Paper Money of the United States A COMPLETE ILLUSTRATED GUIDE WITH VALUATIONS Twenty-first Edition LARGE SIZE NOTES • FRACTIONAL CURRENCY • SMALL SIZE NOTES • ENCASED POSTAGE STAMPS FROM THE FIRST YEAR OF PAPER MONEY (1861) TO THE PRESENT CONFEDERATE STATES NOTES • COLONIAL AND CONTINENTAL CURRENCY • ERROR NOTES • POSTAGE ENVELOPES The standard reference work on paper money by ARTHUR L. AND IRA S. FRIEDBERG BASED ON THE ORIGINAL WORK BY ROBERT FRIEDBERG (1912-1963) COIN & CURRENCY INSTITUTE 82 Blair Park Road #399, Williston, Vermont 05495 (802) 878-0822 • Fax (802) 536-4787 • E-mail: [email protected] CONTENTS Preface to the Twenty-first Edition 5 General Information on U.S. Currency 6 PART ONE. COLONIAL AND CONTINENTAL CURRENCY I Issues of the Continental Congress (Continental Currency) 11 II Issues of the States (Colonial Currency) 12 PART TWO. TREASURY NOTES OF THE WAR OF 1812 III Treasury Notes of the War of 1812 32 PART THREE. LARGE SIZE NOTES IV Demand Notes 35 V Legal Tender Issues (United States Notes) 37 VI Compound Interest Treasury Notes 59 VII Interest Bearing Notes 62 VIII Refunding Certificates 73 IX Silver Certificates 74 X Treasury or Coin Notes 91 XI National Bank Notes 99 Years of Issue of Charter Numbers 100 The Issues of National Bank Notes by States 101 Notes of the First Charter Period 101 Notes of the Second Charter Period 111 Notes of the Third Charter Period 126 XII Federal Reserve Bank Notes 141 XIII Federal Reserve Notes 148 XIV The National Gold Bank Notes of California 160 XV Gold Certificates 164 PART FOUR. FRACTIONAL CURRENCY XVI Fractional Currency 174 XVII Proofs and Specimens 183 PART FIVE. SMALL SIZE NOTES XVIII Legal Tender Notes 185 XIX Silver Certificates 187 XX National Bank Notes 191 XXI Federal Reserve Bank Notes 194 XXII Federal Reserve Notes 197 XXIII World War II Emergency Notes 238 XXIV Gold Certificates 240 PART SIX. ENCASED POSTAGE STAMPS XV Encased Postage Stamps 243 PART SEVEN. POSTAGE ENVELOPES XXVI Postage Envelopes 246 PART EIGHT. CONFEDERATE NOTES XXVII Issues of the Confederate States of America (1861-1864) 252 PART NINE. PAPER MONEY ERRORS XXVIII Types of Printing Errors Found on United States Paper Money 263 PART TEN. SUPPLEMENT XIX List of National Banks and Numbers of Notes Known 267 APPENDIX The Signatures on United States Currency 305 Uncut Sheets of Small Size Notes 306 Large Size Paper Money Mules 307 PART ONE. CONTINENTAL AND COLONIAL CURRENCY 11 I. CONTINENTAL CURRENCY Continental Currency, commencing with notes authorized by the 10, 1775 Twenty Dollar note, was printed in panes of eight notes, on double May 10, 1775 Session of the Continental Congress, is the first federally sheets (i.e. sixteen impressions), hand signed and numbered. There were issued paper money. These issuances provided the financing that over 290 different signers performing this tedious task. The first usage of made the American Revolution possible. Emitted across eleven spe- “UNITED STATES” appeared on the notes from the May 20, 1777 cific resolutions, the notes were a promise to pay, bore no interest, Resolution. The rarest notes come from that issue and the subsequent and were to be redeemed with taxes levied by the individual United emission of the April 11, 1778 Resolution when the Congress met at Colonies. The notes circulated concurrently with the colonial paper Yorktown, Pennsylvania. The final resolution of Continental Currency, currency issued by the individual colonies, forming a medium of January 14, 1779, saw the introduction of vastly higher, and sometimes exchange to finance the Revolutionary War. The expression “not unusual ($35, $45, $55, and $65), denominations up to $80 due to infla- worth a Continental” arose when the notes essentially became tion; it was printed with red and black ink on watermarked paper. worthless due to inflation toward the war’s end. The long delay in Contemporary counterfeits of a number of the notes exist; a few of these the creation of the Federal “greenbacks,” necessitated by the Civil were quite well made and deceptive. This first instance of economic war- War in 1861, is directly linked to the lack of confidence caused by the fare by the British was done with the intent of destabilizing the currency. devaluation of the Continental Currency. Hall and Sellers printed special unissued sheets of Counterfeit Detector The Continental Congress met in Philadelphia and authorized the first notes on blue paper to help thwart this enemy action. Continental Currency notes during the May 10, 1775 session; these notes, The Continental Currency series has always been popularly collected. as well as all other subsequent resolution dates, were printed by Hall and There are 102 notes required to complete a full set. Although they are all Sellers in Philadelphia. The layout and style were similar to those of obtainable with varying degrees of effort, the rarer issues can be extreme- Pennsylvania notes from the period. The thick rag paper, with mica flakes ly difficult to find in top condition. Forming an entire issue date and and blue fibers, was produced at the Ivy Mills in Chester, Pennsylvania denomination set is within the reach of completion by many collectors. and was also used for other Pennsylvania issues. Using various combina- Notes: Counterfeit Detector notes should be designated by the notation tions of border cuts, emblems, hand set type, and nature print designs DT after the catalog number, e.g., CC-85DT. Contemporary Counterfeits popularized by Benjamin Franklin, the notes had a uniform style should be designated by the notation CF after the catalog number, e.g., throughout the emissions, with one exception. Unique to the May 10, 1775 CC-85CF Session was a Twenty Dollar note printed on a special marbled edge paper Text by Bruce Hagen. Valuations by Stuart Levine. obtained by Benjamin Franklin. The size ratio was different from the Photos courtesy Early American History Auctions, Inc. other issues and the note featured face and back designs using motifs The values listed below are for problem free examples of their respective condition, sketched by Franklin. that also retain their original paper quality. In other words, the prices are for notes which are pristine for the grade. Notes exhibiting any splits, tears, stains, repairs or Continental Currency, with the exception of the aforementioned May other flaws are worth less, sometimes much less than the prices listed here. VF25PPQ EF45PPQ CU62PQ CU64PPQ CC-57 $4 250 550 1750 3500 CC-58 $5 200 425 1250 2500 CC-59 $6 200 425 1500 3000 CC-60 $7 200 425 1500 3000 CC-61 $8 200 425 1000 2000 CC-62 $30 300 600 1250 2500 May 20, 1777 CC-63 $2 800 1750 Rare Rare CC-64 $3 700 1500 3000 Rare CC-65 $4 600 1250 2500 Rare CC-66 $5 500 1000 2000 4000 CC-67 $6 500 1000 2000 4000 CC-68 $7 500 1000 2000 4000 CC-69 $8 500 1000 2000 4000 CC-70 $30 500 1000 2000 4000 May 10, 1775 April 11, 1778 VF25PPQ EF45PPQ CU62PQ CU64PPQ CC-71 $4 1500 3000 Rare Rare CC-1 $1 1000 2500 Rare Rare CC-72 $5 850 1750 3000 5500 CC-2 $2 600 1500 2500 Rare CC-73 $6 850 1750 3000 5500 CC-3 $3 400 1000 2000 4000 May 9, 1776 CC-74 $7 850 1750 3000 5500 CC-4 $4 300 750 1500 3000 VF25PPQ EF45PPQ CU62PQ CU64PPQ CC-75 $8 750 1500 2500 5000 CC-5 $5 200 450 1000 2000 CC-31 $1 450 900 2000 4000 CC-76 $20 850 1750 3000 5500 CC-6 $6 200 450 1000 2000 CC-32 $2 350 600 1500 3250 CC-77 $30 1000 2000 4000 Rare CC-7 $7 250 500 1000 2000 CC-33 $3 200 450 1250 2500 CC-78 $40 850 1750 3000 5500 CC-8 $8 200 450 800 1700 CC-34 $4 200 375 1000 2000 CC-9 $20 Marbled edge CC-35 $5 175 350 750 1500 September 26, 1778 15000 30000 Rare Rare CC-36 $6 175 350 750 1500 CC-79 $5 225 450 900 2000 "CC-10 $30 300 600 1750 3500 CC-37 $7 175 350 750 1500 CC-80 $7 150 375 750 1500 CC-38 $8 175 350 750 1500 CC-81 $8 150 375 750 1500 November 29, 1775 CC-82 $20 150 375 750 1500 CC-11 $1 500 1000 2500 5000 July 22, 1776 CC-83 $30 125 250 500 1000 CC-12 $2 250 750 2000 3750 CC-39 $2 500 1000 2250 4500 CC-84 $40 125 250 500 1000 CC-13 $3 200 500 1500 3000 CC-40 $3 375 750 2000 4000 CC-85 $50 125 250 500 1000 CC-14 $4 175 375 1000 2500 CC-41 $4 275 600 1750 3500 CC-86 $60 125 250 600 1250 CC-15 $5 175 350 900 1800 CC-42 $5 275 600 1500 3000 CC-16 $6 175 350 900 1800 CC-43 $6 275 600 1500 3000 January 14, 1779 CC-17 $7 175 350 900 1800 CC-44 $7 275 600 1500 3500 CC-87 $1 275 550 1100 2200 CC-18 $8 175 350 900 2000 CC-45 $8 275 600 1500 3000 CC-88 $2 225 450 900 1800 CC-46 $30 300 600 1250 2500 CC-89 $3 225 450 900 1800 February 17, 1776 CC-90 $4 225 450 900 1800 1 CC-19 $ ⁄6 750 1500 3750 7500 November 2, 1776 CC-91 $5 250 550 1100 2200 1 CC-20 $ ⁄3 550 1250 2500 4500 CC-47 $2 500 1000 2000 4000 CC-92 $20 200 400 800 1600 1 CC-21 $ ⁄2 500 1000 2500 5000 CC-48 $3 300 650 1500 3000 CC-93 $30 200 400 800 1600 2 CC-22 $ ⁄3 500 1000 2250 4000 CC-49 $4 250 500 1250 2500 CC-94 $35 275 550 1100 2200 CC-23 $1 400 750 1750 3500 CC-50 $5 250 500 1250 2500 CC-95 $40 200 400 800 1600 CC-24 $2 300 500 1375 3000 CC-51 $6 250 500 1250 2250 CC-96 $45 275 550 1100 2200 CC-25 $3 175 400 1000 2000 CC-52 $7 250 500 1250 2500 CC-97 $50 200 400 800 1600 CC-26 $4 175 350 750 1500 CC-53 $8 250 500 1250 2500 CC-98 $55 275 550 1100 2200 CC-27 $5 150 300 625 1250 CC-54 $30 275 550 1350 2750 CC-99 $60 200 400 800 1600 CC-28 $6 150 300 625 1250 CC-100 $65 275 550 1100 2200 CC-29 $7 150 300 625 1250 February 26, 1777 CC-101 $70 300 600 1250 2500 CC-30 $8 150 300 625 1250 CC-55 $2 550 1100 2250 4500 CC-102 $80 350 875 2000 4000 CC-56 $3 300 650 2000 4000 DEMANDDEMAND NOTES NOTES 10 DOLLAR NOTES 36 10 Dollar Notes DESIGN ᕢ (Notes 6–10a) Bust of Abraham Lincoln, 16th President of the United States, 1861–1865.