SEATED LIBERTY DIME CARDBOARD SCRIP

 

I was intrigued by the illustrated chits when they appeared in a Heritage auction, and according to my records I purchased the lot for $450. Their cataloger noted that "We have seen only one other example on this mercantile firm that was founded in 1858. It was a 10¢ piece that realized $500 in 2006. The 10¢ uses a vignette of the reverse of a Seated Liberty Dime, while the two other pieces are utilitarian in nature. All three are printed on cardstock with the 10¢ having a thinner cardstock. The other two larger denominations use a different spelling of the first listed owner's name. All three examples have Roman numeral counters for the denomination. This trio is not graded, but we do not see any bends or creases. They were once mounted. The backs are signed below the ‘Redeemable in current bank bills' clause."

R. M. Smythe and Company was the auction firm referred to in the Heritage comments. The chit was lot 2593 in their December 13, 2006 sale, where it was noted that "McCune and Peters was a New York mercantile firm, founded in 1858." It sold for $500 plus the buyer's fee, on a $200-$400 estimate; an astonishingly high price for a cardboard chit, even by today's standards.

 

 

The 10 cents chit would undoubtedly be the most desirable of the three, due to the fact that it depicts the reverse of a Liberty seated dime. On all three, the denomination is expressed in Roman numerals. On the backs, "Redeemable in Bank Bills" is printed, and "McCune & Peters" has been written in ink. It is interesting that on the 10 cent piece, the printed surname is M'Cune, while on the others it is McCune. Also, it is square, while the others are rectangular.

My attempts to learn about this company were unsuccessful. There were no listings for McCune & Peters in the 1855 through 1870 New York City directories. I also checked business directories for Pittsburgh, Philadelphia, Baltimore, Cincinnati, and Chicago, with no luck. It would be nice to know the basis for Smythe's statement that the company was founded in 1858.

Research is an ongoing process. Hopefully someone will be able to learn more about this issuer of cardboard chits. Comments and questions regarding cardboard chits may be sent to dschenkman@verizon.net.

For more information on the Civil War Token Society, see:
https://www.cwtsociety.com/

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