Table Of Content

MISSOURI JOURNAL OF NUMISMATICS VOLUME 37 JULY, 2012 OFFICIALPUBLICATIONOFTHEMISSOURINUMISMATICSOCIETY RonaldHorstman St.LouisIssuedIt’sOwnMoney 4 RobKravitz CivilWarCurrency 6 KathySkelton JohnWayne 9 DaveFrank JapaneseInternmentCamps 12 JoelAnderson CongoCoins 15 JuanM.Castro Dr.JoseP.Rizal:NewArtAcquisition 18 ChipVaughn CleopatratheGreat 25 C.JosephSutter CollectingWalkingLibertyHalfDollars 35 Buy - Sell -Trade 206 4th St. & Appraisals Vienna, MO 65582 Gold Nugget Rare Coin & Jewelry TABLE NO. 1802 14K FINE GOLD JEWELRY WHOLESALE & RETAIL 573-422-3150 HARRY P.O. BOX 268 SWARTHOUT VIENNA MO. 65582 MISSOURI JOURNAL OF NUMISMATICS VOLUME 37 July, 2012 OFFICIAL PUBLICATION OF THE MISSOURI NUMISMATIC SOCIETY MEMBER CLUB OF THE AMERICAN NUMISMATIC ASSOCIATION (ANA) P.O.Box410652 St.Louis,MO63141-0652 MissouriNumismaticSociety.org www.mnscoinshow.com TABLEOFCONTENTS PhilStangler President'sMessage 3 RonaldHorstman St.LouisIssuedIt’sOwnMoney 4 RobKravitz CivilWarCurrency 6 KathySkelton MarionRobertMorrison(JohnWayne) 9 HarryBosley TheVanishingStars 11 DaveFrank JapaneseInternmentCamps 12 JoelAnderson CongoCoins 15 SIRDr.JuanCastro Dr.JoseP.Rizal:NewArtAcquisition 18 ChipVaughn CleopatratheGreat 25 RobertPatterson ReportoftheDirectortothePresidentoftheUnitedStates 30 JuanM.Castro Dr.JoseP.Rizal:NewNumismaticAcquisition 31 C.JosephSutter CollectingWalkingLibertyHalfDollars 35 ********** AMissouriRecord 39 GuyCoffee Bookmarks 42 ********** ImportantStatisticsConcerningBullionMetals 43 ********** NewChallenges 44 C.JosephSutter AlwaysFollowGoodAdvice 45 ********** ShowExhibitorsandExhibits 47 INDEXTOADVERTISERS EagleCoinandStampCo. OutsideBackCover GoldNuggetRareCoin&Jewelry InsideFrontCover ScotsmanAuctionCo. OutsideBackCover GUIDETOAREA ACTIVITIES FutureNumismaticEvents 48 AncientCoinStudyGroup 50 WorldCoinClubofMissouri 51 MissouriNumismaticSociety 52 1 CURRENT OFFICERS President Phil Stangler Vice President Mark Hartford Recording Secretary Kathy Skelton Corresponding Secretary Christopher Sutter Treasurer Chip Vaughn BOARD OF DIRECTORS JoelAnderson Norm Bowers Brigitte Bowers Carl Garrison Rob Kravitz Bill Leach Sid Nusbaum PUBLICATIONS Editor Christopher Sutter Monthly Newsletter Christopher Sutter Printing Murray Print Shop 2 President’s Message By PhilStangler Welcometothe52ndAnnualCoinShowoftheMissouriNumismaticSociety,MNS. Thisyear’sshowcommemoratestheWarof1812’sBi-Centennial. This year marks my fourth as president and sadly my last. While I have enjoyed leading this prestigious organization and working with all of its great members, I believeitistimetoletsomeoneelsehavethishonor. I remember how happy I was when Sid Nusbaum first agreed to become our show chairman. I knew Sid was a long time member who over the years had served in every office the MNS has and I was grateful that he would consider taking on the hard,timeconsumingandmostlythanklessjob. Iusetheword“thankless”withhes- itationbecausewhileI,andotherclubmembers,havepersonallythankedhimmany times, the majority of show attendees do not realize the long hours and numerous frustrations Sid endures in setting the show up and signing up the dealers. So, on behalfofalltheMNSclubmembersIthankSidforallhehasdoneandcontinuesto do. IalsowishtothankJennyforthetimeshespendsassistingSidandhelpinghimcoor- dinate the specifics of the show. Jenny does her work outside the spotlight. She is notonetostandbeforetheclubandtelluswhatsheisdoing.Insteadsheisquietly workingbehindthescenesmakingsuretheadministrativesideoftheshowistaken careof. Our show functions on the effort of volunteers: Norm Bowers, who organized the BoyScoutMeritBadgeSeminar,KathySkelton,whocoordinatedtheexhibits,Chris Sutter, our Journal editor, the Scotsman team, who conduct the auction and Jim Moores,whomanstheCentralStatesinformationaltable.Thesearebutafewofthe manyclubmemberswhodonatetheirtimeinsettingupthetablesattheshow,man- ninginformationaltablesconcerningMNSandYouthorienteditemsandcleaningup whentheshowisover. OfspecialnoteareJoelAnderson,MarkHartfordandSteve Erdmannwhomakesurethedealercasesaredeliveredfromtheiroffsitelocation. Since this is my final President’s Message I would like to mention a noticeable change in the administrative side of the club that has occurred over the past few years. ChrisSutterhaschangedourmonthlyNewsletterfromaonepagebriefnotice to a multiple page identification of important events to our members as well as includingmiscellaneousnewsitemsandhumorousstories.Thank-youChris. In2013theMNSwillcelebrateits75thanniversary.Welookforwardtoseeingyou atnextyear’sshowwhereweareplanningspecialcommemorativemedalsandsome surpriseexhibits. IamextendinganinvitationtoyoutobecomeamemberoftheMNS.Ourmeetings provideafriendlyenvironmenttomeetwithfellowcollectorsandaddtoyournumis- maticknowledge. Thanks for attending our Show. Please see the last page of the Journal for a list of meetingtimesandthetopicofnumismaticinterestthatwillbecovered. 3 St. Louis Issued Its Own Money By Ronald Horstman Numismatist and Financial Historian Onthreeoccasions-1842,1862and 1873-theCityofSt.Louiswasforced toissueitsownpapermoneyortreas- urywarrantsinordertomeeturgent financialobligations. Themostrecent issue,1873,wasperhapsthemostcol- orful-bothinappearanceandnecessi- ty. Eventsof1873broughtpanictothe businesscommunityandseverallocal bankswhichheldCityfundswere forcedtoclose.Oneofthosewasthe BankoftheStateofMissouri,which sufferedfromseveralpoorinvest- ments,includinglargesumsadvanced toCapt.JamesEadsandCol.HenryFladfortheirlong-delayedbridgeoverthe MississippiRiver. TheclosingofthebankfrozetheCity’sfundsondeposit there,meaningthatCityofficialshadnomoneytopaythestreetcleaners,other laborersoreventheirownsalaries. Whenmorethan1,000dissatisfiedCityworkersdemon- stratedinfrontofCityHall(thenon11thStreetbetween marketandChestnutStreets)MayorJosephBrownwas compelledtotakepromptaction. TheMayoraddressed thecrowdofangryworkersandassuredthemthatifthey gavehimoneweek’stime,hewouldarrangeforthemto bepaid. TheCityCouncilimmediatelyauthorized$450,000 worthofcurrencytobeprintedintheCity’snameand JOSEPHBROWN theorderwastelegraphedtotheNationalBankNote MAYOR,ST.LOUIS CompanyofNewYork. MayorBrownpersonallywent toNewYork,pickedupthecurrencyprintedindenomi- nationsof$1,$2and$3;whentheCityworkersreturnedtoCityHalloneweek later;theirpaywaswaitingforthem. Thefaceofthenoteshadagreenoverprint,whilethebackwasinamediumbrown ink. Theyquicklyearnedthename“brownbacks”bothbecauseofthecolorandthe nameofthemayorwhoauthorizedtheirissuance. Interestingly,thecurrencywasa clearviolationofthefederallawpassedin1862,whichsaidonlythenationalgov- ernmentcouldprintmoney. NoactionwastakenagainsttheCityhowever,because ofthecircumstancessurroundingitsissuance.Soon,localbankswereableto releasetheCity’sfundsandthewarrantswerewithdrawnfromcirculation. 4 Accordingtosome accounts,asrecentlyas the1920’ssomeofthe currencywasstillbeing redeemedbythe Comptroller’sOffice. Presentlyhowever,onlya fewexist-mostlyinthe handsofcollectors-who havetangibleproofthat financialcrisisincitygov- ernmentarenothingnew. Did you know there was a song about the Buffalo Nickel? My shadow left my mind and went a walkin' 'round and found a nickel on the ground And the buffalo upon one side he got up and walked away And the Indian upon the other side gave out a sigh and said that's better now Without the buffalo Without the buffalo Without the buffalo Without the buffalo I'm just an Indian I'm just an Indian I'm free and clear The Indian went walkin' 'round and sat upon the Hill to watch the sun go down But he couldn't find his people, he got up and walked away Buffalo: Mason Profit, 1974 5 Civil War Currency By Rob Kravitz AftertheConstitutionwasratified,thecoinagesystemoftheUnitedStateswas established. TheCoinsforthenewcountrywerefirststruckin1793atthe PhiladelphiaMint. Fromthenonuntil1861,theU.S.governmentdidnotfindit necessarytoissuepapermoney. Duringthistimestatebanks(some1466)andprivatecorporations(some1,600) issuedtheirowncurrencyin34states. Thiswastheonlytypeofcurrencyout there.Thecurrencyissuedbythesebankswerebasicallyunsound,manywent “broke”. Thecurrencytheyissuedbecameworthlesspaper. Hencethename “BrokenBankNotes”,todaywecallthen“ObsoleteNotes”. So,bythestartof theCivilWar,thepublicwasleftwithoutanyfeelingofconfidenceinanykindof papermoney! Thereforethehoardingofcoinsbegan.Thebanksstoppedspecies payment(whichmeanspayingoutcoinsforcurrency)inDecemberof1861. WhenLincolnappointedSalmonP.ChasetobeSecretaryoftheTreasury,March 1861,hismaintaskwastofindwaystofinancetheCivilWar. FollowingChase’s recommendationtoprintpapermoneytopayforthewarcongresspassedtheAct ofJuly17th1861. ThefirstU.S.currencyoftheCivilWarwasissuedtothepubliconAugust26 1861. TheyarecalledDemandNotes. Thegreenbacksofthedemandnotesare theoriginoftheterm“greenbacks”forU.S.papermoneyeventothisday! They gottheirnamebecauseonthefrontofthenotesitsaid“TheUnitedStates PromisestoPaytotheBearer(5,10or20)DollarsonDemandPayablebythe AssistantTreasureroftheUnitedStatesAt(oneofthefollowingcities: New York,Philadelphia,Boston,CincinnatiorSt.Louis.)Therarestnotessay“St. Louis.” ThereisoneondisplayattheEricNewmanMuseum. Thedemandnotesforcedthepublicto acceptthempurelyonfaiththattheU.S. Governmentwouldmakethemgood. Thesenoteshadtobeusedbecausewith thestartoftheCivilWarallthegold,sil- verandevencoppercoinssoondisap- pearedfromcirculation. Theywere issuedas$5,$10and$20notesforonly therestof1861. ThenextchangeChaserecommended wasthatnewnoteswouldhavelegal tenderstatusforalldebts,publicand private. Thesewouldbebackedby6% interestbonds! Congresspassedthe ActofFeb2,1862.Thenewlegalten- dernoteswithREDtreasurysealswerefirstissuedtothepublicMarch10,1862 from$1to$1,000denominations. 6 TheCivilWaryearstheywereissuedare: 1$ Notes 1862 2$Notes 1862 5$Notes 1862,1863 10$Notes 1862,1863 20$Notes 1862,1863 50$Notes 1862,1863 100$Notes 1862,1863 500$Notes 1862,1863 1000$Notes 1862,1863 CONFEDARATESTATESCURRENCY TheConfederateStatesalsoneeded moneytopayforthewar. Withina fewdaysofLouisiana’ssecessionin January1861,southernforcestook overtheU.S.MintatNewOrleans. Theyconfiscatedthebullionkept therebythemint. Thisformedthe nucleusoftheConfederatetreasury funds. Theyalsosold20year bonds,mostlytoEngland. This wouldprovetobenotenough! The firstissueof1861notesat Montgomery,Alabamaisveryrare ($50,$100,$500and$1000).To financethewartheConfederacy madesubsequentissuesofpaper moneythrough1864. Thisresultedinrampartinflation. BythetimeGeneral Leesurrenderedthecurrencywasalreadybasicallyworthless! Therewas72majordifferentissuesfrom1861–1864;theyare: 3/9/1861 Issues–Montgomery–Alabama($50,$100,$500,$1000) 3/9/1861 Issues–Richmond–Virginia($50,$100) 8/19/1861 Issues($5,$10,$20,$50,$100) 9/2/1861 Issues($2,$5,$10,$20,$50,$100) 4/17/1862 Issues($100Only) 4/18/1862 Issues($1,$2,$10,$20) 12/2/1862 Issues($1,$2,$5,$10,$20,$50,$100) 4/6/1863 Issues(50cent,$1,$2,$5,$10,$20,$50,$100) 2/17/1864 Issues(50cent,$1,$2,$5,$20,$50,$100,$500) 7 FRACTIONALCURRENCY SoonastheCivilWarstartedthe intrinsicvalueofcoinsbecameworth morethantheirfacevalueandthe coinsincirculationdisappeared. Businesshadnochangetomake change. PresidentAbrahamLincoln signedintoLaw(July17,1862)abill authorizingtheacceptanceofstamps ascurrency. Thestampshoweverdidnotworkwellaschange;theywerenot madetocirculate. Theysoongottoosoiledtoreadandstucktoeachother. InAugust1862theTreasuryDepartmentbegantoissuesmallnotes(2¾x33/8) thathadthedesignsofthecurrentpostagestamps.Thiswasthefirstissueoffrac- tionalcurrencycalledpostagecurrency(5cent,10cent,25centand50cent notes). Soacutewasthecontinuingshortageofcoinsthatfractionalcurrency wasstillissuedaslateas1876,elevenyearsaftertheendoftheCivilWar! In fourteenyearsoffractionalcurrency,369milliondollarswasissuedwhichhelped payfortheCivilWar. Therewerefiveissuesoffractionalcurrency: FirstIssue: August21,1862toMay27,1863 5,10,25,50centnotes-stampdesigns SecondIssue: October10,1863toFebruary23,1867 5,10,25,50centnotes-Washingtondesigns ThirdIssue: December5,1864toAugust16,1869 3,5,10,15,25,50centnotes–manytypes ForthIssue: July14,1869toFebruary16,1875 10,15,25,50centnotes–manytypes FifthIssue: February26,1874toFebruary15,1876 10,25,50centnotes–3maintypes ThefirstthreeissuescirculatedduringtheCivilWar.SoifyouwereintheNorth (Union)duringtheWarthechangeinyourpocketwaspostageorfractionalcur- rency. ____________________ AbouttheAuthor: RobKravitzistheAuthorofthedefinitivebookonFractionalCurrencytitled: A .Heisadealerwhoattends Collector’sGuidetoPostage&FractionalCurrency mostmajorshows,andhecurrentlyresidesinSt.Louis.Visithiswebsiteat www.robsfractional.comandorderanewsletterorbuythebook. 8