The Harry W. Bass, Jr. Collection - Part I



Texas Nat. Bank Notes, Currency Shields, CSA - Lots 253-295

Texas National Bank Notes

First Charter Period

Over a period of years in the 19th and early 20th century, 917 banks in the Lone Star State were chartered. Of this generous population, only 23 issued currency during the First Charter Period. Thus, these are the incunabula of the Texas National Bank note series today. Examples are all scarce, some are rare, others are extremely rare, and some have achieved the ultimate degree of elusivity: none are known at all.

The Harry Bass Collection includes First Charter notes from 12 of these banks, highlighted by a memorable $100 note from the National Bank of Jefferson, regarded as the only First Charter $100 known from the entire state of Texas. As an aside, no $50 notes are known to exist at all. Thus, apart from this $100 note, the next highest First Charter denomination known from Texas is the $20.

Also of interest is a $5 First Charter note from the Concho National Bank of San Angelo, the last bank in the entire country to issue National Bank Notes of the First Charter period.

As the pedigree data indicate, these notes are from the famous collection of William A. Philpott, Jr., who early in the present century was named as secretary of the Texas Bankers Association, a post he held for 50 years. Along the way, he asked bankers all over the state, as well as professional numismatists (such as his close friend, B. Max Mehl), to keep a weather eye out for interesting notes. Thus, with much effort the notes listed here were acquired.

State National Bank of Austin $10

First Charter, Series 1875

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253     Texas, Austin. The State National Bank of Austin. $10 F-420. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2617. Serial: K400847/2320. Very Good/Fine-10 (CGA). Sharpness of a Fine note, though a few minor problems account for the lower grade. Two small holes appear toward the right end from heavy use, as does some light paper disturbance just to the right of the Treasury Seal. Otherwise the note seems to retain nice body for the grade, taking into consideration that it was pressed at one time. The census reports just 10 notes known from this bank, the First Charter Period notes, consisting of $10s and $20s only, and being especially desirable.

From the William A. Philpott, Jr. Collection.

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254     Texas, Bonham. The Fannin County National Bank of Bonham. $20 F-555. Second Charter Period. Date Back. Lyons-Roberts. Charter: 5146. Serial: R983390/1742. Crisp Uncirculated-62 (CGA). A beautiful Second Charter Period National. The paper quality is excellent, and the colors are fresh and bold. Crookedly cut from the original sheet resulting in both top and bottom margins being into the design at points, a minor and common defect of large-size notes. The signatures are somewhat faded but remain visible. A rare Fannin County note as are all from the town of Bonham. The Kelly census indicates the existence of only three examples.

Of the three National Banks chartered in Bonham, Texas, the Fannin County National Bank of Bonham was the third in 1898. The First National Bank of Bonham appeared in 1883, and the Bonham National Bank on March 27, 1891. Interestingly, the Bonham National Bank issued only in denominations of $50 and $100. Not a single note is known to exist from that bank. No small-size Nationals were ever issued in this town.

Bonham, Texas is situated on Powder Creek, in Fannin County. First settlement occurred in 1837, when Bailey Inglish established a fort there. The name Bonham was not adopted until it became the county seat in 1843.

From the Robert F. Schermerhorn Collection.

First National Bank of Dallas $5

First Charter, Series 1875

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255     Texas, Dallas. The First National Bank of Dallas. $5 F-401. First Charter Period. Series of 1875. Allison-New. Charter: 2157. Serial: B33887/602. Very Good/Fine-10. Ink Erosion (CGA). A pleasing note, but signs of heavy circulation are obvious. Slight roughness is noted at the top edge, just interfering with the design border. The ink has long since flaked away in areas of heavy creasing, and an ink erosion hole is visible at the signature of the cashier. Regardless of the noted condition, the note remains quite rare and very desirable as such. The Kelly reference reports only a single note known from this bank. Not surprising as only $430 are believed to remain outstanding. To the best of our knowledge, this note has never before appeared in a public offering.

The First National Bank of Dallas was a rather short-lived institution. The original charter was on July 16, 1874, and the bank went into receivership less than four years later on June 8, 1878. Only First Charter Period notes were issued, and the total amount released reached only $43,300, much less than many banks have outstanding. Of the 917 National Banks chartered in Texas, this institution was the ninth to appear.

From the William A. Philpott, Jr. Collection.

City National Bank of Dallas $5

First Charter, Series 1875

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256     Texas, Dallas. The City National Bank of Dallas. $5 F-404. First Charter Period. Series of 1875. Scofield-Gilfillan. Charter: 2455. Serial: Y464842/5624. Very Good-8 (CGA). Heavily circulated but not showing any unusual damage for the grade. The paper is beginning to weaken at the most heavily creased areas, resulting in tiny pinhole-sized breaks, only visible upon close inspection. Some light staining is noted for the sake of accuracy. In general, this title is not thought of as rare, but when found on a note of the First Charter Period it is very much a rarity.

The City National Bank of Dallas was the 13th National Bank chartered in Texas.

From the William A. Philpott, Jr. Collection.

City National Bank of Dallas $10

First Charter, Series 1875

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257     Texas, Dallas. The City National Bank of Dallas. $10 F-419. First Charter Period. Series of 1875. Scofield-Gilfillan. Charter: 2455. Serial: K837118/6200. Fine-12 (CGA). The margins are reasonably full all around and the paper quality is respectable. Two light nicks are noted in the bottom margin, otherwise this note is pleasing for the grade. A second rare First Charter Period note from this bank.

From the William A. Philpott, Jr. Collection.

City National Bank of Dallas $20

First Charter, Series 1875

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258     Texas, Dallas. The City National Bank of Dallas. $20 F-434. First Charter Period. Series of 1875. Scofield-Gilfillan. Charter: 2455. Serial: K835570/5052. Fine-15 (CGA). The top margin is trimmed rather tightly and is just into the design border, otherwise the margins are full. Some light soiling is evident, commensurate with the grade assigned. Of decent quality without any noteworthy (pun intended) problems. As rarely as these First Charter Period notes appear from Texas banks, it is especially significant that three of the same bank are here offered. The last chance to acquire this title on a First Charter note, perhaps for some time to come.

J.L. Irish (1916-1983) was the only National Currency collector to ever amass one note on every territory from which Nationals were issued. Texas Nationals were his greatest collecting passion. Despite amassing over 2,000 different Texas Nationals, he was only able to acquire six examples from the First Charter Period. The Bass Collection is remarkable and unprecedented in that it contains 15 notes of the First Charter Period. This achievement is unlikely to ever occur again.

From the William A. Philpott, Jr. Collection.

State National Bank of El Paso $5

First Charter, Series 1875

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259     Texas, El Paso. The State National Bank of El Paso. $5 F-404. First Charter Period. Series of 1875. Scofield-Gilfillan. Charter: 2521. Serial: Z864281/3438. Very Good/Fine-10 (CGA). Two tiny pinhole-size breaks in the paper from heavy circulation are the only problems worthy of note. The cashier signed in blue ink, the president in brown. The face margins are tight, but do not interfere with the design at any point. Only 12 large-size notes are reported in the census, and it is doubtful if more than a couple are of the First Charter Period.

The State National Bank of El Paso, chartered in 1881, was the first of 11 National Banks to be opened in this town. Currency was issued from this office throughout the note-issuing period and amounted to over $1,300,000 in total. In 1935, only $3,220 remained outstanding in large-size notes. This institution was the 16th National Bank chartered in Texas.

From the William A. Philpott, Jr. Collection.

City National Bank of Fort Worth $5

First Charter, Series 1875

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260     Texas, Fort Worth. The City National Bank of Fort Worth. $5 F-402. First Charter Period. Series of 1875. Allison-Wyman. Charter: 2359. Serial: Y1233/10870. Good-6 (CGA). Very limp from having been heavily circulated. One tiny edge split is noted in the right face margin, extending just to the design border. Other areas of slight roughness are visible on all sides as is an old ink stain on the back. A decent note with no serious problems, but with a rarity significant enough to maintain a high level of desirability. The Kelly census reports just a single note known from the $1,225 that remain outstanding as of 1916. Consultation with other experts on the subject has confirmed that this is actually one of two known. Clearly a rarity of the first order and worthy of careful attention from serious collectors.

The City National Bank of Fort Worth was the 12th National Bank chartered in Texas.

From the William A. Philpott, Jr. Collection.

Traders National Bank of Fort Worth $10

First Charter, Series 1875

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261     Texas, Fort Worth. The Traders National Bank of Fort Worth. $10 F-420. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2689. Serial: A974048/4072. Very Good-8 (CGA). Of nice quality for the grade, though the back is faded to aquamarine. Some dark encrustation is visible at the left end, though not overly distracting. Another very rare Texas National with only three reported in the census.

This institution was the 19th National Bank charter in Texas.

From the William A. Philpott, Jr. Collection.

First National Bank of Galveston $10

Chartered in Texas

First Charter, Series 1875

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262     Texas, Galveston. The First National Bank of Galveston. $10 F-416. First Charter Period. Series of 1875. Allison-New. Charter: 1566. Serial: D750665/2623. Very Fine-30 (CGA). Of very nice quality for a Texas First Charter Period note. As clearly indicated by the other examples in this offering, these are usually seen in much lower grades. A VF note is quite respectable and certain to be a focal point of bidder attention. The margins are complete all around and nearly as even as can be expected. The colors remains bold and the note retains good body. A very attractive specimen.

The First National Bank of Galveston was in fact the first National Bank chartered in the state of Texas. The original charter was in 1865, and the bank continued to issue currency through the end of the National Bank era.

From the William A. Philpott, Jr. Collection.

First National Bank of Galveston $10

A Rare Second Example

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263     Texas, Galveston. The First National Bank of Galveston. $10 F-416. First Charter Period. Series of 1875. Allison-New. Charter: 1566. Serial: B130035/632. Fine-12 (CGA). Worn but still quite pleasing for the grade. There are no problems worthy of note, though the bottom margin is trimmed rather tight and is just into the design border. In spite of the large amount of currency issued from this institution, only 18 large-size notes appear in the Kelly census.

From the William A. Philpott, Jr. Collection.

National Bank of Texas (Galveston) $1

Second Chartered in Texas

First Charter, Original Series

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264     Texas, Galveston. The National Bank of Texas. $1 F-380. First Charter Period. Original Series. Colby-Spinner. Charter: 1642. Serial: A991853/Unknown. Very Good. The bank serial number on this note, appearing as #1, has been altered. The paper around the number is clearly disturbed, probably from some extensive mechanical erasing. The upper portion of the Treasury Seal is also affected. This has been proven by way of comparison of this note to the serial number combination found on Lot 1240 in Lyn Knight's sale of the J.L. Irish Collection, August 1997. The serial numbers on that note are A986532/296. Clearly the present specimen with a higher Treasury serial could not have a lower bank number. Some light soiling is evident in the paper, though uniform and not overly distracting. Two small pinholes are noted in the body of the note. The margins are complete all around. A mere $2,203 were reported outstanding in 1910, and of these only five notes are currently in the census. Another First Charter Period rarity from Texas.

From the William A. Philpott, Jr. Collection.

265     Texas, Galveston. The United States National Bank of Galveston. $10 F-635. Third Charter Period. Plain Back. Speelman-White. Charter: 12475. Serial: 25048. Choice Uncirculated-63 (CGA). Crisp and bright with bold colors and deeply embossed blue charter numbers. A most attractive note, just a hair from the Gem category.

From the Robert F. Schermerhorn Collection.

First National Bank of Georgetown $100

Very Rare Second Charter Period

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266     Texas, Georgetown. The First National Bank of Georgetown. $100 F-566. Second Charter Period. Date Back. Rosecrans-Huston. Charter: 4294. Serial:A66757/176. Fine-12 (CGA). Worthy of a higher designation, save for some light roughness in the top margin. A number of small splits just extend into the design, otherwise with decent body and attractive for the grade. Well circulated, but of high rarity as a title as well as a denomination. A mere four large-size notes are reported extant in the census for the bank, and just five examples of this Friedberg variety are known. It may be some time before another opportunity arises.

It is reported that $3,550 remained outstanding in large-size notes. While seemingly an unremarkable total, one must consider that this bank issued only $50 and $100 denominations in large size.

From the Robert F. Schermerhorn Collection.

267     Texas, Goliad. The First National Bank of Goliad. $10 F-619. Third Charter Period. Date Back. Vernon-McClung. Charter: 4565. Serial: M526314B/3228. Very Fine-35. Pressed (CGA). Traces of creasing remain visible, though the note has been pressed at one time. A nice overall look with nice margins all around. No bank signatures are visible, both are either completely faded, or the note was never signed. A very scarcely encountered title, the Kelly census reporting just six examples known from this bank in large size.

The First National Bank of Goliad was the first of two National Banks chartered in this southern Texas town. The second institution, the Commercial National Bank of Goliad was chartered in January 1905, and though more notes remained outstanding from the latter, it is excessively rare today; only a single note appears in the census.

Goliad is a famous town in Texas history, having been built around an old Spanish mission erected there in 1749. The mission was besieged by Mexicans during the revolt of Texas in 1836. Santa Anna convinced the Texans holding the mission to surrender, after which they were brutally executed. During the time of the famous conflict at the Alamo, the massacre at Goliad was clearly remembered, and Texans refused surrender in rightful fear of the same fate.

From William K. Raymond.

268     Texas, Houston. Houston National Bank. $100 F-700. Third Charter Period. Plain Back. Vernon-Treat. Charter: 9353. Serial: 4977. Extremely Fine-45 (CGA). Fresh and attractive for the grade. A single light area of staining is well hidden in the upper right corner of the face. A minor distraction at worst. Only ghosts of a couple of light folds keep this note from a higher grade. Sure to please its next owner. From the second title period of this bank, during which Third Charter Period, Plain Back notes were the only large-size notes issued. Only five large-size notes appear in the census from this second title period.

Interestingly, this second title had been previously used for another bank, charter #4028. The original Houston National Bank, chartered on May 7, 1889, issued Brown Back $10 and $20 notes only and was liquidated on March 28, 1909. Only a single note appears in the census from this short-lived institution. In the same month this bank was liquidated, charter #9353 was granted to the bank represented in this lot, originally named the Houston National Exchange Bank. The recycled title was adopted in September 1923.

From the Robert F. Schermerhorn Collection.

Highly Important Original Series $100

The Only One Known From Texas

National Bank of Jefferson

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269     Texas, Jefferson. The National Bank of Jefferson. $100 F-455. First Charter Period. Original Series. Allison-Spinner. Charter: 1777. Serial: 558957/1105. Fine-12 (CGA). The paper retains decent body though it shows aging and some very lightly soiled areas. The margins are all full, and the centering nearly perfect. While somewhat faded, both handwritten bank signatures are still legible. Three small edge splits are noted for the sake of accuracy. Only one of these extends into the design. One of the truly outstanding notes in this fine collection of Nationals, the $100 First Charter Notes are scarce and highly sought after by specialists. This example from a Texas bank is of great importance, as only 10 banks in the state issued Original Series notes. Of these, only three issued the $100 denomination. This piece arguably has more than its share of selling points, and in addition to those already mentioned, the Kelly census reports just a single note known from the National Bank of Jefferson. Furthermore, this note is the only $100 First Charter Period National known to exist from the state of Texas, and it has long been recognized as perhaps the most important National Bank note from this state. As an aside, not a single $50 First Charter Period note is known from Texas. An important rarity deserving placement in a truly fine collection, a sensational note, a sensational opportunity.

Featured on the back of the First Charter Period $100 is a reproduction of John Trumbull's famous painting, The Signing of the Declaration of Independence. The excellent engraving was executed by Frederick Girsch of the American Bank Note Company.

From the William A. Philpott, Jr. Collection.

Concho National Bank of San Angelo $5

First Charter, Series 1875

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270     Texas, San Angelo. The Concho National Bank of San Angelo. $5 F-405. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2767. Serial: Y300190/4274. Fine-15 (CGA). The margins are mostly complete, though the bottom is erratically trimmed and just into the design on the face. Of nice quality for the grade, the paper retaining decent body. Some light wallet soiling is noted on the back, though this is minor. Legible, hand-signed bank signatures. Only three notes appear in the census from this bank during its first title period.

As noted above, this institution adopted a second title. The name was changed to the First National Bank of San Angelo on October 13, 1902, 20 years after its original charter in 1882. Under the second title, the bank issued notes through the end of the National Bank era. San Angelo was the only town in Tom Green County to have National Banks issuing currency. This particular institution was the last to issue National Currency of the First Charter Period.

From the William A. Philpott, Jr. Collection.

San Antonio National Bank $1

First Charter, Original Series

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271     Texas, San Antonio. The San Antonio National Bank. $1 F-380. Original Series. Colby-Spinner. Charter: 1657. Serial: A955572/935. Very Good/Fine-10 (CGA). Close inspection reveals many tiny pinholes in the body of the note. Unfortunate, but not significant enough to lessen the assigned grade. The note is otherwise intact with very little of the edge roughness that is usually found on pieces of this grade.

The San Antonio National Bank was originally chartered in 1866 and became only the fourth National Bank established in Texas. As noted before, over 900 more charters would be granted in this state before the end of the National Bank era.

From the William A. Philpott, Jr. Collection.

Waco National Bank $20

First Charter, Original Series

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272     Texas, Waco. The Waco National Bank. $20 F-429. First Charter Period. Original Series. Allison-Spinner. Charter: 2189. Serial: B463771/663. Very Fine-30 (CGA). Respectable quality for a First Charter Period note. The margins are almost all even and complete, the only discrepancy being the back top margin which is tightly trimmed, just to the design border. Significant body remains and though aged slightly, the color remains nice for the grade. Two puncture marks from a staple are noted for accuracy. Only First Charter Period notes were issued by this bank under its first title as found on this note. The census reports only a single note from this period. A very rare title worthy of careful attention. Opportunities such as this are few and far between.

This institution adopted its second title in February 1889, having been in business 15 years. The First National Bank of Waco, as it was then called, issued National Currency throughout the note-issuing period. The total face value amounted to over $10,000,000, but fewer than 80 notes of all types are known to exist today. Regarding the note here offered, fewer than 10 notes of this Friedberg variety are known to exist.

This concludes our offering of Texas notes.

The Deseret National Bank $1

Salt Lake City, Utah

Signed by Brigham Young

First Charter, Original Series

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273     Utah Territory, Salt Lake City. The Deseret National Bank of Salt Lake City. $1 F-382. First Charter Period. Original Series. Allison-Spinner. Charter: 2059. Serial: D346526/655. Extremely Fine-40 (CGA). A pleasing note with decent margins and nice overall color. Some light adhesive residue is noted on the back, which has slightly stained the paper. A rare and highly desirable note. Not only is this an Original Series note in well above-average condition, it is also a Utah Territorial issue. Additionally, the note bears the handwritten signature of religious leader Brigham Young as president of the bank. Whether he signed personally, or an amanuensis did is not known. While the Kelly census indicates 31 territorials known from this bank, large-size nationals from Utah in general are relatively scarce. It is interesting to note that only 34 banks in Utah issued National Currency. In fact, there are probably single banks in major eastern cities with more large-size notes known than the total population of large-size notes from the entire state of Utah. Thus there are likely more state collectors than notes available. Territorial issues of western states are always prized by collectors, and it follows that quality examples from Utah banks are especially so. Any collector with a serious interest in this note would be well advised to bid generously.

Brigham Young was born in Whitingham, Vermont, in 1801. He relocated to Mendon, New York, in 1829 where he made the acquaintance of Joseph Smith, the leader of the Mormon Church, who published The Book of Mormon in 1830. Two years later, in 1832, Brigham Young was baptized into the Mormon faith, and embarked on what would become a great career in religion. In the 1830s, the Mormons were centered in Kirtland, Ohio, but then moved west. The next major settlement of Mormons occurred in Nauvoo, Illinois, where Young acted as a director, clearly having already attracted significant respect from the community. He later led the mass migration of Mormons to the area of the Great Salt Lake valley, where he directed the settlement there, and during the 1840s, succeeded Joseph Smith as leader of the Mormon Church. He became the first Governor of Utah in 1849, and held the position until 1857 when his personal conflicts with the United States government resulted in his removal from the position. He is probably best remembered, at least in non-Mormon circles, for his open practice of polygamy of which he was a great proponent.

From the Robert F. Schermerhorn Collection.

Deseret National Bank of Salt Lake City

Utah Territorial $10


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274     Utah Territory, Salt Lake City. The Deseret National Bank of Salt Lake City. $10 F-487. Second Charter Period. Brown Back. Tillman-Morgan. Charter: 2059. Serial: K755229E/2419. Very Good-8 (CGA). Heavy wear commensurate with the assigned grade. The margins are full, and there are no noteworthy problems. The bank signatures are handwritten in brown ink. The cashier is a Mr. Young, possibly a relative of Brigham Young who had formerly served as president of this bank. Satisfying for the grade in all aspects. A second rare territorial issue from the Deseret National Bank, this time somewhat more affordable.

From the Robert F. Schermerhorn Collection.

Vermont First Charter $5

National Bank of Rutland

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275     Vermont, Rutland. The National Bank of Rutland. $5 F-397. First Charter Period. Original Series. Colby-Spinner. Charter: 1450. Serial: N646373/12873. Very Good/Fine-10 (CGA). Evenly worn and attractive for the grade, though a couple of short edge splits are noted. A scarce note regardless of the condition. Only seven notes are reported extant in the Kelly census.

From the Robert F. Schermerhorn Collection.

Prohibitively Rare $10 Territorial

Cheyenne, Wyoming Territory

Stock Growers National Bank of Cheyenne

First Charter, Series 1875

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276     Wyoming Territory, Cheyenne. The Stock Growers National Bank of Cheyenne. $10 F-420. First Charter Period. Series of 1875. Bruce-Gilfillan. Charter: 2652. Serial: E668412/19. Good-6 (CGA). At first glance this has the appearance of a VG note, though a single tear into the edge extends one half of an inch into the note. This is the only significant problem. An exceedingly rare item. The Kelly census reports just three examples known from the territorial period. Of low grade, but one must consider when another opportunity will arise to acquire this territorial title? State issues included, only $4,420 remained outstanding in 1935. A mere 13 Wyoming Territorial notes are believed to exist.

This bank was chartered in 1882, barely becoming eligible to issue First Charter notes.

From the Robert F. Schermerhorn Collection.

Desirable Fractional Currency Shield

Gray Background

277     Fractional Currency Shield. F-1382. Circa 1866-1867. Gray background. Choice VF. Some areas of foxing are noted in wide horizontal bands through the center of the shield. This piece seems to have avoided the conditions which resulted in the heavy water stains that appear on many shields. A very small area of staining is just visible above the edge of the frame in the lower margin. A lighter yellow stain is visible across the top left corner, and while it does enter the area of the notes, it is somewhat less obvious to the viewer than are the foxed areas. One small disturbance of the paper is noted between the lowest two stars on the left, probably a scratch of the paper resulting from breakage of the glass at some point in the past. Some notes show heavy fading while others remain relatively bright. Overall, this is one of the nicer shields we have handled. Professionally framed and ready for your home or office. This and the following lot were displayed in Harry Bass' office behind his desk.

Fractional Currency Shields: The Fractional Currency shields consisted of a printed shield-shaped background (nearly always gray in color, but sometimes pink or green) on which were pasted by hand 39 different Specimen (printed on one side only) Fractional Currency notes, typically consisting of 20 fronts and 19 backs, all from the 1st, 2nd, and 3rd issues. These are believed to have been made in 1867 and thus included the 15¢ Grant and Sherman notes (introduced in 1866) but were too early for the 4th issues, which made their debut in 1869.

Mounted under glass in a sturdy wooden frame, the Fractional Currency Shields were sold for $4.50 each and were intended for distribution to National Banks, where they could be displayed on a wall and used to detect counterfeits, by matching a suspected note with the same design pasted on the shield. Before most were shipped, their storage room in the basement of the Treasury Building in Washington was flooded to a depth of an inch or so, with the result that most shields became stained along the bottom border.

The counterfeit detection plan and the interest of banks in acquiring the shields proved to be less than expected, and in 1869 F.E. Spinner, treasurer of the United States, reported that the remaining examples in Washington had been destroyed. However, it seems that a few were kept on hand, and later augmented with a few later Fractional Currency notes, sometimes with a postage stamp or two. As to how many were issued, the writer is aware of no specific records. Estimates have ranged from about 200 to 400. Of this number we have handled, perhaps, 50 examples over a long period of years, since the 1950s. However, this is not representative of the typical professional numismatic firm, as we have made a special point of buying shields whenever nice ones are offered to us at a price considered to be reasonable.

Among the first appearances of a Fractional Currency Shield in numismatics was an offering by Philadelphia dealer Ebenezer Locke Mason, Jr., in Mason's Coin and Stamp Collectors' Magazine, January 1868, where they were offered for $6 each with the comment that they had just been released. Mason was early in the numismatic game, and in 1860 (in Boyd's Directory) was listed at 453 North 2nd Street, "Coins bought, sold, and exchanged." Other coin dealers in the city in the same year included Edward Cogan, 48 North 10th Street; William Idler, 111 North 9th Street; A.C. Kline, 824 Walnut Street; and Alfred W. Newton, northwest corner of 20th and Spruce streets. In the 1870s, Mason was among several dealers who actively bought, sold, and traded Fractional Currency notes and, occasionally, the shields. Confederate States of America notes were also a stock in trade. However, federal notes such as Legal Tender issues commanded virtually no numismatic attention or interest.

In the 1870s, J.W. Scott & Co. was among the more active dealers in Fractional Currency, perhaps because the firm was best known for trading in stamps, and Fractional Currency notes were often collected by philatelists. The Noel Gray Collection, catalogued by David U. Proskey and auctioned by J.W. Scott on October 27-28, 1879, included a Fractional Currency Shield, among the earlier examples to cross the auction block. In the same year, Proskey was especially busy helping Scott sell the 500 restrikes he (Scott) had made of the 1861 Confederate States of America half dollar; later, Proskey would report that the marketing program as it appeared in print was strewn with numerous red herrings. On December 18, 1881, the Hawaiian Collection-same cataloguer, same auction firm-included a Fractional Currency Shield. It could have been that Scott had a small stock of these and featured them from time to time in auctions.

As might be expected, in modern times just about any numismatist interested in 19th-century numismatics has included the Fractional Currency Shield on his or her "must have" list. Albert A. Grinnell's example with a pink background was sold in Part VI of his collection, by Barney Bluestone in June 1946.

Among any and all numismatic items produced in American history, the Fractional Currency Shield is no doubt the most "displayable" in its original form. Indeed, these are one of only a few such items originally intended for this purpose.

From the Robert F. Schermerhorn Collection.

Extremely Rare Fractional Currency Shield

Pink Background

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278     Fractional Currency Shield. F-1383. Circa 1866-1867. Pink Background. EF. Careful examination will reveal some light spotted foxing in the margins, but the paper quality is far above average. There are no water stains visible. This shield was clearly never carelessly displayed where direct sunlight would reach it as the colors of the paper and notes remain bright. The notes, 43 in number, are generally of very nice quality. This figure includes four extra notes that were added later at the four corners of the shield design, these having been somewhat carelessly affixed with an adhesive that has now turned a deep walnut brown. Shields with extra notes are extremely rare. Of the approximately 50 shields, mostly gray, we have handled over the years, this is only the third augmented shield we have seen. At the same time these were added, it seems that a couple of loose corners were tacked down as smudges of the same adhesive are visible at two other notes. Still an unusually fresh-looking specimen and likely to draw a great deal of attention, as these are rarely seen. A light wrinkle is noted in the backing about half way up the left edge, this seems to be as made, and is only visible under close scrutiny. Professionally framed to match the previous lot.

From the General Miles S. Newton Collection sold as part of RARCOA's ANA Sale, August 1970, Lot 1675.

Texas Obsolete Currency

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279     $1 Criswell-H14. Rarity-8. The Government of Texas. Fine, cut canceled. Worn with some very light soiling, but without any other problems of note. A nice example of this Texas rarity bearing the handwritten signature of Sam Houston who, of course, remains one of the all-time great figures in Texas history.

Notes bearing the name of the Government of Texas were issued in 1838 and 1839. These were authorized by an Act of Congress of June 9, 1837. These were produced in denominations of $1, $3, $5, $10, $20, and $50, and were all issued from the city of Houston.

These and related notes were produced by Draper, Toppan, Longacre & Company, with offices in Philadelphia and New York. The Longacre in question was James B. Longacre, well known as an engraver on copper and steel, who in 1844 was named chief engraver at the Philadelphia Mint. During the 1830s and early 1840s he engraved many plates including illustrations for the National Portrait Gallery, various notes and certificates, and business letterheads.

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280     $3 C-H15. Rarity-8. The Government of Texas. Choice Fine, cut canceled. The cancelations have all been repaired on the back. All design features remain bold as does the pen-signed signature of Sam Houston.

Though commonly thought of as a famous Texan, Sam Houston had a long career in United States military affairs before his settlement in Texas in 1833. He entered the Army in 1813, and was involved in several Cherokee Indian affairs, one being their relocation to Arkansas. He also served as a member of the House of Representatives from 1823 to 1827 and as Governor of Tennessee from 1827 to 1829.

281     $5 C-H16. Rarity-7. The Government of Texas. Choice VF, cut canceled. Bright and pleasing. A printing wrinkle is noted at the upper right corner, as made. A vignette of a buffalo hunt is featured at the center. Boldly signed by Sam Houston.

282     Trio of $10 notes of the Government of Texas: I C-H17. Rarity-5. AU, cut canceled. Bright and fresh with minor evidence of folding visible. Signature of Sam Houston I C-H17. Rarity-5. Choice Fine, cut canceled. Signature of Sam Houston I C-H17A. Rarity-5. VF, cut canceled. Signature of Lamar. (Total: 3 pieces)

283     $20 C-H18. Rarity-6. The Government of Texas. EF, cut canceled. Evidence of a few light folds, a minor distraction. Otherwise very nice and retaining nice body. Pen-signed signature of Sam Houston.

Most of these autographed notes of Sam Houston have relatively modest values in the Criswell reference. One of these days the expanded field of autograph collecting will discover that such notes are a good source for such signatures, then watch the supply evaporate and the price rise!

Recently, in connection with a book your editor is doing on the 1804 silver dollar and the voyages of Edmund Roberts, we were reviewing a "Secret Mission" file in the papers of the State Department. Although Texas historians probably know of the situation, it was news to us that a secret agent had been sent to Mexico in the late 1820s with the authorization to buy the territory of Texas, first offering $4,000,000, but if necessary upping the price to $5,000,000. If this is not common knowledge among Texas historians, we'd be happy to provide the appropriate citation.

284     Pair of $50 notes from the Government of Texas. C-H21A. Rarity-6. Choice EF, cut canceled; VF, cut canceled. One small piece is missing from the lower margin of the second note. Both are signed by Sam Houston. A final opportunity to acquire notes bearing this famous signature. (Total: 2 pieces)

285     Selection of Obsolete notes from the Republic of Texas: I $1 Criswell-A1. Rarity-5. VF, cut canceled I $2 C-A2. Rarity-5. VF, cut canceled (2) I $3 C-A3. Rarity-7. VF, cut canceled. A rare and seldom-seen denomination. A nice quartette representing at least one note of each denomination issued as part of the Fourth Issue in the name of the Republic of Texas. These were authorized by an Act of Congress, December 14, 1838, and were to be issued to a maximum of $150,000, in three denominations, $1, $2, and $3. Notes of the Fourth Issue were engraved at the firm of Endicott & Clark, New Orleans. (Total: 4 pieces)

The Republic of Texas was founded by Declaration of Independence from Mexico on March 2, 1836. A number of well-known clashes ensued including those at Goliad Mission, the Alamo, and the decisive battle of San Jacinto. The Republic of Texas was later admitted into the Union on December 29, 1845, becoming the 28th state. Years later in 1934, the state began celebrating its centennial, a year early, and then continued the festivities on and on, finally turning out the lights in 1938.

286     Pair of $5 notes of the Republic of Texas. C-A4. Rarity-6. EF, cut canceled; Fine, cut canceled. An attractive pair from the Fifth Issue of the Republic of Texas. (Total: 2 pieces)

The Fifth Issue of notes from the Republic of Texas included denominations of $5, $10, $20, $50, $100, and $500, all authorized by an Act of Congress, January 19th, 1839. All plates were engraved by the firms of Rawdon, Wright, Hatch & Edson, New Orleans and Rawdon, Wright, & Hatch, New York. Each note bears an ornate back design in light orange ink.

287     Pair of $10 issues of the Republic of Texas. C-A5. Rarity-4. Choice EF, cut canceled; Choice Fine, cut canceled. An attractive pair, the first having nice color and freshness, the second showing signs of moderate circulation. (Total: 2 pieces)

288     Trio of Fifth Issue notes from the Republic of Texas: I $20 C-A6. Rarity-4 (2). Choice VF, cut canceled; VF, cut canceled I $50 C-A7. Rarity-4. Choice VG, cut canceled. (Total: 3 pieces)

289     Pair of notes of the Republic of Texas: I $50 C-A7. Rarity-4. Choice EF, cut canceled. Bright and pleasing I $100 C-A8. Rarity-6. VF, cut canceled. A nice higher denomination pair, the $100 note being rather scarce. (Total: 2 pieces)

290     $500 C-A9. Rarity-8. Republic of Texas. Fine, cut canceled. Moderately worn with some light soiling noted. The face is well centered, the back somewhat low. A pleasing example of this seldom-offered denomination.

This concludes our offering of Texas Obsolete currency from the Bass Collection.

Confederate States of America
Currency and Documents

291     $50. 1861. Type-8, Criswell-19. Rarity-6. EF. One vertical crease is found at the center of the note. The crispness and overall paper quality of a Choice AU, but for an edge split in the top at the center fold. Still bright and pleasing.

292     $5. 1864. T-69, C-560. Unissued Remainder Sheet. Rarity-6 (as sheet). VF. Interesting eight-subject remainder sheet of Confederate States of America $5 notes. Notes are not signed. The color is decent, each note being AU on an individual basis. The total sheet has been folded twice. The back of the sheet shows some aging which is not readily apparent on the face. A heavily foxed area in the left margin has broken and a small piece is missing. Two hinges from mounting are noted on the back upper two corners. A nice item to add to a collection of CSA notes.

Years ago such sheets were relatively plentiful, and we had our share of them. Today in 1999, the supply is quite well distributed, and from all we hear, the great interest in the Civil War as displayed on various Internet web sites will but serve to increase the demand.

293     $10. 1864. T-68, C-552. Unissued Remainder Sheet. Rarity-6 (as sheet). AU. A second remainder sheet of eight subjects, this representing the $10 denomination. Nice color and overall quality. As the previous lot, two light folds are visible, but this sheet shows only minor yellowing along one edge. Attractive with nice margins all around.

Important Confederate Document

Signed by C.G. Memminger

294     Confederate States of America. Treasury Circular, No. 11. Relative to Treasury Notes. Some trivial staining is noted along the left margin, otherwise the paper remains quite nice. Part of a small embossed seal is visible at the upper left corner, undoubtedly from the paper company. Folded twice as a letter and showing no other signs of abuse; the edges are sharp, though somewhat unevenly trimmed along the left margin. The letter is hand written in brown ink, commonly used in that period, and it does bleed through the paper, though not extensively enough to have caused any ink erosion. Some light water spotting has occurred at the closing signature causing slight bleeding of the ink, though the name remains bold and legible. An important Confederate States Treasury document written by C.G. Memminger as Secretary of the Treasury. The circular reads as follows:

Treasury Circular, No. 11

Relative to Treasury Notes.

Confederate States of America,

Treasury Department,

Richmond, August 8, 1861.

The Treasury Notes issued under date of July 25, 1861, per Act approved May 16, 1861, will be received, as expressed upon their face, in payment of all public dues except Export duties. The several Assistant Treasurers and Designated Depositories of the Confederate States are instructed to receive them on deposit, and to reissue the same as money upon warrants. They will in no case be canceled.

C.G. Memminger,

Sect'y of Treasury.

For the sake of accuracy it should be mentioned that the circular was originally #9, then crossed out and changed to #11.

The circular relates to the Second Issue of Confederate States currency, all notes bearing the date July 25, 1861. This was the first issue from Richmond, Virginia, the previous issue being from Montgomery, Alabama. The issue was extensive and had a total circulating face value of $17,347,955, an incredible sum in 1861, but not reaching the original authorization of $20,000,000. Six different design types bore the date of July 25, and these represented five denominations, $5, $10, $20, $50, and $100. A brief but interesting look into Confederate financial history, written by a very influential figure of the Civil War.

During the summer of 1861, there was great confidence in the Southern cause, a condition which was very important for the Southern economy and helped the circulation of currency domestically and bonds abroad (particularly in England). The general good feeling, stemming in part from early Confederate military victories such as those of Fort Sumter and Bull Run assured southerners that internationally recognized independence of the Confederate States would be forthcoming, and the Confederate Treasury would therefore remain a viable institution. In these early months of the war, Confederate Treasury Notes were worth around 90¢ in gold, comparable in value to the Demand Notes issued by the Union. However, as the war raged on and Southern victories became increasingly uncommon, the value of Confederate currency fell drastically in relation to gold; a bold reflection of the true state of the Southern economy. Certain aspects of Confederate finance are discussed earlier under our offering of federal notes.

Christopher Gustavus Memminger was born January 9, 1803, in Wurttemberg, Germany. The death of his father shortly thereafter, led his mother to emigrate to Charleston, South Carolina, along with her parents. When he was four years old his mother died, and he was placed in the Charleston Orphan House. Eventually he attended college, still quite young, and then studied law. In 1836, he became a member of the South Carolina House of Representatives where he served as chairman of the committee on finance. As late as the 1850s, Memminger was against separation from the Union, but by the time of the secession of South Carolina, he had become fully convinced that secession was necessary. He served as chairman of the committee that drafted the provisional constitution of the Confederate States. Shortly thereafter he was appointed by President Jefferson Davis to serve as secretary of the Treasury. The financial situation of the Confederacy was, in reality, always somewhat unstable-due in part to the fact that the Confederacy had very little gold (in contrast, the North had much). By the end of the war, indeed months before Appomattox, disaster had set in.

After the war, Memminger received a presidential pardon, as did most other Confederate officials, and he returned to his practice of law. In addition to his activities as an attorney, he had long been active in the field of education, having served for over 30 years as the commissioner of schools for Charleston. After the Civil War, he continued his involvement, maintaining a great interest in public schooling.

Letter from Judah P. Benjamin

295     Three-page letter from Judah P. Benjamin to the Governor of Texas, F.R. Lubbock, regarding the purchase of arms for the war effort. February 11, 1862. Handwritten on heavy, light brown paper. A number of folds and creases are noted, as expected. No noteworthy problems are noted on either page outside of some trivial ink staining.

Written in brown ink, under the letterhead of the Confederate States of America, War Department, and dated February 11, 1862, the letter reads as follows:

Sir

I have the honor to acknowledge receipt of your letter of 13th Octo. And to return my thanks for the early and favorable consideration given to my letter of 2nd Dec.

I regret however to say that your Excellency was mistaken in your construction of my letter, and that the board was right in supposing that I had given no authority to Mr. Giddings to grant receipt for the bonds as agent of this department.

I could give Mr. Giddings no authority to make the exchange of bonds, nor to receipt to you for the bonds, for the simple reason that I myself was without power under the law.

The case is simply this - I have authority to buy arms payable in the bonds of the Confederate Government. I authorized Mr. Giddings to buy the arms and furnished him $250,000 for that purpose, being as large an amount as I was willing to place at one time in the hands of one agent.

Mr. Giddings said that parties in Matamoras were willing to sell arms for the U.S bonds held by Texas. I said that if Texas would buy said arms as he approved, for her bonds at prices also approved by him, I would bid this department to buy the arms from Texas at cost, giving Confederate bonds for them.

Under the act of your legislature therefore, as the matter will be one equally advantageous to both governments it seems to me that the only course is for your board to send an agent with your bonds to pay for such arms as Mr. Giddings may be willing to buy. On the delivery of the arms to Mr. Giddings to be fowarded to this department, I will pay for them in Confederate bonds, giving you the same amount in Confederate bonds as you give in U.S. bonds.

In this way, you run no risk as you become entitled to Confederate bonds the moment the arms are delivered to Mr. Giddings in Matamoras, and I run no other risk than that of getting the arms brought safely to N. Orleans which risk I am willing to take for the government.

Regretting that there should have been any misunderstanding on your part against which I endeavored to provide by the careful wording of my former letter, I am

Very respectfully

Your obliged

J.P. Benjamin

Sec of War

To Gov. F.R. Lubbock

Austin

Texas

Note: Judah Philip Benjamin (1811-1884), recognized as the portrait on the various issues of Confederate States $2 notes was, at the time of this letter, the Confederate Secretary of War. He had however, been a respected figure in law and politics earlier in his career. He had spent two years in attendance at Yale University, but left without taking a degree. His study of the law occurred mostly during his time employed in the office of a notary. He rose to national fame for his involvement in the case of the brig Creole, where his brief dealt with the status of slavery under international law.

His career in politics began with his election to the state legislature of South Carolina in 1842, and later he was elected to the United States Senate as a Whig in 1852. He was very concerned with economic development and wanted to connect the South by way of rail to the Pacific, which he believed would create a trade advantage with Asia. He felt, as did many others that the Compromise of 1850 put the South at a disadvantage, and thus the stage was set for secession. Benjamin was in fact one of the first Southern senators to suggest the same. His final speech to the United States Senate was on February 4, 1861, after which he withdrew.

Within one month he became the Attorney-General of the Confederacy, appointed by Jefferson Davis. On September 17, 1861, he was transferred to the position of Secretary of War. He was personally blamed for many of the failures of the Rebel Army, being accused of turning a deaf ear to repeated requests for much needed munitions. The Confederate Treasury was in a disastrous state, and shortage of arms and ammunition was a perpetual weakness of the South. Confederate victories diminished, troops ran into trouble, and southerners became disillusioned, and Benjamin was often blamed, although the causes were much wider and were largely outside of his office. Even representatives to the Confederate Congress held him responsible for the loss of Roanoke Island, specifically, and were making moves to indict him when President Davis appointed him Secretary of State. His popularity continued to wane, and by the end of the war there was nothing left for him. A scapegoat more or less, Benjamin fled to the East Indies, then to England where he re-entered the field of law and regained great respect in his practice.