Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts

Tuesday, March 12, 2013

Hometown Money

I've always had a love of the past and one of my hobbies when I was younger was to collect coins.  Naturally, I didn't have enough money to collect anything expensive, so it was mostly pennies and some nickels.  Anything much larger was beyond my means.  Although I never bought anything from the coin shops, I did enjoy looking around and seeing all the items on display, so from those visits I have a little familiarity with currency also.

That's why it came as a surprise to me when I was doing an Internet search and I ran across reference to National Bank Notes.  This was American currency issued by local banks with a federal charter.  From 1863 to 1935, local banks could deposit bonds in the US Treasury and then they could issue currency up to 90% of the value of the bonds.  The banknotes were backed by the United States Government and often resembled United States Notes and later Federal Reserve Notes.

The cool thing about these National Bank Notes however, is that the name of the local bank is prominently displayed, meaning that your local town name was found on national currency.  I quickly did a look and found that a bank in my hometown of San Luis Obispo, California was one of the towns issuing currency.

$10 San Luis Obispo, California, National Bank Note

Since the program continued all the way until 1935, the later smaller notes closely resemble the money we still have in circulation today.

$10 Paso Robles, California, National Bank Note

The $10 bill above is from the town where I teach which at the time it was issued probably had less than 3,000 people!


Sunday, October 02, 2011

Victor David Brenner

Congratulations once again to Robert, who correctly identified yesterday's Person-of-Mystery as none other than Victor David Brenner.


Last week unintentionally turned into a bit of a money themed week, so I felt it only fitting to finish it off with Brenner.  You see, when I was a boy, developed an early fascination with coins.  My grandmother had given me some coins that my grandfather had collected from countries around the world while he was in the navy and I found them fascinating.  However, since I didn't have money to collect high denomination coins, I collected pennies.


Here's how it worked – from the money I earned doing my paper route I would have my parents go to the bank and get about $20 in rolls of pennies (50 in each roll).  In my spare time, I would sift through the rolls pulling out any wheat pennies, and replacing any I removed with newer pennies, rerolled the coins and finally made a small pen mark on the outside of the roll.  Usually, the rolls contained little of interest, but occasionally I could find something good, maybe even a steelie or the rare Indian Head.

(Example Penny Book - not mine, just an image from the Internet)

Before long, I bought a penny book and placed the coins into their appropriate slots often replacing better specimens for worse ones.  The United States had mints in three cities that commonly produced Lincoln pennies:  Philadelphia, Denver, and San Francisco.  Mint marks are found under the date with "D" for Denver, "S" for San Francisco and no mark for Philadelphia, so each year typically has three pennies to collect (e.g. 1914, 1914-D, and 1914-S).


The value of the coin is determined by by a variety of factors including the quality of the coin (less handled, the better) and the quantity minted (the fewer made, the greater the value).  For me, part of the fun was in the find, so I never bought any coins from a dealer.  I was able to find every penny this way save one, the elusive 1909-S VDB.  Which brings us back to Victor David Brenner.


Brenner was born in 1871 as Viktoras Barnauskas in a Jewish home in what is now Lithuania.  His family left Russia due to anti-semitism and he adopted an American sounding name in hopes of obtaining citizenship.  The family trade was gem and seal engraving, so when he came to America, he took up sculpture and medal making and became well regarded for his work.


In the Summer of 1908, President Roosevelt sat for Brenner in his studio so Brenner could make some sketches for a Panama Canal Medal that Roosevelt was having made.


While completing the work, Roosevelt saw a bas-relief Brenner had made of President Lincoln in hopes of capitalizing on the centenary of Lincoln's birth.


Roosevelt was a big fan of Lincoln.  Teddy had seen Lincoln's funeral as a boy and considered himself his political heir and Republican standard-bearer.  Roosevelt even possessed a ring containing actual hairs from Lincon's body given to him by John Hay.

(Roosevelt's Lincoln Ring)

In 1905, the famous sculptor Augustus Saint-Gaudens had been chosen to redesign several coins including the $20 gold piece and the penny.  Saint-Gaudens completed a double eagle, but died in 1907 before he could redesign the penny.  So when Roosevelt noticed Brenner's Lincoln medallion, he decided that Brenner's work would become the new penny.


Brenner's Lincoln penny was groundbreaking in many ways.  For starters, it featured a real person and most previous U.S. currency depicted allegorical imagery like liberty personified, eagles, or nondescript Indians.  However, after it's release people lodged complaints, particularly people from the South who objected to having a depiction of the former tyrant on their currency.  Some objected to the stylistic wheat design on the reverse bearing little resemblance to real grain.  But the greatest number of complaints came from those who took umbrage with the prominently placed artists initials, "V.D.B.," at the bottom of the reverse between the wheat stalks.


The Philadelphia and San Francisco mints produced 103,006,618 pennies in 1909 (which sounds like a lot, but for comparison in 2008, the mint produced over 5.4 billion pennies).  Of the pennies produced in 1909, only 28,479,000 were produced with the offending "V.D.B." initials and of these a meager 484,000 were produced in San Francisco making the 1909-S VDB, one of the most sought after pennies by collectors and ironically bringing renown to the mysterious Victor David Brenner.  Eventually by 1918, the controversy had subsided and a very tiny "V.D.B." returned to the penny's front side where in can be found today at the bottom of Lincoln's bust at about the 7 o'clock position.



Wednesday, September 28, 2011

RTD's Favorite Note

RTD, a regular reader of this blog, kindly submitted his choice for most beautiful money, the 1975 $50 Canadian Note below:



On Second Thought

Yesterday I was lamenting my age and our ugly money.  While I still don't trust our government to make good decisions about money, I figured I'd publicly eat my words after receiving a rather pretty quarter in change.


When I showed it to my son, the first thing he said was, "Pretty quarter."

Thanks to everyone who took the time yesterday to send me examples of pretty or ugly money.  No offense to my Dutch readers, but I think my vote for ugliest money examples sent in were the Dutch 100 and 1000 Guilder notes (used before the Euro).



What were they thinking?


Tuesday, September 27, 2011

Ugly Money

I can tell I'm turning old.  How, you ask?  It seems like more and more things bother me all the time.  The other day, I was handed my change and I looked at the $5 bill and I couldn't help but think, "Boy our money has gotten ugly."  It may be the awkward way Lincoln has his neck cricked or the giant purple 5 on the back that bothers me.  Maybe it's the gaseous cloud of yellow "05"s, but something's not right.


I don't think I'm alone in this belief, but in case you're not convinced.  I'm going to post what I believe is some of our prettiest money from the past, the Educational Series of 1896.  There is the $1, "History Instructing Youth," with the open Constitution pointing towards the Washington Monument and the Capitol, the $2, "Science Presenting Steam and Electricity to Commerce and Manufacturing," and the $5, "Electricity as the Dominant Force in the World."  Click on the image below for a good look.




Friday, December 17, 2010

Japanese Occupation Currency

The other day, Mathan posted a comment asking if I'd ever seen Japanese Pesos.  This is the money that was printed by Imperial Japan for use in occupied Philippines during World War II.  My grandfather was a supply officer on an aircraft carrier in the Pacific and brought home a small collection of bills that interested him.

(Japanese Half Guilder)

Perhaps you noticed, this blog has a number of readers from the Netherlands, so instead of posting a Peso, I've decided to post a half guilder from the occupied Dutch East Indies.

(Japanese Half Guilder - Reverse)

Wednesday, December 15, 2010

Funny Money

Okay, so just the other day, I received a five dollar bill in change.  I was in a hurry and as the clerk was putting it in my hand and I just caught a quick glimpse of it.  I thought to myself, "Boy, I can't believe how quickly I forgot how different the old bills looked."

(Funny Fin - obverse)

When I had a minute, I took it out of my pocket and I finally figured out why it looked so odd, it was a 1950 series note.  Not altogether different before the last redesign, but just enough to seem funny to my eye.  According to the Internet, paper bills last about 19 months in circulation.  I wonder where this one was for so long.

(Funny Fin - reverse)

My kids got a kick out of checking it out.  One thing you might notice if you look closely, "In God We Trust," is missing.  That wasn't added until 1963.