U.S. Coin Price Guide

Coin Collecting


HISTORY OF PAPER MONEY

Our word for money is derived from the Latin word moneta, a word that means to warn.  This then became associated with the Roman Goddess Juno, the goddess of warning and finances whose temple in the Roman Forum was the site of the first Roman mint.

The issuing of paper money is believed to have originated in the T'ang Dynasty of China about 650 A.D. This Fei'-ch'ien or so called flying money was introduced to ease the carrying of large amounts of heavy coin as opposed to the same value in paper.  Some scholars feel the fei'-ch'ien was simply a draft used by merchants, and that it wasn't until 1024 A.D. (the Song Dynasty) that the Chinese government officially took over the job of actually minting legal tender paper.

U.S. RARE CURRENCY HAS BECOME AN EXPLOSIVE GROWTH INVESTMENT

Since the sale of the famous Grinnell collection in the mid-1940s, what was once a neglected hobby has turned into a major and serious form of investment.  Over the past 43 years, select U.S. currency portfolios have soared to 50 times their original value as compared to the Dow Jones Industrials 19.5 times.  From 1991 alone, a number of independent sources substantiate an explosion in rare American paper currency prices.  For example, The Currency Dealer Newsletter reports that a crisp, Uncirculated, 1861, $5 Demand Note, worth $4,300 in 1992, has risen to $11,500 today.  Or consider a Gem, Uncirculated 1899 $1 Black Eagle Silver Certificate that could be obtained for $160 in 1992 is currently hard to locate for less than $400.

The reason behind these continuing price movements is simply the law of Supply and Demand.  Currently, demand is far outstripping supply.  The actual rarity of this asset is difficult to imagine-only a limited number of specimens have survived to this day.  In addition, many of the 40 million U.S. investors in Tangible Assets are just starting to investigate the rewards of rare American paper money.  This escalation in demand coupled with a fixed supply has been a defining factor forcing
prices upward.

DESPITE SEVERAL INDEPENDENT INDEXEX VERIFYING THE TREMENDOUS APPRECIATION OF U.S. CURRENCY, DECADES OF PAST GROWTH CAN NOT GUARANTEE FUTURE RESULTS.  EVEN THOUGH RARE NOTES ARE LIMITED IN SUPPLY AND DEMAND IS SUBSTANTIALLY INCREASING, NOT ALL CURRENCIES HAVE APPRECIATED AT THE SAME RATE.  NO REPRESENTATION CAN BE MADE THAT TODAY'S INVESTOR'S PORTFOLIO WILL ACHIEVE SIMILAR RESULTS.

This purpose of this is to give the beginning investor or collector a comprehensive guide to enter this exciting market.  Aside from their historical significance and artistic beauty, rare American currency is also being used by many for wealth building and portfolio risk management.  Regardless of one's primary intent, both groups acknowledge these notes as a link to their past and an endowment for their family's future.  Which ever your path, as an investor or a collector, this article will be a definitive guide helping to form the framework of your success.

 

AMERICAN PAPER MONEY BEFORE THE CIVIL WAR COLONIAL PAPER MONEY (1710-1775)


In desperation and needing to fund the new war with the French Colonies in Canada, an impoverished England first authorized the Massachusetts Bay Colony to print Bills of Credit in 1690.  Thus, gradually in pre-Revolutionary America, each colony began to print its own form of currency.  The first was issued by Rhode Island in 1710 with the other Colonies following suit up to the Revolutionary war.  It is from these Bills of Credit that today we derive the term bill in reference to individual pieces of money.

CONTINENTAL CURRENCY (1775-1782)

To finance the American Revolution, and because the Colonies were powerless to tax, the Continental Congress authorized the first actual American Currency on May 10, 1775.  Not having bullion backing and easily counterfeited, continental notes were worth only 2 1/2 cents to the dollar in 1780. Thus began the phrase, not worth a Continental.

In 1791 Congress chartered the First Bank of the United States.  This organization was empowered to serve as the U.S. Treasury's monetary agent until 1811 and carried the primary functions of today's Federal Reserve.  As a single issuing source, its primary goal was to stabilize the nation's debt structure and simplify trade.  A year later in 1792,
the first U.S. Mint was created in Philadelphia.


VARIETY NOTES (1770-1866)

By 1836, banks in the United States had swollen to over 1,600 in number. With scant regulation, these state- charted, private banks ran wild issuing over 10,000 Variety Notes of various design, color and size. Known by a number of names, Obsolete Notes, Broken Bank Currency, State Bank Notes or Private Bank Notes, not only was counterfeiting relatively easy, but the entire system was further complicated by rampant bank failures.
 

LARGE SIZE U.S. CURRENCY (1861-1928)


DEMAND NOTES (1861)

During the Civil War, both the North as well as the South developed their own currency.  Ripped apart by war and teetering on bankruptcy, Congress ordered the printing of a number of notes.  These Large Size Notes were commonly called horse blankets because of their dimensions. Issued from 1861 to 1928, their original size was approximately 7.42 inches by 3.13 inches.  Cost cutting measures have reduced today's note to the more familiar 6.14 inches by 2.61 inches.  Demand Notes or Greenbacks, minted only in 1861, represent America's first type of Federal Bank money.


LEGAL TENDER NOTES or U.S. NOTES (1861-1928)

Also referred to as United States Notes, these were issued from 1861 on into the 20th Century.  Denominations ranged from $1 to $10,000.


INTEREST BEARING NOTES (1861-1865)

The rarest of all U.S. Notes, the Interest Bearing Note paid regular rates of interest as well as the note's stated value for a period of one, two or three years.  With the Civil War raging, it is no wonder that once a bill became due and payable it was immediately redeemed, taking it out of circulation forever.


NATIONAL BANK NOTES (1863-1928)

In 1863 there still was a problem in stabilizing the value of our currency.  Since over 75 percent of all bank deposits were held by nationally charted banks, national Bank Notes backed by U.S. government securities came into being.  This lasted until 1928.

COMPOUND TREASURY NOTES (1864-1865)

From 1864 to 1865, the United States minted a note that not only paid its face value but also a rate of 6% interest that was compounded twice yearly.

GOLD CERTIFICATES (1865-1922)

To shore up and create greater confidence in our currency, Gold Certificates were issued against U.S. gold holdings by the Department of the Treasury from 1865 until 1922. These are the most colorful and
brilliant currency ever minted in America. Their reverses are a vivid, flaming golden orange symbolic of the coin for which they were created.

SILVER CERTIFICATES (1878-1928)

Beginning in 1878 and continuing through seven series, Large Size Silver Certificates stayed in circulation until 1923 with the smaller size remaining until this day. The Government stopped redeeming them for silver bullion on June 24, 1968.

REFUNDING CERTIFICATE (1879)

To build confidence in our nation and to strengthen our government securities, Congress passed the Act of February 26, 1879. This granted the authorization of issuing Refunding Certificates of a $10 denomination with an additional interest payment of 4% per annum. The act was later repealed and interest payments ceased on July 1, 1907.

TREASURY NOTES (1890-1891)

Also called Coin Notes, Treasury Notes were issued from 1890 to 1891 and were redeemable in either gold or silver coin.


FEDERAL RESERVE BANK NOTES AND FEDERAL RESERVE NOTES (1915-1918)

Backed by government securities, Federal Reserve Bank Notes were issued from 1915 to 1918 and are thought by many to represent one of the highest art forms in American Currency. Also issued in denominations from $5 to $10,000 under the same Federal Reserve Act, Federal Reserve Notes have an important dissimilarity. These were notes not issued by the banks themselves as were the Federal Reserve Bank Notes. Consequently, the obligation to pay the bearer was strictly on the
government and not the banks.
 

SMALL SIZE CURRENCY


A CHANGE IN SIZE

Starting with the reduction in currency size in 1929, the United States Government has minted over 1,200 issues of currency - Legal Tender Notes; Silver Certificates; National Bank Notes; Federal Reserve Notes; World War II Emergency Notes; Gold Certificates; and Military Payment Certificates. Many of these varieties are being printed yet today.


WHAT DETERMINES THE VALUE OF A NOTE?

RARITY

Rarity in its normal usage is an indication of the quantity in existence. This coupled with the state of preservation are the
primary considerations determining the value of a note. In notaphilistic terms,
the rarity of a note has more specific meanings, such as-

(1) COMMON - common is a term notaphilists use to describe an easily obtainable note. This is something that is
available without requiring much effort in its location;

(2) SCARCE - this is often a common note which is infrequently seen and cannot be instantly obtained from most dealers.
This type of note is most frequently seen at currency shows or auctions;

(3) RARE - the designation rare is often overused by a number of dealers. To be truly rare means that this type of
note has surfaced only a few times in a year at public auctions.

(4) VERY RARE - very equates with the word ultra. Here is a note that may only come into public view once every decade; and

(5) UNIQUE - means only one example known.


A NUMERICAL RARITY SCALE

In a more defining sense, rarity has been given a numerical rating.

R-10 1 to 2 notes known
R-9 3 to 4 notes known
R-8 5 to 6 notes known
R-7 7 to 9 notes known
R-6 10 to 12 notes known
R-5 13 to 15 notes known
R-4 16 to 20 notes known
R-3 21 to 35 notes known
R-2 36 to 50 notes known
R-1 over 50 notes known



STATES OF PRESERVATION

Aside from rarity, the physical condition is one of the most important issues in determining the value of a note. As an example, A Very Good note will command a much lesser price than one which is graded, Fine or Very Fine. In determining the state of preservation, a number of factors are taken into consideration. Above all else, eye appeal is the most important. A few of the other factors are: folds; creases; accumulated dirt; a rippling of the paper due to moisture absorption; fading; tears; stains; edge trimming; large holes; foxing; damaging thins; cuts; the effect of washing; rust stains; missing pieces; staple perforations; foreign matter stuck to a note; and graffiti.

Here is a brief discussion of how these factors determine a specific grade.

1. GEM CRISP UNCIRCULATED (GEM CU) - A Gem Cu is a virtually flawless note, perfectly centered, balanced margins and as crisp as the day it was minted. It can have no evidence of handling, no surface marks acquired after printing, no folds, no pinholes, no ripples or bent corners.

2. CHOICE CRISP UNCIRCULATED (CH CU) - This is not an absolutely perfect specimen. It may be slightly off-
centered, but still with nice margins, have tiny foxing, slight smudges such as teller handling marks or tiny pinholes if only visible through inspection with black lighting. It must be of original color with no major stains, no rippling and no bent corners.

3. UNCIRCULATED (UNC) - Plain Uncirculated is often the highest grade given by dealers to a foreign currency. Uncirculated does not mean that a note has never been in circulation or handled. Rather it points to the fact that the currency has not been folded and shows no evidence of mishandling as is common with notes with daily trade use.

4. ABOUT UNCIRCULATED (AU) - About or almost uncirculated notes may have one light fold through the center or several light corner folds that pass through the printed or design area. It may have no creases or breaks in the paper fibers, the corners may not be rounded, but may or may not have small pinholes, small stains, slight smudges and or a rippling effect.

5. EXTREMELY FINE (EF OR XF) - This note may contain three light folds through the primary body of the note or one major crease with the corners and edges still sharp. However, it must still be crisp, clean and with bright colors. It may not have
major stains or tears.

6. VERY FINE(VF) - Collecting or investing in this or lower, less preserved notes may not benefit the purchaser. With
extremely fine there may be three major creases or one major crease and a number of lighter creases throughout the note. In addition, it may have on it some dirt, loss of crispness is acceptable as well as a slight rounding of corners and gently faded colors. In addition it may have edge wear, but no tears into the border.

7. FINE (F) - This bill may have many folds and creases, tiny surface abrasions, but no center hole due to folding. It also may have staple holes, slight faded color, but may not be excessively dirty. Also it may bear no serious tears, stains, major holes or missing corners.

8. VERY GOOD (VG) - Here you have significant wear, faded color, soiling, rounded corners, edge tears (not into the design), staining pinholes and staple holes. There can be no missing pieces, nor can it be limp, wrinkled or excessively dirty.

9. GOOD (G) - The term Good in the grading of paper currency is almost the opposite as its use in normal, everydaylanguage.
It means very limp, tiny holes at the crease intersections, small missing pieces of the main note and missing corners even if slightly entered into the print design area. It also may contain major stains, graffiti, frayed margins, surface abrasions along the creases and so forth.

10. POOR - This is the lowest determination of a grade. It represents a bill that is severely damaged with large pieces
missing, excessive surface wear, large holes, major stains, trimmed edges and graffiti. This type of bill is instantly withdrawn from any bank in which it finds itself.

TRACKING THE VALUE OF NOTES

There are a number of indices that track the value of rare U.S. currencies. The most current prices are those derived from currency auctions. While normally reflecting wholesale value, these are valid from the moment the gavel hits the table. It is common practice for auction houses to furnish, upon request, a full printout of all currencies sold at that proceeding.

For retail figures, one of the most comprehensive and reliable sources is Robert Friedberg's PAPER MONEY OF THE UNITED STATES. By many, this has been considered the bible or bench mark of current values. For over 43 years, the Friedberg's have been doing an extraordinary job of forecasting all major traded U.S. currencies at their various grades.
However, in a fast moving market, many listed prices may be substantially less than actual current market value.

RISKS OF THE CURRENCY MARKET

COUNTERFEITING

Due to the extreme vigilance of the U.S. Secret Service, counterfeiting is virtually non-existent in rare notes from 1861 to 1928. However, it does occur in some Colonial, pre-Revolutionary, Confederate and Broken Bank Note Currencies. This does not mean that these should be avoided. Rather this is a primary reason to deal only with large companies, and only those who hold a fidelity or honesty bond.


SPECIFIC RISKS

1. ALL COLLECTIBLES ARE SUBJECT TO CHANGES IN ECONOMIC CONDITIONS. Rare collectable currency is no exception. If America were to experience a serious economic turndown, the market for U.S. collectable notes could be adversely affected. Even with their historical pattern of growth, no assurance can be given that an investor will be able to liquidate at a value higher than the original purchase price.

2. LIQUIDATION IS NOT INSTANTANEOUS. As in the Equities Industry, currency must be taken back into the market and either sold to your dealer, placed on consignment and sold to a dealer's clientele, liquidated at auction, sold privately or at a currency or numismatic convention. While the possessor of currency has a liquid commodity, its sale is seldom instantaneous.

3. PAPER NOTES ARE DELICATE IN NATURE and can be easily destroyed or devalued. Direct sun exposure, moisture, handling out of the holder, odors, excessive dust, etc., all can devalue or even destroy your currency.

4. GRADING RISKS - the value of a note depends not only on the number in existence, but its state of preservation or grade.
Minor differences in appearance can also affect the value of a note and its liquidation potential. And while grading is not difficult to learn, it is a subjective process and there may be disagreement from one party to another. This is another reason for dealing only with the largest of firms who have a specialty in the Currency Field.

5. MARKET CYCLES ARE ANOTHER AREA OF RISK. Currency as with other commodities can experience periods of volatility. These rapid increases and decreases in value cannot be accurately predetermined. For this reason one should be prepared to hold their portfolio for a minimum of 5 to 7 years.

6. STORAGE TRANSPORTATION AND EXHIBITION RISKS - due to the delicate nature of paper currency coupled with their liquidity as an asset, effort must be taken to insure proper and safe storage as well as transportation.

7. THE CURRENCY MARKET IS NOT REGULATED BY THE U.S. GOVERNMENT and is not subject to the scrutiny of the Security and Exchange Commission or Banking Laws. Like rare art and antiques, currency sales are controlled by general law rather than those imposed upon a specific industry. As a result, the investor protection benefits of
governmental regulation afforded to other type of investment are not applicable.

8. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. In addition, some notes have performed much better than others. For that reason, there can be no assurance that an individual portfolio of notes will be profitable. Regardless of one's enthusiasm based upon anticipated return, the Currency Market is unregulated and like all investments,
contains elements of risk. Currency Investors and Collectors should be prepared for the possible loss of some or all of their investment. Any investment has both positive and negative qualities. It is for this reason that a potential purchaser is recommended to review these points carefully. As an example, while the market has recently made considerable gains in growth, there can be unexpected downturns. Therefore, investment in this asset is not suggested for those who seek current income but rather long term appreciation or enjoyment.

HOW TO BUY AND SELL U.S. CURRENCY

BUYING FROM AUCTIONS

Circumventing a dealer and purchasing directly from auctions is one of several options available to anyone interested in acquiring currencies. As with any method, there are both advantages and disadvantages when attending an auction. First the advantages - you often find a higher quality and scarcer variety of notes at auction than you will at a currency convention; prices, providing you don't over-pay, normally reflect true market value; the currency often comes with provenance
(pedigree); and in selling you may be able to state that a particular note came from someone quite famous.

There are several disadvantages of buying at auction. The first is getting caught in a bidding frenzy and paying far in excess of what a note is worth. Another serious problem is that unlike buying through a reputable dealer who offers a return privilege after the sale, most auction sales are final. There can be no buyer's remorse. The lack of return privilege also surfaces should you make a mail order purchase
based upon a catalog description and after inspection find that you are in disagreement.

BUYING AT A CURRENCY OR NUMISMATIC CONVENTION

Another avenue of purchase is to acquire notes at currency and rare coin conventions. As with the auction, if one is aware of the various grades of quality and the general pricing, the bourse (the name given to the transaction area) is an excellent place to acquire rare currency. Unfortunately, until he or she is better educated, the novice may pay far in excess of the actual worth of a note and or be persuaded to acquiring a less than desirable grade of product. Note, most dealers do not offer a return privilege for notes bought on the bourse floor at conventions.

CHOOSING A BROKER - THE MOST IMPORTANT CONSIDERATIONS

EXPERIENCE AND SPECIALIZATION

While the number of years a dealer has been in business is used by many a consumer as THE yardstick in selecting a broker, that is not nearly so important as their EXPERIENCE and SPECIALIZATION. Seek major, international companies that have years of specific experience in the Currency Industry. This type of firm normally has several advantages: In-depth educational programs; individualized service; greater financial stability; and very importantly, competitive pricing due to their power
to buy in quantity.

EDUCATIONAL PROGRAMS

Beware of firms offering little or no written information about themselves and their product(s). This does not mean that big and
glossy is better. Make certain that the information is there and that it hits all the notes - location of business; specialization in the industry; steps in purchasing; what additional services and educational programs they offer; how to independently track the value of your notes; steps of liquidation; and what to do if you are dissatisfied.

AVOIDING HIGH-PRESSURE TELEMARKETERS

Telephone solicitation is acceptable ONLY if it falls within certain guidelines. Beware of firms that approach you without your having requested them to do so. Note that new Federal guidelines prohibit telemarketing companies from contacting you later than 9 P.M. Ask for literature and the time to make an informed decision.

A FIDELITY BOND GIVES YOU SAFETY

A Fidelity Bond is an assurance that the currency you receive is of equal or greater value than the money you sent for its purchase. Likewise, when you offer your currency through a broker for liquidation, the insurance company guarantees you that you will be receiving cash back equal to the liquidation price. It is perfectly acceptable to ask your broker for the name and phone number of his bonding company. In this way you can verify that the bond is both valid and current.

AVOID A GUARANTEED BUY-BACK

Many investors and collectors have been disappointed finding the company guaranteeing a buy-back was not financially capable of doing so. Often this well-meant but empty promise has been given by even the sincerest of companies. In any commodity where there is an investment opportunity, there are market cycles. Upon a major drop in market value, a tidal
wave of sellers come crashing down on a company demanding to liquidate - few but the largest firms are financially capable of standing against this mountain of sellers.

A better alternative is to search for a company that guarantees to liquidate your currency rather than promising a buy-back. As with stock brokerage houses, a dealer can easily liquidate your currency through a number of options - either to its own client base, at auction or even at a currency or coin convention.

CURRENCY RETURN PRIVILEGE

It is best to deal with those firms who offer a return privilege after a sale. This is the time period given to a customer where he or she may return the currency for what ever reason and receive a no questions asked refund - two weeks is a reasonable period. The reader is cautioned to return the merchandise in exactly the same condition in which it was purchased.

TAKE A CONSERVATIVE APPROACH

Look for a dealer who spends the time to educate and is not pressuring for a fast sale. Avoid those who promise quick riches, talk in confusing terms without taking time to explain and want a fast decision. Currency investing can be quite rewarding if the proper relationship is developed with a legitimate broker.

PRICE LISTS THAT ARE TOO GOOD TO BE TRUE

While most currency dealers maintain a high standard of integrity, the novice is advised to use common sense - where the purchase prices are values below recent auction levels; where the dealer is not bonded; and if there is either no return privilege or the time is too short.

TEN WARNING SIGNS

Unsolicited sales presentation

Little or no literature

Unsubstantiated or exaggerated claims of historical currency performance.

Suggesting that you place all of your investment capital in currency.

Failing to explain the risk factor of such an investment.

Not having a Fidelity bond guaranteeing the security of your purchase or liquidation.

Guaranteeing a buy-back of your portfolio when a major sell-off would make that capability unlikely.

No written return policy or one that is too short if you are dissatisfied with your purchase.

A price list that is too good to be true with little or no return privilege period.

Giving unclear answers to specific questions.

SEVEN THINGS TO REMEMBER

1. Be comfortable with your selection of dealers and more important with the specific person handling your account. Ease in discussing one's financial situation is critically important.

2. Currency purchases should be made with discretionary income. Make certain all of your primary financial needs are covered
before venturing into this arena.

3. Never invest more than you can lose.

4. Review the dealer's literature carefully. Write down and ask any question that is unclear.

5. Do not hesitate in checking the dealer's prices with AN INDEPENDENT, THIRD PARTY.

6. Get the dealer's guarantee in writing.

7. Be prepared to hold your investment for a minimum of 5 to 7 years.

WHAT TO DO IF YOU'RE DISSATISFIED

Refer to your return privilege. If within the time frame and you are dissatisfied, simply return the item(s).

If past the time of return, examine the overall guarantee to see if it applies.

Contact the dealer immediately to see if a resolution can be forthcoming.

You may also contact- the American Numismatic Association in Colorado Springs, Colorado; The Industrial Council For Tangible Assets; or if your currency was purchased by U.S. mail, the local Postmaster.

HANDLING, VIEWING, STORING AND SHIPPING YOUR CURRENCY

HANDLING - here are the general steps in handling a note.

1. Begin by washing your hands.

2. Handle the note in a clean area devoid of drinks and food.

3. If the note is encased in a plastic holder and you want closer examination, take it out ever so carefully. Do so when time is not a factor.

VIEWING -

1. Use a strong incandescent light of 100 watts or greater. Florescent lighting and natural outside lighting are not strong
enough for a proper examination.

2. Observe both sides of the note with back light shining through. This would show you most obvious defects and paper folds.

3. Rotate the note at different angles to see minimum defects or the rippling effect.

4. Look at the edges to see if they have been trimmed. Do you have clean, perfect edges on a worn note?

5. Next, lay the note flat on a surface. If it waves then is this from natural humidity or washing and ironing?

STORING -

1. It is recommended that all notes be encased in a hard plastic holder for ease of handling, viewing, storage and shipping.
As mentioned under handling, a note may be removed, but ever so carefully. Currency holders may be obtained from:

CAPITOL PLASTICS, INC.
628 North Erie Street, P.O. Box 543
Massillon, OH 44648 (216) 832-4287

2. Store your notes vertically, in a plastic protective box in an area free of light, chemical odors and moisture. Do not use a cardboard container for storage since it can give off chemicals and dust that will effect the longevity of your note.

SHIPPING -

1. Each note must be encased in its individual, hard, plastic holder.

2. Insulate each note well - many use bubble wrap.

3. Always use a rigid box for shipping. For the short duration of transit, cardboard acceptable. Be certain that the box is new or does not contain any unusual odors from prior contents.

4. The United States Postal Service is the most often used form of transportation. Overnight shippers such as
Federal Express, United Parcel Service, etc., will not allow the shipping of currency.

5. Always ship Registered, Insured with a Return Receipt that shows who signed for package.


SUMMARY

HISTORY -ART - AN INVESTMENT IN THE PAST - A LEGACY FOR THE FUTURE

Investing and collecting Rare U.S. Currency can be one of the most enriching endeavors that a person can undertake. As a passport to United States history, this is a field that is relatively easy to learn and could soon involve the entire family.

That few people collected this type of currency when it was first minted combined with the tendency of paper to deteriorate if improperly handled makes for exceedingly limited numbers of notes in higher quality. Remember the admonition, quality over quantity? Starting your program today suggests that a broader selection of notes at a higher quality should be available than if you begin sometime in the future.

 


B.  RECOMMENDED READINGS

Anton, William T., Jr., and Morey Pelmutter.  THE ALBERT A. GRINNELL
COLLECTION OF UNITED STATES PAPER MONEY, Watertown, MA, 651 pp.

Criswell, Grover C., Jr. COLONEL CRISWELL'S COMPENDIUM, A GUIDE TO
CONFEDERATE MONEY, Brannon Publishing Co., 58 pp.

Friedberg, Robert.  PAPER MONEY OF THE UNITED STATES. Clifton, NJ, 284
pp.

Haxby, James A.  STANDARD CATALOG OF UNITED STATES OSBOLETE BANK NOTES,
17821782-1866.  Krause Publications, 2,784 pp.

Hudgeons, Mark.  THE OFFICIAL GUIDE TO DETECTING ALTERED AND COUNTERFEIT
U.S. COINS & CURRENCY.  Orlando, FL, 59 pp.

Krause, Chester L., and Robert F. Lemke. STANDARD CATALOG OF UNITED
STATES PAPER MONEY.  Krause Publications, 208 pp.

Kwart, Herbert J.  UNITED STATES PAPER MONEY GRADING STANDARD.  Five
Seasons Publishers, 48 pp.

Newman, Eric P.  THE EARLY PAPER MONEY OF AMERICA, Krause Publications,
480 pp.

NORTH AMERICAN CURRENCY.  Criswell's Publications, 942 pp.

Nussbaum, Arthur.  A HISTORY OF THE DOLLAR, Columbia University, 308 pp.

Oakes, Dean and John Hickman.  STANDARD CATALOG OF NATIONAL BANK NOTES.
Krause Publications, 1,216 pp.

Rochette, Edward C.  MAKING MONEY.  Renaissance House Publishers, 107
pp.

Scott, Kenneth.  COUNTERFEITING IN COLONIAL AMERICA.  Oxford University
Press, 283 pp.

U.S. Secret Service (Department of the Treasury). KNOW YOUR MONEY.  U.S.
Government Printing Office, 24 pp.

U.S. Treasury Department.  HISTORY OF THE BUREAU OF ENGRAVING AND
PRINTING.  U.S. Department of Treasury, 199 pp.


C. CURRENCY INDUSTRY GROUPS

American Numismatic Association (ANA)
818 North Cascade Avenue
Colorado Springs, CO  80903
719-632-2646

Fractional Currency Collectors Board (FCCB)
Route 1, Box 331B
Allen, TX 75002

Industry Council for Tangible Assets (ICTA)
P.O. Box 1365
Severna Park, MD 21146-8365

International Bank Note Society (IBNS)
P.O. Box 1642
Racine, WI 53401

Society of Paper Money Collectors, Inc.(SPMC)
P.O. Box 6011
St. Louis, MO  63139


D.  REPORTING AGENCIES

Council of Better Business Bureau (BBB)
1515 Wilson Blvd., Suite 300
Arlington, VA 22209
703-276-0100

Federal Trade Commission (FTC)
6th and Pennsylvania Avenue, N.W.
Washington, D.C. 20580
202-326-2222

U.S. Postal Inspection Service
475 L'Enfant Plaza S.W.
Washington, D.C. 20060-2100
POSTAL CRIME HOTLINE 1-800-654-8896


E.  CURRENCY PERIODICALS

Bank Note Reporter (BNR)
700 East State Street
Iota, WI 54945

Coin World (CW)
P.O. Box 150
Sidney, OH 45365

Numismatic News (NN)
700 East State Street
Iola, WI 54990

The Numismatist
818 North Cascade Ave.
Colorado Springs, CO 80903
719-632-2646

Treasures of Antiquity
Treasures of Antiquity, Inc.
10755 E. Cholla Ln.
Scottsdale, AZ 85259
602-314-9513
 



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