4-64 , - - s fik-sliWAN dpIt, ,t..o ,..t., =A1V VOL. XXXVII No. 1 JAN/FEB 1998 WHOLE No. 193 What's The Best Way To Sell Your Paper Money Collection? 300 11 44, THE STATE OF FLORIDA DOLLARS. - Gs(> ///,, • 1 a. IN til*LID 31 NAITO' tifit 758 GOXIMZELE* , The best way to sell your collection is to consign it to 1997 -1998 someone you trust. Your currency collection probably took years Auction Schedule to acquire. Each purchase was thoughtfully considered, each note carefully stored, and handled with respect. The sale of your December 11, 1997. Coins, Tokens, Medals and Related Items. collection should be accomplished in the same manner. Carefully, Accepting consignments through November 1, 1997. and thoughtfully. January 23-24, 1998. Stocks, Bonds and Related Items. Official At Smythe, we care about our consignors, our bidders, and Auctioneers for the Eleventh Annual Strasburg Stock and Bond our staff members. We don't mis-grade your lots, or sell them long Show. Accepting consignments through December 8, 1997. after midnight, or during convention hours. We strongly support the show organizers and local clubs that work hard to make February 21, 1998. Currency, Stocks & Bonds. Official Auctioneers for the Chicago Paper Money Exchange. Accepting paper money shows successful, and we are proud that we have consignments through January 5, 1998. consistently been selected as one of the Official Auctioneers of the Memphis International Paper Money Show. June 19-20, 1998. Paper Money, Stocks & Bonds. Official Auctioneers for the Memphis International Paper Money Show We illustrate every major note, using boxes or color where & Auction. Accepting consignments through May 5, 1998. appropriate. Each note is carefully graded and researched by our nationally recognized, full-time paper money experts. To Consign, please call Stephen Goldsmith at 800-622-1880 or 212-943-1880. Our rates are flexible and highly competitive. 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Call 800-622-1880 for further information. 4001 :- Stephen Goldsmith MEMBER Bruce Hagen members 26 Broadway, Suite 271, New York, NY 10004-1701 Paper Money Whole No. 193 Page 1 SOCIETY OF PAPER MONEY COLLECTORS INC. Official Bimonthly Publication of The Society of Paper Money Collectors, Inc. PAPER MONEY is published every other month beginning in January by The Society of Paper Vol. XXXVII No. 1 Whole No. 193 JAN/FEB 1998 Money Collectors. Second class postage paid at Dover, DE 19901. Postmaster send address ISSN 0031-1162 changes to: Bob Cochran, Secretary, P.O. Box GENE HESSLER, Editor, P.O. Box 31144, Cincinnati, OH 45231 1085, Florissant, MO 63031. Manuscripts (was), not under consideration elsewhere, and publications for review should besent to the Editor. Accepted mss will be published as soon as possible; however, c Society of Paper Money Collectors, Inc., 1998. , publication in a specific issue cannot be guaranteed. Opinions expressed by authors do All rights reserved. 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IN THIS ISSUE ADVERTISING RATES JOHN DAVENPORT AND HIS MERCHANT SCRIP SPACE 1 TIME 3 TIMES 6 TIMES Kevin Lafond 3 Outside A SURVEY OF THE BANK OF LATVIA BANK NOTES DURING THE 1920S Back Cover $152 $420 $825 Dave Grant 7 Inside Front & TI-IE CT-9 CONFEDERATE COUNTERFEIT: A MYSTERY SOLVED Back Cover $145 $405 5798 Full Page $140 $395 $775 George B. Tremmel 13 Half-page $75 $200 $390 TERRE HAUTE, ALTON & ST. LOUIS RAILROAD BEARER NOTES Quarter-page 538 $105 $198 Larry D. McNabb 15 Eighth-page $20 $55 $105 THE PAPER COLUMN DO PEOPLE LOOK AT YOU STRANGELY? To keep rates at a minimum, advertising must be Peter Huntoon 18 prepaid in advance according to the above sched- MONEY TALES ule. In exceptional cases where special artwork or Forrest W. Daniel 19 extra typing are required, the advertiser will be G LASS PO RT, PENNSYLVANIA DISCOVERY notified and billed extra for them accordingly. Eric Vicker 20 CORRECTIONS TO "NONE OUTSTANDING ALL REDEEMED" Rates are not commissionable. 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Page 2 Paper Money Whole No. 193 SOCIETY OF PAPER MONEY COLLECTORS COORDINATOR: 1929-1935 OVERPRINTED NATIONAL CURRENCY PROJECT OFFICERS FRANK BENNETT, P.O. Box 8722, Port St. Lucie, FL 34985 PRESIDENT ROBERTCOCHRAN, P.O. Box 1085, Florissant, MO 63031 BOARD OF GOVERNORS VICE-PRESIDENT FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 RAPHAEL ELLENBOGEN, 1840 Harwitch Rd., Upper SECRETARY Arlington, OH 43221 TO BE APPOINTED. TREASURER MARK ANDERSON, 400 Court St., #1, Brooklyn, NY GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 11231 RON HORSTMAN, 5010 Timber Lane, Gerald, MO 63037 APPOINTEES EDITOR GENE HESSLER, P.O. Box 31144, MILTON R. FRIEDBERG, 8803 Brecksville Rd. #7-203, Cincinnati, OH 45231 Brecksville, OH 44141-1933 MEMBERSHIP DIRECTOR FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC WISMER BOOK PROJECT 27114 STEVEN K. 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BUYING and SELLING CSA and Obsolete Notes 60-Page Catalog for $5.00 CSA Bonds, Stocks & Refundable With Order Financial Items HUGH SHULL ANA-LM P.O. Box 761, Camden, SC 29020 (803) 432-8500 SPMC-LM 6 SCNA BRNA FAX 803-432-9958 PCDA CHARTER MBR. FUN Paper Money Whole No. 193 Page 3 Phil Davellport Zd Merchant Scrip by KEVIN LAFOND HE recent discovery of an early New Hampshire mer- T chant-issued note poses the questions who issued it and why? After considerable research the issuer has been identified as Portsmouth patriot, silversmith, and inn- Ark Tavern. keeper John Davenport. To tie the note to John Davenport, the address indicated on the note, No. 6 Buck Street, had to be investigated. Buck Street THE fubfctiber molt refpeafully in- acquired its name by public consent in late July 1776. When forms the public, that by the foli- the Declaration of Independence was publicly read in Ports- citation of a number of his friends he has mouth by Sheriff John Parker from the State House balcony, opened a TAVERN, by the name of Captain Thomas Manning boldly yelled from the crowd the THE ARK TAVERN, at No. 6, ;luck- Street. His houfe has been for a number suggestion that Queen Street be renamed Buck Street and King of years a convenient retort for traders Street become Congress Street.' The patriotic crowd jubilantly and gentlemen from the country ; he agreed. Buck Street remained a name on the maps until 1813. pledges hi mfel f to lack no exertion to ren- Three days before Christmas that year one of the most devas- der it at leaft as agreeable to that, and tating fires to ravage Portsmouth destroyed every building on every defcription of cufloiners, as it has Buck Street. The following year the town fathers widened the heretofore proved,' and promifes the tra- veller, that while every means of refrefh- one lane street by using the time-honored technique of emi- ment and repofe will be offered him in nent domain, and renamed the thoroughfare State Street. Since the bottle, every attention in the ftable street numbers were not widely used in Portsmouth until the (hall be (hewn his wearied beaft. To 1830s, we must ask who was located at No. 6 Buck Street? The thole who have frequented his houfe he answer came in the form of an advertisement in the local pa- flatters ,himfelf it is only neceffary to of- fer a continuance of the fame diligent ef- per. On February 9, 1795 John Davenport renamed his tavern fort to pleafe ; to thole who have the ex- at No. 6 Buck Street the Ark Tavern.2 periment yet to make, he can only add John Davenport (1752-1842), born in Boston, was the the fcriptural exhortation, "tape and fee." youngest son of Bostonian James Davenport (1693-1759) and JOHN DAVENPORT. his third wife, Portsmouth-born Mary Walker.3 The senior N. B. His bills than always be as Davenport prospered sufficiently as an innkeeper and baker moderate as the price of provilions will admit, and the fmalleft favour acknow- to support his tribe of twenty-two children. John Davenport ledged with gratitude. didn't have long to get acquainted with his father, though, for WANTED the patriarch died when the lad was only six years old. One At the above houfe, a maid fervant, who must assume that Mary continued the Davenport tavern in is able and willing to do the menial work order to support the family, which probably numbered about of the fame. nine members in 1759. Nevertheless, by the mid-1760s the Portfmouth, Feb. 9, 1795. young John Davenport had moved to Portsmouth, presum- ably to live with one of Mary Davenport's relatives. Like most teenagers, John Davenport would have been seek- ing excitement. The British Parliament and rebellious colonies Advertisement naming the Ark Tavern. were not going to disappoint him. Local merchant George Meserve was appointed agent for distributing stamps in New mand of physician Hall Jackson and then under Captain George Hampshire in 1765. Upon the arrival of Meserve's commis- Turner,' In March 1776 the Continental Congress instructed sion in 1766 John Davenport, Thomas Manning, and George the States to prepare a document, the Association Test, indi- Gains led the Sons of Liberty to the agent's house on Cross cating who would oppose the British actions against the colo- Street (later Vaughn Street). The loose-knit rabble coerced and nies.6 Later, on April 12, 1776, Davenport signed the intimidated Meserve into relinquishing his stamp master's Association Test administered by the local committee of safety.' commission. The Sons of Liberty, still led by the rebellious Prior to the above events, the attack on Fort William & Mary trio, marched with the document displayed on the end of a had occurred on December 14 and 15, 1774. In this action, sword through the town's streets. The procession ended at which many consider to be the first overt act of aggression Swing Bridge on Water Street where they erected a flag pole against British rule, local patriots attacked the fort, seizing can- and plaque proclaiming "liberty, property, and no stamp." non, small arms, and one hundred barrels of gunpowder.8 Thereafter, the bridge was renamed Liberty Bridge.' Today, historians can only speculate if the patriotic Daven- During the ensuing years Davenport actively participated in port also participated in the raids on Fort William and Mary. the rebellion against British rule. In late 1775 and early 1776 For obvious reasons, however, the names of most of the par- he served in a field artillery company, first under the corn- ticipants were never recorded. Page 4 Paper Money Whole No. 193 Early in the revolution the Colony of New Hampshire passed laces. Davenport needed another livelihood. Regrettably, to- laws controlling prices and prohibiting exporting goods. Dur- day no examples of Davenport's handiwork are known to ing July 1777 the civic-minded Davenport served on the local survive. committee that recorded the quantities of goods in town and When his silversmith's career waned Davenport returned to set prices.9 his roots and opened a tavern." The recently acquired Buck Street residence was remodeled and expanded to accommo- date the new business. The tavern provided boarding and lodg- OHN DA VENPOR ing for guests, stabling for their horses, and a good selection Goiclinuth and Jeweller, of liquors. In February 1795 the establishment was renamed "The Ark Tavern," for Ark Street,' and was adorned with a 1 4 5 HEREBY-informs the Public, that he tar- colorful sign embellished with a picture of Noah's Ark. The ries on his Bufinefs at his Shop near Liberty tavern attracted "traders and gentlemen from the country" for tridge, almofl oppofite Mr, Yolkua Went -. patrons, many of whom frequented Portsmouth to attend the worih'rStore : Thole who pleafe to favor general court. Even tickets to the local shows of a traveling him with their Cullom may depend upon - circus could be purchased at the tavern. 16 The popular tavern having their Work done at a reafonable also became a frequent meeting place for St. John's Masonic Rate, and the fmallefl Favors greatfully ac- Lodge. This activity was probably generated, in no small part, knowledged, by their, humble Servant by Davenport's extensive Masonic activity. Davenport joined JOHN DAVENPORT. St. John's Lodge on January 10, 1797, served the lodge as trea- surer 1811-1813, Grand Treasurer for New Hampshire 1813- Advertisement for Davenport's business. 1816, Master of St. John's Lodge 1815-1816, and treasurer of St. John's again 1817-1821. On March 6, 1822 Davenport To earn a living Davenport operated a goldsmith and jew- officially retired from St. John's Lodge due to age but, never- elry business on Water Street "near Liberty Bridge, almost op- theless, continued to participate in Masonic activities until his posite Mr. Joshua Wentworth's Store."' ° One must wonder if death, twenty years later. it is ironic or prophetic that the business was located at the One constant throughout time has been change. Change symbolic heart of Davenport's early rebellious activity. Dav- overtook the Ark Tavern in the form of fire on the evening of enport practiced his trade for the next twenty-plus years at three December 22, 1813. The conflagration started around 7:30 different locations. After the stint on Water Street near Liberty p.m. in a barn at the corner of Court and Church Streets. By Bridge Davenport advertised his business on lower Queen 11:00 p.m. Davenport's tavern, three blocks away, was in Street, near the waterfront, and finally on upper Buck Street at flames, along with most of the other buildings on Buck Street. the corner of Ark Street. While located on Water Street the shop was burglarized, with many silver articles and five gallons of rum stolen. 11 A ten-dollar reward was offered to whoever brought the thief to justice. Whether justice was administered Stabling for Horfes, has been lost in the dust of the past. At the Queen Street loca- tion Davenport advertised "china-mending" in addition to the AY be procured of the Sub- goldsmith/silversmith business." On October 6, 1792 Dav- fcriber in ARK LANE—his terms are enport purchased a building at the corner of Buck and Ark Moderate, an'd may he knoWn by applying at Streets from Jonathan Warner for £450. The building had pre- his HOUSE in BUCK-STREET, oppofite viously been the residence of James Sheafe. Davenport con- Mr. Stanwood's Shop—where he is provided ducted his silversmith activity in a small ell added to the with the bell accommodations for BOARD- building. By this time Davenport specialized in silver shoe ING and LODGING, having lately made buckles in partnership with his brother-in-law. Unfortunately, confiderable alterations and additions in his for them, shoe buckles were being phased out by the use of Houk for that purptofehis Friends and others from whom he has hitherto' recrived encourag- mcnt, are requefled to accept his thanks for pall Stop Thief( io Dollars Reward) favours, and he hopes for the continuance of them.—At his Houk, the weary traveller will To any Perfon or Perfons find refl, and filch attendance as cannot fail to. Fr h; lha/1 di'covor and bring to 7so/2ict the THIEF sr pleafe,-1;:sCellar he flatters himfelf, will gene- . Thieves rubs broke open !hi Shop of the Subfcriber, so rally be furnifhed with good Liquors, and his the Night after the t 2th Infiant, and tool from thence Larder with the belt provilions—Thofe who . tbr ,viz: fix Pair of Stone Batumi, are difpofed to fecund his views, and honour tau, die. Rings, one lit. LoLket, one largo Spore, one him with their company, mu depend on his Steck Buckle, ens Gold Breech, two Silator die.—Some endeavours to give the utmoft fatisfaCtion, and o.'d Sil•or, a Paper of melted Buckles, :broe pair of - Piachback dit.. two Boxes o1 Spethclse, a _Quantify their favours gratefully acknowledged. Glafs Buttons Sundry//mall Article,— About 5 Gallon, Yohn' Daveilbort. — RUM,—anijemt Ca/h. JOHN DAVENPORT. PortIniuth, Odob. 13, 1774 Portfinouth, 0,cler i2, 1793. %••■•••■•■• ,r.y.e0 Announcement of burglary and reward. Advertisement for the opening of Davenport's first tavern. Paper Money Whole No. 193 Page 5 much the same as the old one and was as popular as ever. In MASON'S ARMS , fact, the favored tavern-keeper was elected a representative to Re -established the New Hampshire General Court 1820-1821. Unfortunately, old age was starting to take its toll on John Davenport. In 1821 the innkeeper closed the popular tavern and opened a board- ing house at the corner of Broad and Fleet Streets.-' Presum- ably a boarding house required less daily work than a tavern. The boarding house was operated until John Davenport's death. Now that we have identified the note's issuer, and have a basic knowledge of John Davenport, let's examine why he would have issued scrip. One fact remains constant through- out American financial history—merchants issued fractional scrip notes only when a need for them existed. Usually the need for scrip resulted from an insufficient supply of circulat- ing coins, or specie, to conduct business. One of two circum- Congress-Street. stances generally contributed to the lack of sufficient specie—a troubled economy, similar to that created by the Civil War in IFIHE Subfcriber begs leave to inform his friends 1862, or an expanding economy, as existed in Portsmouth 1 and the public in general, that' being obliged to leave his former commodious fituation, in Buck- during the opening years of the 19'1' century. From 1800 to fireet, in conftquence of the late diftreffing con- 1803 local economic activity, as measured by shipping (im- flagration, he has recently taken\that elegant and ports, exports, and tariffs), increased significantly; but, in 1804, fpacious four Flory briclt Eland, in Boardman's . there was almost a 25% increase in business transactions. Buildings, whe're he will be happy to Wait on thole 22 This rapid economic expansion continued until President who may pleafe to honor him with their compa- ny. He alfo affures them no pains fhall bt fpared,- Jefferson's embargo of 1807 devastated local commerce. Poli- and that his beta endeavors likewife be ex-' tics provided an additional factor contributing to the lack of erteci to render the moll pleafing and fatisfaaory. substitutes for specie. In 1802 the New Hampshire General accommodation. ' Court passed legislation prohibiting the issuance of hank notes JOHN DAVENPORT. Fordmouth; April rz, 1-814. of less than five dollars in value.23 This law would not be re- - pealed until late 1805. Commerce and politics had set the stage for scrip notes to appear. Advertisement for the Mason's Arms Tavern. Two further constraints helped fix the issuance date of the The fire burned until 5:00 a.m. the following morning. After note to 1804-1805. First, in 1805 the Republicans finally con- the smoke had cleared, the stark, smoldering ashes were all trolled both houses of the state legislature and the governor's that remained of the 272 buildings which covered 15 acres.'? office. A significant amount of reform legislation was passed Not one to accept defeat, John Davenport thanked "his that year in order to distinguish the Republicans from their friends and the public for their kindness and assistance, at the predecessors, the Federalists. One of these laws prohibited the time of the fire." 18 The advertisement also informed the pub- circulation of "private notes, bills, orders, and checks."2.1 The lic that Davenport moved the tavern, temporarily, to Daniel legislation would not be repealed until 1842. This law was Street. Four months later, on April 12, 1814, Davenport opened ironic for John Davenport, because he was a Republican. The a new, permanent tavern, aptly named the Mason's Arms, in other constraining factor is the engraver of the printing plate. 19 a four-story brick building on Market Street.2° The sign of the James Aiken25 moved from Philadelphia to Salem, MA in new tavern was the Masonic coat-of-arms. Shortly thereafter 1804, to Newburyport, MA in 1806, and returned to Philadel- Davenport sold the land at the corner of State and Ark Streets phia in 1808. In all probability the printing plates were en- to Nathaniel Folsom for $2,000. The new tavern was operated graved in 1804 or 1805 and the notes saw limited circulation, //,.////./ 7/) /// //'(/ /'// (4,/,110,./, / 1111111TY CE NTS, a/ 1/.,°(.).. 1 --/d/a • ///n, /;-4`1,.///, /1//d Davenport's fifty cent scrip note. The engraver's imprint "1. Aiken Sculp." is located near the "New Hampshire" scroll. Page 6 Paper Money Whole No. 193 if indeed the process evolved past the printing of a unique 1808), he returned to Philadelphia. He is best known for his book "printer's proof." The ornately engraved note (approximately engravings. See David McNeely Stauffer, American Engravers Upon 3 by 8 inch) is printed on one side only, and bears the imprint Copper and Steel, 3 vols., (New York, NY: The Grolier Club of the "J. Aiken, Sculp." Similar examples of scrip notes exist from City of New York), vol. I, 1907, pp. 4-6. Maine, then a province of Massachusetts, including notes is- 26 George W. Waite, Maine Obsolete Paper Money and Scrip (Iola, WI: Krause Publications, 1977), p. 156. sued in 1815 by John Cutts of Kittery Point and 1807 by 26 27 ibid, p. 213. John Taber & Son of Portland. 27 In conclusion, tavern-keeper John Davenport issued, or at- Bibliography tempted to issue, merchant scrip around 1804-1805 to com- pensate for insufficient circulating specie caused by the rapidly expanding local economy. Primary Sources: Ms. Portsmouth Aqueduct Company Record Book, 1796-1898, Public Endnotes Works Department, City of Portsmouth, NH. Ms. Portsmouth Town Records [Selectmen's Records], 6 vols., City Clerk's 1 Raymond A. Brighton, They Caine to Fish, A Brief Look at Portsmouth's Office, Municipal Complex, Portsmouth, NH, v. 2,1695-1779. 350 Years of History; Its Local and World-Wide Involvements and the Ms. Records of St. John's Lodge No.1 F. & A.M. lames E. Walley Mu- People Concerned Through the Eyes of a Reporter, 2 vols., (Portsmouth, seum and Library, Masonic Temple, Portsmouth, NH. NH: Portsmouth 350, Inc., 1973), v. I, p. 68. Ms. will of John Davenport, Docket No.14330 OS, Microfilm No.51, The New Hampshire Gazette [title varies; hereafter NHG], Feb. 10, Rockingham County Court House, Brentwood, NH. 1795, p. 2, c. 4. See Bennett F. Davenport, M.D., "The Davenport Family," The New- 3 England Historical and Genealogical Register (Boston, MA: New-Eng- Secondary Works: land Historic, Genealogical Society, 1879), v. XXXIII, p. 31. Brewster, C.W. (1873). Rambles about Portsmouth. Sketches of persons, Charles W. Brewster, Rambles About Portsmouth. First Series. Sketches 4 localities, and incidents of two centuries: principally from tradition and of Persons, Localities, and Incidents of Two Centuries: Principally from unpublished documents, 2 vols. Portsmouth, NH: Published by Lewis Tradition and Unpublished Documents [hereafter Rambles About Ports- W. Brewster. mouth], 2 vols., (Portsmouth, NH: Published by Lewis W. Brewster, Brighton, R.A. (1973). They came to fish, a brief look at Portsmouth's 350 1873), v. I, pp.178-180. years of history; its local and world-wide involvements and the people The State of New Hampshire. Part I. Rolls and Documents Relating to concerned through the eyes of a reporter, 2 vols. Portsmouth, NH: Soldiers in the Revolutionary War (Manchester, NH: John B. Clarke, Portsmouth 350, Inc. Public Printer, 1889), v. XVII, pp 23-24,31-32, and 38. Davenport, B.F., M.D. (1879). The Davenport Family, The New-Eng- 6 See NHG, Aug. 10,1776, p. 3, c. 2. land Historical and Genealogical Register, Boston, MA: New-England See Rambles About Portsmouth, v. I, pp. 214-218. Historic, Genealogical Society, v. XXXIII, pp. 25-34. Charles L. Parsons, The Capture of Fort William and Mari", December Hennessy, W.G. (March 1955). The Silversmiths of Portsmouth. New 14 and 15, 1774 (The William and Mary Committee of the New Hampshire Profiles, pp. 33-36. Hampshire American Bicentennial Committee. 1974), p. 4, N.P. Garvin, Donna-Belle and J.L. (1988). On the road north of Boston: New Portsmouth Town Records, [Selectmen's Records], 6 vols. City Clerk's Hampshire taverns and turnpikes, 1700-1900. Concord, NH: New Office, Municipal Complex, Portsmouth, NH, v. 2,1695-1779, Hampshire Historical Society. p. 393. Laws of New Hampshire including public and private acts, resolves, votes, 1° See NHG, Dec. 10,1773, p. 2, c. 3. etc., 10 vols., 1904-1922. 11 ibid, Oct. 21,1774, p. 3, c. 2. Nelson, G.A. (1979). Early U.S. customs records and history, Portsmouth, 12 ibid, Aug. 8,1775, p. 2, c. 1. N.H., compiled 1930-1932, 5 vols, bound typescript at The Ports- 13 The Oracle of the Day, [title varies; hereafter Portsmouth Oracle], Oct. mouth Athenaeum, 9 Market Square, Portsmouth, NH. 12,1793, p. 3, c. 3. Parsons, C.L. (1974, N.P.). The capture of Fort William and Mary, De- 14 NHG, Feb. 10,1795, p. 2, c. 4. cember 14 and 15, 1774. The William and Mary Committee of the 15 The Rev. Noah Parker (1734-1787) had a huge house at the corner New Hampshire American Bicentennial Committee. of Daniel and Penhallow Streets that the local populace called New Hampshire Silver, Warner, NH: R.C. Brayshaw Co., Inc. Noah's Ark. This is how Ark Street received its name. See Rambles Scott, K. (August 1958). Eight Silversmiths of Portsmouth, New Hamp- About Portsmouth, v. I, p. 125. shire. Antiques, pp. 144-145. 16 See NHG, May 28,1811, p. 3, c. 5. Smith. N.W. (1967). A history of commercial banking in New Hampshire 17 Portsmouth Oracle, Jan. 1,1814, p. 2, c. 1-3. 1792-1843. Ph.D. Dissertation, The University of Wisconsin. 18 ibid, Dec. 25,1813, p. 3, c. 4. Stackpole, E.S. (1916). History of New Hampshire, 5 vols. New York: 19 Incidently, Davenport's coat of arms is almost identical to the Ma- The American Historical Society. sonic coat of arms except for the substitution of three stars for the Stauffer, D. McNeely. (1907). American engravers upon copper and steel, three castles. Davenport's coat of arms is on display at the Ports- 3 vols. New York: The Grolier Club of the City of New York. mouth Historical Society, 43 Middle Street, Portsmouth, NH. State of New Hampshire. Part I. Rolls and documents relating to soldiers in 20 See NHG, April 12,1814, p. 3, c. 3. the Revolutionary War. (1889). Manchester, NH: John B. Clarke, 21 See NHG, Aug. 14,1821, p. 3, c. 5. Public Printer. 22 See George A. Nelson, "Early U.S. Customs Records and History, Tallman, L.H. (1995). Portsmouth gravestone records from the smaller Portsmouth, N.H., compiled 1930-1932," 5 vols. (Typescript at the cemeteries and family graveyards. Typescript at the Portsmouth Portsmouth Athenaeum, 9 Market Square, Portsmouth, NH, 1979), Athenaeum. v. II, p. 27 and pp. 40-43. Waite, G.W. (1977). Maine obsolete paper money and scrip. Iola, WI: 23 Laws of New Hampshire Including Public and Private Acts, Resolves, Krause Publications. Votes, Etc. (Concord, NH: Evans Printing Co., 1918), v. VII, p. 119. 24 ibid,. pp. 377-378. Newspapers: 25 Engraver, James Aiken (1773-1846), was born in South Carolina. From 1795 to 1800 he worked in Philadelphia at the State Depart- New Hampshire Gazette (title varies) 1773-1842. ment for Timothy Pickering. After relocating to New England (1804- Portsmouth Oracle (title varies), 1793-1814. Paper Money Whole No. 193 Page 7 A Survey he Baia oT tatvia 0 Banl Note ssues Durin g -he 1920s by DAVE GRANT 1920 all Latvian territory had been cleared of the Red Army and on August 11 the Treaty of Riga confirmed the Soviet Abstract: The 1990s have been a remarkable pe- Union's recognition of the Latvian state. riod in Eastern Europe as a plethora of ethnic By the end of March 1920 the military situation had stabi- groups have obtained or reasserted their sover- lized to the point where an effort was made to declare the eignty as independent nations. A rather modest Latvian ruble as the only legal currency in Latvia, displacing result is that collectors have been presented with a all of the other monies in circulation. This announcement was vast array of new and very interesting issues to add a bit premature, however, and it took over a year for the gov- to their collections. In the case of Latvia, the new ernment to actually bring inflation under control. On July 14, issues are actually a continuation of the series that 1921 the Constitutional Assembly introduced a new unit of was interrupted by the Soviet occupation and account, the Latvian gold "frank." The frank was equivalent to World War II. This survey article highlights the is- the Swiss franc at .29 grams of gold and was to be the unit in sues of the Bank of Latvia during its first decade of which all foreign trade was to be conducted. On an interim basis for the payment of taxes, a frank was set as equal to 100 operation. Latvian rubles. During the next year, there was considerable discussion about how to designate the new Latvian currency. The ruble was re- N November 18, 1918, just seven days after the armi- jected because of its traditional Russian connection and the 0 stice between the Allies and Germans, Latvia declared new frank was sufficiently popular that 1 frank and 3 franki her independence. Formerly incorporated within the revenue stamps were issued and patterns for 10 and 20 franki Russian empire, the new state was still under German occupa- gold coins were prepared. The national pride of the new coun- tion and would soon be almost entirely overrun by elements try demanded a more "Latvian" name for the currency, how- of the Red Army. Since many Latvians had been leaders dur- ever. In response, on August 3, 1922, the Cabinet of Ministers ing both the 1905 and the October 1917 Revolutions, sympa- approved "Regulations on Money" replacing the franks with thies within the country were torn three ways between: the the Lats as the national currency of Latvia. During the previ- Reds, the Latvian nationalists and the German Balts who had ous year the value of the franks had appreciated in terms of formed the ruling class for several hundred years. rubles so that the Lats was fixed at an improved rate of 50 At the time, the Latvian economy was in complete disarray. Latvian rubles. The older ruble denominated currency was Although once the most progressive and prosperous part of permitted to continue to circulate until replaced by the new the Russian Empire, Latvia had been part of the front line in Lats issues. To implement the policy, Latvia's Constitutional the east since 1915 and much of the country's industry had Assembly adopted a law founding the bank of Latvia on Sep- been dismantled and shipped east during the war. Many types tember 7, 1922. The bank received its provisional charter twelve of paper money circulated, and most shared the distinction of days later with an initial capitalization of 10 million Lats and being basically worthless. Despite the execution of the Czar, was established on November 1, 1922 with the assumption of imperial rubles were still favored, although Kerenski and So- the assets of the State Savings and Credit Bank. viet rubles had strong followings. The German occupation had The entire capital stock of the Bank of Latvia was owned by produced Ost Marks and Ost Rubles, and several municipali- the Latvian government. The Bank had the functions of both a ties issued the equivalent of notgeld. In April of 1919 the central bank and a commercial bank, more similar to the Bank Latvian ruble—which was based on little more than the prom- of England than the Federal Reserve Banks in the United States, ise of the new government— was introduced, adding to the and all of its transactions were to be conducted in Lats. Its confusion. banknotes were redeemable and covered 50% in gold with Ringold Kalnings, Minister of Finance during most of this the balance in stable foreign exchange. An issue of approxi- period, was instrumental in stabilizing the currency. During mately 48 million Lats was felt to be necessary to replace the 1919, the various German Freikorps which had attempted to 2.4 billion rubles in circulation. Appropriately enough the ar- reassert German authority in the Baltic had been defeated and chitect of the recovery, Ringold Kalnings, was named as the had returned to Germany where they added a new dimension first President of the Bank Council and would remain so until to that country's political instability. By the end of January 1926. Page 8 Paper Money Whole No. 193 1922 Provisional 10 Latu Note note also continued to carry the signatures of Minister of Fi- One day after its establishment the bank issued its first bank nance kalnings and Manager of the State Treasury K. Vanags note: a provisional 10 Latu note dated 1922. Given the short although neither position related directly to the new bank. time available, new designs were not prepared but only new Because of the desire to replace the ruble-denominated is- values were overprinted in red on the both sides of the earlier sues, the provisional notes were issued in some quantity, re- State Treasury 500 ruble notes which had circulated since 1920. quiring the use of serial number blocks A through E. Also printed on the note's face was the promise to redeem the Nevertheless, today these are very scarce notes, although many note for 2.9 grams of pure gold. of the survivors encountered seem to be in nicer conditions. • 5513ATE11,6PTS 0rci - , rCi CY11. A PCI4 E*4 Ac r A...31-1A4 BA , oxiTsw 5-90/1 7 The base note remained unchanged from the last issue of This was, after all, a provisional issue and probably began to 500 ruble which was commonly known as the "lidaka" or pike be withdrawn with the issue of the 10 Latu State Treasury notes because of the large fish appearing on the back. The note was which begin during 1925. By this time there should have been a simple design produced by lithography and had been the some nicer notes still in circulation for anyone wanting a sou- target of extensive counterfeiting by the Soviet Union. Violet venir, although the face value equivalent to nearly $2 (U.S.) serial numbers replaced the red numbers appearing on the would have represented a relatively great deal of money for earlier issues of the note. The underlying note continued to be many people in a still very poorand recovering country. Proofs, printed in a blue over green with a gray underprinting. The including uniface color proofs, are occasionally encountered.