Paper Money Collecting

A paper money collector need all his/her weapons to navigate through the hobby.

Reference Books
Any collector of U.S. federal paper money should own a recent edition of “Paper Money of the United States,” now in its current 18th edition by Arthur and Ira Friedberg. This is the book that invented “Friedberg numbers” which are the most commonly used classification system for paper money issued by the U.S. government, including all large size and small size series. It has served to set the table for collecting U.S. paper money since 1953, and has become universally used within the hobby. In addition to all classes of federal notes since the Demand Notes of 1861 to date, the book also catalogs Fractional Currency, Continental and Colonial Currency, War of 1812 Treasury Notes, Confederate Notes and Encased Postage Stamps. Friedberg pricing has also been integral to the hobby’s growth and remains so today. The book also lists all National Banks which issued notes, and signature combinations of note signers. Recent editions have introduced a special color type note section, but thus far other illustrations are black and white. This book is oversize, hardbound, and approx. 300 pages.

Other authors also catalog the U.S. federal notes, and provide their own unique takes on the subject. One of the best is “The Comprehensive Catalog of U.S. Paper Money” by Gene Hessler and Carlson Chambliss. The biggest plus for this volume is the scholarly research by Hessler, supplemented by the market research by Chambliss. Hessler, a noted authority on engraving, provides details not available elsewhere from his own research on engravers, vignettes, and paper money designers. Chambliss, a collector of note, adds market analysis, facts and figures, availability of the various varieties, and common sense insights into the hobby, that again are no where else available. Early editions of the work incorporated Hessler’s own numbering scheme and was largely a reference work, but now that the book also lists Friedberg’s numbers, its utility has increased. In addition to all large size, small size, and fractional U.S. notes, this volume includes a wealth of additional items such as Military Payment Certificates, Treasury Notes from 1812-1860, encased postage stamps, postage stamp envelopes, souvenir cards, test and specimen notes, fancy serial numbers, error notes, uncut sheets, and pricing information. Inclusion of census information, provided by Martin Gengerke is also a plus. The book is immense, oversize, soft covers and nearly 700 pages. Illustrations are black and white.

Another useful handbook to U.S. federal paper money is the “Standard Catalog of United States Paper Money,” authored by Chet Krause and Bob Lemke and now edited by George Cuhaj. The most recent edition is the 25th edition, and any book that has gone through that many editions since it was introduced has proven its utility to the hobby. The biggest pluses to this handbook’s approach have always been its coverage and cost. Krause Publications, its publisher, has pioneered many areas of numismatics with their books, and K-L always seemed to have the jump on competitors in terms of useful but slightly neglected areas of our hobby. In addition to mainstream U.S. series, for example, the firm hired specialists like Len Glazer and Neil Shafer to contribute excellent sections on encased postage stamps and Philippine currency. This newest edition also has several features the other general works don’t have: portability and color. The 25th edition is the first one in the handy six by nine inch format that allows the book to accompany one across a bourse floor. Full color illustrations throughout also add attractiveness and utility. In addition to all small size, large size and fractional U.S. notes, the current edition catalogs pre-Civil War Treasury Notes, encased postage stamps and Military Payment Certificates, and offers pricing information. Since this book also now includes Friedberg numbers as well as its K-L numbers, it is practically a portable 336-page, one volume library.

A more recent entry into cataloging U.S. federal paper money is “A Guide Book of United States Paper Money,” a companion volume to the coin collector’s “Red Book” which has nurtured the growth of three generations of numismatists. This is another “official Red Book” by Whitman Publishing. It is authored by the dean of U.S. professional numismatists Q. David Bowers, who provides a useful narrative, with pricing by Arthur and Ira Friedberg of PMUS-fame. The combination provided a winning entry in the book derby right out of the starting gate. Like the K-L volume this book is small size, and at 430 pages quasi-portable. It is not in color, however. It does have Friedberg numbering and Friedberg pricing. Coverage includes all large size, small size and fractional notes, as well as War of 1812 notes, encased postage stamps, error notes and signature combinations. Because it is part of a large and growing line of paper money books, and widely available, this is the first paper money title that many non-collectors will see, a big plus since Whitman quality is evident once again. Confederate Currency has always been a popular specialty with collectors, who have turned to Grover Criswell’s “Confederate and Southern States Currency” for a half century. Grover is deceased, however, and the King of Rebel currency lacked a literary heir to carry on his work. Now, not one but, two likely candidates have been found to carry his research and pricing into the 21st century. In 2005 collector and part time dealer Pierre Fricke published a welcome “Collecting Confederate Paper Money” thoroughly revising, updating and correcting the threadbare Criswell volume on this subject. Based on Fricke’s collecting pursuits, and supplemented by nearly 30 years of research by Dr. Douglas Ball (deceased), the book became something of a runaway best seller in this field. Pent up collector frustration, Fricke’s ability to categorize variety subsets in interesting ways, and explain the intricacies of variety collecting in words and pictures created an instant sensation. Fricke wisely chose to continue Criswell type numbers, supplemented by new variety numbering, making transitions for collectors with large numbers of notes painless. Census information on rare varieties such as the Montgomery series, condition census information, variety rarity information, print figures, pricing, and illustrated grading guide are included. In addition new varieties are detailed. The book is oversize, hardbound, 800 pages with 500 color and black and white illustrations, and indispensible to anyone collecting CSA notes.

On the Southern States currency front Criswell has also been superceded, this time by South Carolina dealer Hugh Shull. With publication of his “A Guide Book of Southern States Currency", Shull has assumed Criswell’s “King of Dixie” mantel with zest. A 30+ year veteran of hands-on paper money retailing, Shull had long been considered a preeminent authority on southern obsolete and state notes. In fact his biannual retail catalogs were well nigh considered price guides by collectors and other dealers for years.  His new book marries full color illustrations, Shull’s market savvy, interesting narrative provided by Wendell Wolka, with up-to-date research in a thorough compendium of note issues of the 12 states in Dixie and the Confederate Indian tribes in Oklahoma Indian Territory.  Rarities, values, a continuation of Criswell numbering, imprints and more are listed.  This book is also highly portable, seven by 9.5 inches and featuring Whitman’s innovative spiral bound hardcover which allows the book to actually lie flat on a desk for hands-free use.