2010 Standard Catalog of United States Paper Money, 29th Edition Krause.pdf

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29th Edition
Standard Catalog of
®
UNITED STATES
PAPER MONEY
George S. Cuhaj, Editor
William Brandimore, Market Analyst
• Up-to-date market pricing
• More than 10,000 listings
• 750 color images
The World’s Authority on Paper Money
29th Edition
Standard Catalog of
®
UNITED STATES
PAPER MONEY
George S. Cuhaj, Editor
William Brandimore, Market Analyst
The World’s Authority on Paper Money
Copyright ©2010 F+W Media, Inc.
All rights reserved. No portion of this publication may be reproduced or
transmitted in any form or by any means, electronic or mechanical,
including photocopy, recording, or any information storage and
retrieval system, without permission in writing from the publisher,
except by a reviewer who may quote brief passages in a critical article or
review to be printed in a magazine or newspaper, or electronically
transmitted on radio, television, or the Internet.
Published by
Krause Publications, a division of F+W Media, Inc.
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ISSN 1081-5996
ISBN-13: 978-1-4402-1363-2
ISBN-10: 1-4402-1363-1
Cover Design by Jana Tappa
Designed by Sandi Carpenter
Edited by George Cuhaj
Photos courtesy of Stack’s, Lyn Knight,
and from the collections of William Brandimore,
Ray Czahor, and Chester L. Krause.
Printed in China
Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Currency Grading Guide. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Large Size Currency Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Large Size $1 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18
Large Size $2 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27
Large Size $5 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
Large Size $10 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47
Large Size $20 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .63
Large Size $50 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .76
Large Size $100 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Large Size $500 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96
Large Size $1,000 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .99
Large Size $5,000 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .105
Large Size $10,000 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .106
Small Size Notes Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .107
Small Size $1 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110
Small Size $2 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .131
Small Size $5 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .134
Small Size $10 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .160
Small Size $20 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .186
Small Size $50 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212
Small Size $100 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .233
Small Size $500 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256
Small Size $1,000 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .260
Small Size $5,000 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262
Small Size $10,000 Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .263
National Bank Notes Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265
National Bank Notes Valuations by Type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .273
National Bank Notes Valuations by State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299
Pre Civil War U.S. Treasury Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .319
Encased Postage Stamps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .343
Postage Stamp Envelopes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .354
Fractional Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .365
Military Payment Certificates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .394
Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .408
Error Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .437
Introduction
Introduction
Though paper media representing gold or other intrinsic-value stores of wealth has
been issued in the United States and its predecessor colonies and territories since 1690, the
widespread acceptance of paper currency by the American people is a comparatively
recent development and came only grudgingly.
Paper money emissions by the British colonies in New England, the earliest paper
currency within the borders of what is now the United States of America, circulated
alongside other untraditional exchange media such as Indian wampum shells and
musket balls during chronic periods of shortages of “real” - coined - money.
Even though the first issues of an organized central government, the Continental
Congress’ currency notes, promised to pay the bearer face value in “Spanish milled dollars,
or the value thereof in gold or silver,” these notes circulated at a heavy discount - if
they were accepted at all. The fledgling government’s final solution for the Continental
Currency problem, accepting them in 1787 at 1% of face value in exchange for interest
bearing bonds, did nothing to bolster public confidence in paper money.
Neither did the often larcenous “banking” practices of the various elements of the
private sector to whom the note-issuing prerogative fell. With states denied the power
to issue money by the Constitution of the United States, and the powers of the Federal
Government to do so left unspecified; various private issues of banks, railroads,
utilities, and even individual citizens, cropped up, with varying resources to guarantee
their value, until the Government halted the practice in 1863.
By the late 19th Century, U.S.-issued paper money had become a viable part of the
nation’s commerce as people recognized that such notes were, indeed, redeemable on demand
for gold or silver. By 1963, paper currency was such an ingrained part of the American economy
that the Government was able to remove all specie-redemption quality from its currency
issues, raising only minimal objections from strict interpretationists of the Constitution.
Now, ironically, paper money may be on the way out as a circulating medium of
exchange. The growth of demand deposits (checking accounts), electronic fund
transfers and the arrival of the home computer age may one day soon put an end for the
need for physical symbols of wealth to pass from hand to hand.
Scope of this catalog
It is not the intention of this catalog to provide a reference to every type of official and
unofficial paper currency which has circulated in the United States. Indeed, such a project
between the covers of one volume represents an impossible, though intriguing challenge.
Rather, this catalog will provide a guide to those paper money issues since 1812 of the
Government of the United States of America, along with several related currency issues
which are traditionally collected by paper money hobbyists in conjunction with the
regular issues of the U.S.
Such a scope is intended, therefore, to provide the collector of U.S. paper money with
a catalog reflective of the current state of the hobby.
The reader will be provided with sufficient background information to facilitate and
illuminate the building of a collection, without being subjected to fiscal, legislative or
historical data that would be of interest to only a small minority of readers.
Numbering System
In using this book, you will immediately notice that “KL” and “FR” numbers are used at
the beginning of each entry. This catalog system was invented as a shorthand identification
system for use in price lists, advertisements and auction catalogs where space is at a
premium. Instead of writing a full description of a $1 Legal Tender Note, series 1923, you
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Standard Catalog of United States Paper Money

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