RUSSIAN-AMERICAN WALRUS SKIN NOTE

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V23 2020 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 23, Number 52, December 27, 2020, Article 25

Heritage is offering a rare Russian-American Company walrus skin note. Here's the press release. -Editor

Rare Paper Money Printed On Walrus Skin Tells the Story of World Trade in the 1800s

Heritage Auctions will be offering a rare and intriguing piece of paper money in the January FUN Currency Auction #4028: A Russian-American Company 25 Rubles note, graded PMG 55. This note is not dated but was issued in the range of approximately 1816 to 1867.

These notes were printed on walrus skin, making them one of the strangest and most intriguing forms of money to circulate in an American possession: Alaska under Russian influence. Despite previous confusion where some early writers called these seal skin notes, they have since been correctly identified as walrus skin money. These notes were issued by the "Russian American Company," which began in 1781 with a trading company organized by two Russians: Ivan Golikoff and George Shelikoff. They engaged in the fur trade in Alaska, as part of a large trading company endeavor that stretched from Russia around the Pacific rim to Alaska and into California. Trading outposts in Hawaii were also maintained by the company, a significant presence in what became western territories of the United States.

The Russian-American Company hunted for sea otters in Sitka, today in southern Alaska. These otter skins were shipped to China by the firm, in waterproof bags made from walrus skin. These transportation bags may not have sounded that important, but it was from this source that the paper money notes, like this one being sold by Heritage, were eventually cut! Once the otter skins arrived in China, the bags were next re-used to wrap items such as teas and spices that were being sent to Russian ports through trade. Upon the arrival of the walrus skin bags and their precious cargo, the bags were yet again re-used, but this time to create currency!

The Russian-American Company traders cut pieces from the bags and stamped them with values to use as paper money (also referred to as "scrip.") There were 3 different issues of currency on the walrus skin medium, totaling 102,000 rubles of face value overall. The different items, such as spices, that were stored in the bags affected their color. As a result, you have not only different denominations in kopeks and rubles, but also the colors of the different walrus skin notes known to exist today vary (adding to their quirky collectability.)

After their production, these walrus skin notes then circulated at RAC settlements as far south as central California. Researchers today have identified several denominations of these notes, such as the 10, 25, and 50 kopecks notes and also 1, 5, 10, and 25 rubles. These notes tell the story of world trade at the time and clearly managed to circulate across a vast part of the globe!

The 25 Rubles note that is being offered by Heritage in January comes from the collections of both Ted Uhl and Henry Clifford, who are best-known for their research and collecting in this fascinating area. These notes have rarely come on the market since the sale of the Clifford Collection at auction around 40 years ago, which is still the largest offering ever of notes from the Russian-American Company. With many of the surviving notes in museums, relatively few are available to collectors today.

Whether you are interested in the financial history of the West and Alaska, you enjoy collecting items that relate to world trade, you seek out fascinating types of early money, or if you are interested in Russian influence in America, this rare note would likely have pride of place in your collection!

While the estimate for this lot has not yet been published, similar notes have sold in the $10,000 to $50,000 range when in nice condition like this!