Cotton Money of South Carolina - confiscated by US Govt
DepressionscripGuy
Posts: 369 ✭✭✭
First off, I have to give a BIG thanks to Russell for pointing out this auction to me. I would of missed it. I debated about the expense for the whole time the auction was running. Someone had already placed an opening bid on it which meant I would have to go alot higher if I wanted it. But on the last day, I decided to go for it and I ended up winning it.... It was very expensive if you ask me, but with the history included, original letters, and autographs, it's well worth it. If I did the math, it came down to a certain price per note and the question I asked myself is if I saw a single note for sale at a show at that price would I buy it? Yes, so I justified buying all 52 notes that way.
This is a complete set of "Cotton Money" of the original 13 states printed as 4 denominations for each state all serial # 10. 10 cent, 25 cent, 50 cent, and 1 dollar notes. They were all serial numbered 1 thru 300 and then followed by an abbreviation of the state. 52 notes in all. Out of the 13 states, 10 of the sets are autographed by the then current governor of each state in 1937. More notes were printed for South Carolina (originator) and I assume that's what the first answer in one of the letters is referring too. I don't have the original questions asked, but there's a handwritten scribble next to it that says " ,for sc ".
These notes were printed for the 150 year celebration of the sesquicentennial celebration of the ratification of the U.S. Constitution to take place in Aoril 1938 in South Carolina. These were to be sold to help fund and commemorate the celebration. In one of the news articles, there is a reference to a $1 note being sold for $5. But I don't know what the special matching serial # sets were sold for or what the other notes were sold for.
Here is what each note looks like:
The twist to the story and the main reason I bought this set, is once these notes were printed and started being sold.... The US Secret Service declared them unconstitutional and then confiscated them. It doesn't say why, but my guess is it's the type of paper used that caused the confiscation. These are the exact same size as a FRN. The notes say "printed on South Carolina Cotton Products" on the back. They have a very similar feel as new FRN, maybe just a hair thicker. This is the only known full set to have survived.
So here is the timeline...
Jan - May 1937 - Plans made to create and print the "Cotton Money". As well as for the celebration.
July 1937 - Money was printed but the name of the printer is not referenced. There is a marking on the back corner that says "CONNIFFE - COLUMBIA, SC". But I can't find a print company named Conniffe. There alot of people with the last name of Conniffe in Columbia at the time. So maybe this is the designer / engravers last name.
September 1937 - Sometime during this month sales of the cotton money begin
October 21, 1937 - Order placed by Mr. C. K. McWain for a matching serial # set. Original letter and envelope below. Serial # 10 set mailed out.
October 25, 1937 - Letter answering various questions asked by Mr. McWain. It also references a matching set of serial # 413 South Carolina only bills being ordered as well.
January 19 and 20, 1938 - Newspaper articles about the US Secret Service confiscating all the remaining money for sale. So the sales of this money only last just over 3 months.
November 9, 1938 - Letter to Mr. McWain as followup. Also this letter states that this set - serial # 10 - is the only complete 52 note set that was sold.
So this may very well be the only surviving complete set of these bills. I've never seen them for sale before and I haven't seen them for sale since. Not even a single note. My guess is one of these days a single bill will show up for sale somewhere but I've never seen one yet. Someone took the time to preserve this set for over 70 years. The bills have never been folded and are still in top condition. 2 of the bills do have minor edge issues and I found one that has some kind of old scotch tape residue (brown) on one spot on one edge. All very minor issues. Most of the notes are pristine. They also kept all the letters and notes with this set. And they put together a picture of each of the 10 governors that signed the bills as well. Very nice group overall.
Here are the 10 autographs:
Olin D. Johnston, Governor of South Carolina - 1937
Harold G. Hoffman, Governor of New Jersey - 1937
Clyde Roark Hoey, Governor of North Carolina - 1937
James H. Price, Governor of Virginia - 1937
Charles H. Hurley, Governor of Massachusetts - 1937
Herbert E. Lehman, Governor of New York - 1937
Francis P. Murphy, Governor of New Hampshire - 1937
Harry W. Nice, Governor of Maryland - 1937
Eurith Dickinson Rivers, Governor of Georgia - 1937
Richard McMullen, Governor of Delaware - 1937
Complete sets of bills included in the set, but No autographs of
Clyde R. Hoey, Governor of Connecticut - 1937
George Earle, Governor of Pennsylvania - 1937
Robert E. Quinn, Governor of Rhode Island - 1937
This is a complete set of "Cotton Money" of the original 13 states printed as 4 denominations for each state all serial # 10. 10 cent, 25 cent, 50 cent, and 1 dollar notes. They were all serial numbered 1 thru 300 and then followed by an abbreviation of the state. 52 notes in all. Out of the 13 states, 10 of the sets are autographed by the then current governor of each state in 1937. More notes were printed for South Carolina (originator) and I assume that's what the first answer in one of the letters is referring too. I don't have the original questions asked, but there's a handwritten scribble next to it that says " ,for sc ".
These notes were printed for the 150 year celebration of the sesquicentennial celebration of the ratification of the U.S. Constitution to take place in Aoril 1938 in South Carolina. These were to be sold to help fund and commemorate the celebration. In one of the news articles, there is a reference to a $1 note being sold for $5. But I don't know what the special matching serial # sets were sold for or what the other notes were sold for.
Here is what each note looks like:
The twist to the story and the main reason I bought this set, is once these notes were printed and started being sold.... The US Secret Service declared them unconstitutional and then confiscated them. It doesn't say why, but my guess is it's the type of paper used that caused the confiscation. These are the exact same size as a FRN. The notes say "printed on South Carolina Cotton Products" on the back. They have a very similar feel as new FRN, maybe just a hair thicker. This is the only known full set to have survived.
So here is the timeline...
Jan - May 1937 - Plans made to create and print the "Cotton Money". As well as for the celebration.
July 1937 - Money was printed but the name of the printer is not referenced. There is a marking on the back corner that says "CONNIFFE - COLUMBIA, SC". But I can't find a print company named Conniffe. There alot of people with the last name of Conniffe in Columbia at the time. So maybe this is the designer / engravers last name.
September 1937 - Sometime during this month sales of the cotton money begin
October 21, 1937 - Order placed by Mr. C. K. McWain for a matching serial # set. Original letter and envelope below. Serial # 10 set mailed out.
October 25, 1937 - Letter answering various questions asked by Mr. McWain. It also references a matching set of serial # 413 South Carolina only bills being ordered as well.
January 19 and 20, 1938 - Newspaper articles about the US Secret Service confiscating all the remaining money for sale. So the sales of this money only last just over 3 months.
November 9, 1938 - Letter to Mr. McWain as followup. Also this letter states that this set - serial # 10 - is the only complete 52 note set that was sold.
So this may very well be the only surviving complete set of these bills. I've never seen them for sale before and I haven't seen them for sale since. Not even a single note. My guess is one of these days a single bill will show up for sale somewhere but I've never seen one yet. Someone took the time to preserve this set for over 70 years. The bills have never been folded and are still in top condition. 2 of the bills do have minor edge issues and I found one that has some kind of old scotch tape residue (brown) on one spot on one edge. All very minor issues. Most of the notes are pristine. They also kept all the letters and notes with this set. And they put together a picture of each of the 10 governors that signed the bills as well. Very nice group overall.
Here are the 10 autographs:
Olin D. Johnston, Governor of South Carolina - 1937
Harold G. Hoffman, Governor of New Jersey - 1937
Clyde Roark Hoey, Governor of North Carolina - 1937
James H. Price, Governor of Virginia - 1937
Charles H. Hurley, Governor of Massachusetts - 1937
Herbert E. Lehman, Governor of New York - 1937
Francis P. Murphy, Governor of New Hampshire - 1937
Harry W. Nice, Governor of Maryland - 1937
Eurith Dickinson Rivers, Governor of Georgia - 1937
Richard McMullen, Governor of Delaware - 1937
Complete sets of bills included in the set, but No autographs of
Clyde R. Hoey, Governor of Connecticut - 1937
George Earle, Governor of Pennsylvania - 1937
Robert E. Quinn, Governor of Rhode Island - 1937
Come and see a forgotten piece of history.....
http://www.depressionscrip.com
Always looking for more depression scrip -- PM me if you have any for sale or trade
http://www.depressionscrip.com
Always looking for more depression scrip -- PM me if you have any for sale or trade
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Comments
Looking for CU $1 FRN 20160523 - any series or block. Please PM
Retired
Leaves me wondering - are you worried at all about the SS showing up to confiscate the remaining notes/set?
Jim61
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Looking for $1 CU FRN radar 16977961.
Looking for $1 CU FRN 99999961 - NOT ANY MORE, THANK YOU delistamps!
Looking for $50 FRN 00000061
Congratulations! It seems like this was one of those sets you dream about but don't expect it to happen to you...
Fantastic! Great informational poet. Thanks for sharing.
Leaves me wondering - are you worried at all about the SS showing up to confiscate the remaining notes/set?
Yes and no.... I was debating about that by just putting this collection away and never saying anything. But the whole point to my collection / my website / even my tag line for everything is "Come see a forgotten piece of history...". This fits that description to the highest degree. So do I share it or tuck it away? Easy - share it.
Besides by the time they come to confiscate this set I will probably have traded it for something else I must have...
http://www.depressionscrip.com
Always looking for more depression scrip -- PM me if you have any for sale or trade
It really has such an interesting story.
They are similar to the wooden "flat" nickels but the governors' signatures and different state issues add a new dimension unique to these. The flats were usually issued locally, for local events while these are more like a state issue.
The Constitutional "states may not issue their own currency" argument is made in the first newspaper article but the reason for the confiscation seems to be the paper. It is too similar in size and composition to bank note paper.
The Secret Service never attempted to recover notes from purchasers but only seized unsold supplies, some of which had been apparently sent to other states for sale.
Whatever you paid, you got a bargain. So many factors make this a fantastic set of notes and ephemera that tells a wonderful story. Wow. Amazingly cool. You could prepare a great educational exhibit with this.
I agree... and there's alot more history there that hasn't been uncovered yet. The news article says about 50,000 notes were confiscated. But, if you do the math...
SC numbers in letter = 33,800
300 sets of 4 notes x 13 states = 15,600
Total = 49,400
So the numbers don't add up... or it was a close guess for the newspaper article and 99% of the print run was confiscated? Hard to tell... I'm sure there are more newspaper articles about this money...
- Richard McMullen, Governor of Delaware - first Democratic governor of Delaware in 36 years.
- Eurith Dickinson Rivers, Governor of Georgia - heavily caught up in tons of charges of corruption during the depression.
- Harry W. Nice, Governor of Maryland - elected in 1934 and looking for a solution to the depression rejected his parties ideas of raising taxes drastically. He refused to do so and lost the party support. Needless to say he lost his re-election bid.
- Herbert E. Lehman, Governor of New York - a saying from one of his speech's is part of the US Passport - "It is immigrants who brought this land the skills of their hands and brains, to make of it a beacon of opportunity and hope for all men"
- Charles H. Hurley, Governor of Massachusetts - extended the minimum wage law to apply to women and children instead of just men during the depression.
And many more little historical facts could be tied into this story....history can be very interesting if you dig a bit....
http://www.depressionscrip.com
Always looking for more depression scrip -- PM me if you have any for sale or trade
Data collection: serial number data of scarce notes in the 1928 to 1963 era - radars, repeaters, scarce stars, mules, and other scarce or rare notes in all types or series & large size 8 digit radars or repeaters
My email is: HHICL@aol.com