Bibliophiles have long viewed book fairs as fertile ground for picking up a few coveted volumes at a discount. Occasionally, there may be a hidden bonus if an eagle-eyed reader spots an overlooked First Edition worth a pretty penny.
Numismatists view such events from another perspective. They know about the “hidden bonus” aspect but in a different way. Long ago – and sometimes still – people used books to stash desired objects between the pages. It might have been a letter, a note or a recipe. Real treasure comes when someone discovers old paper banknotes between the leaves....
Prior to 1933 and the FDIC, when banks didn’t offer insurance on deposits people had a justifiable mistrust about handing over their cash. A bank might pay interest but the money could also be stolen in a robbery. Then, depositors would be out-of-luck. The alternative was stashing cash at home.
Many buried a strongbox. For fast access to paper money, books were ideal. After all, what burglar is going to spend precious time flipping through every book on multiple shelves? The three biggest risks would be a) a fire; b) forgetting what book(s) contained the hidden loot; or c) dying without having revealed the hidden secret to someone.
Stumbling across forgotten cash in books is understandably exciting and not entirely uncommon. It also can be a window into history. Money discovered between the pages has ranged from colonial bills to those from the Civil War and early 20th century.
Especially in New England, colonial currency is a thrilling find. Those are notes in dollars or shillings printed on cotton-rich paper dating to the early- or mid-1700s. Particularly interesting is the rudimentary printing and the fact each was hand-signed by important colonists. Counterfeiting by both the British and domestic crooks had become so problematic the admonition, “To Counterfeit Is Death” was imprinted on many of the bills. No gray area there. Some bills were even printed by Ben Franklin.
Jump ahead to the Civil War when US “greenbacks” appeared. These oversized paper bills featured intensely ornate engravings. At the same time, tiny bills with face values of three-cents to 50-cents were also released. This “fractional currency” came about due to people stockpiling pocket change. No one knew which side might win the war so they didn’t fully trust US or Confederate paper money. Nevertheless, no matter who won, the copper and silver in coins would have still have value. That hoarding dried up most circulating small change. Fractional paper money was the answer.
Even long-lost Confederate paper money can now have huge value. As recently as the 1940s and ‘50s, Confederate currency was considered worthless. After all, there was nothing to support it. The result was people handing leftover stacks of it to their kids for use as play money, in school projects or even to make confetti. That resulted in millions of the bills being destroyed.
By the 1980s, hand-signed Confederate currency enjoyed a resurgence in interest and popularity. By then, few of the bills had survived. They suddenly became coveted and valuable. Today, many scarce Confederate bills are worth hundreds or thousands of dollars each.
The list of fabulous and historic US currency notes goes on and on. Paper money collecting has rarely been as popular. Most all obsolete bills continue to rise in value. A few can be worth over one million dollars.
Designs on vintage notes – some which were redeemable in silver or gold – are particularly impressive. From American Indians and scenes from the Wild West to warships and rich allegorical figures, US currency is where some of the finest government engravings are displayed.
When bills are discovered, the key is knowing what they are. One of the best references and price guides has been Friedberg’s Paper Money of the United States. In 1953, Friedberg scored a coup being the first to gain permission from the Treasury Department to reproduce images of US bills in a book. Now, the new 22nd edition has all the historic bills printed in full color.
For armchair dreamers or serious collectors, this holiday season the 320-page volume could be an ideal gift. The cost is $45.95 in softcover and $69.95 in hardcover. By the way, what better book in which to stash some cash at home. I’m just sayin’.
For more information or to order, log onto: www.PaperMoneyoftheUS.com or phone toll-free: 1-800-4221-1866.
For more collecting advice, visit www.peterexford.blogspot.com