This site is dedicated to the collection and documentation of Arkansas Obsolete notes and scrip specifically merchant scrip issued in Benton, Washington, Carroll, Madison, Boone, Newton, and Marion Counties in the North West section of Arkansas during the Civil War. I will collect scrip from other counties and scrip issued after the Civil War if the opportunity presents itself. All currency shown is my personal collection, unless noted, and all notes are authentic. I will pay cash for Arkansas scrip notes. Please contact me if you have notes for sale or to contribute to this site: quintin.trammell@cox.net A word about my site: I am adding and updating information on my site as it becomes available. Ideally, I would like four items for each piece of scrip notes I collect 1) a picture of the note, 2) a brief biography of the person who issued the note, 3) a photo of the town/place the note was issued as close to the issue date as possible and preferably even the exact spot of the business was located, and 4) a picture from the same spot to show how it looks today. It is my hope to fill in this information/photos as I collect additional notes. If you have such photos or information, please email them to me. Thank you. You may use the information and photos on this site for any non-commercial purpose. All I ask is that you cite your source as some of the information on this site came from the work of others and is not my own. A Brief History of Paper Money in the United States The American colonies began issuing paper money almost as soon as they were formed with the first issue by the Massachusetts Bay Colony on December 10, 16901. Coin was preferred and paper currency, if accepted at all, was usually accepted only at a discount. A discount means that a one dollar note might only buy 50 cents worth of goods or services. Similarly, if you were taking change from a merchant in paper money and the merchant owed you .50 cents, you would ask for one dollar in paper money. People did not trust paper money and preferred coin. However, there often was not enough coin to effectuate business and commerce so paper currency, when necessary, was used in its place. People or businesses holding paper currency usually wished to convert it to coin as soon as possible but there was no coordinated system of banking or Federal Reserve banks like we know today. The currency had to be taken to its place of origin to convert it into coin. For example, if you were in Georgia and had paper currency issued on a New York bank, you would have to travel to that bank in New York to convert the currency to coin. And that was assuming the issuer of the currency was still in business and had the coin. Information did not travel in those days like it does today and the holders of the notes of often found that the bank or business no longer existed and therefore the note was literally not worth the paper it was printed on. Holders of such notes usually had little recourse to recover their money. Most never did. (Editors note: paper was scare and usually expensive so often the paper was worth more than the note printed on it. I believe this is where that old saying comes from). Most of the paper currency printed before and during the Revolutionary war was issued by Colonial Governments to finance governmental operations. This type currency is called Colonial Currency. During the Revolutionary war, the Continental Congress issued currency (called Continental Currency) to pay for its war effort. Between the Revolutionary war and the Civil War, the United States Government did not issue paper currency except some small issues to help finance the War of 18122. During the period between the Revolutionary War and the Civil War, banking and the issuing of paper currency was left up to the individual states to control and regulate. During this period, private banks, businesses, and even individuals issued their own paper currency. It seemed the only requirement needed to print your own money was access to a printing press and paper to print it on. As a result, there are literally thousands of different notes issued by different businesses, banks, individuals, and State and County Governments during this time period. The Confederate States Government began issuing paper currency to finance its operations soon after its formation at the start of the Civil War. This currency was not "convertible" into anything and was simply payable at an unspecified future date (usually stated as payable X number of months or years after the ratification of a treaty with the United States). This was the first time in our country's history that we see paper money being accepted and used like modern currency of today. Before the Civil War, it was only accepted if the person taking it felt he/she could convert it into coin or "real money". I believe this marked a turning point in the acceptance and use of paper currency as "money" that would be crucial to the development of the standard of living we enjoy today. Of course, most people accepting the Confederate Currency had no choice because coin and United States "greenbacks" were scarce. Also, in the South, many people were afraid of being branded as a Northern sympathizer if they did not accept the Confederate currency. However, the central Confederate Government was not able to issue enough currency to sustain itself and pay the huge cost involved to raise, equip and to sustain military operations on the three broad fronts that developed during the Civil War. Much of this effort was left to the State, County, and local Governments and even sometimes private citizens. As a result, we see a tremendous diverse quantity of currency issued by these entities to finance government operations and to pay for the war effort. As might be expected, most of the notes were issued during the earlier part of the war. The United States Government began issuing paper currency in 1862 to finance its war efforts. While many different types of notes were issued, this is the first time we see the US Government issuing "Legal Tender" notes. These notes, while different in appearance, worked like our currency does today. The note is "money" and could not be converted into coin. After the Civil War, our system of currency and banking would continue to evolve into the system we know today. In fact, our standard of living and way of life depends upon this monetary system and our efficient system of banking. Could you imagine not accepting a Federal Reserve Note (the paper money we use today) as "money". Or wanting to pay all your bills in coin? Or not being able to cash a check at any bank but instead having to travel to the actual bank it was written on to cash it? While that system worked fine for Colonial America, today's complex societies and intricate business environment require a far more complex system to build and maintain our standard of living. Arkansas Scrip Notes Coins, considered "real" money, all but disappeared at the start of the Civil War. What few coins could be found were "requisitioned" for use of the Confederate or State Governments to finance military operations when paper currency could not be used for military purchases. For the businesses back home, they often did not have, or did not want to use, coin to make change during business transactions. For example, if you were buying $2.50 cents worth of goods at a store and was paying for it with a $5 Confederate dollar bill, the store often did not have, or did not want to use ,coin to make change. To accommodate this, merchants printed their own money that could be used to buy goods at that store and was often convertible into Confederate or other circulating currency when presented at the store in stated values. These notes are called scrip notes. Some business in different towns would partner to redeem each others notes. How and where the note could be redeemed was stated on the front of the note. Scrip notes are nothing more than an I.O.U and are very similar to "store credit" that you might get when you return an item today or a store gift certificate we use today. However, Scrip notes had an additional feature. They could not only be used to buy goods or services for the stated value of the note at the issuing store, they also often circulated in the local area as money, they were often accepted at other businesses as money and they usually could be redeemed in circulating currency (such as Arkansas Treasury Warrants or Confederate Currency) when a specified whole dollar amount was presented. Scrip notes were almost always issued in conjunction with a trade or business transaction usually to make change. During the Civil War, north west Arkansas was not "occupied" by either side. Both sides maintained camps in certain areas for periods of times, ran scouting parties and raids, and generally harassed each other as the opportunity presented. And then there were the bushwhackers. Bushwhackers were generally just bands of outlaws who were not regular army troops even though they sometimes swore allegiance to one side or the other as needed under the circumstances. They were much less concerned about military strategy and objectives than they were pillage, robbery, and plunder using the war as a legal excuse to do so. This constant back and forth struggle between the regular army forces, and then the bushwhackers thrown on top, usually resulted in the complete destruction of almost all the towns and businesses in north west Arkansas. While this site is dedicated to scrip notes issued in north west Arkansas during the Civil War and the business owners that issued them, this site would not be complete without a discussion of the conflict itself and the effect that it had on these businesses and their owners. Only with this understanding can one truly begin to appreciate the historical importance of these notes and the turbulent times that required their issuance. It should also be noted that there was a complete breakdown of essential government functions during the Civil War that we enjoy today including police, fire, roads, and official recordkeeping. In fact, many city and county records were destroyed during the war. Scrip notes were issued by businesses, cities and counties across most Northern and Southern States and were certainly not limited to just Arkansas. Most scrip notes in the Southern States were issued during the early years of the war as many businesses and the local economies all across Arkansas and the South where destroyed during the fighting. Listed on this site are known scrip notes issued in each county in North Arkansas during the Civil War and examples of Arkansas scrip notes that I have collected. This list was compiled from Matt Rothert's book Arkansas Obsolete Notes and Scrip and from various other sources and notes known to me to exist in private collections. For ease of identifying the locality as it exist today, I will list the notes by the County that exist today. Many County lines have changed since the Civil War and even some new counties exist today that did not exist at the time. For example, during the Civil War, Carroll County encompassed most of today's Carroll and Boone Counties. I will list Boone County separate even though it was not formed until 1869. Furthermore, the actual name of the business may not be known. Most businesses went by or were known by the owners name and I have attempted to decipher the signatures on the note and have used that to classify the note which is a common practice. Due to my poor photography skills, or lack thereof, these notes look better in person than they do in the photos. The photos are in color so the color you see is the actual color of the note. Paper was in short supply and they printed notes on anything they could get their hands on with most scrip notes being printed on thin, tissue like paper and sometimes even scrap paper, writing paper, old maps, bills of lading, invoices or whatever paper could be found. The "book" referred to herein is Arkansas Obsolete Notes and Scrip by Matt Rothert, Sr. copyright 1985 Published by The Society of Paper Money Collectors, Inc. The rating system used in the book is: R-1 over 200 known to exist R-2 101 to 200 known R-3 51 to 100 known R-4 26 to 50 known R-5 11 to 25 known R-6 6 to 10 known R-7 1 to 5 known A word about rarity. The price of an item is determined as a function of supply and demand. Graphically, that is the point where the supply curve and demand curve intersect. To know the price of an item, you must know its demand and its supply. Rarity determines supply. Collectors determine demand. A not so rare item in high demand will command a higher price than a really rare item with not very much demand. Just because it's rare and just because its old does not mean it will sell for a high price. The demand must also exist. Pages covering specific counties or areas of the State: State of Arkansas - Notes issued by the State of Arkansas during the Civil War Benton County Scrip Notes - Scrip notes issued in Benton County, Arkansas during the Civil War Washington County Scrip Notes - Scrip notes issued in Washington County, Arkansas during the Civil War Carroll County Scrip Notes - Scrip notes issued in Carroll County, Arkansas during the Civil War Madison County Scrip Notes - Scrip notes issued in Madison County, Arkansas during the Civil War Boone County Scrip Notes - Scrip notes issued in Boone County, Arkansas during the Civil War (see note above) Newton County Scrip Notes - Scrip notes issued in Newton County, Arkansas during the Civil War Marion County Scrip Notes - Scrip notes issued in Marion County, Arkansas during the Civil War Other Arkansas Counties Scrip Notes - Scrip notes issued in other Arkansas locations Large Size National Bank Notes - Large size National Bank Notes. Museums, links to web sites of interest and suggested books: The Old State House Museum in Little Rock has a large collection of scrip notes - http://oldstatehouse.com/ go to collections, view our collections online, Civil War and Civil War reunion collection. The web site to the Arkansas Civil War Sesquicentennial Commission commemorating the 150th anniversary of the Civil War in Arkansas http://www.arkansascivilwar150.com/ A nice site with lots of Arkansas history called Arkansas Ties: http://www.arkansasties.com/ Books of interest and suggested reading: Obsolete Paper Money by Q. David Bowers Copyright 2006 Whitman Publishing LLC Pea Ridge Civil War Campaign in the West by William L Shea and Earl J Hess Copyright 1992 The University of North Carolina Press Arkansas Obsolete Notes and Scrip by Matt Rothert, Sr. copyright 1985 Published by The Society of Paper Money Collectors, Inc. Fayetteville Arkansas in the Civil War by Russell L. Mahan Copyright 2003 published by Historical Byway The Early Paper Money of America by Eric P Newman copyright 2008 by Krause Publications John Holcombe's Odyssey by Herbert Gordon Holcomb copyright 1999 Most counties have Historical Societies that have many fine books and publications regarding local history. The interested reader is encouraged to visit these societies. Washington County - http://www.washcohistoricalsociety.org/ Benton County - http://www.bentoncountyarhistoricalsociety.com/ Carroll County - http://www.rootsweb.ancestry.com/~arcchs/ Madison County - http://www.theaurorareview.com/madcounty/mcindex.htm Boone County - http://www.bchrs.org/ Newton County - http://newtoncountyar.com/ Marion County - http://www.argenweb.net/marion/historicalsociety.html Member of the Society of Paper Money Collectors. Visit the web site at http://www.spmc.org/ End Notes 1 Obsolete Paper Money by Q. David Bowers Copyright 2006 Whitman Publishing LLC page 1 2 United States Currency by Kenneth Bressett Copyright 2004 Whitman Publishing LLC page 9 3 Pea Ridge Civil War Campaign in the West by William L Shea and Earl J Hess Copyright 1992 The University of North Carolina Press page 48 4 Arkansas Obsolete Notes and Scrip by Matt Rothert, Sr. copyright 1985 Published by The Society of Paper Money Collectors, Inc. page 89 5 Fayetteville Arkansas in the Civil War by Russell L. Mahan Copyright 2003 published by Historical Byways page 13 and 48 6 History of Newton County by Walter F. Lackey Copyright 1950 page 240 Disclaimer: The information contained herein is general knowledge obtained from multiple published sources including, but not limited to, those listed in the end notes. Information considered general knowledge was not cited with a reference. Care was taken to cite all specific references used. Any omissions to such are completely unintentional. The information contained herein should not be relied upon for any reason. Errors and omissions have probably occurred. This information is subject to change at any moment without notice. |