Table Of Content

*Tiz'At ...f.f.mt.:•,•..t.* :7! 0 sT"',i'g''t'-a''S''.1 41,•V74,:1::„::.'S, .`. 41, :$41'2..-1.-z,3-Z4a11t." -SIVjiIk:::,: 0,tta) ................................ AgaVI-Ire \\ •-•." 4.,■■•■■■■■ VOL. XXXVI No. 3 MAY/JUNE 1997 Se sIP WHOLE No. 189 Thinking of Selling? Have You Thought About This? 111111RIVNIIIRENIAtOLVERWARLISWIElit (tt 1*.i-Z341 • , 94. 44- NettisissssIt'itsssesses , WIIMISIRESOFAMERICA M92832188:- 5515' .1, a/All win kE4 IJ 1E1 Chia is ONE NUNDRA) DOLLARS ISIoniieau 'ALILIIINIJK e1 /1,11,4.1114 You've enjoyed collecting currency for many years, and now you are seri- brought $7,000. A superb collection of obsolete bank note proofs from Louisiana, Lots 1,527-1,531, brought record prices of from $3,400 to 4,200 ously thinking about selling. Should you value the entire collection and offer each. The possibly unique Garden City, Minnesota, proof sheet, Lot 1543, sold it, at a wholesale price to a dealer? Will you publish a full-page advertisement for $9,500. in a paper money newspaper or mail out your own price list or catalogue? The most extraordinary results were achieved by an outstanding group of We suggest that you do what most experienced collectors have done with Alaska Clearing House Certificates, meticulously researched and fully-illus- ttteir better material - sell at auction. And once you have decided to sell your trated in the catalogue. Lots 1440-1446, including the $1, $2, $5, $10, $20. collection at auction you will need to select an auction company. There are $50 and $100, realized $5,000, $4,500, $5,000, $5,000, $5,500, $6,000 and many things that should be taken into consideration, but one question you $8,000 respectively. should always ask is "Where and when will my material be sold?". We strongly believe that the best way to sell a paper money collection is at At R. M. Smythe and Company, we think the answer to the "where" part auction. There are no substitutes for experience, thorough research, proper pre- of that question is relatively simple. Important collections of paper money sentation, and a location that makes sense, and that is why, at R. M. Smythe should be auctioned at paper money shows. and Company, we are committed to conducting our paper money auctions at paper money shows. If your collection was in our June Memphis International Paper Money Auction it could have been viewed by over 150 of the world's most significant Consignments are now being accepted paper money dealers, and by the hundreds of serious collectors who came to for our 1997-1998 Auction Schedule. the show every day to buy. The auction results speak for themselves. October 25, 1996. Currency, Stocks and Bonds. The St. Louis National and Federal Currency in the June, Memphis Auction was very strong. Lot 1023, World Paper Money Show. St. Louis, Missouri. the $20 1863 Legal Tender (Fr.126b), Choice Almost Uncirculated realized $3,500. Lot 1051, a cut sheet of four $5 1899 Silver Certificates sold for February 22, 1997. Currency, Stocks and Bonds. The Chicago International $3,050. Lot 1140, the Portland, Maine $10 Red Seal brought $4,500 and Lot Paper Money Exposition. Chicago, Illinois 1154, the $2 Moniteau NB of California, Missouri "Lazy Two" sold for June 1997. Currency, Stocks and Bonds. Memphis International Auction. $4,000. To find out how easy it is to consign your collection to any of the auctions list- Confederate Currency was in great demand as can be seen by the $10,000 ed above, or to subscribe, call Stephen Goldsmith, Douglas Ball or Bruce hammer price realized for Lot 1392, an extremely rare contemporary counter- Hagen at 800-622-1880 or 212-943-1880. feit of the $5 1861 "Indian Princess" note, and the $100 1861 T-3, Lot 1383, Call Toll Free C 1-800-622-1880 ALSNINTHE Where Historic Paper Collections of the World Are )ttiti t441 10qr—14/4Mg Researched, Auctioned, Bought and Sold PSAOPCEIRE TMYO ONFO Stephen Goldsmith COLLECTORS MEMBER INC, Bruce Hagen NY 212-943-1880 • Fax 212-908-4047 iti members 26 Broadway, New York, NY 10004-1701 Factual Errors and Troublesome Typographical Errors in United States Large Size National Bank Notes by Peter Huntoon Published by the SPMC in 1995 Chapter Page Table Column Line Photo As Printed Correct 1 1 1 5 Huge McCulloch Hugh McCulloch 1 2 2 8 Oct 5, 1967 Oct 5, 1867 1 2 2 22 Jul 1, 1993-Jun 30, 1997 Jul 1, 1893-Jun 30, 1897 1 5 2 37 national dept national debt 2 17 caption Iowa City (15) Iowa City (18) 3 36 1 2-3 As shown on Table 2, nine of the reorganized suc- As shown on Table 2, Series of 1875 notes were cessor banks Series of 1875 notes were printed for printed for nine of the reorganized successor banks 3 36-37 photos .The photos on the bottom of page 36 and top of page 37 are switched . 7 72 2 18 Territory, was from a single printing of 1,000 sheets Territory, was from the first 1,000 sheets printed 8 77 1 15 Binghampton Binghamton 12 144 1 13 2nd "Seneca" should be Seneca' 12 144 1 19 Penn Yann Penn Yan 12 144 1 51 1st town name should be Cincinnati 13 160 1, cont 21 10-10-10-20 for Norwich, CT should be 5-5-5-5 14 162 caption December 7, 1882 December 7, 1886 . 17 172 1 5-6 $500 or $10,000 $500, $1,000 or $10,000 17 175 1 31 value delivered value backs delivered 19 182 2 15 Aug 27, 1921' New Orleans, LA omit "New Orleans, LA" 19 183 1 6 Table 3 Table 2 20 187 1 5 batch closely batch date closely 20 187 2 45-47 omit sentence: "They are ... treasury officers." 20 189 2 46-53 replace "Series of 1902...with number 1." with Series of 1902 5-5-5-5 and 10 10 10 20 plain backs - - - printed for the bank utilizing charter number 150 bear the title change date of August 7, 1912. Bank sheet serial numbering on these issues commenced with number 1. 20 191 1 29 shown here shown on page 81 21 200 1 8 J4-1(4 DI) J4-K4-L4-DD 23 217 2 2-22 replace text under heading BEGINNING OF THE The signing into law of the Aldrich-Vreeland Act (Emergency DATE BACKS with Currency Act) of May 30, 1908, precipitated the date back designs in both the Series of 1882 and 1902. Table 6 shows the delivery dates for the first date backs, and the last shipments from the Bureau for the designs that they replaced. Shipments of Series of 1882 brown backs ceased on March 23, 1909, almost seven months after the start of the Series of 1882 date backs. Series of 1902 red seals continued to be printed well into December 1908, although production of Series of 1902 red seals had begun six months earlier. 23 218 6 5-8 three dates "Mar 23, 1908" should be Mar 23, 1909 23 225 9, cont 20 Mar 23, 1908 Mar 23, 1909 23 230 9, cont 32 Binghampton Binghamton 23 232 9, cont 13 Mar 23, 1908 Mar 23, 1909 23 236 9, cont 4 10-10-10-20 Series of 1875 10-10-20-20 Series of 1875 23 238 9, cont 31 Mar 23, 1908 Mar 23, 1909 23 239 9, cont 25 charter number omitted 2604 23 239 9, cont 26 charter number omitted 5649 24 245 1 2 Engraving and (1908- Engraving and Printing (1908- 27 254 1, cont 14 Slide the last four serials numbers over one column to the right. 27 259 3 33 replace last line with: 1909 V376339V A273226 V639230V B638419 Please send any errors of any type, especially factual errors, that you find in the book to Peter Huntoon, P. 0. Box 3681, Laramie, WY 82071 (307-742-2217) so this list can be made more complete. Paper Money Whole No. 189 Page 65 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. XXXVI No. 3 Whole No. 189 MAY/JUNE 1997 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 (mss), not under consideration elsewhere, and publications for review should be sent to the Editor. Accepted ntsswill be published as soon as possible; however, © Society of Paper Money Collectors, Inc., 1997. publication in a specific issue cannot be guaranteed. Opinions expressed by authors do All rights reserved. Reproduction of any article, not necessarily reflect those of the SPMC. in whole or in part, without express written Mss are to be typed on one side only, doublespaced with at least one-inch margins. A - permission, is prohibited copy should be retained by the author. The author's name, address and telephone number should appear on the first page. Individual copies of this issue of PAPER In addition, although it is not required, you are encouraged to submit a copy on a 31/2 MONEY are available from the Secretary for or 51/4 inch MS DOS disk, identified with the name and version of software used: Microsoft Word, Word Perfect or text (ASCII), etc. If disk is submitted, double-spaced $2.75 each plus $1 postage. five or more copies printout must accompany disk. are sent postage free. IN THIS ISSUE ADVERTISING RATES STATE BANK NOTES REDEEMED BY NATIONAL BANKS Forrest W. Daniel 67 SPACE 1 TIME 3 TIMES 6 TIMES NATIONAL BANK NOTES SERIES 1929 Outside Ken McDannel 69 Back Cover $152 $420 $825 THE PAPER COLUMN Inside Front & Peter 1-luntoon 69 Back Cover $145 $405 $798 THE BASICS Full Page $140 $395 $775 Bob Cochran 70 Half-page $75 $200 $390 SPMC'S 1929-1935 OVERPRINTED NATIONAL CURRENCY PROJECT Quarter-page $38 $105 $198 Bob Cochran 72 Eighth-page $20 $55 $105 BERGEN IRON WORKS SCRIP David D. Gladfelter and William S. Dewey 73 ABOUT TEXAS MOSTLY To keep rates at a minimum, advertising must be Frank Clark 78 prepaid in advance according to the above sched- "OH, IS THAT WHAT THAT MEANS?" ule. In exceptional cases where special artwork or Bob Cochran 78 extra typing are required, the advertiser will be THE ROYAL FAMILY OF SMALL-SIZE CURRENCY ERRORS notified and billed extra for them accordingly. Raphael Ellenbogen 79 THE FIRST NATIONAL BANK OF CARDIFF Rates are not commissionable. Proofs are not Charles A. Dean 80 THE SCRIPOPHILY CORNER supplied. Pierre Bonneau 83 Deadline: Copy must be in the editorial office BANK NOTE SUBJECTS AS MODELS FOR APPRENTICE ENGRAVERS Gene Hessler 84 no later than the 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With CURRBEobN CBYo lAduNcD COMPUTERS 89 advance notice, camera-ready copy will be ac- ORDERING UNCUT SHEETS IN 1951 cepted up to three weeks later. Howard Schein 90 SYNGRAPI-IIC VIGNETTES Mechanical Requirements: Full page 42-57 pi- Robert H. Lloyd 91 cas; half-page may be either vertical or horizon- NEW LITERATURE 91 tal in format. Single column width, 20 picas. THE BUCK STARTS HERE Gene Hessler 93 Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be SOCIETY FEATURES guaranteed. IN MEMORIAM: DAVID RAY ARNOLD, JR. 94 PUBLICATION FUND CONTRIBUTORS 94 Advertising copy shall be restricted to paper NEW MEMBERS 95 currency and allied numismatic material and MONEY MART 96 publications and accessories related thereto. SPMC does not guarantee advertisements but For change of address, inquiries concerning non-delivery of accepts copy in good faith, reserving the right to PAPER MONEY and for additional copies of this issue contact reject objectionable material or edit any copy. the Secretary; the address is on the next page. For earlier issues contact Classic Coins, P.O. Box 95, Allen, MI 49227. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon ON THE COVER. It was during the tenure of Secretary of the Treasury prompt notification of such error. Lyman J. Gage (1897-1902) that the altered 1897 silver certificates were not issued. This portrait was engraved by G.F.C. Smillie. All advertising copy and correspondence should be sent to the Editor. Page 66 Paper Money Whole No. 189 SOCIETY OF PAPER MONEY COLLECTORS BOARD OF GOVERNORS OFFICERS RAPHAEL ELLENBOGEN, 1840 Harwitch Rd., Upper PRESIDENT Arlington, OH 43221 DEAN OAKES, Drawer 1456, Iowa City, IA 52240 VICE-PRESIDENT FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 SECRETARY ROBERTCOCHRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 TIM KYZIVAT, P.O. Box 803, LaGrange, IL 60525 APPOINTEES RON HORSTMAN, 5010 Timber Lane, Gerald, MO 63037 EDITOR GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 MILTON R. FRIEDBERG, 8803 Brecksville Rd. #7-203, MEMBERSHIP DIRECTOR Brecksville, OH 44141-1933 FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 WISMER BOOK PROJECT STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 66062 LEGAL COUNSEL ROBERT J. GALIETTE, 3 Teal Lane, Essex, CT 06246 LIBRARIAN WENDELL W. WOLKA, P.O. Box 569, Dublin, OH 43017 ROGER H. DURAND, P.O. Box 186, Rehoboth, MA02769 PAST-PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 27114 66062 The Society of Paper Money Collectors was organized Members of the ANA or other recognized numismatic in 1961 and incorporated in 1964 as a non-profit or- societies are eligible for membership. Other applicants ganization under the laws of the District of Columbia. should be sponsored by an SMPC member or provide It is affiliated with the American Numismatic Associa- suitable references. tion. The annual meeting is held at the Memphis IPMS DUES—Annual dues are $24. Members in Canada and in June. Mexico should add $5 to cover additional postage; MEMBERSHIP—REGULAR and LIFE. Applicants must members throughout the rest of the world add $10. Life be at least 18 years of age and of good moral character. membership, payable in installments within one year, is JUNIOR. Applicants must be from 12 to 18 years of age $300. Members who join the Society prior to Oct. 1st and of good moral character. Their application must be receive the magazines already issued in the year in signed by a parent or guardian. They will be preceded by which they join. Members who join after Oct. 1st will the letter "j". This letter will be removed upon notifica- have their dues paid through December of the following tion to the secretary that the member has reached 18 year. They will also receive, as a bonus, a copy of the years of age. Junior members are not eligible to hold magazine issued in November of the year in which they office or vote. joined. 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 PCDA CHARTER MBR. FAX 803-432-9958 FUN Paper Money Whole No. 189 Page 67 Reedemed STATE BANK N OTES by NATION AL BANKS by FORREST W. DANIEL TATE bank notes did not vanish from circulation which were redeemed by their succeeding national banks that S immediately upon the appearance of national currency I have found in the intervening time, and access to earlier An- issued by newly-chartered national banks. There was nual Reports of the Comptroller of the Currency not available then. 1 no great rush by state banks to convert to national charters, or Some characteristics of the early reports, and the banks' re- even to apply for authority to issue national currency under ports of the two notes, will show what can be learned about their state charters—which was permitted by the National bills which can be identified as having been redeemed by a Currency Act of February 25,1863. They felt no need for addi- national bank. tional supervision. So by the time a revised National Currency The Annual Report of the Comptroller of the Currency for 1865 Act was passed on June 3,1864, fewer than twenty of the 456 carries the accrual bank reports in a concise form: a single line newly-chartered national banks were conversions from state on a double page for assets, and a similar spread for liabilities. banks. Of the objections banks gave for not converting, one of The pages used as reference for the note studied have the re- the severest was the requirement that they change their name ports of seventy Massachusetts national banks; of the seventy (the law called for the use of numbered names); that rule was banks only seven reported no outstanding state bank circula- modified and conversions of state banks compounded. tion. Those seven may have been new banks, while the others, Within one year of the Act of 1864, the number of national obviously, were conversions from state charters. In all likeli- banks increased from 827 to 1,294, while state banks went hood converted banks destroyed the notes they redeemed and from 1,089 down to 349. And by the middle of 1866 the num- cancelled, leaving only a few to represent that facet of national ber of national banks had stabilized at more than 1,600. bank circulation. State bank notes, then, were the sole circulation of the con- The Bedford Commercial Bank, New-Bedford, Massachu- verted national banks until their new currency was printed and setts, opened in 1816 and became The National Bank of Com- delivered (the period could be up to several months). Although merce, charter 690, on January 9, 1865; it presents an early their release was curtailed by the imposition of a ten percent example of the redemption of its state bank notes by a na- tax on state bank circulation paid out by all banks after July 1, tional bank. On the first Monday of October the bank reported 1866, that tax (approved March 3,1865) did not apply if the $46,187 of its state bank circulation outstanding. A year later circulation was less than five percent of its capital or the bank its circulation was down to $12,145, well below five percent was actively reducing its circulation. of the bank's $600,000 capital, so no tax was due. National In "Some National Banks That Redeemed State Bank Notes" bank note circulation first appears in comptroller of the cur- (PAPER MONEY, No. 74, March/April 1978) I published a list rency reports in October 1867. The National Bank of Com- of national banks which still carried outstanding state bank merce that year reported $479,401 of national bank notes notes as liabilities in their annual reports in 1872,1898,1899 outstanding along with $10,280 in state notes. In 1868 it was and 1903, and gave many details of the practice that need not $478,462 national and $9,922 state; and a year later only be repeated. This report is based on the two state bank notes $474,059 of national bank notes were outstanding. The Bedford Commercial Bank $10 note issued in 1848 and Paid by the Commercial National Bank, New Bedford, Mass. Page 68 Paper Money Whole No. 189 remaining state notes may have been transferred to the sur- State bank notes bearing an endorsement showing redemp- plus account, with any later redemptions being made from tion by their successor national bank have a pedigree worthy that account. of special consideration by collectors of national currency who The note at hand is $10 dated in 1848 and was part of an wish to expand their interests. They appear fairly scarce to me, estimated $110,000 of notes $5 and above outstanding that but my interest in the obsolete series was late in coming and I year; the bank also reported about $13,000 of notes under $5. have had no opportunity to scan any substantial number of The redemption mark is an oval-bordered stamp "PAID" sur- notes since learning of them. The illustrations of redeemed rounded by "NATL BANK OF COMMERCE / NEW BEDFORD, notes in the Durand and Haxby catalogues indicate that few, MASS." Unfortunately the stamp is not dated, so we cannot or no other, examples of those notes survived redemption tell the year the note was actually paid, and the purple stamp during the Rhode-Island Union Bank's long existence before faded in the washing. When the note appeared in a recent auc- they had to be accounted for under the National Bank Act tion it was described, "with a light purple bank stamp which Specialists in state bank circulation must be aware of many does not at all detract." The stamp is no disfiguration; it is more of these, but I've never seen them reported. Condition what gives this note its special historic quality. The National purists may consider them defaced, and by cataloguers, not Bank of Commerce, New Bedford, Massachusetts, went into worthy of consideration for illustration unless they are the only voluntary liquidation on April 1, 1898, with $56,830 of na- ones available, as in the case of The Rhode-Island Union Bank. tional currency outstanding. A search may be rewarding to the curious collector. cash. The Rhode-Island Union Bank $1 issued in 1849 was redeemed by The Union National Bank, Newport, R.I., on Sept. 4, 1885. A contrast is provided by The Rhode-Island Union Bank, NOTE Newport. Incorporated in 1804, it became The Union National Bank, Charter 2554, in 1881, and provides an example of some 1. Annual Reports of the Comptroller of the Currency and other govern- ment documents, including annual reports of the several state bank- later redemptions of state bank notes. In its first report as a ing departments up to 1863, are available at Federal Depository national bank, October 1, 1881, the Union national listed Libraries. Depositories are located at selected academic, research or national bank issue of $46,805 in contrast to $1,898 of state law libraries in every state They are part of the American State Papers, a notes still outstanding. A year later it had $134,250 of national continuing series known as the CIS US Serial Set. Local libraries will currency in circulation, while state notes dropped only $4 to have a list of the Depository Libraries $1,894. In 1883 circulation was $132,600 national and $1,864 state; in 1884 it was $128,500 national and $1,658 state. Only SOURCES: national currency notes to a total of $129,495 were listed in 1885. So few state notes remained outstanding that they were Durand, R.H. (1981). Obsolete notes and scrip of Rhode Island and the removed from the books. Providence Plantations. Rehoboth: Author. The $1 note studied was issued in 1849, when The Rhode- Haxby, J.A. (1988). Standard catalog of United States obsolete bank notes, island Union Bank's circulation was $30,422, almost $8,000 1782-1866. lola: Krause Publications less than three years earlier. Its cancellation is hand-written in Hickman, I. and D. Oakes. (1982). Standard catalog of national bank notes. Iola: Krause Publications. red ink, "Redeemed / Sept. 4, 1885." it appears to have been Kelly, D.C. (1985). National bank notes, a guide with prices. Oxford: preserved from a hoard presented for payment on that date Oxford Printing Company. since two other-type $ ls and other denominations with the McCulloch, H. (1888). Men and measures of a half a century. New York: same date are illustrated in the Durand and Haxby catalogues. Charles Scribner's Sons. Other illustrated notes are dated May 3, 1884—part of the Robertson, R.M. (1968). The comptroller and bank supervision, a histori- $206 redeemed, that year. The Union National Bank, New- cal appraisal. Washington, DC: The Office of the Comptroller of port, Rhode Island was placed in voluntary liquidation on the Currency October 17, 1912, and was absorbed by The Aquidneck Na- Annual reports of the Comptroller of the Currency, various years. Serial tional Bank of Newport. Set, Nos. 500, 528, 578 Paper Money Whole No. 189 Page 69 NATIONAL BANK NOTES SERIES 1929 WERE ISSUED FOR ONLY SIX YEARS, FROM JULY 15, 1929 TO JULY 10, 1935 TYPE I NOTES FROM JULY 15, 1929 TO MAY OF 1933 TYPE II NOTES FROM MAY 1933 TO JULY 10, 1935 THESE SMALL-SIZE NATIONAL BANK NOTES OCCUPY A SPECIAL PLACE IN U.S. MONETARY HISTORY by KEN McDANNEL N the early days of collecting, paper money collectors serve our respect for their work in preserving the rich heritage I were considered to be "rag pickers" by other numis- they have passed on to us. matists. That derisive attitude has not totally disap- The M. Owen Warns project of reporting newly-discovered peared. Nevertheless, most paper money collectors began their notes for banks that issued small-size nationals was a major collecting with coins. The lowly "rag" has come a long way as undertaking. Mr. Warns' monumental efforts were begun at a we see more and more coin dealers adding paper money to time when information was almost non-existent. The result of their inventories. Within our fraternity, some collectors of large- Owen's labor of love gives us the extra knowledge that en- size paper money consider collectors of small-size national hances small-size national collecting. Upon the death of Mr. bank notes as less serious in their pursuit. Warns, Tom Snyder took over and did an admirable job until There have been only eleven paper money exhibitors to re- reporting almost stopped. The last supplement to the project ceive the Best of Show Award at the annual ANA convention; was in PAPER MONEY, May/June 1990. the first, William Philpott, Jr., in 1953. In 1991 PAPER MONEY We now ask you to send the best photocopies of your here- editor, Gene Hessler, joined that distinguished list. These eleven tofore unreported notes to Ken McDannel, 1405 Weaver St., accolades have reconfirmed the fact that paper money does S.W., Canton, OH 44706. Some notes, if the quality of repro- not take a backseat to coins. duction is good enough, will be illustrated in these pages, and There have been pioneers and champions of both large- and contributors will be acknowledged, unless you specify ano- small-size national bank notes. They are numerous and de- nymity. Where are the Paia Territory of Hawaii Nationals? HE First National Bank of Paia, Territory of Hawaii The Comptroller of the Currency sent only one shipment of T (10451) is the only one of the five note-issuing na- notes to the Paia bank-200 sheets of 10-10-10-20 Series of tional banks in Hawaii for which no notes are reported. 1902 blue seal date backs. Did any of these 800 notes survive? The census of reported large-size Hawaii notes as of July 20, The answer is that a reading of the currency and bonds led- 1996 is 184 notes split as follows: Honolulu (5550) 177; gers for the bank reveals that the notes never reached circula- Kahului (8207) four, Wailuku (5994) two, Lahaina (8101) tion. Rather, it is all but certain the sheets were returned to the one. These totals track the numbers of large-size notes issued Comptroller when the bank was liquidated in 1917. by those banks, respectively 978,912; 19,964; 11,964 and 1,772 The First National Bank of Paia was organized on July 29, notes. 1913, and chartered on September 26, 1913. It was the fourth national bank organized on Maui, joining those in Wailuku, Kahului and Lahaina. Honolulu (5550), Hawaii's only other note-issuing bank was on Oahu. The First National Bank of Paia was the third in a chain of small national banks on the THE PAPER COLUMN island owned by the same interests, the others being The First National Bank of Wailuku and The Lahaina National Bank. by Peter Huntoon C.H. Cooke was president and C.D. Lufkin was cashier of all three. All three banks were voluntarily liquidated and merged to form the Bank of Maui, Ltd. on May I, 1917. Page 70 Paper Money Whole No. 189 - 111)( 18 _141,7:54114 1-U2•N6M1IIMT1IE1 a4D 1ul l0IST1tTa 0SAUT1ME eCSali ntO 0rF11i AOnKMA rSEEeCURnRIITItCESiAr .1(4, w“, 1' 1 1 . -I. lot tNAL LIIA 21 `'''"e4UQ6434=1,44=4t4.6411=414 10)%14111tk"f .44.7 ?WV; L -9_1141.31 NallinnalitneW •mama umunsTemilUlmu ORMTSER worms UNITED STATES OF AMER I CA NAT 01INAL 11,‘„N •,) VW' 11),tr.,40(441,4444W.114 I AV 11 A VIII) TIAN la:1)(VrIcaikklzt-t*, . roli7411". itTZIK4401411,FiAta NallitnnaCiairrentiF U•NsreIinTraEINDVII ISMITSTAATTMOENISII IIDIIIFIIAIMMUMMEINRITIICCS A• xvirf tiliNA I, IAN ) ;,,)/ n ,,1yej;40,x44,1,44,1isawAsajdAuj,) • 9170,1N,N, )1,i1.1t.44*114 A 14.1,r0tOTZ:FM2= via&S(NallIn. ) INEIMMIEMITTRITEDSTATAIS BONDS OIIOTDEH SEC w minim 0.!41-11411[404.,.-, NATio■ ALitt mi ca. •11, 2111011L111•710* , ' Ti )4 N. r4,1,„,44,14..12,. _444,44,4. , :403 1711,KILCATIIT 1 )()141‘&),1, Kr1CM1111341111.11.0.11111 _ -Wm/ 3191RX6W116:64Ne _ _ t)"1-.1.1 4/6 A E C K G.W

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Paper Money (May/June 1997) PDF

46 Pages·1997·11.5 MB·English
by  Society of Paper Money Collectors
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Preview Paper Money (May/June 1997)

*Tiz'At ...f.f.mt.:•,•..t.* :7! 0 sT"',i'g''t'-a''S''.1 41,•V74,:1::„::.'S, .`. 41, :$41'2..-1.-z,3-Z4a11t." -SIVjiIk:::,: 0,tta) ................................ AgaVI-Ire \\ •-•." 4.,■■•■■■■■ VOL. XXXVI No. 3 MAY/JUNE 1997 Se sIP WHOLE No. 189 Thinking of Selling? Have You Thought About This? 111111RIVNIIIRENIAtOLVERWARLISWIElit (tt 1*.i-Z341 • , 94. 44- NettisissssIt'itsssesses , WIIMISIRESOFAMERICA M92832188:- 5515' .1, a/All win kE4 IJ 1E1 Chia is ONE NUNDRA) DOLLARS ISIoniieau 'ALILIIINIJK e1 /1,11,4.1114 You've enjoyed collecting currency for many years, and now you are seri- brought $7,000. A superb collection of obsolete bank note proofs from Louisiana, Lots 1,527-1,531, brought record prices of from $3,400 to 4,200 ously thinking about selling. Should you value the entire collection and offer each. The possibly unique Garden City, Minnesota, proof sheet, Lot 1543, sold it, at a wholesale price to a dealer? Will you publish a full-page advertisement for $9,500. in a paper money newspaper or mail out your own price list or catalogue? The most extraordinary results were achieved by an outstanding group of We suggest that you do what most experienced collectors have done with Alaska Clearing House Certificates, meticulously researched and fully-illus- ttteir better material - sell at auction. And once you have decided to sell your trated in the catalogue. Lots 1440-1446, including the $1, $2, $5, $10, $20. collection at auction you will need to select an auction company. There are $50 and $100, realized $5,000, $4,500, $5,000, $5,000, $5,500, $6,000 and many things that should be taken into consideration, but one question you $8,000 respectively. should always ask is "Where and when will my material be sold?". We strongly believe that the best way to sell a paper money collection is at At R. M. Smythe and Company, we think the answer to the "where" part auction. There are no substitutes for experience, thorough research, proper pre- of that question is relatively simple. Important collections of paper money sentation, and a location that makes sense, and that is why, at R. M. Smythe should be auctioned at paper money shows. and Company, we are committed to conducting our paper money auctions at paper money shows. If your collection was in our June Memphis International Paper Money Auction it could have been viewed by over 150 of the world's most significant Consignments are now being accepted paper money dealers, and by the hundreds of serious collectors who came to for our 1997-1998 Auction Schedule. the show every day to buy. The auction results speak for themselves. October 25, 1996. Currency, Stocks and Bonds. The St. Louis National and Federal Currency in the June, Memphis Auction was very strong. Lot 1023, World Paper Money Show. St. Louis, Missouri. the $20 1863 Legal Tender (Fr.126b), Choice Almost Uncirculated realized $3,500. Lot 1051, a cut sheet of four $5 1899 Silver Certificates sold for February 22, 1997. Currency, Stocks and Bonds. The Chicago International $3,050. Lot 1140, the Portland, Maine $10 Red Seal brought $4,500 and Lot Paper Money Exposition. Chicago, Illinois 1154, the $2 Moniteau NB of California, Missouri "Lazy Two" sold for June 1997. Currency, Stocks and Bonds. Memphis International Auction. $4,000. To find out how easy it is to consign your collection to any of the auctions list- Confederate Currency was in great demand as can be seen by the $10,000 ed above, or to subscribe, call Stephen Goldsmith, Douglas Ball or Bruce hammer price realized for Lot 1392, an extremely rare contemporary counter- Hagen at 800-622-1880 or 212-943-1880. feit of the $5 1861 "Indian Princess" note, and the $100 1861 T-3, Lot 1383, Call Toll Free C 1-800-622-1880 ALSNINTHE Where Historic Paper Collections of the World Are )ttiti t441 10qr—14/4Mg Researched, Auctioned, Bought and Sold PSAOPCEIRE TMYO ONFO Stephen Goldsmith COLLECTORS MEMBER INC, Bruce Hagen NY 212-943-1880 • Fax 212-908-4047 iti members 26 Broadway, New York, NY 10004-1701 Factual Errors and Troublesome Typographical Errors in United States Large Size National Bank Notes by Peter Huntoon Published by the SPMC in 1995 Chapter Page Table Column Line Photo As Printed Correct 1 1 1 5 Huge McCulloch Hugh McCulloch 1 2 2 8 Oct 5, 1967 Oct 5, 1867 1 2 2 22 Jul 1, 1993-Jun 30, 1997 Jul 1, 1893-Jun 30, 1897 1 5 2 37 national dept national debt 2 17 caption Iowa City (15) Iowa City (18) 3 36 1 2-3 As shown on Table 2, nine of the reorganized suc- As shown on Table 2, Series of 1875 notes were cessor banks Series of 1875 notes were printed for printed for nine of the reorganized successor banks 3 36-37 photos .The photos on the bottom of page 36 and top of page 37 are switched . 7 72 2 18 Territory, was from a single printing of 1,000 sheets Territory, was from the first 1,000 sheets printed 8 77 1 15 Binghampton Binghamton 12 144 1 13 2nd "Seneca" should be Seneca' 12 144 1 19 Penn Yann Penn Yan 12 144 1 51 1st town name should be Cincinnati 13 160 1, cont 21 10-10-10-20 for Norwich, CT should be 5-5-5-5 14 162 caption December 7, 1882 December 7, 1886 . 17 172 1 5-6 $500 or $10,000 $500, $1,000 or $10,000 17 175 1 31 value delivered value backs delivered 19 182 2 15 Aug 27, 1921' New Orleans, LA omit "New Orleans, LA" 19 183 1 6 Table 3 Table 2 20 187 1 5 batch closely batch date closely 20 187 2 45-47 omit sentence: "They are ... treasury officers." 20 189 2 46-53 replace "Series of 1902...with number 1." with Series of 1902 5-5-5-5 and 10 10 10 20 plain backs - - - printed for the bank utilizing charter number 150 bear the title change date of August 7, 1912. Bank sheet serial numbering on these issues commenced with number 1. 20 191 1 29 shown here shown on page 81 21 200 1 8 J4-1(4 DI) J4-K4-L4-DD 23 217 2 2-22 replace text under heading BEGINNING OF THE The signing into law of the Aldrich-Vreeland Act (Emergency DATE BACKS with Currency Act) of May 30, 1908, precipitated the date back designs in both the Series of 1882 and 1902. Table 6 shows the delivery dates for the first date backs, and the last shipments from the Bureau for the designs that they replaced. Shipments of Series of 1882 brown backs ceased on March 23, 1909, almost seven months after the start of the Series of 1882 date backs. Series of 1902 red seals continued to be printed well into December 1908, although production of Series of 1902 red seals had begun six months earlier. 23 218 6 5-8 three dates "Mar 23, 1908" should be Mar 23, 1909 23 225 9, cont 20 Mar 23, 1908 Mar 23, 1909 23 230 9, cont 32 Binghampton Binghamton 23 232 9, cont 13 Mar 23, 1908 Mar 23, 1909 23 236 9, cont 4 10-10-10-20 Series of 1875 10-10-20-20 Series of 1875 23 238 9, cont 31 Mar 23, 1908 Mar 23, 1909 23 239 9, cont 25 charter number omitted 2604 23 239 9, cont 26 charter number omitted 5649 24 245 1 2 Engraving and (1908- Engraving and Printing (1908- 27 254 1, cont 14 Slide the last four serials numbers over one column to the right. 27 259 3 33 replace last line with: 1909 V376339V A273226 V639230V B638419 Please send any errors of any type, especially factual errors, that you find in the book to Peter Huntoon, P. 0. Box 3681, Laramie, WY 82071 (307-742-2217) so this list can be made more complete. Paper Money Whole No. 189 Page 65 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. XXXVI No. 3 Whole No. 189 MAY/JUNE 1997 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 (mss), not under consideration elsewhere, and publications for review should be sent to the Editor. Accepted ntsswill be published as soon as possible; however, © Society of Paper Money Collectors, Inc., 1997. publication in a specific issue cannot be guaranteed. Opinions expressed by authors do All rights reserved. Reproduction of any article, not necessarily reflect those of the SPMC. in whole or in part, without express written Mss are to be typed on one side only, doublespaced with at least one-inch margins. A - permission, is prohibited copy should be retained by the author. The author's name, address and telephone number should appear on the first page. Individual copies of this issue of PAPER In addition, although it is not required, you are encouraged to submit a copy on a 31/2 MONEY are available from the Secretary for or 51/4 inch MS DOS disk, identified with the name and version of software used: Microsoft Word, Word Perfect or text (ASCII), etc. If disk is submitted, double-spaced $2.75 each plus $1 postage. five or more copies printout must accompany disk. are sent postage free. IN THIS ISSUE ADVERTISING RATES STATE BANK NOTES REDEEMED BY NATIONAL BANKS Forrest W. Daniel 67 SPACE 1 TIME 3 TIMES 6 TIMES NATIONAL BANK NOTES SERIES 1929 Outside Ken McDannel 69 Back Cover $152 $420 $825 THE PAPER COLUMN Inside Front & Peter 1-luntoon 69 Back Cover $145 $405 $798 THE BASICS Full Page $140 $395 $775 Bob Cochran 70 Half-page $75 $200 $390 SPMC'S 1929-1935 OVERPRINTED NATIONAL CURRENCY PROJECT Quarter-page $38 $105 $198 Bob Cochran 72 Eighth-page $20 $55 $105 BERGEN IRON WORKS SCRIP David D. Gladfelter and William S. Dewey 73 ABOUT TEXAS MOSTLY To keep rates at a minimum, advertising must be Frank Clark 78 prepaid in advance according to the above sched- "OH, IS THAT WHAT THAT MEANS?" ule. In exceptional cases where special artwork or Bob Cochran 78 extra typing are required, the advertiser will be THE ROYAL FAMILY OF SMALL-SIZE CURRENCY ERRORS notified and billed extra for them accordingly. Raphael Ellenbogen 79 THE FIRST NATIONAL BANK OF CARDIFF Rates are not commissionable. Proofs are not Charles A. Dean 80 THE SCRIPOPHILY CORNER supplied. Pierre Bonneau 83 Deadline: Copy must be in the editorial office BANK NOTE SUBJECTS AS MODELS FOR APPRENTICE ENGRAVERS Gene Hessler 84 no later than the 1st of the month preceding issue (e.g., Feb. 1 for March/April issue). With CURRBEobN CBYo lAduNcD COMPUTERS 89 advance notice, camera-ready copy will be ac- ORDERING UNCUT SHEETS IN 1951 cepted up to three weeks later. Howard Schein 90 SYNGRAPI-IIC VIGNETTES Mechanical Requirements: Full page 42-57 pi- Robert H. Lloyd 91 cas; half-page may be either vertical or horizon- NEW LITERATURE 91 tal in format. Single column width, 20 picas. THE BUCK STARTS HERE Gene Hessler 93 Halftones acceptable, but not mats or stereos. Page position may be requested but cannot be SOCIETY FEATURES guaranteed. IN MEMORIAM: DAVID RAY ARNOLD, JR. 94 PUBLICATION FUND CONTRIBUTORS 94 Advertising copy shall be restricted to paper NEW MEMBERS 95 currency and allied numismatic material and MONEY MART 96 publications and accessories related thereto. SPMC does not guarantee advertisements but For change of address, inquiries concerning non-delivery of accepts copy in good faith, reserving the right to PAPER MONEY and for additional copies of this issue contact reject objectionable material or edit any copy. the Secretary; the address is on the next page. For earlier issues contact Classic Coins, P.O. Box 95, Allen, MI 49227. SPMC assumes no financial responsibility for typographical errors in advertisements, but agrees to reprint that portion of an advertisement in which typographical error should occur upon ON THE COVER. It was during the tenure of Secretary of the Treasury prompt notification of such error. Lyman J. Gage (1897-1902) that the altered 1897 silver certificates were not issued. This portrait was engraved by G.F.C. Smillie. All advertising copy and correspondence should be sent to the Editor. Page 66 Paper Money Whole No. 189 SOCIETY OF PAPER MONEY COLLECTORS BOARD OF GOVERNORS OFFICERS RAPHAEL ELLENBOGEN, 1840 Harwitch Rd., Upper PRESIDENT Arlington, OH 43221 DEAN OAKES, Drawer 1456, Iowa City, IA 52240 VICE-PRESIDENT FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 C. JOHN FERRERI, P.O. Box 33, Storrs, CT 06268 SECRETARY ROBERTCOCHRAN, P.O. Box 1085, Florissant, MO 63031 TREASURER GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 TIM KYZIVAT, P.O. Box 803, LaGrange, IL 60525 APPOINTEES RON HORSTMAN, 5010 Timber Lane, Gerald, MO 63037 EDITOR GENE HESSLER, P.O. Box 31144, Cincinnati, OH 45231 MILTON R. FRIEDBERG, 8803 Brecksville Rd. #7-203, MEMBERSHIP DIRECTOR Brecksville, OH 44141-1933 FRANK CLARK, P.O. Box 117060, Carrollton, TX 75011 WISMER BOOK PROJECT STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS STEPHEN TAYLOR, 70 West View Avenue, Dover, DE 19901 66062 LEGAL COUNSEL ROBERT J. GALIETTE, 3 Teal Lane, Essex, CT 06246 LIBRARIAN WENDELL W. WOLKA, P.O. Box 569, Dublin, OH 43017 ROGER H. DURAND, P.O. Box 186, Rehoboth, MA02769 PAST-PRESIDENT JUDITH MURPHY, P.O. Box 24056, Winston Salem, NC STEVEN K. WHITFIELD, 14092 W. 115th St., Olathe, KS 27114 66062 The Society of Paper Money Collectors was organized Members of the ANA or other recognized numismatic in 1961 and incorporated in 1964 as a non-profit or- societies are eligible for membership. Other applicants ganization under the laws of the District of Columbia. should be sponsored by an SMPC member or provide It is affiliated with the American Numismatic Associa- suitable references. tion. The annual meeting is held at the Memphis IPMS DUES—Annual dues are $24. Members in Canada and in June. Mexico should add $5 to cover additional postage; MEMBERSHIP—REGULAR and LIFE. Applicants must members throughout the rest of the world add $10. Life be at least 18 years of age and of good moral character. membership, payable in installments within one year, is JUNIOR. Applicants must be from 12 to 18 years of age $300. Members who join the Society prior to Oct. 1st and of good moral character. Their application must be receive the magazines already issued in the year in signed by a parent or guardian. They will be preceded by which they join. Members who join after Oct. 1st will the letter "j". This letter will be removed upon notifica- have their dues paid through December of the following tion to the secretary that the member has reached 18 year. They will also receive, as a bonus, a copy of the years of age. Junior members are not eligible to hold magazine issued in November of the year in which they office or vote. joined. 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 PCDA CHARTER MBR. FAX 803-432-9958 FUN Paper Money Whole No. 189 Page 67 Reedemed STATE BANK N OTES by NATION AL BANKS by FORREST W. DANIEL TATE bank notes did not vanish from circulation which were redeemed by their succeeding national banks that S immediately upon the appearance of national currency I have found in the intervening time, and access to earlier An- issued by newly-chartered national banks. There was nual Reports of the Comptroller of the Currency not available then. 1 no great rush by state banks to convert to national charters, or Some characteristics of the early reports, and the banks' re- even to apply for authority to issue national currency under ports of the two notes, will show what can be learned about their state charters—which was permitted by the National bills which can be identified as having been redeemed by a Currency Act of February 25,1863. They felt no need for addi- national bank. tional supervision. So by the time a revised National Currency The Annual Report of the Comptroller of the Currency for 1865 Act was passed on June 3,1864, fewer than twenty of the 456 carries the accrual bank reports in a concise form: a single line newly-chartered national banks were conversions from state on a double page for assets, and a similar spread for liabilities. banks. Of the objections banks gave for not converting, one of The pages used as reference for the note studied have the re- the severest was the requirement that they change their name ports of seventy Massachusetts national banks; of the seventy (the law called for the use of numbered names); that rule was banks only seven reported no outstanding state bank circula- modified and conversions of state banks compounded. tion. Those seven may have been new banks, while the others, Within one year of the Act of 1864, the number of national obviously, were conversions from state charters. In all likeli- banks increased from 827 to 1,294, while state banks went hood converted banks destroyed the notes they redeemed and from 1,089 down to 349. And by the middle of 1866 the num- cancelled, leaving only a few to represent that facet of national ber of national banks had stabilized at more than 1,600. bank circulation. State bank notes, then, were the sole circulation of the con- The Bedford Commercial Bank, New-Bedford, Massachu- verted national banks until their new currency was printed and setts, opened in 1816 and became The National Bank of Com- delivered (the period could be up to several months). Although merce, charter 690, on January 9, 1865; it presents an early their release was curtailed by the imposition of a ten percent example of the redemption of its state bank notes by a na- tax on state bank circulation paid out by all banks after July 1, tional bank. On the first Monday of October the bank reported 1866, that tax (approved March 3,1865) did not apply if the $46,187 of its state bank circulation outstanding. A year later circulation was less than five percent of its capital or the bank its circulation was down to $12,145, well below five percent was actively reducing its circulation. of the bank's $600,000 capital, so no tax was due. National In "Some National Banks That Redeemed State Bank Notes" bank note circulation first appears in comptroller of the cur- (PAPER MONEY, No. 74, March/April 1978) I published a list rency reports in October 1867. The National Bank of Com- of national banks which still carried outstanding state bank merce that year reported $479,401 of national bank notes notes as liabilities in their annual reports in 1872,1898,1899 outstanding along with $10,280 in state notes. In 1868 it was and 1903, and gave many details of the practice that need not $478,462 national and $9,922 state; and a year later only be repeated. This report is based on the two state bank notes $474,059 of national bank notes were outstanding. The Bedford Commercial Bank $10 note issued in 1848 and Paid by the Commercial National Bank, New Bedford, Mass. Page 68 Paper Money Whole No. 189 remaining state notes may have been transferred to the sur- State bank notes bearing an endorsement showing redemp- plus account, with any later redemptions being made from tion by their successor national bank have a pedigree worthy that account. of special consideration by collectors of national currency who The note at hand is $10 dated in 1848 and was part of an wish to expand their interests. They appear fairly scarce to me, estimated $110,000 of notes $5 and above outstanding that but my interest in the obsolete series was late in coming and I year; the bank also reported about $13,000 of notes under $5. have had no opportunity to scan any substantial number of The redemption mark is an oval-bordered stamp "PAID" sur- notes since learning of them. The illustrations of redeemed rounded by "NATL BANK OF COMMERCE / NEW BEDFORD, notes in the Durand and Haxby catalogues indicate that few, MASS." Unfortunately the stamp is not dated, so we cannot or no other, examples of those notes survived redemption tell the year the note was actually paid, and the purple stamp during the Rhode-Island Union Bank's long existence before faded in the washing. When the note appeared in a recent auc- they had to be accounted for under the National Bank Act tion it was described, "with a light purple bank stamp which Specialists in state bank circulation must be aware of many does not at all detract." The stamp is no disfiguration; it is more of these, but I've never seen them reported. Condition what gives this note its special historic quality. The National purists may consider them defaced, and by cataloguers, not Bank of Commerce, New Bedford, Massachusetts, went into worthy of consideration for illustration unless they are the only voluntary liquidation on April 1, 1898, with $56,830 of na- ones available, as in the case of The Rhode-Island Union Bank. tional currency outstanding. A search may be rewarding to the curious collector. cash. The Rhode-Island Union Bank $1 issued in 1849 was redeemed by The Union National Bank, Newport, R.I., on Sept. 4, 1885. A contrast is provided by The Rhode-Island Union Bank, NOTE Newport. Incorporated in 1804, it became The Union National Bank, Charter 2554, in 1881, and provides an example of some 1. Annual Reports of the Comptroller of the Currency and other govern- ment documents, including annual reports of the several state bank- later redemptions of state bank notes. In its first report as a ing departments up to 1863, are available at Federal Depository national bank, October 1, 1881, the Union national listed Libraries. Depositories are located at selected academic, research or national bank issue of $46,805 in contrast to $1,898 of state law libraries in every state They are part of the American State Papers, a notes still outstanding. A year later it had $134,250 of national continuing series known as the CIS US Serial Set. Local libraries will currency in circulation, while state notes dropped only $4 to have a list of the Depository Libraries $1,894. In 1883 circulation was $132,600 national and $1,864 state; in 1884 it was $128,500 national and $1,658 state. Only SOURCES: national currency notes to a total of $129,495 were listed in 1885. So few state notes remained outstanding that they were Durand, R.H. (1981). Obsolete notes and scrip of Rhode Island and the removed from the books. Providence Plantations. Rehoboth: Author. The $1 note studied was issued in 1849, when The Rhode- Haxby, J.A. (1988). Standard catalog of United States obsolete bank notes, island Union Bank's circulation was $30,422, almost $8,000 1782-1866. lola: Krause Publications less than three years earlier. Its cancellation is hand-written in Hickman, I. and D. Oakes. (1982). Standard catalog of national bank notes. Iola: Krause Publications. red ink, "Redeemed / Sept. 4, 1885." it appears to have been Kelly, D.C. (1985). National bank notes, a guide with prices. Oxford: preserved from a hoard presented for payment on that date Oxford Printing Company. since two other-type $ ls and other denominations with the McCulloch, H. (1888). Men and measures of a half a century. New York: same date are illustrated in the Durand and Haxby catalogues. Charles Scribner's Sons. Other illustrated notes are dated May 3, 1884—part of the Robertson, R.M. (1968). The comptroller and bank supervision, a histori- $206 redeemed, that year. The Union National Bank, New- cal appraisal. Washington, DC: The Office of the Comptroller of port, Rhode Island was placed in voluntary liquidation on the Currency October 17, 1912, and was absorbed by The Aquidneck Na- Annual reports of the Comptroller of the Currency, various years. Serial tional Bank of Newport. Set, Nos. 500, 528, 578 Paper Money Whole No. 189 Page 69 NATIONAL BANK NOTES SERIES 1929 WERE ISSUED FOR ONLY SIX YEARS, FROM JULY 15, 1929 TO JULY 10, 1935 TYPE I NOTES FROM JULY 15, 1929 TO MAY OF 1933 TYPE II NOTES FROM MAY 1933 TO JULY 10, 1935 THESE SMALL-SIZE NATIONAL BANK NOTES OCCUPY A SPECIAL PLACE IN U.S. MONETARY HISTORY by KEN McDANNEL N the early days of collecting, paper money collectors serve our respect for their work in preserving the rich heritage I were considered to be "rag pickers" by other numis- they have passed on to us. matists. That derisive attitude has not totally disap- The M. Owen Warns project of reporting newly-discovered peared. Nevertheless, most paper money collectors began their notes for banks that issued small-size nationals was a major collecting with coins. The lowly "rag" has come a long way as undertaking. Mr. Warns' monumental efforts were begun at a we see more and more coin dealers adding paper money to time when information was almost non-existent. The result of their inventories. Within our fraternity, some collectors of large- Owen's labor of love gives us the extra knowledge that en- size paper money consider collectors of small-size national hances small-size national collecting. Upon the death of Mr. bank notes as less serious in their pursuit. Warns, Tom Snyder took over and did an admirable job until There have been only eleven paper money exhibitors to re- reporting almost stopped. The last supplement to the project ceive the Best of Show Award at the annual ANA convention; was in PAPER MONEY, May/June 1990. the first, William Philpott, Jr., in 1953. In 1991 PAPER MONEY We now ask you to send the best photocopies of your here- editor, Gene Hessler, joined that distinguished list. These eleven tofore unreported notes to Ken McDannel, 1405 Weaver St., accolades have reconfirmed the fact that paper money does S.W., Canton, OH 44706. Some notes, if the quality of repro- not take a backseat to coins. duction is good enough, will be illustrated in these pages, and There have been pioneers and champions of both large- and contributors will be acknowledged, unless you specify ano- small-size national bank notes. They are numerous and de- nymity. Where are the Paia Territory of Hawaii Nationals? HE First National Bank of Paia, Territory of Hawaii The Comptroller of the Currency sent only one shipment of T (10451) is the only one of the five note-issuing na- notes to the Paia bank-200 sheets of 10-10-10-20 Series of tional banks in Hawaii for which no notes are reported. 1902 blue seal date backs. Did any of these 800 notes survive? The census of reported large-size Hawaii notes as of July 20, The answer is that a reading of the currency and bonds led- 1996 is 184 notes split as follows: Honolulu (5550) 177; gers for the bank reveals that the notes never reached circula- Kahului (8207) four, Wailuku (5994) two, Lahaina (8101) tion. Rather, it is all but certain the sheets were returned to the one. These totals track the numbers of large-size notes issued Comptroller when the bank was liquidated in 1917. by those banks, respectively 978,912; 19,964; 11,964 and 1,772 The First National Bank of Paia was organized on July 29, notes. 1913, and chartered on September 26, 1913. It was the fourth national bank organized on Maui, joining those in Wailuku, Kahului and Lahaina. Honolulu (5550), Hawaii's only other note-issuing bank was on Oahu. The First National Bank of Paia was the third in a chain of small national banks on the THE PAPER COLUMN island owned by the same interests, the others being The First National Bank of Wailuku and The Lahaina National Bank. by Peter Huntoon C.H. Cooke was president and C.D. Lufkin was cashier of all three. All three banks were voluntarily liquidated and merged to form the Bank of Maui, Ltd. on May I, 1917. Page 70 Paper Money Whole No. 189 - 111)( 18 _141,7:54114 1-U2•N6M1IIMT1IE1 a4D 1ul l0IST1tTa 0SAUT1ME eCSali ntO 0rF11i AOnKMA rSEEeCURnRIITItCESiAr .1(4, w“, 1' 1 1 . -I. lot tNAL LIIA 21 `'''"e4UQ6434=1,44=4t4.6411=414 10)%14111tk"f .44.7 ?WV; L -9_1141.31 NallinnalitneW •mama umunsTemilUlmu ORMTSER worms UNITED STATES OF AMER I CA NAT 01INAL 11,‘„N •,) VW' 11),tr.,40(441,4444W.114 I AV 11 A VIII) TIAN la:1)(VrIcaikklzt-t*, . roli7411". itTZIK4401411,FiAta NallitnnaCiairrentiF U•NsreIinTraEINDVII ISMITSTAATTMOENISII IIDIIIFIIAIMMUMMEINRITIICCS A• xvirf tiliNA I, IAN ) ;,,)/ n ,,1yej;40,x44,1,44,1isawAsajdAuj,) • 9170,1N,N, )1,i1.1t.44*114 A 14.1,r0tOTZ:FM2= via&S(NallIn. ) INEIMMIEMITTRITEDSTATAIS BONDS OIIOTDEH SEC w minim 0.!41-11411[404.,.-, NATio■ ALitt mi ca. •11, 2111011L111•710* , ' Ti )4 N. r4,1,„,44,14..12,. _444,44,4. , :403 1711,KILCATIIT 1 )()141‘&),1, Kr1CM1111341111.11.0.11111 _ -Wm/ 3191RX6W116:64Ne _ _ t)"1-.1.1 4/6 A E C K G.W

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