Current Currency with George S. Cuhaj - Thursday, October 04, 2007

Bank notes of the Confederate States of America
Posted by george

Value of a bank note please? I have a Confederate $1000 bill and it is old!

Sadly, as the loosing government in the War, Confederate obligations are not redeemable into an equivalent amount of U.S. Currency or Euro notes. Notes which circulated during the Civil War era in the southern states were issued by the "national government" - using the title of Confederate States of America, or they could have been issued by the individual states, thus they have a title of State of South Carolina and Confederate States of America as the format of the issuing authority. Finally, even local towns or counties issued notes. (these are very popular as local interest collectibles.

Original Confederate notes are usually printed in black, with a second color as an under print in green or red; the designs are sometimes uniface, but often the backs have a red or blue design. The paper was often of a quality white cotton material. Local issues are often found printed on remainder stock, using the unprinted plain backs of unissued notes from an earlier timeperiod. Some of the $10 notes which circulated in Lousiana have the French word DIX in large letters, thus one of the nicknames for the south, known as “Dixie”

Issues from the first capitol, Montomery, are call the first issue, and are expensive. The Montgomery note illustrated above was recently sold by R.M. Smythe for $52,500 not inculding the buyer's premium. It is in spectacular condition (no folds, bright color, nice centering).

Issues from the capitol as Richmond are from the numerious issues for the rest of the war, and are usually very common.

At the end of the war, some notes were printed on their plain backs, with heroic poetry, or advertising. Many returning Federal troops brought the "worthless" Confederate currency home as a remembrance.

Reproductions have been made as early as the 1870s. They were intended as souvenirs. The Civil War anniversaries of the 1910s, and 1960s were a time for many reproductions. The earlier ones especially were done with proper colors! Those done since the 1950s are usually found only in black, printed on one side, and on a paper which is orange-ish, crinkly and wrinkled. These are often found sold at Civil War Battlefields in sets of six. Those made since 1974 should have the word Replica, Copy or Facsimile somewhere on them, usually in one of the left or right bottom corners.

George

10/4/2007 6:09:55 PM (Eastern Daylight Time, UTC-04:00)

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Passing of a friend of the medal. Joseph Veach Noble.
Posted by george

Today, I read in the NY Times, the obituary of Joseph V. Noble, a former director of the Museum of the City of New York who earlier (1956-1970) was an administrator at the Metropolitan Museum of Art, died Saturday September 29th in West Orange, N.J. He was 87.

The New York Times obituary by Alison J. Peterson continued "While Mr. Noble exposed forged pieces of art, he also openly created some of his own. Through his research of Egyptian and Greek ceramic material, he discovered the secrets of the techniques used in making the ancient art. He made a hobby out of creating replicas on a kiln at his home in Maplewood. He later published a book on his research, “The Techniques of Painted Attic Pottery.”"

When he arrived at the Museum of the City of New York, it had been primarily concerned with New York history. Mr. Noble worked to make his exhibitions more contemporary and accessible. This photo to the right is from the era of his Museum directorship.

In a 1972 interview, he said: “I feel we should keep one foot in the past. The past is only prologue, but unless you know what the prologue is, you can’t really know the present.”

Friends of sculpture know Mr. Noble as a supporter of the sculptor. Connecting with many of them thru the National Sculpture Society, and getting them commissions by introductions to those developers working in the city.

To collectors of Medallic Art, we know him from his association as artistic director of the Society of Medallists. The twice-annual subscription based contemporary art medal group begun by Medallic Art Company in the 1940s. He was active selecting artists, thems and then working with artists to get a nice product produced. This association lasted thru the late 1990s after which the new owners of Medallic Art Company changed emphasis.

I first meet Mr. Noble at a NY City Hall Ceremony in March of 1979 During the 75th Anniversary of the opening of the NYC Subway. The Museum of the City of New York has the silver spade shovel which was used at the 1900 ceremony, and Mr. Noble had brought the shovel to participate in a re-enactment of the groundbreaking ceremony. Although surrounded by politicians, the shovel never left his hand. I got to photograph him at the event.

I later got to enjoy many other meetings with him thru attendance at events of the National Sculpture Society, the American Numismatic Society and the American Medallic Sculpture Associationn and FIDEM.

He was always friendly with advise for further research and encouraging of ongoing projects.

10/1/2007 11:42:42 AM (Eastern Daylight Time, UTC-04:00)

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What is it worth? Postage Stamp Envelopes used during the Civil War.
Posted by george

Postage Envelopes used during the Civil War era.

As was mentioned in the previous posting about fractional currency issued by the federal government during the Civil War, there was extensive hoarding of coins. To fill the need for small change merchants resorted to several alternatives. Some had one cent tokens minted, with patriotic themes or advertising; others printed small envelopes and enclosed mint postage stamps in them, still others used advertising encased postage stamp in a brass and mica frame, finally some printed cardboard chits.

If they chose the postage stamp envelope option, they come in several forms. Sometimes the envelopes were printed with just the name of the printer or stationary company on the flap, and the other side with a large legend with the value of the stamps enclosed.

Others were printed as full advertising envelopes, not only stating the value, but advertising the merchant who had the envelope made. They are known from Boston, New York, Philadelphia and several other cities, New York being the most common.

After the war, many of these envelopes were destroyed and the postage stamps used. Those that remain have often been preserved by having been mounted in scrap book albums. Some are now just the advertising side, complete envelopes are scarce.

Postage Stamp envelopes have been embraced by both the stamp collecting community as well as the numismatic community as an emergency type of currency. They are listed in both the Scott’s Specialized U.S. Postage Stamp Catalog, and the Standard Catalog of U.S. Paper Money published by Krause Publications. Their values were steady in the 200-500 dollar range until about six years ago when interested started to turn in that direction. Now most damaged common envelopes sell in the $500 range, with the commonest complete envelopes $2,000-4,000 range. The very rarest will soon be aproaching the $10,000 mark.

In a R.M. Smythe auction of April 2007, the Western Reserve Historical Society collection of postage stamp envelopes was sold. It consisted of 51 envelopes, of which there were 17 new issuers or varieties.

In the October 11th sale of Stack’s, part XIX of the John Ford Collection, there is an extensive offering of Postage Stamp Envelopes. Many of which are unlisted varieties (Mr. Ford was often hard to work with, and usually did not share information or collected items which took a lifetime to acquire. He kept what he knew about stuff close to his vest to be used for his own advantage). The illustrations in this blog come from the upcoming Ford Sale by Stack’s.

The appearance of these two large offerings will cause me to re-number and expand extensively the Postage Stamp Envelope section in the 27th edition of the Standard Catalog of United States Paper Money. Watch for it midyear 2008!

George Cuhaj

10/1/2007 10:35:33 AM (Eastern Daylight Time, UTC-04:00)

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What is it worth? U.S. Fractional Currency
Posted by george

Fractional Currency during the Civil War era.

During wartime, hard currency (silver and gold coins) is often removed from circulation by the public and hoarded. At the onset of the Civil War, to facilitate continued commerce, the U.S. Government started to print small format notes in denominations of 5, 10, 25 and 50 cent denominations during the period from 1862 thru 1876. In 1864 a 3 cent value was added.

The first series issued in 1862 use postage stamp images as the central design, with multiple stamp images for the higher denominations.

The second issue was released in October 1863, and features George Washington as the central design on all denominations.

The Third issue of December 1864 featured the introduction of a circulating 3-cent value and an essay of a 15 cent value (although that never circulated, but is plentiful as an essay). The Fourth issue was released in 1869, and a fifth issue was used from 1875-1876.

It was not until extensive silver mines were found in 1870s that the coin shortage began to be relieved after the Civil War.

Many of these Fractional Currency notes are found in circulated condition and are available for under 20 dollars. Very nice condition notes, like those illustrating this blog posting are hundreds to thousands of dollars.

Stack’s Rare Coins of New York City is currently offering a nice selection in their October Sale of part XIX of the John J. Ford Collection.

9/28/2007 9:56:28 AM (Eastern Daylight Time, UTC-04:00)

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Value of a bank note please? My note has a blue, yellow, brown or red seal?
Posted by george

My bank note has a blue (brown, yellow, red) seal?

Since Series of 1966, the federal government of the United States has only printed and issued for circulation notes with the Treasury seal in green - They are Federal Reserve Notes.

Since 1928, bank notes of the United States have been printed in this small size format. Prior to series of 1966, there were several different types of these small size notes, depending on the issuing authority or the type of backing of the currency, these have different colors to the Treasury Seal. No mater what color seal, all of these notes are still legal tender for their face value.

National Currency, called by collectors National Bank notes, have brown seals. These were issued in the small size format with a series date of 1929, and come in two types depending on the format of the serial number and bank charter number. Although printed by the federal government, were issued into circulation by local banks that held a federal charter, naming them as National Banks. The note issue was backed by government bonds which the named bank bought. Although dated 1929, they were released by banks until the early 1930s. Many towns still have a National Bank, and if they are old enough, may have issued a bank note with their name on it.

Yellow seal notes are called Gold Certificates. The only ones available to collectors in the small size format are series 1928 (a series 1934 was prepared, but not released). Until 1933, when the United States was taken off the gold standard, there was a dollar worth of gold held by the government for every dollar gold certificate in circulation.

Blue seal notes were made until series 1963 and these notes are called Silver Certificates. At one time there was a dollar worth of silver held by the federal government for each silver certificate in circulation.

Red seal notes are labeled United States Notes at the top, and are often called Legal Tender notes by collectors. These were printed with series dates ending with 1966. The note issue was backed by bonds.

During World War II, the US military personel serving in North Africa were paid with Silver Certificates which had yellow seal. Those notes above $5. which circulated in Hawaii were Federal Reserve notes with brown seals. They also used $1 Silver Certificates with a brown seal. This was done in case large amounts of currency were confiscated by enemy forces. The Federal Goverment would have invalidated the issue thus causing no financial gain by the enemy. From 1946 thru 1973 American troops serving overseas were paid in Military Payment Certificates, which have been discussed in a previous posting.

Large and Small size currency of the United States are discussed in Arthur and Ira Friedberg's Paper Money of the United States published by the Coin and Currency Institute. Krause Publications publishes the Standard Catalog of United States Paper Money, by George Cuhaj (Hey that's me!) and William Brandimore (now in Full Color!)(Includes large and small size currency, and star note pricing), as well as the Standard Guide to Small Size U.S. Paper Money by John Schwartz and Scott Lindquist (Includes serial number block run pricing, as well as star note print runs and prices). Finally, BNR Press prints the Comprehensive Catalog of U.S. Paper Money by Carlson Chambliss.

All of the note illustrations in this particular blog posting are from Lyn Knight Currency Auctions.

George

Paper Money Values

9/25/2007 11:13:19 AM (Eastern Daylight Time, UTC-04:00)

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Value of bank notes? Star at the end of a serial number!
Posted by george

What does this star mean at the end of the serial number?

Oh, these are called by collectors Star Notes.

When a note which has been numbered is damaged in the production process, it is removed, and so as not to have to reset the serial numbers by hand, a pre-printed note, of a totally different serial number is put in its place as a replacement. To distinguish the break in consecutive serial number run, these replacement notes have a star at the end of the serial number sequence, rather than a letter. This has generally been the practice since 1928.

This image is from the recent auction held by Lyn Knight currency auctions. It features a 1963A series pack of 100 star notes. In the original band. Current distribution techniques use a band with alternating white and color in the stripe.

If the notes are from a series dated since 1980, the condition has to be BRAND NEW, no folds creases or marks for it to have a premium and resale potential. Generally 1.5 times face value for the five dollar and up denominations and about three dollars for the One.

George Cuhaj

9/13/2007 12:03:41 PM (Eastern Daylight Time, UTC-04:00)

Comments [4]

Value of a bank note please? World War II era.
Posted by george

My grandfather brought these notes back from WWII, What are they worth?

Sadly, 1000 Mark or Franc notes from the 1920s and 1940s have been devalued, and thus your note, which has been folded with edge tears, and stained, has no resale potential. It is, however, an interesting keepsake of your relative’s service in the military, and his European travels.

Often such local notes were signed by the military personal in a squadron or military unit, as a remembrance. These are called short-snorters, and do have a collector interest to them, especially if signed by famous people, visiting dignitaries or USO show cast members.

Allied Military Currency (called AMC by collectors) and Military Payment Certificates (called MPC), have a specialized following, and there are some interesting dates or denominations for those issues. The AMC issues were used in occupied nations after 1943 thru the end of WWII. MPCs were used by US military personel stationed overseas, between 1946 and 1973. This AMC issue is special in that is has a star before the serial number. It is a replacement note, and thus scarcer than most.

If they served in the South Pacific? Then they might have brought back some Japanese Invasion Money (JIM). These have a basic title of The Japanese Government, and are denominated in Pesos for use in the Philippines; shillings and pounds for Oceana; and cents for Malaya and Burma (not for a planed US invasion!)

Value depends on condition. Those that illustrate this article are in very nice condition, and were offered in a Lyn Knight Currency auction sale of early September, 2007. If your note has many folds, or it is dirty, or has been staped, then the value of it is considerably less.

George

Paper Money Values

9/11/2007 2:37:46 PM (Eastern Daylight Time, UTC-04:00)

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Bank note value? Bank of the United States notes abound as reproductions
Posted by george

Bank of the United States notes are plentiful outside of the hobby.

My co-workers have gotten to know my style for several of the common phone calls we get. The office side of the conversation goes something like this (you can guess the questions): Yes, sir. How can I help? Oh, you want to know the value of a Bank of the United States $1000 bill? Well, is it number 8894? Yes, I knew that, and you did not even have to hold it closer to the phone! Is it made of orange-ish, wrinkley thick paper? Are the signatures and serial number printed in the same black ink as the rest of the design?

Sadly, it is a reproduction. Since the passage of the Hobby Protection Act of 1974 the notes have had to say Facsimile somewhere, usually in small letters near the bottom corner. However, plenty of these notes were made well before 1974, and thus have been put away in draws and placed in books as page marks for years and years. Yes, Gandpa could have bought one in the 1960s when he visited a historic site on the east coast. T he notes were sold in groups of five or six, in a long red-white-blue envelope with a cleophane window. There were plenty of variety (different sets) to choose from.

Real notes of the Colonial thru Civil War era are plentiful. The major auction houses - Stack's, R.M. Smythe, Heritage and Lyn Knight have a wide selection available. Other advertizers in Bank Note Reporter often feature full page ads of these items. They can be prices from 30 dollars and up depending on condition. (Condition, next to rarity and demad form the basis for price). The note illustrated is from a Stack's auction of the John J. Ford collection. It is in uncirculated condition (no folds, holes or other problems) as such, is has a value in the $900 dollar range. Most extant examples are not this nice.

As you can see by the comparison, the color and texture of the original notes is signifantly different than the reproductions. Originals were printed usually on nice white cotton paper, often with a second color as an underprint on the face side, and another color to the back, as a security device. Real ink was used to sign and often number the notes, and thus it produced another tone of color to the note, usually from strong black, to now a faded brown.

George Čuhaj

Paper Money Values

9/6/2007 9:33:48 AM (Eastern Daylight Time, UTC-04:00)

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Art Medals return to Colorado Springs FIDEM 2007
Posted by george

The art of the modern medal will be featured in three ways by the American Numismatic Assocaiton museum in Colorado Springs starting this September.

First, From September 18-22 a symposium will be held with over 24 lectures and demonstrations for attendees of FIDEM 2007.

Second, it will mark the opening of the 30th International Exposition of Modern Art Medals. More than 1400 pieces will be on display, from artists in over 25 countries. The exposition will be open to the public free of charge for nine months. There will be a well illustrated exhibition catalog available for $39.95 and a commemorative medal for $75.

Thirdly, the talks will be published in a post conference journal, Medallies, as a record of the event.

FIDEM is the international art medal group umbrella organization. It has delegates in member countries. AMSA is the American medallic art group, and have a nice website with member galleries.

In his groundbreaking study of the medal in Renaissance Europe, Dr. Stephen Scher calls the medium of medallic portraiture the Currency of Fame. While most of the medals in the exhibit are not portraits, they are quite distinctive, and worthy of a visit either in person to the exhibit, or via the web.

I'll be there too. I have a medal in the show, I am giving a talk and I sponsor a (cash) prize for an artist under the age of 30.

George

9/5/2007 12:38:19 PM (Eastern Daylight Time, UTC-04:00)

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Standard Catalog of U.S. Paper Money, 26th Edition available soon!
Posted by george

The 26^th Edition of the Standard Catalog of U.S. Paper Money will be available soon, and recognition for the 25^th edition!

Orders are now being accepted for the 26^th edition of the Standard Catalog of United States Paper Money. We have received a very few “checking copies” from the printer – basically to approve and accept the order as bound, and the shipment will soon be received at our distribution center.

This new edition is our second year with the 6x9 format and nearly full color illustrations. I continue to be the editor, and this year, we have added William Brandimore as the market analyst. In addition to a bunch of new release information, older listings long a part of the book now return to the product - namely the chapters on Civil War Envelopes, Philippines Currency under US Administration, Fractional Currency Specimens, and error notes. These items were deleted from the 25^th edition due to a set pre-determined page count limit. It also gave us an extra year to get nice quality color illustrations of these sections. Taking that in mind, we budgeted for 100 more pages than the 25^th edition and thus at the retail price of $26.99 the book continues to be a bargain reference for the US bank note collector.

That all said and done, The Numismatic Literary Guild presented me with an Extraordinary Merit Award for the work on the 25^th edition of the Standard Catalog of United States Paper Money. It is always nice to receive recognition from the community for a job well done. It was the only award presented to the KP Numismatic Book department. In the photo, David Alexander is presenting me with the plaque award. David Kranz, editor of Bank Note Reporter, took the photo.

George

KP News | Paper Money Values

9/4/2007 11:35:12 AM (Eastern Daylight Time, UTC-04:00)

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Ten years on...Some thoughts on the past and future Royals
Posted by george

Well, today is the 10th anniversary of the death of Princess Diana.

Her sons Prince William and Prince Harry developed two distinct memorials this summer. First was the very public rock concert on her birthday, and today a splendid service of Thanksgiving. You can read the New York Times presentation of the Associated Press story here. And Prince Harry's talk here. For the official Royal Family site, and schedule, click here.

Diana has been commemorated on plenty of postage stamps which make use of the extensive photographic library available. Coinage memorials need to be sculptural, and thus usually require good artistic imput. We have 257 different types listed in the Standard Catalog of World Coins, between the 20th and 21st Century editions. It was easy to do a design/type search using the on-line version of the catalog, called Numismaster.

Some of those commemorative coins have been successful and dignified. The official 5 pound coin of Great Britain is at right. It is a Royal Mint product and depicts her in the often-seen "Shy Di" pose with a modest, ever-so-slight downward glance. Some postraits have been just unidentifiable, and one is glad that her name is part of the legend as an aid to identify the portrait. The Liberia 5 dollar coin is below. It is a Pobjoy Mint Product, and a sad example of poor sculptural work.

She appears on at least one "fantasy" 5 pound bank note producted some years ago. There are no official government issue commemorative bank notes, and I do not know of any other formal intaglio portrait engravings. Not even on postage stamps, as the trend is to have photos used for that medium. Intaglio engraving is expensive and has gone out of fashion on stamp production.

However, the thought I came away with after watching the memorial service today is how tall and handsome the two young princes are, and that one day, we will have engraved bank notes with a nice formal portrait of King William, perhaps in the robes of the Garter, or the robes of state, as we had with King George V on the notes of Canada, or in a sharp business suit, as we had with King George VI, in Malta and Canada among others.

George

World Coin Stuff

8/31/2007 9:38:48 AM (Eastern Daylight Time, UTC-04:00)

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Fives before Hundreds
Posted by george

The U.S. Treasury thru the press department has sent out an email informing us that the press / public unveiling of the design and some security features of the new $5.00 bill will be broadcast to the press at a news event scheduled for 20 September. So, the information is nearly here. The bills are still scheduled to be introduced into circulation in Spring, 2008. Here is the full BEP release:

New U.S. $5 Bill Will Get a Digital Debut on September 20
New Design to Be Unveiled Online During "Wi-5" Event

Washington, D.C. (August 21, 2007) - For the first time, a redesigned denomination of U.S. currency will be digitally unveiled when a new $5 bill design is revealed on September 20, 2007.

In relying on digital communications channels for the "Wi-5" unveiling event, the government will serve two purposes: first, echo its approach to staying ahead of counterfeiters by using the latest advances in technology to enhance the bill's security; and second, allow for the unveiling of the new $5 bill design to be widely accessible.

"A digital unveiling for the redesigned $5 bill provides a new opportunity to engage people in the public education process," said Dawn Haley, Chief of the Office of External Relations at the Treasury's Bureau of Engraving and Printing, "We hope that the ‘Wi-5' theme will get consumers excited about the new bill and encourage them to use the resources on our Web site to learn about its security features and protect their hard-earned money."

The government offers public education and training materials to inform the public about the latest currency designs. These materials are available to order or download at www.moneyfactory.gov/newmoney. The site has received over 222 million hits since its launch in May 2003 and gets about 280,000 unique visitors each month.

The Web site will be home to the "Wi-5" event on September 20, when government officials from the U.S. Treasury, Federal Reserve Board, Bureau of Engraving and Printing and U.S. Secret Service reveal the new $5 bill design for the first time and discuss continuing efforts to stay ahead of counterfeiting. An online Q&A for reporters and podcasts will round out the new bill's digital debut. During the days following the $5 bill's unveiling, streaming video of man-on-the-street interviews will be posted on the site, which will showcase consumers identifying the new $5 bill's updated security features.

"The United States government will continue to enhance the security of our Nation's currency," said Rose Pianalto, Assistant to the Board of Governors of the Federal Reserve. "From Bangkok to Boston, we want those who rely on our paper money around the globe – whether they are central banks, businesses or consumers – to have the information they need to verify the money they receive is genuine and to ensure a smooth introduction of new designs into commerce."

Counterfeiting of U.S. currency has been kept at low levels through a combination of improvements in security features, aggressive law enforcement and education efforts to inform the public about how to check their paper money.

The $100 bill will be the next denomination to be redesigned after the $5 bill is issued in early 2008. The government has no plans to redesign the $1 and $2 bills.

Now you know what I know. But why the AP has finally just started talking aobut the $100 redesign, brought to you here much earlier, I do not know.

George

Bank Note Technologies

8/27/2007 9:14:53 AM (Eastern Daylight Time, UTC-04:00)

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