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Paper Motley Whole No. 165 

Page 81 



p) COI.LiX rOKS 
y INC 

PAPER MONEY is published even' other 
month beginning in lanuary by The Society 
of Paper Mone>' Colleaors. Second class 
postage paid at Dover, DE 19901. Postmaster 
send address changes to: Bob Cochran, 
Secretary, P.O. Box 1085, Florissant, MO 

® Society of Paper Mone>’ Colleaors, Inc., 
1993. All rights reserved. Reproduction of 
any article, in whole or in part, without ex- 
press written permission, is prohibited. 

Individual copies of PAPER MONEY are 
available from the Book Sales Coordinator 
for $2.75 each plus $1 postage. Five or more 
copies are sent postage free. 




Back Cover $152 $420 $825 

Inside Front & 

Back Cover $145 $405 $798 

Full Page $140 $395 $775 

Halfpage $75 $200 $390 

Quancr-page $38 $105 $198 

Eighth-page $20 $55 $105 

lo keep rates at a minimum, advertising must be 
prepaid in advance according to the above sched- 
ule. In exceptional cases where special anwork or 
extra typing are required, the advertiser will be no- 
tified and billed extra for them accordingly. 

Rates are not commissinnable. Proofs are not 

Deadline: Copy must be in the editorial office no 
later than the 1st of the month preceding issue 
(e g., Feb. I for March/April issue). With advance 
notice, camera-ready copy will be accepted up to 
three weeks later. 

.Mechanical Requirements: Full page 42-57 picas; 
half page may be either vertical or hori/.ontal in 
format. Single column width, 20 picas. Halftones 
acceptable, but not mats or stereos Page position 
may be requested but cannot be guaranteed. 

Advertising copy shall be restricted to paper cur- 
rency and allied numismatic material and publi- 
cations and accessories related thereto. SPMC does 
not guarantee advertisements but accepts copy in 
gtxid faith, reserving the right to rejea objection- 
able material or edit any copy. 

SPMC assumes no financial responsibility for 
typographical errors in advenisements, but agrees 
to reprint that ponion of an advenisement in 
which typographical error should occur upon 
prompt notification of such error. 

All advertising copy and correspondence should 
be sent to the Editor. 

Official Bimouthly Publication of 

The Society of Paper Money Collectors, Inc. 

Vol. XXXII No. 3 Whole No. 165 MAY/IUNE 1993 

ISSN 0031-1162 

P.O. Box 8147 
St. Louis, MO 63156 

Manuscripts, not under consideration elsewhere, and publications 
for review should be addressed to the Editor. Opinions expressed 
by the authors are their own and do not necessarily reflea those of 
the SPMC or its staff. PAPER MONEY reserves the right to reject any 
copy. Manuscripts that are accepted will be published as soon as pos- 
sible. However, publication in a specific issue cannot be guaranteed. 



Gene I lessler - 83 


Bob Cochran 86 


Robert D. Hatfield 89 


Brent Hughes 90 


Waldon Fawcett 95 


Forrest W. Daniel 97 


NUMBER 1000000 

Peter Hun toon 100 


K.S Bauman 101 


Robert IJovd 103 








ON THE COVER: Armandina Lozano engraved this portrait of her sister. Orelia. 
See page 83 for more about this engraver. 

Inquiries concerning non-delivery of PAPER MONEY should be sent to the secre- 
tary: for additional copies and back issues contaa book coordinator. Addresses 
are on the next page. 

Page 82 

Paper Mone}' Whole No. 165 



AUSTIN M. SHEHEEN |r.. P.O. Box 428, Camden, SC 29020 


lUDITEI MURPHY, P.O. Box 240.S6, Winston Salem, NC 27114 

ROBERT COCl I RA,N, P.O. Box 1085, Florissant, MO 6.50.51 

DEAN OAKES, Drawer 1456, Iowa City, I,A 52240 



St. Louis, MO 63156 

RON HORSTMAN, Box 2999, Leslie, MO 6.5056 

RICHARD I. BALBATON, P.O. Box 911, N. .Attleboro, MA 

Chairman to be appointed 

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For information about borrowing books, write to the Librarian. 

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DR. NELSON PAGE ASPEN, 420 Owen Road, West Chester, PA 

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MICHAEL CRABB, |r., P.O. Box 17871, Memphis, TN 38187-0871 

C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 

MILTON R. FRIEDBERG, Suite 203, 30799 Pinetree Rd.. Cleve- 
land, OH 44124 

GENE HESSLER, P.O. Box 8147, St. Louis, ,MO 63156 
RON HORSTMAN, Box 2999, Leslie, MO 63056 
ROBERT R. MOON, P.O. Box 81, Kinderhook, NY 12106 
WILLIAM F. MROSS, P.O. Box 21, Racine, Wl 53401 
DEAN OAKES, Drawer 1456, Iowa City, lA 52240 
BOB RABY, 2597 ,Aver>' .Avenue, Memphis, TN 38112 
STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 
FRANK TRASK, P.O. Box 99, East Vassalboro, ME 04935 
WENDELL W. WOLKA, P.O. Box 262, Pewaukee, Wl 53072 

The Society of Paper Money Collectors was organized in 
1961 and incorporated in 1964 as a non-profit organiza- 
tion under the laws of the District of Columbia. It is 
affiliated with the American Numismatic AssociaUon. The 
annual meeting is held at the Memphis IPMS in June. 

MEMBERSHIP— REGULAR and LIFE. Applicants must be 
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letter "j". This letter 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. 

I the 
V Juni 

Members of the ANA or other recognized numismatic 
societies are eligible for membership. Other applicants 
should be sponsored by an SMPC member or provide 
suitable references. 

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P.O. BOX 84 • NANUET. N.Y 10954 

Buying / Selling: 


BARRY WEXLER, Pres. Member: SPMC, PCDA, ANA, FUN, GENA, ASCC (914) 352-9077 

Paper Money’ Whole No. 165 

Page S3 

Few women in the world share the specialized talent of 



A ' T THE AGE of five Ar- 
mandina Lozano was 
; fascinated with the en- 

graved lines, lines that were 
raised, lines that you could feel, 
on the portraits of the bank 
notes in her native Mexico, 

These notes were printed from 
intaglio-engraved steel plates at 
American Bank Note Company 
in the United States. Although 
all hand-engraving that will be 
impressed on paper is done in 
intaglio, this word has an in- 
dividual connotation and de- 
mands respect when applied to 
security engraving. El Banco de 
Mexico, where Armandina 
Lozano was employed from 
1978 to 1982, now produces 
their own bank notes. As one of 
just a few female engravers cur- 
rently engraving portraits for 
paper money and other security 
documents, Ms. Lozano now 
practices her highly-skilled art 
for American Bank Note 

There are and have been fe- 
male engravers who work in the 
security-engraving world; how- 
ever, all are or were letter or 
script engravers. It was not until 
this century that a few women 
made their mark as security por- 
trait engravers. 

At her home in Los Angeles, Armandina Lozano told me that 
from the instant she first placed the graver, the primary engraving 
instrument, in the palm of her right-hand it felt completely nat- 
ural. Engraving continues to be the passion that dominates the 
life of this extraordinary artist who, like other security engravers, 
must create her work in reverse. 

Following her art studies in the United States and Mexico, in- 
cluding work at the Escuela Nacional de Artes Visuales at the 
Universidad Nacional Autonoma de Mexico, Ms. Lozano was 
sent to England and Italy by El Banco de Mexico to study secu- 
rity engraving. She was one of four from 1,000 applicants to re- 
ceive this honor. At Thomas de la Rue in London and the 
Engraving School at l,a Banca de Italia in Rome she amazed her 
instruaors. After only three years Ms. Lozano was producing por- 

traits that would take most ap- 
prentice engravers an additional 
two or three years to execute. 

At her home, with a recording 
of Claudio Arrau, one of her fa- 
vorite pianists (and mine, too) 
in the background, I took partic- 
ular notice of two of her en- 
graved portraits: Ernest 
Hemingway and Ms. Lozano's 
sister Orelia. The latter is an ar- 
tistic expression of love for a 
sister who is an archeologist and 
designer of jewelry. The ponrait 
of her sister captures the beauty 
which the camera could not do. 
Beauty seems to be a family trait. 
The Hemingway portrait was en- 
graved fortheU.S. Postal Service, 
and appears on one of their 
panels made for collectors. 
Other subjects Armandina en- 
graved for U.S. Postal panels in- 
clude a female ice-skater, a male 
ski jumper, four hockey players, 
and sports legends Knute 
Rockne and Lou Gehrig. 

The portrait of lenny Craig, 
engraved for the company stock 
certificate that bears the same 
name, is one of Armandina's re- 
cent security portraits. She con- 
tinues to engrave additional 
portraits for other stock certi- 
ficates. The collecting of can- 
celed bonds and stock certific- 
ates continues to attraa colleaors. Consequently, within the next 
year or two you should be able to purchase examples of her work 
on stock certificates as they appear in the inventory of dealers 
who specialize in these items. 

Although other topics entered our conversations, engraving 
was the paramount subject. The passion she has for this art form, 
which can be traced to the mid-15th century age of Gutenberg, 
becomes contagious. As one who studies the an of engraving, and 
becomes excited when viewing excellent workmanship, 1 must 
admit that I had trouble sleeping after studying the ponraits of 
Ernest Hemingway and Armandina's sister Orelia. Nevertheless, 
we met the next day to continue our discussion of engraving. 

l,ater, in an Italian restaurant, 1 was not surprised to discover 
that Armandina was also fluent in Italian. Over dinner, among 

Armamiimi l.oiaiw 

Page 84 

Paper Money Whole No. 165 

The portraits of Ernest Hemingway and Lon Gehrig were 
engraved for U.S. Postal Panels. 

Ms. Lozano considers this portrait of her sister Orelia as 
one of her best engravings. 

This handsome portrait of hum Rodrigtiez Cabrillo, who 
discovered California in 1542, was engraved b}' Arman- 
dina Lozano in 1984. 

other subjects, she spoke of the high standards demanded by 
her multi-lingual parents whose ancestry can be traced to pre- 
Moorish Spain. Armandina wears a gold ring that bears the 
family crest. 

During our last meeting we spoke about her other artistic en- 
deavors. Armandina paints in all mediums. With one excep- 
tion she had only photographs of her work; it seems her 
paintings sell as fast as she creates them. Armandina feels that 
some of her best work consists of a series of 12 bold paintings 
of boxers. She was quick to say that she was not attracted to pu- 

gilism because of the violence, but found an anatomical dia- 
logue between the two figures that was a natural subject for her 
canvas. I forgot to ask Armandina if she sculpts— she probably 

Armandina Lozano also practices in another artistic medium 
she is called upon as an art director for films. Two of about six 
films she has been associated with are Dolores Mission, done for 
Universal Studios and the Minister's Wife, an independent 
produaion. She could work in this capacity more than she 
does, but her first love, engraving, commands the attention of 

Paper Money Whole No. 165 

Page 85 

a jealous lover. This prompted me to say to Armandina that in 
my opinion most men would probably be intimidated by her. 
1 interpreted the blush that came over her face to be an affir- 

Knowing of my background as a jazz trombonist, and as a 
demonstration of her ecleaic musical taste, Armandina 
selected a recording of the legendary Miles Davis sextet as back- 
ground for our last meeting. She was anxious to tell me that 
within a few years she hopes to complete a series of engraved 
portraits of some legendary jazz musicians. 

1 asked her how long it takes to engrave a portrait. The por- 
traits for the LI.S. Postal Service, she said, take less lime than do 
subjects for paper money and other security instmments. Por- 

Armandina Lozano. She has engraved the principle portions of 
bank notes for at least three foreign governments; and, as previ- 
ously mentioned, stock certificates issued during the past ten 
years can be attributed to Maney, as her friends call her. 

As I left Armandina I noticed a book of Chopin Etudes on her 
piano. Somehow I knew the answer would be yes when I asked 
if she played piano. At one time she also studied dance. Arman- 
dina Lozano is the consummate artist. 

The apprenticeship for a security portrait engraver is about 
ten years; Armandina completed her apprenticeship in less 
lime. She defied those, including some instructors, who said 
she would never be accepted in the security engraving commu- 
nity, an extremely specialized creative field that has historically 

The shier and ice-skater were also engraved for U.S. Postal Panels. 

traits for stock certificates and paper money, due to their com- 
plexity, take longer to execute. Nevertheless, what takes most 
engravers ten to twelve weeks to complete, this talented 
woman often does in less time. 

1 was surprised when Armandina demonstrated how she 
commences to engrave. From a photograph it is customary for 
the engraver to make an outline-tracing of the subject to be en- 
graved with a needle-like instrument onto a transparent sur- 
face. These lines are filled with a red powder and the tracing is 
placed on the plate, which has been covered with wax. The 
image is now reversed. With a sharp point the engraver follows 
the red lines to make contact with the plate. Etching acid se- 
cures these lines while the rest of the plate is protected by the 
wax. Armandina does not use powder; she merely presses the 
outline onto the waxed surface. She also skips the etching acid 
procedure. It is her opinion that the lines are cleaner if one 
does not use etching acid. After the outline is made on the 
plate, the wax is removed and she begins the detailed work of 
engraving a variety of lines. These lines— some shallow, some 
deep— are combined to create a three-dimensional effect. The 
individual method adopted by Ms. Lozano probably reduces 
the total engraving time by at least three days. 

The United States priority and express mail postage stamps 
reflect our need for rapid communication. Although only the 
heads of the eagles on both are engraved, they are the work of 

been dominated by men. She shares common traits with the 
strong-willed nun, luana Ines de la Cruz, who was born in 
Mexico in 1651, and who expressed her feminine individuality' 
and that of other women through writing and poetry; her por- 
trait was seleaed to grace the Mexican 1,000 peso in 1978, the 
year Ms. Lozano began her engraving career with El Banco de 

1 would estimate there are about 30-45 security portrait en- 
gravers in the world, and as stated previously, only a few are 
women. Armandina Lozano is currently recognized as one of 
the outstanding female portrait engravers, the only one to have 
worked in the United States. Within this decade, among all 
security engravers, she will be ranked as one of the best in the 
world. ■ 

Read Money Mart 

Page 86 

Paper Mone}' Whole No. 165 

"A funny thing happened yesterday. A nice bolting fellow came in and washed his hands and went away 
leaving his overcoat." 

The Story of “Cranky Tom” Hale, 

And How He Was Captured by John Murray 



Tom Hale was a well-known counterfeiter in the nineteenth 
century. At the time these events took place, lohn Wilson 
Murray was employed as a detective with the Erie, Pennsylvania 
Police Department. The story of Tom Hale is quoted from 
Memoirs of the United States Secret Service, by Captain Ceorge P. 
Burnham. The capture of Tom Hale by lohn Murray comes 
from Memoirs of a Great Detective. Incidents in the Life of lohn 
Wilson Murray. 

The accounts of Hale's arrest differ significantly in the two 
sources. Both accounts place his arrest at about the same time, 
early in 1870. Burnham places Hale in Ohio at the time of his 
arrest, and implies that he was taken into custody by U.S. Secret 
Service agents. As the title of this article states, Murray recounts 
his personal experience in placing Hale under arrest in Erie, 
Pennsylvania. Burnham states that the counterfeit currency in 
question was 50-cent U.S. fractional currency notes; Murray 
lists other notes found in Hale's possession. 

"Cranky Tom" Hale 

OM Hale was bom in 1836, in Saratoga County, NY. His 
parents died when he was thirteen, and Tom was taken 
in by a kindly aunt. His aunt owned a large and valu- 
able farm in Saratoga County, and she personally saw to the 
farm's day-to-day activities. Tom was brought up in relative 
comfort, and his aunt helped him to receive a good education. 
When he was seventeen, Tom was placed in charge of mnning 
much of the farm for his aunt. 

Tom often had occasion to visit the Saratoga County Bank to 
deposit money and to draw checks and drafts in his aunt's be- 
half After a few years, Tom's aunt turned the whole farm busi- 
ness over to him. Sadly for her, it wasn't long after this that Tom 
robbed her. One day he forged her signature to a check for 
$300. The forgery was so good that it passed for genuine, and 
he obtained the money from the bank. He then collected about 
$200 that was owed to his aunt and left for New York City. 

Tom gravitated to the "shady" side of the city, and he was 
soon a leader among the thieves and rogues, planning and ex- 
ecuting daring robberies. His sudden departure from Saratoga 
County aroused suspicion, and the forged check was discov- 
ered. He was captured and tried, and upon his conviction he 
was sent to the State Prison at Clinton for a term of three years. 

When he was released he immediately resumed his habits in 
New York City. Hale developed an affinity forgambling, and as 
much as he was able to obtain by theft he lost at the poker 
table. One of his favorite hangouts was a bar at 16 East 
Houston Street, operated by Ike Weber, a known counterfeiter. 
Tom took a position as bartender in the establishment to oc- 
cupy his spare time. 

“Cranky Torn" Hale, Counterfeiter. He got his nickname thusly— whenever the 
authorities attempted to obtain a photograph of him, he would “crank" his fa- 
cial features from normal, altering his appearance. 

It didn't take Tom long to become involved with the counter- 
feiters who frequented Weber's bar. Ike Weber produced coun- 
terfeits of the 25 and 50 cents U.S. postal currency (fractional 
currency issued from August 21 to May 27, 1863) and Hale was 
part of the group getting it into circulation. 

Tom became a wholesaler of Weber's later counterfeit U.S. 
fractional notes, and one of his dealers was "Pious" lohn Dis- 
browe. Disbrowe would go out into the "West" (as virtually any 
area west of Philadelphia was known then) and establish 
"agencies," and Hale would then send him the counterfeits to 
disburse as fast as they could be manufactured. (Burnham 
describes Disbrowe as "a pimp of the first water. He was osten- 
sibly an active, prominent member of a Methodist Church in 
New lersey, leader of a choir, and the head of a nice family. He 
could exhort and whine, and psalm-sing the leg off a brass 
monkey") Disbrowe disposed of the counterfeits to the ped- 
dlers, who "shoved" them generously along the lines of the rail- 
roads in every direction. 

Paper Money Whole No. 165 

Page 87 

A good candidtile for the coiiiuerfeii 50 cent US. hniilioniil Curremy notes Toni Hate was selling to 
his dealers aiul shavers. These impressions appeared in various editions o/ Heath's Infallible Govern- 
ment Detector. The top note is genuine, the bottom note is a counterfeit: the counterfeit plate for this 
note is attributed to William Hrockway, a known associate of Ike Weber, who supplied counterfeit notes 
to Tom Hale. 

According to Burnham, a "shover" was arrested, and he told 
the authorities that he had received the counterfeit notes from 
lohn Disbrowe. Disbrowe was arrested in Detroit, and he 
promptly told the police that Tom Hale in New York was his 
source of notes. A plan was developed (ostensibly by the Secret 
Service) to get Tom Hale to come out "West" with a supply of 
counterfeit notes, where he could be captured. Under direction 
of the authorities, Disbrowe wrote to Hale that he wanted 
$3,000 of the counterfeit fraaional currency at once, and if 
Hale would bring it out personally Disbrowe would pay him a 
premium in "good" money for it, plus a pan of his profits al- 
ready in hand. 

Burnham states that Hale took the bait, and started from 
New York with $3,500 in counterfeit 50-cent LI.S. fractional 
currency notes (some seven thousand pieces). He was leery of 
traveling all the way to Detroit however, and arranged to meet 
an associate in western Pennsylvania, near the Ohio state line. 
The associate was to convey the counterfeits to Disbrowe. For 
some reason the associate failed to make the meeting 
(Burnham implies that the Secret Service had a hand in the as- 
sociate's failure) and Hale proceeded into Ohio, where he was 
arrested. He was then taken to Pittsburgh where he was charged 
with uttering and dealing in counterfeit money. 


(The following account is quoted from the biography of John 

Poke Soles was a "shover of the queer.” An episode of his life 
occurred at Erie (Pennsylvania), which reveals now for the first 
time the story of Tom Hale, a counterfeiter, who subsequently 
was a side-member of the United States Secret Service. Poke's 
duties as a shover of the queer |or counterfeit! were to pass 
counterfeit money. 

"In the winter of 1869 and 1870 some $20 bills that were 
queer appeared in Erie," says Murray. "Fred Landers kept a res- 
taurant in Erie, and one day I happened to drop in, and he told 
me of a fellow who had been in and ordered a light lunch and 
paid for it with a $20 bill, and who bought a drink as he went 
out and offered a second $20 bill to the bartender, who said he 
could not change it. 1 looked at the bank-note Landers had 
taken. It was a clever one, but it was queer. My experience with 
counterfeiters in the special services of the United States was of 
instant value. l.anders described the man. 1 spotted him at the 
railroad station and got him, but did not find any of the stuff 
or counterfeit money on him. He was simply a shover, one who 
passed the money, and he received only a couple of $20 bills at 
a time. 

Page 88 

Paper Mone}' Whole No. 165 

"Few classes of crime are organized so scientifically as coun- 
terfeiting. The man who makes the plates never does business 
with the men who pass the money. The plate-maker is an en- 
graver who usually gets a lump sum for his work. Those who 
print the money are the manufacturers and they sell the queer 
in wholesale quantities to dealers, who sell to retail dealers, 
who have their shovers out passing the money. The man I got 
was a shover. 1 locked him up and in searching him I found the 
name Tom Hale, New York.' 1 reported to Crowley [Murray's 
boss] and sent a telegram addressed to Hale and reading: 
'Come on. I am sick. Stopping at Morton House. Room 84.' 

"I made all arrangements with the hotel clerk to get track of 
any one who called and asked for the man in room 84. No one 
came. 1 kept the shover, whose name was Soles, locked up in 
gaol. Landers and the banender had identified him. A week 
passed. It was the winter of 1870 and the trains were blockaded 
and it snowed and blew and delayed all traffic. On the ninth 
day a nice looking man walked into the Morton House. It was 
bitter cold and yet he had no overcoat. He asked for Mr. Soles 
in room 84. I was in the hotel at the time; the clerk tipped me 
and I walked over and collared the stranger. I took him down 
and searched him and locked him up. He had several hundred 
dollars of good money on him, but no counterfeit money. I in- 
tended to hold him while 1 hunted for his baggage, for at least 
a man dressed as he was, would have an overcoat somewhere 

'The next morning Officer Snyder and I went to the railroad 
station and began, from there, a systematic search for a trace of 
the stranger's overcoat. In the morning we were in the habit of 
stepping into lohn Anthony's German saloon for a mug of 
beer. On that morning Anthony said; 'A funny thing happened 
yesterday. A nice looking fellow came in and washed his hands 
and went away leaving his overcoat.' 

'"Let me see it, lohn,' said 1. 

"Anthony produced the coat. In the first pocket in which I 
thrust my hand I found a roll of something wrapped in a hand- 
kerchief I drew it out and found $1,000 in counterfeit $20 and 
$100 bills, with coupons attached to the ends. They were such 
excellent counterfeits that 1 later passed one at a bank as a joke 
and then told them of it. I took the coat to the lockup. 

"'Hello, Hale; here's your coat,' I said. 

"'All right. Thank you,' said the stranger, who was Tom Hale. 

"1 said: That's your coat, Tom?' 

"'Oh, yes,' said he. 

'Then I hauled out the counterfeit money from the pocket. 
He then said it was not his coat. 1 made him put the coat on 
and it fitted him perfectly. Then lohn Anthony identified him 
as the stranger who had left the coat in his saloon. 

"Soles was held for passing counterfeit money. He pleaded 
guilty and was sent to Alleghany |Prison| for five years. The 
United States authorities took Hale to Pittsburgh, then to New 
York, and then to Washington." 

Mr. Wood, then the Chief of the Secret Service, felt that Hale 
would be valuable in fingering some of the manufacturers and 
large dealers in counterfeit currency in New York. Hale 
promised faithfully to aid the Government officials, and he 
clearly understood that if he didn't cooperate he would be 
returned to Pennsylvania to stand trial. 

When Colonel Whitely was appointed Chief of the Secret 
Service (replacing Wood), he looked into this and other 
pending cases, and quickly ascertained that "Cranky Tom" had 
nor performed his promises to the Government, but on the 
contrary' had been allowed to run free, by connivance with the 

old officers (of the Secret Service), and was then actually in the 
counterfeiting business again. Col. Whitely promptly arrested 
him, and sent him to Pittsburgh where he was permitted to 
withdraw his former voluntary plea of "guilty." A new trial was 
accorded him, at the instance of the new Chief of the Division. 
(Murray states that when Whitely sent for Hale and told him he 
was doing nothing, "Hale praoically told Colonel Whitely to 
go to hell.") 

His trial came before fudge McCandless of the Western Dis- 
trict of Pennsylvania, in October 1870. In the course of "Cranky 
Tom's" trial, it was shown that he had been arrested in another 
district (Erie), and a motion was made by the defense to quash 
the indictment against him, on the ground of non-jurisdiction 
of the court at Pittsburgh. But the U.S. Dist. Attorney, H. Bucher 
Swoope, Esq., claimed that it had also been already shown 
upon the evidence that Hale had passed through the State of 
Pennsylvania with this counterfeit money in his possession; 
and he asked the jury, by their verdict, to assert that the state 
should not be made a highway for the conveyance of counter- 
feit money, anywhere. 

Tom's lawyer, in closing for the defense, maintained that his 
client was not guilty, as set forth in the indictment against him. 

"What is he here for, then?" pertinently inquired the ludge. "It 
is sufficient that he is here, and that the heinous charges against 
him are fully supported by plenary prooC 

Tom was speedily convicted and sentenced to ten years' im- 
prisonment in the penitentiary at Alleghany City. He was also 
to pay a fine of $2500; Hale was to stay committed until the 
fine was paid. 

Murray provides us with the final word on Tom Hale: 'The 
last time I saw Tom Hale was about 1884. He was keeping a 
dime lodging house on the Bowery in New York at that time. 
Fie fared far worse in his sentence than did Poke Soles who 
stood up like a man when he was caught and did his time. I un- 
derstood Hale never set foot in Erie again and vowed he never 
would. The most disappointed man was lohn Anthony, when 
the owner of the overcoat was found and the $1,000 turned out 
to be queer." 

(Note: The $100 notes "with coupons attached to the ends" re- 
ferred to by Murray as having been found in Tom Hale's over- 
coat are quite interesting. Tbe description applies only to the 
three-year interest-bearing notes, which were issued under the 
Acts of luly 17, 1861, lune 30, 1864 and March 3, 1865. These 
notes were the only United States issues which had coupons at- 
tached to the notes. The coupons were used to collect the in- 
terest on the notes at six-month intervals, and the last 
installment of interest was collected upon presentation of the 
note itself Because the interest was payable to the bearer of the 
note rather than to an individual, these notes circulated as did 
the other legal tender notes of the period. However, these notes 
created some problems for the Treasury Department; ac- 
cording to a December 1864 report from Secretary Fessenden, 
"though withdrawn to a certain extent while the interest is 
maturing, they are liable to be periodically rushed upon the 
market."These comments would no doubt refer to the northern 
public's confidence in the Union as the Civil War raged. Many 
of the three-year interest-bearing notes were withdrawn and 
replaced with the compound interest notes of the Act of lune 
30, 1864. Further, the interest accrued on the last issue of three- 
year interest-bearing notes ceased on luly 15, 1868. Since these 
notes were worth more than their face value at the time of this 

Paper Mone}’ Whole No. 165 

Page 89 

story (1870), a person holding one was, in effect, losing money 
by not redeeming the note. As of July 1, 1869 there were some 
$1,201,400 in these notes outstanding, consisting of $34,900 of 
the 1861 notes and $1,166,500 of the 1864 notes. These totals 
notwithstanding, it would seem to be at least unusual for 
anyone to be holding these notes as late as 1870. Detective 
Murray's comment about passing the counterfeit note (and we 
assume he left the coupons attached) as a joke should not go 
unnoticed. In retrospect we would think that the bank per- 
sonnel would express some curiosity over the note. 

Although Murray is quite specific in his description of the 
"$100 bills with the coupons attached to the ends," none of the 
several contemporary and later counterfeit detectors consulted 
mention the $100 three-year interest-bearing notes as having 
been counterfeited successfully.) 


Burnham, Capt. C.l’. (1872). Memoirs of the United States Secret Service. 
Boston: Lee & Shephard. 

Burnham, Capt. G.P. (1879). American Counterfeits. How Detected, and 
How Aiioided. Boston: A.W. Lovering. 

Friedberg, R., Friedberg, A.I.. & I.S. (F.ds.). (1978). Paper Money of the 
United States, lola, Wl: Krause Publications (for the Coin and Cur- 
rency Institute, NY). 

Knox, l.l. (1978), United States Notes. New York: Sanford |. Durst Numis- 
matic Publications. Second Edition, Revised. 

Ordway, N.G. (1869). American Bond Detector. Washington, D C, 

Speer, V. (Ed.). (1905). Memoirs of a Great Detective. Incidents in the Life 
of lohn Wilson Murray. New York: Baker and Taylor Company. 


Thanks to Fred F. Angus, for providing me with excerpts from 
the book about Murray. Thanks to Eric P. Newman and the Eric 
P. Newman Numismatic Education Society, for providing 
access to the copy of American Counterfeits. Fhanks to Ron 
Horstman for providing information about the three-year 
interest-bearing notes from the American Bond Detector. 

» 00 0 » 

What Is A “Bank”? 


It was not until after 1825 that state laws began to restrict 
what a bank could or could not do. Not all these restrictions 
were followed, supervised, or even subject to penalties for any 
failure to comply. To a great extent the early charters and laws 
relied upon self-regulation. Thus the hope was that the 
individual bank would comply with the few laws, or have the 
integrity to honor the public's trust. 

As might be expected, the early banks varied in style, 
character, and their willingness to follow custom. The first 
banks were basically whatever their owners or managers 
wanted them to be, that being; 

a place where a depositor might expect safety; 

a place where an investor could realize a profit; 

or a place where loans might be obtained for a vast variety 
of personal or business reasons. 

In other words, the early banks were "a blind shot in the dark” 
(Dewey 1910). 

As time and experience in banking passed, certain worries 
and concerns came to be addressed, and sometimes ignored, 
by the many state legislatures and the federal government. The 
most prominent concern was over the chartering of these 
organizations called "banks," and whether they must be 
incorporated. We must remember that many individuals 
performed the functions of a bank in the early days of our 
nation. They extended credit, sometimes took deposits, and 
often brokered notes or bills from other locations. These 
individuals were private bankers, or more appropriately called, 
"private brokers." Basically, they did whatever they thought was 
necessary to have a business and still profit. 

As each state experienced the good and the folly of what a 
"bank" could be, each state enacted laws, and some created 
bank commissioners to handle banking as an industry. Very' 
few of these laws survive today except as historical notations. 
What did pop-up in many states was the enactment of "free- 
banking'— the free establishment of a banking concern. In a 
sense "free-banking" still exists to this day, as just about anyone 
can start a bank with enough capital and reserves. 

Thus banking, and banks in general, could be said to be an 
amalgamation of investments (capital), deposits (credits), and 
extensions of loans (assets). The modem bank is little more 
than a focus of the movement of money; a place to facilitate 
trade and commerce; a storehouse of value; and the center 
stage for our fiscal world. The "bank" is both the beginning 
point and the end point for commerce, trade, and the flow of 
our "medium of exchange'^our money. 

W ' HILE is may seem silly to ask "What is a bank?", the 
exact answer is not as clear as you may expect. In 

1 earlier days the term "bank" included the custom and 

justification for the bank to extend facilities to public and 
mercantile interests. The first banks centered their activities on 
trade and industry' in general. 

In the early days of our nation, banking powers were not 
clearly defined. There were opportunities for banks to increase 
their business in almost any direction, even under charter 
provisions. The only specific prohibition that stands out was 
the holding of real estate, except what was needed for the exact 
bank location. 


Dewey, D.R. (1910). State hanking before the Civil War. part of: Senate 
Documents. No. 581: 61st Congress— 2d Session. Washington, D.C.: 
GI’O. pp. 43-52, 143-151. Also, in general: (1968 reprint) Financial 
history of the United States. N Y: Augustus M. Kelly. 

Hepburn, A.B. (1915). A history of the currency in the United States, with 
a brief description of the currenq' systems of all commercial nations. N Y.: 
Macmillan Co. 

Kroos, H.E, ed. (1983). Docuttrentaty’ history of banking Si currency in the 
United States. 4 vols. N.Y.: Chelsea House. 

Redlich, Fritz, ed. (1968 reprint). The molding of American bankirrg: men 
and ideas. N.Y.: lohnson Reprint Corp. 

Page 90 

Paper Money Whole No. 165 


And Its Progeny 


F the sixty-nine or seventy recognized types of Con- 
federate currency, about thirty were copied and 
passed as counterfeits during tlie Civil War. There 
were also counterfeits of notes issued by towns, cities, states, 
private businesses and individuals. 

Confederate counterfeits, like others, were usually produced 
in secret by persons fearful of being caught. As a result, we 
seldom know the name of the makers, even though they may 
have produced thousands of spurious notes which did great 
harm to the Southern economy. 

An interesting exception to the secrecj' rule was a group of 
counterfeits of the $10 Libert)’ and Shield with Flagnote, Criswell 
Type 10, of the luly 25, 1861 issue. By careful examination of 
minute details it is possible to show that all of these counter- 
feits descended from a copy whose maker is well known— 
Frank Leslie, publisher of Frank Leslie's Illustrated Newspaper. 
Leslie and his competitor. Harper's Weekly, occupied a special 
niche in Civil War journalism. Through the use of illustrations 
they provided a vivid account of Civil War military activities to 
the millions of people who could not read. Creating these il- 
lustrations, or pictorials as the\' were called, was not an easy 
task. To explain why, we must digress for a moment. 

The chemical half-tone engraving process, which allows the 
mass-printing of photographs so common today, was not in- 
vented until about 1885. To create a pictorial, a newspaper or 
magazine had to first make a woodcut. An anist sketched the 
lines on a smooth block of wood, then a highly-skilled 
woodcut engraver used a razor-sharp steel cutter called a 
'iDurin" to cut the lines into the block. Very small lettering was 
very difficult to do, so engravers often enlarged it or changed 
the shape as required. 

When the woodcut was finished, a primitive form of plate- 
making was used to create an "electrotype." Hot wax was poured 
over the woodcut and allowed to cool. The wax filled every tiny 
cut, capturing the image in wax. Coated with a substance to 
make it electrically conductive, the wax block was suspended in 
a tank in which copper molecules were attracted to it. A very 
thin shell of copper was built up which had to be supported on 
the back with molten lead. It was then attached to a wood 
block of the proper thickness to make the assembly type-high 
to fit the printing press. 

This process was quite slow and expensive, but Frank Leslie 
managed to make it a commercially viable venture. Fie assem- 
bled a large staff of artists and engravers who worked together 
to reduce the time and cost of such work. Many artists stayed in 
the field with the soldiers, turning out highly imaginative 
sketches of battles, camp incidents or other interesting events. 
Some of these artists sketched directly on blocks of wood, but 

most sent their papers to New York City where Leslie's staff 
made the woodcuts and electrotypes. Some engravers special- 
ized in backgrounds, some did people, some engraved arma- 
ments, while others handled lettering and maps. 

To speed the process, Leslie made up a large wood block of 
many small blocks held together in an iron frame. After the 
artist made his drawing, the various smaller blocks were as- 
signed to engravers. When they were all finished the small 
blocks were reassembled in the iron frame and a master en- 
graver would carefully cut across the joints to complete the en- 
graving. The electrotype plate would be made from this master. 
With this method Leslie would often portray a battle with a 
full-page woodcut. Some of these were framed by subscribers 
and hung on the wall, and some survive today. 

In December of 1861 Frank l,eslie acquired a genuine Con- 
federate Type 10 note. It bore serial number 10447 and the au- 
tograph signatures of C.C. Thayer and lohn Ott. At the bottom 
center was the name of the printer, Hoyer & Ludwig of Rich- 
mond, Virginia, which used stone lithography to turn out 
170,994 specimens of this note for the Confederate Treasury 

Leslie's engraver took quite a few liberties in his rendering, 
but since the subscriber had not seen the genuine note it was 
not considered important. The serial number and signatures 
were included along with the other design elements. After the 
large word "Confederate” at upper center, he added a rather 
mysterious hyphen-like mark not present on the genuine note. 
At lower left, the figure of Hope with Anchor is very different; her 
flowing shawl is deleted from below her arm so that the entire 
anchor is visible. At bottom center, Leslie's engraver made an 
error; he spelled "Hoyer" as "Noyer," which forever branded the 
woodcut as a copy, lust above this error the engraver enlarged 
"Richmond, Va. luly 25th 1861" so much that he did not have 
room to insert it under the "TEN DOLLARS" label, so he simply 
cut off the tops of the capital letters R, V and I. 

We should also note that the block was made up of three 
pieces of wood. The joints can be seen as fine white lines just 
to the right of Hope and under the eagle's right wing at center. 
We can assume, therefore, that three engravers probably 
worked on this woodcut (Figure One). 

The rebel note was published with little fanfare on page 118 
of Leslie's issue dated lanuaty 11, 1862. The full page is in my 
collection, along with a clipped note, which someone 
preserved. On the sheet someone used water color to tint the 
bill a light green to make it look more like "real money." Leslie's 
caption says simply, "FACSIMILE OF A TREASURY NOTE, 
RICHMOND, VA." Around the note are blocks of text about the 

Paper Money Whole No. 165 

Page 91 

Figure One— Frank 
Leslie's facsimile Con- 
federate note as pub- 
lished. Someone clipped 
the note and preserved 
it as a souvenir. 

The back of the Figure One note shows part of a large woodcut of the Battle 
of Dranesville, Virginia. Ihis back printing probably prevented the note 
from being passed off as genuine. 

Battle of Dranesville, Virginia. The page on the back has a battle 
scene woodcut, part of which is on the back of the note. 

The scene now shifts to Philadelphia where William 
I larding, editor of The Philadelphia Inquirer may have seen Les- 
lie's edition and decided to publish another Confederate note. 
He acquired a $5 bill, the famous "Five Females," Criswell Tvpe 
.31. This is an exquisite steel-plate engraving by American Bank 
Note Company disguised as "Southern Bank Note Company, 
New Orleans.” It is printed in black and red on fine paper. 
Harding's note bore the serial number 364 of a total issue of 
58,860 notes. It had the autograph signatures of Temple Ellett 
and Harrel H. Coodloe. The note is a fine example of the en- 
graver's art. 

We don't know who converted Harding's genuine note to a 
woodcut but it was a most difficult assignment. The red por- 
tion was included as if it had been originally printed in black, 
serial number and signatures were included and the result was 
a very crude rendering of the genuine note. 

Harding put the facsimile on the front page of his Monday, 
Febmary 24, 1862 edition with a rather humorous caption in 
which he needled American Bank Note Company and the "so- 
called Confederate States of America at Richmond." The pic- 
torial of the rebel note attracted a local storekeeper, Sam 
Llpham, to buy an electrotype from Harding and launch his ca- 
reer as publisher of Confederate "facsimiles." 

His instant success in this venture led Upham to buy an elec- 
trotype of the TjTJe 10 note from Frank Leslie with which he 
turnedout thousands of copies with his advertisements on the 
bottom margin {Figure Two). Smugglers trimmed off the ad 
and passed LIpham's products as genuine, thus beginning the 
parade of counterfeits which followed. 

Llpham responded to requests for his "facsimiles" without 
printed serial numbers, signatures and his advertisement. Ap- 
parently Upham had his printer simply cut off these elements, 
because the rest of the note is exactly the same as Leslie's 
original. 1 have one of these notes on which someone did a 
very neat job of writing in serial number 1567 in red ink and 
signatures "A. Botell" and "D.W. Neff” in brown ink. These 
names are fictitious because no clerks with those names were 
authorized to sign genuine notes (Figure Three). 

Another woodcut artist simply copied one of Sam Upham's 
or Frank Leslie's notes. He cut in the same serial number 10447 
and the Thayer-Ott signatures. But like all such engravers, he 
was bothered by small lettering. He had access to movable 
type, so, instead of trying to engrave the small letters, he cut 

Page 92 

Paper Money Whole No. 165 


fcr ItEGTSTF.n 

ffOTxn*.tmw/n RtcHMftHnytk.. 


Portion of page 118 (reduced) of the hinuary II. 1862 issue of Frank l^slie's llluslraied Newspaper. The facsimile of the Confederate note was 
printed in the actual size of the genuine note. 

£«cciTaUB U paymenl «f aH 
dsM ca:r^_«p«rl decs 

A’/r////// ’/w/./w 

Vie genuine T)pe 10 note printed It)’ Hoy 
Frank Iwslie was difficult 

rer & Ludwig of Richmond, Virginia. The conrersion fiom stone lithograph to wocnicut b)’ 


<vt > 

Paper Money Whole No. 165 

Page 93 

J(cecivAblr la 

V// ///7 // A /z/ 

/f >r/r///r///f/.;Pw.QEi/// 

/i' JtfCl.'iTKH 

yonnt-U’Dwtt: fui’/f.*tosn.\. 

Figure Three—Sam Upham openly advertised in the newspapers that he would furnish his copies with blank spaces for signatures 
and serial numbers and without his ad on the bottom margin. Obviously it would be easier to pass off the notes as genuine if the 
signatures and serial numbers ivere written in colors as on genuine notes. This counterfeit has the fictitious signatures “A. BotelPand 
"D. W. Neff" written in brown ink and the serial number "1567" written in red ink. Tire wide bottom margin indicates that the ad 
was left off by the printer and not trimmed off with scissors. 

This note might be found today with any combination of signatures and serial numbers since they would be limited only by the 
imagination of the person doing the writing. 

S«ceinble in nayment ol aJl 

St^V /.}ght 

7 i>«r Orn^ht«rM‘ 



'■■frr a Klelrnf >'•< 

■An unknown woodcut artist copied one of Leslie's or Upham's facsimiles hut did not try to engrave the tiny lettering. Instead he in- 
serted movable type at upper left, middle right end and bottom center. His work is quite crude but was good enough to fool many 
people into accepting it as genuine. 

Openings in his wood block and inserted type. Thus his copy is 
a hybrid— it is a woodcut with typeset "Receivable in payment 
of dues except export dues" at upper left, “Fundable in Con- 
federate States Stock bearing Eight per Cent interest" on the 
right end and "for REGISTER” and "Noyer & Ludwig, Rich- 
mond, VA." at bottom center. It was so cleverly done that 
modem collectors often fail to notice it (Figure Four). 

As expected there are many minor differences between the 
original creation by Leslie's staff and this new woodcut, which 
incidentally was made of two pieces; the center joint is clearly 
visible on the note. The engraver left out the cross-stroke of the 
"f' in the word "of after "States" at upper left. He copied the 
mysterious hyphen after the large word "CONFEDERATE" but 
reduced its length by about half The face of Hope is crudely 
done, as are the signatures. Still we know that it passed into cir- 
culation, much to the distress of Confederate officials. 

The last counterfeit in the group descended from Leslie is 
still shrouded in mystery. It is the same black-printed copy as 
Figure Four but someone overprinted a large "CSA" in green 
ink across its face. It is unlikely that these overprints were 
produced during the Civil War because no genuine note has 
such large "CSA" letters in its design. The most likely explana- 
tion is that provided by Arlie Slabaugh in his book Confederate 
Slates Paper Mone)'. It seems that long after the war a printer 
named R. Toney of Richmond, Indiana made many such items 
for a coin and currency dealer named Al Bonsall of the same 
city. 'ITiis work was done at a time when collecting Confederate 
notes was becoming a popular hobby. Bonsall had many cus- 
tomers who were looking for new varieties to add to their col- 
lections, and Bonsall got the idea of creating new varieties by 
overprinting common varieties which he could obtain in 

Enhirgemeni of the Sam Llpham facsimile with his athvrtisemetil on the bottom margin. Note that frank l.eslie's woodcut artist misspelled the 
name ‘Hoyer’ as 'Noyer" in the name of the Confederaq's contract printer at bottom center. 


JlocclvaHo in ptr^ enl of all 
drcB coDccpl: export dTre**} 

^ Confederate States 
■^S 1 0 ckl) earin gEiglit 
percent interest 


TfOTEnA.rvDwra nfcmroyn,-v\. 


Eaceiv^ble in nayment of all 
dues excjent export dues 

^ Fundable in*^^ 
Confederate States 
^ Stools bearing Eight 
per Cent interest 


yi/yer a Lndioiy Itlrhm/ nd. VA . 

TEPi .doll-a.'; 

Paper Money Whole No. 165 

Page 95 

I ^ 


mom thi* w&«)i<v] bill* 

nitfitit Irt' t*TmH thfl 

Page 96 

Paper Mone)' Whole No. 165 

as well as one of the most effective economies introduced 
during the present era of retrenchment in Uncle Sam's adminis- 
trative affairs. The innovation is nothing shon of a scheme for 
laundering our currency. All the processes of washing, 
starching and ironing will be carried out just as though the ar- 
ticles to be cleaned were linen garments instead of linen paper. 
The effect of this scheme for freshening the currency, when 
once the government's plant is in full operation, will be to 
more than double the normal life of our paper circulating 
medium and to save the government considerably more than 
$1,000,000 per year. 

That paper money can be washed successfully is not, of 
course, an entirely new discovery. From time to time in years 
gone by individuals on their own initiative have sought to 
cleanse dirty bank notes with soap and water. The importance 
of the experiments lately carried out by the government, how- 
ever, lies in the fact that proof has been gained that paper 
money can be washed, not as an occasional bank note, 
receiving individual attention, but on a wholesale scale. 
Equally important is the finding that this rejuvenation can be 
accomplished cheaply, and finally there is a third triumph for 
present-day experiment in demonstration that laundered cur- 
rency can be given the "body" and "surface" that is responsible 
for the crisp, crackly qualifications that endear "new money" to 
many people. 

The treasury' officials hope soon to have in full operation a 
laundr>' plant— located at the United States Bureau of En- 
graving and Printing at Washington— which will be capable of 
giving a new lease on life to soiled and wrinkled currency at the 
rate of 100,000 bills per day. Present estimates are that this pre- 
mier money laundiy' of the world can be operated at an ex- 
pense not exceeding $20 per day— that is an outlay of 
one-fiftieth of a cent for each bill laundered. Even in the 
preliminary experiments the cost has not exceeded one-tenth 
of a cent per note laundered, and inasmuch as it costs llA cents 
to print each new note produced at the bureau it can readily be 
appreciated that the saving will be tremendous. At the outset 
only the bills of small denomination— that is, $1, $2 and $5 
notes and certificates, will be cleansed, niese, being the bills 
that are subjected to the greatest wear and tear in circulation, 
are the shortest-lived. 

The question will naturally present itself to the reader as to 
what proportion of the whole volume of our circulating 
medium can be laundered. The officials answer that about 
four-fifths of all the money sent back to the treasury for 
redemption is fit to go out for further circulation if properly 
cleaned. Supposedly worn-out money pours into the treasury 
to be exchanged for new currency at a rate of more than 
220,000,000 bills per year. The investigations which have been 
made by a special committee appointed by the .secretary of the 
treasury disclose that fully 80 percent of this is not torn or tat- 
tered, or in reality shows any sign of wear, but has been turned 
back by the banks simply because it is wrinkled or limp and 
dirty. All of this 80 percent of the currency could be laundered 
and the experiments seem to indicate that there is no reason 
why each bill should not be laundered repeatedly. 'Itie present 
normal life of a one-dollar bill is one year and three months 
and this will be doubled if it is not tripled, resulting, of course, 
in a proportionate saving in the expenditure for labor and ma- 
terial in printing new money. 

The experiments which the treasury experts have been car- 
rying on has been to determine the best and most economical 
method of laundering money rather than to try out different 
chemical formulas for the laundering. As a matter of fact this 
latter part of the undertaking has followed the simplest lines. 
Plain soap and water, the former a good grade of potash soaps, 
are the stand-bys of the government laundrymen who have un- 
dertaken the currency washing task. It may be that ultimately 
the cleansing compound will be combined with a preparation 
designed to sterilize the money while it is being washed, thus 
setting at rest the fears of those persons who are nervous about 
the germs on paper money, but the officials have not yet 
definitely decided that they will purify the currency as well as 
restore its pristine freshness. After the money has been washed 
it is rinsed and is then dried by artificial heat. 

From this point— that is, all the finishing processes— are 
identical with those followed in the case of newly printed cur- 
rency, but special machinery has had to be provided because 
the unit to be handled in every instance is a single bill instead 
of a sheet of four bills, as in the case of the new money. From 
the drying room the bills go to the "sizing" room, where what 
might be termed the "starching" process takes place. This con- 
sists in passing each bill, by machinery, through a batch of 
alum and glue which restores the "body" which has been lost 
during the washing. Next the bills are packed between sheets of 
cardboard and are then subjerted to the "ironing." This consists 
of pressure between the rollers of a powerful press just as the 
flat pieces in the ordinary steam laundry are run through a 
mangle. The operation not only renders the laundered money 
perfectly flat but imparts to it the distinctive surface or finish of 
new money. 

Already the treasury officials have planned that if the laundry 
at the headquarters at Washington proves as successful and 
economical as it promises to do, similar laundries will be in- 
stalled at all the subtreasuries throughout the country. More- 
over, Uncle Sam is going to encourage banks, or associations of 
bankers in the more remote cities of the country to establish 
their own laundries for washing currency instead of sending it 
to Washington for redemption, as is the present plan. It is cal- 
culated that a money laundry of modest capacity can be in- 
stalled at a cost as low as $500 to $700, and it is figured that 
banks in many cities would save this in a few months. Of 
course the government redeems without charge all the worn- 
out currency sent in by the banks, but the banks must pay the 
express charges both ways on the currency, and it is figured that 
the express charges for many such institutions far exceed the 
outlay that would be required for the operation of a money 
laundry. One Chicago bank that sends a cart load of currency 
to the treasury every few days pays thousands of dollars a year 
in transportation charges. With a view to further aiding the 
banks that decide to launder their own currency the treasury 
department is planning to make public all its laundry receipes 
I sic) and formulas when it has been determined by the present 
tests just what are the best ingredients for cleansing, bleaching 
and sterilizing the money. The bleaching, it may be added is 
one process that requires the exercise of care lest the money in 
the wash be injured.— Undenvood (N. Dak.) loumal, Oct. 17, 

Paper Money Whole No. 165 

Page 97 






(This article originally appeared in PAPER MONEY, Vol. 6, No. 
2, 1967, and is reprinted for new members who do not have 
early copies of our journal.) 

Everyone prefers shiny, new coins and clean, crisp bills. It was 
ever thus, and the Treasury Department has done its best to 
keep the supply of new money sufficient to the demands made 
upon it— even to the point of operating, for six years, a laundry 
for paper money. 

When demand notes and U.S. notes were first introduced by 
the United States government during the Civil War, little 
thought was given to replacement of worn-out bills. Within 
only a few years a larger proportion of the notes in the hands 
of the people were in a sorry state. Worn-out notes were 
replaced with new ones whenever they reached any of the 
several Sub-Treasuries, but the notes in poorest condition were 
in rural areas far from the larger banking centers. Those respon- 
sible for replacement of the notes, postmasters and local 
bankers, were reluaant to send worn-out notes to the Treasury 
for replacement since they stood the liability for the total sum 
in case of loss. In addition, removal of a large portion of a com- 
munity's currency, even for the time it took to have it replaced, 
could have had serious economic results if exceptional de- 
mands arose while it was being exchanged. In the meantime 
the condition of the bills continued to deteriorate. 

In 1870, it was suggested that the Treasury be charged the 
transportation of worn-out notes from and to outlying areas. 
The National Currency Redemption Bureau was established in 
1875 to return national currency notes to banks of issue- 
retaining and destroying the worn-out notes and replacing 
them with new bills. These actions went a long way toward 
maintaining the aesthetic qualities of the currency. 

With the passing of years, the use of paper money expanded 
considerably throughout the nation and greater demands 
placed a serious strain on the production capacities of the Bu- 
reau of Engraving and Printing. Consequently it was suggested 
in 1909 that perhaps some of the currency returned to the 
Treasury for redemption might be re-issued if it were cleaned. 
The Bureau undertook a study to determine whether or not the 
proposal was feasible. 

Experiment indicated soap-and-water washing would re- 
move all dirt that could be removed by any laundry method 
but that grease, stains, writing, and printing ink could not be 
satisfactorily removed without-destroying some of the original 
printing. New bills could be washed repeatedly without fading, 
but older bills, with oxidized ink, had a faded appearance after 
being washed. 

At least 30 percent of the notes returned by the banks were 
merely soiled and could be returned to circulation if they were 
cleaned. So from 1912 to 1918 the United States Treasury went 
into the laundry business to restore notes to usable condition. 

Experimental machines were built to wash, size and iron the 
notes. Since use of three machines, with six operators, was im- 
practical, the Bureau of Engraving and Printing developed its 
own washer. 

The currency washing machine was designed and built by 
Burgess W. Smith along lines suggested by J.E. Ralph. After two 
years of experimentation, Ralph, the director of the Bureau, 
reported on May 29, 1912, that the first machine was completed 
and ready for practical use. Within two years others were in 
operation in Sub-Treasuries in New York, Chicago, Boston and 

The finished machine was a combination washer-ironer that 
required two female operators, one to feed the soiled notes 
into it and the other to receive and stack the cleaned bills at the 
other end. Soiled bills were placed between two endless belts 
of cloth that drew them into a tank of washing solution con- 
sisting of yellow bar soap, germicide and bleach. The bills were 
subjected to rubbing, as the bands of cloth were alternately slid 
upon each other to loosen the dirt. The washing solution was 
flushed through the bills as the water was repeatedly absorbed 
and pressed out of the bands by a series of rollers. After going 
through a rinse, a pneumatic device transferred the bills from 
the wet belts to a set of dry belts, which carried them around 
two large gas-heated iron rolls; this dried them and ironed 
them flat. They dropped from the machine sterilized, odorless, 
and ready to be counted and re-issued. The entire process took 
about two minutes. Capacity of the machine was more than 
four thousand an hour. 

The laundry was set up in the basement of the Treasury’ 
Building, behind heavy iron bars, and was staffed with women 
from the redemption bureau who were expert at handling and 
counting currency. Miss Annie E. Thomas, who transferred 
from the issue division of the Treasury, was in charge of the 
laundry and was held personally responsible for all the money 
while it was in her department. 

The notes received at the laundry were the best of the lots 
received for redemption as picked out by the counters. After 
they had gone through the washing machine, the girl who 
received the clean notes again made a determination of fitness 
of the washed notes for further circulation. Many more notes 
were rejected as unfit at this point. The acceptable ones were 
counted and bundled into packages of 4,000 of one denomina- 
tion and kind and sealed for redistribution to the banks. The 
extra handling at the laundry provided additional opportunity 
to detect counterfeits, both before and after washing. 

When the laundry got into full operation about 35,000 bills 
were washed daily at the Treasury. It cost 30 cents a hundred to 
wash dirty notes compared to $1.30 to print the same number. 
So the laundry saved a dollar on each 100 notes. Since many of 
the notes were not fit to restore to circulation, it was estimated 
the saving was $300 a day. 

About ten per cent of the money coming in for redemption 
actually was washed. Because smaller denominations saw 
greater circulation, they were the first to get dirty and wear out. 
They were in greatest demand for replacement. None higher 
than $20 bills went through the washers— bills of high value 
were always replaced with new notes. 

Page 98 

Paper Money Whole No. 165 

Banking opinion of washed money was divided. Some 
banks demanded only crisp, new bills, while others requested 
laundered bills, saying they were softer and easier to handle. 
Many payroll clerks, too, preferred the washed bills since they 
were easier to handle and did not stick together as new ones 
often did. 

It appears unlikely that all types of currency underwent the 
laundering process. Silver certificates and United States notes 
were the most likely candidates for the wash tub. There is no 
evidence available now one way or the other that national cur- 
rency notes were washed. Those notes were signed by hand by 
officers of the many banks, and not always with permanent 
inks— rubber stamps were used in many instances— so the 
washable quality of that series would have been lowered meas- 

The new series of Federal Reserve notes, which began in 1914, 
did not go to the laundry immediately either. A correspon- 
dence between the Federal Reserve Bank of Minneapolis and 
the Director of the Bureau of Engraving and Printing indicates 
Federal Reserve notes could be washed, but a memorandum to 
the Director indicated certain printings would not stand up to 
washing. The limitations placed on ink and seasoning in the 
memorandum quite possibly could be extended to certain 
printings of other series as well. The correspondence follows: 

Federal Reserve Bank of Minneapous 

December 4, 1915 

Mr. J.E. Ralph, Director, 

Bureau of Engraving and Printing, 

Washington, D.C. 

Dear Mr. Ralph: 

This Bank has an accumulation of currency returned from circula- 
tion, pan of which might be made serviceable and could be reissued if 
it could be washed. I desire to inquire whether the quality of the Fed- 
eral Reserve notes are such that they will stand washing and whether it 
is practicable to plan on renovating notes that are soiled but not so 
unfit as to be sent in to Washington for destruaion? 

Very truly yours, 

I.NO, H. Rich 
Fetleral Reserve Agent 

Before replying to the inquiry Director Ralph submitted the 
question to technicians at the laundry for evaluation and 
received the following: 

December 11, 1915 
Memorandum for the Director 

There is no reason why the Federal Reserve bank notes should not be 
washed except some of the earliest issues which, owing to the demand, 
went through the various processes of the Bureau without the usual in- 
tervals allowed for seasoning. These bills will probably not withstand 
the laundering process. 

The seal, owing to the condition of the color market, on some of the 
more recent issues, tends to fade out and run, but this defect will not 
exist in the present issues, as a new and quite permanent red ink has 
been developed. 

By actually experimenting with these notes, using the special for- 
mula developed for use with the U.S. notes, the economy of so doing 
may be ascertained. By noting the serial numbers a system may be de- 
vised for assoning them before washing that will reduce the unfit to a 

In this connection it should be noted that the salvage of a compara- 
tively small percentage makes the laundering an economical process, 

although the machine operators seem to think otherwise when the 
percentage of unfit is significant. 


Burgess Smihi 
Inspector of Technical Work 

While the revealing memorandum sheds a small light on the 
behind-the-scenes problems of the laundry and the Bureau, 
the Director answered the letter from the Federal Reserve Bank 
in the following manner: 

December 14, 1915 

Mr. lohn H. Rich 
Federal Reserve Agent 
Federal Reserve Bank of Minneapolis 
Minneapolis, Minnesota. 

My dear Mr. Rich: 

In reply to your letter of the 4th instant, stating that your bank has 
an accumulation of cunency returned from circulation pan of which 
might be serviceable and could be reissued if it could be washed and 
asking whether the quality of Federal Reserves notes is such that they 
will stand washing and whether it is practicable to plan on renovating 
notes that are soiled, but not so unfit as to be sent in to Washington for 
destruction, I beg to say that it is believed that it is practicable to wash 
soiled Federal Reserve notes as there is no difference between the 
quality of these notes and other notes issued by the Government. The 
question of the establishment of a plant at your bank for this work 
would, however, have to be taken up by you with the Department 
through the Federal Reserve Board. 


I.E. Ralph 

Paper Money Whole No. 165 

Page 99 

The bank was dissuaded from establishing a full-scale cur- 
rency laundry for its own use. The war in Europe was causing 
shonages of dyes for ink and linen for paper, which would 
eventually lead to notes totally unsuited to laundering. 

One group, however, was violently opposed to the operation 
of the laundry from its inception; it consisted of the printing 
pressmen who printed the bills at the Bureau of Engraving and 
Printing. An article, "Washed Money, the Counterfeiters' De- 
light," appeared in their publication The Plate Primer, on 
January 15, 1913, and was reprinted by the Government 
Printing Office as a Senate Document. The article opened with 
an Associated Press dispatch, which read in pan: "Alarm seized 
the officials of the United States upon the discovery of a 
remarkable counterfeit $5 silver certificate, the most dangerous 
imitation of American currenq' since the famous 'Monroe 
head' $100 bill was suppressed in 1898. 

"So nearly perfect is the spurious note that officials of the 
cash room of the Treasury declared it was genuine and un- 
swervingly held to their belief that it was a washed note. 
Herman Moran, Assistant Chief of the United States Secret 
Service, detected slight variations from the original, however, 
and stamped it unqualifiedly as a counterfeit . . . . " 

The vehemence of the printers' opinion of the washing 
process was expressed in the colorful journalistic prose of that 
time. The opening paragraphs state: 

'The above Associated Press dispatch is an excellent text for 
a discourse on the evils and dangers of washed money. If the 
salaried officials of the Government will persist in cheapening 
the artistic quality of the people's money subjecting it to the 
grave dangers of having spurious issues injected into it, it be- 
comes the duty of those qualified to do so to speak in the 
people's interest. Who better qualified to speak than the men 
who make the money of the people? We assert that the plate 
printers have a double duty and responsibility in this 
matter .... As American citizens, it is their right and duty to 
champion the interests of the people when they know that 
those interests are menaced by men whose purpose is to make 
reputations for themselves by foisting on the Government false 
and degrading economies. From this high ground we will 
battle fearlessly for our art and the people's interests, and will 
at all times join issue with the enemies of both. 

'The effect of the operation of the washing machines is to di- 
vide our paper currency into two classes— new money and 
washed mone>'. The first class is the result of an excellence in 
money-making methods which the Government for more than 
half a century has striven to attain. The engraving and hand- 
roller plate printing arts had well-nigh reached perfection in 
making the money of the United States, and it was as near 
counterfeit proof as it was possible to make it. The washing- 
machine product is the new money deteriorated and im- 
poverished. Old things can not be made new, and this fact will 
be strikingly illustrated to all the people when they shall see 
the money which the Treasury washing machines are now 
turning out for them. 

"Washed money is faded and lifeless. It bears about the same 
relation to new money that one man, who has been ill for a 
year with chills and ague, does to another in the full bloom of 
perfect health . . . ." 

The printers then state that by issuing "soapsuds money" the 
government shifted responsibility for determining the 
genuineness of money to the people when even Treasury 
officials were hard-put to determine whether a note was coun- 
terfeit or merely washed. 

According to the printers it had been suggested that the 
production of new notes by the Bureau of Engraving and 
Printing in 1914 be reduced from 90 million sheets to 60 mil- 
lion sheets. At four notes per sheet this would mean that 120 
million washed notes would have to be returned to circulation 
to maintain the normal volume of money in use. They insisted 
this massive dilution of the quality of United States currency 
would be made at the expense of the people in outlying areas 
since banks in Washington would not place washed money in 
circulation there. 

The Treasury's money laundry was short-lived. With the out- 
break of World War I the supply of new linen cuttings used in 
the manufacture of currency paper was cut off and cotton had 
to be substituted in part. Eventually linen had to be eliminated 
completely from the paper, and since the new paper could not 
be laundered satisfactorily the washing process was aban- 
doned. The final use of the machines appears to have been in 

When return to the use of 100 per cent linen paper was con- 
templated in 1921, resumption of washing currency was also 
considered. The Secret Service strongly opposed the plan and 
the laundr\' never reopened. 


I'be Numismatist, September 1912; August 1916 
Washed Money, the Counterfeiters' Delight, GPO 1913 
History of the Bureau of Engraving and Printing, 1862-1962 
Bureau of F.ngraving and Printing, Henry |. Holtzclaw, Director, Cor- 

CONFEDERATE NOTE (Continued from page 94) 

An examination of other notes believed to have been made 
by Toney and Bonsall reveals the same shade of green ink as 
used on the "GSA" overprint, so Mr. Slabaugh may be correct in 
his belief (Figure Five). 

In summary these crude counterfeits demonstrate the ob- 
vious futility of the Gonfederac/s use of autograph signatures 
written-in by an army of clerks at the Treasury Department. The 
public was left confused by the hundreds of signatures and 
paid little attention to them. The Gonfederate Gongress had 
many bankers among its members and it may have been their 
unwillingness to break with tradition that led to the auto- 
graphs. Four years before the war they had signed the notes is- 
sued by their banks and they may have felt that the 
Gonfederate Government should continue the practice. A lot of 
money was wasted in the effort. 

Another lesson learned was that if a government issues 
crudely engraved currency it can expect counterfeiters to move 
in quickly to copy it. Leslie and Harding demonstrated that co- 
pies could be made and passed off as genuine on unsuspecting 
victims. Thus, they paved the way for more sophisticated coun- 
terfeiters here and abroad to reap a sad harvest all over the 

Page 100 

Paper Money Whole No. 165 

National Bank Note Sheets With Bank 



The bank serial numbers on large-size national bank notes are 
sheet numbers. Each note on the sheet is the same, and the 
notes are distinguished from one another by the plate letter. 
The bank number was printed once in the lower left corner 
through August 22, 1925. From then on, the Bureau of En- 
graving and Printing ceased printing treasury serial numbers 
on national bank notes as per instructions from the Comp- 
troller of the Currency, and a duplicate bank serial number was 
printed in the former position of the treasury serial number in 
the upper right comer. In order for a bank to reach sheet serial 
number 1,000,000 in the four-subject plate combinations, it 
had to issue 4,000,000 notes which for the $5s was an impres- 
sive $20,000,000, or even more impressive $50,000,000 for the 
10-10-10-20 combination. 

SERIAL 1,000,000 SHEETS 

XTRAORDINARY numbers of Series of 1902 notes were 
printed for several banks. On September 9, 1913 the 
5-5-5-5 Series of 1902 date back printings for The Na- 
tional Bank of Commerce in New York (733) reached bank 
sheet serial number 1,000,000. TTiis was a first in the history of 
the national bank note issues. Bank serial numbering was con- 
tinued in a new prefixed block beginning with serial Al. This 
yielded the only A-prefix bank serials to appear on Series of 
1902 date backs. 

The First National Bank of the City of New York (29) was the 
next bank to reach bank serial number 1,000,000, an event that 
occurred on February 14, 1920. This involved Series of 1902 
plain back 5-5-5-5s. 

Note from the second set of 5-5-S-5 bank sheet serial numbers from The Mellon National Bank of Pittsburgh, Penn- 
sylvania (6301). 

Table 1. Chronological list of banks that reached bank serial number 1000000. Data from a Bureau of Engraving and Printing diary. 

Date Serial 


Pair Printed 







Sheet Serial 

Sep 9, 1913 

NB Commerce 

New York NY 






Feb 14, 1920 

First NB 

New York NY 





A 1000000 

lul 31, 1922 

NB Commerce 

St. Ixiuis MO 






Apr 1, 1924 

First NB 

New York NY 


02 PB 




May 19, 1924 

N Park 

New York NY 





A4 14439 

Feb 19, 1925 

Mellon NB 

Pittsburgh PA 






May 5, 1925 

NB Commerce 

St. Louis MO 






Dec 13, 1927 

N Park B 

New York NY 






Ian 12, 1928 

First NB 

Pittsburgh PA 






Apr 10, 1928 

First NB 

New York NY 




A 1 000000- B1 



by Peter Huntoon 

Table 1 shows that sue different banks reached A-prefix bank 
serial numbers, with The First National Bank of the City of 
New York accomplishing this on both the 5-5-5-5 and 
10-10-10-20 combinations, and The National Bank of Com- 
merce in St. Louis (4178) on both the 5-5-5-5 and 10-10-10-10 
combinations. On April 10, 1928 printings for the 5-5-5-5 

(Continued on page 103) 

Paper Money Whole No. 165 

Page 101 

NumisArt — An Approach 


Sue Bauman, wife of the author, at home with examples of her work based on two U.S. paper 
mone}' engravings. 

ERY few people have the opportunity to display their 
art as widely as those who prepare the engraved de- 
signs for foreign and U.S. currency. Such an oppor- 
tunity was used by George F.C. Stnillie when he created the por- 
trait vignette of Chief Running Antelope for the United States five 
dollar silver certificate. 

Bom in what is now South Dakota in 1821, Running Ante- 
lope spent some time in the service of the army as a scout with 
General Harney. In 1868 he attended the Great Council of the 
Sioux at Fort Laramie and Fort Rice as a member of the escort 
of Father Pierre lean DeSmet. Running Antelope made the 
closing speech at the council, and it was probably here that he 
received the peace medal portraying President Andrew 
lohnson, which he is wearing in his portrait. 

Running Antelope (Ta-to-ka-in-yan-ka") was made head 
chief of the Hunkpapa band of the Sioux Nations during a visit 
to Washington DC to meet President Grant in 1872. During 
this visit Running Antelope was photographed by Alexander 
Gardner who intended the photograph as part of the Bureau of 
Ethnology record of physical charaaeristics and accoutrements 
of the various Indian tribes. This was the photograph used by 
Smillie as the basis for the engraved portrait. However, the 
photograph showed Running Antelope wearing only three 
long feathers on his head and this was deemed unsuitable for 
the engraved portrait. An employee of the Bureau of Engraving 
and Printing posed in a Shawnee war bonnet borrowed from 
the National Museum and this was the model for the head- 
dress in the Smillie engraving of Running Antelope. 

Page 102 

Paper Money Whole No. 165 

This color prim of a water color by Sue Bauman is based on the Robert Ponickau engrai'ing of the Eagle with Flag, which appears on the 
back of the 1918. $1 Federal Reserve note. 

The name of the Hunkpapa 
tribe was also spelled "Onqjapa" 
and this was the spelling used by 
Gardner on his photograph. 
Somewhere along the way the Y 
in "Onq>apa' acquired a crossbar 
and became "Onepapa," and so 
Running Antelope has been 
mistakenly known by many col- 
lectors as "Onepapa" ever since. 
From 1878 until he died some- 
time between lune 1896 and 
June 1897, Running Antelope 
served his people as leader and 
negotiator with the U.S. authori- 
ties at the Grand River and 
Standing Rock Agencies. During 
this time he led the last great 
Sioux buffalo hunt in lune of 

Our acknowledgment and 
thanks must go to Forrest W. 
Daniel and to PAPER MONEY 
for their permission to extract 
the foregoing information on 
Running Antelope from the ar- 
ticle by Mr. Daniel published in 
Daniel undertook exhaustive re- 
search into the life of Running 
Antelope and wrote an authori- 
tative article on the subjea in 
1969. That article, as well as one 
by Bob Cochran on the subject 
of Indians and U.S. paper money, 
well worth reading. 

5«Tr** h; w./y.y’Vh- - '. 

One of 250 signed and numbered lithograph prints of Running Antelope b)’ 
artist Sue Bauman. 

found in Vol. XXXI, No. 5, is 

As a young boy I collected 
stamps and coins and learned to 
appreciate the older and better 
examples of both, even though 
I could not afford them. During 
my historical studies on the way 
to becoming a registered ar- 
chitect, my interest in collecting 
was rekindled. Once married 
and with a young family, I be- 
came a part-time dealer at local 
shows to help me indulge my 
hobby. As the coin market 
declined in the early '80s, my 
interest in paper money in- 

My wife Sue, an artist since 
high school, had shown 
moderate interest in my hobby 
until the artwork on my growing 
collection of paper money cap- 
tured her imagination. The 
beauty of the art on both foreign 
and United States notes fasci- 
nated her and she was particu- 
larly intrigued by the vignettes 
on older U.S. paper money. This, 
coupled with a poster Sue had 
purchased for my office by Peter 
Max, depicting his interpreta- 
tion of Lady Liberty on the U.S. 
peace dollar, inspired her to 
plan a painting of Running 
Antelope. When I managed to 
acquire an especially nice 1899 five dollar silver cenificate, her 
delight turned to action. 

Paper Mone}’ Whole No. 165 

Page 103 

In addition to her artistic love and respect of the paper 
money engravings. Sue enjoys reading about the history of the 
notes' artwork and the engravers. Finally, after learning some of 
the history of the note, she began to create a transparent water- 
color of the vignette of Chief Running Antelope, faithfully in- 
terpreting Smillie's original engraving. The smooth flowing 
half tones of the watercolor technique provide interesting con- 
trast to the detailed engraved vignette by Mr. Smillie. 

The growing number of requests from collectors for copies 
of Sue's Running Antelope painting has motivated us to have 
limited edition, signed and numbered lithographs produced. 
Some collectors only dream of owning this very popular note 
while others, although they own one, keep their treasure 
hidden away in a safe deposit box and cannot enjoy the beauty 
of it. Our limited edition lithographs of this painting will allow 
interested collectors to own and enjoy a piece of historical 
numismatic art. 

Sue has also been inspired to start researching the history 
and background of other vignettes and is discovering a whole 
new world of interest. She has completed the American eagle 
and flag from the back of the 1918 one dollar Federal Reserve 
note shown in one of the enclosed photographs. She is cur- 
rently painting her version of the St. Gauden's $20 gold piece. 
However, the next subject she plans on painting from paper 
money is Chief Hollow Horn Bear, whose likeness can be found 
on the II. S. ten dollar military payment certificate, as well as on 
a U.S. postage stamp. 

Meanwhile, Sue's art is increasing my own enjoyment of 
paper money as she points out to me details on foreign and 
U.S. bank notes which 1 had not noticed until now. 

For additional information, contact me at the following ad- 
dress: P.O. Box 250027, Franklin, Ml 48025-0027. 

PAPER COLUMN (Comi tilted from page 100) 

combination for The First National Bank of the City of New 
York reached the second million, and B-prefix bank serial 
numbers appeared for the first time. 


The prefixed bank serial number variety comes with and 
without a treasury serial number, depending on if it was 
printed before or after , August 22, 1925. It is possible to find 
notes from the same bank exhibiting both of these varieties. 
However, the B-prefix notes issued by The First National Bank 
of the City of New York occur only with duplicate bank serial 
numbers. Additional combinations are such notes with and 
without geographic letters, and with and without engraved 
bank signatures. Geographic letters were phased out on March 
13, 1924, and engraved signatures were used beginning in 1921. 


Bureau of Engraving and Printing, undated, Diar>' maintained by em- 
ployees of the numbering division containing entries showing 
dates when bank sheet serial numbers I and 1000000 were printed 
on national bank notes; Bureau of Engraving and Printing Annex 
Building Records Storage Attic, Washington, DC. 

Hickman, 1., and D. Oakes, 1982, Standard catalog of national hanh notes: 
Krause Publications, lola, Wl. 

Synglapli.ic Vigqettes 


To pick up on a previous story, the decade of the 1920s was an 
exciting time for paper money collectors, and National Bank 
notes were right in the thick of it. The old series of 1882-1908 
"value backs" were rapidly disappearing. This writer recalls 
having not more than a dozen of them in his hands. 

Increasing numbers of small banks were converting to state 
chaners to ease take-over by large city banks, which were 
pushing for state-wide banking laws. The usual method of 
take-over was to obtain a foothold on the board of directors, 
and then make an offer for the shares that was financially very 
attractive. This fits in well with the American concept that 
"bigger is better." 

In a very few years many of the remaining small banks, in the 
Niagara Frontier area at least, were gobbled up by the titans. 
Only the survivors would issue small-size notes. 

This writer saw a notice in the local newspaper announcing 
the proposed conversion of the State National Bank of North 
Tonawanda, New York, to the State Tmst Company. Knowing 
that surrendering a national charter would mean an end to the 
i.ssue of bank notes, and that remaining notes on hand would 
be sent in for cancellation, time was of the essence. So, I made 
a quick trip to the bank to obtain a $5 note, 1908 face with 
plain back. Charter number E6809, bank number 39205, 
Treasury number V840 411E. A week later would have been too 
late. 1 cherished this note for years, as the facsimile signatures 
of the bank officers were prominent citizens well-known to my 

An unfortunate aspect of national currency availability was 
the fact that many banks would not pay out notes from other 
banks with federal issues. Notes of other banks would be set 
aside, and sent to the Treasury for "redemption." This way the 
bank could remit to the Federal Reserve their "dues" and build 
up reserves on deposit with the Federal Reserve. How many 
hundreds of thousands of perfectly usable notes, which had 
months of useful life left in them, were thus retired and can- 
celled will never be known. Liquidating banks returned packs 
of crisp notes! This practice was going out of style in the late 

In this connection, the author referred to the Commercial & 
Finaitcial Chronicle which was available in the local library. The 
late Darwin R. Martin, entrepreneur from Buffalo (later San 
Francisco) claimed that it was the best financial publication 
available. Each month it carried a repon from the Comptroller 
of the Currency listing national banks applying for charters, 
those in liquidation, and those merging with others under old 
or new charters. Sure enough, in due time the State National 
Bank of North Tonawanda was listed as being in "voluntary liq- 
uidation" Tliose researching national banks, their origins, de- 
mise, etc. will find this publication very useful. It also gave the 
monthly circulation statement of all the currency issued by 
denomination and class, a service no longer provided. 

Page 104 

Paper Mone)' Whole No. 165 


B y Austin M. 


In today's world, change comes fast. In the few short months 
that have passed since I last wrote this column, we live in a 
different world. The United States has a new President, world 
events in a changing world are making headlines, and best of 
all— winter has passed and summer is here. That means all the 
paper money collectors are emerging from their hibernation, 
ready for an exciting Memphis in lune and St. Louis in 
November. The hobby continues to grow in numbers. Paper 
money collectors are becoming more numerous each day. The 
auction results of this past winter indicate higher prices. Both 
common and rare notes are very much in demand. In fact there 
seems to be a strong indication that notes of all grades and 

prices are approaching definite shortages in supply. For those 
who have stocks of duplicates, now is a good time to help feed 
the market. It has taken many years for the numbers in our 
hobby to become significant. It appears that this is now a 
reality. Let's all help to make it continue to grow. Several new 
books are in the wings. A complete index to PAPER MONEY is 
in preparation. Several outstanding auctions are in the making. 

New paper money dealers are providing more and more 
price lists to the hobby. Discoveries of previously unknown 
notes are bound to follow. How many hobbies have so many 
good things happening as we? 

In spite of all that we have to complain about, we can always 
derive much pleasure from that collection, from reading about 
our particular interest from correspondence with dealers and 
collector friends alike, from going to the local and national 
shows, and from sharing our time and knowledge to help re- 
cmii one more into the fraternity. 

There are many senior citizens in our groups. We must have 
energetic new young members to take up the cause. Make a 
resolution to do your part. As we move into the vacation 
season, I hope to see many of you along the trail. Promise your- 
self the happiness of at least one Memphis and one St. Louis in 
the near future. Believe me, it will be a highlight of your col- 
lecting years. 

Meet Your Charter Members 

Robert P. Payne 

I am 64 years old and have 
been collecting North Carolina 
paper money since 1959. I col- 
lected U.S. coins about five 
years before that, but 1 fell in 
love with paper money when a 
drink salesman traded me 
about 15 North Carolina 
southern state notes (Criswell 
No. 81 train notes) for some 
coins I had on display in my 
country store. 

I joined the Society right 
after it was organized. 1 have 
met .so many nice collectors and dealers from ads and 
members listed in the PAPER MONEY magazine, which is a 
must for a paper money collector. 

Between 1958 and 1969 1 went to a lot of shows in North 
Carolina, Virginia and South Carolina. I met some old time 
collectors at these shows and became friends with them. I did 
a lot of learning, as well as buying, selling and trading with 
folks like, just to name a few, Charles Affleck, F.dward K. Bell, 
David Cox, Claude Rankin and Garland Stephens. My best col- 
lector friend is Bill Mason, who at 89 is still going strong. They 
all, at one time or other, had great collections of Ll.S. ob.solete 
paper money. 

Again, 1 must say that I have enjoyed a lot of collecting, but 
paper money has been the most rewarding. I greatly miss the 
old timers who have gone on. 

The most fun in the old days (1950-1960) was to get to coin 
shows early, and get around to the dealer tables before the 

other old time collectors of paper money got there. The dealers 
did not know as much about paper money as they did coins. 

My main interest now is North Carolina small-size national 
bank notes and North Carolina scrip. 1 am still looking for five 
North Carolina small-size notes from five different banks. I 
have notes in my collection from 58 of the 63 North Carolina 
national banks that issued currency. 

Leon H. Bookman 

In response to your inquiry' relating to Charter Membership in 
SPMC. I would like to relate a story. 

Back in 1950 when paper money really got hold of me, I 
visited various coin shops in and around Philadelphia but all 
they had was the run-of-the-mill paper in uncollectible condi- 
tion. But one day 1 hit the jackpot. On Fabbert Street in down- 
town Philadelphia I saw a crisp gem 1896 $5 Educational note. 
When 1 inquired, the storekeeper indicated that he wanted 
double face, or $10. 1 asked if he had any more and he showed 
me a pack of 25 mint notes— they must have been in someone's 
box for years. 

1 told him I would take the lot. But he became apprehensive 
and said he would take $350 for the lot. 1 said, “Sold"! I gave 
him a $50 deposit and said 1 would return in a few hours, 
which 1 did. 

I immediately called Aubrey Beebe with whom I had had 
dealings. He bought 10 of the notes, at $60 apiece. .All these 
notes were GEM! Of the 15 left, 1 sold five at a coin convention 
held at the Sheraton Hotel in Philadelphia in 1982 for (mind 
you) $7,500 EACH, or $37,500!! How lucky can you get! You 
asked for a story, and that's it— a once in a lifetime find. 

Paper Mone}’ Whole No. 165 

Page 105 

Meet Your New Board Members 

Only four members came forward, before the deadline, to offer their services as governors. 
Consequently, no election will be necessary; the secretary will cast one vote to elect these four 
by acclamation. 

FRANK CLARK is from Carrollton, Texas and has been a 
member of the SPMC since 1980. His primary collecting in- 
terest is North Texas national bank 

Frank is a board member of the 
TNA; a district governor and presi- 
dent of the Dallas Coin Club; and 
an out-of-state board member of 
the PMCM. For his service to the 
TNA, Frank has received awards 
for Outstanding Governor, Best 
Article, Outstanding Numismatist 
and Best of Show. 

He has exhibited at local, state 
and national shows, and has had 
articles published in the numismatic and non-numismatic 

Frank is anxious to serve as an SPMC governor, and reminds 
us that "one only gets out of a hobby what one puts into it." 

GENE HESSLER, a native of Cincinnati and a musician by 
profession, is the author of three U.S. paper money-related 
books. Work on a cyclopedia of 
paper money & postage stamps, 
art & engravers is nearing comple- 
tion. He writes monthly columns 
for The Numismatist and Coin 
World. He is an elected fellow of 
the American Numismatic Society. 

Gene has served as editor of 
PAPER MONEY since 1984. As 
long as he remains in this capacity, 
he feels it is advantageous to con- 
tinue as a governor due to his 
editorial responsibility to the SPMC membership. 

JOHN JACKSON was bom in Corpus Christie, Texas, and had 
the good fortune to have lived in Pakistan, England and Ger- 
many He has a B.A. in political 
science from Yale University, and, 
after serving in Vietnam, received 
his M.B.A. from INSEAD in 
France. After working in Belgium, 

Holland and Portugal, John 
returned to work in the U.S. He 
now operates his own consulting 
firm in New Jersey. 

John is interested in the history 
of engraving, and is an avid col- 
lector of security engravings, espe- 
cially from American Bank Note Co. As a member of the SPMC 
board, he looks forward to working for the entire membership. 

TIM KYZrVAT is a native of Chicago and for 25 years has been 
an avid collector of Chicago national bank notes and other 
U.S. currency. With a degree in 
accounting from the University of 
Illinois, he is employed as a Cer- 
tified Public Accountant. 

Tim has been a member of the 
SPMC since 1975, and has ex- 
hibited at major numismatic 
shows. As a colleaor and part time 
dealer, he has attracted and edu- 
cated new collectors. Tim says he 
is willing to work hard to attract 
new members and will do what is 
needed to help the SPMC continue as a strong organization. 

New Literature 

Confederate and Southern States Currency by Grover C. Criswell, |r. 
Fourth Edition, 1992, BNR Press, 132 East Second Street, Port Clinton, 
Ohio 43452-1115. $40.00 hardcover. 

I was hoping to see Grover Criswell at the recent Professional Currency 
Dealer's Show here in St. Louis, and 1 wasn't disappointed. I usually 
only get to visit with him twice a year, at the Memphis and PCDA 
shows. Grover is one of those folks in this hobby who has forgotten 
more than most of us will ever know, so it's always a pleasure to spend 
even a short while with him. 

1 assumed that some of the dealers would have a supply of his new 
book, but 1 bumped into Grover almost right away. He told me that he 
had a few copies with him, and that he would be happy to let me take 
a look at one, 

A few weeks before the show, several folks who apparently had seen 
a copy told me that the book was “full of errors," That's not true. Yes, I 
found some glaring typographical errors in the Acknowledgement and 
Introduction, and I'm quite sure Grover and the publisher regret that 
they weren't caught. These errors didn't bother me, since they didn't in- 

volve the catalog information— which is the real reason I wound up 
purchasing a copy. 

There are two maior reasons why 1 bought a copy of this new edition. 
First, I wanted one, and more importantly, 1 needed one. I wanted a copy 
because ever since 1 "discovered" paper money I've been interested in 
learning as much as 1 could about the issues of the Gonfederate States 
of America and the Southern states which issued currency and scrip 
during the Givil War. 

I was bom and raised in the South. Only those of us who can say 
THAT will understand this statement: "1 was surrounded by the legacy 
of the Confederacy while growing up." In the late 1950s and early 
1960s, as the Centennial of the Civil War was observed, reminders of 
that great conflict were everywhere— flags, battle re-enactments, articles 
in the newspapers, ceremonies at the battlefields (MOST of the War 
was fought on "our lurT). 

Our local Carnegie Library had a display of Confederate notes on 
the wall in the entry foyer, pinned up on a Confederate Battle Flag. 
Many business were giving away reproductions of Confederate notes as 
advertising promotions and souvenirs of the Centennial. 

Page 106 

Paper Money Whole No. 165 

I'm acquainted with many colleaors and dealers from the South 
who are about my age, and most of them are aaive in Confederate 
Notes and Southern obsoletes. 1 have to beieve that all of us got our 
start at the same time, and for many of the same reasons. Many of us 
have traced our family histories and found ancestors who served on 
one or both sides during the War. 

So when I began collecting paper money about 1976, it was only nat- 
ural that I would be drawn to Confederate Currency. It was no trouble 
at all to assemble a representative type set of the Confederate issues— 
mostly the uncommon ones, notes I remembered seeing as a kid. But 
then I began to see notes that were new to me— many rare ones, with 
high prices! I had always assusmed that alt Confederate notes were 
common. After all, most everyone I had grown up with had a few 
stashed away in the family somewhere. 

About this time one of the dealers showed me a copy of "Criswell's 
Book,” and suggested that I get my own copy. I did, and discovered that 
there were dozens of Confederate issues I hadn't seen, and hundreds of 
varieties. Almost all of the other pan of the book, dealing with the 
issues of the “Southern States" and Missouri, were new to me. 

This new edition, like its predecessors, covers all of the Confederate 
issues in great detail. There is a listing of the people who signed notes 
"For Treasurer" and 'For Register" which could signal the beginning of 
a search by some collectors for a note signed by one of their ancestors. 

Much new information which has become available since the last 
edition has been incorporated, as has the new discovery note, 
cataloged as "Criswell Type 32‘A." This note, the "Blacksmith" note, is 
the first reported to bear a BLACK overprint, instead of the usual red- 
orange. As stated in the book, "It is the first major type to be discovered 
in the 127 years since collectors first became interested in listing var- 
ious typesl’The note was carefully examined by several experts, all of 
whom pronounced it genuine, and not some trick of the ink. One of 
the experts' thoughts about the note is included in the description. 

The next seaion of the book, a listing and descriptions of known 
Confederate Counterfeit notes, is included for the first time. The in- 
terest shown in these notes over the past few years is astounding! 
Numerous articles have appeared in the numismatic press, and I've 
seen at least a dozen exhibits of these notes at major shows. It could be 
said that many of these contemporary counterfeits were of good 
quality; perhaps it would be better to state that the genuine notes were 
of very poor quality! In either case, some of the counterfeits are very 
near in appearance to genuine notes! This section by itself could easily 
be a separate publication. I consider its addition to the rest of the mate- 
rial a real bonus, especially to the beginning colleaor! 

The rest of the book details the issues of the states which seceded 
from the Union, as well as notes of the Republic of Florida, Territory of 
Florida, and Republic ofTexas. Also included are the issues of the Con- 
federate Government of Missouri {in exile during the War), the issues 
of Missouri's UNION government during the War, and notes of the 
Cherokee, Choctaw, Creek, and Seminole Nations, which were consid- 
ered part of the Confederacy. 

Most of the state notes cataloged were issued between the years 
1861-1865, but several states (and the Republic and Territory of 
Florida, and the Republic ofTexas) issued notes shortly after the begin- 
ning of the nineteenth century. These notes, most of them extremely 
rare, are cataloged; many are illustrated. Until the book cataloging Mis- 
souri's Obsolete and Scrip notes is published, you won't find that state's 
early issues described or illustrated anywhere else! At least two states 
issued paper currency after the Civil War— South Carolina issued "Rev- 
enue Bond Scrip," and Tennessee issued "Payable Warrants" All of these 
notes are included in the catalog. 

The second reason I bought a copy of this book is because I need one. 
The general public often contacts the Society of Paper Money Col- 
leaors through me. I receive about 500 letters each year, inquiring 
about some "old note"; I'm usually asked to identify the note and pro- 
vide a value. 

The vast majority of the genuine notes I'm asked about are Con- 
federate and Southern States notes. The requests come from all over 
the United States; not surprisingly, several have come from Europe. I 
needed a current reference to provide as much information as 1 can to 
these folks. Not a few of them have joined the SPMC after I sent them 
an answer, and a brochure. 

Further, as Secretary of the SPMC I see all of the applications we re- 
ceive from new members. Over the past six years approximately 60% 
of the new members indicated that one of their interests was Con- 
federate and/or Southern Obsolete notes. Dealers and colleaors alike 
have experienced the tremendous surge of interest in these issues, and 
the prices for even dirt-common notes have skyrocketed. These in- 
creases are reflected in the new edition. 

So this latest edition of Grover's standard reference was timed per- 
fectly, and a copy belongs in the hands of both serious and novice col- 
lectors alike. Aaually, that last statement is sort of "preaching to the 
choir." The serious colleaors undoubtedly have a copy already. Those of 
you who are just getting started should seriously consider obtaining a 
copy for your personal reference, if for no other reason than to learn 
the universally-used Criswell Numbering System. 

The biggest competition for this latest volume may be earlier ones, 
but there are enough enhancements and additions, as well as more in- 
formation, to put the old one on the shelf and use this new one. 

I only wish the libraries around the country would buy copies as 
well— it would save me some time answering all those letters! (Bob 


Ronald Horsiman 
P.O. Box 6011 
St. Louis. MO 63139 


8357 Donald R. Donahue, 4 McAuliffe Rd., Randolph, MA 02368; 
C, U.S. notes. 

8358 Ray Rivera, P.O. Box 633, Fxton, PA 19341; C&D, Nat. BN. 

8359 William D. Johnson, P.O. Box 2345, Sarasota, FL 34230; C&D, 
Florida state & terr. notes. 

8360 Lawrence Bonner, 1323 North Ave., New Rochelle, NY 10804; 
C, U.S. notes. 

8361 Robert W. Feiler, P.O. Box 4514, Wheaton, IL 60187; C&D, U.S. 
& obsolete notes. 

8362 U.S. Army Library, DLA 420-88-D-0023 Call #B704, 281ST 
BSBl Unit 28038, Vilseck, APO AE 09112-5000. 

8363 Eustolio G. Perez, P.O. Box 18322, West St, Paul, MN 
55118-0322; C&D, U.S. Mexican NB notes. 

8364 lim Ehrhardt, 1029 E. Coun, Iowa City, lA 52240; Nat. BN. 

8365 Karl Vandervoort, P.O. Box 8608, Calabasas, CA 91372; C, U.S. 

8366 Carl F. Dumoulin, 1019 W. 6th St. #2, Belvidere, IL 61008; C, 
C.S.A. & U.S. notes. 

8367 Ralph Oko, 14760 Biscayne Blvd., N. Miami Beach, FT 33181. 

8368 lames A. Simek, P.O. Box 25667, Honolulu, HI 96825; C&D, 
LI.S. small-size & error notes. 

8369 Steve Chalstrom, 708 K Ave., Milford, lA 51351; C, Sil. cert. 

8370 Dale R. Bargielski, 652 Hilltop Rd., Erie, PA 16509; C, $2 

8371 David C. Cathcart, psc #3, Box 4605, APO AP 96266; C, World 

8372 Adam Keker, P.O. Box 417451, Chicago, IL 60641. 

8373 lack R. Lippincott, 1116 Oriole Dr., Pittsburgh, PA 15220; C, 
PA Nat. BN. 

8374 Robert M. Hastings, 9234 Prairie Ave., Highland, IN 46322. 

8375 George L. Timbert, 612 Tom Smith Rd., Lilbum, GA 
30247-2201; C, C.S.A. obsolete notes and checks. 

8376 Michael M. Nanney, 2609 Cimarron Dr., Midland, TX 79705; 
C, Nat. BN. 

8377 R.J. Kozlowski, 5252 Karen Isle Dr., Willoughby, OH 44094; 
C, Nat. BN. 

8378 Gordon I. Duncan )r., 996 Nottingham, Crosse Pointe Park, 
Ml 48230; C, Sm. size sil. certs. & world notes. 

Paper Money Whole No. 165 

Page 107 

8379 Darrell Abel, 206 lakeview Dr., KO. Box 222, Fairfield, II. 
62837; C, IL Nat. BN. 

8380 Russell R. Smith, I’.O. Box 124, Cohasset, MA 02025; C, 
Colonial & Fiscal. 

8381 Andrew W. Pollock 111, Box 688, Wolfeboro Falls, NH 03896. 

8382 Vale E. Smaltz, 88 Northcrest Acres, l^banon, PA 17042; C, Eg. 
size SI notes. 

8383 Priscilla .Myerson, 8000 Research Way, Springfield, VA 22153. 

8384 Gary Grollimund, 9829 Pampas Dr., Chesterfield, VA 23832; 
C, Lg. size U.S. currency. 

8385 Roben R. Ribeiro, 51 Sea Breeze Dr, Half Moon Bay, CA 
94019; Ll.S. & world notes. 

8386 Damon W. Funkhouser, 2200 Sun Oak, San Antonio, TX 
78232; C, l.g. size star notes. 

8387 lames Sharp, 618 North Market St., Loudonville, OH 

8388 Thomas |. Rosko, 814 Spring Valley Rd., Doylestown, PA 
18901; C&D, U.S. & world notes. 

8389 William I. Heckman, RD 5 Box 5283, Fleetwood, PA 19522. 

8390 Steve Catt, 144 Grand Ave., Rutherford, N| 07070; C, Nat. BN 

8391 Elmer Nonog, 3811 NE 90th St., Seattle, WA 98115; C, U.S. & 
world notes. 

8392 Edward ). Kraynak, 224 Ontario Ave., Syracuse, NY 13209; C, 
NY Nationals, 

8393 leffrey 1.. Niemiec, 8220 N. Austin, Morton Grove, II. 60053. 

8394 Edwin R. Duban, 71 Heritage Ct., Annapolis, MD 21401; C, 
Uncut sheets. 

8395 Lawrence D. Share, 150 S. Pine Island #105, Plantation, FI. 
33324; C. 

8396 losh Ross, 114 lames Ct., East Peoria, II. 61611; C, U.S. currency. 

8397 lim Sabia, 44 Merriland Rd., Stamford, CT 06903. 

8398 Robert I. Hahn, 566 Madison Ave. 3 F, Albany, NY 12208; 

8399 Bill Sharp, 1149 Frank Rd., Collierville, TN 38017; C&D, U.S. 

8400 lim Davis, 6964 Windsor PL, Anchorage, AK 99502; C, W VA 

8401 Brian Bournival, P.O. Box 1297, Aiea, HI 96701; C, Cont. 

8402 Robert I. Sternberg, 105 Spruce Bank Rd., Ml. Carmel, (7F 
06518; C, U.S. 

8403 T.H. Mulligan, 35 Pershing St., Dumont, Nl 07628; C, U.S. 
MPC & Allied currency. 

8404 Richard Mulder, P.O. Box 930, Moss Beach, CA 94038; C, U.S. 

8405 C.O. Foerster, P.O. Box 5, Elsa, TX 78543. 

8406 Robert G. Doran, 181 Maple Ave. #109, Rockville Ctr., NY 
11570; C, U.S. 

8407 Wayne Humphries, P.O. Box 312, Ashton, MD 20861; C. 

8408 Randy Haviland, Box 769, Linn, MO 65051; C, U.S. 

8409 John I. Hicke>', 5B Brookline Cl., Princeton, Nl 08540; C. 
LM126 Arri Jacob, 3270 Pine Ave., Long Beach, CA 90807; Conversion 

from 8185. 

LM127 John W. Wilson, 8733 W. Burdick Ave., Milwaukee, Wl 53227; 
Conversion from 4861. 

LM128 lohn A. Parker, 92 Verlaine PI. NW, Atlanta, CA 30327; C. 
LM129 Edward E. Fritz, Ir., 264 N. Main St„ Centerville, OI I 45459; D. 
LM130 Gil P. Stern, P.O, Box 511, Brooklandville, MD 21022. 

LM131 Ben Z. Swanson, |r., 616 S. Hanover St., Baltimore, MD 212.30; 
C, .Advertising notes & scrip. 

LM132 Norman P. Brand, 5224 Manning Place NW, Washington, DC 

LM133 Eugene Wisakowsky, Rt. 2 Box 136F, Royse City, TX 75189. 
LM134 lohn A. Sheaffer |r., Rt. 2 Box 41, Hegins, PA 17938; conversion 
to life from 8107. 

LM135 Lance K. Campbell, P.O. Box 204, Mary Esther, FL 32569- 
0204; Conversion from 7836. 

LM136 left' Byrd, P.O. Box 488, College Park, MD 20740; Conversion 
from 5947. 

LM137 Lloyd Deierling, P.O. Box 394, Moberly, MO 65370-0394; 
Conversion from 5190. 

LM138 Thomas EX. O'Mara, 98 Tatum Dr., Middleton, N| 07748; 
Conversion from 8190. 

LM139 Norman F. Johnson, 1665 Carriage House Rd., Pasadena, CA 
91107; Conversion from 2479. 

LM140 Nancy Wilson, 8733 BurdickAve., Milwaukee, Wl 53227; Con- 
version from 6114. 

LM141 Leon Silverman, 237 Mamaroneck Ave., White Plains, NY 
10605; Conversion from 2417. 

LMI42 Clifford Mishler, Conversion from 294. 


Paper Money will accept classified advertising from members only on a basis of 
ISJ per word, with a minimum charge of $3.75. I'he primary purpose of the ads 
is to assist members in exchanging, buying, selling, or locating specialized mate- 
rial and disposing of duplicates. Copy must be non commercial in nature. Copy 
must be legibly printed or typed, accompanied by prepayment made payable to 
the .Society of Paper Money Collectors, and reach the Editor, Gene Messier, P.O. 
Box 8147, St. louis, MO 63156 by the first of the month preceding the month of 
issue (i.e. Dec. I for lan./Feb. issue). Wtrrd count: Name and address will count 
as five words. All other words and abbreviations, figure combinations and initials 
count as separate. No check copies. 10% discount for four or more insertions of 
the same copy Sample ad and word count 

WANTED: CONFEDERATE FACSIMILES by Upham for cash or trade 
for FRN block letters, $1 SC, U.S. obsolete, lohn W. Member, 000 Last 
St., New York, N.Y. 10015. 

(22 words: $2: SC: U.S.: FRN counted as one word each) 

OLD STOCK CERTIFICATES! Catalog plus 3 beautiful certificates 
$4.95. Also buy! Ken I’rag, Box 531I’M, Burlingame, Calif 94011. Phone 
(415) 566-6400. (182) 

STOCK CERTIFICATE LIST SASE. Specials; 100 different $31, five lots 
$130. 20 different railroad stocks, mostly picturing trains, $30; five lots 
$12.5. Satisfaction guaranteed. Always buying. Clinton Hollins, Box 
I12P, Springfield, VA 22150. (172) 

WANTED: Schoharie Co., NY; Columbia Co., PA; Ducor and Sonoma. 
CA nationals for personal collection. George Decker, P.O. Box 2238, 
Umatilla, FL 32784 (904) 483-1378. (166) 

WANTED; ADVERTISING BANKNOTES for dentists, veterinary, 
chiropractors, patent medicines (not Morse's Pills). Facsimile or over- 
printed notes. Interested in drugstore script. Ben Z. Swanson, |r., 616 
South Hanover Street, Baltimore, Maryland, 21230-3821. (173) 

pages, illustrated, bibliography. I.atest details on these rare, elusive and 
controversial bonds: types, quantities, rarit)' and prices. Only 300 
copies printed; $8 ppd, add 6% for Florida delivery. Carling Gresham, 
Drawer 580, Pomona Park, FL 32181-0580. (166) 

Oklahoma and Grand Rapids, Minnesota for personal collection. Sid 
Moore, P.O. Box 57, Cohasset, MN 55721. (168) 

OHIO NATIONALS WANTED. Send list of any you have. Also want 
Utwell, Tyler, Ryan, Iordan, O'Neill. Lowell Yoder, P.O.B. 444, Holland, 
OH 43528, 419-865-5115. (170) 

Page 108 

Paper Money Whole No. 165 


the best prices 
for your paper money 

f ^owith 
^ the tvorkl’s 
most successful 
auction company- 

Auctions bv Bowers and 

1 hat we have 
W W done for others, 
we can do for you. 

Telephone Dr. Ricliard Bagg 
today, or use the coupon 
provided. Either way, it may be 
tlie most profitable move you have 
ever made! 

Tftis "Second Charter Period" S 20 National Bank Note 
grading Pine to Very Pine sold for a phenomenal 

Merena, Inc. When you consign J5.500 1 « one of our recent sales. 

your collection or individual important 
items, you go with a firm with an 
unequaled record of success! 

i hinking of selling 
-jl your collection or de- 
sirable individual notes? 

I Dear Rick Hagg: ' 

I FIcasc tell me how I can include my paper 
I money in an upcoming auction. I understand 
I that all information will be kept confidential. 

f I ver the years we 
have hamlled some 
of the most important 
paper money collectiom 
ever to be sold. 

Right now we are accepting con- 
signments for our next several New 
York City and Los Angeles sales, or our 
annual Florida United Numismatists 
sale. Your call to Dr. Richard Bagg, Di- 
rector of Auctions, at 1-800-458-4646 
will bring complete information con- 
cerning how you can realize the best 
price for your ctirrency, in a trans- 
action which you, like thou.sands of 
others, will find to be profitable and 




Along the way our auctions have 
garnered numerous price records for 
our consignors. Indeed, many of our 
sales establish new’ price records on an 
ongoing basis. 

□ I am (hinking about selling. Please contact me 



Box 1224 • Wolfeboro, NH 03894 

Toll-free: 1-800-458-4646/ In NH: 1-603-569-5095/ Fax: 1-603-569-5319 

Paper Money Whole No. 165 

Page 109 




* 619 - 273-3566 




We maintain the 




□ Colonial Coins 

□ Colonial Cun’enty 

□ Rare & Choice T\pe 

□ Pre 1800 Fiscal Paper 

□ Encased Postage Stamps 


□ Portfolio 

□ Major Show 

□ Auction 


c/o Dana Li nett 

□ P.O. Box 2442 □ LaJolla, CA 92038 □ 










32784 (904) 483-1378 


ANA 640 



The C<»nprehen;iive Catalog of US. Paper Mottey 
by Gene Messier 

hardbound (limited supply) S.39.0.S 

softbound 29.95 

Prisoner of War and Concentration Camp Money 
by Lance Campbell 

hardbound (limited .supply) 30.00 

.softbound 25.00 

Con/ederate Currency 

by Gro\ er Criswell 40.00 

also for your consideration: 

US. Essay. Proof and Specimen Notes b>’ lle.ssler .... 19.50 
An Illustrated History of US. hrans Iw Messier. . . 

(very limited supply) 50,00 

Military Payment Cetrificates by Schwan 

(2nd edition) 20.00 

Order now. Send your personal cheek for prompt shipment. 
Include S.3.00 per order (not per bfK)k) for shipping. Vou may 
also call or PAX your order and we will bill you for the 

BNR Press 

132 E. Second St. • Port Clinton, Ohio 43452-1115 
(419) 732-NOTE (6683) (9am-10pm Plastern 
If no answer use (419) 734-6683) 

FAX (419) 732-6683 (after 10 rings) 

Page UO 

Paper Money Whole No. 165 








PO Box 30369 
Cleveland, Ohio 44130 




by Roger H. Durand 

This book contains over 200 pages of interesting facts about United 
Slates territorial expansion and the obsolete bank notes and scrip 
that were issued during those developing years. It has numerous 
photographs of rare territorial notes, scrip, checks, and t)ihcr t>'pes 
of fiscal paper. Well over 1000 notes are recorded in this work. 

You will receive a complete refund if you are not satisfied for any 


$28.95 pp 

Order from }mir favorite dealer or from the author: 

^ ^ „ P O. Box 186 

ROGER H. DURAND Rehoboth, MA 02769 


If you are selling a single note or an entire col- 
lection, you will be pleased with our fair offer 

(Selling too! Write for free catalog.) 

Subject to our inventory requirements 
we need the following: 



U.S. Large Size Notes U.S. Encased Postage 
All Military Currency Souvenir Cards 

U.S. Fractional Currency National Bank Notes 
Colonial Currency U.S. Small Size Currency 

Ship With Confidence or Write 
We pay more for scarce or rare notes. 


(702) 265-6614 
FAX (702) 265-7266 

Box 3689 W ^ 

Carson City. NV 89702 

m IS ra 

Million Dollar 
Buying Spree 


Nationals MFC 

Lg. & Sm. Type Fractional 
Obsolete Foreign 

Stocks • Bonds • Checks • Coins 
Stamps • Gold • Silver 
Platinum • Antique Watches 
Political Items • Postcards 
Baseball Cards • Masonic Items 
Flummels • Doultons 
Nearly Everything Collectible 


LIST 'W' eST I960 

399 S. Slate Street • Westerville. OH 43081 
1-800-848-3966 outside Ohio 

Paper Money Whole No. 165 

Page 111 


This month I am pleased to report that all sizes are in stock in large 
quantities so orders received today go out today. The past four 
years of selling these holders has been great and many collectjons 
I buy now are finely preserved in these For those who have not 
converted, an article published this past fall in Currency Dealer 
Newsletter tells it better than I can. Should you want a copy send 
a stamped self-addressed #10 business envelope for a free copy. 

Prices did go up due to a major rise in the cost of the raw 
material from the suppliers and the fact that the plant workers want 
things like pay raises etc. but don't let a lew cents cost you hun- 
dreds of dollars. You do know — penny wise and pound foolish. 








4^-1 X 2% $15.00 





5'/2X 33/16 





Small Currency 

65/8 x 278 





Large Currency 

778 x 3'/2 





Check Size 

95/8 X 4'/4 





Baseball Card Std 

23/4 X 33/4 

14 50 




Baseball Bowman 

2'/ bx 4 





Obsolete currency sheet holders 8^/ax14. $1.20 each, 
minimum 10 Pcs. 

National currency sheet holders 8'/2x17'/2, $2.50 each 
17'/2" side open, minimum 10 Pcs. 


Please note; all notice to MYLAR R mean uncoated archival 
quality MYLAR R type D by Dupont Co. or equivalent material 
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