perspective, my utility water bill got detoured in the mail two years ago (2021). It took eleven days to arrive, and only had to travel six miles. I hope this brief article was entertaining. As always I would look forward to any questions or comments. Please feel free to email me at briveadus2012@yahoo.com. I would also enjoy hearing about any postal notes you may have as well. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 45 U N C O U P L E D : PAPER MONEY’S ODD COUPLE Joseph E. Boling Fred Schwan Bernhard Refresher Most everyone who collects world paper is aware of the German counterfeiting of Bank of England “white notes” during World War II. Using Jewish concentration camp prisoners who had prewar experience as printers and allied trades specialists, the Germans established a camp within a camp at Sachsenhausen, sequestering over one hundred prisoners on the project. During the past forty years a few books have been published describing both the work and the products, with some showing plate and watermark diagnostics useful in separating the bogus from the genuine notes. Unfortunately, some of the identified diagnostics have proven to be ambiguous. The German work was conducted in two phases, with dead time between and different teams involved. Some of the work was repeated, or conducted in different years and locations, so that diagnostics are not consistent across the spectrum of bad paper that was created. This column will cover some of the “easy” ones. The ultimate objective ended up being notes that would pass in commerce, distinguished from notes that were good, but not perfect, which could gum up commerce by slowing every transaction involving the white notes or by damaging consumers’ confidence in the issues. Thus obvious defects had to be avoided, and accurate replicas were required. The first challenge was to copy the paper that the Bank used, which has an elaborate watermark (figure 1). One of the earliest useful diagnostics was found in the paper. See Boling page 50 Gasoline Coupons I love to collect in detail things that other people do not collect at all. You have seen many examples of this over the years that Joe and I have been reporting here. Today, I will tell you about post-World War II gasoline coupons. These are among the most obscure items that you can collect from the period. They are also fascinating and amazingly complex. Collectors (and users) generally called them “gas ration coupons.” Inclusion of the word ration is not good. It not only does not appear on any of the coupons, but it is also misleading. These coupons were NOT ration coupons in the normal sense. Rationing was involved only to the extent that authorized personnel could buy gasoline without paying the local taxes up to limits (there’s the rationing) negotiated between the United States and the respective countries. After purchase, coupons could be exchanged for gasoline (or other specified petroleum products). It was paper money by any definition and belongs in collections. These coupons are post World War II hostilities items (I am avoiding discussing when the war ended). The coupons were issued in countries where the Allies stationed troops after the war. Mostly we are talking about US forces, and in this column, US forces exclusively in Germany and the Netherlands. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 46 When did the system start? When did the sale of gasoline (and other petroleum products) to military personnel for personal use begin in Germany? Unfortunately, but not surprisingly, we do not know. American Express opened one or more military banking facilities in Germany in late 1945 and black-market activities were out of control before June 1948. Therefore, it seems likely that some sort of provision for supply of gasoline to authorized military personnel was in place by 1947. There is a clue to as early as 1946. I have an image of an amazing “Coupon-Book for delivery of Petroleum Products in the US Zone of Occupation.” This booklet was sold or issued to someone named Novak at headquarters UNRRA (United Nations Relief and Rehabilitation Administration). This cover is full of important information and clues. The term US Zone of Occupation would not have been used before June 1945 but there is a good clue to the date of issue in the printer’s imprint at lower left: AGPB-2827-1-46-24M 33223. What does it mean? We (Joe and I) will give it a try and he is better at this than I. Adjutant General seems clear, but PB (possibly P8) is less clear. It could be “personnel bulletin,” followed by the publication number 2827. But there is a change in the leading between “8” and “2” (28 is higher than 27), leading to PB28 27-1-46—27 January 1946! Next is the quantity printed: 24,000. Finally, some sort of additional control number, 33223—probably the printer’s job number. The exact meaning may not matter—it is the date that is significant. The quantity seemed very high to me at first, but the text provides an explanation. This booklet was for private and official use. It is not likely that there were many privately owned automobiles in the US zone in 1946, but there would have been many government vehicles. One of the lines “sold to” or “issued to” should have been crossed off upon the issuance of the book to Mr. (I think) Novak. The final point about this fascinating booklet cover is that not only do I not own it, but I have never actually seen it! The image is on my computer. I believe that Steve Feller sent it to me, but I am not even sure of that. Thank you Steve or whoever sent it! Issuers At least four or five agencies were responsible for supplying authorized personnel with gasoline coupons. EUCOM (European Command) Exchange System (ca 1946-1950) USAREUR QM (United States Army Europe Quartermaster) (1946-1967 or later) EES (European Exchange System (approximately 1952-1974) EES/AAFES (European Exchange System/AAFES) (dates when both EES and AAFES were shown not known) AAFES (Army & Air Force Exchange Service) (approximately 1974-2008) EES coupon with serial number prefix (GE) probably indicating for use in Germany. EES Gasoline coupon EES Gasoline Coupon booklet cover SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 47 The coupons The early issues (USAREUR QM) were not very elaborate though they are eagerly sought after. The EES coupons evolved from crude to excellent. The coupons from about 1975 through the end of system in 2008 are elaborate paper money. They seem to have been designed for collectors! See the image of the EES/AAFES gasoline coupon and coupon book cover above. It has a six digit serial number that appears on the coupon and the booklet cover. Note that the prefix to the serial number is EES S-9. Although this is not stated, the “S” is for series and advances with each issue. On later issues the number is identified as series. In this case the inclusive dates for use are given, so they had already run to nine series by 1961. Note that this series covers nine months rather than the year that we would expect. Later issues list only an end date. AAFES continued the evolution of coupon and booklet design. Note that the serial number scheme is the same, with a series number that reset at the end of the EES system. The other letter (E, H, and G shown above) designates the denomination of the booklet whence the coupon came. Note too that the serial number fonts here are the same but different from the earlier EES coupons. And the series numbers continued to reset as the years went by—maybe they could not accommodate a two-digit series number. The bottom coupon is a Series 3 specimen. This is the only series for which specimen examples are known in private collections. They were obtained by a collector who was stationed in Germany at the time that the coupons were being used. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 48 In 1999 the coupon systems for Germany and the Netherlands were merged. Coupons were valid in both countries with some specific restrictions stated on the coupons. The series number was again reset. Above are some Series 5 and Series 6 Germany- Netherlands coupons. How were they used? In the ’60s (and presumably earlier) if your car could use “regular” gas (84-85 octane) you bought the QM coupons at the PX and exchanged them for gas in gallons at designated military motor pools. If you needed hi-test gas (Esso Extra), you bought the Esso coupons (much more expensive, but tax-free, thus far below what the German citizens had to pay) and obtained your gas in liters at Esso stations in Germany. By the ’80s, regular gas (also labeled normal and later benzin) came from AAFES stations, and hi-test from the Esso outlets, both in liters. You can see from the last coupon above that by the ’00s there was an even higher grade, super plus. Collecting and collectors Many thousands of every series and most “denominations” were issued, but few were saved, and fewer still have made their way into collections. Multiple denominations in multiple series, with specimen and “official use” versions, make the possibilities nearly endless. Who collects military gasoline coupons? Of course, there are collectors for everything, but there are not many collectors of these coupons. That is both fortunate and unfortunate. It makes for a small club, but it also reduces competition for the coupons that do become available. Ironically, it is easier to build a collection today than twenty years ago. Because of the Internet, it is possible to find a few pieces. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 49 Boling Continued The watermark contains both the denomination of each note and the Bank’s name in large letters (twice). All of that is surrounded by clusters of parallel wavy lines, with other large curves lying over the clusters and intersecting, but not crossing, the letters. One such line joins the left foot of the first “N” of ENGLAND at the bottom of the note (fig 2a). You can see that it is somewhat to the left of the vertical line above it. This is a genuine note. Figure 2b is another genuine note, with the curve even further to the left, all the way out to the corner of the triangle forming the foot. Figures 3a-3c are three Bernhard notes. The line is almost centered on the triangular foot. This is the most widely-cited diagnostic for a Bernhard note. But check figure 3d. It is also a Bernhard note, and the line is far to the left of center. Oops! This diagnostic can tell you that a note is a Bernhard note, but it cannot tell you that it is genuine (all centered lines are counterfeits, but not all counterfeits have centered lines). Fig 2a Fig 2b Fig 3d Fig c Fig 3b Fig 3a SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 50 So we move to another diagnostic—the tiny leaf poking out of the lower right side of the Britannia medallion (figure 4). On a genuine note, the curve defining the right side of that leaf reaches up into the large leaf above. On a Bernhard note (figure 5), that curve joins, but does not cross, the line defining the bottom of the leaf above. Figure 4 Figure 5 Just above that diagnostic is the right side of Britannia’s gown. On a genuine note, that fabric is created with many fine lines and dots (figure 6). On a counterfeit, all that fine detail is missing (figure 7).  Moving a little toward the center of the medallion, we cross the spear shaft. The diagonal shading lines down the left side of the spear are significantly longer on the genuine notes (figures 8a-8c) than on a Bernhard note (figures 9a-9c). Figure 6 Figure 7 These are most of the naked-eye diagnostics (those not needing magnification assistance) on white notes of the 1930s. The last reported date for Bernhard notes (all denominations) was 16 December 1938. Any counterfeit after that date came from some other counterfeiter.  Fig 8a Fig.8b Fig 8c Fig 9a Fig.9b Fig 9c SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 51 The Obsolete Corner Treasurer of Ramsey County by Robert Gill As you read this, the New Year is upon us. This past year was a difficult one for our country, as there were extreme droughts, large fires, and we all understand about the state of our economy, and how we stand with national security. But with all this gloom, the collectible paper money market keeps getting stronger. It seems that even with all the insecurity in our lives, we Americans still enjoy putting aside all the worries of life for a while and enjoy our great hobby. And now, let’s look at the sheet that I’ve chosen to share with you. In this issue of Paper Money, let’s go to the “Land of Ten Thousand Lakes”, and look at Ramsey County, Minnesota, back in the middle 1800s. I acquired my sheet of the Treasurer of Ramsey County when some of the legendary holdings of Eric Newman were dispersed back in 2016. These beautiful notes are by no means rare in either sheet form or as singles, but they are very popular with collectors because of their colorful appearance. And my sheet is even more desirable because of the very unusual, wide selvege on its left side. The sheets were printed with the intention of them being put into books. I have seen scans of a couple of other sheets that had not been trimmed, but none with the quality that Mr. Newman chose to go after. And now, let’s look at the history of why this beautiful piece of history exists. Thru his research, Minnesota Obsolete specialist, Shawn Hewitt, in his excellent book, Minnesota Obsolete Notes & Scrip, tells us that Ramsey County was established on October 27th, 1849, and named for Alexander Ramsey, the first governor of Minnesota Territory. Robert Smith moved to Saint Paul in May of 1853, and was elected Treasurer of Ramsey County in May of 1856, in which he served twelve years. Because of a scarcity of currency, Ramsey County began issuing notes in November of 1857. The timing of the first issue suggests that the notes were issued just as much for the sake of commerce as they were to achieve short-term financing for the County. The financial panic of October 1857 left most bankers in Saint Paul insolvent. Silver and gold disappeared from circulation, and merchants were starved for a medium of exchange. They and the surviving bankers began to promote the heavy use of wildcat Tekama, Nebraska, and Gosport, Indiana, notes. Ramsey County tried to alleviate the situation by issuing over $10,000. in currency. There are not any notes from the first issue presently known to exist. The second issue of notes issued by the County were red-tinted notes printed by the American Bank Note Company and were released between April of 1861 and June of 1863. These notes were printed in sheets and bound into books of five hundred sheets. Each sheet included a $1, $2, $3, and $5 note. Notes were issued to number eleven hundred and eighty over the period from April 8th, 1861 to June 22nd, 1863. Notes were redeemed as late as 1877. At that time fifty-two $1s were outstanding; thirty-three $2s; nineteen $3s; and thirteen $5s. The issued notes of this series are always seen with an endorsement by a local banker. It is possible that bankers agreed to buy quantities of notes directly from the Treasurer, perhaps at a discount, and then overprint the notes with an endorsement. The lowest serial numbers of notes, under five hundred, carry an endorsement of the Thompson Brothers. Notes in the eight hundred to one thousand range carry a Parker Paine endorsement. Notes over one thousand are seen with an E. S. Edgerton endorsement. These notes circulated at par or carried a slight premium. The Minnesota Historical Society retains the remainders of the third book of drafts printed. From that book, one hundred eight-six sheets were issued, ninety-two remainder sheets were removed, and two hundred twenty-two sheets remain bound in the book. It is believed that the ninety-two removed sheets constitute the entire census of remainder notes in private hands. So, there’s the history behind this stunning sheet of notes. It amazes me to think how people back then were able to print such beautiful pieces of history with the very primitive equipment that they had to work with. As I always do, I invite any comments to my cell phone (580) 221-0898 or my personal email address robertdalegill@gmail.com So, until next time, HAPPY COLLECTING. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 52 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 53 The SPMC is planning fun activities at F.U.N. ’24! The SPMC is planning many fun activities, award presentations, meetings and educational presentations at the winter FUN, January 4-7, 2024 in the North Hall of the Orange County Convention Center. Friday Jan 5 Saturday Jan 6 0800 SPMC Breakfast and Tom Bain Raffle Room N330AB 0800 Board of Governors mtg 0900 General membership mtg w/an educational program Room N320E Tom Bain Raffle Meet other collectors and talk paper money SPMC Table #976 SPMC AWARDS Educational talks and paper money exhibits Mix ‘em up! Effervescent and always humorous Auctioneer— Wendell Wolka SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 54 In the last issue of Paper Money, Peter Huntoon and Wendell Wolka provided a fascinating timeline of the origins of the regulatory linchpin of the National Banking System: the so-called “Death Tax” that drove the currency issued by state banks out of the channels of trade in favor of their federal replacements. Getting the state banknotes out of the way served two crucial, concurrent purposes: it created a circulatory space for the legal tender Greenback and provided support for the massive debt that financed the Union war effort. In Huntoon’s and Wolka’s account, the new national bank notes did double duty. In order to buy the government’s bonds, bankers scooped up Greenbacks, which propped up the controversial new fiat currency. Holding those bonds against issues of the new national bank notes in turn created a market for that debt. The overall effect of this ingenious arrangement was, to use modern language, akin to a self-licking ice cream cone. At first, bankers were understandably hostile to this scheme, since taxing their banknotes out of circulation deprived them of lucrative seigniorage revenue. After the Supreme Court’s decision upholding the tax in Veazie v. Fenno (1869), bankers seemed to have no choice but to seek national charters if they wanted to remain in business. However, the rapid shift in the nation’s payments system towards checkable deposits made the circulation privilege of national banks less of a commanding advantage, leading to a revival of state-charted institutions. Indeed, by the late 19th century it was apparent that national bankers were consistently putting out a smaller volume of national banknotes than they theoretically could. In particular, as the price of bonds bearing the circulation privilege rose, national banks found it less lucrative to purchase them to back additional issues of their notes. These disincentives to note issue contributed to the dominant critique of the 19th century monetary system, namely that the currency lacked “elasticity” in that the supply of currency didn’t fluctuate according to the needs of trade. Proposed solutions to the elasticity problem varied. Inflationists of the Greenback or free silver type simply wanted more money in circulation, period. Defenders of the gold standard differed on whether they preferred some kind of bond-backed currency, or one tied to shorter-term, “commercial” assets. In this debate, proposals to repeal the ten percent tax on non-national banknotes became one variant of the inflationist agenda. Those defending the hard money position countered that, as inadequate as the national bank note circulation was, repealing the ten percent tax would only make things worse. As the economist Charles F. Dunbar* wrote, “the repeal of the tax would indisputably open the door for evils which were rife only a generation ago … the simple repeal of the ten per cent tax means the substitution of multifarious issues for the uniform currency of the national banks.” In addition to banknotes issued by state banks, the ten percent tax seemed also to preclude currency from being issued by other entities. State and municipal governments were seemingly constrained from emitting currency by Article I, Section 10 of the U.S. Constitution, which forbade state-issued “bills of credit.” However, cash-strapped governments of the 19th century, particularly in the South, got away with peddling currency substitutes such as warrants and “baby bonds” if they could be styled as evidences of debt, and not as media intended for general circulation. The “Death Tax” seemed more of a threat to issues put out by private enterprises like mining or lumber companies, which tied the use of their scrip tokens to the infamous institution of the company store. Yet as long as these media promised redemption in merchandise rather than money, they didn’t rise to the status of banknotes and thus avoided the tax, as well as the federal prohibition against issuing private fractional currency. More problematic for these private media were laws, passed by states, mandating employee pay in legal tender, rather than in company scrip. Ironically, those currency substitutes that were most likely subject to the “Death Tax” were also those most supported by the authorities and the general public. These were the small-denomination clearinghouse certificates issued during financial panics, notably in 1907. Commentators routinely noted their questionable legal status. As the economist A. Piatt Andrew** declared about the 1907 scrip, “it was an inconvertible paper money issued without sanction of law.” Yet opinions by the U.S. Attorneys General conveniently exonerated such paper as being lacking sufficiently the qualities of currency. By the time of the Aldrich-Vreeland emergency notes of 1914, the tax on circulation served not to prohibit such issues, but to merely to provide an incentive to redeem them when they were no longer needed. * ”The Bank-Note Question” (1892). ** ”Substitutes for Cash During the Panic of 1907” (1908). Chump Change Loren Gatch The Long Life of the “Death Tax” SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 55 Robert Calderman Spilled Milk and Sour Grapes! A message pops up on your phone… “Did you win those notes?” “No, I’m out of town in Las Vegas for a coin show this week, wasn’t paying attention. What did I miss?” This is the type of message you never want to see. Similar to hearing a loved one has suddenly passed or a pet was run over by the Amazon delivery truck… Sound extreme? An absurd exaggeration you say? Well, tell that to a diehard collector who hunts notes so intensely that he hones in just as much time and energy as a highly skilled Native American in the 1600’s hunting for several days at a time, with the relentless focused intent of taking down a bison to feed his tribe… what else could matter more in his world? A seasoned Cherry Picker hunting notes has just as much skill, focus, and determination hunting specialized varieties does he not? This is not a new found pain. Missing out on a literal gift purchase, a lost opportunity that leaves you sweating and a little dizzy with adrenaline pumping wildly through your veins, now left wondering, “Did that really just happen… no way, I can’t believe it?” The one thing true collectors must endure is the pure torture of what could have been. The missed opportunities, so huge that they will be remembered for years and more likely burned deeply into their psyche for decades! What is joy without pain? Love without loss? Boy howdy, this is getting laid on pretty thick here wouldn’t you say? If you are going to be in this hobby for any significant measured span of time, you will have your heart broken with missed opportunities. It makes the wins you add to your collection that much sweeter! The fun of gloating to your pals on what notes you literally just stole (Horrible phrasing of course). Hey, you cannot be everywhere at all times and see every note that comes up SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 56 for sale at any given moment across the globe; it just doesn’t work that way. Don’t fret. The pain will subside. Take a breath my friends and realize tomorrow will be another day. So what is this excessive build up all about? Was there a recent eBay rip of a lifetime? A brick and mortar coin shop purchase earning the mythical cherry picker lifetime achievement award? Nope, if you can believe it, we have another major auction house lot that fell through the cracks! And this one my friends is a doozey! Here we have what can only be described by the collecting community as an “Oh Shit” moment. Sorry if you are thin skinned, deeply offended, and now scarred for life… get over it! This missed opportunity is so sickening, so absolutely ridiculous, that it loudly banged the giant gong from the beloved 70’s classic, The Gong Show! Picture the moment in the comedy movie the Naked Gun with Leslie Nielsen where everyone smacks their foreheads in disbelief of the ridiculousness they just witnessed… Alrighty boys and girls, lets spill the beans. Here we have pictured a lot of six choice crisp uncirculated five dollar silver certificates. Commonplace notes that we see nearly every day. Are you yawning already? Well there is more to the story of course. These luscious specimens face up very nicely and are all consecutive notes save for a one note gap that disrupts the run. They are all from the infamous K-A block, by far the most famous and variety rich block there are for $5 SC’s. So what else is there to see? They are series of 1934A K-A’s, which generally speaking, are not difficult notes to locate. In fact, there are nearly two dozen examples known in superb gem condition! Sooo, do you see it yet? Have you smacked your forehead already? Do you have that disorienting feeling like you just got punched in the stomach? If not quite yet, wait until you read what this grouping actually sold for! After a handful of texts and phone calls, a few of my buddies were ready to puke their guts out when they saw for themselves what could have been had they only paid a little more attention and placed bids of their own. Out of these six attractive notes, FOUR of them are the rare and coveted late finished face plate number 307!!! No really, I am not joking! The serial numbers are as follows: K36311223A, K36311224A, K36311225A, and K36311226A. What is even more intriguing is the serial number K36311227A example is missing from the group and we have non-variety face plate #1628 on the last two notes of the lot: K36311228A and K36311229A. The 307’s all feature back plate #1132 and the other two notes have back check #1261. It is an unfortunate tragedy, without having the K36311227A note we are missing the incredible changeover pair! Wow, where is this missing note? Did it survive? Was it pulled from the original pack and replaced with a star note? We may never know. Okay, so what did this lot actually sell for? On Tuesday November 28th in the year of our lord 2023, this lot of six CU notes brought $960! Now do you have a gentle urge to walk out into traffic on interstate 405? Of course I say this in pure jest. However, for those that know exactly what is going on here, you definitely just had to pick up your jaw off the floor and re-attach it to your face! If you do not know what makes late finished plate #307 so special, I have listed some suggested reading at the end of this article and I encourage you to do your homework. For the rest of us, let’s skip to the best part, how tough are they really, and what are these notes worth? Faceplate #307 notes were printed on regular issue blue seal and also emergency issue North Africa yellow seal five dollar notes on the series of 1934A only. What is very significant is the disparity between examples on the two seal colors. PMG alone has graded just 19 examples of blue seal #307’s in all grades combined and one lone star note (The only star ever recorded). For the yellow seal variety, 56 examples have been graded along with 10 star notes. Given the back centering on this group of six blue seal notes, the maximum potential grades at PMG would put these notes at 64EPQ provided there are no issues we cannot see pictured like pinholes, significant edge splits, staining, rust, etc. Looking deeper into the PMG Population report, there are currently only 2 examples in 64EPQ with just four notes graded higher. When did the last example of a #307 blue seal $5 SC sell? What did it bring? With just a bit of research we find that one of the two known 64EPQ’s last sold at public auction in September of 2020 for $4,560.00!!! Yes, you read that correctly, nearly five thousand dollars for one example… and the group of notes in this article contain four examples in similar condition that brought just over nine hundred dollars!?! What on earth, are you kidding me! A group of notes worth conservatively $10K - $12K went for a ninety-percent discount. If you’ve ever wondered what it would feel like to win the lottery, just talk to the guy or gal that won this lot of six five dollar bills! As it has been said several times before in this hobby, sometimes the sun shines brightly on a collector and they have an exceptional day. Well, the winner of this group lot might be partially blind after such a violent sunbeam! 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 Recommended Reading: - The Mystery of Face Plate 307 Solved (Paper Money *March/April 2017* Whole No. 308) - Late finished Plates Used to Print Small notes (Paper Money May/June 1984* Whole No. 111) SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 57 The front of the Type-40 Treasury note endorsed by Capt. Joseph B. Briggs, AQM. image: Heritage Auctions, HA.com Capt. Joseph B. Briggs, AQM 4th Tennessee Cavalry e tend to see wars in black and white terms, good versus evil. But history teaches us that wars are more complex. The story behind the rare, R15 endorsement of Capt. Joseph B. Briggs illustrates the genetic power of tribal cooperation. The endorsement was found on a rather tattered and soiled T-40 Treasury note in Hugh Shull’s collection, and it is a historically significant gem. According to research by Charles Derby, Joseph B. Briggs was born near Franklin, Tennessee on November 20th, 1842. A genealogy website mentions that Briggs entered the Confederate service early in the war, but no records are found in the National Archives for service earlier than January of 1863.1 Briggs “...began working at the age of 15 as a clerk in his father’s store. ...At the conclusion of the conflict (Civil War) he returned to Franklin and re- established himself as a merchant. ...In 1866 Briggs moved to Memphis where he became a wholesale merchant. The outbreak of ‘yellow fever’ a year later, however, caused him to remove to Russellville, Kentucky, where he settled permanently. Within the year Briggs became a partner in the banking firm of N. Long & Co. and married Annie Long.”2 1863 Briggs was appointed Capt. & AQM on February 19th, and confirmed on April 30th, retroactively taking rank on February 19th, the date he may have entered the service. The endorsement on the Treasury note is dated March 19th, confirming that Briggs was active as a quartermaster prior to the formal date of confirmation on April 30th. He reported to the 4th Tennessee Cavalry (McLemore’s). National Archives summary cards noting his appointment on April 30th are in error; the original letter from Col. Starnes recommending Briggs’ W The Quartermaster Column No. 34 by Michael McNeil The endorsement reads: “Issued by J B Briggs/ Capt & AQM/ March 19, 1863” image: Heritage Auctions, HA.com SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 58 appointment on February 19th exists in the file. Col. Starnes, who was later killed in action, guaranteed Briggs’ bond as a quartermaster. Tennessee was the last state to secede from the Union on May 17th, 1861, and it was the first state to be readmitted to the Union on July 24th, 1866. Tennessee was roughly split in loyalty to the Confederacy in the western region and loyalty to the Union in the eastern region. The 4th Tennessee Cavalry mustered from the counties of Wilson, Marshall, Bedford, Rutherford, Smith, Marion, Coffee, and Franklin, all in the middle of the state. The 4th Tennessee Cavalry saw action at the battles of Parker’s Cross Roads, TN (December 31st, 1862), Chickamauga, TN and GA (September 18- 20th, 1863), the Atlanta campaign (summer of 1864), and Franklin, TN (November 30th, 1864). It later served in the Carolinas campaign and surrendered on April 26th, 1865.3 The documents for Briggs are sparse in the National Archives, with 19 documents found in Briggs’ files for the state of Tennessee, Fourth (McLemore’s) Cavalry, and with only 8 documents found in Briggs’ files for Officers. Letters of recom- mendation for appointments were typically approved or denied by making comments on the back of the letter, conforming to the columns made by folding the letter in thirds. We find the original document for Briggs in his National Archives file, and the back is illustrated at left. Note the signatures of the famous generals Bragg, Forrest, Polk, and Van Dorn. A voucher for forage located Briggs at Rome, Georgia on May 7th. He received stationery supplies “for use 3d Tenn Cavalry” on July 15th at Columbia, (Tennessee), from C. S. Severson, Quartermaster of Nathan Bedford Forrest’s Brigade. This document was oddly signed as “Quarter- master Se(r)g(ean)t 3d Tenn Cavalry.” It is not known why he signed as a QM Sergeant rather than his confirmed rank of Captain. This is a unique instance and all other documents are signed as “Capt(ain).” Briggs received $500.00 in quartermaster funds from Maj. Severson on July 20th “in the field.” 1864 A National Archives summary card noted that on February 1st Briggs reported to the 9th Tennessee Cavalry, Dibrell’s Brigade, Armstrong’s Division, Wheeler’s Corps, later reporting again to the 4th Tennessee Cavalry. Starting on May 1st at Tunnel Hill and the defense of Dalton, Georgia, the 4th Tennessee Cavalry saw the first action in Gen’l Sherman’s push to Atlanta in the spring and summer of 1864. A list of officers dated July 20th at Atlanta, Georgia, noted in pencil that Briggs was “30 (and) active.” He was 21 years old. 1865 A summary card noted that Briggs reported to the same commands on January 22nd at Tupelo, Mississippi. The 4th Tennessee surrendered on April 26th in North Carolina. If Briggs surrendered on May 10th, as one source claims, he may have surrendered with Gen’l N. B. Forrest at Gainesville, AL.1 Briggs’ surrender on April 26th is more likely. The backs of letters were used to track approvals by commanding officers, the Office of the Secretary of War, and the Office of the Adj. & Inspector General. On the back of the letter recommending an appointment for Briggs we see the signatures of approval by generals Braxton Bragg, N(athan) B(edford) Forrest, L(eonidas) Polk, and Earl Van Dorn. Braxton Bragg Earl Van Dorn N. B. Forrest L. Polk SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 59 he event at Chickamauga: Wars are a powerful catalyst of tribal cooperation. A stunning example can be found in newspaper accounts of the recollections of Capt. Joseph B. Briggs, AQM. Here is the Savannah Morning News of January 28th, 1885: ...At the battle of Chickamauga the Fourth Tennessee Cavalry was dismounted to fight as infantry, every fourth man being told-off to hold horses. These horse-holders, and also all of the colored servants, were kept in the rear. The colored men numbered about 40, and having been in service a long time, had gradually armed themselves. Some of them were even better equipped than their masters, for on successful raids and battles they could follow in the rear and pick up those things the soldiers had no time to secure; so that these colored servants could each boast of one or two revolvers and a fine carbine or repeating rifle. During all of the early part of the battle of Chickamauga, the 4th Tennessee Cavalry had been fighting as infantry, and as it became evident that a victory was to be won, Col. McLemore, commanding, ordered Capt. Briggs to return to the horse-holders, and after placing the horses, teams, etc, under charge of the servants, to bring up the quarter of the regiment in charge of the horses so that they might take part in the final triumph. Capt. Briggs, on reaching the horses, was surprised to find the colored men organized and equipped, under Daniel McLemore, (colored servant to the Colonel of the regiment), and demanding the right to go into the fight. After trying to dissuade them from this, Capt. Briggs led them up to the line of battle, which was then just preparing to assault Gen. Thomas’ position. Thinking they would be of service in caring for the wounded, Capt. Briggs held them close up in line, but when the advance was ordered the negro company became enthused as well as their masters, and filled a portion of the line of advance as well as any company of the regiment. They were equally up to the charge as the rest of the men. While they had no guidon [a flag or pennant of a military unit] or muster role, the burial after the battle of four of their number and the care of seven wounded at the hospital, told the tale of how well they fought that day.4 The acclaimed artist, Don Troiani, memorialized these armed servants in a historically accurate recreation, and graciously licensed it for use in this column.5 This was not a unique instance of armed servants in the Confederate Army. Lewis Steiner, a member of the U. S. Sanitary Commission, wrote in his diary on September 10th, 1862: At four o’clock this morning the rebel army began to move from our town [Frederick, Maryland], Jackson’s force taking the advance. The movement continued until about 8 o’clock P. M., occupying sixteen hours. The most liberal calculations could not give them more than 64,000 men. Over 3,000 negroes must be included in this number. These were clad in all kinds of uniforms, not only in cast-off or captured United States uniforms, but in coats with Southern buttons, State buttons, etc. These were shabby, but not shabbier or seedier than those T Image used by permission from genealogytrails.com SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 60 Confederate Army, armed servant of the 4th Tennessee Cavalry 1863, © Don Troiani. worn by white men in the rebel ranks. Most of the negroes had arms, rifles, muskets, sabres, bowie- knives, dirks, etc. They were...manifestly an integral portion of the Southern Confederacy Army....6 The instinct to defend one’s tribe is a powerful force. To paraphrase a famous quotation, in tribalism the masses react with passionate intensity, the wise are deeply cautious, and politicians find it useful.7 Carpe diem UPDATE: Quartermaster Column No. 32 The provenance of Gen’l Robert E. Lee’s horse, Traveller, has been resolved. Roger Adamek found a statement in Major Thomas L. Broun’s own words that he had bought the horse known as “Traveller” for $175, and that both he and his brother, Captain Joseph M. Broun, used this horse. Gen’l Robert E. Lee admired the horse when it was in the possession of Thomas Broun in Virginia, and also later when it was in the possession of Joseph Broun in South Carolina. Joseph Broun offered the horse as a gift to Lee, but Lee insisted on paying for it, which he did for a sum of $200, adding $25 for the depreciation in the value of currency from the time it was purchased by Thomas Broun. The full text may be found at: www.civilwarhome.com/leeshorses.html. The original text appeared in the Richmond Dispatch, August 10th, 1886. References: 1. genealogytrails.com/main/military/confederatevets_wellknown.html, accessed 7 October 2023. 2. National Register of Historic Places, PH 0668796, Nov. 27th, 1978, Long-Briggs House, Russellville, KY. Researched by Charles Derby. 3. en.wikipedia.org/wiki/4th_Tennessee_Cavalry_Regiment_(Starnes’-McLemore’s), accessed 7 October 2023. 4. from the Savannah Morning News, January 28th, 1885, page 1, “A Bit of History.” Researched by Charles Derby. 5. dontroiani.com. Also see the Wikipedia entry: en.wikipedia.org/wiki/Don_Troiani. 6. Lewis H. Steiner, M. D. Diary Kept During the Rebel Occupation of Frederick, MD, and an Account of the Operations of the U. S. Sanitary Commission during the Campaign in Maryland, 1862, Anson D. F. Randolph, New York, 1862, pp. 19-20. Privately published “without cost to the treasury of the Commission.” Researched by Charles Derby. 7. “In religion the masses believe, the wise disbelieve, and rulers find it useful.” The attribution to Seneca the Younger is highly disputed with no original sources: see en.wikiquote.org/wiki/Seneca_the_Younger, accessed 10 October 2023. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 61 $MALL NOTE$ By Jamie Yakes Series of 1934A $5 Cleveland FRNs The Bureau of Engraving and Printing (BEP) printed fewer Series of 1934A $5 Federal Reserve Notes for Cleveland than any other district (1934A plates were not made for Minneapolis, Kansas City, or Dallas). Although they certified twelve 1934A Cleveland face plates, they printed sheets from only five during separate periods: first in late 1942-43, and again in 1945-46. From those plates they produced 134,000 sheets, or 1.6 million notes. Accounting for spoilage, and possibly unused sheets, probably over 1.5 million were numbered, mostly as regular notes but also stars. Affecting production of 1934A Cleveland $5s was the usual low demand for notes for the Cleveland district, and an ample supply of Series of 1934 Cleveland faces in the first half of the 1940s. To the end of 1941 the BEP delivered 6.6 million finished Cleveland $5s, all 1934s, the fourth fewest of any district. In the five years from 1942 to 1947, they delivered almost ten times that amount, just under sixty million notes, as demand increased for Cleveland notes. For those printings they predominantly used 1934 faces, but also sent to press 1934A and 1934B faces. The BEP typically used face plates for some time before retiring them, so currency production often was a mix of various series and signatures. The overlap between 1934 and 1934A $5 faces lingered because the BEP stopped printing $5 Federal Reserve Notes in 1937 by order of the Treasury and turned that production over to printing silver certificates. They mothballed hundreds of serviceable 1934 faces for all districts, including 26 for Cleveland, as well as thousands of unnumbered sheets. Production of $5 Federal Reserve Notes resumed in July 1941, and the BEP began numbering the incomplete sheets to quickly produce finished stocks. For Cleveland they began printing new sheets with 1934 faces in September. This delayed an immediate need for 1934A faces until 1942. The BEP started 1934A faces 30-33 in September 1941, and finished 30 and 31 in November, and 32 and 33 the following February. They also certified faces 34-37 in February and March 1942. But they would send none to press until September. In that time they completed five million more 1934 notes, from stockpiled and freshly printed sheets. The first press run with 1934A faces occurred September 18-22, 1942, and involved faces 30, 31, and 32 (face 33 was never used.) The next run began December 1, 1942, with faces 30 and 31. On press during both instances were 1934 faces. Face 31 was dropped from press January 5, 1943, and face 30 was removed six days later. No more 1934A faces would be used for almost three years. During 1942, the BEP delivered Cleveland $5s with serial numbers D06600001A-D18804000A. Cleveland 1934As from plates 30, 31, and 32 are found in the higher half, with serial numbers in the low 11-millions to high 18-millions. In 1943-45, the BEP delivered forty million Cleveland $5s, up to serial number D58836000A. Most of those were 1934 notes; any available 1934A notes would have come from sheets leftover from the 1942-43 press runs. The BEP had begun 1934A faces 38-41 in November 1943, and certified them in February and March 1944, but would use none until the following year. Two 1934A Cleveland $5s, showing serial numbers from each press run period. A three‐year separation between use of those faces created a gap of about forty million serials among observed notes. (Heritage Auctions.) SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 62 The second group of press runs with 1934A faces began in November 1945 with plates 40 and 41 and lasted through the first half of 1946. Plate 40 was sent to press on November 30, dropped January 9, 1946, and sent again from March 29 until June 3. Plate 41 had a single press run from February 27 until April 12. As with earlier press runs, 1934 faces were still being used; the last of those was dropped on January 9. In addition, Series of 1934B faces 42-49 were on press concurrent with the final runs of 1934As. The final serial number delivered in 1946 was D66396000A. Cleveland $5s from plates 40 and 41 have serial numbers in the high 59-millions to low 63-millions. Varieties exist, even for scarce types. Star notes were printed on 1934A Cleveland sheets and are rare. A handful are known, with serial numbers in the high 200,000s (corresponding to 1942-43) and low 800,000s (1945- 46). Though unreported, back plate 637 varieties also may exist with 1934A Cleveland faces. Back 637 was on press in 1945-46, and faces 40 and 41 could have landed on those sheets. Series of 1934B back plate 637 notes with faces 44, 46, 47, and 49 are known with serial numbers from D60063088A to D65029457A, which overlap the range of higher serial 1934A notes. Summary statistics for 1934A $5 Cleveland faces show the details. Plates 33-39 were never used. Plate 32 was used for five days and yielded 4,350 sheets. Plate 41 was used for 108 days and produced 43,920 sheets. Plates 30, 31, and 40 lasted less than two months, and each printed between 21,753 and 33,975 sheets. Computed to notes—1,610,786, to be exact—1934As comprised just over two percent of all Cleveland $5s delivered through 1946. No matter the variety, 1934A Cleveland $5s are a desirable find. References Bureau of Engraving and Printing plate summary cards. Provided by Hallie Brooker, Bureau of Engraving and Printing Resource Center, Washington, D.C. Email communication, November 8, 2017. “First Serial Numbers on U.S Small Size Notes Delivered during each year 1928 to 1952.” Prepared by the O&M Secretary, Bureau of Engraving and Printing, April 1952. Bureau of Engraving and Printing Historical Resource Center, Washington, D.C. Heritage Auctions (website). “Currency: Resources: View Past Sale Prices.” https://currency.ha.com/heritage-auctions-hall-of- fame-best-prices-realized.s?ic=Tab-Resources- AuctionArchives-122214. Accessed December 1, 2023. Paper Money Forum. “Complete Group Set of $5 FRN 1934-A Cleveland Notes.” https://www.papermoneyforum.com/post/complet e-group-set-of-5-frn-1934a-cleveland-notes- 8595804?highlight=cleveland&pid=1309496685. Published August 24, 2011. Record Group 318-Bureau of Engraving and Printing: Entry P1, Ledgers Pertaining to Plates, Rolls and Dies, 1870s-1960s, Containers 43 and 147. National Archives and Records Administration, College Park, Maryland. The Paper Money Project. “1934-1934C $5 FRNs, LFBP #637 Mules/Non-Mules.” https://www.papermoneyproject.com/5-frn-637- mules. Accessed December 4, 2023. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 63 UNESCO World Heritage Sites Depicted on Bank Notes – Antigua by Roland Rollins Antigua and Barbuda is a sovereign island country in the West Indies. It lies where the Caribbean Sea and the Atlantic Ocean meet in the Leeward Islands as part of the Lesser Antilles. The country consists of two major islands, Antigua and Barbuda, with several smaller islands. Antigua has only one World Heritage Site; Antigua Naval Dockyard and Related Archaeological Sites. However, since 1965 the country uses the Eastern Caribbean dollar as one of seven full members of Organization of Eastern Caribbean States. Antigua Naval Dockyard and Related Archaeological Sites consist of a group of Georgian-style naval buildings and structures, set within a walled enclosure. The natural environment of this side of the island of Antigua, with its deep, narrow bays surrounded by highlands, offered shelter from hurricanes and was ideal for repairing ships. The construction of the Dockyard by the British navy would not have been possible without the labor of generations of enslaved Africans since the end of the 18th century. Its aim was to protect the interests of sugar cane planters at a time when European powers were competing for control of the Eastern Caribbean. There are six OECS notes depicting this site – all $5 denominations:  P26 / B210 – 1993 paper  P31 / B215 – 1994 paper  P37 / B221 – 2001 paper  P42 / B226 – 2003 paper  P47 / B231 – 2008 paper  P-NL / B240 – 2021 polymer Antigua $5 front with fish; bar codes; Central Bank headquarters building; sea turtle; Queen Elizabeth II wearing Grand Duchess Vladimir’s tiara and Queen Victoria’s golden jubilee necklace; green-throated carib bird and flowers Antigua $5 back with Admiral’s House in Antigua and Barbuda; map of islands; silver compass; rose; Trafalgar Falls in Dominica; fish UPDATE – UNESCO SITES FOUND ON WORLD BANKNOTES  Countries with UNESCO sites – 160 countries, 134 current countries + 26 “dead” countries  UNESCO sites depicted on banknotes – 369 sites – nine new since last article  Total banknotes found wit UNESCO sites – 2,993 banknotes – 238 new since last article  With 1,199 current UNESCO sites (41 new sites just added by UNESCO, that’s nearly 31% of the sites are represented on banknotes. SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 64 Shop Live 24/7 Scan for $10 off your first purchase whatnot.com An Index to Paper Money, Volume 62, 2023; Whole Numbers 343-348 Compiled by Terry A. Bryan Yr. Vol. No. Pg. Aidala, Enrico Replacement Notes Among Type-39 & Type-40 Confederate Currency, ......................... 23 62 343 38 Bertram, Peter The Altered 4th Printing Confederate Chemicograph Backs, ................................................. 23 62 347 361 Bolin, Benny Daniel Webster Valentine: Fractional Currency & Half-Dimes, (& Jerry Fochtman) ...... 23 62 348 405 Mr. President—May We?, ............................................................................................................ 23 62 343 34 Boling, Joseph E., Schwan, Fred (Uncoupled Column) More Official Counterfeiting, (India/Burma overprinted notes) ............................................. 23 62 344 144 More on the Obsolete Corner, (Greensborough, Georgia Obsolete Counterfeits) .............. 23 62 345 228 Our Hometown Collections, ......................................................................................................... 23 62 347 368 Ryukyus Reversion-1972, ............................................................................................................. 23 62 348 445 Tibet (sort of), ................................................................................................................................... 23 62 343 60 Toys, (fantasy notes: Brazil, Chile, etc.) ...................................................................................... 23 62 346 298 Bryan, Terry A. Clayton A. Cowgill Signed Florida Treasury Warrants, ......................................................... 23 62 344 112 Gardiner H. Wright & Company, Bog Iron, ............................................................................. 23 62 346 282 Neither Chit nor Chizzler, (Agricultural chits) ........................................................................... 23 62 347 357 Calderman, Robert, (Cherry Picker’s Corner column) Extraordinary Vinson Red Seal Mule! ........................................................................................ 23 62 346 311 Recognizing Rarity! (Silver Certificate mule) ............................................................................ 23 62 343 70 Stacking Blocks—For Adults! (Series 1923 Silver Certificate Y-D Block discovery) ..... 23 62 344 152 There Can Be Only One. (SC Star Mule Back 629) ................................................................ 23 62 345 244 When Size Matters! (Changeover Pair, $5FRN) ...................................................................... 23 62 347 372 Chibbaro, Tony It’s Not Just About the Vignettes: Asahel K. Eaton’s Patents of April 28, 1863, ................ 23 62 344 115 It’s Not Just About the Vignettes: A Case of Mistaken Identity, (Gen. Wm. Butler) ........ 23 62 347 366 It’s Not Just About the Vignettes: The Mystery of the Missing Statue ................................. 23 62 346 294 It’s Not Just About the Vignettes: The “Real” Rhett Butler .................................................... 23 62 348 441 Clark, Frank Edward H. Stroecker & George Hutchinson, Fairbanks, Alaska Bankers, ......................... 23 62 345 218 CONFEDERATE AND SOUTHERN STATES CURRENCY The Altered 4th Printing Confederate Chemicograph Backs, Peter Bertram ........................ 23 62 347 361 Anatomy of a Confederate Note, Steve Feller ........................................................................... 23 62 344 118 The Civil War Stamp Money of Confederate Mobile, Alabama, Steve Feller ................... 23 62 346 269 The Civil War’s Impact on Ins.in Alabama: the Troy Insurance Company, Bill Gunther 23 62 344 124 Clayton A. Cowgill Signed Florida Treasury Warrants, Terry A. Bryan ............................. 23 62 344 112 The Promise of a Florida Soldier: Hansford Herndon, Promissory Note, Charles Derby 23 62 346 284 Replacement Notes Among Type-39 & Type-40 Confederate Currency, E Aidala ......... 23 62 343 38 U.S. Lieutenant Frank C. Filley’s T-63 Fifty Cent Confederate Note, Charles Derby ...... 23 62 343 56 Derby, Charles Merchant Notes from Tuscaloosa, Alabama in the 1830s ....................................................... 23 62 344 94 The Promise of a Florida Soldier: Hansford Herndon, Promissory Note ............................. 23 62 346 284 The Story of Norman’s Bridge, Alabama, (with Bill Gunther) .............................................. 23 62 348 427 Union Occupation & the Fate of Baugh’s Cotton Mill in Alabama, (w/Bill Gunther) ...... 23 62 347 346 U.S. Lieutenant Frank C. Filley’s T-63 Fifty Cent Confederate Note, ................................. 23 62 343 56 Dzara, Gerald Notes from the Farmers & Mechanics Bank of Fayette County, New Salem, PA, .......... 23 62 345 241 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 66 Feller, Steve Anatomy of a Confederate Note, ................................................................................................. 23 62 344 118 Channel Island Internees at Wursach Schloss, (German Occupation Currency) ................ 23 62 343 49 Civil War Stamp Money of Confederate Mobile, Alabama, ................................................. 23 62 346 269 Paper Money of the Sefton Internment Camp on the Isle of Mann, ..................................... 23 62 348 411 Fochtman, Jerry Daniel Webster Valentine--Fractional Currency & Half-Dimes, (with Benny Bolin) ...... 23 62 348 405 4th Issue Treasury Seal Plate Proof Sheets, (with Rick Melamed) ......................................... 23 62 347 350 Gatch, Loren, (Chump Change Column) Another Dispatch from the War on Cash: The Nigerian Front, (Nigerian Naira Recall) .. 23 62 345 233 Cancelling Money, (India monetary recall) ................................................................................ 23 62 343 67 Dethroning the Dollar, (dollars as world currency) ................................................................... 23 62 346 304 Does Provenance Matter for Paper Money? Should It? (Pedigree vs. Value) ..................... 23 62 347 378 Money and the British Monarchy, (Charles III on new issues) .............................................. 23 62 344 162 The SPMC—An Organization on the Move. .......................................................................... 23 62 348 451 Gill, Robert, (Obsolete Corner Column) The Bank of Greensborough, Georgia, ...................................................................................... 23 62 344 155 The Bank of Wisconsin, ................................................................................................................ 23 62 348 455 The Corn Exchange Bank, (Wisconsin) ..................................................................................... 23 62 345 234 The Harrisburg Bank, (Pennsylvania) ......................................................................................... 23 62 346 305 The Reapers Bank, (Illinois) .......................................................................................................... 23 62 347 376 The Sycamore Bank, (Illinois) ...................................................................................................... 23 62 343 72 Gunther, Bill The Civil War’s Impact on Insurance in Alabama: Troy Insurance Company, ................. 23 62 344 124 The Story of Norman’s Bridge, Alabama, (with Charles Derby) .......................................... 23 62 348 427 Union Occupation & the Fate of Baugh’s Cotton Mill in Alabama, (w/Charles Derby) .. 23 62 347 346 Halland, Kent A Follow-up to the 131-Year-Old Mystery, (with Charles Surasky) (Postal Notes) .......... 23 62 344 142 Philadelphia Serial #1 Postal Note Enigma, (with Bob Laub) ................................................ 23 62 343 6 Hansen, Matt Digital Archive of the Walton Collection of Nebraska National Bank Notes, ................... 23 62 345 194 Huntoon, Peter Arizona Series of 1929 National Bank Notes, .......................................................................... 23 62 343 21 $5 Federal Reserve Series of 1934 Blue-Green Seal, Yellow-Green Back, Non-Mules, (with Jamie Yakes) ................................................................................................................ 23 62 344 136 Glass-Borah Amendment of 1932 Spiked Series of 1929 NBN Circulation, (with Jamie Yakes) ................................................................................................................ 23 62 346 276 High Serial Discovery, ($2 Legal Tender 1928C Mule) .......................................................... 23 62 347 344 Kahului, Hawaii Territorial 1902 Red Seal, Discovery of the Decade, ................................ 23 62 344 84 Laws Governing the Circulation & Denominations National Banks Could Issue, ........... 23 62 345 203 Legal Tender Series of 1928 Non-Star Serial Number Ranges, ............................................ 23 62 344 100 $1 Late-finished SC Series of 1935A Back Plate 470 Discovery, ........................................ 23 62 345 200 Plate Letters on Large size National Bank Notes, .................................................................... 23 62 345 320 Taxing Non-Federal Currency Out of Existence, (with Wendell Wolka) ............................ 23 62 348 399 $20 Series of 1880 Legal Tender Serial Number Color Change, (with Lee Lofthus) ....... 23 62 346 266 2% Consols of 1930, (Bonds backing NBN) ............................................................................ 23 62 348 391 INTERNATIONAL. CURRENCY Another Dispatch from the War on Cash: the Nigerian Front, Loren Gatch, ...................... 23 62 345 233 Channel Island Internees at Wursach Schloss, Steve Feller .................................................... 23 62 343 49 Collecting UNESCO World heritage Sites Bank Notes, Roland Rollins............................. 23 62 344 134 Dethroning the Dollar, Loren Gatch (Chump Change col.) (dollars as world currency) ... 23 62 346 304 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 67 The Exchange Note (Billete de Canje) of Puerto Rico (1895), Angel Navarro Zayas ...... 23 62 345 222 The Monster Banknotes of Reza Shah Pahlavi, Roland Rollins ........................................... 23 62 343 36 On the 1940 Emergency Issues of Deventer, The Netherlands, Roeland Krul ................... 23 62 346 288 UNESCO World Heritage Sites Depicted on Bank Notes: Albania, Roland Rollins ....... 23 62 345 221 UNESCO World Heritage Sites Depicted on Bank Notes: Algeria, Roland Rollins ........ 23 62 346 292 UNESCO World Heritage Sites Depicted on Bank Notes: Angola, Roland Rollins ........ 23 62 347 385 Krul, Roeland On the 1940 Emergency Issues of Deventer, The Netherlands, ............................................ 23 62 346 288 Laub, Bob Challis, Idaho Territory Postal Note ............................................................................................. 23 62 345 216 How the Montgomery Ward Catalog & the U.S. Postal Notes Helped Tame the West ... 23 62 347 379 Oakland, California’s Contribution to Series 1883-1894 Postal Note History .................... 23 62 348 439 Philadelphia Serial #1 Postal Note Enigma, (with Kent Halland) .......................................... 23 62 343 6 The Rare Wobus Postal Note from St. Charles, Missouri ....................................................... 23 62 346 296 Lofthus, Lee The End of National Bank Notes, ............................................................................................... 23 62 345 170 How the 1914 FRN Serial #1 San Francisco Red Seals were Saved, .................................. 23 62 347 337 Series of 1929 $100 Type 2 Nationals, Rarity Viewed Through H & O Auctions, .......... 23 62 346 253 $20 Series of 1880 Legal Tender Serial Number Color Change, (with Peter Huntoon) .. 23 62 346 266 The White House and Treasury Talk Autographs on Dollar Bills, ....................................... 23 62 348 418 McNeil, Michael The Quartermaster Column No. 28, (Lieutenant Elijah Graham Morrow) ......................... 23 62 343 68 The Quartermaster Column No. 29, (Major H. McD. McElrath) .......................................... 23 62 344 160 The Quartermaster Column No. 29 Update, (Lt. Hugh McD McElrath) ............................. 23 62 345 237 The Quartermaster Column No. 30, (Major John Coleman Palmer) .................................... 23 62 345 236 The Quartermaster Column No. 31, (Lt. John E. Day) ............................................................ 23 62 346 308 The Quartermaster Column No. 32, (Major Thomas L. Broun) ............................................ 23 62 347 374 The Quartermaster Column No. 33, (Major Yandell S. Patton) ............................................. 23 62 348 449 Maples, J. Fred The Central National Bank of Frederick, Maryland #1138, ................................................... 23 62 346 274 Merlau, Richard Gutter Fold Errors on Fractional Currency, (with Rick Melamed) ........................................ 23 62 348 432 Melamed, Rick 4th Issue Treasury Seal Plate Proof Sheets, (with Jerry Fochtman) ........................................ 23 62 347 350 Gutter Fold Errors on Fractional Currency, (with Richard Merlau) ...................................... 23 62 348 432 William Morris Meredith, 19th Secretary of the Treasury, ...................................................... 23 62 345 212 MILITARY PAYMENT CERTIFICATES AND MILITARY CURRENCY On the 1940 Emergency Issues of Deventer, The Netherlands, Roeland Krul ................... 23 62 346 288 Paper Money of the Sefton Internment Camp on the Isle of Mann, Steve Feller................ 23 62 348 411 Mincho, Allen How the 1914 FRN Serial #1 San Francisco Red Seals Were Sold, .................................... 23 62 348 404 Navarro Zayas, Dr. Angel O. The Exchange Note (Billete de Canje) of Puerto Rico (1895), .............................................. 23 62 345 222 OBSOLETE NOTES & SCRIP Civil War Stamp Money of Confederate Mobile, Alabama, Steve Feller ........................... 23 62 346 269 Clayton A. Cowgill Signed Florida Treasury Warrants, Terry A. Bryan ............................. 23 62 344 112 Gardiner H. Wright & Company, Bog Iron, Terry A. Bryan ................................................. 23 62 346 282 How the Montgomery Ward Catalog & the U.S. Postal Notes Helped Tame the West, Bob Laub (Postal Notes) ....................................................................................................... 23 62 347 379 It’s Not Just About the Vignettes: A Case of Mistaken Identity, Tony Chibbaro (Gen. Wm. Butler) ................................................................................................................. 23 62 347 366 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 68 It’s Not Just About the Vignettes: The Mystery of the Missing Statue, Tony Chibbaro ... 23 62 346 294 It’s Not Just About the Vignettes: The “Real” Rhett Butler, Tony Chibbaro ...................... 23 62 348 441 Merchant Notes from Tuscaloosa, Alabama in the 1830s: Benjamin S. Wilson of Conrow Ramsey & Co., Charles Derby ............................................................................................. 23 62 344 94 Neither Chit nor Chizzler, Terry A. Bryan (Agricultural chits) .............................................. 23 62 347 357 Notes from the Farmers & Mechanics Bank of Fayette County, New Salem, PA, Gerald Dzara ............................................................................................................................ 23 62 345 241 Raised Bank Notes from the Pratt Bank of Buffalo, New York, Bernhard Wilde ............. 23 62 344 129 The Story of Norman’s Bridge, Alabama, Bill Gunther, Charles Derby .............................. 23 62 348 427 Taxing Non-Federal Currency Out of Existence, Peter Huntoon, Wendell Wolka, ......... 23 62 348 399 Union Occupation & the Fate of Baugh’s Cotton Mill-Alabama, B.Gunther, C. Derby .. 23 62 347 346 PAPER MONEY AND FINANCIAL HISTORY The End of National Bank Notes, Lee Lofthus ......................................................................... 23 62 345 170 Rollins, Roland Collecting UNESCO World heritage Sites Bank Notes, ........................................................ 23 62 344 134 The Monster Banknotes of Reza Shah Pahlavi, ....................................................................... 23 62 343 36 UNESCO World Heritage Sites Depicted on Bank Notes—Albania, ................................ 23 62 345 221 UNESCO World Heritage Sites Depicted on Bank Notes—Algeria, ................................. 23 62 346 292 UNESCO World Heritage Sites Depicted on Bank Notes—Angola, ................................. 23 62 347 385 Russell, Willis $10 1933 Silver Certificate Start Note Printing, (with Lee Lofthus, Peter Huntoon) ......... 23 62 344 110 Surasky, Charles A Follow-up to the 131-Year-Old Mystery, (with Kent Halland) (Postal Notes) ............... 23 62 344 142 U.S. NATIONAL BANK NOTES Arizona Series of 1929 National Bank Notes, Peter Huntoon ............................................... 23 62 343 21 The Central National Bank of Frederick, Maryland #1138, J. Fred Maples ........................ 23 62 346 274 Digital Archive of the Walton Collection of Nebraska Nat’l Bank Notes, Matt Hansen .. 23 62 345 194 Edward H. Stroecker & George Hutchinson, Fairbanks, Alaska Bankers, Frank Clark ... 23 62 345 218 The End of National Bank Notes, Lee Lofthus. ........................................................................ 23 62 345 170 Glass-Borah Amendment of 1932 Spiked Series of 1929 NBN Circulation, Peter Huntoon, Jamie Yakes ................................................................................................ 23 62 346 276 Kahului, Hawaii Territorial 1902 Red Seal, Discovery of the Decade, Peter Huntoon .... 23 62 344 84 Laws Governing the Circulation & Denoms National Banks Could Issue, P. Huntoon .. 23 62 345 203 Plate Letters on Large size National Bank Notes, Peter Huntoon ......................................... 23 62 345 320 Series of 1929 $100 Type 2 Nationals, Rarity Viewed Through Auctions, Lee Lofthus .. 23 62 346 253 2% Consols of 1930, Peter Huntoon (NBN Securities) ........................................................... 23 62 348 391 U.S. LARGE and SMALL SIZE NOTES Challis, Idaho Territory Postal Note, Bob Laub ......................................................................... 23 62 345 216 Daniel Webster Valentine--Fractional Currency & Half-Dimes, B. Bolin, J. Fochtman .. 23 62 348 405 Extraordinary Vinson Red Seal Mule!, Robert Calderman (Cherry Picker’s Corner) ....... 23 62 346 311 A Follow-up to the 131-Year-Old Mystery, Kent Halland, Charles Surasky ...................... 23 62 344 142 4th Issue Treasury Seal Plate Proof Sheets, Jerry Fochtman, Rick Melamed ....................... 23 62 347 350 Gutter Fold Errors on Fractional Currency, Richard Merlau, Rick Melamed ..................... 23 62 348 432 High Serial Discovery, Peter Huntoon ($2 Legal Tender 1928C Mule) .............................. 23 62 347 344 Asahel K. Eaton’s Patents of April 28, 1863, Tony Chibbaro ................................................ 23 62 344 115 Legal Tender Series of 1928 Non-Star Serial Number Ranges, Peter Huntoon ................ 23 62 344 100 Mr. President—May We?, Benny Bolin (destroying accumulated Fractionals) ................ 23 62 343 34 Oakland, California’s Contribution to Series 1883-1894 Postal Note History, Bob Laub 23 62 348 439 Philadelphia Serial #1 Postal Note Enigma, Bob Laub, Kent Halland ................................. 23 62 343 6 The Rare Wobus Postal Note from St. Charles, Missouri, Bob Laub ................................... 23 62 346 296 $20 Series of 1880 Legal Tender Serial Number Color Change, Peter Huntoon, Lee Lofthus ................................................................................................. 23 62 346 266 SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 69 The White House and Treasury Talk Autographs on Dollar Bills, Lee Lofthus ................. 23 62 348 418 William Morris Meredith, 19th Secretary of the Treasury, Rick Melamed ........................... 23 62 345 212 FEDERAL RESERVE NOTES Discovered! --$5 San Francisco LF Face 52 Star, Jamie Yakes ............................................. 23 62 343 74 Elston & Kennedy See Their Notes Printed, Jamie Yakes ...................................................... 23 62 348 451 $5 Federal Reserve Series of 1934 Blue-Green Seal, Yellow-Green Back, Non-Mules, Jamie Yakes, Peter ................................................................................................................. 23 62 344 136 How the 1914 FRN Serial #1 San Francisco Red Seals were Saved, Lee Lofthus. ........... 23 62 347 337 How the 1914 FRN Serial #1 San Francisco Red Seals Were Sold, Allen Mincho .......... 23 62 348 404 Series of 1934 $5 Federal Reserve Note Back Plate 637 Mules, Jamie Yakes .................. 23 62 347 382 Series of 1934 $5 Kansas City with Back Plate 637, Jamie Yakes ........................................ 23 62 345 242 When Size Matters!, Robert Calderman, (Changeover Pair, $5FRN) .................................. 23 62 347 372 SILVER AND GOLD CERTIFICATES $1 Late-finished SC Series of 1935A Back Plate 470 Discovery, Peter Huntoon ............. 23 62 345 200 Recognizing Rarity!, Robert Calderman, (Silver Certificate mule) ....................................... 23 62 343 70 Stacking Blocks—For Adults!, Robert Calderman (Series 1923 Silver Certificate Y-D Block discovery) ..................................................... 23 62 344 152 $10 1933 Silver Certificate Star Note Printing, Willis Russell ................................................ 23 62 344 110 There Can Be Only One, Robert Calderman, (SC Star Mule Back 629) ............................. 23 62 345 244 Wilde, Bernhard Raised Bank Notes from the Pratt Bank of Buffalo, New York, .......................................... 23 62 344 129 Wolka, Wendell Taxing Non-Federal Currency Out of Existence, (with Peter Huntoon) .............................. 23 62 348 399 In the Beginning…, (Origin of National Bank Notes) ............................................................. 22 61 341 312 Yakes, Jamie, (Small Notes Column) Discovered! --$5 San Francisco LF Face 52 Star, .................................................................... 23 62 343 74 Elston & Kennedy See Their Notes Printed, ............................................................................. 23 62 348 451 $5 Federal Reserve Series of 1934 Blue-Green Seal, Yellow-Green Back, Non-Mules, (with Peter Huntoon) ............................................................................................................ 23 62 344 136 Glass-Borah Amendment of 1932 Spiked Series of 1929 NBN Circulation, (with Peter Huntoon) ............................................................................................................. 23 62 346 276 Series of 1934 $5 Federal Reserve Note Back Plate 637 Mules, (Small Notes col.) .......... 23 62 347 382 Series of 1934 $5 Kansas City with Back Plate 637, ............................................................... 23 62 345 242 Visit www.money. org/account/ join or call (800) 214-2646 to join now! SPMC.org * Paper Money * Jan/Feb 2024 * Whole No. 349 70 PS Form 3526, July 2014 [Page 1 of 4 (see instructions page 4)] PSN: 7530-01-000-9931 PRIVACY NOTICE: See our privacy policy on www.usps.com. Statement of Ownership, Management, and Circulation (All Periodicals Publications Except Requester Publications) 1. Publication Title PAPER MONEY 2. Publication Number 3. Filing Date 10-1-2023419 - 940 4. Issue Frequency BIMONTHLY 5. Number of Issues Published Annually 6 6. Annual Subscription Price $25.00 7. Complete Mailing Address of Known Office of Publication (Not printer) (Street, city, county, state, and ZIP+4®) 450 FAME AVE HANOVER, PA 17331 YORK COUNTY Contact Person BENNY BOLIN Telephone (Include area code) 972-727-2395 8. Complete Mailing Address of Headquarters or General Business Office of Publisher (Not printer) SAME AS ABOVE 9. 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I certify that all information furnished on this form is true and complete. I understand that anyone who furnishes false or misleading information on this form or who omits material or information requested on the form may be subject to criminal sanctions (including fines and imprisonment) and/or civil sanctions (including civil penalties). If you are claiming electronic copies,go to line 16 on page 3. If you are not claiming electronic. 18. Signature and Title of Editor, Publisher, Business Manager, or Owner Date Benny Bolin. Editor 10-1-2023 72 OUR MEMBERS SPECIALIZE IN LARGE SIZE TYPE NOTES They also specialize in National Currency, Small Size Currency, Obsolete Currency, Colonial and Continental Currency, Fractionals, Error Notes, MPCs, 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 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 further information, please contact: The Professional Currency Dealers Association PCDA • Holds its annual National Currency Convention in conjunction with the Central States Numis- matic Society’s Anniversary Convention. 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 year, 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 on our Web Site. • Is a proud supporter of the Society of Paper Money Collectors. Or Visit Our Web Site At: www.pcda.com Susan Bremer – Secretary 16 Regents Park • Bedford, TX 76022 (214) 409-1830 • email: susanb@ha.com Paul R. Minshull #16591. BP 20%; see HA.com. 74386 DALLAS  |  NEW YORK  |  BEVERLY HILLS  |  CHICAGO  |  PALM BEACH LONDON  |  PARIS  |  GENEVA  |  BRUSSELS  |  AMSTERDAM  |  HONG KONG Always Accepting Quality Consignments in 50+ Categories Immediate Cash Advances Available 1.75 Million+ Online Bidder-Members 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 German East Africa Deutsch-Ostafrikanische Bank 500 Rupien 2.9.1912 Pick 5 PMG Choice Uncirculated 63 EPQ Realized $78,000 British Guiana Government of British Guiana 2 Dollars 1.1.1942 Pick 13c PMG Choice About Uncirculated 58 EPQ Realized $21,600 Iran Kingdom of Persia Imperial Bank 1 Toman 19.10.1907 Pick 1a PMG Extremely Fine 40 EPQ Realized $20,400 Ethiopia Bank of Abyssinia 100 Thalers 31.5.1926 Pick 4a PMG Very Fine 20 Realized $24,000 British Honduras Government of British Honduras 1 Dollar 30.1.1947 Pick 24a PMG Choice Uncirculated 64 EPQ Realized $20,400 Belgian Congo Banque du Congo Belge 20 Francs 10.9.1940 Pick 15 PMG Choice Uncirculated 63 EPQ Realized $18,000 U.S. CURRENCY SIGNATURE® AUCTION Long Beach – Dallas | September 13-15 WORLD PAPER MONEY SIGNATURE® AUCTIONS Dallas | March 8 Now Accepting Consignments to Our March World Paper Money Signature® Auction Deadline January 17 Prices realized from Our November World Paper Money Auction are shown.