 A lovely "Indian Chief" $5 note from a century ago. The Series of 1899 Silver Certificate features on the face the portrait of a Sioux Indian chief, commonly called by the name "Running Antelope," and more formally "Ta-to-ka-in-yan-ka." He is depicted in natural style, quite unlike the Indian Head cent of the time, which showed a female wearing a war bonnet (a male type of headdress). Study by experts such as Gene Hessler has revealed that the bonnet is of the Pawnee rather than the Sioux style, a design error. The face was engraved by G.F.C. Smillie, who also did much of the back. Star notes were issued as replacements beginning with W-805 and are rare today. Notes in this series are specifically payable in five silver dollars, as are other large-size Silver Certificates. All have a blue Treasury seal. These "Indian Chief" notes, as they are called, were produced for a long period of years, through to the early 1920s, and to the extent of 566,054,000 examples. They are very popular. In 1908 The year is 1908, and George H. Blake has just published his study, United States Paper Money: A Reference List of Paper Money, Including Fractional Currency, Issued Since 1861. Heretofore there has been no book or serious guide to federal paper money, no listing to consult, although a fair amount has been published on Fractional Currency, mainly in the form of articles. Blake noted: "But few persons have a definite knowledge as to the legal tender status of United States coins and paper money. Perhaps the best information on this subject has been given in a recent publication by the government." He then printed the following: There are ten different kinds of money in circulation in the United States, namely, gold coins, standard silver dollars, subsidiary silver, gold certificates, silver certificates, Treasury notes issued under the act of July 14, 1890, United States notes (also called greenbacks and legal tenders), national-bank notes, and nickel and bronze coins. These forms of money are all available as circulation. While they do not all possess the full legal tender quality, each kind has such attributes as to give it currency. The status of each kind is as follows: Gold coin is legal tender at its nominal or face value for all debts, public and private, when not below the standard weight and limit of tolerance prescribed by law; and when below such standard and limit of tolerance it is legal tender in proportion to its weight. Standard silver dollars are legal tender at their nominal or face value in payment of all debts, public and private, without regard to the amount, except where otherwise expressly stipulated in the contract. "Subsidiary silver is legal tender for amounts not exceeding $10 in any one payment. Treasury notes of the act of July 14, 1890, are legal tender for all debts, public and private, except where otherwise expressly stipulated in the contract. United States notes are legal tender for all debts, public and private, except duties on imports and interest on the public debt. Gold certificates, silver certificates and national-bank notes are not legal tender, but both classes of certificates are receivable for all public dues, while national-bank notes are receivable for all public dues except duties on imports, and may be paid out by the government for all salaries and other debts and demands owing by the United States to individuals, corporations and associations within the United States, except interest on the public debt and in redemption of the national currency. All national banks are required by law to receive the notes of other national banks at par. The minor coins of nickel and copper are legal tender to the extent of 25 cents."
In 2008 Now we are back to the future. It is 2008. Money is much simpler: For paper we have Federal Reserve Notes. They are not worth much of anything in particular, except that a $20 note can be exchanged for two $10 notes, or four $5 notes, or some other combination. There is no backing in gold and silver, no guarantee. They are legal tender for everything. As to artistry and interest, paper money of 1908 scored high, what with the beautiful Series of 1896 "Educational Notes" in circulation, not to overlook the "Indian Chief" fives and the "Bison" tens, among others. Today, paper is rather blah, although the recent "colorized" notes are better than the others we've been using since 1929. For coins we have fiat money, again not worth much, except that until recently we've been told that it costs more than one cent to make a "penny" and more than five cents to make a nickel. Now that the Chinese have stopped gobbling up metal on the world market, prices have declined, and, presumably, these coins will continue to be made for a while. As to artistry and interest, coins of 1908 were a mixed bag. Most everyone loved the MCMVII High Relief double eagles, but not many were made and they quickly disappeared from circulation-indeed, virtually instantly. The Indian Head cent got high marks and ditto for the Liberty Head nickel. Barber coins were regarded as passé, as were Morgan dollars and all other gold coins except the Indian Head $10 by Saint-Gaudens. Today, coin designs are much more interesting-but that mantle of distinction falls entirely on the marvelous statehood quarters. The Sacagawea dollars are cute in their own way, but the presidential dollars could be easily mistaken for Cracker Jack prizes. Hope may beckon with the new Lincoln cents for next year, but we'll wait until we see one. Evolution The "cashless society" discussed widely in the 1960s isn't here yet, and a generation of citizens has grown from infancy to parenthood without the Paperwork Simplification Act being implemented. Meanwhile, in the past decade Uncle Sam has turned out huge amounts of coins and paper money. Designs have changed and will continue to change-which is part of what makes numismatics so interesting!
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