Paper Money - Vol. LXII, No. 2 - Whole No. 344 - Mar/Apr 2023 (2024)

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official journal of The Society of Paper Money CollectorsHawaian Discovery NoteAmerica?s Oldest and Most Accomplished Rare Coin Auctioneer1550 Scenic Avenue, Suite 150, Costa Mesa, CA 92626 ? 949.253.0916470 Park Avenue, New York, NY 10022 ? 212.582.2580 ? NYC@stacksbowers.com84 State Street, Boston, MA 02109 ? 617.843.8343 ? Boston@StacksBowers.com1735 Market Street, Philadelphia, PA 19103 ? 267.609.1804 ? Philly@StacksBowers.comInfo@StacksBowers.com ? StacksBowers.comCalifornia ? New York ? Boston ? Philadelphia ? New Hampshire ? Oklahoma Hong Kong ? Paris ? VancouverSBG PM MidContinent Spring2023 230301LEGENDARY COLLECTIONS | LEGENDARY RESULTS | A LEGENDARY AUCTION FIRMContact Us For More Information Today!West Coast: 800.458.4646 East Coast: 800.566.2580 Info@StacksBowers.comThe Mid-Continent Collectionof United States CurrencyFeatured in the Official Auction of the 2023 Whitman Coin & Collectibles Spring ExpoMarch 21-24, 2023Additional Highlights from our Spring 2023 Showcase Auction Include:Fr. 1850-JH. 1929 $5 Federal Reserve Bank Star Note. Kansas City. PMG Gem Uncirculated 66 EPQ.Fr. 2400H. 1928 $10 Gold Certificate Star Note. PCGS Banknote Gem Uncirculated 65 PPQ.Fr. 2405. 1928 $100 Gold Certificate. PMG Gem Uncirculated 66 EPQ.Fr. 609. Escondido, California. $5 1902 Plain Back. The First NB. Charter #13029. PCGS Banknote About Uncirculated 55. Serial Number 1.Fr. 2. 1861 $5 Demand Note. PMG Gem Uncirculated 65 EPQ.Fr. 2407. 1928 $500 Gold Certificate. PMG Gem Uncirculated 65 EPQ.Fr. 2408. 1928 $1000 Gold Certificate. PCGS Currency Gem New 65 PPQ.Fr. 2402H. 1928 $20 Gold Certificate Star Note. PMG Gem Uncirculated 65 EPQ.Fr. 2404H. 1928 50 Gold Certificate Star Note. PCGS Currency Gem New 65 PPQ.Fr. 2201-A. 1934 Dark Green Seal $500 Federal Reserve Note. Boston. PCGS Banknote Superb Gem Uncirculated 68 PPQ.Fr. 2211-CdgsmH. 1934 Dark Green Seal $1000 Federal Reserve Mule Star Note. Philadelphia. PMG Gem Uncirculated 65 EPQ.Fr. 1860-AH. 1929 $10 Federal Reserve Bank Star Note. Boston. PMG Gem Uncirculated 65 EPQ.Fr. 1700. 1933 $10 Silver Certificate. PCGS Banknote Superb Gem Uncirculated 67 PPQ. Low Serial Number.a_oM_omW?????&??????????? ??? ^????????????????>????d?????????????????K???????D?????32%R[6DQ$QWRQLR7;SLHUUHIULFNH#EX\YLQWDJHPRQH\FRPZZZEX\YLQWDJHPRQH\FRP$QGPDQ\PRUH&6$8QLRQDQG2EVROHWH%DQN1RWHV IRU VDOH UDQJLQJ IURPWRILYHILJXUHVSPMC.org * Paper Money * March/April 2023 * Whole Number 3447984 Hawaiian Discovery Note--Peter Huntoon 94 Merchant Notes of Tuscaloosa Alabama--Charles Derby100 L egalT ender Non-Star Serial Ranges--Peter Huntoon112 Clayton Cowgill--Terry Bryan115 Asachel Eaton's Patents--Tony Chibbaro118 anatomy of a Confederate Note--Steve Feller124 Troy Insurance Company--Bill Gunther129 Raised Bank Notes of the Pratt Bank--Bernhard Wilde134 Collecting UNESCO Notes--Roland Rollins142 Follow-up To A 131-y.o. Mystery--Kent Halland & Charles SuraskyColumns Advertisers SPMC Hall of Fame The SPMC Hall of Fame recognizes and honors those individuals who have made a lasting contribution to the society over the span of many years.?Charles Affleck Walter Allan Doug BallHank Bieciuk Joseph BolingF.C.C. Boyd Michael Crabb Forrest Daniel Martin Delger William Donlon Roger Durand C. John FerreriMilt FriedbergRobert FriedbergLen Glazer Nathan Gold Nathan Goldstein James Haxby John Herzog Gene Hessler John Hickman William Higgins Ruth Hill Peter HuntoonGlenn Jackson Don Kelly Lyn Knight Chet Krause Allen Mincho Clifford Mishler Barbara Mueller Judith Murphy Dean OakesChuck O?Donnell Roy Pennell Albert Pick Fred Reed Matt Rothert John Rowe III Herb & Martha Schingoethe Hugh Shull Glenn Smedley Raphael Thian Daniel Valentine Louis Van Belkum George Wait D.C. WismerFrom Your President Editor Sez New Members Small Notes Uncoupled Cherry Picker Corner Obsolete Corner Quartermaster Chump Change Robert Vandevender 81 Benny Bolin 82Frank Clark 83Jamie Yakes & Peter Huntoon 136Joe Boling & Fred Schwan 144 Robert Calderman 152 Robert Gill 155Michael McNeil 160Loren Gatch 162Stacks Bowers Galleries IFC Pierre Fricke 79 ANA 92PCGS-C 93Kagins 111Tony Chibbaro 117Benny Bolin 117 Lyn Knight 123Higgins Museum 133 DBR Currency 133 FCCB 135Fred Bart 135Tom Denly 150MPC Book 151Bob Laub 156PCDA 163Heritage Auctions OBCFred SchwanNeil Shafer SPMC.org * Paper Money * March/April 2023 * Whole Number 34480Officers & Appointees ELECTED OFFICERSPRESIDENT rvpaperman@aol.comVICE-PRES/SEC'Y Robert Caldermangacoins@earthlink.netTREASURER Robert Moonrobertmoon@aol.com BOARD OF GOVERNORSMark Anderson mbamba@aol.comRobert Calderman gacoins@earthlink.netGary Dobbins g.dobbins@sbcglobal.netMatt Draiss stockpicker12@aol.comMark Drengson markd@step1software.comPierre Fricke aaaaaaaaaaaapierrefricke@buyvintagemoney.comLoren Gatch lgatch@uco.eduWilliam Litt Billlitt@aol.comJ. Fred MaplesCody Regennitter cody.regennitter@gmail.comWendell WolkaAPPOINTEESPUBLISHER-EBenny Bolin smcbb@sbcglobal.netADVERTISING MANAGERWendell Wolka purduenut@aol.comMegan Reginnitter mreginnitter@iowafirm.comLIBRAIANJeff BrueggemaMEMBERSHIP DIRECTORFrank Clark frank_clark@yahoo.comIMMEDIATE PAST PRESIDENTShawn HewittWISMER BOOk PROJECT COORDINATORPierre FrickeFrom Your President Robert Vandevender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rom Your President Shawn Hewitt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aper Money * July/August 20206 jeff@actioncurrency.commaplesf@comcast.net purduenut@aol.comLEGAL COUNSEL nGreetings: Robert Vandevender II In January, we held our first annual SPMC general membership and breakfast meetings at the FUN show and by most accounts, everything went well. We are looking forward to doing it again next year. For those of you who could not attend, we had plenty of staff and traffic at the SPMC table with every chair filled at numerous times. We also had displayed a framed memorial with flowers recognizing the passing of twelve of our members and significant numismatic contributors over the past couple of years. This year, we participated in the youth scavenger hunt with a question to ask each of the kids who came by the table and after answering, we awarded them with a free foreign banknote. The question we asked this year is what a star means as a part of the US currency serial number. We had such a strong turnout of kids stopping by we ran out of Venezuelan notes to hand out and had to hit the floor to purchase some Peru notes for the table. We were pleased to meet with both the Ben Franklin and Abraham Lincoln actors and gave them each SPMC advertising flyers fashioned as currency from their time period to hand out to people who visited their table. They ran out of flyers very quickly and we are making plans to have more printed for their use.On Thursday morning we held a general membership meeting with light attendance. Several of the people who did attend had various currency items with them. We all took turns playing show-and-tell with the items we had available. Next year, we will look to schedule the meeting at a better time when more people will be available to attend. The breakfast on Saturday was attended by the maximum crowd for which we had planned this year and was well received. The room at the convention center was perfect for acoustics and there was plenty of food at the buffet. Abraham Lincoln even made an appearance at the start of the breakfast. This year, the Tom Bains raffle, conducted by our favorite ticket puller, Wendell Wolka, included a nice final prize worth an estimated $750. For next year, we are considering expanding the allowed attendance above the 60 we had chosen for this year. With this being the first annual meeting we have held since the Covid event started a couple of years ago, and the first at the FUN show location, we learned a few things and are planning some improvements for next year. In February, Vice President Robert Calderman and I attended the Long Beach Expo. SPMC member, Nancy Purington and I staffed the SPMC table while Mr. VP Calderman was busy horse trading at Jim Fitzgerald?s table. Everyone seemed to have a good time. The Long Beach Expo is rapidly becoming my favorite show to attend. The staff are easy to work with, they give out fantastic door prizes, and the public traffic is heavy. At the SPMC table we gave out many applications and did welcome two new members at this show and hope a few of the handed-out applications come in later. We are already booked to staff the SPMC table at the June Long Beach show. Please stop by and say hello if you are in the area.81Terms?and?Conditions?The?Society? of? Paper?Money? Collectors? (SPMC)? P.O.?? Box?7055,?Gainesville,?GA??? 30504,?publishes??? PAPER??? MONEY?(USPS?? 00?3162)? every? other? month? beginning? in? January.? Periodical?postage? is? paid? at? Hanover,? PA.? Postmaster? send? address?changes? to? Secretary? Robert? Calderman,? Box? 7055,?Gainesville,?GA? 30504.??Society? of? Paper?Money? Collectors,?Inc.? 2020.? All?rights? reserved.? Reproduction? of? any? article? in?whole? or? part?without?written?approval? is?prohibited.? Individual?copies?of? this?issue?of?PAPER?MONEY?are?available? from?the?secretary? for?$8?postpaid.?Send?changes?of?address,?inquiries?concerning??? non??? ????delivery??? and??? requests??? for??? additional?copies?of?this?issue?to?the?secretary.?MANUSCRIPTS?Manuscripts?????not?????under??????consideration??????elsewhere?and?publications? for? review?should?be?sent? to? the?editor.?Accepted?manuscripts? will? be? published? as? soon? as? possible,? however?publication? in? a? specific? issue? cannot? be?guaranteed.?Opinions?expressed? by? authors? do? not?necessarily? reflect?those? of? the?SPMC.???Manuscripts?should?be? submitted? in?WORD? format? via?email?(smcbb@sbcglobal.net)? or? by? sending?memory?stick/disk?to? the? editor.? Scans? should? be? grayscale? or? color? JPEGs? at?300?dpi.?Color? illustrations?may?be?changed?to?grayscale?at? the?discretion? of? the? editor.? Do? not? send? items? of? value.?Manuscripts?are? submitted?with?copyright?release?of?the?author?to? the? editor? for? duplication? and? printing?as?needed.?ADVERTISING?All?advertising?on?space?available?basis.?Copy/correspondence?should?be?sent?to?editor.?All?advertising?is?pay?in?advance.??Ads?are?on?a??good?faith??basis.? Terms?are??Until?Forbid.??Ads? are? Run? of? Press? (ROP)? unless? accepted? on? a? premium?contract?basis.?Limited?premium?space/rates?available.?To?keep?rates?to?a?minimum,?all?advertising?must?be?prepaid?according?to?the?schedule?below.??In?exceptional?cases?where?special? artwork? or? additional? production? is? required,? the?advertiser? will?be?notified? and? billed?accordingly.? Rates? are?not?commissionable;?proofs?are?not? supplied.? SPMC? does?not?endorse?any?company,?dealer,? or? auction? house.? Advertising?Deadline:?Subject?to?space?availability,?copy?must?be?received?by? the? editor? no? later? than? the? first? day? of? the? month?preceding? the? cover?date? of? the? issue? (i.e.? Feb.? 1? for? the?March/April? issue).?Camera?ready?art?or?electronic?ads? in?pdf?format?are?required.?ADVERTISING?RATES?Editor Sez Benny Bolin Required?file??? submission?format??? is??? composite??? PDF?v1.3?(Acrobat?4.0???compatible).???If???possible,?submitted?files?should?conform?to?ISO?15930?1:?2001?PDF/X?1a?file?format?standard.?Non?? standard,? application,? or? native? file? formats? are? not?acceptable.?Page? size:?must? conform?to?specified?publication?trim? size.? Page? bleed:? must? extend?minimum? 1/8?? beyond?trim?for?page?head,?foot,?and?front.? Safety?margin:? type? and?other? non?bleed? content?must? clear? trim?by?minimum?1/2?.??Advertising?c o p y ? shall?be?restricted?to?paper?currency,?allied?numismatic?material,?publications,???and???related???accessories.???The?SPMC? does? not? guarantee?advertisements,? but? accepts?copy? in?good?faith,? reserving? the?right? to? reject?objectionable?or? inappropriate? material? or? edit? ? ? copy.? The? ? ? ? ? SPMC??assumes????? no????? financial?????? responsibility?for? typographical?errors? in? ads? but? agrees? to? reprint? that?portion?of?an?ad? in?which?a?typographical?error?occurs.?Benny Space?Full?color?covers?1?Time?$1500?3?Times?$2600?6?Times$4900B&W?covers? 500? 1400? 2500Full?page?color? 500? 1500? 3000Full?page?B&W? 360? 1000? 1800Half?page?B&W? 180? 500? 900Quarter?page?B&W? 90? 250? 450Eighth?page?B&W? 45? 125? 225 I hope all who attended FUN this past January had a good time. I know I did. I was worried about getting to the show and then back home as I was flying Southwest Airlines! And I had to leave Kim home by herself only five weeks after her second knee replacement in three months. But, I was only gone for two nights and all went well. Kim care for herself really well and there were no travel mishaps. I only bought two manuscript fractionals but I had a blast visiting with other members and collectors, seeing the exhibits and meeting the daughter of astronaut Alan Shepard's daughter, Laura who, like her father is an astronaut. She helped man the Astronauts Memorial Fund booth on the bourse. I really enjoy anything about space and remember watching Neil Armstrong and Buzz Aldrin step on the moon in July, 1969. It was exciting. I also collected first day covers of all the space shuttle mission. At the AMF booth I got one of the new collectible notes they have made that has a serial number in a format styled after NASA Kennedy's iconic countdown clock. In a pure stroke of luck, mine showed the number 10:22--my birthday! We also had a good time at the SPMC breakfast and Tom Bain raffle, two items we hope to duplicate next year. The souvenir ticket honored Neil Shafer on the front and we were fortunate enough to have the designer, engraver and printer of the note, Tom Stebbins and his wife Summer present. It seems the market is hopping and active. I don't go to many shows, but reports are that collectors are out in force once again. Hope that all of you have weathered this crazy weather and found hobby related things to keep you busy indoors. Maybe you have written an article for Paper Money? Even with the weird weather in Texas, ice shuts us down one week, then a week of tropical temps, then shut down the next week for ice again, it appears that the outlook for a hobby friendly spring and summer is bright and sunny. Since I have been spending time after FUN playing nurse to my wife and at school, I have not had a lot of time to do paper activities. But--the future looks good. I hope to be able to get out to a few shows this spring and summer and I have a couple of ideas for articles to write. All in all, I hope to keep busy and hope you will do the same. As alwasys, I am asking you to hunker down and write me an article. 82The Society of Paper Money Collectors was organized in 1961 and incorporated in 1964 as a non-profit organization under the laws of the District of Columbia. It is affiliated with the ANA. The Annual Meeting of the SPMC is held in June at the International Paper Money Show. Information about the SPMC, including the by-laws and activities can be found at our website-- www.spmc.org. The SPMC does not does not endorse any dealer, company or auction house. MEMBERSHIP?REGULAR and LIFE. Applicants must be at least 18 years of age and of good moral character. Members of the ANA or other recognized numismatic societies are eligible for membership. Other applicants should be sponsored by an SPMC member or provide suitable references. MEMBERSHIP?JUNIOR. Applicants for Junior membership must be from 12 to 17 years of age and of good moral character. A parent or guardian must sign their application. Junior membership numbers will be preceded by the letter ?j? which will be removed upon notification to the secretary that the member has reached 18 years of age. Junior members are not eligible to hold office or vote. DUES?Annual dues are $39. Dues for members in Canada and Mexico are $45. Dues for members in all other countries are $60. Life membership?payable in installments within one year is $800 for U.S.; $900 for Canada and Mexico and $1000 for all other countries. The Society no longer issues annual membership cards but paid up members may request one from the membership director with an SASE. Memberships for all members who joined the Society prior to January 2010 are on a calendar year basis with renewals due each December. Memberships for those who joined since January 2010 are on an annual basis beginning and ending the month joined. All renewals are due before the expiration date, which can be found on the label of Paper Money. Renewals may be done via the Society website www.spmc.org or by check/money order sent to the secretary. WELCOME TO OUR NEW MEMBERS! BY FRANK CLARK SPMC MEMBERSHIP DIRECTOR Dues Remittal Process Send dues directly to Robert Moon--SPMC Treasurer 104 Chipping Ct Greenwood, SC 29649 Refer to your mailing label for when your dues are due. You may also pay your dues online at www.spmc.org. NEW MEMBERS Jan/Feb 2022 15513 Patrick Ferrell, Website15514 Genatius Ray, Blackbook 15515 Adam Osborne, Steve Litchfield15516 James R. Rundquist, Website15517 George Turner, Frank Clark15518 Jeffrey Cosello, Website 15519 Jonathan Lindley, 15520 Konrad Juengling, Website 15521 Austin Neita, Robert Calderman 15522 Mark Wretschko, Webs15523 Greg Bennick, Kent Halland15524 Dewey Bolton, Website15525 Robert Green, Website15526 Jay Prestin, Website15527 Jacob Williamson, Robert Vandevender15528 Patrick McBride, Robert Vandevender15529 Gary Greenburg, Robert Calderman15530 Steve Jinks, Website15531 Andrew Presswood15532 Rick Prall, Website15533 Henry Tyson, Robert Calderman15534 Patricia Feinberg, 15535 Daniel Jones, Website15536 David Mullins, Website15537 Robert Shanks, Robert Vandevender15538 Aaron Rapaport, Robert Vandevender15539 Richard Faath, WebsiteREINSTATEMENTSNoneLIFE MEMBERSHIPSNoneSPMC.org * Paper Money * March/April 2023 * Whole Number 34483Kahului, Hawaii Territorial 1902 Red Seal Discovery of the Decade Drink in this extraordinary find. Yes, it is a 1902 red seal from Hawaii?the first ever reported from that territory. Arrival of this Kahului note in Andrew Shiva?s collection represents the last piece in the puzzle required for someone to assemble a complete collection of red seals from every territory and state. Not only that, it is the last remaining territorial type to appear. We now have at least one Original/1875, 1882 brown back, 1882 date back, 1882 value back, 1902 red seal, 1902 date back and 1902 blue seal plain back from every territory in which those types were issued. A Series of 1902 red seal territorial has been the most anticipated territorial discovery since an 1882 Territory of Alaska brown back arrived a decade ago. Only two of the four banks from Hawaii that issued notes utilized red seals, The First National Banks of Lahaina and The Baldwin National Bank of Kahului. Both dribbled them out in small numbers. Soak up the appearance of this wonderful jewel. It earned its stripes as a piece of currency by The Paper Column Peter Huntoon Figure 1. The first Series of 1902 red seal reported from Hawaii Territory. SPMC.org * Paper Money * March/April 2023 * Whole Number 34484circulating, but miraculously it didn?t sustain any damage along the way. ? The note exhibits even circulation without blemishes of any type on either side.? The penned bank signatures are absolutely spectacular, perfectly formed, legible and asbold as the day they were applied.? The note is well centered.? The colors?the red seal, the blue serial numbers, the intaglio face and back inks?arevivid.Those of us with fingers on the pulse of nationals despaired that any red seals had survived from Hawaii. After all, it has been over a hundred years since they were current. Their age coupled with small numbers spoke of high risk. The Kahului bank had a circulation of only $13,000 during the red seal era and the Lahaina bank had $6,250. To support those meager circulations, only 3,396 $5, $10 and $20 red seals were issued through the Kahului bank and 960 $10s and $20s from Lahaina. Don?t forget that these totals take into account worn notes that were replaced from circulation, so at any one time there were far fewer of them out there in people?s pockets than these totals suggest. Table 1 reveals that there were two red seal printings for the Kahului bank. Table 2 shows that the first shipment to the bank occurred as soon as the Comptroller?s office received the notes from the Bureau of Engraving and Printing. The shipment to the bank on December 17th, 1908 containing the discovery note consisted solely of $5 sheets. It probably took weeks for the notes to arrive at the bank. The signers of the note were president Henry Perrine Baldwin and cashier David Colville Lindsay. We?ll profile both, but to do so we?ll have to place them in the historical context of early Hawaiian political and economic history; the stage on which Henry Baldwin was a major player and Lindsay prominent. This is a story of land, because land was everything at the time, particularly separating the indigenous Hawaiians from that land. I?ll paint this picture in broad strokes. This is not original research on my part but rather a synthesis of information gleaned from relevant web pages listed below that cite the origin of the facts, figures and dates that are presented here. Our story begins with the arrival of New England missionaries to Hawaii beginning in 1820, one Table 2. Inclusive dates when Kahului red seal sheetswere shipped from the Comptroller of the Currency'soffice in Washington, DC, to the bank.June 5, 1906-July 15, 1909 5-5-5-5 1-465June 5, 1906-November 17, 1909 10-10-10-20 1-384Discovery note on sheet 393 was in this shipmentDec 17, 1908 5-5-5-5 376-405Table 1. D liveries of Kahului red seal 4-subjectshee s fro the Bureua of Engraving and Printingto th Comtpr l r of the Curency.First PrintingJune 4, 1906 5-5-5-5 1-315 E634579-E634893June 5, 1906 10-10-10-20 1-264 R69222-R69485Second PrintingJune 23, 1908 5-5-5-5 316-465 T690533-T690682June 23, 1908 10-10-10-20 265-384 V162002-V162121SPMC.org * Paper Money * March/April 2023 * Whole Number 34485of these being Henry Baldwin?s father, Dwight Baldwin, both a missionary and medical doctor, who arrived in 1831. What the missionaries found was a native population being decimated by disease, vast tracks of fertile land much of which was idled by deceased Hawaiians, and a withering native social fabric vulnerable to predatory outside manipulation. The problem was that the Hawaiians had lived in isolation for so long before western contact, they had no immunity to external diseases. Captain James Cook and the crews of his two ships who discovered the place in January of 1778, left them with gonorrhea, syphilis and likely tuberculosis. Whalers and later arrivals brought with them epidemics of influenza, cholera, whooping cough, mumps, measles, dysentery. small pox, leprosy, diphtheria, bubonic plague, scarlet fever, among others, all killers of Hawaiians. Dr. Dwight Baldwin diagnosed the first case of leprosy on Maui in 1840. It alone killed 4,000 over the next 30 years. Smallpox arrived from California in 1853. The impact on the native Hawaiian population was stark. Estimates of the pre-contact population of 1778 range from 120,000 to 600,000. By 1805, it was 150,000 to 200,000, 1819?144,000, 1850?84,165, 1872?56,897, 1890?34,400. 1900?28.800. These figures represent at least a 90 percent die-off by the time Hawaii became a U.S. territory in 1898. King Kamehameha I had established the Kingdom of Hawaii in 1810 and his son Kamehameha II had opened Hawaii to the missionaries in 1820. Under their influence, Kamehameha III had in 1840 adopted Hawaii?s first constitution, and by 1848 instituted judicial and executive branches of government, as well as a system of land ownership for the first time. The 1848 land policy divided the Hawaiian lands between Kamehameha III and 245 chiefs. Subsequent acts by 1850 allowed both native commoners and foreigners to own land in fee simple. This was the major event that allowed for the eventual destruction of the Monarchy. Haole entrepreneurs could now buy up land to set up plantations, legally wresting title to the land permanently from the natives. Thusly, many children of the missionaries found opportunity far beyond saving souls. There was plenty of underutilized land ideal for growing crops, especially sugar cane and pineapples. As the plantation economy took root, one irony was that the native labor force was too depleted to suffice. The first Chinese laborers arrived in 1852. By the 1880s there were more than 25,000 of them, equal to half the native population. Japanese laborers began to arrive in 1868 and by 1902 their number was 30,000 working the plantations. Portuguese workers began to arrive in 1877 and their numbers swelled to 15,000 by 1900. Norwegians and Germans also came before the turn of the century, followed by Filipinos and some Spaniards during the next decade. The native Hawaiians were greatly outnumbered and largely landless by the start of the 20th century. The event that launched Hawaii to the forefront of worldwide sugar cane production was the Reciprocity Treaty of 1875 passed by the U.S. Congress. It provided for duty-free sugar importation to the United States, a reward for allowing U.S. naval facilities to be built on the islands. The industrialization of Hawaiian sugar cane production went into high gear and embraced corporate models of scale parallel to those of the titans of mainland industrialists such as John Rockefeller and his Standard Oil Company. Serious consolidations of plantations occurred, from 70 to 20 between 1875 and 1883. Capital flowed in to allow the remaining plantations to expand into marginal lands and to build aqueducts to water them. Vertical corporate integration models were employed. The growers built their own sugar mills, build vast irrigation networks to supply their fields, operated transportation systems to move their product, etc. Rockefeller had nothing on the winners. Key to their success and power was that they acquired vast tracks of Hawaiian land through purchases and mergers. Eventually five Kingdom-era corporations became behemoth conglomerates known as the Big Five; specifically, Castle & Cooke, Alexander & Baldwin, C. Brewer & Co., American Factors, and Theo H. Davis & Co. They controlled 90 percent of the international sugar business after annexation of Hawaii to the United States. However, they weren?t fierce competitors. They had interlocking ownership and interlocking boards, which colluded to keep the prices of sugar and other services they offered high. Henry SPMC.org * Paper Money * March/April 2023 * Whole Number 34486P. Baldwin emerged as the head of one of them. Henry Perrine Baldwin Henry Perrine Baldwin was born August 29, 1842 in Lahaina on Maui. He attended Punahou School in Honolulu, then returned to Lahaina. His family and that of another Lahaina missionary named William P. Alexander were close so the children were acquainted from their youths. Upon Henry?s return from Honolulu, he managed a rice farm owned by Alexander?s eldest son, but the venture failed. He then worked on his own eldest brother?s small sugarcane farm. Henry also had developed a close friendship with one of the Alexander siblings, Samuel Thomas Alexander born in 1836. Samuel Alexander returned to Maui after studying on the mainland and began teaching at Lahainaluna High School where he and his students successfully grew sugarcane and bananas. Word of the venture reached the owner of the Waihee sugar plantation near Wailuku where Alexander was hired as the plantation manager. He in turn hired Henry as a foreman. This began a lifelong working partnership between the two. Alexander was the idea man, the more outgoing and adventurous of the two. He had a gift for raising money to finance his business projects. Baldwin was more reserved and was considered the doer in the partnership. He carried out the projects conceived by Alexander. By 1869, the young men?Alexander 33, Baldwin, 27?launched their own business. Still working at Waihee, they purchased 12 acres in the Sunnyside area of Makawao on Maui for $110 to grow sugarcane. The following year, they bought another 559 acres for $8,000, giving birth to what became Alexander & Baldwin, Inc. Baldwin married Alexander?s sister Emily in 1870, who was four years younger. Lightning struck with passage of the Reciprocity Treaty of 1875, opening tariff-free sugar trade with the United States, and they smelled opportunity. Maui consists of two giant volcanos?Haleakala, at 10,023 feet, lies to the east and 5,788-foot Pu?u Kukui to the west?separated by a broad saddle most of which has an elevation of less than 500 feet covered with soil ideal for sugar plantations. The Alexander-Baldwin lands were on the east side of this expanse at the foot of Haleakala in the vicinity of Paia. The issue there was that sugar cane plants are very thirsty but their land was in the rain shadow of Haleakala so received limited and unreliable rainfall. However, it was endowed with a 12-month growing season. Alexander envisioned an aqueduct that could bring water from perennial streams flowing off the windward rainy northeast facing flake of Haleakala. The aqueduct would collect and move the water westward around the rugged north side of Haleakala to central Maui to irrigate 3,000 acres of their lands as well as neighboring plantations. Alexander organized the Hamakua Ditch Company in league with other growers to build the 17-mile aqueduct. That audacious project commenced September 30, 1876. In the meantime, Baldwin suffered the worst day of his life. On March 28, 1876, he was adjusting rollers in the cane grinder at the Paliuli Mill when his right hand became entangled in the mechanism, pulling in his arm. A worker stopped the machine before it killed him and reversed the rollers. Another was sent 10 miles to fetch the nearest physician who amputated what was left of his arm. Figure 3 illustrates that he learned to write with his left hand. It is reported that he continued to play the organ at his church with his left hand and was riding horseback in his fields within a month. Figure 2. Henry P. Baldwin as a young man.Wikipedia photo.SPMC.org * Paper Money * March/April 2023 * Whole Number 34487The Hamakua Ditch was completed, over budget, at a cost of $80,000 in 1878. Water started to flow to the Castle & Cook plantation in July 1877. The last major obstacle, the deep Maliko Gulch, was crossed later in order to reach the Alexander-Baldwin land. The crossings of precipitous gulches, some of which were hundreds of feet deep, were accomplished by use of innovative inverted syphons. Baldwin would lower himself down into the gulches daily with his remaining arm in order to supervise the work. Tunnels were used to pass the ditch through obstacles. When completed, the Hamakua Ditch delivered 60 million gallons per day. The ditch system was greatly expanded over ensuing decades famous for the use of miles of tunnels. It was copied elsewhere in Hawaii and the American west. The Hamakua Ditch became the nucleus for their East Maui Irrigation Company, a very profitable subsidiary. Alexander and Baldwin formalized their partnership in 1883 by incorporating their sugar business as the Paia Plantation. They served as agents for nearly a dozen plantations over the next 30 years and greatly expanded their plantation and milling operations. Sugar King Claus Spreckels bought 40,000 acres on Maui after the Reciprocity Treaty, incorporated the Hawaiian Commercial & Sugar Company, and built his own extensive ditch system and a mill at Spreckelsville. He already monopolized sugar refining on the west coast of the mainland with his California Sugar Refinery in San Francisco. A measure of his reach was the fact that in 1884 he bought the entire Hawaiian crop of sugar to refine at his San Francisco plant. Henry Baldwin and a few businessmen from Honolulu created the Haleakala Ranch with a purchase of 33,817 acres on the slopes of the volcano in 1888. Baldwin was elected to the Kingdom House of Nobles where he served from 1887 to 1892. His service followed the insurrection of 1887 in which then King Kalakaua was forced at gun point to sign a new constitution written by anti-monarchists. The so-called Bayonet Constitution, written by members of the Hawaiian League, invested the power of the monarchy in a cabinet controlled by American, European and Hawaiian elites through restrictive voting rights written into the constitution that disenfranchised Asians and most Hawaiians. The insurrection was fomented by the Hawaiian League, which was a militant outgrowth of the Reform Party. Baldwin was a member of the Reform Party, formerly known as the Missionary Party, which advocated the dissolution of the monarchy and annexation of Hawaii to the United States. He wasn?t involved in the insurrection because that type of activity simply wasn?t his style. King Kalakaua died in 1891 and was succeeded by his sister Queen Liliuokalani. The queen proposed a new constitution to restore the power of the monarchy and extend voting rights for the native Hawaiians. Hawaii?s white businessmen formed a 13-member Committee of Safety with the goad to overthrow the monarchy. On January 17, 1893, the committee along with its extra-legal armed militia assembled near the queen?s palace to initiate the coup. John Stevens, U.S. Minister to Hawaii, summoned 162 U.S. Marines and Navy sailors to protect the committee, The queen surrendered to the committee in order to avoid violence. The committee then formed a provisional government. Democratic President Grover Cleveland opposed the provisional government and called for restoration of the monarchy. Rebuffed, the Committee of Safety established the Republic of Hawaii. Two years later in 1895, Hawaiian royalists staged a failed coup against the republic and Queen Liliuokalani was arrested and convicted of treason for her alleged role in the coup. At this point, she formally abdicated and dissolved the monarchy. Baldwin was elected to the senate of the Republic after her abdication. Annexation of the Territory of Hawaii to the United States had to await the election of Republican William McKinley in 1897 who favored annexation. U.S. involvement in the Philippines during the Spanish-American War of 1898 accentuated the strategic importance of Hawaii. A joint resolution of Figure 3. Henry Baldwin learned to write with his left hand after losing his arm to a sugar cane grinder in 1876. From Uota (2016). SPMC.org * Paper Money * March/April 2023 * Whole Number 34488Congress called the Newlands Resolution providing for the annexation of Hawaii was signed into law July 2, 1898 by McKinley. Baldwin now found himself serving in the Hawaiian territorial senate through 1904. Alexander & Baldwin had outgrown its partnership organization by the time Hawaii became a U.S. territory so in 1900 they incorporated to increase capitalization and facilitate expansion. Their Articles of Association were filed with the treasurer of the Territory of Hawaii on June 30. The principal office of Alexander & Baldwin, Ltd was in Honolulu with a branch in San Francisco. The Board of Directors consisted of Joseph P. Cooke, Wallace M. Alexander, James B. Castle, Henry Baldwin and Samuel Alexander. Henry Baldwin was named president. Two of Spreckels? sons, who had won ownership of HC&S in litigation against their father, sold it to Hawaiian sugar interests in 1898. Alexander and Baldwin owned the controlling interest. A year later HC&S acquire the narrow gage Kahului Railroad, which dated from 1879, as well as Maui Railroad & Steamship and merged the latter into the former. The Kahului Railroad began development of Kahului Harbor. This marked Alexander and Baldwin?s expansion into transportation. Baldwin managed HC&S from 1902 to 1906. Baldwin bought The Maui News in 1905 and his descendants continued to own the paper until 2000. Samuel Alexander was killed in 1904 at the age of 68 in a freak accident while hiking with his daughter at Victoria Falls, Africa, where he was struck by a boulder. Baldwin died July 8, 1911, also at age 68 from failing health. Alexander & Baldwin diversified and remains in business. The partnership, created with the purchase of 12 acres on Maui for $110, has grown into a holding company with multi-billions in assets. It owns about 91,000 acres of land in Hawaii so is the fifth-largest landowner in the state. The greatest challenge came to The Big Five after statehood in 1957 when the U.S. Department of Justic challenged as monopolistic the ownership of Madson Navigation Company by four of the five companies. Theo H. Davies didn?t have an interest in Matson. The lawsuit was settled when three of the four agreed to divest. Alexander and Baldwin bought out those interests, completing the purchase in 1964. David Colville Lindsay Mr. Lindsay. Long resident of Maui and one of the its best-known citizens died at Queen?s hospital, Honolulu, Saturday night. A retired manager of the former Alexander and Baldwin Paia Plantation Co., Mr. Lindsay was also the organizer of the Baldwin National Bank on Maui. He was born in Kirriemuir, Scottland, June 23, 1870. In 1890 he came to Hawaii and worked for the Paia Plantation Co., and was appointed manager in 1896. Following reorganization of Baldwin Bank, Ltd., in 1921, he became cashier and general manager. He became manager in 1906 of the merged organization of the Paia Plantation and the Haiku Sugar Co. Mr. Lindsay resigned his position in 1925. After spending several weeks on the mainland, he was recalled to become general manager of the Maui Electric Co. Mr. Lindsay became manager of the Haiku Fruit and Packing Co., in January 1926. This firm later was the Haiku Pineapple Co. Figure 4 David Colville Lindsay, cashier, The Baldwin National Bank of Kahului, Hawaii Territory. Photo from obituary in findagrave.com. SPMC.org * Paper Money * March/April 2023 * Whole Number 34489He was a resident of Niu, Oahu since 1930. Lindsay died March 6, 1948 at age 77. Banking on Maui & The Baldwin National Bank Organizers had two choices when incorporating a bank in the Territory of Hawaii: organize under territorial banking law or under U.S. national banking law. Territorial banking law was far less restrictive so those banks could loan on real estate and could have branches. In contrast, national banks were designed to be commercial banks that made short term loans to businesses and industries except for real estate, branching was not allowed at the time, and oversight was far more rigorous. The 1897 Civil Laws for the Hawaiian Islands required banks to have a minimum capital of $200,000, whereas the minimum capital requirement for a national bank after passage of the Gold Standard Act of March 14, 1900 was only $25,000 for banks in towns of 3,000 or less, and more for towns with larger populations. National banks were considered safer, but the ability to loan on land could be more profitable for a bank operating under territorial law. Only national banks could serve as fiscal agents for the U.S. Government. The organic act establishing the Territory of Hawaii was passed by Congress and signed into law by President McKinley on June 11, 1900. Syndicates of investors had been petitioning the Comptroller of the Currency to reserve titles for proposed banks there since the overthrow of the monarchy, especially in Honolulu. The First National Bank of Hawaii at Honolulu was chartered October 17, 1901 with a capital of $500,000. It flourished over the decades and joined the ranks of the top tier banks in the nation. However, the First National of Honolulu had major competition from The Bank of Hawaii, which had been organized in 1893 by Charles M. Cooke following dissolution of the monarchy. His bank obtained a charter in 1897 from the Republic of Hawaii. Cooke seriously eyed Maui?s developing sugar economy as fertile ground. In league with First National?s president Cecil Brown and H. P. Baldwin, they sent Charles D. Lufkin, a teller from First National, over to Maui to begin to organize a chain of national banks. The idea was to take advantage of the low capitalization requirement for such banks and to keep the Maui business separated on paper from the Oahu business. The banks Lufkin organized in order of dates of charter Figure 5. The Baldwin National Bank, Kahului, Hawaii Territory. From Uota, 2016. SPMC.org * Paper Money * March/April 2023 * Whole Number 34490were The First National Banks of Waluku (October 17, 1901), Lahaina (February 19, 1906), and Paia (September 26, 1913). Cooke served as president and Lufkin as cashier in them except briefly for Waluku where W. J. Lowrie, a board member, served as president during its first year. Lowrie left to manage a sugar plantation in Puerto Rico so Cooke took over as president and David Lindsay, the Alexander & Baldwin plantation manager, filled Lowrie?s vacated directorship. On paper the three national banks were standalone institutions, but, in the classic chain banking style of the times, they had interlocking ownership and directors. Cooke resigned his presidencies in the three banks and limited himself to the presidency in The Bank of Hawaii at Honolulu. This move complied with Section 8 of the Clayton Antitrust Act of 1914 prohibiting interlocking directorates in national banks that went into effect in 1916. Next the three banks were liquidated May 1, 1917 in order to be reorganized under a territorial charter as the Bank of Maui. Its main office was at Waluku; the others became branches. Being a territorial chartered bank, Cooke assumed the presidency and all was well. The best part was that the Bank of Maui could make loans on land and even seed new branches. It was Maui?s million-dollar bank. Henry P. Baldwin, of course, could use a bank of his own so now that Lindsey knew something of the banking business, Baldwin had him resign his directorship in The First National Bank of Waluku in the fall of 1905 so he could organize The Baldwin National Bank in Kahului. The Kahului bank was chartered May 5, 1906 as the third national bank on Maui. Baldwin installed his eldest son Henry Alexander Baldwin as its first president for the first year or so, then Henry P. took over until his death in 1911. Henry A. reassumed the presidency thereafter. Lindsay served as cashier, which was the operating manager position, for the entire life of the bank. After observing the more rapid growth of the Bank of Maui, Henry A. Baldwin and the other directors of the bank decided to jettison its restrictive national charter and reorganize as Baldwin Bank, Ltd., on January 3, 1921. H. A. Baldwin and D. C. Lindsay retained their roles in the new entity. A controlling interest in the bank was sold to the Pacific Trust Company in 1924. One thing about the second-generation missionary children was that in sugar, pineapples, transportation, banking, whatever, the concept of conflict of interest was unknown. Through interlocking ownerships and directorships, some became oligarchs whose influence spread well beyond Hawaii. Their legacy was encapsulated as ?The missionaries came to Hawaii to do good; their sons did well.? Sources Book: Jeremy Uota, 2016, Hawaii national bank notes: Stuffcyclopedia, Kaneohe, HI, 261 p. is the must-read authority on Hawaiian national bank notes and bank history. Available from stuffcyclopedia@gmail.com. http://papaolalokahi.org/images/pdf-files/hawaiian-health-time-line-and-events.pdf https://alexanderbaldwin.com/about/history/ https://archive.nytimes.com/learning.blogs.nytimes.com/2012/01/17/jan-17-1893-hawaiian-monarchy-overthrown-by-america-backed-businessmen/ Figure 6. Henry Perrine Baldwin while president of The Baldwin National Bank of Kahului, Hawaii Territory. Wikipedia photo. SPMC.org * Paper Money * March/April 2023 * Whole Number 34491https://en.wikipedia.org/wiki/1887_Constitution_of_the_Hawaiian_Kingdom#:~:text=The%201887%20Constitution%20of%20the,European%20and%20native%20Hawaiian%20elites. https://en.wikipedia.org/wiki/Ancient_Hawaiian_population https://en.wikipedia.org/wiki/Bank_of_Hawaii https://en.wikipedia.org/wiki/Big_Five_(Hawaii) https://en.wikipedia.org/wiki/Colonial_epidemic_disease_in_Hawai%27i#Leprosy_(1865-1969) https://en.wikipedia.org/wiki/Dwight_Baldwin_(missionary) https://en.wikipedia.org/wiki/Henry_Perrine_Baldwin https://en.wikipedia.org/wiki/Kahului_Railroad https://www.archives.gov/milestone-documents/joint-resolution-for-annexing-the-hawaiian-islands#:~:text=House%20Joint%20Resolution%20259%2C%2055th,of%20the%20Territory%20of%20Hawaii. https://www.asce.org/about-civil-engineering/history-and-heritage/historic-landmarks/east%20maui-irrigation-system https://www.findagrave.com/memorial/66306261/david-colville-lindsay https://www.immigrantentrepreneurship.org/entries/claus-spreckels-robber-baron-and-sugar-king/ https://www.mauinews.com/news/local-news/2016/12/the-history-of-hawaiian-commercial-sugar-co/ https://www.usgenwebsites.org/HIHonolulu/history/immigrants.html SPMC.org * Paper Money * March/April 2023 * Whole Number 34492You Collect. We Protect.Learn more at: www.PCGS.com/BanknotePCGS.COM | THE STANDARD FOR THE RARE COIN INDUSTRY | FOLLOW @PCGSCOIN | ?2021 PROFESSIONAL COIN GRADING SERVICE | A DIVISION OF COLLECTORS UNIVERSE, INC.PCGS Banknoteis the premier third-party certification service for paper currency.All banknotes graded and encapsulated by PCGS feature revolutionary Near-Field Communication (NFC) Anti-Counterfeiting Technology that enables collectors and dealers to instantly verify every holder and banknote within.VERIFY YOUR BANKNOTE WITH THE PCGS CERTVERIFICATION APPMerchant Notes from Tuscaloosa, Alabama, in the 1830s: Benjamin S. Wilson of Conrow, Ramsey & Co. by Charles Derby A set of $3 and $5 notes from Tuskaloosa (now Tuscaloosa), Alabama, from the late 1830s, is known from unissued cut and uncut sheets, shown in Figures 1 and 2. These notes appear to be generic scrip with many blank lines to be filled in by the issuer. In addition, a $10 note, probably from the same series because of similarities in design and text, is shown in Figure 3, and though this note is hand signed and dated, it certainly appears to be falsely issued. However, a legitimately signed $5 note has been found, shown in Figure 4. The ?attesting? signature on this note is ?Benj. S. Wilson? for the merchant firm ?Conrow, Ramsey & Co.? The town of the branch office that issued this note is ?Tuskaloosa.? The date is difficult to determine, but it might be a day Jany. 8th 1837 or 1839, but from other considerations described later, is more likely to be 1839. It is a demand note with the surcharge of ?Real Estate Pledged and Individual Property Liable? though that pledge carried very little significance at the time. Who printed these Tuskaloosa notes? The printer of these Tuskaloosa merchant notes was almost certainly Draper, Toppan, Longacre & Company, of Philadelphia and New York [1]. This firm printed notes for the Mississippi and Alabama Railroad Company and the Real Estate Banking Company of Hinds County of Mississippi (Fig. 5), with many features identical to the Tuskaloosa notes, including the cotton plant vignette at the left, the goddess vignette at the center, and the number ?5?. Draper, Toppan, Longacre & Co. formed in 1837 from members of two firms: Draper, Underwood, Bald, Spencer & Hufty, and Charles Toppan & Co. In 1840, the firm changed to Draper, Toppan & Co. Thus, Draper, Toppan, Longacre & Co. existed only between 1837 and 1840 [1], so the Tuskaloosa note must have been printed then. The apparent signed date of 1839 is reasonable. Who issued these Tuskaloosa notes? This signing issuer, ?Benj. S. Wilson,? is Benjamin Smith Wilson, of the firm ?Conrow, Ramsey & Co.? Who were these individuals? Benjamin Smith Wilson was born on May 30, 1808, in Burlington New Jersey. [2] His parents, Walter Wilson and Amy Shourds Wilson, were both from Burlington and grew up there in the Quaker community, in which they also raised Benjamin and his three older siblings, Anne, Mary, and James Reed. Amy's parents were Daniel Shourds and Figure 1. $3 and $5 cut and unissued merchant notes from Tuskaloosa, Alabama SPMC.org * Paper Money * March/April 2023 * Whole Number 34494Christian Belangee Shourds, who were wealthy enough to own considerable property including a mill in Tuckerton. Benjamin lived in Burlington until 1825, when he moved to Philadelphia to join his older brother James who had moved there the year before, joining the Quaker community in Philadelphia. [2] The exact timing and circumstances of his move to Tuscaloosa are not clear, but he followed in the footsteps of Charles M. Conrow, who had moved there by 1830. [3] The Wilson and Conrow families were friends from the Quaker community in Burlington, [3] as were some of the other business associates that they had in Tuscaloosa and Mobile, including Guilford Reed Wilson. [4] In Tuscaloosa, Charles became business partner to Alexander McCown, whose parents had moved there from Tennessee and became an established and influential family. [4] Charles married Alexander?s sister, Elizabeth, in August 1830. Charles and Alexander formed a company, McCown & Conrow, which was in the mercantile business (Fig 6), and from there, the business expanded. Benjamin Wilson came to Alabama first in Mobile, where he worked in the hotel business, and then by 1835 to Tuscaloosa. [6] An early business venture of his in 1835 was as proprietor of new hotel, the Montgomery Hall, in Montgomery, Alabama (Figure 7), for which he solicited Tuscaloosans to stay there throughadvertisements in the Tuscaloosan newspaper, the Flag of the Union. In fact, this advertisement extols his business experience and in the process explains his business activities in Mobile before coming to Tuscaloosa: ?The undersigned (Wilson) having served a regular apprenticeship in some of the best houses in the United States, and long known as the Proprietor of like Establishments in Mobile and New Figure 2. Uncut sheet of four of the $3 and $5 notes from Figure 1. (Courtesy of John Ferreri) Figure 3. $10 note, likely from the same series as the $3 and $5notes, but falsely signed and issued. (Courtesy Bill Gunther. Figure 4. Top: Signed and issued $5 note shown in Figures 1 and 2. (Courtesy of Bill Gunther.Bottom left: Signature of Benj. S. Wilson. Bottom right: Signature of Conrow, Ramsey & Co. Figure 5. Notes printed by Draper, Toppan, Longacre & Co. for the Mississippi and Alabama Railroad Company, and the Real Estate Banking Company of Hinds County of Mississippi. Figure 6. Three advertisements for the business of McCown & Conrow. [5] SPMC.org * Paper Money * March/April 2023 * Whole Number 34495Orleans, he is determined to consider no sacrifice, until he renders the Montgomery Hall what has been so long needed in this section of country ? a genteel and comfortable HOTEL.? After describing the luxurious offerings at the hotel, he ends with a curious addendum: ?Many slanderous and unfounded reports having been put in circulation by individuals of opposite interests ? with an evident intention to injure and prejudice the public mind against the House and Proprietor ? I would respectfully request travelers and passers-by to give a single call and judge for themselves. BENJAMIN WILSON.? [6] Besides this business, Wilson also began buying land in the Tuscaloosa area at this time. [8] Wilson quickly became integrated into the McCown-Conrow family and business in Tuscaloosa. He married Jane McCown, sister of Alexander McCown and Elizabeth McCown Conrow, in July 1835. In 1836, Alexander McCown and Charles Conrow formally dissolved their McCown & Conrow co-partnership and reformed as a general commission business (Figure 8). The new arrangement included Benjamin Wilson and Guilford R. Wilson (Figure 9) with three branch offices: Alexander McCown & Co. at Mobile, Charles M. Conrow & Co. at Tuscaloosa, and Guilford R. Wilson & Co. at New York. The company prospered and grew, and in September 1838, and the four partners of the existing business brought in eight new partners and reformed and renamed the three branches. As stated in the articles of co-partnership from September 1838, ?Alexander McCown, Charles M. Conrow, Benjamin S. Wilson, Guilford R. Wilson, Abel H. White, Robert Oliver, Chapman A. Hester, Baker Hobson, Pheraudius P. Brown, Daniel P. Ware, Ambrose K. Ramsey, John McCain and Benjamin Wilson did agree among themselves to form a co-partnership for the purpose of buying and selling all kinds of merchandise, wares and real estate under the following names: Conrow, Ramsey & Co. in the city of Tuskaloosa, McCown, Hobson, Williams & Co. of Mobile, and Hester, Wilson, White & Co. of New York.? [10] Thus, in 1838, Conrow, Ramsey & Co. was formed as the Tuscaloosa branch of this business, and Benjamin Smith Wilson was part of it. This fact helps to place the date of the Tuscaloosan merchant notes to no earlier than 1838. It also might explain the connection with the printer, Draper, from Philly and New York ? Guildford R. Wilson and the others in the New York office might have helped with these printing arrangements. On a personal note, his marriage to Jane McCown caused him to be formally disowned by his Quaker community in Pennsylvania, as recounted in a series of letters and documents in the Quaker records from 1835 and 1836. The statement of removal and disownment determined that ?Benjamin S. Wilson, who some time ago removed to reside at Mobile in the State of Alabama, has since his residence there accomplished his Marriage, contrary to the order of our Discipline with a person of another religious profession, and without the consent of his parents. He has been written to thereafter but as he does not appear qualified to condemn his separation to the satisfaction of this meeting we testify that we no longer consider him a member of the Religious Society of Friends. It is nevertheless our desire he may become duly sensible of the nature of his deviation and qualified to be rightly restored.? [2] He never did return to the Quakers! But he prospered financially, and in 1837 he bought a new house in Northport, near Tuscaloosa (Figure 10). The ?Ramsey? in ?Conrow, Ramsey & Co.? was Ambrose Knox Ramsey. He was born in 1795 and married Nancy Yancey (of Yanceyville, North Carolina) in 1817. [12?14] In North Carolina, Ambrose was a wealthy farmer and mill owner, and member of the state legislature. He moved to Tuscaloosa and Marengo County in Alabama in 1831, as a pioneer Figure 7. Montgomery Hall. [7] Figure 8. Announcement of business reorganization of McCown & Conrow to include Benjamin Wilson. [9]Figure 9. GuilfordReed Wilson, bornin Burlington, NJ,was a relative,business partnerand namesake ofson of BenjaminWilson. SPMC.org * Paper Money * March/April 2023 * Whole Number 34496farmer. He established major plantations, at one time owning 1,200 acres of land. His business venture with McCown and associates in 1838 expanded his interests to buying and selling merchandise and wares, but still, his cotton plantations were his major source of income. He was president of the Narkeeta, Gainesville, and Tuscaloosa Rail Road (also called the Mississippi, Gainesville and Tuscaloosa Railroad), a 22-mile line that connected to the Mobile & Ohio Railroad in Mississippi and that had a station named after him. He moved to Sumter County, Alabama, in 1848. He weathered the financial storms, and by 1860, owned $32,000 in real estate and $830,000 in personal estate. Ramsey died in Meridian, Mississippi, in 1885. The businesses of Wilson, McCown, Conway, Ramsey, and associates expanded in the favorable financial environment of the mid-1830s. That environment led to speculative lending practices in western states including Alabama, a huge expansion in cotton production, and a rapid increase in the market price of real estate. Then came the Panic of 1837, a financial crisis that caused a major recession that extended into the mid-1840s. This recession resulting in a severe shortage of available cash, a crash in cotton prices, and the collapse of the real estate bubble. As stated by Thomas Owen in his History of Alabama and Dictionary of Alabama Biography, ?The financial panic of 1837, which convulsed the whole country, was felt with unusual severity in Alabama. For some years a spirit of speculation had been growing and spreading, stimulated by increased bank circulation and unlimited credit facilities. Extravagant investments in lands and slaves were made. Property of all kinds reached fictitious values. When the crash came the banks suspended specie payments, and all classes of business stagnated. Thousands of good men were ruined. Numbers emigrated to the newer States or Territories.? [15] So it was with Benjamin Wilson, Charles Conrow, Alexander McCown, and their families. Newspapers records from the late 1830s and early 1840s show that Wilson, Conrow, McCown, and others were financially stretched and threatened, eventually leading to financial collapse and closure of their business. Legal action was taken against them, with lawsuits filed, liens placed, and public sales of their foreclosed properties. They filed for bankruptcy (Figure 11). Wilson tried to make ends meets, by partnering with Tuscaloosan merchant and businessman Charles Snow (Figure 12). But Wilson, Conrow, and McCown looked to the next western frontier ? to Texas ? for escape from their Alabama woes and for new opportunities and a better life. As early as the late 1830s, they began looking to Texas. In 1839, Alexander McCown and brother James went to Texas, where they applied for and purchased land, then returned to Alabama, where they filed for bankruptcy and prepared to move. In 1841 with their mother, brothers Sampson and Jerome, the McCowns moved to Texas, James to Marshall and Alexander to Figure 10. Benjamin S. Wilson?s house inNorthport/Tuscaloosa, built in 1837 on an eight-acre lot, istypical of smaller houses in Tuscaloosa during the antebellumperiod. The house, now called the Wilson-Clements House, stillstands to the day and since 1975 has been on the AlabamaRegister of Historic Places. [11] Figure 11. By purchasing land and moving to Texas and by filing for bankruptcy, Benjamin Wilson, Charles Conrow, and others avoided some of their legal and financial responsibilities, as shown by these two articles from 1841 and 1842 in The Independent Monitor. [16] SPMC.org * Paper Money * March/April 2023 * Whole Number 34497Montgomery. The Wilsons and Conrows also moved to Texas around that time, the Wilsons to Huntsville, Texas, and the Conrows to Montgomery County, Texas, only 30 miles distant. Life in Texas The available records of Benjamin Wilson up until this point in his life paint the picture of an adventurer who moved from the Quaker community of the northeast to the western frontier of Alabama, and then after having faced economic failure in Alabama, risked the challenges of a move even further west to the Texas frontier of the 1840s. Still, we do not have a deeper impression of the personality of Benjamin Wilson until we read records from his time in Texas, especially the published letters by his friend Sam Houston [18] and articles in the Huntsville, Texas, newspaper at the time. Benjamin and Jane Wilson arrived in Huntsville, Walker County, Texas, around 1842, and they quickly landed on their feet and built an impressive life. Married since 1835 and childless, Benjamin and Jane must have found life in Texas fruitful, for they had five children, all sons, over the next 13 years. They were named Walter (b. 1843), James Reed (b. 1845), Sam Houston (b. 1848), Benjamin (b. 1852), and Guilford Reed (b. 1856), after Benjamin?s relatives and business partners. Benjamin Wilson returned to his business roots as a merchant and hotel proprietor. His hotel was The Eutaw Hotel, established in 1850. Named by Wilson after the Alabaman city, it was a popular hostelry and stagecoach stop, consisting of a two-story frame building, with a large cistern, well, livery stable, and other associated buildings. The Eutaw Hotel operated for over 50 years. A historical marker notes its location today. [17] Wilson became friends with Sam Houston, the famous Texan who was the first president of the Republic of Texas, governor and senator from the state of Texas, and resident of Huntsville, Texas (Figure 13). Sam Houston?s letters show that Benjamin and Sam, and their wives Jane and Margaret (Figure 13), had a complicated relationship. On the one hand, the Wilson?s named their third son after Sam in 1848. To this, Margaret wrote to her husband, ?Mrs. Wilson?s boy is a noble looking fellow, & appropriately named I think, for he is exceeding like you. You must be very proud of the name.? [18] On the other hand, Wilson the merchant sold items to Houston, but Sam notes to Margaret of some distrust of Wilson?s ?avarice? in his business practices. Then there was the Thorne-Gott affair. The Houston?s took on Virginia Thorne, a teenage orphan, as their ward. After months of problems with Virginia Thorne, Margaret beat her with a cowhide, and Virginia ran off with Thomas Gott, overseer of the Houston?s Woodland Farm. Gott and Thorne returned to Huntsville and filed charges of assault and battery against Margaret. A subsequent legal hearing led to a recommendation that the case be considered by the Baptist Church, which fully acquitted Margaret. The Houston-Wilson controversy started when the Wilson?s accepted Virginia into their house after she returned to Huntsville and filed charges. This caused a strain on the relationship, leading Margaret to write to Sam that ?Mrs. Wilson is a raving maniac. It is one of the most melancholy cases of insanity that I have ever heard of.? The Houston?s and Wilson?s seem to have reconciled, but it was a rocky time. [19] Two more stories from Huntsville tell of Wilson?s personality. The first is the time of a fire in the barn next to Wilson?s Eutaw Hotel. Wilson was said to have asked the hotel residents to pray for the wind to shift. It did, and the hotel was saved [18]. The second anecdote comes from an 1872 newspaper story by a ?Special Traveling Agent.? [20] The agent reported that, ?On arriving at Huntsville I heard all the passengers speak Figure 12. Benjamin Wilson became the junior partner in a business with Charles Snow in 1841, as shown by these two articles from in The Independent Monitor. [17] SPMC.org * Paper Money * March/April 2023 * Whole Number 34498of going to Wilson?s Hotel, so I followed the crowd, and at the station we found a fine omnibus with a spend team of gray horses waiting to take us to the Eutaw House, kept by mine host, Colonel, Benjamin S. Wilson, an old Texan having resided at this place as master of the surveys for the past thirty years. I found myself no stranger in the hands of Colonel Wilson, who made me welcome in the old Texas fashion, and I felt quite at home, like all cosmopolites ought to feel. I cannot pass by without some allusion to the Eutaw House, at Huntsville, which is well kept, quite an improvement on what I fell in with when wending my way through this little hamlet three years ago. The Colonel, himself, is no ordinary individual, and is regarded as one of the curiosities of the place, and is, in truth, most excellent good company, entertaining his guests with an inexhaustible store of genuine wit and good humor. May he live long to enjoy the profits of his industry, energy and enterprise.? Benjamin Wilson did live well past this encounter, much longer than did his former Tuscaloosan business partners, Charles Conrow and Alexander McCown, who died in Texas in the 1840s and 1850s respectively. While Benjamin Wilson?s death and final resting place are not clear, he lived in Huntsville with his youngest son at least until 1880, then 72 years old. [21] References and Footnotes [1] American Bank Note Company. https://www.coxrail.com/abnco.asp [2] U.S. Quaker Meeting Records, 1681-1935. Accessed through ancestry.com [3] Alexandra Genetti, personal communication [4] Ancestry.com [5] Advertisements from 1836 in the Flag of the Union, Tuscaloosa, Alabama. [6] October 10, 1835, issue of the Flag of the Union, Tuscaloosa, Alabama [7] From Blue, Matthew Powers. 2010. The Works of Matthew Blue: Montgomery's First Historian. NewSouth Books. [8] United States Bureau of Land Management. Alabama Pre-1908 Homestead and Cash Entry Patent and Cadastral Survey Plat Index. General Land Office Automated Records Project, 1996. [9] September 3, 1836, issue of the Alabama State Intelligencer, Tuscaloosa, Alabama. [10] Early Deeds of Itawamba County, Mississippi: 1836-1839 Including A Brief History of Early Itawamba County. 2008. The Itawamba Historical Society. [11] Brown, Donald and Hannah Brown. 2010. Tuscaloosa: Yesterday, Today and Tomorrow. Beers & Associates, LLC. [12] Perrin, William Henry. 1891. Southwest Louisiana and Biographical and Historical. [13] Berney, Saffold. 1878. Handbook of Alabama: A Complete Index to the State. Mobile Register Print. [14] Obituary in the New Orleans Christian Advocate, June 24, 1886. [15] Owen, Thomas McAdory. 1921. History of Alabama and Dictionary of Alabama Biography. The S. J. Clarke Publishing Co., Chicago. [16] The Independent Monitor, Tuscaloosa, Alabama. Issues of June 3, 1841 (right), and August 17, 1842 (left) [17] The Independent Monitor, Tuscaloosa, Alabama. Issues of May 12, 1841 (left, and August 17, 1842 (right) [18] www.waymarking.com/waymarks/ WMY0ER_The_Eutaw_House_Huntsville_TX [19] The Personal Correspondence of Sam Houston: 1852-1863. University of North Texas Press, 1996. [20] The Galveston Daily News, Galveston, Texas. Issue from April 26, 1872. [21] U.S. Census, 1880, Huntsville, Texas. Acknowledgments: I am most appreciative to Alexandra Genetti for sharing her fantastic research on Charles Conrow and family, which has been a tremendous help in writing this article. John Ferreri, Bill Gunther, and Hugh Shull have kindly shared their notes and encouraged this study. Figure 13. Sam and Margaret Houston, friends of Benjamin and Jane Wilson in Huntsville, Texas. SPMC.org * Paper Money * March/April 2023 * Whole Number 34499Legal Tender Series of 1928 Non-Star Serial Number Ranges Purpose and Overview The objective of this article is to provide a big picture overview of the Series of 1928 $2 notes to illustrate how the various varieties that make up the series fit together. Sufficient information will be provided to allow you to determine at least to the year when your Series of 1928 legal tender notes were delivered to the Treasury from the Bureau of Engraving and Printing. The serial number ranges for the varieties are updated by new finds that have been reported to me or that I have observed. Most currency collectors collect $2 bills because they are America?s orphan denomination. Use of $2s never caught on with the public so there aren?t even slots for them in cash registers. When they leave a bank, they tend to come right back. Consequently, they don?t circulate in the traditional sense of the word. They simply constitute an exotic breed that are treated as curiosities by most people. That is their appeal. The $2 Series of 1928 legal tender notes with their large red seals constitute the most varied of the small size $2 types. The series sports seven Treasury signature combinations as well as a number of face and back varieties. Knowing when those in your possession were printed may add to their appeal. All of these notes are over 50 years old so they are older than most of you. Early cataloguers Leon Goodman, John Schwartz and especially Chuck O?Donnell solicited reports of serial numbers for the various varieties in order to develop bracketing serial number ranges for their usage. For a time, collectors avidly participated and successive catalogs reflected refinements to those ranges. Unfortunately, this activity has waned considerably in the past few decades. It is long overdue to assemble the known updates so a new cut at the job can be presented here. Sooner or later, you will find notes among your holdings that fall outside the known ranges. You can broker that information through me for these popular $2s and we?ll publish updates. Production by Year Table 1 allows you to determine the year when a given 1928 $2 was delivered from the Bureau of Engraving and Printing to the U. S. Treasurer for issue to the public. In fact, for the years 1929 through 1948 the cut can be made to within 6 months because end of fiscal year serials for those years also are The Paper Column Peter Huntoon Figure 1. Series of 1928C mule with the highest reported serial number for this scarce variety. Macro face plate B179, micro back plate 291. Heritage Auction archives photo. SPMC.org * Paper Money * March/April 2023 * Whole Number 344100available. Yearly production is graphically illustrated on Figure 2. Signatures Changes Table 2 lists the Treasury signature combinations that occur on the notes along with the periods during which the printing plates bearing those signatures were on the presses. Supplemental details pertaining to the plates appears in Table 4 at the end of this article. An important finding revealed on Table 2 is that usage of plates with obsolete Treasury signatures generally overlapped production from plates with current signatures during a transition period of variable length. This occurred because the signatures were on the intaglio face plates rather than being overprinted and it was the policy of the Treasury to have the BEP use still serviceable plates until they wore out. Other Design Changes Four changes were made to the intaglio plates other than the Treasury signatures during the life of the Series of 1928 $2s. These included: (1) an increased vertical separation between the subjects on the plates, (2) revised legal tender clause on the face plates accompanied by addition of engraved filigree inside the borders and raised placement of the right plate letter and number, (3) increased size of the plate numbers on both the back and face plates, and (4) decreased width of the face plates. Table 1. Yearly serial numbers for deliveries of $2 Series of 1928legal tender notes from the Bureau of Engraving and Printing to theTreasury Department.First Note Last Note Number Cumulative Ending Delivered Delivered Printed Number Serial NumberYear in Year in Year in Year Printed on June 301929 A00000001A A37548000A 37,548,000 37,548,000 A18000000A1930 A37548001A A58860000A 21,312,000 58,860,000 A53196000A1931 A58860001A A69288000A 10,428,000 69,288,000 A63660000A1932 A69288001A A84768000A 15,480,000 84,768,000 A75720000A1933 A84768001A B05240000A 20,472,000 105,240,000 B00200000A1934 B05240001A B12200000A 6,960,000 112,200,000 B12200000A1935 B12200001A B32180000A 19,980,000 132,180,000 B23600000A1936 B32180001A B47924000A 15,744,000 147,924,000 B40760000A1937 B47924001A B67832000A 19,908,000 167,832,000 B56972000A1938 B67832001A B82172000A 14,340,000 182,172,000 B74852000A1939 B82172001A C00872000A 18,700,000 200,872,000 B92972000A1940 C00872001A C17452000A 16,580,000 217,452,000 C09052000A1941 C17452001A C37012000A 19,560,000 237,012,000 C25852000A1942 C37012001A C61492000A 24,480,000 261,492,000 C44092000A1943 C61492001A C80512000A 19,020,000 280,512,000 C71512000A1944 C80512001A D11052000A 30,540,000 311,052,000 D07752000A1945 D11052001A D28632000A 17,580,000 328,632,000 D22272000A1946 D28632001A D39556000A 10,924,000 339,556,000 D34872000A1947 D39556001A D51972000A 12,416,000 351,972,000 D44652000A1948 D51972001A D64992000A 13,020,000 364,992,000 D58332000A1949 D64992001A D78552000A 13,560,000 378,552,000 no data1950 D78552001A D91032000A 12,480,000 391,032,000 no data1951 D91032001A E04952000A 13,920,000 404,952,000 no data1952 E04952001A E23672000A 18,720,000 423,672,000 no data1953 E23672001A E30760000A 7,088,000 430,760,000 no dataSources of Data:First deliveries 1929 through 1952: O & M Secretary, Apr 1952, First serial numbers delivered 1929-1952: BEP Historical Resource Center, Washington, DC.First and last delivery in 1953: Memorandum from Jack I. Lowd, Surface Printing Division, to Mrs. Russall, Currency Overprinting Section: BEP Historical Resource Center, Washington, DC.Fiscal year data for 1929 through 1948: Annual reports of the Bureau of Engraving and Printing: BEP Historical Resource Center, Washington, DC.SPMC.org * Paper Money * March/April 2023 * Whole Number 344101Figure 2. Yearly production of Series of 1928 $2 legal tender notes. 05,000,00010,000,00015,000,00020,000,00025,000,00030,000,00035,000,00040,000,0001929193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953Table 2. Joint terms of the Secretary-Treasurer combinations and inclusive press datesfor printing the combinations on $2 Series of 1928 faces. The variable face plate designelements are listed in the order in which they appeared.Secretary-Treasurer Joint Term of Office Series First Use Last UseFace Plates: wide face micro plate numbers old legal tender clause no cycloid inside border low plate letter & no.Mellon-Tate Apr 30, 1928 - Jan 17, 1929 1928 Feb 4, 1929 Jul 3, 1930Mellon-Woods Jan 18, 1929 - Feb 12, 1932 1928A May 15, 1930 Jul 14, 1933Mills-Woods Feb 13, 1932 - Mar 3, 1933 1928B Jan 23, 1933 Jul 17, 1933 new legal tender clause cycloid inside border high plate letter & no.Morganthau-Julian Jan 1, 1934 - Jul 22, 1945 1928C Apr 17, 1934 Feb 12, 1940 macro plate numbersMorganthau-Julian 1928D Mar 13, 1939 May 27, 1946Vinson-Julian Jul 23, 945 - Jul 23, 946 928E Dec 26, 1945 Sep 17, 1946Snyder-Julian Jul 25, 1946 - May 29, 1949 1928F Sep 12, 1946 Dec 9, 1949narrow faceSnyder-Clark Jun 21, 1949 - Jan 20, 1953 1928G Dec 1949 Feb 1953Back Plates:micro Oct 12, 1928 Aug 12, 1942macro Aug 22, 1939 Feb 6, 1953SPMC.org * Paper Money * March/April 2023 * Whole Number 344102I will briefly describe these changes and the timing of each. The changes have been treated in exhaustive detail elsewhere because they impacted other classes and denominations manufactured at the same time. For your convenience, I will include citations to the definitive articles that treat each change, all of which are readily available in back issues of Paper Money posted on the Society of Paper Money Collectors website. Vertical Separation between Subjects The vertical separation between the subjects on the early 12-subject small-size printing plates was found to be a bit too small because it resulted in excess spoilage rates when the notes were cut from the sheets. This was remedied by increasing the separation. Bureau personnel called the plates with narrow separation old gauge and those with the wider separation new gauge. The changeover occurred between $2 back plates 221 and 222, respectively certified November 16, 1933 and December 27, 1934. The changeover face plates were Series of 1928C plates 75 and 76, respectively certified June 11, 1934 and February 21, 1936. In practice, the two types of plates were mixed on the same press. This change did not result in visually identifiable varieties so will not be considered further in this article. Figure 3. Graph showing the press usage ranges for the Treasury signature combinations and plate varieties found on legal tender $2 1928 series notes. Figure 4. Old 4-line legal tender clause and its 3-line replacement. Also notice on the right photo the addition of the cycloid filigree inside the border at the extreme lower left that was added at the time of the change. Face Plates wide face micro plate numbers old legal tender clause no cycloid inside border low plate letter & no.1928 Mellon-Tate1928A Mellon-Woods1928B Mills-Woods new legal tender clause cycloid inside border high plate letter & no.1928C Morganthau-Julian macro plate numbers1928D Morganthau-Julian1928E Vinson-Julian1928F Snyder-Julian narrow face1928G Snyder-ClarkBack Platesmicro plate numbersmacro plate numbers1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953SPMC.org * Paper Money * March/April 2023 * Whole Number 344103Legal Tender Clause, Cycloid Filigree and Plate Letter-Number Position President Franklin D. Roosevelt?s New Deal treasury totally restructured the nation?s currency system causing Treasury officials to reword the legal tender clauses on the legal tender notes. As shown on Figure 4, the clause on the legal tender notes was streamlined from four to three lines by the removal of obsolete language pertaining to a prohibition of the use of legal tender notes for the payment of duties on imports and interest on the public debt. That language was an artifact inherited from the Civil War. They took the opportunity to simplify the clause when the Treasury signatures were changed to Morgenthau and Julian at the startup of the 1928C $2 notes. See Yakes and Huntoon (2013). Simultaneously, they tarted up the face designs by adding fine-line looping filigree to the insides of the borders of the notes. The filigree consisted of cycloid engravings, which were made on a geometric lathe. Each class of notes?legal tenders, silvers and Federal Reserves?were assigned a distinctive cycloid pattern. Lastly, they also raised the position of the plate letter and number in the lower right corner to eliminate interference with the Secretary of the Treasury?s signature as illustrated on Figure 5. The first printing employing these changes occurred on April 17, 1934 when Series of 1928C face production commenced. The printing of 1928B notes ceased before this date, so there was no intermixing of production with the old and new clauses. Plate Number Size As shown on Figure 5, the size of the plate numbers used on both the backs and faces of all U. S. currency was increased in size. This change was carried out at the request of the Secret Service in 1937 in order to aid the agents who had difficulty reading the numbers on worn notes. See Huntoon (2012). Use of macro plate numbers on $2 legal tender faces commenced with production of the Series of 1928D plates. The change in the size of the plate numbers constituted the sole reason for incrementing the series letter from C to D. The first Series of 1928D face plates went to press on March 13, 1939. The first $2 macro backs went to press on August 22, 1939. Both micro and macro back plates served together on the presses until August 12, 1942. Similarly, both 1928C and 1928D face plates were together on the presses until February 12, 1940. The mixing of micro and macro plates during these intervals resulted in so-called mule varieties when notes having a micro plate number on one side and a micro on the other happened to be printed (Huntoon, 1988). There were two $2 mule varieties; the very scarce 1928C mules with micro faces and macro backs (Huntoon, 2001) and plentiful 1928D mules with macro faces and micro backs. Wide and Narrow Faces A program was undertaken between 1947 and 1953 to standardize the dimensions of the images on the master dies from which both face and back plates were made. This was undertaken because it would Figure 5. The position of the plate letter and number as found on the 1928B and earlier notes (left) was raised beginning with the 1928C notes (center). Next the size of the plate letters was increased in size beginning with the 1928D notes (right). Notice the addition of the cycloid filigree on the 1928C note (center). SPMC.org * Paper Money * March/April 2023 * Whole Number 344104reduce spoilage caused by the overly wide or high designs when the notes were cut from sheets. Only the faces on the $2s were affected wherein the width was reduced slightly as shown on Figure 6. See Huntoon and Hodgson (2006). The change occurred between the 1928F and G plates so the first narrow plate was 1928G face plate 483 certified December 6, 1949. Changeover Pairs The BEP was using 4-plate power presses to print the Series of 1928 $2s wherein four different plates circulated around the bed of the press. Consequently, it wasn?t at all unusual for different signature combinations or plate varieties to be printed simultaneously from the mix of new and old plates on the same press. These presses produced one stream of sheets that alternated through the plates present. In every case where there is temporal overlap on Table 2 between Treasury signature combinations, plate number sizes or wide-narrow plates, both varieties were being printed simultaneously. This resulted in consecutively numbered forward and backward changeover pairs between the different signatures combinations and/or other plate varieties when the notes were numbered. There was one important exception. The language in the legal tender clause found under the Treasury seal was changed between the Series of 1928B and C. Only during that changeover did they isolate the production from the two varieties. They ceased printing the 1928Bs with the earlier clause in 1933, cleared the production line of them, and after a few months resumed with 1928Cs with the new clause in 1934. This caused the hiatus that is so prominently displayed on Figure 3. Updated Serial Number Ranges The most recently published summaries of the known serial number ranges for the $2 Series of 1928 varieties are found in Schwartz and Lindquist (2011). Those ranges are reproduced here as Table 2, which incorporates updates I am aware of. The updates will be treated in serial number order. 1928 A96520744A-J25/28 Collector Larry Thomas posted the Series of 1928 note illustrated here as Figure 7 with serial A96520744A on the Small Size Variety Collectors Facebook website. This note sports a serial number that Figure 6. The width of the subject was decreased by the amount shown on both sides of the $2 between the 1928F and G series in order to reduce spoilage when the notes were separated. Table 3. Reported serial number ranges for the $2 LT Series of 1928 varieties.Italicized Boldface are updated entries. Boldface are first or last serial numbers from BEP records.S ri s Treas.-Sec'ry First or Low Delivered Last or High Delivered First or Low Last or High1928 Tate-Mellon A00000001A Apr 24, 1929 A96520744A 1933 *00000001A *00688584A1928A Woods-Mellon A51108220A 1930 B08965670A 1934 *00732343A *01055383A19 8B Woods-Mills A86398443A 1933 B09004381A 1934 *00942054A *01053286A1928C Julian-Morganthau B09008001A Jun 15, 1934 C25426677A 1941 *01062930A *02039694A1928C ul Julian-Morganthau B97675354A 1939 C02892104A 1940 none reported1928D mul Julian-Morganthau B86933784A 1939 D08430054A 1944 *01875119A *02619482A1928D Julian-Morganthau B97269954A 1939 D35923578A 1946 *01972969A *03215773A1928E J lian-Vinson D29712001A Feb 25, 1946 D40156288A 1947 *03212775A *03227372A1928F Julian-Snyder D36192001A Sep 25, 1946 D82673798A 1950 *03236520A *03644508A19 G Clark-Snyder D78552001A Jan 16, 1950 E30760000A May 6, 1953 *03648001A *04152000ASources of Data:Larry and Phil Thomas.Donlon, W. P., 1970, Donlon catalog of United States small size paper money: Hewitt Bros., Chicago, IL, 115 p.Schwartz, John, and Scott Lindquist, 2011, Standard guide to small-size U. S. Paper Money 1928 to date, 10th ed., Krause: Publications, Iola, WI, 382 p.Heritage auction archives.SPMC.org * Paper Money * March/April 2023 * Whole Number 344105is a true outlier for its type. It is 40 million higher than the previously recorded high. The facts are that back 28 was in use February 7, 1929 to August 29, 1929, and face 25 March 5, 1929 to March 9, 1930, yet the serial number was printed during the latter part of 1933. Clearly the note is an exotic outlier that represents a classic case of a late-numbered sheet. The sheet containing this note found itself among a residual batch of sheets that remained unnumbered at the time the faces were printed in 1930. The group was stockpiled for numbering in a later order and somehow languished for three years before being recovered and processed. There is a common pattern in Figure 7. The serial on this Series of 1928 note is 40 million higher than the previously reported high. It is an exotic that represents a note from a residual group of unnumbered sheets that was buried in a stockpile for three years before being retrieved and numbered in 1933. Larry Thomas photo. Figure 8. This scarce Series of 1928A note represents a new low, being 4,538 less than the previous reported. Heritage Auction archives photo. Figure 9. The high reported serial for the 1928C series is boosted 20 million serials by this note. Larry Thomas photo. SPMC.org * Paper Money * March/April 2023 * Whole Number 344106warehousing: first in, last out. This situation represents a variant on that theme. 1928A A51108220A D20/35 I found the note illustrated on Figure 8 in the Heritage auction archives from a July 2007 sale. It represents a new low for the Series of 1928A range. The previous low was A51112758A. No one at the auction firm noticed, undoubtedly because they didn?t bother to look. It sold for $35. 1928C C25426677A CA C153/252 This is another note reported by Larry Thomas; this one a new high for its type by a significant 20 million serials. See Figure 9. The CA block 1928C is by far the scarcer of the two regular production blocks in the series, so he got a true bonus when he spotted this jewel. 1928C mule C02892104A B179/291 Muled 1928Cs are among the scarcest of the varieties found among the Series of 1928 $2 issues. The example illustrated on Figure 1 went through a Heritage Auction in February 2020, extending the verified range appreciably by 700,000 from the previously reported high of C02199891A. This note was printed about February 1940, which is quite late for the variety. It is always luck of the draw to find a note that extends a known range, but to do so with the scarce Figure 10. This 1928D mule find by Larry Thomas pushes the reported low serial number for a 1928D note back almost 650,000 serials, placing this note about as close to the first use of a 1928D face plate in March 1939 as possible. Figure 11. This exotic 1928D mule was one of those wonderful unexpected discoveries, being the first ever reported from the DA serial number block, some 46 million serials higher than the reported high in the CA block for the variety. It is from a ?lost? stockpile of residual unnumbered sheets found and numbered two years after the sheets were printed. Phil Thomas photo. SPMC.org * Paper Money * March/April 2023 * Whole Number 344107varieties somehow seem to occur more frequently, probably because so few are reported so people pay more attention to them. 1928D mule B86933784A F182/256 Discovery of this 1928D mule by Larry Thomas pushes the first reported serial for this variety back almost 650,000 serials from the previously reported low. This serial is about as close as we are going to get to the first numbering of 1928D faces in March 1939. 1928D mule D08430054A L245/275 $2 Series of 1928D mules are common so collectors and dealers in the know rarely pay attention to them. However, the serial number D08430054A seemed amiss to Phil Thomas when the note went by in his capacity as a PCGS banknote researcher/grader. He didn?t recall these mules being from the DA serial number block. At this writing, his brother Larry has logged in the new high from the CA block as C62022356A B263/279, which is 62 million lower. Larry?s new CA find was numbered in 1943, the first 1928D mule recorded from that year. D08430054A was numbered in the second half of 1944, whereas the last use of back plate 275 was August 12, 1942 and the last use of face 245 was Nov 13, 1942. This spectacular find is another example of a late-numbered note from a long-sequestered batch of unnumbered sheets. Jamie Yakes (2021) profiled this discovery in detail. 1928D B97269954A F191/291 Larry Thomas recently found this 1928D non-mule, for a new low for that variety. Notice from Table 3 that it is a hairs breath away from the 1928C mule low, revealing that both probably were printed just as the first macro $2 back plates went to press. Figure 13. This 1928D non-mule extends the range for this type by almost half a million, a find by Larry Thomas in September 2022. Larry Thomas photo. Figure 12. A new low for a 1928D non-mule, probably from the first $2s printings from a macro back plate in 1939. Larry Thomas photo. SPMC.org * Paper Money * March/April 2023 * Whole Number 3441081928D D35923578A L401/307 Larry Thomas found this new high 1928D non-mule on eBay. It bumps that range up by almost half a million from the previous reported high of D35443700A 1928E D40156288A J412/317 Larry Thomas found this new high 1928E in February 2023 that nicely extends the known range into the D40 millions. Status The information presented here that extend the reported serial number ranges for the various varieties is only what I have been able to glean from what are rather highly visible auction records or reports from particularly observant collectors. You have range-extenders among your holdings, simply look! Send your finds and observations. Similar updates are needed for the star notes in the series as well. An updated profile of this popular series is long overdue. peterhuntoon@outlook.com Acknowledgment Brothers Larry and Phil Thomas hold the lead for contributing new low/high $2 1928 LT serials. Larry in particular has a passion for collecting $2s that push the ranges to new limits. He has to be constantly virulent. He was rewarded at the July 2022 Long Beach Coin Show by finding a long-ago lowest reported serial number for the Series of 1928B, a true key note. It had cycled back to the market without being flagged as such. The ranges published here certainly will change so the fun won?t stop. The simple fact is that if you want to push the known ranges for the early classic small notes, all you have to do is look. Each success better defines our understanding of the early small size notes where official records are lacking. Sources Donlon, William P., 1967, Donlon catalog United States small size paper money: Hewitt Numismatic Publications, Chicago, IL, 128 p. (later editions have serial number ranges) Goodman, Leon J., John L. Schwartz, Chuck O?Donnell, 1969, The standard handbook of modern U. S. paper money, 1970 edition: Harmer Rooke and Company, New York, 79 p. Huntoon, Peter, Jan-Feb 1988, Small note mules, a fifty-year retrospective: Paper Money, v. 27, p. 5-12 14. Figure 14. This 2928E extends the range for this type into the D40 million range, a find by Larry Thomas to kick off 2023. Larry Thomas photo. Table 4. Summary of the face plates used to print $2 Series of 1928 legal tender notes.First LastFirst Last Plate Plate MasterType of Plate Plate Plate Used Used Plates Not Certified Plates Certified but Not Used Platesa1928 1 103 4 97 1, 16, 27, 51, 57, 59, 73, 74, 82, 89, 91, 95 none 11928A 1 93 4 65 1-3, 22, 30, 44, 45, 84, 88 none 11928B 1 90 7 40 1-6, 17, 21 43-90 1, 3, 41928C old gauge 1 75 2 15 5, 7, 8, 10, 11, 21, 23-25, 69-71 56-68, 72-751928C new gauge 76 181 76 180 77, 79, 159 none 761928D 182 401 182 401 198, 225, 246, 251, 289, 306, 351, 374, 375, 381 346-350, 352-373, 376-380, 382-389, 398, 3991928E 402 438 403 414 402, 407, 408, 423, 437, 438 416-4361928F 439 481 440 462 439 463-4811928 no sigs 482 4821928G 483 516 483 516 484 509-510 others before 510 but data missinga. Only master plates label as such in the plate history ledger are listed.SPMC.org * Paper Money * March/April 2023 * Whole Number 344109Huntoon, Peter, May-Jun 2001, Profile of two rarities, $2 legal tender Series of 1928C mule & Series of 1928D BA block non-mule: Paper Money, v. 40, p. 218-228, Huntoon, Peter, Jul-Aug 2012, Origin of macro plate numbers laid to Secret Service: Paper Money, v. 51, p. 294, 296, 316. Huntoon, Peter, and James Hodgson, Sep-Oct 2006, The transition from wide to narrow designs on U. S. small size notes between 1947 and 1953: Paper Money, v. 45, p. 323-343. O?Donnell, Chuck, 1977, The standard handbook of modern United States paper money: Harry J. Foreman Inc., Philadelphia, PA, 342 p. (various subsequent editions) Schwartz, John and Scott Lindquist, 2011, Standard guide to small-size U. S. paper money 1928 to date, 10th edition: Krause Publications, Iola, WI, 382 p. Yakes, Jamie, 2021, New discovery, $2 LT 1928D D-A mule: Paper Money, v. 60, p. 316-317. Yakes, Jamie, and Peter Huntoon, Jan-Feb 2013, New deal design changes: Paper Money, v. 52, p. 31-38,$10 1933 Silver Certificate Star Note Printing Willis Russell, Lee Lofthus & Peter Huntoon Willis Russell recently received from the Bureau of Engraving and Printing a 1949 typewritten report labeled A description of all classes of paper money issued since July 10, 1929 (Series 1928), revised as of December 31, 1949. An entry states that 8,000 Series of 1933 $10 star notes were printed, a number previously unknown numismatically. Only one has been reported; specifically, A00000002*. Figure 15. This previously reported Series of 1928B LT $2 has the lowest serial for this key Treasury signature combination, a note landed by Larry Thomas at the July 2022 Long Beach Coin Show.SPMC.org * Paper Money * March/April 2023 * Whole Number 344110Over 375 COLONIAL CURRENCY notes from the JOHN J. FORD Collection. Featuring several FINEST KNOWN and UNIQUE Notes Including over 40 ERIC NEWMAN, The Early Paper Money of America PLATE NOTES.MA, November 17, 1776, 10s, Revere Sword in Hand Note, Fr MA-246, PCGS Choice VF-35 Details Ford Sale 10 / Lot 4703MA, October 18, 1776, $5, Revere and Gill, Fr MA-238, Irreplaceably Rare, Gem Crisp Unc.Ford Sale 10 / Lot 4699RI, February 2, 1741/42, 6d, Fr RI-43, PCGS About UNC 50, Newman Plate NoteFord Sale 3 / Lot 569RI, August 16, 1710, 2s, Fr RI-1,PCGS VG-10 Details,Newman Plate Note, maybe UniqueFord Sale 3 / Lot 556VT, February 1781, 40s, Fr VT-7PCGS Choice VF-35 DetailsFord Sale 3 / Lot 847Coming in Unreserved Kagin?s Auctions in 2023Signifi cant Colonial Notes from the John J. Ford Collection SalesTo participate in this exciting event, send your email/contact information to Kagin?s Auctions by email today at info@kagins.com or call Don Kagin at 888-8KAGINS (852-4467). Visit us at Booths 611/710 at the 2023 ANA National Money Show? in Phoenix, ArizonaKagins-2023-SignFordCollNotes-PM-Ad-02-15-23.indd 1 2/15/23 11:55 AMClayton A. Cowgill Signed Florida Treasury Warrants by Terry A. Bryan After the Civil War, the states of the former Confederacy were in a mess, socially and financially. Radical Northern politicians installed ?carpetbaggers? in state governments. Ironically, one of these imported northern politicians pioneered an industry that grew to tremendous importance in the region. Dr. Clayton Augustus Cowgill (1826-1901) (Pronounced ?Co-gull?) is credited with being a (the?) pioneer commercial orange grower in Florida. His family had distinguished roots in the State of Delaware going back into the 1600s. Parents Daniel Cowgill, Senior and Elizabeth Reed Cowgill had commercial and farming interests around Dover, Delaware. Family acreage took in what is now Cowgills Corner crossroads. They and their neighbors supported one of the few remaining octagonal schoolhouses still standing. Clayton was born in the Cowgill Mansion in Dover, now the official home of Delaware?s Governors. Son Clayton was educated at Dickenson College and as a physician. His first marriage was to Lydia Frazier Naudain (1825-1871). Her father, also a physician, had studied at Princeton and with Dr. James Sykes, son of a Continental Congress member and signer of Delaware Colonial Currency. Dr. Naudain had served in the War of 1812 as an Army surgeon and Surgeon General of Militia in the defense of Baltimore. One Naudain son was a doctor; three of his daughters married physicians. Father-in-Law Dr. Naudain served in the United States Senate and the Delaware Legislature and as a Judge and Collector of Customs. Family political sentiments were anti-Jackson/Whig/Republican over time. Dr. Cowgill and his bride had political experience that later resulted in activism with the Republican Party in Florida. Dr. Clayton Cowgill practiced medicine in Dover, Delaware. He received his first political appointment as a Road Commissioner, then as Clerk of the House, taking charge of Legislative papers, in 1853. His Civil War service was done as a contract surgeon to the Army. He was given the responsibility of organizing and management of huge military hospitals in New Bern and Morehead City, North Carolina. For a period in 1866 he was a member of the U.S. Sanitary Commission. The author has not been successful finding a picture of Cowgill. Two living relatives contacted have none. The Florida State Archives has photos of government officials, lacking Cowgill. An image of him would be appreciated. Clayton was apparently always rather sickly. He moved to Florida as a result of lung trouble in 1867. He lived 34 more years, so Florida humidity and exotic pollens were not apparent concerns. Their Florida property was across the St. Johns River from Palatka, Florida, destined to become prime orange-growing country. There is a place name for his locale, Orange Mills, in Putnam County. There seems to be no documentation of the dates of early commercial orange plantations, but the Cowgill acreage was one of the first major efforts. First wife Lydia died in 1871. In 1873, he married Sarah Throop Babb in Boston. The couple left Florida for a Philadelphia daughter?s home in the 1890s. Dr. Cowgill is buried in Dover, Delaware. As a result of activism in Delaware and in his new home, Republican Cowgill was appointed Putnam County Postmaster. He served two terms as a Representative in the State Legislature in the 1880s. Before that, Cowgill was appointed to statewide office as Comptroller of Public Accounts in 1873-1877. In 1876 that office included a seat on the State Board of Canvassers (called Election Commission in other states). As Comptroller, Cowgill was responsible for issuing and tracking Treasury Bonds and Treasury Warrants and accounting for State expenditures. Annual reports show Cowgill reporting to all three Republican Governors in a long, long series of Democrats (up to 1966). Treasury Bonds support government spending. Investors are paid pre-determined interest on the face value of the bond. Treasury Warrants or Notes or Certificates are the ?checks? that pay for government purchases and obligations. Their legal status and bearer status vary from state to state. Some of these notes carry interest; some are meant to circulate in emergency conditions. Some are merely memos from the accountant to the treasury to pay someone or cancel a debt. Most Warrants were accepted against debts owed to the government; some states allowed them for purchases from the government. In circulation, these instruments could be subject to speculation as economic conditions changed. In Florida, the Comptroller verified the debt, issued a Warrant, and notified the Treasury as to which account to debit. Engraved bank note size Florida Comptroller Warrants were all dated in March of 1870, intended to circulate Now Delaware?s Governor?s House, this was Clayton Cowgill?s birthplace in 1826.SPMC.org * Paper Money * March/April 2023 * Whole Number 344112as money. Known notes are all for one dollar, but the law also specified $3, $5, and $20 to a maximum of $250,000. Nice green backs stated their use for buying public land, paying state taxes, fines or penalties. They were engraved by National Bank Note Company, signed by the Governor and Comptroller. NBN supplied a run of notes but refused payment in Florida Warrants. Cowgill got approval to pay the printer to release more of the notes, which he termed ?scrip.? He worked to clean up the system of handling the Warrants going out & coming in. Florida Warrants circulated as money during the post-Civil War economic collapse. Ron Benice summarized the era in an article in PM in 1999. He extrapolated serial number data to estimate numbers of $3, $5 and $20 notes, none of which are known to survive. Cowgill provided careful accounting of the expenditures and Warrants. The needs of commerce after the war put a lot of Warrants and Certificates into circulation as emergency money. Comptroller Cowgill was in the middle of controversy over speculation in depreciated Warrants used to purchase state bonds. Examples of Cowgill?s duties are found in reports for 1874 and 1875, published in the next fiscal years. They start with transactions exchanging tens of thousands of dollars in newer bonds for older bond issues. This saved the state money by bringing interest rates and maturity up to date with current conditions. Holders of older bonds were required to exchange for new bonds with the same total face value. They apparently had to accept whatever the new bonds offered in rate and term. Matured bonds were redeemed for cash, when available, otherwise warrants. Cowgill?s office must have been busy accounting for thousands of transactions. Some of the pre-war exchanged bonds were previously held in trust by the Federal Government for ?various Indian tribes?. Some of the new bonds were sold to the State Treasurer for debt reduction. Comptroller Warrants paid for some of the new bonds, to the amount of $17,300. These last transactions were part of Cowgill?s concern about depreciated Warrants accepted at face value to buy bonds. One million dollars in1873 bonds were offered. All the most recent bonds contained language concerning tax owed on the proceeds. There were several lawsuits about the legality of the tax based on the Florida legislation ambiguous about the amount of tax and the basis on which it was levied. Cowgill?s report summarized the confusing language and reviewed legislation in detail; he agreed collections and wording were in disagreement, saying, ?the State would have been liable to the charge of practicing ?Chinese sagacity? and playing the game of a trickster upon the confidence of its creditors.? Cowgill?s comprehensive review of the laws and agreements was persuasive in court, helping save Florida?s fiscal reputation. Only $1 notes are known for this series. Nice National Bank Note green protectors and vignettes decorate this rare specimen signed by Cowgill. (Image courtesy William Youngerman) The green back of the 1870 Florida Comptroller?s Warrant explains its monetary uses. (Image courtesy William Youngerman) An ornate Florida bond from the 1873 issue, redeemed in 1903. The pertinent Comptroller?s Warrant rubber stamp approves the State payment. The bond?s reverse explains the property taxes used to pay this debt. Lawsuitsaffirmed 1870s taxes only after confusing language was corrected. Comptroller Cowgill was instrumental in the clarification, reassuring the bond holders.SPMC.org * Paper Money * March/April 2023 * Whole Number 344113In his report at the end of his second year, the Florida Treasury possessed only $30,000 in cash and warrants. Bonded indebtedness was $1,432,767, minus $38,000 held by the Treasury for debt reduction. Accounting for Treasury Warrants for the year 1874, saw the total issued $336,280.02, and outstanding $185,646.14. The report differentiates between ?Certificates? and ?engraved Treasury Warrants? while listing amounts still in the Treasury. Outstanding Warrants and Certificates, among them some 1870 notes, were out in the speculative market. Expenditures were more than revenue (surprise!), and deficiency appropriations were suggested: Prison and Capitol building repairs were paid out with U.S. Currency; expense of carrying prisoners to the penitentiary was another specific cost. $20,000 in ?Legislative printing? was also paid, perhaps partly for the printing of the bonds and warrants. Costs of postmortems and a janitor for the Capitol are noted in the reports. ?Maintenance of lunatics? is also a line item. Seldom seen in accounting: six lunatics in asylums in other states, sixteen cared for by friends and partially or fully supported by the State. $1,500 in cash and $6,400 in warrants were expended. The number of lunatics had increased by ten since last year?s report, so an increase in expenditure was anticipated. Dr. Clayton A. Cowgill was highly competent in many areas of his life. He could write a clear and cogent report. He was no bureaucrat, and frankly spoke about management deficiencies. The parting shot in one report as Comptroller was? cut expenditures, or raise taxes? ?The constantly recurring but no less pertinent question arises and presses with increasing importance, how is this [situation] to be avoided in the future?? In his role on the State Board of Canvassers, Cowgill made national news. The 1876 Presidential race between Hayes (R) and Tilden (D) was the only election where the loser received a majority of the popular vote. [In three others, the loser received a plurality, one more was indeterminate with poor reporting.] Florida was a key state in the results. Sound familiar? Tilden was ahead by 19 electoral votes. 20 electoral votes were disputed for various reasons. Cowgill and other Republican members of the Florida Canvassers rejected thousands of votes as fraudulent. (Remember hanging chads?) Republican Hayes and the Florida Governor benefitted. A compromise of sorts was reached where the 20 electoral votes, including Florida?s four went to Hayes for President. Southern Democrats gained the end to Reconstruction measures and ultimately stopped black citizens from voting. The election with the highest percentage voter turnout in history proved also to be the one won with the slimmest Electoral College margin of one vote. Comptroller Cowgill was profiled in the national news. He and other Republicans were sued over the Florida election results, but the court case was cut short by the national compromise between the political parties. The issue was the power of the Canvassers to void ballots. Some news stories emphasized the Florida Canvassers being the turning point in the Hayes election, but other states were involved in compromise. No legal wrongdoing by Cowgill was alleged, only possible partisanship in deciding voter fraud. Cowgill?s signature appears on Warrants and Bonds issued during his tenure as Comptroller of the State of Florida. He served the citizens of his adopted state well as a public official and as a physician. His pioneering venture in citrus culture is recognized by that industry. He provided care to injured soldiers on both sides in the Civil War. He was a player in an historic national election?an interesting person behind an autograph. Sources: ? Ares, Robert. State of Florida Civil War Currency. Typescript, n.d.? Benice, Ronald J. ?Florida Currency During Reconstruction?. Paper Money, #199, Jan/Feb 1999.? Clouatre, Douglas. Presidential Upsets. Praeger, 2013.? Florida State Library. Report of C.A. Cowgill, Comptroller-1874. Forgotten Books, 1996.? Denny, John Robert. Dr. Clayton Augustus Cowgill: Comptroller of Florida, 1873-1877. Fla. State Library Manuscript Coll. 1990.? Scharf, Thomas. History of Delaware. Richards, 1888.? Youngerman, William. HometownCurrency.org website and thanks for use of images.? www.ancestry.com for family and property records.? www.cowgillcousins.org for family contacts.? Miscellaneous web articles on elections, reconstruction and court cases, Library of Congress.Thanks to Perry B. Cowgill for kind advice. Cowgill?s signature appears on bonds andwarrants during his tenure, 1873-1877.SPMC.org * Paper Money * March/April 2023 * Whole Number 344114It?s Not Just About the Vignettes: Asahel K. Eaton?s Patents of April 28, 1863 by Tony Chibbaro Not long ago I found myself participating in an email exchange with fellow-collector Erwin Brauer, who specializes in numismatic patents, particularly those of the mid-1800s. As my recent fascination with the federal government?s ?greenback? issues of the Civil War era included the purchase of $1, $2, $5, and $10 notes, I mentioned to him the two patent dates that were printed on their faces. I was already familiar with the 30 June 1857 patent governing the utilization of a special green ink for printing portions of the designs. That date appears on the front of both my $2 note (Fr. 41) and my $5 note (Fr. 61a) and refers to patent number 17,688, which was awarded to George Matthews of Montreal, Quebec, for an ?Improvement in Printing Inks,? specifically ?the use of calcined green oxide of chromium for making ink for printing from engraved plates.? This newly formulated ink, sometimes referred to as ?Canada Green? or ?Patent Green Tint,? was used for security underprinting on the faces of these ?greenback? notes. (Contrary to popular belief, the patented ink was not utilized to print the distinctive backs which gave the series its familiar nickname.) In the United States, this patent was initially controlled by the printing firm of Rawdon, Wright, Hatch & Edson, and later by the newly formed American Bank Note Company, both of whom placed surcharges on notes printed with the ink. Supposedly impervious to all methods of removal short of destruction of the underlying paper, its use was promulgated as a defense against photographic counterfeiting. Certain officials in the Treasury Dept. accepted this claim at face value and chose to have the new ?greenback? notes printed in part with this ink. My $1 (Fr. 16a) and $2 (Fr. 41) notes also display another patent date - April 23rd, 1860 - in a small frame at the lower left border of their faces. This patent, number 30,488, was controlled by the rival National Bank Note Company and was described as governing the ?combined use in repetition of the valuation or denomination? with the ?title of the corporation or institution, and the configuration of the geometrical, cycloidal, waved-line, or rosette work.? The use of this technique is seen in three places on the $2 note pictured below - twice in the pair of ?counters? used in the upper right and left corners of the note, which proudly display the numeral ?2? and the words ?United States Treasury? and ?Two Dollars? among their intricate designs, and a third time in the lower right corner, where similar wording appears in the elaborate scrollwork over which the signatures of L.E. Chittenden and F.E. Spinner are printed (see illustrations below).? $2 Legal Tender Note of 1862 (Friedberg 41) with magnified portions showing the engraving techniques covered by the National Bank Note Company?s April 23, 1860 patent. My $10 note (Fr. 95a), however, displays yet a third patent date - April 28, 1863 - which is unrelated to the other two. This one had escaped my notice until my friend pointed it out to me. Appearing only on a portion of the 1863 issues of the $10 and $50 greenbacks (Fr. 95a-c and 150a), this date refers to a patent on a different type of green ink that was the brainchild of an obscure American scientist and inventor named Asahel K. Eaton (1822-1906). Eaton was awarded two patents (38,297 and 38,298) on the aforementioned day, both of which are likely referenced by the April 28th date printed on the note. $5 Legal Tender Note of 1862 (Friedberg 61a) with magnified portion showing patent date of 30 June 1857. SPMC.org * Paper Money * March/April 2023 * Whole Number 344115$10 Legal Tender Note of 1863 (Friedberg 95a) with magnified portion showing patent date of April 23rd, 1863. Patent number 38,297 was awarded to Eaton for an ?Improved Chrome Compound? known as ?Chromite of Baryta.? Patent number 38,298 covers the use of this compound ?as a tint for the protection of bank-notes and other similar work.? Eaton?s patented ink was likely utilized for security underprinting on least a million notes and earned him, as his obituary writer termed, ?a fortune, later lost, out of an invention by which the national greenback currency could be colored in such a way as to prevent its being washed out by counterfeiters.? Largely unknown today, Asahel Knowlton Eaton was born on 2 May 1822 in Stockbridge, Massachusetts, one of 7 children of Joshua Eaton and Jane Stiles. Both he and his slightly-older brother, William, graduated from Hamilton College (Clinton, New York) in 1843. Asahel later earned an M.D. degree but never practiced medicine, instead focusing his pursuits on a career in science. He labeled himself a chemist, but was also an expert in the fields of optics, electrical engineering, and metallurgy. Over the course of a 60-year career, Eaton filed numerous patents, rivalling the copious number submitted by his contemporary, Thomas Edison. Eaton not only knew Edison personally, but like him was one of the organizers of the American Institute of Electrical Engineers. The pair also served on the advisory board in the Department of Physics of the Brooklyn Institute of Arts & Sciences. Eaton collaborated with Edison on several projects, as evidenced by the multiple handwritten notes sent to the ?Wizard of Menlo Park? which survive in the Edison Library at Rutgers University. As close as he was to Edison, Eaton developed a somewhat adversarial relationship with another of the great 19th-century inventors - Alexander Graham Bell. At the same time that Bell was experimenting on early models of the telephone, Eaton built a prototype of a device capable of transmitting the human voice over several miles of wire, and may have actually been the first to do so. Eaton, however, was not as adroit when it came to securing patents on his inventions, although he did manage to patent at least two improvements to the telephone in 1879 and 1880. A lengthy patent dispute later arose between the two inventors, which was ultimately decided in favor of Bell by the U.S. Supreme Court in 1888. For much of his career, Eaton worked out of a laboratory located at 65 Henry Street in Brooklyn, New York. He was known to travel, however, and briefly lived in North Carolina in the 1840s and Montana in the 1860s, where he was engaged in improving processes and machinery for the refinement of gold and silver. Some of Eaton?s other innovations included a quick process for tanning leather, improvements in the refining of kerosene, and the inventions of both a new kind of prism and a direct-vision spectroscope. His discovery and subsequent patenting of a new process for making steel, still in use in the early 1900s, brought him considerable wealth. In addition, Eaton was a pioneer in the forensic sciences and was often called upon to conduct analysis of physical evidence and testify in criminal trials. In Brooklyn?s infamous Rubinstein case, it was his testimony about fibers found on the body of a dead girl and soil on the killer?s boots which convinced the jury to convict the murderer. Eaton was also tasked with uncovering the type of poison used in the 1878 Illustration included with one of Eaton?s telephone patents. Letterhead used by Eaton showing theaddress of his laboratory at 65 Henry Streetin Brooklyn. SPMC.org * Paper Money * March/April 2023 * Whole Number 344116killing of the wife of Samuel Hubbard. (Spoiler alert! It was the husband who did it. He laced a mug of his wife?s beer with strychnine.) Ultimately, his loss in the patent fight with Bell Telephone Company (which had been decided by a margin of only one justice) has led to Eaton?s relative obscurity today. Otherwise, those hundreds of millions of landline telephones in use during the 20th century may have been emblazoned with the name Eaton rather than Bell. Many thanks to numismatic-patent-expert Erwin Brauer for his help on this article. Sources: ? US Patents 17,688; 30,488; 38,297; 38,298; 222,475; 237,838? US Federal Censuses for the years 1860, 1870, 1880? New York State Censuses for the years 1865, 1905? Ancestry.com website listings for Asahel Knowlton Eaton (1822-1906)? Findagrave.com website listings for Asahel Knowlton Eaton (1822-1906)? Whitman Encyclopedia of Obsolete Paper Money, Volume 1 by Q. David Bowers? Whitman Encyclopedia of U.S. Paper Money by Q. David Bowers? The Brooklyn Daily Eagle (Brooklyn, New York), 16 June 1906, page 2? The Brooklyn Daily Eagle (Brooklyn, New York), 17 June 1906, page 20? The Brooklyn Daily Eagle (Brooklyn, New York), 25 June, 1878, page 4? The Stiles Family in America by Henry Reed Stiles, pages 241-242? Thomas Alva Edison Library at Rutgers UniversitySPMC.org * Paper Money * March/April 2023 * Whole Number 344117The Anatomy of a Confederate Note by Steve Feller Shown here, in fig. 1, is a historically interesting note. In numismatics it is a T-70 $2 note in beautiful crisp uncirculated. It is a 65, in my view. In this piece I will do an autopsy on the elements that make up the note as a representative Confederate States issue of paper money. This piece of currency is from the last release of Confederate paper money, the seventh issue dated after the act of the C.S.A. Congress of February 17, 1864. This is the day that the CS submarine The H. L. Hunley sank in Charleston Harbor, a result of its own doing. Fig. 1: Two dollar note of the Confederate States. It is a T-70. Most genuine Confederate notes are hand signed; only 50 cent pieces weren?t. Initially, the currency notes were signed by the actual Register and the Treasurer of the Confederate States. Shown below are signatures taken from the first or Montgomery series of notes. The signatures are Alex B. Clitherall as Register and E.C Elmore as Treasurer. E.C. Elmore?s full name was Edward Carrington Elmore. Fig. 2: a) Register and b) Treasurer signatures on a T-3 $100 Confederate note from 1861. Later in 1861, it became clear that the Register and Treasurer could not sign all of the notes. Thus, scribes were hired, and records kept of who signed which notes. These records were studied and written about by Raphael Thian is his Register of the Confederate Debt as well as by Michael McNeil in his The Signers of Confederate Treasury Notes 1861-?65 with a Catalog of Notes Signed by Sarah Pelot. Three hundred and sixty-eight men and women signed the notes creating a complex combination of signature combination. Interestingly, only man-man and woman-woman combinations were used. Shown below are the for Register and for Treasurer signatures from the note being dissected. SPMC.org * Paper Money * March/April 2023 * Whole Number 344118The serial number on the note is 77382 (these notes have eight notes per sheet all of the same serial numbers with series letters beginning with A and going to H on the notes, as well. Michael McNeil has written extensively of the serial number ranges of the notes signed by his ancestor Sarah Pelot. This particular note does fall in the ranges provided in his book. Thus, there were at least 77,382x8 $2 T-70 notes printed. This is 619,056. However, Mike McNeil has tracked down serial number 97,300 (the highest that Sarah Pelot signed) which yields 778,400 notes. Fig. 3: Sarah Pelot signed ?For Register.? According to Michael McNeil, Sarah signed hundreds of thousands of notes of the 1864 series! He calculated that this was about 1.5% of all 1864 notes signed. Fig. 4: M. Allen signed for Treasurer. According to Michael McNeil and Raphael Thian this was Miss Maria Allen. Fig. 5: Close-up of serial number 77382 on the T-70 note. SPMC.org * Paper Money * March/April 2023 * Whole Number 344119Raphael Thian confirmed seeing a high serial number of 102799. This corresponds to 822,392 notes. It is likely that this is incomplete data. For example, in the case of the T-64 $500 notes, also of the February 17, 1864, enabling act, this author has been studying serial numbers for a long while. Thian reports a high serial number of 37607. After observing 3,763 (as of December 5, 2021) T-64 notes the highest observed serial number is 38386. Thus, Thian observed to within 2% of the final serial, assuming my observation is either the last or close to the last note with a serial. If that were the case for T-70 the final serial would be (38386/37607)*102799 = 104928 for a surmised total of 839,427 T-70 $2 notes. Grover Criswell in his classic Comprehensive Catalog of Confederate Paper Money quoted 932,800 notes issued for T-70. Based on the above this appears to be high. Pierre Fricke has estimated in his Collecting Confederate Paper Money Field Edition 2014 that 944,000 notes printed. This too appears to be high. Judah P. Benjamin, the ?brains of the Confederacy,? was a lawyer born in the West Indies in St. Croix, now part of the United States Virgin Islands. At age 14 he entered Yale and left under a cloud at age 16; it has been reported that he was a gambler. He practiced law successfully in New Orleans and became wealthy and owned a plantation with 70 slaves. He was Secretary of State of the CSA after serving as Attorney General and Secretary of War. In April 1865 he escaped Richmond by train with Jefferson Davis. Unlike Davis, Judah Benjamin escaped the collapse of the Confederacy and emigrated to Great Britain where he became a successful barrister! He retired in 1883 and died in 1884. Fig. 6: Vignette of Judah P. Benjamin on a T-70 CSA note. Fig. 7: Grave of Judah P. Benjamin in Paris. He died in 1884. Fig. 8: Close-up of the grave of Judah P. Benjamin in Paris. It reads: JUDAH PHILIP BENJAMIN BORN ST THOMAS WEST INDIES AUGUST 6 1811 DIED IN PARIS MAY 6 1884 UNITED STATES SENATOR FROM LOUISIANA ATTORNEY GENERAL SECRETARY OF WAR AND SECRETARY OF STATE OF THE CONFEDERATE STATES OF AMERICA QUEEN?S COUNSEL LONDON https://en.wikipedia.org/wiki/Judah_P._Benjamin SPMC.org * Paper Money * March/April 2023 * Whole Number 344120The legislation had some curious aspects to it. In order to try to reduce the inflation ravaging the South a scheme was hatched to exchange the new notes at a rate of 2 to 3 old. This worked for a while but ultimately failed. An eighth issue of notes was authorized by the Confederate Congress in 1865 to pay the army but President Jefferson Davis vetoed it saying in part that more notes?? would be accepted as proof that there is no limit to the issue of Treasury notes??. All Confederate currency was linked to payment in the future. The payment clause varied over the course of the war. Initially, it was two years after date, then six months after a treaty of peace with the United States, then in 1864 it became two years after a treaty. The ?will pay to the bearer on demand? was hedged in a few ways. All put off redemption to the future. Export duties couldn?t be paid by Confederate currency. At no time was the money officially legal tender. In the end after the war, on July 9, 1868, the United States Constitution was amended to include the following as part of the 14th Amendment: The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any state shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void. This directly meant that none of the Confederate currency or bonds was ever redeemed. Fig. 13: Engraving and printing imprint on T-70 note. These notes come with various imprints.?Concluding the anatomy of the note there are some decorative touches. Two guilloches in particular deserve mention and are shown below. These served to protect the notes, somewhat, from counterfeiting. The war?s impact itself caused the most economic damage to the value of the currency. Fig. 9: The first issue of Confederate notes was issued in the original capital city of Montgomery, AL. All other C.S.A. notes were issued at Richmond. Fig. 10: The enabling legislation for the 7th issue of Confederate notes was on February 17, 1864. Fig. 11 a and b: First and second halves of the payment clause Fig. 12: With the payment clause this concludes the idea thatthe bearer will be paid at some point. Fig. 15: Block ?TWO? that runs along the left side of the note. (Editor?s note?this runs vertical on the note not horizontal) Fig. 14: Wonderfully ornate vignette of ?2? at the top center of the note. SPMC.org * Paper Money * March/April 2023 * Whole Number 344121The firm of Keatinge and Ball was one of a few in the South to engrave lithographic stones (plates) and print Confederate notes. Their imprints appear on these notes. Also, they printed Confederate Stamps. The firm moved to Richmond in 1862 and later Columbia, SC. General Sherman ended note production in Columbia during his invasion of the South and the firm was forced to move North. The engravers/printers of Confederate paper money were (edited from https://en.wikipedia.org/wiki/Confederate_States_dollar#Banknote_printers_and_engravers). Engraver/Printer Location Criswell Types printed Comments National Bank Note Company New York, NY 1-4 Southern Bank Note Company New Orleans, LA 5, 6, 15, 19, 22, 31 Southern Branch of the ABNC Hoyer & Ludwig Richmond, VA 7-11, 13-14, 17-18, 27-28, 35-36, 46 Louis Hoyer and Charles Ludwig, in operation 1861-64 Jules Manouvrier New Orleans, LA 12 Lithographer contracted to print $5 & $10 CSA notes. Some were stolen from the train taking the notes from Richmond and entered circulation with forged signatures. Contract cancelled. Leggett, Keatinge & Ball Richmond, VA 23, 24, 32, 33 Edward Keatinge (formerly a portrait engraver with the Southern Bank Note Co.) joined Leggett & Ball shortly after the Civil War began. Leggett was forced out after being accused of spying for the Union, and the company became Keatinge & Ball Keatinge & Ball Columbia, SC Richmond, VA 16, 21, 25, 26, 34, 41, 49-62, 64-71 In 1862, Keatinge & Ball moved to Richmond Blanton Duncan Columbia, SC Richmond, VA 20, 29, 30, 37, 38, 42-45 Originally from Kentucky, Duncan moved to Richmond at the invitation of Sec. of the Treasury C. Memminger to open a paper mill and printing plant. J. T. Patterson Columbia, SC 28, 36, 39, 40 Archer & Daly Richmond, VA 63 A lithographic firm specializing in CSA stocks and bonds Archer & Halpin Richmond, VA 72 References ? Grover Criswell, Comprehensive Catalog of Confederate Paper Money, (BNR Press: Port Clinton, OH) 1996.? Pierre Fricke, Collecting Confederate Paper Money Field Edition 2014 (Pierre Fricke: Sudbury, MA) 2014.? Michael McNeil, The Signers of Confederate Treasury Notes 1861-?65 with a Catalog of Notes Signed by Sarah Pelot, (MichaelMcNeil: Nederland, CO) 2003.? Arlie Slabaugh, Confederate States Paper Money (Ninth Edition), (Krause Publications: Iola WI) 1998.? Raphael P. Thian, Register of the Confederate Debt, (Quarterman Press: Boston) 1972.? https://en.wikipedia.org/wiki/Judah_P._Benjamin? https://en.wikipedia.org/wiki/Confederate_States_dollar#Banknote_printers_and_engraversSPMC.org * Paper Money * March/April 2023 * Whole Number 344122Lyn Knight Currency Auct ionsIf you are buying notes...You?ll find a spectacular selection of rare and unusual currency offered forsale in each and every auction presented by Lyn Knight CurrencyAuctions. Our auctions are conducted throughout the year on a quarterlybasis and each auction is supported by a beautiful ?grand format? catalog,featuring lavish descriptions and high quality photography of the lots.Annual Catalog Subscription (4 catalogs) $50Call today to order your subscription!800-243-5211If you are selling notes...Lyn Knight Currency Auctions has handled virtually every great UnitedStates currency rarity. We can sell all of your notes! Colonial Currency...Obsolete Currency... Fractional Currency... Encased Postage... ConfederateCurrency... United States Large and Small Size Currency... National BankNotes... Error Notes... Military Payment Certificates (MPC)... as well asCanadian Bank Notes and scarce Foreign Bank Notes. We offer:Great Commission RatesCash AdvancesExpert CatalogingBeautiful CatalogsCall or send your notes today!If your collection warrants, we will be happy to travel to yourlocation and review your notes.800-243-5211Mail notes to:Lyn Knight Currency AuctionsP.O. Box 7364, Overland Park, KS 66207-0364We strongly recommend that you send your material via USPS Registered Mail insured for itsfull value. Prior to mailing material, please make a complete listing, including photocopies ofthe note(s), for your records. We will acknowledge receipt of your material upon its arrival.If you have a question about currency, call Lyn Knight.He looks forward to assisting you.800-243-5211 - 913-338-3779 - Fax 913-338-4754Email: lyn@lynknight.com - support@lynknight.c omWhether you?re buying or selling, visit our website: www.lynknight.comFr. 379a $1,000 1890 T.N. Grand WatermelonSold for $1,092,500Fr. 183c $500 1863 L.T.Sold for $621,000Fr. 328 $50 1880 S.C.Sold for $287,500 Lyn KnightCurrency AuctionsDeal with theLeading AuctionCompany in UnitedStates CurrencyThe Civil War's Impact on Insurance in Alabama: The Story of the Troy Insurance Company by Bill Gunther The Troy Insurance Company was one of at least thirty new insurance companies chartered in Alabama during the period 1859-1861, with 63 percent of that number occurring in 1860 alone.1 The main driver of this growth in Alabama insurance companies was the fact that many of the Northern based insurance companies located in the South were growing concerned with the deteriorating political climate. One company in particular, Baltimore Life, had grown their business by focusing on selling life insurance on slaves. In 1853, slave insurance policies accounted for only seven percent of Baltimore Life?s total sales. However, by 1860 that share had increased to seventy-two percent.2 That concentration exposed the firm to growing financial risks if emancipation became the law of the land. Many Northern-based insurance companies facing such exposure decided to leave the Southern market altogether and sought to find ?? every possible means of legally voiding policies...?3 The decision by Northern insurance companies to leave the Southern market became easier when both the South and the North made commercial transactions between individuals in the opposing jurisdictions illegal. President Lincoln issued a presidential proclamation making all commercial interactions between the North and South illegal. This Law, commonly known as the Non-Intercourse Act, was to take effect August 26, 1861.4 The Confederate congress retaliated almost immediately with a law passed on August 30, 1861 making all debts due to Northerner?s illegal and allowed for the seizing of assets owned by Northerners in the South as well. The State of Mississippi went even further and actively expelled agencies of northern-based life insurance companies. It was against this backdrop that Alabama insurance companies began to emerge to fill the void. As specie disappeared from circulation at the beginning of the Civil War, scrip became the go-to medium of exchange among merchants. It is that type of scrip that motivated this story about one such insurance company, the Troy Insurance Company, of Troy, Alabama, and their entrepreneurial founders. The Troy Insurance Company?s Charter The General Assembly of the State of Alabama issued a charter for the Troy Insurance Company on February 24, 1860.5 The three incorporators named in the charter were two lawyers, Alfred N. Worthy and Benjamin Gardner, and a medical doctor, J. B. Fannin. They were authorized to initially raise capital in the amount of $50,000 to be divided into shares of $100 each. The charter also allowed the President and Directors to increase the capital stock to no more than $150,000 at a later date. Their ?power to make insurance? included ships, river boats, all goods and merchandise, slaves and life, property, and fire. An interesting clause that appeared in most company charters was the following: ?provided that the said corporation shall not make or issue any bills, bonds, notes, or other securities to circulate as money?. It would be difficult to see these notes as anything other than in direct violation of this clause, with the possible explanation that they were not designed to ?circulate as money?. In addition to the three names included in the charter, a blue ?protector? stamp contains the name ?D. B. Murphree?, secretary. Each of the individuals are discussed below.6 But first a little background on the ?village? of Troy. The ?Village? of Troy The area that would become Troy was initially part of British West Florida in the late 1700s. After the area became part of the United States and settlers began to arrive in the new State of Alabama in 1819, the area was first called ?Dear Stand Hil,? then ?Zebulon? and then ?Centreville?, and finally, in 1838, ?Troy?. It was incorporated in 1843. By 1850, the Census put the population of Troy at only 600.7 A local citizen, Monroe Malachi Bell, commented in his 1853 diary that Troy was ?then a small village with a courthouse and jail and 4 or 5 stores & and several whiskey bar rooms, more groceries, and a law office or 2 scattered around the square...?8 While it is true that the population of Alabama was largely rural in the early years, the estimate of only 600 residents in 1850 and Monroe Malachi Bell?s reference of Troy as a ?small village? in 1853 raises Monroe Malachi Bell (1845-1929). Early Troy resident kept diary.SPMC.org * Paper Money * March/April 2023 * Whole Number 344124the question of whether a small insurance company such as Troy Insurance Company could generate sufficient business to survive. That question ultimately became moot when the southern economy collapsed at the end of the Civil War. Alfred N. Worthy, Co-Founder and President of the Troy Insurance Co. Alfred Newton Worthy was born on April 26, 1818, in Gwinnett County, Georgia. A lawyer, doctor, and Baptist minister, he received his early education at Washington Academy in Georgia, then graduated in medicine from Literary and Botanical College, Columbus, Ohio in 1838.9 That college focused on traditional herbal medicine in the treatment of patients which was popular during the early part of the 19th Century. On August 22, 1839, at the age of 21 he married Ann Pace in Upson County, Georgia. She was also born in Georgia, in 1826, making her only 14 or perhaps 15 years of age when she married. Worthy then attended law school at Tuskegee finishing in 1849 and practicing law in Troy for almost fifty years. Later in 1856, Worthy was ordained a Baptist minister, an avocation he would follow in the later years of his life. He also wrote books including ?Worthy?s Practice: being a treatise on the theory and practice of medicine?, and The history of the First Baptist Church of Troy, Alabama which he founded. Between 1852 and 1855, Worthy was co-owner of the Alabama Journal, a local newspaper. To add to this busy life, Alfred agreed to serve as President of the Troy Insurance Company beginning in 1860. He was also appointed Postmaster of Troy in 1871, a position he held until 1880.10 Worthy also served in both the Alabama House (1865-1868) and Alabama Senate (1868-1872). His family life must have been equally challenging with a total of twelve children, 7 boys and 5 girls. All but one child was born in Alabama, the other was born in Georgia.11 Alfred Worthy?s occupation in 1860 is listed as ?Miss. Bap. Minister & Lawyer,? which is interpreted as a Missionary Baptist Minister and lawyer. He reported that he owned $4,000 in real estate and the value of his personal estate was an impressive $26,390. In 1860 he owned nine slaves, although it does not appear he was a major cotton planter.12 His age of 43 at the beginning of the Civil War exempted him from military service. Like many others, Alfred Worthy?s financial stature took a serious blow during the Civil War. Before the war, his total financial wealth was estimated at slightly more than $30,000. In 1870, that wealth had been reduced to a total of $6,000, a drop of 80 percent. He continued to practice law until he died on July 8, 1897, at the age of 89.13 Ann, his wife of fifty-seven years, died a year earlier on December 18, 1896 at the age of 71.14 Benjamin Gardner, Co-Founder Benjamin Gardner was born in North Carolina in 1814 and like Alfred Worthy had variety of job experiences as well as wives. He first married in 1833 in Georgia to Catherine Collins. They soon had four children, two boys and two girls. Unfortunately, Catherine died in Columbus, Georgia in 1840. The 1840 Census shows Benjamin living in Wetumpka, just north of Montgomery, Alabama. He apparently had moved shortly after his wife had died. In March of 1841, Benjamin remarried, again in Macon, Georgia, to Eliza Ann Harwell (1829-1851). They also had four children, two boys and two girls, making a total of eight children for Benjamin. Eliza died in 1851 in North Carolina, although the 1850 Census shows the family living in Barbour County.15 It may be that Eliza had developed some illness and returned to North Carolina where family members could tend to her needs. Benjamin next married Harriet Louisa Sumner (1827-1861) in Tallapoosa County, Alabama on July 1, 1853. They had two children, a boy in 1854 and a girl in 1859. Fate delt Benjamin another blow when Harriet died in March of 1861 in North Carolina. Again, the 1860 Census shows the family living in Troy, Alabama and Benjamin?s occupation is ?assistant lawyer?.16 Since Benjamin was from North Carolina, it may well be that his last two wives were sent there so that his family could help take care of them. Finally, Benjamin remarried to Anna Elizabeth Starke on January 11, 1863, in Troy, Pike County, Alabama. They had one son, Bowling Starke Gardner, born in October of 1863. At this time, Benjamin had fathered at least eleven children ranging in age from 1 to 30, with four different wives. Three of the children were under 10 in 1863. Benjamin Gardner served as Captain of the Troy Branch of the State militia before the war, which was called up and reorganized by the Confederate Army. Benjamin then served as the commander of the ?noted and gallant Quitman Guards?.17 Alfred N. Worthy, Presidentof Troy Insurance Company,date unknown. Source:Anc.Com. SPMC.org * Paper Money * March/April 2023 * Whole Number 344125Following the war, Benjamin served as Alabama?s Attorney General from 1868 to 1870. In 1891 Benjamin served as a United States Commissioner in the Circuit and District Court of Alabama.18 A few years later, he moved to Palestine, Anderson County, Texas to live with his youngest son, Boling S. and his family. Boling Gardner was named for Anna?s brother and father who were both lawyers in Virginia. Benjamin died in 1902 in Texas and was buried in Palestine, Texas. He was 88 years old. His wife, Anna lived until 1916 when she passed away in Troy, Alabama also at the age of 88 and was buried in Troy. Sometime between 1902 and 1910, Anna had returned to Troy and was living with the widow of her stepson, John D. Gardner, and their daughter.19 When she passed away in Troy it was probably too difficult and expensive to make arrangements to return her body to Texas to be with her late husband. Given all of the activities that Benjamin Gardner was engaged in over the years, not to mention his large family, the fact that he had time to invest both time and money in the development of the Troy Insurance Company is remarkable. Joseph Brown Fannin, Co-Founder The third incorporator of the Troy Insurance Company was Joseph Brown Fannin who was born in South Carolina around 1826.20 It is not clear when the family moved to Alabama, but Joseph Brown Fannin married Mary Burford Murphree on September 22, 1852, in Troy, Alabama, when he was 26 and she was 31 years old. The Murphree?s had relocated to Alabama from Carthage, Tennessee sometime between 1844 and 1852. Mary was the oldest of 11 children and was born in Tennessee. J. B. and Mary had one child, a son namd Richard Fannin, who was born in 1853 and who spent his entire life in Pike County, Alabama where he died in 1910 at the age of 57. Records indicate that J. B. Fannin first studied medicine with a ?preceptor? named Dr. Stanley B. McKenzie in Montgomery.21 Dr. McKenzie was born in 1819 in North Carolina and had just married Florida Harvey in April of 1850 in Montgomery. Late that year a daughter, Alice, was born. An additional member of the household is H. L. Harvey, age 20, presumably a relative of Florida Harveys. He is listed as a student, perhaps also a medical student being tutored by Dr. McKenzie. Strangely, no further information could be located on Dr. McKenzie for any Census year following 1850. Florida and Alice McKenzie are found in 1860 living in LaFayette, Chambers County, Alabama with the family of Henry Nelson Pharr, age 62. He listed his occupation as a Presbyterian ministerwhile Florida is listed as a teacher. Speculation is that Dr. McKenzie passed away sometime after 1850 and 1860. No further information on Florida McKenzie or Alice could be located. After his time with Dr. McKenzie, J. B. Fannin enrolled at the Medical College of the State of South Carolina where he studied from 1853 to 1854 but did not receive a diploma from the College.22 There is no record that Joseph B. Fannin graduated with a medical degree from that College. However, a law passed in Alabama in 1823, referred to as the ?1823 Law,? required practicing physicians to be licensed by the state.22 The 1823 Law established medical boards in Huntsville, Cahaba, Claiborne, Tuscaloosa, and Mobile. Montgomery and Demopolis boards were added in 1835, and Livingston and Talladega in 1845. A date for the establishment of a Medical Board at Troy, Alabama, could not be determined. It is possible that Fannin took the Medical Board examinations at some other location. The Medical Association of the State of Alabama could not locate a Joseph B. Fannin in their records.23 The framework for licensing doctors was by examination from a medical board consisting of physicians. The Board would examine and review all applicants, and all who passed the board were granted a license even if they did not hold a degree from a medical college. Holley notes that ?In 1845, the duty of the Talladega Medical Board was to examine all applicants who did not hold a diploma from a regular medical college and to grant them a license to practice if found qualified.?24 An 1850 survey of doctors by the State Medical Association of Alabama revealed that of the 279 doctors who responded, only 2 percent obtained their license without first having a diploma from a medical school.25 Since Dr. Fannin lived in Troy, it is assumed that he ?passed? his Board exams in Pike County, although no records could be located to support that assumption. It does seem that he did very well on these exams since, by 1858, Dr. Fannin was a member of the Pike County (Alabama) Medical Board. On March 17, 1862, at the age of 35, Dr. Fannin enlisted in Company K, 35th Alabama Voluntary Infantry at Spring Hill, Alabama (near Mobile). His rank at enlistment was ?2nd Lieutenant (Surgeon)? but Ad (?Card?) byDr. Joseph BrownFannin appearingin local paper inMontgomery, October 21, 1857.Source: Anc.Com. SPMC.org * Paper Money * March/April 2023 * Whole Number 344126he was promoted to 1st Lieutenant on May 13, 1862. He developed ?chronic bronchitis? in the winter of 1862 and was discharged effective December 31, 1862.26 No record of Fannin could be located in the Federal Census for 1870, but Joseph did appear in the Alabama Census of 1866 in Troy. He apparently returned to practice medicine in Troy, Alabama. He died in Troy in 1878 at the age of 52, while his wife, Mary, died in 1880 at the age of 60. Both are buried in Troy. The Troy Insurance Company Notes There are only two notes known from this issuer and only one that appeared in the catalog of obsolete Alabama notes ($1) when it first appeared in 1984.27 The second known note was a nickel (5 cents) note that did not surface until 2004 when it was first sold in a Heritage Auction sale.30 The 5-cent note has a puzzling line which states ?Columbus, Ga., 1862?. Had it been known to Rosene in 1984, he might have included it as a ?bi-state? or ?cross-over? issue.31 No Georgia reference is printed on the $1 note, the only other known Troy Insurance Co. note, adding to the mystery of the Georgia reference on the 5-cent note. There are two names printed inside the blue stamp on the face of the 5 cent and $1 notes as well as one written signature on each of the notes themselves. The stamp is presumed to be some sort of validation of the issue and to prevent counterfeiting. The two printed names on the stamp are A. W. Worthy who was President, and D. B. Murphree, who was secretary. The written signature on the $1 note was A. N. Worthy as President. The nickel note, however, appears to be signed by a Wm. Brown, although a precise verification of that person was not possible. Brown was most likely a clerk in the employ of A. N. Worthy and only signed small denomination notes. No other notes from the Troy Insurance Company have been identified at public auction. The blue stamp on the face of both notes indicates that D. B. Murphree was the Secretary of the Troy Insurance Company. His full name was Daniel Burford Murphree, and he was the younger brother of J. B. Fannin?s wife, Mary Murphree Fannin. He was born at Carthage, Smith County, Tennessee around 1834 and was about 28 years old at the time these notes were issued in 1862. No record of him could be found for 1850, but in 1860 he appears in Troy, Alabama, living with his older brother, William Mills Murphree and his family. William M. Murphee?s occupation in 1850 was that of a merchant, but in 1860 he lists his occupation as ?register & hotel keeper.? There were six other non-family members in the ?hotel? in 1860 along with Daniel.30 Daniel is listed as a ?broker?s clerk?, presumably for the Troy Insurance Company. On July 3rd, 1861, Daniel Murphree enlisted in Company I, 15th Alabama Infantry Regiment in Troy as a private.31 Considering the notes of the Troy Insurance Company containing the blue stamp are dated 1862, it seems most likely that notes with the blue stamp were created before he enlisted and continued to be used after Murphree left for the war. That would explain the signature on the 5-cent note of ?Wm. Brown.? Daniel served at engagements in Winchester (VA), Shepherds Town (WV), Fredericksburg (MD), and Chickamauga (GA), where he was wounded in 1863.34 He apparently served in the army until January 1, 1865, when he returned to Troy. He met and married Mary Willie Henderson on December 19, 1865, at Troy. Mary was born in Alabama around 1845 and was ten years younger than Daniel. No record for 1870 could be located for Daniel, but in 1880 they were still living in Troy and Daniel reported his occupation as a ?grocer.?35 The Murphree family consisted of six children including one set of twins born in 1879. Daniel died on December 31, 1890, in Troy at the age of 56, raising the question if his war injury two years earlier led to what appears to be a AO-450-$.05a*(Rosene Unlisted). Troy, Alabama. Troy Insurance Co. (Columbus, Georgia.) 1862. AO-450-$1a* (Rosene 320-1). Troy, Alabama. Troy Insurance Company, May 8, 1862 Blue validation stamp. SPMC.org * Paper Money * March/April 2023 * Whole Number 344127premature death. Daniel?s wife, Mary Willie Murphree, died in 1923 in Covington County, Alabama at the age of 78. Redemption in Georgia? A plausible explanation for the existence of a reference to Columbus, Georgia on the face of the 5-cent note is that the Troy Insurance had a branch location there. While that is certainly a possibility, ?distance? was a real detriment to branching in the 1860s, not to mention the legal issues of a merchant crossing state lines. With the limited communication technology and high transportation costs available at the time, there was little economic advantage to branching. The most logical explanation for the issuance of these ?Georgia? referenced notes is that involving redemption, or to be more precise, the difficulty of redemption. Issuing scrip was a form of borrowing money from your customer. The longer a merchant could postpone redemption, the greater the interest free loan the merchant could enjoy. If the scrip was never redeemed, it effectively raised the final price of the item and added to the profits of the merchant. The ?redemption clause? printed on these Troy Insurance Company notes may also help to further explain this issue. It clearly obligates the issuer, Troy Insurance Company, to redeem these nickel notes in ?current bank bills? when presented in sums of five dollars or its multiple. The minimum redemption of $5 in nickel notes means the holder would need to accumulate 100 of these notes to claim redemption. At the time this note was issued in 1862, the only ?current bank bills? one could receive in Alabama were private issues or Confederate Treasury notes. Since there was no specie circulating at the time, there was little recourse for the holder of these notes but to accept other paper issues in exchange for five dollars (or its multiple) in these notes. The requirement that at least five dollars or more presented, and the implicit location for redemption being more than 70 miles away, meant the merchant could extend the time of the ?loan? before they were presented. The redemption clause for the $1 note required only 10 notes ($10). The Troy Insurance Company, like most businesses in the South, failed sometime during or immediately at the end of the Civil War as Confederate money ultimately became worthless. Footnotes?*See William Gunther and Charles Derby, A Comprehensive Guideto Alabama Obsolete Notes, 1818-1885 (Privately Printed: 5/2020) 1A search of Legislative Acts for 1859-1861, Alabama Department of Archives and History (htps://archives.alabama.gov/searchcoll.html). 2Sharon Ann Murphy, Investing in Life: Insurance in Antebellum America (Baltimore: The Johns Hopkins Press, 2010), p. 307. 3Murphy, Investing in Life, p.266. 4Havins, T. R. ?Administration of the Sequestration Act in the Confederate District Court for the Western District of Texas, 1862-1865,? The Southwestern Historic Quarterly, vol.43 (January 1940), pp.295-322. Also, ?Confiscation Acts,? http://www.britannica.com. 5Alabama Acts of the General Assembly, 1860. Alabama Department of Archives and History (www.archives.alabamba.gov) 6The primary source of information on the individuals discussed here are the Census years available on Anc.Com (Anc.Com) 7?Troy, Alabama?, Wikipedia. http://en.wikipedia.org/wiki/Troy, Alabama. 8Public Family Tree of Monroe Malachi Bell, ?Diary of Monroe Malachi Bell?, p. 7 www.Anc.Com. 9Notable Men of Alabama: Personal and Genealogical, with Portraits (Alfred Calhoun Worthy), 1904, Vol. 2. p. 288. Available through Anc.Com. See also Thomas McAdory Owen, Dictionary of Alabama Biography (Chicago: S. J. Clark, 1921), p.1811 (Alfred Newton Worthy). 10U.S. Appointments of U.S. Postmasters, 1832-1871, Anc.Com. 11Alfred N. Worthy, Public Family Tree, Anc.Com. 12Alfred N. Worthy, Census of Slaves (1860), Anc.Com. 13Alfred N. Worthy, Census of 1870, Anc.Com. 14Alfred N. Worthy, Public Family Tree, Anc.Com. 15Benjamin Gardner, Public Family Tree, Anc.Com. 16Benjamin Gardner, Census of 1860, Anc.Com. 17Military info from Benjamin Gardner, Find-a-Grave, Anc.Com. 18Gardner, Find-a-grave, Ancstry.com. 19Census of 1910, Anc.Com. 20Joseph Brown Fannin, Public Family Tree, Anc.Com. 21Mary Buford Murphree, Public Family Tree, Anc.Com. 22?Lieut Joseph Brown ?Dr.? Fannin, Find-a-Grave, Anc.Com. 23Florida McKenzie, Census of 1860, Anc.Com. 24This fact was made aware to me through correspondence with Tim L. Pennycuff, Assistant Professor and University Archivist, University of Alabama at Birmingham, March 2, 2017. 25 Correspondence with Membership Coordinator, Medical Association of the State of Alabama, March 22, 2017. 26See Howard L. Holley, A History of Medicine in Alabama (Tuscaloosa: University of Alabama Press, 1982), pp.254-260 for details on the 1823 Law. 27Results were computed from data in Holley, pp. 259-260. 28?Lieut Joseph Brown ?Dr.? Fannin, Find-a-Grave, Anc.Com. 29Walter Rosene, Jr., Alabama Obsolete Notes and Scrip (Society of Paper Money Collectors, 1984). 30See HA.com archives. 31See Rosene, pp. 129-131 for listing of Bi-State notes. 32William Mills Murphree, Census of 1850, Anc.Com. 33Daniel B. Murphree, Civil War Soldier Records and Profiles, 1861-1865, Anc.Com. 34American Civil War Regiments, 1861-1865, 15th Infantry Regiment Alabama, Anc.Com. 35Daniel Buford Murphree, Census of 1880, Anc.Com. SPMC.org * Paper Money * March/April 2023 * Whole Number 344128Raised Bank Notes from The Pratt Bank of Buffalo, New York by Bernhard Wilde, FCNRS In the fall of 1847, Elisha N. Pratt formed The Pratt Bank of Buffalo (1847-58)1 in the state of New York with offices at 139 Main Street. He and his family had been active in the banking business for some time. Hiram Pratt was a founder, cashier, and president of The Bank of Buffalo (1831-41), but lost his entire estate due to forged banknotes and interactions with Benjamin Rathbun.2 Lucius H. Pratt was director of The Commercial Bank of Buffalo (1834-41). Pascal P. Pratt was also one of the founders of The Bank of Buffalo and one of the directors of The Bank of Attica which moved to Buffalo in 1842. Elisha N. Pratt, himself was a director of the Canal Bank of Albany (1829-48), which lent him the $50,000 capital to establish The Pratt Bank of Buffalo in 1847.3 As soon as he established the bank, he sold it to Lucius F. Tiffany, who sold it to Thaddeus W. Patchin in 1852, whose former Patchin Bank of Buffalo closed in 1853. Most of these banking endeavors seemed to be rather shady and all of the banks mentioned above ended in failure. The Pratts might even have been indirectly involved, with Rathbun, in the spurious Commercial Bank of Fort Erie (1836-39) across the Niagara River in Upper Canada.4 Figure 1. Issued notes from The Pratt Bank of Buffalo. (2009 Spink; 2015 Heritage, BW) SPMC.org * Paper Money * March/April 2023 * Whole Number 344129Haxby, in 1988, listed the whole Pratt Bank, without images, as SENC, that is, ?Surviving Example Not Confirmed.? However, over the years, several notes from The Pratt bank have surfaced. Figure 1 shows $1 and $5 genuine issued notes from this bank that came from the Schingoethe and Newman collections, respectively. Another $1 issued note was also sold in a large lot in 2005 by Heritage. As Table I indicates, these are the only unaltered surviving notes from this bank known to this author. By the way, Haxby does not indicate either the gray or red protectors.5 In addition to these notes, Haxby lists a large number of raised notes, that is, notes that were used by counterfeiters6 to raise low denomination genuine notes to higher denomination notes and thereby making profits of several hundred per cent. Table I indicates that notes were raised from $1 to $3, $5 and $10 notes and $2 notes were raised to $5 notes. Haxby knew about these notes because he studied many Bank Note Reporters and newspaper accounts. This author was fortunate to obtain the three notes that were raised from $1 to $5 shown in Figure 2. Given the above information, one can determine that the typical four-note plate had denominations of $1.1.2.5 with check letters of A.B.A.A. The first plate was engraved, in early 1847, by Rawdon, Wright, Hatch and Edson (1847-58). These notes have Haxby numbers of NY-475-G2-G2-G4-G8. They would all have the New York state seal as shown in Figure 2 and be ?COUNTERSIGNED & REGISTERED? in the ?Comptroller?s Office? as shown in the seals of Figure 2. Note the vertical register?s signatures next to their seals. On April 10, 1851, the New York State Legislature7 decided that the Comptroller?s office was getting too busy and too large. It therefore separated a bank department to oversee the numerous new banks of New York State. The bank department in Albany held securities supplied by the banks and the printing plates for the banks. The printing plate was modified8 in 1851 to remove the ?Comptroller?s Office? below the seal (Figure 2) and substituted with ?IN THE BANK DEPARTMENT,? as shown in Figure 1. Haxby lists these modified notes as NY-475-G2a-G2a-G4a-G8a, all of which are also SENC, except that the raised notes in Figure 2 were once actually NY-475-G2 $1 notes. They are dated before April 10, 1851 and are signed by the second president, Lucius F. Tiffany, whereas the bank department notes of Figure 1 are dated after April 10, 1851 and signed by the third president, Thaddeus W. Patchin. The $5 raised notes of Figure 2 obviously have the same three vignettes as the original $1 note of Figure 1. The central vignette is of Juno Moneta with a scale on top of a treasure chest and a large spread eagle carrying the United States shield, with sailing ships in the background. The lower left vignette has a blacksmith holding a hammer on top of an anvil, while the lower right vignette is of a woman holding a rake. The raised notes certainly look nothing like the genuine $5 note of Figure 1, which has a very interesting central vignette of Amphitrite and Neptune in a shell drawn by several seahorses. Table I. A current registry of known notes from The Pratt Bank of Buffalo. SPMC.org * Paper Money * March/April 2023 * Whole Number 344130Figure 2. $1 notes from The Pratt Bank in various stages of being raised to $5. (BW) SPMC.org * Paper Money * March/April 2023 * Whole Number 344131Comparing Figures 1 and 2, one sees that none of the vignettes were changed since they had no information associated with a $1 note. However, in order to raise the $1 notes to a different denomination, one would or should remove all other indications that the note used to have a $1 denomination and now has a $5 denomination. This includes the large ?1? counter in the upper right corner, the ?ONE DOLLAR? below the name of the bank, the shaded black ?ONE? protector printed with the rest of the note, and finally the red ?ONE? protector printed over the black with a separate plate, sometimes via lithography or even cheaper via letterpress. After removal of all indications of the $1 denomination, $5 enhancements would be added. The three notes of Figure 2 are of interest because they seem to show the progression of changes made from the genuine $1 note to the counterfeit raised $5 note. The top note shows that the ?1? counter and the ?ON? in ?ONE DOLLAR? has been removed. This is typically done either with abrasive actions or chemicals. In this case the ?1? counter was mostly done with chemicals since the paper is still intact under the counter. A lot of abrasive removal of the ink, like for the ?ON? would cause damage to the paper. There is a definite hole near the ?E,? while the rest of the ?ON? was probably erased chemically. Also note the crude addition of the ?S? in ?DOLLARS,? especially for the bottom note. The hardest part was the removal of the large gray and the red ?ONE? protectors due to the presence of the manual signatures of the cashier and president, and the printed words ?will pay to the bearer ?? It looks like a combination of abrasion and chemical removal was used. Afterwards, some retouching needed to be done, especially in the signatures. However, some of the red ink and most of the gray ?ONE? protector is still visible. The middle note of Figure 2a shows the pasted-on ?5? counter in the upper right corner, probably obtained from notes of failed or spurious banks. The ?FIV? and the ?S? for the ?FIVE DOLLARS? counter have also been added. For the bottom note of Figure 2, only the central part of the ?1? counter was removed and poorly replaced by a ?5? without the border, as shown in Figure 2a. The note also shows a poor attempt at adding the ?FIVE? red Protector with some form of crayons. The distance between the ?V? and the ?E? in ?FIVE? is much too large. In addition, the ?F? of the protector looks more like an ?E? and the gray ?ONE? protector seems not to have been touched. Thus, the gray and red protectors actually did their intended jobs, that is, make it difficult to raise notes. The end result for all three raised notes is not very good. The counterfeiters used well-worn notes to attempt to hide all of these changes. However, one can see, especially in the middle note, the gradations in tone due to the use of the chemicals. One might speculate that these three notes, in various state of completion, were confiscated from the counterfeiters by the law, especially due to the missing pieces. However, they could actually be in their final intended states of raised notes and some pieces just fell off during the last 170 years due to poor gluing techniques. It seems that raising a note from a genuine $1 to a $5 note would take considerable time and effort, not to mention the potential result of being captured and sent to jail. However, the increased value of $4 is a profit of 400%. The average non-skilled wages in 1850 was about $1 per day. Thus, raising several notes per day would be quite profitable! Many times, runners were employed by the counterfeiters to pass the notes all over town or, more likely, in distant towns or even states. By the way, if such a raised note was presented for redemption at The Pratt Bank, it would typically be redeemed at the original value of the note, cancelled, and marked as ?raised.? Lastly, comparison of Figure 1 and 2, shows that all but one note has the statement ?Secured by the Pledge of Public Stocks and Real Estate? in the circle at bottom center. The outlier is the top note of Figure 2, which states ?Secured by the Pledge of Public Stocks of the State of New York.? This indicates a new, but unlisted, subvariety of the Haxby listings engendered by stricter laws of the state of New York. All images in this article are from the author?s collection except where specifically stated otherwise. If anyone has more or better images of these Pratt Bank of Buffalo notes or additional information for the registry of notes of Table I, this author would appreciate copies sent to cuf@earthlink.net. Figure 2a. Details of the transformation of the 1 to the 5 counters for the notes of Figure 2. SPMC.org * Paper Money * March/April 2023 * Whole Number 3441321 James A. Haxby, Standard Catalog of United States Obsolete Banknotes 1782-1866, Krause Publications, 1988, ISBN# 9780873410434. p. 1470. 2 Roger Whitman (1996). The rise and fall of a frontier entrepreneur : Benjamin Rathbun, Master Builder and Architect, Syracuse, N.Y, Syracuse University Press and Buffalo and Erie County Historical Society, 1996. ISBN 9780815603375. Also see https://www.youtube.com/watch?v=1bBTIb_sFBo and Bernhard Wilde, Benjamin Rathbun, Builder and Banker of Early Buffalo, to be published. 3 Report of the Select Committee of the Senate (of New York), showing the Frauds and Peculations of Edwin Croswell, Theodore Olcott, John L. Crew, and others by which The Canal Bank was Ruined, Albany, 1849, p. 12-17. Elisha N. Pratt seems to stem from the Pratts in Albany. He established the Elisha N. Pratt and Co., makers of large decorative stoves. He moved to Buffalo to found The Pratt Bank in 1847 and a few years thereafter returned to Rensselaer across the Hudson River from Albany. He was a New York state senator from 1854 to 1855 and died 1856, two years before The Pratt Bank closed. This author could not find a direct family connection to the Pratts of Buffalo; however, he most likely was a distant relative since the Pratts came to the British colonies in the early 1600s. 4 Benjamin Rathbun, The case of Benjamin Rathbun; this remarkable financier's own statement of his operations in Buffalo and Niagara Falls, culminating in forgery and imprisonment. Now first published from his own manuscript written in jail, p. 239 and 244. 5 Looking at many obsolete proofs, the ?gray protectors? seem to be precursors to the colored protectors. These were probably used to protect the note from being raised, as shown in this article. Typically, the colored protectors were overprinted on top of the signatures to protect them against changes. However, especially in the late1850s and early 1860s, the colored protectors many times were printed with intaglio plates by the printing company. This was especially true when colored elements, e. g. counters, were used as part of the definition of the note and not just large ?WORD? or numeral overprints. 6 Bob McCabe, Counterfeiting and Technology, A History of the long Struggle between Paper-Money Counterfeiters and Security Printing, Whitman Publishing, 2016, ISBN 0794843956. 7 J. Smith Homans, Editor, The Bankers? Magazine and Statistical Register, Volume Fifth, from July 1850 to July 1851, Inclusive, Boston, p. 1005-1008. 8 Bernhard Wilde, ?Siderography: Niagara Falls on Steel? Canadian Paper Money Society Journal, Vol. 54, No. 158, September 2018, p. 74. SPMC.org * Paper Money * March/April 2023 * Whole Number 344133Collecting UNESCO World Heritage Sites Bank Notes By Roland Rollins A good topical collection theme is UNESCO World Heritage Sites. There are ample examples of world bank notes, with new notes added almost yearly. The images are often aesthetically pleasing, and the sites are also compelling, giving the collector a chance to learn historical information about the countries. UNESCO lists 165 nations with heritage sites. It?s been reported elsewhere 71 countries show one or more of their sites on their bank notes. I have documented 95 countries, 163 sites listed by UNESCO on 888 different bank notes to date and counting! But how do you know what notes depict such sites? The notes themselves fall into one of three types: 1. Those that show the site image only.2. Those that show the image and name the site.3. Those that show the site image, name the site, and mention it as a world heritage siteMost show the image only, so one must first know what sites are registered as World Heritage Sites. Luckily, a UNESCO web site lists all places already inducted and those on a tentative list one can refer back to if a note in your collection is in this category. The site also shows number of sites for each country, the dates of induction, a good description of why each site was chosen, and even reviews from visitors of the sites. There are two categories of sites, natural and cultural (man-made), though several are considered mixed. Images of the sites are also provided which is a good way to compare with your notes to quickly spot finds. The link is here: https://www.worldheritagesite.org/ Is there a complete listing of all bank notes with UNESCO sites? No, but I?m working on it! There is a 16-page pdf with many countries listed with such bank notes, but few actually shown at ?UNESCO?S WORLD HERITAGE OBJECTS ON NATIONAL BANKNOTES?, by Denis Peskov - Research Assistant, Institute of Ethnology and Anthropology of Russian Academy of Sciences. This pdf file is free to download on academia.edu. I am to understand there is a group at the IBNS Forum compiling a list. A start to a list exists on stevenbron.nl. The list includes 34 countries and 69 sites. The list link is here: http://www.stevenbron.nl/2012/10/19/unesco-sites-on-banknotes Denis mentions four out of top five countries with the largest numbers of sites no longer produce their own notes, but Euros - Italy (47), Spain (43), France (37) and Germany (36). While new bank note issues with sites shown for these countries is unlikely, there do exist older specimens prior to the introduction of the Euro. To find your UNESCO collection notes view the notes and/or to refer to a site or catalog with bank note descriptions. I use the electronic pdf format because they offer several advantages. The main advantage is the search function. This function is only as good as the bank note description! Let?s look at an example. Afghanistan has 2 UNESCO sites. The one with 8 locations, all in the Bamiyan Valley is depicted on three bank notes, with one showing the cliff carvings. Using ?Bamiyan? as a search term arrives at the following results. The Bank Notebook, Afghanistan chapter yields all three notes (but two spelled the alternate spelling Bamyan). The Standard Catalog of World Paper Money (General & Modern) yields one note. The Bank Note Museum online website yields none. The crowd sourced Numista yields two notes. The crowd-sourced Banknote database yields one note. The crowd sourced Colnect yields one note. The crowd sourced Numizon yields one note, referencing details from BNB. Often several of these sites disclose general information rather than the specific name you are searching. Using both options, including a visual inspection of results can help locate good finds when compared to the UNESCO site images. Also, as can be seen from the above exercise, watch for alternate spellings! SPMC.org * Paper Money * March/April 2023 * Whole Number 344134The Bamiyan Valley cultural site was inscribed in UNESCO in 2003. The Cultural Landscape and Archaeological Remains of the Bamiyan Valley represent the Buddhist art that resulted from the interaction between man and nature from the 1st to 13th centuries. The kingdom of Bamiyan was a Buddhist state along the trade routes that for centuries linked China and Central Asia with India and the west. Statues of Buddha were carved into the sides of cliffs facing Bamiyan city. The two most prominent of these statues were standing Buddhas, measuring 55 and 37 meters high respectively, that were the largest examples of standing Buddha carvings in the world. They were probably erected in the 4th or 5th century. In 2001, the Afghan Taliban government ordered them to be demolished. By 2021 the Taliban were welcoming tourists. As can be seen, if you like a little detective work, THIS is the topical collection for you! I intend on a providing a series of articles surveying UNESCO sites, one country at a time. 2 Afghanis, 1939, P21 & B301. Front, King Muhammad Zahir; coat of arms. Back, Colossal Buddha statue niches in Bamiyan SPMC.org * Paper Money * March/April 2023 * Whole Number 344135$MALL NOTE$ By Jamie Yakes and Peter Huntoon $5 Federal Reserve Series of 1934 Blue-Green Seal, Yellow-Green Back, Non-Mules Figure 1. $5 Series of 1934 FRN bearing a yellow green back printed from micro back 702 that was canceled on July 27, 1937, face from micro face 21 canceled June 1, 1936, and blue green serial numbers and seal printed in 1942. This is a quintessential find for this type because both the back and face plates were canceled before the sheets were numbered in 1942, demonstrating beyond a doubt that both sides of the stockpiled sheets were printed before the 1937?41 hiatus in the production of $5 Federal Reserve notes. Scarce $5 Federal Reserve Series of 1934 notes like the one pictured in Figure 1 with (1) yellow- green backs with micro plate numbers and (2) blue-green serial numbers and seals comprise a distinctive variety in the series. They were printed from stockpiled sheets carrying both intaglio back and face printings dating from 1935?37 that were serial numbered and sealed after mid-1941. Examples exist from all the Federal Reserve Banks. All San Francisco notes of this variety were Series of 1934 Hawaii issues. Saving Taxpayer Dollars The Bureau of Engraving and Printing as an institution considers sheets printed from intaglio plates to be intrinsically valuable. This work represents the apex of the printing crafts and is expensive to produce. Regardless of product, every sheet of paper involved is accounted for from the time the paper is manufactured to the time the printed products are delivered to the appropriate agency. Misprints are accounted for with equal fidelity to maintain counts. Overruns produced as orders are executed are not destroyed. Rather, they are stockpiled so they can be incorporated into and completed with successive orders. Waste of such stock is anathema to Bureau culture as is the wastage of the intaglio printing plates. Destruction of either occurs only under exceptional circumstances. During the classic period of small note production, when flat 12- and 18-subject currency plates were used to print currency on wetted paper, both overrun sheets and serviceable plates were routinely carried forward to be consumed in later printings. Bureau management prided itself that such waste prevention minimized waste of taxpayer dollars. The practice of carrying forward serviceable plates and stockpiles of sheets without serial numbers and seals created scarce varieties during the classic small note era. Occasionally, true exotics came about, such as the spectacular Series of 1934 $5 Dallas note profiled later. It was easy for early collectors to recognize use of old and still serviceable face plates because they carried obsolete Treasury signature combinations that were mixed on the presses with plates bearing current signatures. Consequently, notes with the different signature combinations were mixed within the same pack of notes so there is no ambiguity about what had transpired. SPMC.org * Paper Money * March/April 2023 * Whole Number 344136Far more subtle is identifying partially completed stockpiled sheets that had been carried forward. They created varieties that occurred out-of-sequence within serial number runs, and, far more interestingly, varieties that carried peculiar characteristics that otherwise set them apart. Series of 1934 $5 Federal Reserve Notes with yellow-green backs and micro plate serial numbers, and blue-green seals and serial numbers are an example of the latter. The yellow-green backs don?t jibe with the blue-green seal color in use when they were numbered. Three BEP Changes The annual reports of the Bureau of Engraving and Printing reveal that there were no $5 Federal Reserve Notes produced between mid-1937 and mid-1941. Instead, the Treasury had assigned production of $5s to sliver certificates and legal tender notes. Central to our story were three changes in the printing of currency adopted during the 1937?41 hiatus. First, the ink used to print the serial numbers and seals on Federal Reserve notes was changed from a vivid yellow-green to dull blue-green during November 1937 (Huntoon, Hodgson, Yakes, 2009). Second, in 1937, the Secret Service asked the BEP to enlarge the size of the plate serial numbers internal to the face and back designs so that their agents could readily read them on worn notes (Huntoon, 2012). Thus, the micro numbers were replaced with macro numbers that were about 40 percent larger on plates made thereafter. The first macro $5 back plate was 940, and those plates first went into production on March 16, 1938. All $5 back production after February 14, 1940, was from macro plates, except for plates 629 and 637, which were lurking unused in the plate vault (Huntoon, 2015). The first $5 Federal Reserve Note macro face plates were Series of 1934A plates. The first of them went into production on July 31, 1941, for New York. However, many still serviceable and unused Series of 1934 Federal Reserve Note face plates were carried forward and used from 1941 to 1946. The printing presses used to print the intaglio backs and faces carried four plates. There was a transition period during which both micro and macro plates were used on the same printing presses, often for both the back and face printings, until the stock of micro plates wore out. These are called mules, which are notes with a micro number on one side and a macro on the other (and vice versa). An example is a Series of 1934 face mated with a macro back: It is a mule because Series of 1934 plates carried micro plate serial numbers. Third, the inks used to print currency backs were changed from a yellow-green to forest-green during 1940 (Huntoon, 1997). This was followed during the 1940s by a progressive change to a blue-green ink. Each of these color changes was transitional rather than abrupt. The consequence of these changes was that all new $5 Federal Reserve Notes printed from 1941 had dark-green macro backs and received blue-green serial numbers and treasury seals. In contrast, $5 Federal Reserve notes printed up to 1937 had yellow-green backs with micro plate numbers, and yellow-green serial numbers and seals. Stockpiled Sheets The peculiar Series of 1934 $5 Federal Reserve Notes treated herein had 1935?37 vintage yellow-green backs with micro plate numbers but blue-green serial numbers and seals of post-1940 vintage. It was obvious that sheet stock with yellow-green backs had bridged the 1937?41 hiatus, and later been numbered and sealed. Thus, the notes constitute a visually distinctive variety. The first of the Series of 1934 $5 San Francisco Hawaii brown seal notes, which also were printed from the stockpile, were equally distinctive because they had yellow-green backs with micro plate numbers. They too comprise a visually distinctive variety within the Hawaii overprint issues. It is easy to demonstrate that the stockpiles for the various districts carried both back and face printings. All the backs were printed in 1935?37 from plates all of which were canceled by the end of 1938. Furthermore, many of the face plates also were canceled in 1936?37. Clearly, the stockpile sheets were two-sided. However, the notes bear blue-green serial numbers and seals of post mid-1941 vintage. The note illustrated on Figure 1 is such a note. SPMC.org * Paper Money * March/April 2023 * Whole Number 344137Resumption of $5 Federal Reserve Notes Production The printing of $5 Federal Reserve Notes resumed on July 11, 1941, beginning with New York. The last district to return to production was Minneapolis in October 1942. The first sheets to be numbered for about half the districts were those from the stockpiles. They were followed by new stock printed from the Series of 1934 plates that had been carried forward. In these cases, serial number breaks between the two were distinct. However, in at least the cases of Philadelphia, Atlanta, Minneapolis, Kansas City, Dallas and San Francisco, batches of stockpiled sheets were alternately numbered in succession with batches of new stock. In fact, it appears that new stock was numbered before any of the stockpiled sheets for Atlanta. New $5 sheet stocks printed from 1941 using Series of 1934 plates were printed on macro back sheets so are mules. They were made in large quantities owing to the large inventory of Series of 1934 Figure 2. The first of the $5 Series of 1934 Hawaii notes were from the 1935-7 stockpile bearing yellow-green backs with micro plate numbers. The stockpile for San Francisco was consumed by the Hawaii printings in June 1942 so no Series of 1934 blue seal non-mules were possible when blue seal production resumed for the district. Heritage auction archives photo. Table 1. Serial number ranges on stockpiled Series of 1934 $5 Federal Reserve sheets with yellow-greenbacks with micro plate serial numbers of 1935-7 vintage overprinted with blue-green seals and serialnumbers after production resumed following the mid-1937 to mid-1941 hiatus in $5 FRN production.Note: Intermixed within these ranges for at least half the districts were runs of post-mid-1941 production sheets with greenbacks carrying macro plate serial numbers and faces overprinted with blue-green serial numbers and seals.Offical low serial numbers1 Observed low and high serial numbers2Boston A06 000 001A A00048001* A06060971A A06125475A A00063562* A00088170*New York B14 832 001A B00108001* B15001763A B15945749A B00137565* B00149994*Philadelphia C06 720 001A C00072001* C06756383A C07506484A C00092007* C00115157*Cleveland D05 400 001A D00072001* D05467610A D05988423A D00074656* D00096424*Richmond E04 992 001A E00060001* E04996687A (one reported) None reportedAtlanta F12 000 001A F00120001* F12119799A F12410419A F00124917* F00139258*Chicago G09 732 001A G00096001* G09759963A G11294127A G00107933* G00117396*St. Louis H10 368 001A H00096001* H10373570A H10917791A H00122348* H00128497*Minneapolis I04 920 001A I00048001* I04946032A I06576225A I00052648* I00091074*Kansas City J03 000 001A J00048001* None reported J00050246* J00077594*Dallas K08 352 001A K00072001* K08400591A K08642400A K00079677* K00091576*San Francisco3 L12 396 001A L00120001* L12400561A L13161191A L00120035* L00143053*1. Data from BEP (1934-1938 & 1952).2. Census data compiled by Jamie Yakes.3. All San Francisco notes have brown serial numbers and seals and HAWAII overprints.SPMC.org * Paper Money * March/April 2023 * Whole Number 344138plates that were carried forward over the 1937?41 hiatus. The last used of those plates was for Richmond in 1946. In time, new Series of 1934A face plates were mixed in on the presses as they became available, the first being for New York on July 31, 1942. No Series of 1934A plates were made for Minneapolis, Kansas City, or Dallas. $5 Hawaii Notes The $5 Hawaii printings nicely illustrate what happened. Printing of $5 Hawaiian notes began on June 6, 1942, and the available stockpiled San Francisco sheets were sent directly to the serial numbering presses to kick off those production runs. Scarce Series of 1934 non-mule yellow-green backs were the result. One million notes were delivered to the Treasurer on June 8, followed by another consecutive 1.6 million notes on July 15. The first $5 Hawaii note bore serial L12396001A, a Series of 1934 non-mule that was the first San Francisco $5 printed since 1937. However, the stockpile of San Francisco sheets was insufficient to satisfy the order. Consequently, 28 Series of 1934 San Francisco face plates were rushed to press on June 6 as the order went into production and their impressions were mated with contemporary green backs with macro plate serial numbers. Batches of these Series of 1934 mules began to arrive at the numbering presses along with the last of the stockpile so a mix of the two were in the June 1942 deliveries. The stockpile of vintage San Francisco sheets was depleted by June 15. None were available when blue seal production resumed, so no San Francisco $5 Series of 1934 non-mule blue-green seal, yellow-green backs were made. The first green seal Series of 1934 San Francisco note was a contemporary blue-green seal mule with serial number L14996001A. Blue-Green Seal Notes The note illustrated on Figure 1 is the quintessential note for the type treated here. The following are the plate histories for the plates used to print it. Notice that both were canceled in the mid-1930s, thereby proving that both sides of the sheets in the stockpile had been printed before the 1937?41 hiatus in the production of $5 Federal Reserve Notes. Back plate: Treasury plate number 1569, internal plate serial number micro 702 Begun: Jul 31, 1935 Certified: Aug 16, 1935 Use: Nov 29, 1935?Jul 26, 1937 Canceled: Jul 27, 1937 Face plate $5 1934 Chicago Treasury plate number 30983, internal plate serial number micro 21 Begun: Dec 11, 1934 Certified: Jan 4, 1935 Use: Dec 9, 1935?May 29, 1936 Canceled: Jun 1, 1936 Table 2. Intervals during which $5 1934 series Federal Reserve face plates were on the presses.Data from a Bureau of Engraving and Printing (various dates-b). Data for Series of 1934D not available. Dist. 1934 Yellow-Green Seal 1934 Blue-Green Seal Series of 1934A Series of 1934B Series of 1934CA Nov 21, 1935-May 20, 1936 Dec 1, 1941-Jul 23, 1945 Sep 6, 1943-Jan 23, 1946 Nov 16, 1945-Dec 6, 1946 Oct 24, 1946-Sep 7, 1949B Oct 31, 1934-Jun 24, 1936 Jul 11, 1941-Nov 16, 1945 Jul 31, 1941-Sep 4, 1941 Nov 7, 1945-Dec 2, 1946 Oct 24, 1946-Feb 27, 1950Mar 23, 1942-Mar 26, 1946B narrow May 13, 1945-Feb 27, 1950C Dec 12, 1934-May 20, 1936 Jul 22, 1942-Jan 22, 1946 Jul 27, 1943-Jan 23, 1946 Nov 20, 1945-Oct 23, 1946 Oct 23, 1946-Dec 27, 1949D Nov 22, 1935-Sep 29, 1936 Sep 18, 1941-Jan 9, 1946 Sep 18, 1942-Jan 11, 1943 Nov 16, 1945-Feb 12, 1947 Jan 6,1947-Jan 4, 1950Nov 30, 1945-Jun 3, 1946E Nov 22, 1935-Nov 20, 1936 Jan 26, 1942-Jan 23, 1946 Sep 29, 1942-Mar 7, 1946 Nov 9, 1945-Dec 23, 1946 Nov 7, 1946-Jan 30, 1950F Dec 12, 1934-Jan 12, 1937 Aug 7, 1942-Nov 23, 1945 Oct 6, 1942-May 7, 1946 Nov 16, 1945-Dec 23, 1946 Feb 25, 1947-Jan 23, 1950G Dec 10, 1934-Jun 24, 1936 Jan 26, 1942-Jan 28, 1944 Oct 26, 1942-Feb 6, 1946 Nov 23, 1945-Dec 5, 1946 Sep 30, 1946-May 28, 1951H Oct 13, 1934-May 19, 1936 Dec 23, 1941-Oct 23, 1945 Jun 24, 1944-Dec 26, 1945 Feb 27, 1946-Nov 25, 1946 Sep 17, 1946-Oct 28, 1949I Oct 18, 1934-Apr 21, 1936 Oct 26, 1942-Sep 7, 1944 none Apr 23, 1946-Nov 8, 1946 Mar 26, 1947-Apr 1, 1949J Nov 22, 1935-Mar 26, 1936 Aug 4, 1942-Sep 24, 1945 none Feb 4, 1947-Feb 24, 1947 Jan 23, 1947-Aug 29, 1949K Jul 9, 1935-May 19, 1937 Sep 9, 1942-Apr 30, 1945 none none Mar 26, 1947-Oct 14, 1949L Aug 9, 1935-May 13, 1937 Jun 6, 1942-Dec 18, 1943 Sep 22, 1943-Jul 24, 1946 Feb 27, 1946-Oct 29, 1946 Oct 29, 1946-Oct 28, 1949Range Oct 13, 1934-May 19, 1937 Jul 11, 1941-Jan 23, 1946 Jul 31, 1941-Jul 24, 1946 Nov 7, 1945-Feb 24, 1947 Sep 17, 1946-May 28, 1951SPMC.org * Paper Money * March/April 2023 * Whole Number 344139More commonly, the Series of 1934 face plates were still serviceable when production ceased in 1937 so they were carried forward for use after $5 Federal Reserve Note production resumed in 1941. Consequently, those face plate numbers also can be found on the plentiful Series of 1934 blue-green seal mules that came along beginning in 1941. 1934 K31698338A: A True Exotic! Yakes (2021) profiled an astonishing find by Larry Thomas of a Series of 1934 yellow-green back non-mule blue-green seal from Dallas that was numbered in 1947. This was five years after than other notes of that type that have been recorded. The stockpile of 1935?37 vintage Dallas sheets led off the district?s 1942 numbering runs followed by contemporary printings from old Series of 1934 plates. The Dallas district issued such modest numbers of $5 Federal Reserve notes during the 1940s that the stock of its old Series of 1934 plates satisfied demand through April 1945. The highest reported serial from that group is K31181840A. No more Dallas $5s were ordered until March 1947, which explains why no Series of 1934A or 1934B Dallas plates were made. However, a bypassed stockpile of the old 1935-37 sheets remained. When the 1947 order arrived, it was immediately sent to press before production from new Series of 1934C face plates arrived. That printing commenced with serial K31560001A. The lowest reported serial from a 1934C plate is K31715222A. Notice how Thomas?s exotic Series of 1934 note bearing serial K31698338A sandwiches in between these two serial numbers. Why the Hiatus in Federal Reserve Note Production The reason production of $5 Federal Reserve Notes ceased in 1937 was a decision among top Treasury officials to limit $5 production to the silver certificate and legal tender classes. The motivation for this was to simplify the sorting of notes as they came in for redemption. Legal tender notes and silver certificates were legally classified as Treasury currency, whereas Federal Reserve notes were bank currency. The distinction was based on which entity was responsible for redeeming each type of currency. The monetary distinctions between these classes was obliterated in all but label by New Deal legislation in Title III of the Agricultural Adjustment Act of May 12, 1933. A provision in Title III stated, ?Such notes and all other coins and currencies heretofore or hereafter coined or issued by or under the authority of the United States shall be legal tender for all debts public and private.? The granting of legal tender status made all the money interchangeable as lawful money in the eyes of the law. Figure 3. A group of sheets from the 1935?37 stockpiled Series of 1934 sheets for Dallas were bypassed when $5 production was resumed briefly for the district in 1942. No more Dallas $5s were printed until 1947. The bypassed sheets were discovered then and sent for numbering to produce this exotic note. Larry Thomas photo, SPMC.org * Paper Money * March/April 2023 * Whole Number 344140Following the demise of national bank currency in 1935, $1 notes were assigned to silver certificates, $2s to legal tender notes, and $5s to silver certificates and legal tender notes. Ten dollar and higher denominations were relegated to Federal Reserve Notes, except for limited quantities of $10 silver certificates. Since the turn of the century, the Treasury had always grappled with a shortage of low denomination notes defined as $10s and smaller. This constraint on commerce was solved during the 1930s by a sweeping new silver purchase act signed into law by President Roosevelt on July 19, 1934. The circulation of silver certificates ballooned as the Treasury monetized a significant amount of the silver acquired, which it used to back that currency. At the end of fiscal year 1934, the outstanding silver certificates totaled $401 million. By the end of fiscal year 1941 that figure was $1.714 billion (FR Board of Governors, 1943, p. 409). Most of the certificates were issued as $1s and $5s. Demand for $5s once again began to outstrip supply as the economy heated up during the military buildup to World War II and became acute during the war. Even though the flood of $5 silver certificates continued to swell, Treasury found it necessary to once again turn to $5 Federal Reserve notes to shore up the supply of $5s. The curious Series of 1934 yellow-green back notes with micro serial numbers and blue-green seals and serial numbers were the first out of the chute. Sources Cited and Sources of Data Bureau of Engraving and Printing, yearly, Annual report of the Director of the Bureau of Engraving and Printing for the fiscal year: BEP Historical Resource Center, Washington, DC. Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, various dates-a, Ledgers and historical record of stock in miscellaneous vault: Record Group 318, UD1 entry 1, containers 41 & 43 (450/79/17/02 & 03), U. S. National Archives, Bureau of Engraving and Printing, Custodian of Dies, Rolls and Plates, various dates-b, Ledgers and historical record of Federal reserve note plates Series 1934-1934C: Record Group 318, UD1 entry 1, container 147 (450/79/18/04). U. S. National Archives, College Park, MD. Bureau of Engraving and Printing, Numbering Division, 1934-1938, Ledger listing dates when the Series of 1934 Federal Reserve star notes were sealed and serial numbered: BEP Historical Resource Center, Washington, DC. Bureau of Engraving and Printing, O & M Secretary, 1952, First serial numbers on U. S. small size notes delivered during 1928 to 1952: BEP Historical Resource Center, Washington, DC. Federal Reserve Board of Governors, Nov. 1943, Banking and monetary statistics, 1914-1941, Part I: Federal Reserve Board of Governors, Washington, DC., 682 p. Huntoon, Peter, Nov-Dec 1997, The U.S. small-size $5 mules: Paper Money, v. 36. P. 179-190. Huntoon, Peter, Sep-Oct 2013, The enduring alure of $5 micro back plates 629 and 637: Paper Money, v. 54, p. 304-326. Huntoon, Peter, Jul-Aug 2012, Origin of macro plate numbers laid to Secret Service: Paper Money, v. 51, p. 294, 296, 316. v.48, p.72-74Schwartz, John, and Scott Lindquist, 2011, Standard guide to small-size U.S. paper money: Krauss Publications, 382 p. United States Statutes, various dates, Government Printing Office, Washington, DC. Yakes, Jamie, May-Jun 2021, This $5 is more than meets the eye: Paper Money, v. 60, p. 239. Figure 4. $5 Series of 1934 FRN bearing a yellow green back with micro plate number 712 printed in 1935?37, face with micro number 26 printed in 1935?37, and blue-green serial numbers and seal printed in 1942. The face plate used for this note was canceled March 2, 1942, having been carried forward over the 1937?41 hiatus to be used again in 1942. Derek Higgins photo. SPMC.org * Paper Money * March/April 2023 * Whole Number 344141A Follow-up to the 131-Year-Old Mystery by Kent Halland and Charles Surasky What do researchers and authors do when a key piece of data doesn?t fit their otherwise logical theory? Unfortunately, all too often writers are faced with missing or conflicting data. This forces us to propose alternate possibilities to support our theories, until we can accurately ?fill in the blanks.? Patience is essential because it can take years, or even decades, for that one key piece of information to surface. In this case, the single bit of missing data concerned the 4,056th postal note issued in Pipe Stone, Minnesota. (The modern spelling is Pipestone and the spelling in the 1880?s was Pipe Stone.) Pipestone is a scenic and historic town, and home to Pipestone National Monument. It is in Pipestone County near the southwest corner of the state. Pipe Stone, Minnesota #4056 is an important Postal Note for our research solely because it validates a hypothesis we have had regarding its year of issue. The year of this note?s issue, as listed in the 2004 ?Index of U.S. Postal Notes in Collectors Hands? by the late Jim Noll, was in question. Noll?s seminal work, built over decades with the input and assistance of interested collectors, listed Pipe Stone #4056 as issued in 1884. That year of issue conflicted with what we believed was likely, or at least possible. Images were not available, and we could not locate the note?s owner to verify the date of issue as listed in Noll?s Index. THE NOTE?S IMPORTANCE Noll?s Index, a staple of every Postal Note collector?s reference library, indicated an issue date of February 16, 1884, for Pipe Stone #4056. That made this note the earliest known Type II Postal Note and it was identified as such in various published articles. But our more recent research showed it predated?by more than two months?the April 25, 1884, official announcement to postmasters of the Type II release. After much study of the known facts surrounding the Type II notes and the issue rates of Postal Notes in various towns (including Pipe Stone), we hypothesized in a 2016 PAPER MONEY article that this note was most likely issued in 1887, not in 1884. Then the long wait for solid evidence, i.e., the note itself, began. After more than seven years of searching for the Pipe Stone, Minnesota #4056 note (actual serial number 004056), we were delighted to see it offered as Lot 44 in the Eric Jackson Auction (#459) on October 25, 2022. We were excited to see the images of this note to validate or update its date of issue/And possibly to correctly identify with certainty, the earliest known Type II Postal Note. The front image of the note provided clues to the date. Clearly handwritten in ink was the month of issue: February, abbreviated as ?Feb.?. However, the day of issue, the 16th, is faint, and the year could be interpreted as either 1884 or 1887. Observing only the front image, we understand how the year could be interpreted by Jim Noll, or one of his many correspondents, as 1884. But the date stamp by Postmaster John Stuart on the back of the note is proof positive of the correct date of issue. Clearly shown in the left circle is the actual date of issue: February 17th, 1887. Apparently, Postmaster Stuart wrote the wrong day of the month on the front, and perhaps tried to erase it. Figure 1. Pipestone County Location Figure 2. Front image of Pipe Stone, Minnesota serial 004056 SPMC.org * Paper Money * March/April 2023 * Whole Number 344142Nevertheless, the year of issue is what we?ve been patiently waiting seven years to see: It is clearly 1887. (See Figure 3.) Curiously, the spelling is Pipestone in the date stamp while it is spelled Pipe Stone on the front of the note. Our records indicate the official town spelling change did not occur until early 1894. (The county spelling changed in 1893.) Now we can put the correct date of issue into the updated Postal Note census we are currently building. And we are thrilled to see our 2016 hypothesis validated. Since our 2016 article, other Postal Notes have surfaced and changed the dates of some of the earliest and latest observed Types. The most significant is the note we predicted would be the earliest known Type II. It is the Baltimore Maryland, serial #009502, issued on May 16, 1884. It now firmly holds that position with theremoval of Pipe Stone #4056 as the earliest Type II. (See Table 1.) If you are interested in knowing how the Pipe Stone, Minnesota #4056 note factored into the mystery, you can read our article in the November/December 2016 Whole No. 306 issue of Paper Money entitled: ?A 131-Year-Old Mystery Solved! New Research Identifies The Official First Date of Issue For Type II Postal Notes.? SPMC has graciously made all 2,500+ articles printed in Paper Money available online. To read the article, go to the link below and select the Postal Notes category (the 10th group). A list will appear that includes the 2016 article. https://content.spmc.org/wiki/SPMC_Paper_Money_Articles_Index If you have any questions or comments about this article or Postal Notes in general, please contact Kent at proeds@sbcglobal.net. Additional Reading: www.nps.gov/parkhistory/online_books/pipe2/sec7.htm ?Paper Money of the United States,? A.L. and I.S. Friedberg, 22nd edition. Page 173 and 253-256. ?The Comprehensive Catalogue of U.S. Paper Money? fifth edition, Gene Hessler, Pages 387-389 ?Coin World Almanac? eighth edition, 2011. Pages 239-240 ?The United States Postal Note? N. Bruyer, Paper Money, Vol. 12, No. 4, Vol. 13, No. 1 & 2. (1973-74 ?Astoria, New York, $4.99 Postal Note? Bob Laub. Postal Order News, (UK) October 2009, Page 7 ?Postal Notes: The First Issues 1883 to1894.? Peter Martin, American Philatelic Congress Book 63, pages 306-332. 1997 ?Postal notes make safe, easy to send money in the U.S. mail?, Chris Bulfinch, Coin World, April 2022, Pages 139-142. Table 1. Observed Issuance Period of Postal Notes by Type Design Earliest & Latest Reported Notes Type I Sept. 3, 1883(1) to Feb. 26, 1885 Type II May 16, 1884(2) to Apr. 29, 1887 Type II?A Jan. 22, 1887(3) to Sept. 8, 1888 Type III Sept. 8, 1887, to June 11, 1894(4) Type IV Dec. 10, 1887, to May 9, 1894 Type IV-A Mar. 4, 1890, to Jan. 31, 1893 Type V Feb. 15, 1892, to June 30, 1894 (1) There are two Type I Postal Notes known with date stamps of September 1, 1883, but those notes were most likely issued on September 3, 1883. (2) This date replaces the Pipe Stone #4056 note. (3) The earliest Type II?A possible is January 3, 1887, the date the new law was passed. (4) Reported, needs verification. Note: These dates are based on the ?Index of U.S. Postal Notes in Collectors Hands? Seventh Edition (2004), by James E. Noll, plus subsequent input from collectors and researchers through November 1, 2022. Figure 3. Back image of Pipe Stone, Minnesota Serial 004056. SPMC.org * Paper Money * March/April 2023 * Whole Number 344143U N C O U P L E D : PAPER MONEY?S ODD COUPLE JosephE.Boling FredSchwan More Official Counterfeiting (and a follow-up) Who counterfeited the KGV Reserve Bank of India notes overprinted for Burma? It was not a backyard operation. Indian notes of 5 and 10 rupees with the Kelly signature were overprinted ?LEGAL TENDER IN BURMA ONLY? in the late 1930s (some in black over the design, some in red in the upper margins). Somebody with a security press printed copies of the black-signature notes (well, sort of copies?the 5 rupee note has the incorrect Taylor signature, and none of them have correct serial blocks). But they are deceptive copies, complete with fake watermarks. Figure 1 is the genuine 5-rupee face, and figure 2 the back. In Figure 2 you can see the progressive tint, Figure 1 Figure 2 changing from green to violet to green horizontally. Figures 3 and 4 are face and back of the counterfeit, also showing the progressive tint. See Boling page 147 Fanning Island Plantation Even if you are a dedicated Jeopardy fan, you probably have not heard of Fanning Island. Perhaps you or someone you know has taken a cruise with Norwegian Cruise Line (NCL). If you have, you might have stopped at Fanning for a swim and a cool drink; otherwise it is a very difficult location to visit. Here is a description of the island from a 1930s cigarette card: In vast spaces of the Pacific Ocean are [a] number of smaller possessions of the Empire. 29 islands are grouped in the Gilbert and Ellice Islands colony. One of them is Fanning Island, coral atoll, on which is station for Pacific cable between Australasia and Canada. Had moment of fame during War [meaning the Great War, World War I] when the cable was cut Sept., 1914 by theGerman cruiser Nuernberg. Coconut palms cultivated, and copra industry gives employment to number of natives. Of population of 294 in 1935, 42 were Europeans. The information is on a Stephen Mitchell & Son., Imperial Tobacco Co (of Great Britain & Ireland), LTD card, number 43 of 50. Of course, I found this card because I search eBay for ?Fanning Island.? Thus far I have resisted trying to fill in the other 49 cards. However, I just took a break from writing this column to look on eBay and bought a similar Fanning Island cigarette card from a different cigarette company. Oh no. There is only one note that I know of for collectors to pursue. Fortunately, it is a World War II emergency note and, of course, as such is well known to specialists of the war. During the war (this time meaning World War II) Fanning Island was the location of the relay station for the Cable and Wireless Company, which was a critical link between Australia and North America. In 1942 an American army task force moved onto the island, the SPMC.org * Paper Money * March/April 2023 * Whole Number 344144members of which promptly began using the cable facilities to send messages home. A message could be sent at the prevailing rate, which was less than a dollar. The soldiers rapidly absorbed the available supply of Australian currency in circulation. To alleviate the shortage, R. G. Garrett, manager of Fanning Island Plantations, Limited, made arrangements to have one-pound notes printed in Honolulu. They were used to pay local labor. After the currency shortage abated, the notes were collected and cut in half. When there is only a single note to seek, collectors can be resourceful. The immediate reason for the subject of this column is my excitement over a recent purchase. Most collectors would hardly have been excited?but I was. The purchase was a postcard. Collectors of national bank notes and many other specialties look for cards to supplement their collections. Still, this card came with a twist. It was a duplicate for my collection. More on the card below. The Fanning Plantation note is so well known to collectors because of the efforts of two earlier collectors: A. J. ?Jimmie? Swails and Ronald F. Webb. Swails has an important place in the history of World War II numismatics. He was the author and publisher of the first book on the subject in the 1960s. He passed the cataloging torch to Ray Toy, who then passed it to me, and I recruited Joe. I was fortunate to correspond with Jimmie in the early 1970s shortly before he died. I was a new collector at the time. I cannot remember the details, but I believe that Swails was selling the Fanning Island Plantation notes when I first started collecting in 1972. I had some sort of reason to believe that Jimmie had actually been on Fanning during the war. Recently, I found an amazing postal cover on eBay supporting this idea. There are many covers on eBay to Fanning during the war. The cover in question was from Sergeant A. J. Swails on Fanning (based upon the APO) to his wife in Pennsylvania (postmarked on Valentine?s Day 1943). When I pointed this cover out to Joe, he went to his library and found his undated Supplement to Swails? 1961 book. Not only was the supplement autographed, but the penmanship matches that on the cover! Thank you Joe. Now a confession. I did not buy the cover. The seller wanted just too much. I decided to wait. My bad. Of course I regret that I did not buy it. Joe came to the rescue again. He saved the image of the cover from eBay. Thanks again, Joe. Ronald F. Webb, Rockdale, Australia sold Fanning notes in the 1960s and 70s. Webb had a supply of the notes. He prepared a description of the use of the notes that he included with each bisected pair that he sold. You can find Webb?s info sheet with Fanning pairs today. The text is quite remarkable [capitalization and punctuation as on original]: EMERGENCY ISSUE. FANNING ISLAND PLANTATIONS LTD. ?ONE POUND? AUSTRALIAN CURRENCY. FANNING ISLAND, one of the BRITISH LINE ISLANDS of the GILBERT & ELLICE Is. Colony, 1000 miles south of HAWAII, was the RELAY Station of the CABLE between SPMC.org * Paper Money * March/April 2023 * Whole Number 344145VANCOUVER B. C. and SYDNEY.. About 1942/43 WAR conditions made it impossible to forward STORES & CURRENCY from SYDNEY, AUSTRALIA, therefor 1000 notes numbered from 1000 were printed in HAWAII.. The notes were withdrawn in 1945 & all but a few were defaced by B I SECTING. The defaced HALVES were subsequently used as ADMISSION tickets to the MOVIES by the COPRA PLANTATION workers. LEFT & RIGHT defaced halves enclosed.... COMPLETE HISTORY OF THIS EMERGENCY issue available upon receipt of 50 cents. COMPLETE notes are extremely RARE. A FEW are available, PRICE ON REQUEST w/S.A.E. RONALD F. WEBB. Box 29 P.O. ROCKDALE N.S.W. AUSTRALIA. Wow, how interesting is that? It is also strange. The Webb notice is so important (or at least interesting) that it is given a listing in the draft of the second edition of World War II Remembered. Where to start? First, it seems to me that Webb?s statements about the number printed and the post-war use as movie tickets are the source of similar reports that have appeared in Remembered and elsewhere. We have been recording serial numbers at least since Remembered came out in 1995. The statement that numbering started at 1001 is supported by these observations, but the total printed is way off. The recorded numbers: 1001, 1023, 1039, 1042, 1064, 1078, 1083, 1117, 1127, 1128, 1133, 1151, 1209,1218, 1253, 1274, 1297, 1298, 1313, 1322, 1343,1351, 1376, 1380, 1382, 1409, 1410, 1427, 1437,1463, 1468, 1520, 1531, 1583, 1610, 1628, 1634,1655, 1656, 1713, 1742, 1767, 1778, 1801, 1806,1840, 1851, 1855, 1929, 1986, 2508, 3021, 3027,3039, 3096, 3104, 3116, 3157, 3175, 3179, and 3416. Of course additional reports are solicited. It is possible that the obsolete notes were used as movie tickets as Webb describes, but it seems that instead of that use or in addition to that use, the cut notes were used in commerce. The left and right halves are marked 1/- and 2/- (one shilling, in blue crayon, and two shillings, in red crayon), respectively. Why would Webb tell the story of the movie tickets and ignore the surcharging with the lower denominations? You may have noticed that the notes were cut by B I SECTING, as though that were a person?s name. Could it have been a Webb joke? Finally, there is the tantalizing offer by Webb to send a COMPLETE HISTORY OF THIS EMERGENCY issue for fifty cents! Oh my. Did he sell any copies? Do any exist? I would certainly love to find one! I did a little digging to find information on Webb, to no avail. His price of 50 cents gives us a not-earlier-than date?Australia converted to dollars and cents in 1966. Fanning Island notes are popular with collectors today. Certainly World War II collectors seek the notes, as do collectors trying to find a note from every country of issue. Fanning souvenirs During and shortly after the war, Fanning Plantation notes were used as souvenirs. Some exist taped into short snorters and others were made into stand-alone souvenirs. A few desirable pieces have the autograph signature of plantation manager Garrett (such as the short snorter shown here, with Garrett?s signature in the upper left corner) and some are traditional short snorters with a collection of signatures. The double-header shown here, from the Warner Talso collection (thank you Warner for the images), has a nice selection of Air Corps signatures, many of which are suitable for genealogical research. I took a look at Harold L. Neely, Col AC. Brigadier General Neely went on to retire from the USAF and his son of the same name also retired from the Air Force. The son died in 2022. There is another seldom seen category?note note. That is a notation written on a bank note. Fanning notes are particularly suited for this purpose because of the blank backs. That allows plenty of space for a SPMC.org * Paper Money * March/April 2023 * Whole Number 344146message or even a shopping list, though there were certainly not many places to shop on Fanning. Joe pointed me toward the one here that was sold by Heritage. It is essentially a postcard written on the back of a Fanning note. Obviously this is a very interesting note. Would you rather have this note with the message, two signatures (why two?), and a postmark, or a CU64, or even 66 for that matter? Credit to Heritage for the image (thank you HA). Boling continued: Figure 3 Figure 4 Finally to the postcard that got me fired up to start with. The legend on the card is ?Pacific Cable Station, Fanning Island.? As I mentioned above, this card was a duplicate. The new one has pencil annotations identifying the buildings on the cards. That is what got me excited! The annotations shown were added by me to make them easier to read. I am sure that there is much more to learn about Fanning Island notes, World War II history, and more. We will be thrilled to learn what you have and to report it here. These are not two colors printed next to each other in two passes through the press?the color changes gradually as the two inks merge at the boundary. This requires a sophisticated press and experienced printers. Figure 5 shows the genuine watermark. Figure 5 Figure 6 shows the counterfeit watermark, Figure 6 SPMC.org * Paper Money * March/April 2023 * Whole Number 344147and figure 7 shows how the watermark was created? by laminating a paste image between two pieces of paper bearing the face and back printings. Figure 7 As mentioned, the wrong signature was used, but the one used did appear on genuine notes?but not the ones with the Burma legal tender overprint. In addition, genuine black-overprinted notes are from blocks S/88-S/90. Figures 8 and 9 show the watermarks in the parallel 10-rupee notes. The counterfeit got the signature right, but placed the red overprint in the wrong location. The correct blocks are R/82 to R/89. The watermarks are replicated in the same way (laminated into the note), but the head of the king is not well done. Figure 8 Figure 9 So, back to the question?who did it? I have seen nothing in print, but Hong Kong scuttlebutt is that the Soviets were the culprits. This is the same period in which US $100 Federal Reserve notes were counterfeited by the Soviets. But why counterfeit notes of a backwater British colony? Perhaps because the rupee was tied to Sterling. However, the number of errors in the details is surprising if that was the source. I expect that we are ninety years too late to find out. A few years later the Japanese counterfeited a KGVI 10 rupee note (without Burma markings). In this case the watermark is properly manufactured in the paper, not replicated with a pale ink overprint or laminated into the paper. However, the paper is somewhat thicker than in genuine notes, and thus darker on a lightbox. But in circulation I am confident it would pass. Figures 10 and 11 show the counterfeit note (conveniently stamped to condemn it), and figure 12 shows the watermarks in genuine and counterfeit notes. Figure 10 Figure 11 Figure 12 SPMC.org * Paper Money * March/April 2023 * Whole Number 344148So how can you separate them absent the rubber stamp? Go to the ?10" counter at lower right face. Between the numerals ?1? and ?0? are two curlicues and two dots. On the counterfeit, the two dots are practically invisible (figures 13 and 14). If you can see them only with high magnification, consider the note to be bad. Figure 13 Figure 14 Going back to Burma: almost two years ago, I showed you a newly-discovered OSS counterfeit of the Japanese 5 rupee note for Burma. I now have better photography of the OSS modification that allows one to distinguish their work. Figure 15 shows the note we are talking about. Figure 16 shows the left side of the top of a genuine note. There are six ribbons along that top border (the piece of white paper adhering to the note covers ribbon #4). Figure 16 Figure 17 shows the same portion of the OSS note. Figure 17 Figures 18-21 show ribbons 4 and 5, first the genuine (18, 20) and then the OSS counterfeit (19, 21). You can see that on the genuine note, the three shading lines at the bottom of the ribbon extend through to the extreme right side. On the OSS notes, the top line is longer than on the genuine, but none of the top three lines touch the right end of the ribbon. Figure 18 Figure 19 Figure 15SPMC.org * Paper Money * March/April 2023 * Whole Number 344149 Figure 20 Figure 21 Figure 22 Figure 22 shows the OSS ribbons 4 and 5 together. I await a report of somebody finding one of the OSS notes in the wild. We have no documentation of this denomination having been sent to the field. Another follow-up, next issue. MPC Fest bourse, Friday March 18th, is free and open to the public Roger Urce has assumed chairman responsibility for the David Seelye Military Numismatics bourse. This event is always on the Friday of Fest which for Fest 2023 is March 18. Hours are 1000 hours (10 AM Eastern time) to 1400 hours (2 PM Eastern). As always, this bourse offers free admission to the public. The Seelye bourse is unique in that it is a Friday only, one-day event that features exclusively military numismatic items. Of special interest are military payment certificates, Allied military currency, Japanese invasion money, war bonds and all other numismatic items related to World War II and other conflicts. Collectors from as far away as the Atlantic coast have travelled to Port Clinton to attend this unique event. The bourse is named for the late David Seelye who was the founder and driving force behind the event before his death in March of 2020. A noted collector and dealer specializing in military numismatics and most recently camp chits, he is the author, with David Frank of The Complete Book of World War II USA POW & Internment Camp Chits. Bourse chair Roger Urce announced a 50% sale of 2023 bourse tables. The bourse fee for reservations made in January will be only $50! Contact Urce at stjasele@optonline.net. SPMC.org * Paper Money * March/April 2023 * Whole Number 344150BNR Press132 East Second St.Port Clinton, OH 43452-1115New Fifth Edition shipping in March. Order your copy today for earliest shipping.419 349 1872fredschwan@yahoo.com224 large format pages ? full color throughout