Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1908-01-09
PRICED PAPER MONEY
Rare Issues That Even Trained
Experts Seldom See.
OLD RED GOLD CERTIFICATES.
They Were the First Ones Issued and
Seldom Got Into Circulation-Na-
tional Bank Notes of 1865 That Puz-
zled Financial Institutions.

Seldom Got Into Circulation-Na-
tionaI Bank Notes Of 1865 That Puz-
zed Financial Institutions.
ut is curious fact that not one man
out of ten can tell you the design on
any one of the current United States
bank notes." said collector of paper
money. '-Of course don't refer to the
notes of high denomination. mean
everyday, common bank notes of low
denomination, and do not bar in this
statement many employees in banks.
''They handle money in a mechanical
way. and I'll venture that many of
them would be stumped if you were
to ask them to give you detailed de-
scription Of dollar bill. They would
instantly recognize it when it came to
general impression of what constitutes
the outlines of certain note than he
realizes. There was very clear illus
tration of the truth of my statement
the other day in Indiana.
''In the vaults of bank at Roches-
ter, Ind, there had lain for a number
of years package of five dollar ma
from the treasury department. These
bills all bore the name of the bank
and were of the first issue of national
bank notes. 1t will be remem bered
that the issue of 1865 showed fine
engraving of historical character on
the reverse Of each denomination, the
five dollar bills bearing on the back
representation of the landing of Co
lumbus, on the diverse being an Eng
lishman presenting an Indian maiden
to three women, emblematic of Eu-
rope, Asia and Africa.
"a good many of these new bills
were paid out, and not long afterward
kilograms, letters and even personal
calls began to pour into the bank
warning the officials to be on their
guard-that most clever and absolute
~ undetectable counterfeit Of their
notes was out, and the only way the
fact had been discovered was owing to
the difference between this and the
present designs of national bank notes.
The incident went to show how little
the average business man is acquaint-
ed with paper money, for if there was
one note that counterfeiter could not
duplicate with success it was the
fresh. fat national bank note of the
series mentioned.
.'rhe cashier of the bank, however,
curious to see for himself whether
bank employees really were suspicious
OF the notes. took trip to Chicago
and made several attempts to pass the
unfamiliar bills across the counters of
some of the banks, but without sue.
cess, the notes being refused In every
case.
The same thing happened in st.
Louis when some one brought into a
downtown bank hundred dollar note
with red back. Now, the bank en-
ployees knew of the old fractional
currency notes Of small denominations
with red backs, such as the five, ten
twenty-five and fifty cent pieces of pa.
per. but this bill of large denomina.
ton with the glaring red reverse puz.
zled them.
"Yet it was perfectly good issue
being specimen of the first gold Ger
tificates. which made their appearance
some time in 1865 or 1866. The law
authorizing their issue, as a matter of
fact. was passed March 8. 1863. at the
same time the law was passed author.
ling the fractional notes which ap
peared with red backs. The red back
ed gold certificates were of the denom-
nations of 500, 500. $500. $1,000. S.
900 and $4,000 and had been used
mostly for clearing house purposes
and consequently seldom got into cir.
culation
II lost no time in acquiring the bill
and now regard it as one of the great.
est rarities in my collection and do not
believe it could be duplicated.
II have one note that would puzzle
the average business man or banker
either. for that matter. 1t is speci
men of the three year interest bear
ing notes of July II, 1861 While this
one is for only $50. still other denonii
nations were 500. $500, $1,000 and
$4,000. They were engraved only or
one side, the other being mostly in
white, allowing a space for indorse
ment.
''AlI these notes were made payable
to order and bore interest at the rate
of 7.3 per cent. They were known IL
3 former days as seyen-thirty notes
bearing five coupons for each ST,
months interest. the last six months
interest being payable upon the pres
entation and redemption of the note.
These notes were but trifle large
than the ordinary bank note and wer
convertible into twenty year pc
cent bonds. The fifty dollar note show
ed the American eagle on rock a
the principal device, the 500 bore tn
portrait of General Winfield Scott, tn
$500 that of Washington, the $1,OO
Z Salmon P. Chase, while the $4,000 rel
resented an Indian girl. with bow
leaning on a shield, an eagle near b
and Justice at the left hand.
I'm 1864 congress authorized ne,
issue of 7.3 per cent notes, but non
was issued. In their stead came con
pound interest notes at 6 per cent con
bounded semiannually. this really b,