Financial History Issue 119 (Fall 2016) | Page 11

CONNECTING TO COLLECTIONS

THE TICKER

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.”

Sources

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.

Dec 6

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.

Feb 22

Apr 5

Apr 12

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.

www. MoAF. org | Fall 2016 | FINANCIAL HISTORY 9