CONNECTING TO COLLECTIONS
This last issue was different from the previous four in that its $ 25 million was denominated in $ 3 , $ 5 , $ 10 , $ 20 , $ 50 and $ 100 notes . Only the $ 100 notes bore 5.4 % interest . The small denominations — from $ 3 –$ 50 — bore no interest , but they could be exchanged for US 7 % bonds . The $ 3 –$ 50 notes circulated as cash , as individuals used them for purchases , merchants used them to pay duties and banks held them in reserve . Therefore , these notes can be considered the first United States currency issued after the ratification of the Constitution and the first federal currency not backed by a hard commodity , such as gold or silver . Interestingly , this is also the first and only time the US government has issued paper money in the $ 3 denomination .
According to Arthur L . and Ira S . Friedberg in Paper Money of the United States , the Museum ’ s note is one of the four known “ double signature ” $ 3 notes from the Act of February 24 , 1815 series . It was issued on March 25 , 1815 and is signed by Samuel Clarke and Edward Fox , but it lacks the signature of the Register of the Treasury , Joseph Nourse . Therefore , the note never circulated and is known as a “ remainder .”
This note is currently on display in “ America in Circulation : A History of US Currency Featuring the Collection of Mark Shenkman ,” alongside a $ 5 unsigned remainder note from the same issue . Both notes are also featured on the exhibit website at www . moaf . org / money .
Sarah Poole is the Museum ’ s Collection Manager and one of the curators of “ America in Circulation .”
Bureau of Engraving and Printing . “ Currency Notes .” https :// www . moneyfactory . gov / images / Currency _ notes _ 508 . pdf
Cowen , David J . “ Financing the War of 1812 .” Financial History Magazine , Fall 2012 , 32 – 35 .
Friedberg , Arthur L . and Ira S . Paper Money of the United States . 20th ed . United States : Coin & Currency Institute , 2013 .
Kagin , Donald H . “ The Treasury Notes of the War of 1812 : The First Circulating Currency of the United States .” Paper Money XLIV , no . 5 ( 2005 ): 323 – 350 .
Nov 15 Book Launch : Alexander Hamilton : The Illustrated Biography , by Dr . Richard Sylla . 6:00 – 8:00 p . m . $ 15 admission ; members and press free .
Nov 30 Evening Lecture Series : Kenneth Rogoff on The Curse of Cash . Talk followed by Q & A , book signing and reception . 6:00 – 8:00 p . m . $ 15 admission ; members and students free .
Lunch and Learn Series : Sidney Rocke , Chief Counsel for the BEP , on “ The Fight Against Counterfeiting .” Presentation followed by Q & A . 12:30 – 1:30 p . m . $ 5 includes Museum admission ; members and students free .
Jan 11 Lunch and Learn Series : Barbara Chernow on “ Behind the Scenes at the Papers of Alexander Hamilton .” Talk followed by Q & A . 12:30 - 1:30 p . m . $ 5 includes Museum admission ; members and students free .
Jan 25 Lunch and Learn Series : Jonathan Knee on Class Clowns : How th e Smartest Investors Lost Billions in Education . Talk followed by Q & A and book signing . 12:30 – 1:30 p . m . $ 5 includes Museum admission ; members and students free .
Feb 1 Annual Museum Gala honoring Lawrence H . Summers and Joe Ricketts . 6:30 – 9:30 p . m . For information , contact Jeanne Driscoll at jdriscoll @ moaf . org .
Lunch and Learn Series : Norm Champ on Going Public : My Adventures Inside the SEC and How to Prevent the Next Devastating Crisis . Talk followed by Q & A and book signing . 12:30 – 1:30 p . m . $ 5 includes Museum admission ; members and students free .
Lunch and Learn Series : Robert Vambery and Taranza Ganziro on The Exorbitant Burden . Talk followed by Q & A and book signing . 12:30 – 1:30 p . m . $ 5 includes Museum admission ; members and students free .
Evening Lecture Series : Aswath Damodaran on Narrative and Numbers : The Value of Stories in Business . Talk followed by Q & A , book signing and reception . 5:30 – 7:00 p . m . $ 15 admission ; members and students free .
For more information or to register online , visit www . moaf . org / events .
The Federal Reserve Act , authorizing the creation of the Federal Reserve System , is signed into law by President Woodrow Wilson .
After 175 years , the NYSE finally admits its first female member , Muriel Siebert .
www . MoAF . org | Fall 2016 | FINANCIAL HISTORY 9